Document:

atls-ex1030e_1258.htm

Exhibit 10.30(e)

EXECUTION VERSION

SECOND LIEN CREDIT AGREEMENT

dated as of
March 30, 2016

among

ATLAS ENERGY GROUP, LLC,
as Parent,

NEW ATLAS HOLDINGS, LLC,
as Borrower,

THE LENDERS PARTY HERETO,

and

RIVERSTONE Credit PARTNERS, L.P.,
as Administrative Agent

 

 

 

 

TABLE OF CONTENTS

Page

	
ARTICLE I DEFINITIONS AND ACCOUNTING MATTERS
	
2

	
 
	
 
	
 

	
Section 1.01
	
Terms Defined Above
	
2

	
Section 1.02
	
Certain Defined Terms
	
2

	
Section 1.03
	
Treatment of Indebtedness
	
29

	
Section 1.04
	
Terms Generally; Rules of Construction
	
29

	
Section 1.05
	
Accounting Terms and Determinations
	
30

	
 
	
 

	
ARTICLE II THE CREDITS
	
31

	
 
	
 
	
 

	
Section 2.01
	
Commitments
	
31

	
Section 2.02
	
Loans and Borrowings
	
31

	
Section 2.03
	
Requests for Borrowings
	
31

	
Section 2.04
	
[Reserved]
	
32

	
Section 2.05
	
Funding of Borrowings
	
32

	
Section 2.06
	
Extension
	
32

	
 
	
 

	
ARTICLE III PAYMENTS OF PRINCIPAL AND INTEREST; PREPAYMENTS; FEES
	
33

	
 
	
 
	
 

	
Section 3.01
	
Repayment of Loans
	
33

	
Section 3.02
	
Interest.
	
33

	
Section 3.03
	
[Reserved]
	
34

	
Section 3.04
	
Prepayments.
	
34

	
Section 3.05
	
Fees
	
36

	
 
	
 

	
ARTICLE IV PAYMENTS; PRO RATA TREATMENT; SHARING OF SET-OFFS.
	
36

	
 
	
 
	
 

	
Section 4.01
	
Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	
36

	
Section 4.02
	
Presumption of Payment by the Borrower
	
37

	
Section 4.03
	
Certain Deductions by the Administrative Agent
	
37

	
Section 4.04
	
Disposition of Proceeds
	
37

	
 
	
 

	
ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES
	
38

	
 
	
 
	
 

	
Section 5.01
	
Increased Costs
	
38

	
Section 5.02
	
[Reserved]
	
38

	
Section 5.03
	
Taxes
	
39

	
Section 5.04
	
Designation of Different Lending Office
	
42

	
Section 5.05
	
Replacement of Lenders
	
42

	
 
	
 

 

 

	
ARTICLE VI CONDITIONS PRECEDENT
	
43

	
 
	
 
	
 

	
Section 6.01
	
Effective Date
	
43

	
 
	
 

	
ARTICLE VII REPRESENTATIONS AND WARRANTIES
	
45

	
 
	
 
	
 

	
Section 7.01
	
Organization; Powers
	
45

	
Section 7.02
	
Authority; Enforceability
	
46

	
Section 7.03
	
Approvals; No Conflicts
	
46

	
Section 7.04
	
Financial Condition; No Material Adverse Change
	
46

	
Section 7.05
	
Litigation
	
47

	
Section 7.06
	
Environmental Matters
	
47

	
Section 7.07
	
Compliance with the Laws and Agreements; No Defaults
	
48

	
Section 7.08
	
Investment Company Act
	
48

	
Section 7.09
	
No Margin Stock Activities
	
48

	
Section 7.10
	
Taxes
	
49

	
Section 7.11
	
ERISA
	
49

	
Section 7.12
	
Disclosure; No Material Misstatements
	
50

	
Section 7.13
	
Insurance
	
50

	
Section 7.14
	
Restriction on Liens
	
51

	
Section 7.15
	
Subsidiaries
	
51

	
Section 7.16
	
Location of Business and Offices
	
51

	
Section 7.17
	
Properties; Titles, etc
	
52

	
Section 7.18
	
Maintenance of Properties
	
53

	
Section 7.19
	
Gas Imbalances
	
53

	
Section 7.20
	
Marketing of Production
	
53

	
Section 7.21
	
Swap Agreements
	
54

	
Section 7.22
	
Solvency
	
54

	
Section 7.23
	
Foreign Corrupt Practices
	
54

	
Section 7.24
	
OFAC
	
54

	
Section 7.25
	
Security
	
54

	
 
	
 

	
ARTICLE VIII AFFIRMATIVE COVENANTS
	
55

	
 
	
 
	
 

	
Section 8.01
	
Financial Statements; Other Information
	
55

	
Section 8.02
	
Notices of Material Events
	
58

	
Section 8.03
	
Existence; Conduct of Business
	
58

	
Section 8.04
	
Payment of Obligations
	
59

	
Section 8.05
	
Operation and Maintenance of Properties
	
59

	
Section 8.06
	
Insurance
	
60

	
Section 8.07
	
Books and Records; Inspection Rights
	
60

	
Section 8.08
	
Compliance with Laws
	
60

	
Section 8.09
	
Environmental Matters
	
60

	
Section 8.10
	
Further Assurances
	
61

 

 

	
Section 8.11
	
Reserve Reports
	
62

	
Section 8.12
	
Post-Closing Actions
	
63

	
Section 8.13
	
Title Information
	
63

	
Section 8.14
	
Additional Collateral; Additional Guarantors
	
64

	
Section 8.15
	
ERISA Compliance
	
65

	
Section 8.16
	
Unrestricted Subsidiaries
	
66

	
Section 8.17
	
Use of Proceeds
	
66

	
Section 8.18
	
Distributions
	
67

	
 
	
 

	
ARTICLE IX NEGATIVE COVENANTS
	
67

	
 
	
 
	
 

	
Section 9.01
	
Financial Covenant
	
67

	
Section 9.02
	
Debt
	
67

	
Section 9.03
	
Liens
	
69

	
Section 9.04
	
Restricted Payments
	
70

	
Section 9.05
	
Investments, Loans and Advances
	
70

	
Section 9.06
	
Nature of Business; International Operations; Foreign Subsidiaries
	
72

	
Section 9.07
	
Proceeds of Loans
	
72

	
Section 9.08
	
ERISA Compliance
	
72

	
Section 9.09
	
Sale or Discount of Receivables
	
74

	
Section 9.10
	
Mergers, etc
	
74

	
Section 9.11
	
Sale of Properties
	
74

	
Section 9.12
	
Environmental Matters
	
75

	
Section 9.13
	
Transactions with Affiliates
	
76

	
Section 9.14
	
Subsidiaries
	
76

	
Section 9.15
	
Negative Pledge Agreements; Dividend Restrictions
	
76

	
Section 9.16
	
Gas Imbalances
	
77

	
Section 9.17
	
Swap Agreements
	
77

	
Section 9.18
	
Tax Status as Partnership and Disregarded Entity; Limited Liability Company Agreement
	
77

	
Section 9.19
	
Designation and Conversion of Unrestricted Subsidiaries
	
78

	
Section 9.20
	
Change in Name, Location or Fiscal Year
	
78

	
Section 9.21
	
The Parent
	
79

	
Section 9.22
	
SPV Subsidiaries Conduct of Business
	
79

	
Section 9.23
	
Financial Covenants in ARP Secured Debt
	
80

	
 
	
 

	
ARTICLE X EVENTS OF DEFAULT; REMEDIES
	
80

	
 
	
 
	
 

	
Section 10.01
	
Events of Default
	
80

	
Section 10.02
	
Remedies
	
83

	
 
	
 

	
ARTICLE XI THE ADMINISTRATIVE AGENT
	
84

	
 
	
 
	
 

	
Section 11.01
	
Appointment and Authorization of Administrative Agent
	
84

 

 

	
Section 11.02
	
Delegation of Duties
	
84

	
Section 11.03
	
Default; Collateral
	
84

	
Section 11.04
	
Liability of Administrative Agent
	
87

	
Section 11.05
	
Reliance by Administrative Agent
	
87

	
Section 11.06
	
Notice of Default
	
88

	
Section 11.07
	
Credit Decision; Disclosure of Information by Administrative Agent
	
88

	
Section 11.08
	
Indemnification of Agents
	
89

	
Section 11.09
	
Administrative Agent in its Individual Capacity
	
90

	
Section 11.10
	
Successor Administrative Agent
	
90

	
Section 11.11
	
Administrative Agent May File Proof of Claim
	
91

	
Section 11.12
	
Secured Swap Agreements
	
91

	
Section 11.13
	
Intercreditor Agreement
	
91

	
 
	
 

	
ARTICLE XII MISCELLANEOUS
	
92

	
 
	
 
	
 

	
Section 12.01
	
Notices
	
92

	
Section 12.02
	
Waivers; Amendments
	
93

	
Section 12.03
	
Expenses, Indemnity; Damage Waiver
	
95

	
Section 12.04
	
Successors and Assigns
	
97

	
Section 12.05
	
Survival; Revival; Reinstatement
	
103

	
Section 12.06
	
Counterparts; Integration; Effectiveness
	
104

	
Section 12.07
	
Severability
	
104

	
Section 12.08
	
Right of Setoff
	
104

	
Section 12.09
	
GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS
	
105

	
Section 12.10
	
Headings
	
106

	
Section 12.11
	
Confidentiality
	
106

	
Section 12.12
	
Interest Rate Limitation
	
107

	
Section 12.13
	
No Third Party Beneficiaries
	
107

	
Section 12.14
	
Collateral Matters; Swap Agreements
	
108

	
Section 12.15
	
Acknowledgements
	
108

	
Section 12.16
	
USA Patriot Act Notice
	
108

	
Section 12.17
	
Intercreditor Agreement
	
108

 

 

 

 

Annexes, Exhibits and Schedules

		
	
Annex I
	
List of Commitments

	
 
	
 

	
Exhibit A
	
Form of Note

	
Exhibit B
	
Form of Borrowing Request

	
Exhibit C
	
Form of Compliance Certificate

	
Exhibit D
	
Form of Assignment and Assumption

	
Exhibit E
	
Form of Reserve Report Certificate

	
Exhibit F
	
Form of Joinder Agreement

	
Exhibit G
	
Form of Perfection Certificate

	
Exhibit H-1
	
Form of U.S. Tax Compliance Certificate (Foreign Lenders; not partnerships)

	
Exhibit H-2
	
Form of U.S. Tax Compliance Certificate (Foreign Participants; not partnerships)

	
Exhibit H-3
	
Form of U.S. Tax Compliance Certificate (Foreign Participants; partnerships)

	
Exhibit H-4
	
Form of U.S. Tax Compliance Certificate (Foreign Lenders; partnerships)

	
Exhibit I
	
Form of Solvency Certificate

	
Exhibit J
	
Form of Intercreditor Agreement

	
 
	
 

	
Schedule 7.15
	
Subsidiary Interests

	
Schedule 7.20
	
Marketing Contracts

	
Schedule 9.02
	
Existing Debt

	
Schedule 9.03
	
Existing Liens

	
Schedule 9.05
	
Investments

 

 

 

 

 

 

Reference is made to the Intercreditor Agreement, dated as of March 30, 2016, between RIVERSTONE CREDIT PARTNERS, L.P., as Priority Lien Agent (as defined therein), and RIVERSTONE CREDIT PARTNERS, L.P., as Second Lien Agent (as defined therein) (the “Intercreditor Agreement”).  Each holder of any Second Lien Obligations (as defined therein), by its acceptance of such Second Lien Obligations (i) consents to the subordination of Liens provided for in the Intercreditor Agreement, (ii) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and (iii) authorizes and instructs the Second Lien Agent on behalf of each Second Lien Secured Party (as defined therein) to enter into the Intercreditor Agreement as Second Lien Agent on behalf of such Second Lien Secured Parties.  The foregoing provisions are intended as an inducement to the lenders under the Priority Credit Agreement to extend credit to the Borrower and such lenders are intended third party beneficiaries of such provisions and the provisions of the Intercreditor Agreement.

THIS SECOND LIEN CREDIT AGREEMENT, dated as of March 30, 2016, is among ATLAS ENERGY GROUP, LLC, a Delaware limited liability company (the “Parent”); NEW ATLAS HOLDINGS, LLC, a Delaware limited liability company (the “Borrower”); each of the Lenders from time to time party hereto; and Riverstone Credit Partners, L.P. (in its individual capacity, “Riverstone”) as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

R E C I T A L S

A.The Borrower is party to that certain Credit Agreement, dated as of August 10, 2015, among the Borrower as borrower, the Parent as parent, Riverstone Credit Partners, L.P., as administrative agent, and the other agents and lenders party thereto (as amended, restated, replaced, refinanced and otherwise modified from time to time in accordance with the Intercreditor Agreement, the “First Lien Credit Agreement”).

B.The Borrower and the Lenders have agreed that a portion of the Indebtedness owing under the First Lien Credit Agreement in an aggregate principal amount equal to $35,854,916, which is comprised of loans thereunder in a principal amount of $33,450,000 and the outstanding prepayment premium owing thereunder in an aggregate amount of $2,404,916, shall be bifurcated from the indebtedness owing under the First Lien Credit Agreement and shall constitute Loans hereunder and shall be secured by a second priority security interest on the Collateral (as defined below) (subject only in priority to the Liens pursuant to the First Lien Loan Documents) in accordance with the terms of the Security Agreement (as defined below).

NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and subject to the satisfaction of each condition precedent contained in Section 6.01 hereof, the parties hereto agree as follows:

 

 

Article I

Definitions and Accounting Matters

Terms Defined Above

.  As used in this Agreement, each term defined above has the meaning indicated above.

Certain Defined Terms

.  As used in this Agreement, the following terms have the meanings specified below:

“Additional ARP Covenant” has the meaning set forth in Section 9.23.

“Administrative Agent Fee” has the meaning set forth in Section 3.05.

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

“AEC” means Atlas Energy Company, LLC.

“AERS” means Atlas Energy Resource Services, Inc.

“Affected Loans” has the meaning set forth in Section 5.06.

 “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.  For the avoidance of doubt, The Leon and Toby Cooperman Family Foundation and AEG Asset Management, LLC shall be considered Affiliates of the Borrower for purposes of this Agreement and the other Loan Documents.

“Affiliate Lender” has the meaning given such term in Section 12.04(b)(ii)(E).  For the avoidance of doubt, to the extent either Person holds any Loans, The Leon and Toby Cooperman Family Foundation and AEG Asset Management, LLC shall be considered Affiliate Lenders for purposes of this Agreement and the other Loan Documents.

 “Agreement” means this Second Lien Credit Agreement, as the same may from time to time be amended, modified, supplemented or restated.

“Applicable Percentage” means, with respect to any Lender at any time, (i) prior to the making of the Loans, the percentage (carried out to the ninth decimal place) of the aggregate Commitments represented by the Commitment of such Lender at such time and (ii) after the making of the Loans, the percentage (carried out to the ninth decimal place) of the Loans held by such Lender to the total outstanding Loans.  The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Annex I or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

“Applicable PIK Rate” means, for any day, 30.00%; provided, however, if the First Lien Loans are repaid in full on or prior to March 30, 2017, then the Applicable PIK Rate shall be deemed to be 20.00% for the period beginning on the date of such repayment and each day 

 

 

thereafter; provided, further, however, if the Maturity Date is extended pursuant to Section 2.06 then the Applicable PIK Rate shall be deemed to be 30.00% as of the date the Maturity Date is so extended and on each day thereafter.

 “Approved Counterparty” means (a) the Administrative Agent, any Lender or any Affiliate of the Administrative Agent or a Lender, or (b) any other Person whose long term senior unsecured debt rating at the time of entry into the applicable Swap Agreement is A-/A3 by S&P or Moody’s (or their equivalent) or higher.

“Approved Fund” has the meaning set forth in Section 12.04(b)(ii).

“Approved Petroleum Engineers” means (a) Ryder Scott Company Petroleum Consultants, L.P., (b) Netherland Sewell & Associates, Inc., (c) Wright & Company, (d) Schlumberger Ltd., (e) Cawley Gillespie and Associates, Inc., (f) WD Von Gotten, (g) Degolyer and McNaughton, (h) HJ Gruy and Associates, Inc., (i) Lee Keeling and Associates, (j) Sproule, (k) La Roche, (l) W. Cobb and Associates and (m) any other independent petroleum engineers reasonably acceptable to the Administrative Agent.

“Arc Logistics Component” means, as of the determination date, an amount equal to the aggregate of the product of (a) the number common units representing limited partnership interests in Arc Logistics Partners LP directly held by a Loan Party that are subject to a perfected second priority Lien in favor of the Administrative Agent for the benefit of the Secured Creditors pursuant to the Loan Documents (subject only in priority to the Liens pursuant to the First Lien Loan Documents, and  which Lien is perfected by “control” of the Administrative Agent (or the First Lien Administrative Agent as its gratuitous bailee) in accordance with the applicable Uniform Commercial Code including, without limitation, Section 8.106, 9.106 and 9.314 thereof) as of such day multiplied by (b) the Arc Logistics Unit Price as of such day.

“Arc Logistics Unit Price” means, as of any date, the closing price for common units representing limited partnership interests in Arc Logistics Partners LP, a Delaware limited partnership, on the New York Stock Exchange at 4:00:00 p.m., New York time (or such other time as the New York Stock Exchange publicly announces is the official close of trading) as reported by Bloomberg Financial Markets (or such similar reporting service reasonably selected by the Administrative Agent).  If the Arc Logistics Unit Price cannot be calculated on a particular date on the foregoing basis, the Arc Logistics Unit Price on such date shall be the fair market value as reasonably determined by the Administrative Agent; provided that if the Arc Logistics Partners common units cease at any time to be listed and traded on the New York Stock Exchange or another nationally-recognized market acceptable to the Administrative Agent, then the Arc Logistics Unit Price shall be deemed to be zero dollars ($0).

“ARP” means Atlas Resource Partners, L.P., a Delaware limited partnership.

“ARP A Unit Amount” means the product of (a) the result of the aggregate amount of ARP LP Units divided by 0.98 multiplied by (b) 0.02.

“ARP A Units” has the meaning assigned to such term in the limited partnership agreement of ARP as of the Effective Date. 

 

 

“ARP Common Units” has the meaning assigned to such term in the definition of “ARP Units”.

“ARP Component” means, as of the determination date, an amount equal to the aggregate of (1) the product of (a) the number of ARP Units (other than the ARP A Units) constituting Qualifying ARP Units as of such day multiplied by (b) the ARP Unit Price as of such day and (2) the product of (a) the ARP A Unit Amount as of such day multiplied by (b) the ARP Unit Price as of such day.

“ARP Covenant Notice” has the meaning set forth in Section 9.23.

“ARP Credit Facility” means (a) that certain Second Amended and Restated Credit Agreement dated July 31, 2013 among ARP, the lenders from time to time party thereto and Wells Fargo Bank, N.A., as administrative agent for the lenders, (b) that certain Second Lien Credit Agreement dated February 23, 2015 among ARP, Wilmington Trust, National Association, as administrative agent, and the lenders party thereto from time to time and (c) any other agreement(s) creating or evidencing Indebtedness exceeding $10,000,000 entered into on or after the Effective Date by ARP or any of its Subsidiaries, or in respect of which ARP or any of its Subsidiaries is an obligor or otherwise provides a guarantee or other credit support, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time.

“ARP GP Component” means with respect to any Rolling Period, the product of (a) cash dividends or cash distributions actually received by the Parent during such Rolling Period on ARP A Units multiplied by (b) 17.5.

“ARP LP Units” means the ARP Common Units and the ARP Preferred Units (other the ARP A Units).

“ARP Preferred Units” has the meaning assigned to such term in the definition of “ARP Units”.

“ARP Unit Price” means, as of any date, the closing price for ARP Common Units in the over-the-counter market or, if listed on an exchange, then on the applicable exchange, at 4:00:00 p.m., New York time (or such other time as such market or exchange publicly announces is the official close of trading) as reported by Bloomberg Financial Markets (or such similar reporting service reasonably selected by the Administrative Agent).  If the ARP Unit Price cannot be calculated on a particular date on the foregoing basis, the ARP Unit Price on such date shall be the fair market value as reasonably determined by the Administrative Agent.

“ARP Units” means the common units of ARP (the “ARP Common Units”) and each series of preferred units of ARP (the “ARP Preferred Units”).

“ASC” means the Financial Accounting Standards Board Accounting Standards Codification, as in effect from time to time.

“Asset Coverage Ratio” means, at any time of determination, the ratio of Asset Value to Total Funded Debt at such time.

 

 

“Asset Value” means, as of the determination date, the sum of (a) Liquidity, (b) the ARP Component, (c) the ARP GP Component, (d) Atlas Lightfoot Component, (e) the Arc Logistics Component, (f) the Atlas Lightfoot GP Component, (g) the Atlas Growth Partners GP  Component, (h) the Other Midstream GP Component (if any), (i) the Other Upstream GP Component (if any) and (j) the Parent Component.

“Assignee” has the meaning set forth in Section 12.04(b).

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 12.04(b)), and accepted by the Administrative Agent, in the form of Exhibit E or any other form reasonably approved by the Administrative Agent.

“Atlas Growth Partners” means Atlas Growth Partners, L.P., a Delaware limited partnership.

“Atlas Growth Partners GP” means Atlas Growth Partners GP, LLC, a Delaware limited liability company.

“Atlas Growth Partners GP Component” means with respect to any Rolling Period, the product of (a) cash dividends or cash distributions actually received by Atlas Growth Partners GP during such Rolling Period on account of its general partnership interest in Atlas Growth Partners multiplied by (b) 17.5.

“Atlas Lightfoot” means Atlas Lightfoot, LLC, a Delaware limited liability company.

“Atlas Lightfoot Component” means, as of the determination date, an amount equal to the fair market value of the Equity Interests in Lightfoot Capital Partners, LP directly held by Atlas Lightfoot and subject to a perfected second priority Lien in favor of the Administrative Agent for the benefit of the Secured Creditors pursuant to the Loan Documents (subject only in priority to the Liens pursuant to the First Lien Loan Documents). For purposes of this definition, “fair market value” will be that value determined in good faith by the Board of Directors of the Parent and acceptable to the Administrative Agent and based, among other things, on (i) the Gulf LNG Component, (ii) the Arc Logistics Unit Price at such time multiplied by the number of units of Arc Logistics Partners, LP owned by Lightfoot Capital Partners, LP as of such date and (iii) the aggregate principal amount of Debt for which Lightfoot Capital Partners, LP is then obligated.

“Atlas Lightfoot GP Component” means with respect to any period of twelve calendar months, the product of (a) cash dividends and distributions actually received by a Loan Party on account of its Equity Interests in Lightfoot Capital Partners GP LLC during such twelve calendar months multiplied by (b) 20.

 “ATLS Unit Price” means, as of any date, the closing price for the Parent’s common units in the over-the-counter market or, if listed on an exchange, then on the applicable exchange, at 4:00:00 p.m., New York time (or such other time as such market or exchange publicly announces is the official close of trading) as reported by Bloomberg Financial Markets (or such similar reporting service reasonably selected by the Administrative Agent).  If the ATLS Unit Price cannot be calculated on a particular date on the foregoing basis, the ATLS Unit Price 

 

 

on such date shall be the fair market value as reasonably determined by the Administrative Agent.

“Available Cash” has the meaning ascribed to such defined term in the Third Amended and Restated Limited Liability Company Agreement of the Parent, as amended by that certain Amendment No. 1 to Third Amended and Restated Limited Liability Company Agreement (but without giving effect to clause (c) of such definition) with such amendments to such defined term as consented to in writing by the Majority Lenders.

 “Board” means the Board of Governors of the Federal Reserve System of the United States of America or any successor Governmental Authority.

“Borrowing” means Loans made on the same date.

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

 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York, are authorized or required by law to remain closed.

“Capital Leases” means, in respect of any Person, all leases which shall have been, or should have been, in accordance with GAAP, recorded as capital leases on the balance sheet of the Person liable (whether contingent or otherwise) for the payment of rent thereunder.

“Cash Equivalents” means (a) direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, in each case maturing within one (1) year from the date of creation thereof; (b) deposits maturing within one year from the date of creation thereof with, including certificates of deposit issued by, any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Moody’s, respectively; (c) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) hereof, having a term of not more than 30 days with respect to securities issued or fully guaranteed or insured by the United States government; (d) commercial paper maturing within one year from the date of creation thereof rated in the highest grade by S&P or Moody’s; (e) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) hereof; and (f) deposits in money market funds investing exclusively in Investments described in clauses (a) through (e) hereof.

“Casualty Event” means any loss, casualty or other insured damage to, or any nationalization, taking under power of eminent domain or by condemnation or similar proceeding of, any Property of the Parent or any of the Restricted Subsidiaries having a fair market value in excess of $2,500,000.

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

 

 

(a)the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group of Persons (other than the Permitted Holders) acting in concert as a partnership or other “group” (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Parent (or its successor by merger, consolidation or purchase of all or substantially all of its assets); 

(b)the Parent ceases to own 100% of the Equity Interests of the Borrower;

(c)during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body, or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body;

(d)the Parent ceases to maintain Sole Management Control of the Borrower; 

(e)the Parent ceases to maintain Sole Management Control of ARP; or 

(f)the Parent ceases to maintain Sole Management Control of Atlas Growth Partners GP.

“Change in Law” means (a) the adoption of any Law after the date of this Agreement, (b) any change in any Law 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 5.01(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 the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision or the United States or foreign regulatory authorities, in each case, pursuant to Basel III shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

“Charges” has the meaning set forth in Section 12.12.

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

“Collateral” means any Property in which a Lien is created or purported to be created by the Security Instruments.

 

 

“Commitment” means, with respect to each Lender, the commitment of each Lender to make Loans; and “Commitments” means the aggregate amount of the Commitments of all the Lenders; provided, for the avoidance of doubt, that no Lender shall be required to fund any Loan hereunder; it being understood that Loans hereunder shall constitute $35,854,916 in aggregate principal amount of loans under the First Lien Credit Agreement (prior to its amendment pursuant to that First Lien Third Amendment) that are continued hereunder.  As of the Effective Date, the Loans of each Lender is set forth opposite such Lender’s name on Annex I under the caption “Commitment”.  

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

“Conduit Lender” means any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender, and provided further that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 5.01, Section 5.02, Section 5.03 or Section 12.03 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment.

“Consolidated Net Income” means with respect to the Parent and the Restricted Subsidiaries, for any period, the aggregate of the net income (or loss) of the Parent and the Restricted Subsidiaries after allowances for Taxes for such period determined on a consolidated basis in accordance with GAAP and subject to Section 1.05(b); provided that there shall be excluded from such net income (to the extent otherwise included therein) the following:  (a) the net income (but not loss) during such period of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary to the Parent or a Restricted Subsidiary is not at the time permitted by operation of the terms of its charter or any agreement, instrument or Law applicable to such Restricted Subsidiary or is otherwise restricted or prohibited, to the extent so restricted or prohibited, in each case determined in accordance with GAAP; (b) the net income (or loss) of any Person acquired in a pooling-of-interests transaction for any period prior to the date of such transaction; (c) any extraordinary gains or losses during such period; and (d) any gains or losses attributable to write-ups or writedowns of assets, including writedowns under ASC Topics 350 and 360; provided further that if a Material Subsidiary Conversion shall occur or the Parent or any Restricted Subsidiary shall consummate a Material Acquisition or Material Disposition (other than a disposition permitted under Section 9.11(f)), in each case during any Rolling Period, then Consolidated Net Income shall be calculated after giving pro forma effect to such Material Subsidiary Conversion, Material Acquisition or Material Disposition as if such Material Subsidiary Conversion, Material Acquisition or Material Disposition had occurred on the first day of such Rolling Period and otherwise in accordance with Regulation S-X of the SEC. “Consolidated Net Income” shall include, without duplication, cash dividends and other cash 

 

 

distributions received during such period by the Parent or any Restricted Subsidiary to the extent set forth in Section 1.05(b).

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  For the purposes of this definition, and without limiting the generality of the foregoing, any Person that owns directly or indirectly 5% or more of the Equity Interests having ordinary voting power for the election of the directors or other governing body of a Person (other than as a limited partner of such other Person) will be deemed to “control” such other Person.  “Controlling” and “Controlled” have meanings correlative thereto.

“Debt” means, for any Person, the sum of the following (without duplication):  (a) all obligations of such Person for borrowed money or evidenced by bonds, bankers’ acceptances, debentures, notes or other similar instruments; (b) all obligations of such Person (whether contingent or otherwise) in respect of letters of credit, surety or other bonds and similar instruments; (c) all accounts payable and all accrued expenses, liabilities or other obligations of such Person to pay the deferred purchase price of Property or services; (d) all obligations under Capital Leases; (e) all obligations under Synthetic Leases; (f) all Debt (as defined in the other clauses of this definition) of others secured by a Lien on any Property of such Person, whether or not such Debt is assumed by such Person; (g) all Debt (as defined in the other clauses of this definition) of others guaranteed by such Person or in which such Person otherwise assures a creditor against loss of the Debt (howsoever such assurance shall be made); (h) all obligations or undertakings of such Person to maintain or cause to be maintained the financial position or covenants of others or to purchase the Debt or Property of others; (i) all obligations to deliver commodities, goods or services, including, without limitation, Hydrocarbons, in consideration of one or more advance payments for periods in excess of 120 days prior to the day of delivery, other than sales of Hydrocarbons and gas balancing arrangements in the ordinary course of business; (j) obligations to pay for goods or services whether or not such goods or services are actually received or utilized by such Person; (k) all Debt of a partnership for which such Person is liable either by agreement, or by Law but only to the extent of such liability; (l) the liquidation value of Disqualified Capital Stock of such Person; (m) the undischarged balance of any dollar denominated production payment (but not any volumetric production payment) created by such Person or for the creation of which such Person directly or indirectly received payment and (n) all obligations (netted, to the extent provided for therein) of such Person in respect of Swap Agreements (including obligations and liabilities arising in connection with or as a result of early or premature termination of a Swap Agreement, whether or not occurring as a result of a default thereunder).  The Debt of any Person shall include all obligations of such Person of the character described above to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is not included as a liability of such Person under GAAP.  The Debt of any Person described in clauses (f), (g) and (h) of this definition shall be deemed to be the lesser of (i) an amount equal to the stated or determinable amount of the primary obligation of such other Person and (ii) the maximum amount for which such Person may be liable pursuant to the terms of the instrument embodying such Debt, unless such primary obligation and/or the maximum amount for which such Person may be liable are not stated or determinable, in which case the amount of such Debt shall be deemed to be equal to such Person’s maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith.

 

 

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

“Determination Period” means the 10 Business Days ending immediately before and on the date 120 days after the Effective Date.

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale leaseback and any issuance or sale of Equity Interests of the Borrower or any other Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith; provided that “Disposition” and “Dispose” shall not be deemed to include any issuance by the Parent of any of its Equity Interests to another Person.

“Disqualified Capital Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event, (a) matures or is mandatorily redeemable (other than solely as a result of a change of control or asset sale, so long as (and only so long as) any right of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other obligations that are outstanding hereunder)for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise, or (b) is convertible or exchangeable for Debt or redeemable for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock) at the option of the holder thereof (other than solely as a result of a change of control or asset sale, so long as (and only so long as) any right of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other obligations that are outstanding hereunder), in whole or in part, on or prior to the date that is one year after the earlier of (i) the Maturity Date and (ii) the date on which there are no Loans or other obligations outstanding hereunder.

“Distributable Cash” means, as of the last day of any calendar month, (a) EBITDA for such month minus (b) consolidated interest expense (excluding expense associated with the amortization of deferred financing costs and dollar denominated production payments) of the Parent and its Restricted Subsidiaries during such month.

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

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of (a) the United States of America or any state thereof or (b) the District of Columbia.

“EBITDA” means, for any period, an amount determined for the Parent and the Restricted Subsidiaries on a consolidated basis equal to (a) the sum of Consolidated Net Income for such period, plus, without duplication and to the extent deducted from Consolidated Net Income in such period, (i) interest, income taxes, depreciation, depletion, amortization, goodwill and other impairment, non-cash compensation on long-term incentive plans, non-cash losses including non-cash losses resulting from mark to market accounting of Swap Agreements, (ii) reasonable and customary fees and expenses incurred or paid in connection with the consummation of the Transactions, the Specified Transaction and the First Lien Loan Documents 

 

 

(including the First Lien Third Amendment) and other acquisition transactions not prohibited by the terms of this Agreement or the other Loan Documents, and (iii) any net loss from disposed or discontinued operations, minus (b) to the extent included in Consolidated Net Income, non-cash gains including non-cash gains resulting from mark to market accounting of Swap Agreements.

“Effective Date” means March 30, 2016.

“Eligible Assignee” has the meaning set forth in Section 12.04(b)(ii).

“Environmental Claims” means any and all actions, suits, demands, demand letters, claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law.

“Environmental Laws” means any and all applicable Laws pertaining in any way to human health, employee safety, the environment, the preservation or reclamation of natural resources, or Hazardous Materials, in effect in any and all jurisdictions in which the Parent or any Restricted Subsidiary is conducting, or at any time has conducted, business, or where any Property of the Parent or any Restricted Subsidiary is located, including, the Oil Pollution Act of 1990 (“OPA”), as amended, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980, as amended, the Federal Water Pollution Control Act, as amended, the Occupational Safety and Health Act of 1970, as amended, the Resource Conservation and Recovery Act of 1976, as amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control Act, as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Law, as amended, and in each case all regulations issued pursuant thereto, and other environmental conservation or protection Laws.

 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such Equity Interest.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statutes, and all regulations and guidances promulgated thereunder.

“ERISA Affiliate” means each trade or business (whether or not incorporated) which together with the Borrower or a Restricted Subsidiary would be deemed to be a “single employer” within the meaning of section 4001(b)(1) of ERISA or subsections (b), (c), (m) or (o) of section 414 of the Code.

“ERISA Event” means (a) a “Reportable Event” described in section 4043 of ERISA, other than a Reportable Event as to which the provisions of 30 days’ notice to the PBGC is expressly waived under applicable regulations, (b) the withdrawal of the Parent, a Restricted Subsidiary or any ERISA Affiliate from a Plan during a plan year in which it was a “substantial employer” as defined in section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, (c) the filing of a notice of intent to 

 

 

terminate a Plan or the treatment of a Plan amendment as a termination under section 4041 of ERISA, (d) the institution of proceedings to terminate a Plan by the PBGC, (e) receipt of a notice of withdrawal liability pursuant to Section 4202 of ERISA, or (f) any other event or condition which would constitute grounds under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan.

“Event of Default” has the meaning assigned such term in Section 10.01.

“Excepted Liens” means:  (a) Liens for Taxes, assessments or other governmental charges or levies which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (b) Liens in connection with workers’ compensation, unemployment insurance or other social security, old age pension or public liability obligations which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (c) statutory landlord’s liens, operators’, vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’, suppliers’, workers’, materialmen’s, construction or other like Liens arising by operation of law in the ordinary course of business or incident to the exploration, development, operation and maintenance of Oil and Gas Properties, each of which is in respect of obligations that are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (d) contractual Liens which arise in the ordinary course of business under operating agreements, joint venture agreements, oil and gas partnership agreements, oil and gas leases, farm-out agreements, division orders, contracts for the sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements, overriding royalty agreements, marketing agreements, processing agreements, net profits agreements, development agreements, gas balancing or deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or other geophysical permits or agreements, and other agreements which are usual and customary in the oil and gas business and are for claims which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP, provided that any such Lien referred to in this clause does not materially impair the use of the Property covered by such Lien for the purposes for which such Property is held by the Parent or any Restricted Subsidiary or materially impair the value of such Property subject thereto; (e) Liens arising by virtue of any statutory, common law or contract provision relating to banker’s liens, rights of set-off or similar rights and remedies and burdening only deposit accounts or other funds maintained with a creditor depository institution; provided that no such deposit account is a dedicated cash collateral account or is subject to restrictions against access by the depositor in excess of those set forth by regulations promulgated by the Board and no such deposit account is intended by the Parent or any of the Restricted Subsidiaries to provide collateral to the depository institution; (f) easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any Property of the Parent or any Restricted Subsidiary for the purpose of roads, pipelines, transmission lines, transportation lines, distribution lines for the removal of gas, oil, coal or other minerals or timber, and other like purposes, or for the joint or common use of real estate, rights of way, facilities and equipment which in the aggregate do not materially impair the use of such Property for the purposes of which such Property is held by the Parent or any Restricted Subsidiary or materially impair the value of such Property subject thereto; (g) Liens on cash or 

 

 

securities pledged to secure performance of tenders, surety and appeal bonds, government contracts, performance and return of money bonds, bids, trade contracts, leases, statutory obligations, regulatory obligations and other obligations of a like nature incurred in the ordinary course of business; (h) judgment and attachment Liens not giving rise to an Event of Default, provided that any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceeding may be initiated shall not have expired and no action to enforce such Lien has been commenced; (i) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Parent or any Restricted Subsidiary in the ordinary course of business covering only the Property under lease; (j) any obligations (other than Debt) or duties affecting any of the Property of the Parent or any Restricted Subsidiary to any Governmental Authority with respect to any franchise, grant, license or permit; (k) any interest or title of a lessor under any lease entered into by the Parent or any Restricted Subsidiary covering only the assets so leased; (l) Liens on the Collateral in favor of securing obligations under Secured Swap Agreements that are not prohibited under Section 9.17; and (m) Liens securing the payment of any Debt owing under the First Lien Loan Documents; provided further that (1) Liens described in clauses (a) through (d) and (g) shall remain “Excepted Liens” only for so long as no action to enforce such Lien has been commenced unless such action is being contested in good faith by appropriate proceedings and for which adequate reserves have been maintained in accordance with GAAP and (2) no intention to subordinate the Lien granted in favor of the Administrative Agent and the Secured Creditors is to be hereby implied or expressed by the permitted existence of any Excepted Lien.

“Excluded Issuances” means (i) capital contributions made by the Parent or any Restricted Subsidiary in any other Restricted Subsidiary and (ii) issuances of Equity Interests to the Parent or any Restricted Subsidiary of the Parent by any Restricted Subsidiary of the Parent; provided that in the case of each of clauses (i) and (ii) such capital contributions or purchases of Equity Interests are not funded, directly or indirectly, by the proceeds of any third party financing of, or capital contributions to, the Parent or any of its Subsidiaries.

“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to Section 10.02(c) hereof and any other “keepwell, support or other agreement” for the benefit of such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the guarantee of such Guarantor, or the grant by such Guarantor of a security interest, would have otherwise become effective with respect to such Swap Obligation but for such Guarantor’s failure to become an “eligible contract participant” at such time.  If a Swap Obligation arises under a Master Agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guarantee or security interest is or becomes excluded in accordance with the first sentence of this definition.

 

 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of the Borrower or any Guarantor hereunder or under any other Loan Document, (a) income or franchise taxes imposed on (or measured by) its net income by a jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the jurisdiction described in clause (a) above, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 5.05), any U.S. Federal withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) except to the extent that such Foreign Lender (or its assignor, if any) was entitled, immediately prior to designation of a new lending office (or assignment), to receive additional amounts with respect to such withholding tax pursuant to Section 5.03(a) or Section 5.03(b), (d) any withholding tax that is attributable to a Foreign Lender’s failure to comply with Section 5.03(e), and (e) any U.S. federal withholding taxes imposed by FATCA.

“Excess Distributable Cash” means an amount equal to Distributable Cash minus $4,000,000 (but in no event shall Excess Distributable Cash be less than zero).

 “FATCA” means (a) Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof (b) any treaty, law, regulation or other official guidance enacted in any jurisdiction other than the U.S., or relating to an intergovernmental agreement between the U.S. and any other jurisdiction which (in either case) facilitates the implementation of the preceding clause (a), or (c) any agreement entered into pursuant to the implementation of the preceding clauses (a) or (b) with the United States Internal Revenue Service, the U.S. Government or any governmental or taxation authority under any other jurisdiction.

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended.

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

“Financial Officer” means, for any Person, the chief financial officer, principal accounting officer, treasurer, assistant treasurer or controller of such Person.  Unless otherwise specified, all references herein to a Financial Officer means a Financial Officer of the Parent or the Borrower, as applicable.

“First Lien Administrative Agent” means Riverstone Credit Partners, L.P. and any of its successors and assigns.

 

 

“First Lien Credit Agreement” has the meaning set forth in the Recitals hereto.

“First Lien Lenders” means the lenders party to the First Lien Credit Agreement from time to time. 

“First Lien Loan Documents” means the Loan Documents (as defined in the First Lien Credit Agreement).

“First Lien Loans” means the Loans (as defined under the First Lien Credit Agreement).

“First Lien Third Amendment” means that certain Third Amendment to Credit Agreement and First Amendment to Security Agreement, dated as of the Effective Date, by and among the Parent, the Borrower, the First Lien Lenders and Riverstone Credit Partners, L.P., as administrative agent.

 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located.  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.

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

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

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government over the Parent, any Restricted Subsidiary, any of their Properties, the Administrative Agent or any Lender.

“Guarantors” means the Parent, Atlas Lightfoot and any other Material Subsidiary of the Parent that after the Effective Date guarantees the Indebtedness to the Administrative Agent pursuant to Section 8.14 (b).

“Guaranty Agreement” means the guaranty in form and substance reasonably satisfactory to the Administrative Agent by each of the Guarantors in favor of the Administrative Agent dated as of the Effective Date, as the same may be amended, modified or supplemented from time to time.

“Gulf LNG Component” means with respect to any Rolling Period, the product of (a) cash dividends or cash distributions actually received by Atlas Lightfoot from Lightfoot Capital Partners, LP in such Rolling Period on account of the equity interests of Gulf LNG Holdings Group, LLC held by Lightfoot Capital Partners, LP multiplied by (b) 8.

“Hazardous Material” means any substance regulated or as to which liability might arise under any applicable Environmental Law including:  (a) any chemical, compound, material, 

 

 

product, byproduct, substance or waste defined as or included in the definition or meaning of “hazardous substance,” “hazardous material,” “hazardous waste,” “solid waste,” “toxic waste,” “extremely hazardous substance,” “toxic substance,” “contaminant,” “pollutant,” or words of similar meaning or import found in any applicable Environmental Law; (b) Hydrocarbons, petroleum products, petroleum substances, natural gas, oil, oil and gas waste, crude oil, and any components, fractions, or derivatives thereof; and (c) radioactive materials, explosives, asbestos or asbestos containing materials, polychlorinated biphenyls, radon, infectious or medical wastes.

“Hedge Intercreditor Agreement” means an intercreditor agreement by and among an Approved Counterparty, the Administrative Agent and the Borrower, in form and substance satisfactory to the Administrative Agent.

“Hydrocarbon Interests” means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests, including any reserved or residual interests of whatever nature.

“Hydrocarbons” means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom.

“Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary of the Parent (other than the Borrower) that does not (a) individually own Property with an aggregate fair market value in excess of $ 2,500,000 or (b) together with all other Immaterial Subsidiaries own Property with an aggregate fair market value in excess of $5,000,000; provided that no Restricted Subsidiary of the Parent that incurs, guarantees or is otherwise an obligor under or provides credit support for any Debt for borrowed money may be an Immaterial Subsidiary.

“Immaterial Title Deficiencies” means, with respect to Oil and Gas Properties, at any time of determination, defects or clouds on title, discrepancies in net revenue and working interest ownership percentages and other discrepancies (in each case, between what is shown on the most recently delivered Reserve Report and that which is set forth in the title information provided by a Loan Party to the Administrative Agent hereunder) and other Liens (other than Excepted Liens), defects, and similar matters which do not, individually or in the aggregate, affect Oil and Gas Properties in an amount greater than five percent (5%) of the Present Value of the Loan Parties’ Proved Reserves as set forth in the most recent Reserve Report delivered under this Agreement.

“Incorporated ARP Covenant” has the meaning set forth in Section 9.23.

“Indebtedness” means any and all amounts owing or to be owing by the Borrower or any other Loan Party:  (a) to the Administrative Agent or any Lender under any Loan Document including, without limitation, all interest on any of the Loans (including any interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency or reorganization of any Loan Party (or could accrue but for the operation of applicable bankruptcy or insolvency laws), whether or not such interest is allowed or allowable 

 

 

as a claim in any such case, proceeding or other action); (b) to any Person under any Secured Swap Agreement; and (c) all renewals, extensions and/or restatements of any of the above.

“Indemnified Taxes” means Taxes other than Excluded Taxes.

“Information” has the meaning set forth in Section 7.12.

“Initial Yield-To-Maturity” means the yield-to-maturity calculated to the call date equal to the fifth anniversary of the date after the Effective Date.

“Intercreditor Agreement” means that certain Intercreditor Agreement of even date herewith by and among the Administrative Agent and the Borrower, in substantially the same form of Exhibit K attached hereto.

“Interest Payment Date” has the meaning set forth in Section 3.02(a).

 “Investment” means, for any Person:  (a) the acquisition (whether for cash, Property, services or securities or otherwise) of Equity Interests of any other Person or of all or a substantial portion of the property and assets or business of another Person or of assets constituting a business unit or division of any other Person or any agreement to make any such acquisition (including, without limitation, capital contributions, any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such short sale), (b) the making of any deposit with, or advance, loan or other extension of credit to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or extension of credit having a term not exceeding ninety (90) days representing the purchase price of inventory or supplies sold by such Person in the ordinary course of business), or (c) the entering into of any guarantee of, or other contingent obligation with respect to, Debt or other liability of any other Person.

“Joinder Agreement” means a joinder agreement in the form of Exhibit G or any other form reasonably approved by the Administrative Agent.

“Law” means (a) a law, statute, ordinance, treaty, permit, rule or regulation of any Governmental Authority, (b) a court decision, judgment, order, decree, injunction or ruling, and (c) a regulatory bulletin or guidance, or examination order or recommendation of a Governmental Authority.

“Lenders” means the Persons listed on Annex I and any 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; provided that unless the context otherwise requires, each reference herein to the Lenders shall be deemed to include any Conduit Lender.

 “Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including but not limited to (a) the lien or security interest arising from a mortgage, encumbrance, pledge, 

 

 

security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes or (b) production payments and the like payable out of Oil and Gas Properties.  The term “Lien” shall include easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations.  For the purposes of this Agreement, the Parent and the Restricted Subsidiaries shall be deemed to be the owner of any Property which it has acquired or holds subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person in a transaction intended to create a financing.  “Lien” shall not include the interest of the Parent or any Restricted Subsidiary in any Property subject to a Synthetic Lease.

“Liquidity” means, as of any determination date, all unrestricted cash and Cash Equivalents of Parent and its Restricted Subsidiaries as of such date, including, without limitation, any cash or Cash Equivalents of Parent and its Restricted Subsidiaries subject to a lien in favor of the Administrative Agent.

“Loan Documents” means this Agreement, the Notes, if any, the Security Instruments, the Perfection Certificate, the Intercreditor Agreement, any Hedge Intercreditor Agreement, if any, and any and all other material agreements or instruments now or hereafter executed and delivered by any Loan Party or any other Person (other than Secured Swap Agreements or participation or similar agreements between any Lender and any other lender or creditor with respect to any Indebtedness pursuant to this Agreement) in connection with the Indebtedness, this Agreement and the transactions contemplated hereby, as such agreements may be amended, modified, supplemented or restated from time to time.

“Loan Parties” means the Borrower and each Guarantor.

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

“Majority Lenders” means, with respect to a given Facility, subject to Section 12.04(b)(ii)(D)(4), Lenders holding greater than 50% of (a) prior to the Effective Date, the Commitments or (b) thereafter, the outstanding aggregate principal amount of all Loans (without regard to any sale by a Lender of a participation in all Loans under Section 12.04(c)).

“Master Agreement” has the meaning assigned to such term in the definition of “Swap Agreement.”

“Material Acquisition” means a transaction or series of transactions comprised of the acquisition of the Equity Interests of a Person or the acquisition of assets from a Person, in each case for consideration of at least $5,000,000.

“Material Adverse Effect” means any event, development or circumstance that has had or could reasonably be expected to have a material adverse effect on (a) the operations, Properties (including the ARP Units) or financial condition of the Parent and the Restricted Subsidiaries, taken as a whole, (b) the ability of the Parent and the Restricted Subsidiaries, taken as a whole, to carry out their business as conducted as of the Effective Date, (c) the ability of the Loan Parties, taken as a whole, to perform fully and on a timely basis their obligations under any of the Loan Documents that are material to the interests of the Lenders, or (d) the validity or enforceability of 

 

 

any of the Loan Documents or the material rights and remedies available to the Administrative Agent or any Lender under any Loan Document.

“Material Disposition” means (a) a transaction or series of transactions comprised of the sale, lease, assignment, conveyance or transfer of the Equity Interests of a Person or other Property of a Person, in each case for the consideration of at least $5,000,000, or (b) any loss, casualty or other insured damage to any Property of a Person, in each case having a fair market value (net of any insurance proceeds whether or not actually received by such Person so long as such Person expects in good faith to receive such insurance proceeds in connection with such loss, casualty or damage) in excess of $5,000,000.

“Material Indebtedness” means Debt (other than the Loans), or obligations in respect of one or more Swap Agreements, of any one or more of the Parent and the Restricted Subsidiaries in an aggregate principal amount exceeding $5,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Parent or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Parent or such Restricted Subsidiary would be required to pay if such Swap Agreement were terminated at such time, including unpaid amounts in respect of such Swap Agreement.

“Material Subsidiary” means any Restricted Subsidiary other than any Immaterial Subsidiary.

“Material Subsidiary Conversion” means (i) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary in accordance with Section 9.19(b) or (ii) the designation of an Unrestricted Subsidiary as a Restricted Subsidiary in accordance with Section 9.19(c); in case where the value of such transaction is in excess of $1,000,000.

“Maturity Date” means March 30, 2019, as the same may be extended in accordance with Section 2.06.

“Maximum Rate” has the meaning set forth in Section 12.12. 

“Midstream Activities” means the treatment, processing, gathering, dehydration, compression, blending, transportation, terminalling, storage, transmission, marketing, buying or selling or other disposition, whether for such Person’s own account or for the account of others, of oil, natural gas, natural gas liquids or other liquid or gaseous hydrocarbons, including that used for fuel or consumed in the foregoing activities; provided, that “Midstream Activities” shall not include the drilling, completion or servicing of oil or gas wells or the ownership of drilling rigs.

“Midstream Assets” means pipelines, treating and processing facilities, dehydration facilities, compressor stations, pump stations, metering stations and other similar assets, and other assets used in the transportation or processing of Hydrocarbons.

“Minimum Title Information” means title information in form and substance reasonably satisfactory to the Administrative Agent as to the Loan Parties’ ownership (whether in fee or by leasehold) of at least 80% of the Present Value of the Proved Reserves of the Loan Parties.

 

 

“Moody’s” means Moody’s Investors Service, Inc.  and any successor thereto that is a nationally recognized rating agency.

“Mortgage” means a mortgage, deed of trust, or similar document in form and substance reasonably satisfactory to the Administrative Agent on any real property (including any Hydrocarbon Interests) directly owned (whether in fee or by leasehold) by a Loan Party where such Loan Party is the mortgagor and the Administrative Agent is the mortgagee pursuant to which a Lien on the Mortgaged Property covered thereby is created in favor of the Administrative Agent for the benefit of the Secured Creditors, as the same may be amended, modified or supplemented from time to time.

“Mortgaged  Property” means (a) at any time before the earlier of (i) the date that is ninety (90) days following the Effective Date (or such longer period as the Administrative Agent may agree in its sole discretion) and (ii) the date on which the Administrative Agent has received counterparts of duly executed and recorded Mortgages on the Properties listed in Schedule 7 to the Perfection Certificate which are directly owned (whether in fee or by leasehold) by any Loan Party at that time, any such Property directly owned (whether in fee or by leasehold) by any Loan Party at that time, and (b) at any time thereafter, any Property directly owned (whether in fee or by leasehold) by any Loan Party which is subject to a Lien created by the Security Instruments.

“Multiemployer Plan” means a Plan which is a multiemployer plan as defined in section 3(37) or 4001 (a)(3) of ERISA.

“Net Cash Proceeds” means:

(a)with respect to the Disposition of any asset by the Parent or any Restricted Subsidiary or any Casualty Event, the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such Disposition or Casualty Event (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received and, with respect to any Casualty Event, any insurance proceeds (other than business interruption insurance proceeds) or condemnation awards in respect of such Casualty Event actually received by or paid to or for the account of the Parent or any Restricted Subsidiary) over (ii) the sum of (A) the principal amount, premium or penalty, if any, interest and other amounts on any Debt that is secured by a Lien (other than a Lien that ranks pari passu with or is subordinated to the Liens securing the obligations under the Loan Documents) on the asset subject to such Disposition or Casualty Event and that is required to be repaid (and is timely repaid) in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), (B) the out-of-pocket fees and expenses (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees) actually incurred by the Parent or such Restricted Subsidiary in connection with such Disposition or Casualty Event, (C) Taxes paid or reasonably estimated to be actually payable in connection therewith, and (D) any reasonable reserve for adjustment in respect of (x) the sale price of such asset or assets established in accordance with GAAP and (y) any liabilities (other than Taxes deducted pursuant to clause (C) above) associated with such asset or assets and retained by the 

 

 

Parent or any Restricted Subsidiary after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or with respect to any indemnification obligations associated with such transaction, it being understood that “Net Cash Proceeds” shall include (i) any cash or Cash Equivalents received upon the Disposition of any non-cash consideration by the Parent or any Restricted Subsidiary in any such Disposition and (ii) upon the reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described in clause (D) above or if such liabilities have not been satisfied in cash and such reserve is not reversed within 365 days after such Disposition or Casualty Event, the amount of such reserve; and 

(b)with respect to the incurrence or issuance of any Debt or Equity Interests by the Parent or any Restricted Subsidiary or any capital contribution received by the Parent or any Restricted Subsidiary, the excess, if any, of (x) the sum of the cash received in connection with such incurrence or issuance of Debt or Equity Interests or capital contribution over (y) the investment banking fees, underwriting discounts, commissions, costs and other out-of-pocket expenses and other customary expenses incurred by the Parent or such Restricted Subsidiary in connection with such incurrence or issuance of Debt or Equity Interests or capital contribution.

“Notes” means the promissory notes, if any, of the Borrower described in Section 2.02(d) and being substantially in the form of Exhibit A, together with all amendments, modifications, replacements, extensions and rearrangements thereof.

“NYMEX Pricing” means, as of any date of determination with respect to any month (i) for crude oil, the closing settlement price for the Light, Sweet Crude Oil futures contract for each month, and (ii) for natural gas, the closing settlement price for the Henry Hub Natural Gas futures contract for such month, in each case as published by New York Mercantile Exchange (NYMEX) on its website currently located at www.nymex.com, or any successor thereto (as such price may be corrected or revised from time to time by the NYMEX in accordance with its rules and regulations).  If, with the consent of the Administrative Agent, the relevant benchmarks used in any Reserve Report change, then NYMEX Pricing shall refer to such new benchmarks.

“OFAC” means the Office of Foreign Asset Control of the Department of Treasury of the United States of America.

“Oil and Gas Properties” means each of the following:  (a) Hydrocarbon Interests; (b) the Properties now or hereafter pooled or unitized with Hydrocarbon Interests; (c) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units created thereby (including without limitation all units created under orders, regulations and rules of any Governmental Authority) which may affect all or any portion of the Hydrocarbon Interests; (d) all operating agreements, contracts and other agreements, including production sharing contracts and agreements, which relate to any of the Hydrocarbon Interests or the production, sale, purchase, exchange or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests; (e) all Hydrocarbons in and under and which may be produced and saved or attributable to the Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits, proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests; (f) all tenements, hereditaments, appurtenances and Properties in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests; and (g) all Properties, 

 

 

rights, titles, interests and estates described or referred to above, including any and all Property, real or personal, now owned or hereinafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development of any of such Hydrocarbon Interests or Property (excluding drilling rigs, automotive equipment, rental equipment or other personal Property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any and all oil wells, gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants, plant compressors, pumps, pumping units, field gathering systems, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases, rights-of-way, easements and servitudes together with all additions, substitutions, replacements, accessions and attachments to any and all of the foregoing.

“Other Midstream GP Component” means with respect to any period of twelve calendar months, the product of (a) cash dividends or distributions actually received by a Loan Party on account of its Equity Interests in any other Person (other than a Loan Party) engaged in Midstream Activities during such twelve calendar months multiplied by (b) 20.

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

“Other Upstream GP Component” means with respect to any period of twelve calendar months, the product of (a) cash dividends or distributions actually received by a Loan Party on account of its Equity Interests in any Person (other than a Loan Party) engaged in Upstream Activities during such twelve calendar months multiplied by (b) 17.5.

“Parent Component” means the sum of (a) with respect to any Proved Reserves directly owned by the Parent, the Present Value of such reserves as specified in the most recent Reserve Report delivered pursuant to this Agreement and net, for the avoidance of doubt, of all Reserves subject to any production payments and (b) in the case of all other Oil and Gas Properties or Midstream Assets directly owned by the Parent, the fair market value of such property as determined by a third party valuation firm satisfactory to the Administrative Agent.

“Participant” has the meaning set forth in Section 12.04(c)(i).

“Participant Register” has the meaning set forth in Section 12.04(c)(i).

“Patriot Act” has the meaning set forth in Section 12.16.

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

“Perfection Certificate” means a certificate substantially in the form of Exhibit H hereto.

“Permitted Business” means the business engaged in by the Loan Parties as of the Effective Date and any other business related or ancillary to the production, transportation or processing of Hydrocarbons.

 

 

“Permitted Holders” means the Lenders and their respective Affiliates formed for purposes of making or holding investments and assignees with respect to Equity Interests of Parent assigned to it by a Lender or any such Affiliate. 

“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, as defined in section 3(2) of ERISA, which (a) is currently or hereafter sponsored, maintained or contributed to by the Parent, a Restricted Subsidiary or an ERISA Affiliate or (b) was at any time during the six (6) calendar years preceding the Effective Date sponsored, maintained or contributed to by the Parent or a Restricted Subsidiary or an ERISA Affiliate.

“Prime Rate” means the rate of interest per annum publicly announced from time to time by The Wall Street Journal as the “Prime Rate” in the United States (or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent)); each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

 “Present Value” means, as of any date of determination for the Loan Parties, the discounted net present value, on a pre-income tax basis, of projected future cash flows from the production of the Loan Parties’ Proved Reserves, as set forth in the most recent Reserve Report delivered pursuant hereto, calculated in accordance with the SEC guidelines but using the Strip Price and adjusted for Swap Agreements, additions to reserves and depletion or sale of reserves since the date of such Reserve Report, for any basis differential as of the date of determination, without future escalation, and discounted using an annual discount rate of 10%.

“Pro Forma Compliance” or “Pro Forma Basis” means, as of any date of determination for purposes of calculating compliance with the financial covenant contained in Section 9.01(a) on a pro forma basis, (a) calculating Consolidated Net Income and EBITDA as if Transactions, the merger or consolidation with any Restricted Subsidiary, any Material Subsidiary Conversion, any Material Disposition, any Material Acquisition or the making of any Restricted Payment or Investment (each of the foregoing, a “Subject Transaction”), as applicable, had occurred on the first day of the applicable Rolling Period, (b) calculating Total Funded Debt as of the date of the Subject Transaction (after giving effect to the Subject Transaction and the incurrence of any Debt in connection with such Subject Transaction, but excluding Debt owed to the Parent or any Restricted Subsidiary) and (c) otherwise making such calculations in accordance with Regulation S-X of the SEC.

 “Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights.

 

 

“Proved Reserves” means  “Proved Reserves” as defined in the Definitions for Oil and Gas Reserves (in this paragraph, the “Definitions”) promulgated by the Society of Petroleum Engineers (or any generally recognized successor) as in effect at the time in question.

“Purchase Money Debt” means Debt (a) consisting of the deferred purchase price of property, plant and equipment, conditional sale obligations, obligations under any title retention agreement and other obligations incurred in connection with the acquisition, construction or improvement of such asset, in each case where the amount of such Debt does not exceed the greater of (i) the cost of the asset being financed and (ii) the fair market value of such asset, and (b) incurred to finance such acquisition, construction or improvement by the Parent or a Restricted Subsidiary of such asset; provided however that such Debt is incurred within 180 days after such acquisition or the completion of such construction or improvement.

“Qualifying ARP Units” means ARP Units that are owned by a Loan Party and subject to a perfected second priority Lien (subject only in priority to the Liens pursuant to the First Lien Loan Documents) in favor of the Administrative Agent for the benefit of the Secured Creditors pursuant to the Loan Documents, which Lien is perfected by “control” of the Administrative Agent (or the First Lien Administrative Agent as its gratuitous bailee) in accordance with the applicable Uniform Commercial Code including, without limitation, Section 8.106, 9.106 and 9.314 thereof.

“Redemption” means with respect to any Debt, the repurchase, redemption, prepayment, repayment or defeasance (or the segregation of funds with respect to any of the foregoing) of such Debt.  “Redeem” has the correlative meaning thereto.

“Refinance” means, in respect of any Debt, to refinance, extend, renew, restructure or replace, or to issue other Debt in exchange or replacement for, such Debt, in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings.

“Register” has the meaning assigned such term in Section 12.04(b)(iv).

“Registration Rights Agreement” means any Registration Rights Agreement entered into among any Loan Party and/or any issuer of Equity Interests owned by such Loan Party and the Administrative Agent, as the same may be amended, modified or supplemented from time to time.

“Regulation D” means Regulation D of the Board, as the same may be amended, supplemented or replaced from time to time.

 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective partners, directors, officers, employees, agents, trustees and advisors (including attorneys, accountants and experts) of such Person and of such Person’s Affiliates.

“Release” means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying, discharging, migrating, injecting, escaping, leaching, dumping, or disposing.

“Remedial Work” has the meaning assigned such term in Section 8.09.

 

 

“Required Mortgage Value” means, as of any date of determination, an amount equal to 80% of the aggregate Present Value of all Proved Reserves directly owned by the Loan Parties as reflected in the most recent Reserve Report delivered pursuant to this Agreement.

“Reserve Report” means a report, in form and substance reasonably satisfactory to the Administrative Agent, setting forth, as of each December 31 or June 30 (to the extent the Loan Parties own Oil and Gas Properties as of such date) the Loan Parties’ Proved Reserves, together with a projection of the rate of production and future net income, taxes, operating expenses and capital expenditures with respect thereto as of such date, consistent with SEC reporting requirements at the time, together with a supplement indicating the Present Value of such Proved Reserves.  Each Reserve Report shall include a report on a well by well basis reflecting the working and revenue interests for the Borrower and each Guarantor under or in connection with each such well and such other information and in such form as may be reasonably requested by the Administrative Agent.

“Responsible Officer” means, as to any Person, the Chief Executive Officer, the Chief Operating Officer, the President, any Financial Officer or any Vice President of such Person.  Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Borrower or the Parent.

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other Property) with respect to any Equity Interests in any Person (including any return of capital), or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests.

“Restricted Subsidiary” means any Subsidiary other than an SPV Subsidiary or an Unrestricted Subsidiary; provided that the Borrower shall at all times be a Restricted Subsidiary.

“Rolling Period” means any period of four consecutive fiscal quarters; provided that for purposes of determining Pro Forma Compliance with Section 9.01 pursuant to Sections 9.02(i), 9.05(h), 9.05(j) or 9.19(b), any period of four consecutive fiscal quarters ending on the last day of the fiscal quarter for which the most recent financial statements have been (or were required to be) delivered pursuant to Section 8.01(a) or 8.01(b), as applicable.

“S&P” means Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc., and any successor thereto that is a nationally recognized rating agency.

“SEC” means the U.S. Securities and Exchange Commission or any successor Governmental Authority.

 “Secured Creditors” shall have the meaning assigned to such term in the Security Agreement.

“Secured Swap Agreement” means a Swap Agreement between the Borrower and an Approved Counterparty that has executed a Hedge Intercreditor Agreement.

 

 

“Security Agreement” means the Security Agreement among the Borrower, the Guarantors and the Administrative Agent dated as of the Effective Date, as the same may be amended, modified or supplemented from time to time.

“Security Agreement Supplement” means a supplement to the Security Agreement in the form of Annex 1 to the Security Agreement or any other form reasonably approved by the Administrative Agent.

“Security Instruments” means the Guaranty Agreement, the Intercreditor Agreement, any Hedge Intercreditor Agreement, if any, the Security Agreement, all Mortgages, all Registration Rights Agreements and other agreements, instruments or stock certificates now or hereafter executed and delivered by any Loan Party or any other Person (other than Secured Swap Agreements and participation or similar agreements between any Lender and any other lender or creditor with respect to any Indebtedness pursuant to this Agreement) as security for the payment or performance of, or to perfect the grant of a Lien to secure obligations under, the Indebtedness, the Notes, if any, this Agreement, as such agreements may be amended, modified, supplemented or restated from time to time.

“Series A Preferred Units” means “Series A Preferred Units” as defined in the Third Amended and Restated Limited Liability Company Agreement.

“Sole Management Control” means, with respect to any Person, the ability, through voting power, by contract or otherwise, to direct all limited liability company or limited partnership, as applicable, actions of such Person without requiring the approval, consent, or vote of any other Person to the extent such approval, consent or vote is not required for such actions as of the Effective Date.

“Solvent” means when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as they mature.  For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No.5).

“SPV Subsidiaries” means AEC and AERS. 

“Specified Transaction” means that certain transaction proposed to be entered into by Parent as described to the Administrative Agent in writing on or prior to the date hereof.

 

 

 “Strip Price” shall mean, at any time, (a) for the remainder of the calendar year in which the Effective Date occurs, the average NYMEX Pricing for the remaining contracts in such calendar year, (b) for each of the succeeding four complete calendar years, the average NYMEX Pricing for the twelve months in each such calendar year, and (c) for each calendar year thereafter, the average NYMEX Pricing for the twelve months in such fourth calendar year.

“Subject Transaction” has the meaning set forth in the definition of “Pro Forma Compliance”.

 “Subsidiary” means, with respect to any Person (the “parent”), any other Person of which at least a majority of the outstanding Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors, manager or other governing body of such Person (irrespective of whether or not at the time Equity Interests of any other class or classes of such Person shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by the parent and/or one or more of its Subsidiaries.  Unless otherwise indicated herein, each reference to the term “Subsidiary” means a Subsidiary of the Parent.

“Super Majority Lenders” means, subject to Section 12.04(b)(ii)(D)(4), Lenders holding at least 662⁄3% of the outstanding aggregate principal amount of all the Loans (without regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)).

“Swap” means any agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

“Swap Agreement” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

“Swap Obligation” means, with respect to any Person, any obligation to pay or perform under any Swap.

“Swap Termination Value” shall mean, in respect of any one or more Secured Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Secured Swap Agreements, for any date on or after the date such Secured Swap 

 

 

Agreements have been closed out and terminated, the termination value(s) determined in accordance therewith.

“Synthetic Leases” means, in respect of any Person, all leases which shall have been, or should have been, in accordance with GAAP, treated as operating leases on the financial statements of the Person liable (whether contingently or otherwise) for the payment of rent thereunder and which were properly treated as indebtedness for borrowed money for purposes of U.S. federal income taxes, if the lessee in respect thereof is obligated to either purchase for an amount in excess of, or pay upon early termination an amount in excess of, 80% of the residual value of the Property subject to such operating lease upon expiration or early termination of such lease.

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

“Termination Date” means the earlier of the Maturity Date and the date of the Indebtedness has been accelerated in accordance with Section 10.02.

“Third Amended and Restated Limited Liability Company Agreement” means the Third Amended and Restated Limited Liability Company Agreement of the Parent, dated as of February 27, 2015, as amended by that certain Amendment No. 1 to the Third Amended and Restated Limited Liability Company Agreement of the Parent, dated as of February 27, 2015, each as delivered to the Administrative Agent on or prior to the Effective Date, and as further amended by any amendments entered into in order to give effect to the Specified Transaction and with such other amendments thereto as consented to in writing by the Majority Lenders.

 “Total Funded Debt” means, at any date, all Debt of the Parent and the Restricted Subsidiaries on a consolidated basis other than Debt described in the definition of “Debt” under clauses (b) (to the extent constituting contingent obligations), (c), (j), (k) (solely to the extent that such Debt results from such Person being the general partner of another Person that is obligated under such Debt), (m) and (n). For the avoidance of doubt, “Total Funded Debt” shall not include “asset retirement obligations” as such term is used in ASC Topic 410 to the extent such term relates to the plugging and abandonment of wells.

“Total Leverage Ratio” means, as of any date of determination, the ratio of (a) Total Funded Debt as of such date of determination to (b) EBITDA for the then most recently ended Rolling Period.

“Transactions” means the consummation of the transactions contemplated under this Agreement.

“Transferee” means any Assignee or Participant.

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

 

 

“Unrestricted Subsidiary” means (a) any Subsidiary of the Parent (other than the Borrower and the SPV Subsidiaries) designated as such on Schedule 7.15 or which the Parent has designated in writing to the Administrative Agent to be an Unrestricted Subsidiary pursuant to Section 9.19 and (b) any Subsidiary of an Unrestricted Subsidiary.

“Upstream Activities” means the acquisition, exploration, development, production, operation and disposition of interests in Oil and Gas Properties, and the gathering, marketing, storage, selling and gathering of any production from such properties.

“U.S. Tax Compliance Certificate” has the meaning set forth in Section 5.03(e).

“Wholly-Owned Subsidiary” means any Subsidiary of which all of the outstanding Equity Interests (other than any directors’ qualifying shares mandated by applicable law), on a fully-diluted basis, are owned by the Parent or one or more of the Wholly-Owned Subsidiaries or by the Parent and one or more of the Wholly-Owned Subsidiaries.

“Withholding Agent” means any Loan Party or the Administrative Agent.

Treatment of Indebtedness

.  For federal, state and local income tax purposes, the parties agree that (i) the Indebtedness will be treated as indebtedness of the Parent, (ii) the Indebtedness is not a “contingent payment debt instrument” within the meaning of Treasury Regulation Section 1.1275-4 and (iii) the issue price of the Indebtedness is the stated principal amount of $35,854,916. The parties agree to report the Indebtedness consistent with this agreement for all federal, state and local tax purposes, and the Parent, Borrower and the Administrative Agent agree to notify and consult with each other if such treatment is challenged by any taxing authority.

Terms Generally; Rules of Construction

.  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 law shall be construed as referring to such law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to the restrictions contained herein), (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) with respect to the determination of any time period, the word “from” means “from and including” and the word “to” means “to and including,” and (f) any reference herein to Articles, Sections, Annexes, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement.

 

 

Accounting Terms and Determinations

.

(a)Unless otherwise specified herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Majority Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

(b)Notwithstanding GAAP or anything in this Agreement to the contrary, for the purposes of calculating the Total Leverage Ratio and the components thereof, all Unrestricted Subsidiaries and Immaterial Subsidiaries (including the assets, liabilities, income, losses, cash flows and elements thereof of each of the foregoing) shall be excluded, except that any cash dividends or cash distributions paid by any Person (other than a Loan Party) to the Loan Parties during any fiscal period and received by the Parent or any Restricted Subsidiary on or prior to the earlier of (i) the date the financial statements with respect to such fiscal period referred to in Section 8.01(a) or (b) are delivered by the Borrower to the Administrative Agent and (ii) the date that is 45 days following the end of such fiscal period, shall be deemed to be income of the Parent or such Restricted Subsidiary, as applicable, for such fiscal period whether or not constituting income in accordance with GAAP; provided that, for the avoidance of doubt, any such dividends or distributions received after the last day of the last fiscal quarter included in any Rolling Period and included as income in such Rolling Period as provided above in this Section 1.05(b) shall not be included as income in the fiscal quarter in which such dividends or distributions are actually received (but shall be deemed included solely in such immediately preceding fiscal quarter) for purposes of any such calculation.

(c)Notwithstanding anything to the contrary herein, for purposes of determining compliance with Total Leverage Ratio or Section 9.01 with respect to any Rolling Period during which any Subject Transaction occurs (or, for purposes of determining compliance with Section 9.01 pursuant to Sections 9.02(i), 9.05(h), 9.05(j) or 9.19(b) only, thereafter and on or prior to the date of determination), the Total Leverage Ratio and EBITDA shall be calculated with respect to such Rolling Period and such Subject Transaction on a Pro Forma Basis.

Article II

The Credits

Commitments

.  Subject to the terms and conditions set forth herein

(a)Each Lender agrees that its loan under the First Lien Credit Agreement (prior to its amendment pursuant to the First Lien Third Amendment) set forth opposite such 

 

 

Lender’s name on Annex I under the caption “Commitment” is hereby continued as a Loan hereunder. 

(b)Amounts repaid or prepaid in respect of the Loans may not be reborrowed.

Loans and Borrowings

.

(a)Borrowings; Several Obligations.  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 are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

(b)Notes.  If a Lender shall make a written request to the Administrative Agent and the Borrower to have its Loans evidenced by a promissory note, then the Borrower shall execute and deliver to such Lender a duly completed single promissory note of the Borrower in substantially the form of Exhibit A, payable to such Lender in a principal amount equal to its Commitment as then in effect, and otherwise duly completed.  The date, amount and interest rate of each Loan made by each Lender that requests a Note, and all payments made on account of the principal thereof, may be recorded by such Lender on its books for its Note, and, prior to any transfer, may be endorsed by such Lender on a schedule attached to such Note or any continuation thereof or on any separate record maintained by such Lender; provided that the failure to make any such notation or to attach a schedule shall not affect any Lender’s or the Borrower’s rights or obligations in respect of such Loans or affect the validity of such transfer by any Lender of its Note.

Requests for Borrowings

.  To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone or by delivery to the Administrative Agent of a written Borrowing Request in substantially the form of Exhibit B and signed by the Borrower (a “written Borrowing Request”):  

(a)not later than 11:00 a.m., New York, New York time, on the date of the proposed Borrowing (or such shorter period agreed by each Lender and the Administrative Agent).  Each telephonic and written Borrowing Request shall be irrevocable and each telephonic Borrowing Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request.  Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:

(i)the aggregate amount of the requested Borrowing;

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

(iii)the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05.

Promptly following receipt of the Borrowing Request in accordance with this Section 2.03, 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.

 

 

[Reserved]

.

Funding of Borrowings

.

(a)Funding by Lenders.  Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 1:00 p.m., New York, New York time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account designated by the Borrower in the applicable Borrowing Request.

(b)Presumption of Funding by the Lenders.  Unless the Administrative Agent shall have received notice from a Lender prior to 12:00 p.m., New York, New York time, on the date of such 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 Section 2.05(a) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to Loans.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.  No payment required and made by the Borrower under this paragraph will be subject to any break-funding payment under Section 5.02.  

Extension

.  So long as no Event of Default or Default shall have occurred and be continuing on the date on which notice is given, or would result therefrom, in accordance with the following clause (a) and on the Maturity Date, Borrower may extend the Maturity Date to March 30, 2020, upon satisfaction of the following:  

(a)delivery of a written request to Administrative Agent at least thirty (30) days, but no more than one hundred twenty (120) days, prior to the Maturity Date then in effect;

(b)payment to Administrative Agent for the benefit of the Lenders of the extension fee set forth in Section 3.05(b), which fee shall be payable on or before the then applicable Maturity Date;

(c)payment by Borrower of all reasonable and documented out-of-pocket costs and expenses to Administrative Agent and the Lenders to the extent then due (including any and all reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent in connection with or arising out of the extension of the Maturity Date);

(d)the representations and warranties of the Borrower and the Restricted Subsidiaries set forth in this Agreement and in the other Loan Documents shall be true and 

 

 

correct on and as of the Maturity Date immediately before and after giving effect to such extension, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the Maturity Date immediately before and after giving effect to such extension, such representations and warranties shall continue to be true and correct as of such specified earlier date; 

(e)delivery of a certificate signed by a Responsible Officer of the Borrower certifying that the Borrower is in Pro Forma Compliance with a Total Leverage Ratio of not more than 6.00:1.00 both on the date on which the extension request is given to the Administrative Agent and on the first day of the extension (and attaching reasonably detailed calculations reflecting the same which shall be in form reasonably satisfactory to the Administrative Agent); and

(f)if required by the Administrative Agent, execution and delivery of a written agreement evidencing the extension among the Administrative Agent and the Loan Parties; and such other documents, instruments, certificates, opinions of counsel as the Administrative Agent shall reasonably request in connection with such extension.

Article III

Payments of Principal and Interest; Prepayments; Fees

Repayment of Loans

.  On the Maturity Date, the Borrower shall repay to the Administrative Agent for the ratable account of the Lenders the aggregate principal amount of all Loans outstanding on such date.

Section 3.02Interest.

(a)PIK Interest.  The Loans shall bear interest at a per annum rate equal the Applicable PIK Rate which shall accrue  and be paid in kind, by being added to the principal balance of the outstanding Loans on the last day of each calendar quarter, beginning on June 30, 2016, or, if such day is not a Business Day, the first Business Day immediately following such last day of the calendar quarter (each such date, an “Interest Payment Date”). On the Maturity Date, the Borrower shall repay to the Administrative Agent for the ratable account of the Lenders the aggregate amount of interest accrued with respect to the Loans that has been paid-in-kind by being added to the balance thereof in accordance with this clause (a).  Notwithstanding anything to the contrary set forth herein, if the Parent’s market capitalization (as determined by reference to the ATLS Unit Price) is greater than $75,000,000 at any time during the term of this Agreement, then with at least three (3) Business Days’ written notice to the Administrative Agent prior to the last Business Day of the applicable quarter, the Borrower may elect by delivery of written notice to the Administrative Agent delivered not less than three Business Days prior to end of any calendar quarter, to pay the accrued interest for such calendar quarter by delivery to the Administrative Agent, for the ratable distribution to the Lenders, of a number of shares of Parent’s common units equal to the accrued interest for such calendar quarter divided by the ATLS Unit Price on the Business Day immediately prior to such Interest Payment Date.  To the extent the Borrower elects to pay interest accrued under this paragraph by issuing Parent common units, the parties hereto agree to treat Parent as repaying such accrued interest with cash 

 

 

and as if each applicable lender acquired Parent common units for such cash payment for federal, state and local tax purposes. 

(b)Post-Default Rate.  Notwithstanding the foregoing, while an Event of Default set forth in paragraphs (a), (b), (g), (h), or (i) of Section 10.01 is outstanding, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower or any other Loan Party hereunder or under any other Loan Document is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to  2.0% plus the Applicable PIK Rate, which shall be paid in kind, by being added to the principal balance of the outstanding Loans and shall be payable on the same terms as set forth in paragraph (a) above.

(c)Interest Rate Computations.  All interest hereunder shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day of the relevant computation period).  

[Reserved]

.

Prepayments.

  

 

(a)Optional Prepayments.   The Borrower shall have the right at any time and from time to time to prepay any Borrowing made to it in whole or in part, subject to prior notice in accordance with Section 3.04(b), but each prepayment must be in an amount that is an integral multiple of $100,000 and not less than $1,000,000 (or if less, the entire principal amount thereof outstanding).

(b)Notice and Terms of Optional Prepayment.  The Borrower shall notify the Administrative Agent in writing of any prepayment hereunder not later than 1:00 p.m., New York, New York time, one (1) Business Day prior to the date of prepayment (or such shorter period agreed by each Lender of such Borrowing to be prepaid and the Administrative Agent).  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid.  Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Borrowing (other than pursuant to Section 3.04(c)) 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. 

(c)Mandatory Prepayments.

(i)No later than the twenty-fifth (25th) Business Day following the last day of each calendar month, beginning with the calendar month ending June 30, 2016, the Borrower shall provide the Administrative Agent with reasonably detailed calculations of Excess Distributable Cash for such calendar month then ended and Borrower shall prepay outstanding Loans or First Lien Loans (as elected by the Borrower in its sole discretion) in an aggregate 

 

 

principal amount equal to 100.0% of Excess Distributable Cash for such calendar month then ended.   

(ii)(A)If (x) the Parent or any Restricted Subsidiary Disposes of any property or assets to any Person other than a Loan Party (other than any Disposition of any property or assets permitted by Section 9.11(a)), (y) any Casualty Event occurs, which in the aggregate results in the realization or receipt by the Parent or such Restricted Subsidiary of Net Cash Proceeds in an amount in excess of $10,000,000, an amount equal to 100% of the Net Cash Proceeds realized or received shall be applied as a mandatory repayment of the Loans in accordance with the requirements of Sections 3.04(c)(v) and (vi) or the First Lien Loans (as elected by the Borrower in its sole discretion); 

(iii)If the Parent or any Restricted Subsidiary issues or incurs any Debt (other than Debt permitted to be incurred pursuant to Section 9.02 as in effect on the Effective Date), an amount equal to 100% of the Net Cash Proceeds of the respective incurrence or issuance of Debt shall be applied on such date as a mandatory repayment of the Loans in accordance with the requirements of Sections 3.04(c)(v) and (vi) or the First Lien Loans (as elected by the Borrower in its sole discretion).

(iv)If any Restricted Subsidiary of Parent receives Net Cash Proceeds from any capital contributions or any Net Cash Proceeds from any sale or issuance of its Equity Interests (other than Net Cash Proceeds of any Excluded Issuance), then, an amount equal to 100% of the Net Cash Proceeds of any such issuance, sale or advancement will be applied on such date as a mandatory repayment in accordance with the requirements of Section 3.04(c)(v) and 3.04(c)(vi) or the First Lien Loans (as elected by the Borrower in its sole discretion).

(v)Application of Mandatory Prepayments.  Each prepayment of Loans pursuant to Sections 3.04(c)(i), 3.04(c)(ii), 3.04(c)(iii) and 3.04(c)(iv) shall be applied as a mandatory prepayment of principal of Loans.  

(vi)The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Loans required to be made pursuant to clauses (i), (ii), (iii), (iv) and (v) of this Section 3.04(c) at least five (5) Business Days prior to 1:00 p.m. on the date of such prepayment.  Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment.  The Administrative Agent will promptly notify each Lender of the contents of the Borrower’s prepayment notice and of such Lender’s pro rata share of the prepayment.  

(d)On the Effective Date (immediately after the incurrence of Loans), the Commitments of each Lender in effect at such time shall terminate in its entirety.

(e)Prepayment Premiums.  Each payment made under this Section 3.04 will not require the payment of any premium or penalty.

Fees

. 

(a) Administrative Agent Fee.  The Borrower shall pay to the Administrative Agent, for its own account, an annual nonrefundable administration fee equal to $15,000 (the 

 

 

“Administrative Agent Fee”), such fee to be paid quarterly in advance beginning on the Effective Date and thereafter in advance prior to the earlier of the Maturity Date and the date on which the Loans are repaid in full or, if any such date is not a Business Day, on the first Business Day thereafter.  Any amounts paid in advance with respect to the Administrative Agent Fee shall not be reimbursed, irrespective of whether the Loans and all other obligations outstanding hereunder are repaid in full during such applicable fiscal quarter. 

(b)Extension Fee. In the event that the Maturity Date is extended in accordance with the terms of Section 2.06, the Borrower agrees to pay to the Administrative Agent for the account of each Lender an extension fee equal to 5% of the aggregate Loans of the Lenders on the first effective day of the extension. 

Article IV

Payments; Pro Rata Treatment; Sharing of Set-offs.

Payments Generally; Pro Rata Treatment; Sharing of Set-offs

.

(a)Payments by the Borrower.  The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or of amounts payable under Section 5.01, Section 5.02, Section 5.03 or otherwise) prior to 12:00 noon, New York, New York time, on the date when due, in immediately available funds, without defense, deduction, recoupment, set-off or counterclaim.  Fees, once paid, shall be fully earned and shall not be refundable under any circumstances.  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to the Administrative Agent at its offices specified in Section 12.01, except that payments pursuant to Section 5.01, Section 5.02, Section 5.03 and Section 12.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.  All payments hereunder shall be made in dollars.

(b)Application of Insufficient Payments.  If at any time prior the Termination Date, insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest, fees and other amounts then due hereunder, such funds shall be applied in the order set forth in clauses (i) through (iv), inclusive, of Section 10.02(c).

(c)Sharing of Payments by Lenders.  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 in excess of its ratable share (or other share contemplated hereunder), then such Lender 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 (or in other proportion as 

 

 

required hereunder); 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 Section 4.01(c) shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to a Loan Party or an Affiliate thereof not constituting an Affiliate Lender (as to which the provisions of this Section 4.01(c) shall apply).  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law and under this Agreement, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

Presumption of Payment by the Borrower

.  Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

Certain Deductions by the Administrative Agent

.  If any Lender shall fail to make any payment required to be made by it pursuant hereto 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 hereunder until all such unsatisfied obligations are fully paid.  After acceleration or maturity of the Loans, all principal will be paid as provided in Section 10.02(c).

Disposition of Proceeds

.  The Security Instruments contain an assignment by the Borrower and/or the other Loan Parties unto and in favor of the Administrative Agent for the benefit of the Lenders of all of the Borrower’s or each other Loan Party’s interest in and to production and all proceeds attributable thereto which may be produced from or allocated to the Collateral.  The Security Instruments further provide in general for the application of such proceeds to the satisfaction of the Indebtedness and other obligations described therein and secured thereby.  Notwithstanding the assignment contained in such Security Instruments, until the occurrence of an Event of Default, the Administrative Agent and the Lenders agree that they will neither notify the purchaser or purchasers of such production nor take any other action to cause such proceeds to be remitted to the Administrative Agent or the Lenders, but the Lenders will instead permit such proceeds to be paid to the Borrower or any other applicable Loan Party and the Lenders hereby authorize the Administrative Agent to take such actions as may be necessary to cause such proceeds to be paid to the Borrower and/or such Loan Parties.

 

 

Article V

Increased Costs; Break Funding Payments; Taxes

Increased Costs

.

(a)[Reserved].  

(b)Capital Requirements.  If any Lender 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, in each case by an amount deemed by such Lender to be material, 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 would 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 Borrower 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)Certificates.  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 Section 5.01(b) and reasonably detailed calculations therefor shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof.

(d)Effect of Failure or Delay in Requesting Compensation.  Failure or delay on the part of any Lender to demand compensation pursuant to this Section 5.01 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section 5.01 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

[Reserved]

.  

Taxes

.

(a)Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower or any Guarantor under any Loan Document shall be made free and clear of and without deduction for any Taxes unless required by applicable law; provided that if the applicable Withholding Agent shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (a) the sum payable by the Borrower or any Guarantor shall be increased as necessary so that after all required deductions (including deductions applicable to additional sums payable under this Section 5.03) have been made, the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (b) the applicable Withholding Agent shall make such deductions 

 

 

and (c) the applicable Withholding Agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b)Payment of Other Taxes by the Borrower.  In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

(c)Indemnification by the Borrower.  The Borrower shall indemnify the Administrative Agent or each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder or with respect to any Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 5.03) 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 of the Administrative Agent or a Lender as to the amount of such payment or liability under this Section 5.03) shall be delivered to the Borrower and shall be conclusive absent manifest error.

(d)Evidence of Payments.  As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower or a Guarantor to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

(e)Status of Lenders.  (a) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  

(i)Without limiting the generality of the foregoing,

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

 

 

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

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

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

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

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

 

 

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

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

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

(f)Indemnification by Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set 

 

 

off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section 5.03(f). 

(g)Tax Refunds.  If the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or any Guarantor or with respect to which the Borrower or any Guarantor has paid additional amounts pursuant to this Section 5.03, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 5.03 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.  This Section 5.03 shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person.

(h)Survival.  The agreements in this Section 5.03 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

Designation of Different Lending Office

.  If any Lender requests compensation under Section 5.01, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.03, 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 (a) would eliminate or reduce amounts payable pursuant to Section 5.01 or Section 5.03, as the case may be, in the future and (b) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

Replacement of Lenders

.  If (a) any Lender requests compensation under Section 5.01, (b) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.03, or (c) any Lender has not approved a proposed waiver or amendment requiring 100% approval or consent from the affected Lenders but which has been approved by the Majority Lenders (or, in the case of a consent, waiver or amendment involving all Lenders with respect to a certain Class, the Majority Facility Lenders with respect to such Class), then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04(b)), all its interests, rights and obligations under this Agreement to an 

 

 

assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans subject to the assignment, as if the payment of the Loans on such date were an optional or mandatory prepayment, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents with respect to the Loans being assigned, from the assignee (to the extent of such outstanding principal and accrued interest and accrued fees) or the Borrower, (iii) in the case of any such assignment resulting from a claim for compensation under Section 5.01 or payments required to be made pursuant to Section 5.03, such assignment will result in a reduction in such compensation or payments, and (iv) in the case of any such assignment resulting from a Lender becoming a non-consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable waiver or amendment of the Loan Documents.

Article VI

Conditions Precedent

Effective Date

.  The obligations of the Lenders to make Loans shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02):

(a)The Administrative Agent, and the Lenders shall have received payment of all costs and out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder to the extent invoiced to the Borrower prior to the Effective Date; provided, however that the aggregate amount of costs and expenses, together with all costs and expenses paid to the First Lien Administrative Agent or its legal counsel, in connection with the First Lien Third Amendment, shall not exceed $225,000.

(b)The Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary of the Borrower and each Guarantor setting forth (i) resolutions of its board of directors (or other applicable managing Person) with respect to the authorization of the Borrower or such Guarantor to execute, deliver and perform the Loan Documents to which it is a party and to enter into the transactions contemplated in those documents, (ii) the officers of the Borrower or such Guarantor (A) who are authorized to sign the Loan Documents to which the Borrower or such Guarantor is a party and (B) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Agreement and the transactions contemplated hereby, (iii) specimen signatures of such authorized officers, and (iv) the articles or certificate of incorporation and bylaws (or other applicable governing documents) of the Borrower and such Guarantor, certified as being true and complete.  The Administrative Agent and the Lenders may conclusively rely on such certificate until the Administrative Agent receives notice in writing from the Borrower to the contrary.

 

 

(c)The Administrative Agent shall have received recent certificates of the appropriate State agencies with respect to the existence, qualification and good standing of the Borrower and each Guarantor. 

(d)The Administrative Agent shall have received from each party hereto counterparts (in such number as may be requested by the Administrative Agent) of this Agreement signed on behalf of such party.

(e)The Administrative Agent shall have received duly executed Notes payable to each Lender requesting a Note in a principal amount equal to its Commitment dated as of the Effective Date.

(f)The Administrative Agent shall have received from each party thereto duly executed counterparts (in such number as may be requested by the Administrative Agent) of the Security Instruments (except for the Mortgages and certain control agreements in respect of deposit accounts and securities accounts held by the Borrower and the Parent), the Perfection Certificate and the Uniform Commercial Code financing statements described on the Security Agreement.  In connection with the execution and delivery of the Security Instruments, the Administrative Agent shall be reasonably satisfied that the Security Instruments will, when properly executed and, to the extent applicable, recorded, create perfected second priority Liens (subject only in priority to the Liens pursuant to the First Lien Loan Documents) (except for Excepted Liens, but subject to the provisos at the end of such definition and subject to Immaterial Title Deficiencies) on all Property purported to be pledged as Collateral pursuant to such Security Instruments.

(g)The Administrative Agent shall have received an opinion in form and substance reasonably acceptable to the Administrative Agent of Paul Hastings LLP, counsel to the Loan Parties.

(h)The Administrative Agent shall have received a certificate of insurance coverage of the Parent and the Restricted Subsidiaries evidencing that such Persons are carrying insurance in accordance with Section 7.13.

(i)The Administrative Agent shall have received a solvency certificate from the Financial Officer of the Parent (immediately after giving effect to the Transactions) substantially in the form attached hereto as Exhibit J.

(j)The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that the Borrower or another Loan Party has received all consents and approvals required by Section 7.03.

(k)The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that immediately after giving effect to the Transactions, the Borrower and the Restricted Subsidiaries will have no Debt outstanding other than the Indebtedness under this Agreement and other Indebtedness permitted by Section 9.02.

 

 

(l)The Administrative Agent shall have received a Form FR U-1 with respect to each Lender that is a bank and a Form FR G-3 with respect to each Lender that is not a bank, each duly completed and executed by the Borrower. 

(m)The representations and warranties of the Borrower and the Restricted Subsidiaries set forth in this Agreement and in the other Loan Documents shall be true and correct on and as of the date of such Borrowing, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date of such Borrowing, such representations and warranties shall continue to be true and correct as of such specified earlier date.

(n)The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying the matters contemplated by clause (m) above.

(o)The Administrative Agent shall have received a Registration Rights Agreement with respect to the ARP Units, in form and substance reasonably satisfactory to the Administrative Agent.

(p) (i) the Administrative Agent shall have received a fully executed copy of the First Lien Third Amendment, and (ii) the conditions to effectiveness set forth therein (other than the satisfaction of the condition set forth in this clause (p)) shall have been satisfied (or otherwise waived by the Lenders in accordance with the terms thereof).

Without limiting the generality of the provisions of Section 11.05, for purposes of determining compliance with the conditions specified in this Section 6.01, 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 under this Section 6.01 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 prior to the Effective Date specifying its objection thereto.  All documents executed or submitted pursuant to this Section 6.01 by and on behalf of the Borrower or any other Loan Party shall be in form and substance reasonably satisfactory to the Administrative Agent and its counsel.  The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.  

Article VII

Representations and Warranties

Each of the Parent and the Borrower represents and warrants to the Lenders that as of the date hereof and as of the Effective Date:

Organization; Powers

.  Each of the Parent and the Restricted Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority, and has all material governmental licenses, authorizations, consents and approvals necessary, to own its assets and to carry on its business as now conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except, in each case (other than with respect to the due organization, existence and good standing of the Loan Parties in their respective jurisdictions of 

 

 

organization), where failure to have such power, authority, licenses, authorizations, consents, approvals and qualifications could not reasonably be expected to have a Material Adverse Effect.

Authority; Enforceability

.  The Transactions are within each Loan Party’s corporate powers and have been duly authorized by all necessary corporate and, if required, member action.  Each Loan Document to which a Loan Party is a party has been duly executed and delivered by it and constitutes a legal, valid and binding obligation of such Loan Party, as applicable, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Approvals; No Conflicts

.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person, nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force and effect other than (i) the recording and filing of the Security Instruments as required by this Agreement and (ii) those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, could not reasonably be expected to have a Material Adverse Effect or do not have an adverse effect on the enforceability of the Loan Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Parent or any Restricted Subsidiary or any order, injunction, writ or decree of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Parent, any Restricted Subsidiary or their respective Properties, or give rise to a right thereunder to require any payment to be made by the Parent or any Restricted Subsidiary and (d) will not result in the creation or imposition of any Lien on any Property of the Parent or any Restricted Subsidiary (other than the Liens created by the Loan Documents or permitted under Section 9.03).

Financial Condition; No Material Adverse Change

.

(a)The Parent has heretofore furnished in accordance with Section 8.01 to the Lenders (i) the consolidated balance sheets of each of the Parent and ARP, as of December 31, 2014, December 31, 2013 and December 31, 2012, and the related consolidated statements of operations, comprehensive income, partners’ capital, and cash flows for each of the three years in the period ended December 31, 2014, certified by its independent public accountants; and (ii) the consolidated balance sheet of each of the Parent and ARP as of June 30, 2015 and the related consolidated statements of operations, comprehensive income, partners’ capital, and cash flows for the six-month period then ended, certified by its chief financial officer.  Such financial statements present fairly, in all material respects, the combined or consolidated, as applicable, financial position and results of operations and cash flows of each of the Parent and its consolidated Subsidiaries and ARP and its consolidated Subsidiaries, as applicable, 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 unaudited quarterly financial statements.

 

 

(b)Since December 31, 2015, (i) there has been no event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect and (ii) the business of the Parent and the Restricted Subsidiaries has been conducted only in the ordinary course consistent with past business practices. 

(c)Neither the Parent nor any Restricted Subsidiary has any material Debt (including Disqualified Capital Stock) or any material contingent liabilities, off-balance sheet liabilities or partnerships, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, except as referred to or reflected or provided for in the financial statements referred to in Section 7.04(a) or as disclosed in this Agreement (including the Schedules hereto).

Litigation

.  There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending against or affecting the Parent or any Restricted Subsidiary (a) as to which there is a reasonable possibility of an adverse determination that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (b) that involve any Loan Document and the Transactions, and to the knowledge of the Parent and the Borrower, no such action, suit, investigation or proceeding is threatened.

Environmental Matters

.  Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect:

(a)Neither any Property of the Parent or any Restricted Subsidiary nor any of their respective operations violates any order or requirement of any court or Governmental Authority or any Environmental Laws.

(b)Without limitation of clause (a) above, no Property of the Parent or any Restricted Subsidiary, nor any of their respective current operations, nor, to the best knowledge of the Parent or any Restricted Subsidiary, any former operations by any prior owner or operator of any Property of the Parent or any Restricted Subsidiary, could form the basis of any Environmental Claim against the Parent or any Restricted Subsidiary.

(c)All notices, permits, licenses or similar authorizations, if any, required to be obtained or filed in connection with the operation or use of any and all Property of the Parent and each Restricted Subsidiary, including without limitation past or present treatment, storage or Release of any Hazardous Materials into the environment, have been duly obtained or filed, and the Parent and each Restricted Subsidiary are in compliance with the terms and conditions of all such notices, permits, licenses and similar authorizations.

(d)All Hazardous Materials, if any, generated at any and all Property of the Parent or any Restricted Subsidiary have in the past been transported, treated and disposed of in accordance with Environmental Laws and so as not to pose an imminent and substantial endangerment to public health or welfare or the environment, and, to the best knowledge of the Parent and the Restricted Subsidiaries, all transport carriers and treatment and disposal facilities used for such transportation, treatment or disposal have been and are operating in compliance with Environmental Laws and so as not to pose an imminent and substantial endangerment to 

 

 

public health or welfare or the environment, and are not the subject of any Environmental Claims. 

(e)The Borrower has taken all steps reasonably necessary to determine and has determined that no Hazardous Materials have been Released, and there has been no threatened Release of any Hazardous Materials, on, from or to any Property of the Parent or any Restricted Subsidiary except in compliance with Environmental Laws and so as not to pose an imminent and substantial endangerment to public health or welfare or the environment.

(f)All Property of the Parent and each Restricted Subsidiary currently satisfies all design, operation, and equipment requirements imposed by the OPA or scheduled as of the Effective Date to be imposed by OPA during the term of this Agreement, and neither the Parent nor the Borrower has any reason to believe that such Property, to the extent subject to OPA, will not be able to maintain compliance with the OPA requirements during the term of this Agreement.  Neither the Parent nor any Restricted Subsidiary has any known contingent liability in connection with any Release or threatened Release of any Hazardous Material into the environment.

Compliance with the Laws and Agreements; No Defaults

.

(a)Each of the Parent and each Restricted Subsidiary (i) is in compliance with all Laws applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and (ii) possesses all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except in each case where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

(b)No Default or Event of Default has occurred and is continuing.

Investment Company Act

.  Neither the Parent nor any Restricted Subsidiary is or is required to be registered as an “investment company” or a company “controlled” by an “investment company,” within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended.

No Margin Stock Activities

.  Neither the Parent nor any Restricted Subsidiary is engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board).  No part of the proceeds of any Loan will be used (x) for any purpose which violates the provisions of Regulations T, U or X of the Board or (y) to finance the purchase or carry of margin stock (within the meaning of Regulation T, U or X of the Board). None of the Borrower, the Parent or any Person acting on behalf of the Borrower or the Parent has taken or will take any action which might cause any of the Loan Documents to violate Regulations T, U or X or any other regulation of the Board or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect.

Taxes

.  Each of the Parent and the Restricted Subsidiaries has timely filed or caused to be filed all tax returns and reports required to have been filed and has paid or caused 

 

 

to be paid all taxes required to have been paid by it, except (a) taxes that are being contested in good faith by appropriate proceedings and for which the Parent or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.  The charges, accruals and reserves on the books of the Parent and the Restricted Subsidiaries in respect of taxes and other governmental charges are, in the reasonable opinion of the Parent and the Borrower, adequate.  No tax Lien has been filed and no claim is being asserted with respect to any such tax or other such governmental charge.

ERISA

.  Except as could not reasonably be expected to result in a Material Adverse Effect:

(a)The Parent, the Restricted Subsidiaries and each ERISA Affiliate have complied with ERISA and, where applicable, the Code regarding each Plan.

(b)Each Plan is, and has been, maintained in compliance with ERISA and, where applicable, the Code.

(c)No act, omission or transaction has occurred which could result in imposition on the Parent, any Restricted Subsidiary or any ERISA Affiliate (whether directly or indirectly) of (i) either a civil penalty assessed pursuant to subsections (c), (i) or (l) of section 502 of ERISA or a tax imposed pursuant to Chapter 43 of Subtitle D of the Code or (ii) breach of fiduciary duty liability damages under section 409 of ERISA.

(d)No Plan (other than a defined contribution plan) or any trust created under any such Plan has been terminated since September 2, 1974.  No liability to the PBGC (other than for the payment of current premiums which are not past due) by the Parent, any Restricted Subsidiary or any ERISA Affiliate has been or is expected by the Parent, any Restricted Subsidiary or any ERISA Affiliate to be incurred with respect to any Plan.  No ERISA Event with respect to any Plan has occurred or is reasonably expected to occur.

(e)Full payment when due has been made of all amounts which the Parent, the Restricted Subsidiaries or any ERISA Affiliate is required under the terms of each Plan or applicable law to have paid as contributions to such Plan as of the Effective Date, and no failure to satisfy the minimum funding standards under section 302 of ERISA and section 412 of the Code), whether or not waived, has occurred or is reasonably expected to occur with respect to any Plan.

(f)The actuarial present value of the benefit liabilities under each Plan which is subject to Title IV of ERISA does not, as of the end of the Parent’s most recently ended fiscal year, exceed the current value of the assets (computed on a plan termination basis in accordance with Title IV of ERISA) of such Plan allocable to such benefit liabilities.  The term “actuarial present value of the benefit liabilities” shall have the meaning specified in section 4041 of ERISA.

(g)None of the Parent, the Restricted Subsidiaries or any ERISA Affiliate sponsors, maintains, or contributes to an employee welfare benefit plan, as defined in section 3(1) of ERISA including, without limitation, any such plan maintained to provide 

 

 

benefits to former employees of such entities, that may not be terminated by the Parent, a Restricted Subsidiary or any ERISA Affiliate in its sole discretion at any time without any liability. 

(h)None of the Parent, the Restricted Subsidiaries or any ERISA Affiliate sponsors, maintains or contributes to, or has at any time in the six-year period preceding the Effective Date sponsored, maintained or contributed to, any Multiemployer Plan.

(i)None of the Parent, the Restricted Subsidiaries or any ERISA Affiliate is required to provide security under section 436(f) of the Code with respect to a Plan.

Disclosure; No Material Misstatements

.  The Parent has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of the Restricted Subsidiaries is subject, and all other matters known to it, that in each case, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  None of the reports, financial statements, certificates or other written information furnished by or on behalf of the Parent or any of the Restricted Subsidiaries to the Administrative Agent or any Lender or any of their Affiliates in connection with the negotiation of this Agreement or any other Loan Document or delivered hereunder or under any other Loan Document (as modified or supplemented by other information so furnished, collectively, the “Information”) contained, as of the date delivered, any material misstatement of fact or omitted to state, as of the date delivered, any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and, as of the Effective Date, the Information does not contain any misstatement of fact or omit to state any fact that would make the Information, taken as a whole and viewed in the light of the circumstances under which the Information was prepared, misleading in any material respect; provided that, with respect to Information consisting of projected financial information or other forward looking information, the Parent and the Borrower represent only that such Information was prepared in good faith based upon assumptions believed by the Parent and the Borrower to be reasonable at the time of preparation.

Insurance

.  The Parent has, and has caused all the Restricted Subsidiaries to have, (a) all insurance policies sufficient for the compliance by each of them with all material Laws and all material agreements binding on each of them and their respective Property and (b) insurance coverage in at least amounts and against such risk (including, without limitation, public liability) that are usually insured against by companies similarly situated and engaged in the same or a similar business for the assets and operations of the Parent and the Restricted Subsidiaries.  With respect to insurance policies of the Parent and the Restricted Subsidiaries, the Administrative Agent and the Lenders have been named as additional insureds in respect of such liability insurance policies and the Administrative Agent has been named as loss payee with respect to Property loss insurance.

Restriction on Liens

.  Neither the Parent nor any of the Restricted Subsidiaries is a party to any material agreement or arrangement (other than Capital Leases creating Liens permitted by Section 9.03(c), but then only on the Property subject of such Capital Lease), or subject to any order, judgment, writ or decree, which either restricts or purports to 

 

 

restrict its ability to grant Liens to the Administrative Agent and the Lenders on or in respect of their Properties to secure the Indebtedness and the Loan Documents.

Subsidiaries

.

(a)Except as set forth on Schedule 7.15, as of the Effective Date, the Parent has no Subsidiaries and each Restricted Subsidiary is a Wholly-Owned Subsidiary.  Neither the Parent nor any Restricted Subsidiary has any Foreign Subsidiaries (other than any Subsidiary that is organized under the laws of Canada or any province or territory thereof).  Schedule 7.15 identifies each Unrestricted Subsidiary other than Subsidiaries of Unrestricted Subsidiaries as of the Effective date. 

(b)The amount and type of the authorized Equity Interests of each of the Persons listed on Schedule 7.15 are accurately described thereon as of the Effective Date, and all such Equity Interests that are issued and outstanding as of the Effective Date have been validly issued and are fully paid and nonassessable and are owned by and issued to the Person listed as their owner on Schedule 7.15.  The Borrower and each Guarantor have good and marketable title to all the Equity Interests of the Subsidiaries issued to it, free and clear of all Liens other than (i) Liens contemplated by the Security Instruments and (ii) Excepted Liens described in clause (a) or (l) of the definition thereof, and all such Equity Interests have been duly and validly issued and are fully paid and nonassessable (except to the extent general partnership interests are assessable under applicable law).

(c)The amount and type of the authorized Equity Interests of the Parent as of the Effective Date are accurately described in all material respects on Schedule 7.15.  As of the Effective Date, after giving effect to the exercise of all securities convertible into common units, warrants, options and other rights to purchase common units, the number of fully diluted common units of the Parent is 31,120,292.

Location of Business and Offices

.  The Parent’s jurisdiction of organization is Delaware; the name of the Parent as listed in the public records of Delaware is Atlas Energy Group, LLC; and the organizational identification number and taxpayer identification number of the Parent in Delaware are 5051545 and 45-3741247 (or, in each case, as set forth in a notice delivered to the Administrative Agent pursuant to Section 8.01(j) in accordance with Section 12.01).  The Borrower’s jurisdiction of organization is Delaware; the name of the Borrower as listed in the public records of Delaware is New Atlas Holdings, LLC; and the organizational identification number and taxpayer identification number of the Borrower in Delaware are 5687273 and 47-3035347 (or, in each case, as set forth in a notice delivered to the Administrative Agent pursuant to Section 8.01(j) in accordance with Section 12.01). The Borrower’s and the Parent’s respective principal places of business and chief executive offices are located at the addresses specified in Section 12.01 (or as set forth in a notice delivered pursuant to Section 8.01 (j) and Section 12.01 (c)).  Each Restricted Subsidiary’s jurisdiction of organization, name as listed in the public records of its jurisdiction of organization, organizational identification number in its jurisdiction of organization, taxpayer identification number in its jurisdiction of incorporation and each other jurisdiction in which the nature of its business requires it to maintain its qualification to do business in such jurisdiction and the location of its principal place of business and chief executive office (other than with respect to 

 

 

the Borrower) is stated on Schedule 7.15 (or as set forth in a notice delivered pursuant to Section 8.01 (j)).

Properties; Titles, etc

.

(a)Subject to Immaterial Title Deficiencies, each Loan Party specified as the owner had, as of the date evaluated in the most recently delivered Reserve Report (if any), direct, good and defensible title as owner of a fee or leasehold interest to the Oil and Gas Properties evaluated in such Reserve Report free and clear of Liens except Excepted Liens and Liens securing the Indebtedness.  Each Loan Party has good title to all personal Properties owned by it free and clear of all Liens except Liens permitted by Section 9.03.  After giving full effect to the Excepted Liens, each Loan Party specified as the owner of Hydrocarbon Interests in the most recently delivered Reserve Report (if any) owned, as of the date evaluated in such Reserve Report, the net interests in production attributable to the Hydrocarbon Interests reflected in such Reserve Report, and the ownership (whether in fee or by leasehold) of such Properties shall not in any material respect obligate the Parent or any Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in such Reserve Report that is not offset by a corresponding proportionate increase in such Loan Party’s net revenue interest in such Property other than as reflected in such Reserve Report.  All information contained in the most recently delivered Reserve Report (if any) is true and correct in all material respects as of the date to which such Reserve Report relates.

(b)All material leases and agreements necessary for the conduct of the business of the Parent and the Restricted Subsidiaries are valid and subsisting, in full force and effect, and there exists no default or event or circumstance which with the giving of notice or the passage of time or both would give rise to a default under any such lease or leases, except as in each case could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

(c)The rights and Properties presently owned, leased or licensed by the Parent and the Restricted Subsidiaries including, without limitation, all easements and rights of way, include all rights and Properties necessary to permit the Parent and the Restricted Subsidiaries to conduct their business in all material respects in the same manner as their business has been conducted prior to the date hereof.

(d)All of the Properties of the Parent and the Restricted Subsidiaries which are reasonably necessary for the material operation of their businesses are in good working condition and are maintained in accordance with prudent business standards.

(e)The Parent and each Restricted Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual Property material to its business, and the use thereof by the Parent and each such Restricted Subsidiary does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  The Parent and the Restricted Subsidiaries either own or have valid licenses or other rights to use all databases, geological data, geophysical data, engineering data, seismic data, maps, 

 

 

interpretations and other technical information used in their businesses as presently conducted, subject to the limitations contained in the agreements governing the use of the same, which limitations are customary for companies engaged in the business of the exploration and production of Hydrocarbons, with such exceptions as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Maintenance of Properties

.  Except for such acts or failures to act as could not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, the Oil and Gas Properties (and Properties unitized therewith) of the Parent and the Restricted Subsidiaries have been and are maintained, operated and developed in a good and workmanlike manner and in conformity with all Laws and in conformity with the provisions of all leases, subleases or other contracts comprising a part of the Hydrocarbon Interests and other contracts and agreements forming a part of such Oil and Gas Properties.  Specifically in connection with the foregoing, except for those as could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect, (a) no Oil and Gas Property owned (whether in fee or by leasehold) by any Loan Party is subject to having allowable production reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and (b) none of the wells comprising a part of the Oil and Gas Properties owned (whether in fee or by leasehold) by any Loan Party (or Properties unitized therewith) is deviated from the vertical more than the maximum permitted by Law, and such wells are, in fact, bottomed under and are producing from, and the well bores are wholly within, such Oil and Gas Properties (or in the case of wells located on Properties unitized therewith, such unitized Properties).  All pipelines, wells, gas processing plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by any Loan Party that are necessary to conduct normal operations are being maintained in a state adequate to conduct normal operations, and with respect to such of the foregoing which are operated by any Loan Party, in a manner consistent with such Loan Party’s past practices (other than those the failure of which to maintain in accordance with this Section 7.18 could not reasonably be expect to have, individually or in the aggregate, a Material Adverse Effect).

Gas Imbalances

.  With respect to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report after the date hereof (if any), except as thereafter disclosed in writing by the Borrower to the Administrative Agent, on a net basis there are no gas imbalances or other prepayments made to the Parent or  any Restricted Subsidiary with respect to such Oil and Gas Properties that would require the Parent or any Restricted Subsidiary to deliver and transfer at some time in the future ownership of volumes of Hydrocarbons produced from such Oil and Gas Properties having a value (based on current prices) of more than $5,000,000 without receiving full payment therefor at the time of delivery of those Hydrocarbons.

Marketing of Production

.  Except as disclosed in writing by the Borrower to the Administrative Agent, in each case as included in the most recently delivered Reserve Report (with respect to all of which contracts each of the Parent and the Borrower represents that it or the Restricted Subsidiaries are receiving a price for all production sold thereunder which is computed substantially in accordance with the terms of the relevant contract and are not having deliveries curtailed substantially below the subject Property’s delivery capacity except as disclosed in Schedule 7.20 or the most recently delivered Reserve Report), no agreements exist 

 

 

which are not cancelable by the Parent or a Restricted Subsidiary on 60 days’ notice or less without penalty to the Parent or a Restricted Subsidiary or detriment for the sale of production from the Parent’s or the Restricted Subsidiaries’ Hydrocarbons (including, without limitation, calls on or other rights to purchase production, whether or not the same are currently being exercised) that (a) pertain to the sale of production at a fixed price and (b) have a maturity or expiry date of longer than six months from the Effective Date (in the case of Schedule 7.20) or the most recently delivered Reserve Report (in the case of each other such agreement).

Swap Agreements

.  Each report required to be delivered by the Parent pursuant to Section 8.01 (d), sets forth, a true and complete list of all Swap Agreements of the Parent and each Restricted Subsidiary, the type, term, effective date, termination date and notional amounts or volumes and the net mark to market value thereof, all credit support agreements relating thereto (including any margin required or supplied) and the counterparty to each such agreement.  

Solvency

.  The Parent and its Restricted Subsidiaries, taken as a whole, are, and immediately after giving effect to the Transactions (including the incurrence of all Indebtedness hereunder) and the extension of the Maturity Date pursuant to Section 2.06, will be, Solvent.

Foreign Corrupt Practices

.  Neither the Parent nor any of its Subsidiaries, nor, to the knowledge of the Parent or the Borrower, any director, officer, agent, employee or Affiliate of any of the foregoing is aware of or has taken any action, directly or indirectly, that would result in a material violation by such Persons of the FCPA, including without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA.  To the knowledge of the Parent and the Borrower, the Parent, the Restricted Subsidiaries, the SPV Subsidiaries and the Unrestricted Subsidiaries and its and their Affiliates have conducted their business in material compliance with the FCPA.

OFAC

.  Neither the Parent nor any of its Subsidiaries, nor, to the knowledge of the Parent or the Borrower, any director, officer, agent, employee or Affiliate of any of the foregoing is currently subject to any material United States sanctions administered by OFAC, and the Borrower will not directly or indirectly use the proceeds from the Loans or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any Person known to the Parent or the Borrower to be currently subject to any United States sanctions administered by OFAC.

Security

.  Except as otherwise expressly contemplated hereby or under any other Loan Documents, the provisions of the Security Instruments and any other documents and instruments necessary to satisfy the Collateral requirements under this Agreement and the Security Instruments, together with such filings and other actions required to be taken hereby or by the applicable Security Instruments, are effective to create in favor of the Administrative Agent for the benefit of the Secured Creditors, a legal, valid, enforceable and perfected second 

 

 

priority Lien (subject only in priority to the Liens pursuant to the First Lien Loan Documents) on all right, title and interest of the respective Loan Parties in the Collateral described therein subject to the Excepted Liens and Liens permitted by Section 9.03.

Article VIII

Affirmative Covenants

From the Effective Date and until the principal of and interest on each Loan and all fees due and payable hereunder have been paid in full, and all other amounts due and payable under the Loan Documents (other than (i) contingent obligations for which no claim has been made and (ii) guarantee obligations with respect to Secured Swap Agreements) have been paid in full, the Parent and the Borrower covenant and agree with the Lenders that:

Financial Statements; Other Information

.  The Parent will furnish to the Administrative Agent for delivery to each Lender:

(a)Annual Financial Statements.  As soon as available and not later than 100 days after the end of each fiscal year of the Parent, its audited consolidated balance sheet and related statements of income, members’ 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 independent public accountants of recognized national standing (with an unqualified opinion as to “going concern” and without any qualification or exception as to the scope of such audit (except for a “going concern” qualification or statement that is due solely to impending debt maturities occurring within 12 months of such audit or the impending breach of any financial covenant set forth in Section 9.01 or incorporated herein pursuant to Section 9.23) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, to be accompanied by management’s discussion and analysis of financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis for such fiscal year.

(b)Quarterly Financial Statements.  As soon as available and not later than 55 days after the end of each of the first three fiscal quarters of each fiscal year of the Parent, its consolidated balance sheet and related statements of income, members’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Parent 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, to be accompanied by management’s discussion and analysis of financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis for such fiscal quarter.

(c)Certificate of Financial Officer – Compliance.  Concurrently with any delivery of financial statements under Section 8.01(a) or Section 8.01(b), a compliance 

 

 

certificate of a Financial Officer of the Borrower in substantially the form of Exhibit D-1 hereto 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 setting forth reasonably detailed calculations demonstrating compliance with Section 9.01 and any financial covenants incorporated herein pursuant to Section 9.23. Each such certificate (including the financial statements and calculations delivered with such certificate) shall include reasonably detailed information regarding all cash dividends and distributions received by the Parent and any Restricted Subsidiary from Persons other than Restricted Subsidiaries which were included in the calculations of the ratios that are the subject of Section 9.01 hereof or incorporated herein pursuant to Section 9.23 (which information shall include a reconciliation of the Parent’s calculation of EBITDA versus the calculation of Consolidated Net Income in accordance with GAAP);  

(d)Certificate of Financial Officer – Swap Agreements.  Concurrently with the delivery of financial statements under Section 8.01(a) or Section 8.01(b), if any Swap Agreements are outstanding, a certificate of a Financial Officer, in form and substance reasonably satisfactory to the Administrative Agent, setting forth as of a recent date, a true and complete list of all Swap Agreements of the Parent and each Restricted Subsidiary, the material terms thereof, the net mark-to-market value therefor, any new credit support agreements relating thereto not listed in the certificate delivered to the Administrative Agent pursuant to Section 6.01 (q), any margin required or supplied under any credit support document, and the counterparty to each such agreement.

(e)Certificate of Insurer – Insurance Coverage.  Within 30 days following the reasonable request by the Administrative Agent, a certificate of insurance coverage from each insurer with respect to the insurance required by Section 8.06, in form and substance reasonably satisfactory to the Administrative Agent, and, if also reasonably requested by the Administrative Agent, all copies of the applicable policies.

(f)SEC and Other Filings; Reports to Shareholders.  Promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Parent or any Restricted Subsidiary with the SEC, or with any national securities exchange, or distributed by the Parent to its shareholders generally, as the case may be.  Documents required to be delivered pursuant to Section 8.01(a) and Section 8.01(b) and this Section 8.01(f) may be delivered electronically and shall be deemed to have been delivered on the date on which the Parent or the Borrower posts such documents to EDGAR (or such other free, publicly-accessible internet database that may be established and maintained by the SEC as a substitute for or successor to EDGAR).

(g)Notices Under Material Instruments.  Promptly after the furnishing thereof, copies of any notice of any breach, default, violation, demand, or any other material event furnished to or by any Person pursuant to the terms of any indenture, loan or credit or other similar agreement representing Material Indebtedness, other than this Agreement and not otherwise required to be furnished to the Lenders pursuant to any other provision of this Section 8.01.

 

 

(h)Lists of Purchasers.  Promptly upon written request of the Administrative Agent at any time after the delivery of a Reserve Report hereunder, a list of Persons purchasing Hydrocarbons from the Parent or any Restricted Subsidiary accounting for at least 85% of the revenues resulting from the sale of all Hydrocarbons in the one-year period (or such shorter period that the Parent or any Restricted Subsidiary has been generating revenues from the sale of Hydrocarbons) prior to the “as of” date of the Reserve Report most recently delivered. 

(i)Notice of Casualty Events.  Prompt written notice, and in any event within three (3) Business Days, after the Borrower obtains knowledge thereof, of the occurrence of any Casualty Event or the commencement of any action or proceeding that could reasonably be expected to result in a Casualty Event.

(j)Information Regarding the Parent and the Restricted Subsidiaries.  Prompt written notice (and in any event within ten (10) Business Days thereof) of any change (i) in the Parent’s or any Restricted Subsidiary’s corporate name or in any trade name used to identify such Person in the conduct of its business or in the ownership of its Properties, (ii) in the location of the Parent’s or any Restricted Subsidiary’s chief executive office or principal place of business, (iii) in any Loan Party’s identity or corporate structure or in the jurisdiction in which such Person is incorporated or formed, (iv) in the Parent’s or any Restricted Subsidiary’s jurisdiction of organization or such Person’s organizational identification number in such jurisdiction of organization, and (v) in the Parent’s or any Restricted Subsidiary’s federal taxpayer identification number.

(k)Production Report and Lease Operating Statements.  Promptly upon written request of the Administrative Agent, a report setting forth, for the current fiscal year to date, the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) from the Oil and Gas Properties owned (whether in fee or by leasehold) by any Loan Party, and setting forth the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred.

(l)Notices of Certain Changes.  Except as otherwise provided herein or in the other Loan Documents, promptly, but in any event within five (5) Business Days after the execution thereof, copies of any amendment, modification or supplement to the certificate or articles of incorporation, by-laws, any preferred stock designation or any other organic document of the Parent or any Restricted Subsidiary.

(m)Certificate of Financial Officer – Consolidating Information.  If at any time, there exist any Unrestricted Subsidiaries of the Parent, then concurrently with any delivery of financial statements under Section 8.01(a) and Section 8.01(b), a certificate of a Financial Officer setting forth consolidating spreadsheets that show all Unrestricted Subsidiaries and the eliminating entries, in such form as is reasonably acceptable to the Administrative Agent.

(n)Financial Plan.  As soon as available, in any event not later than 120 days after the beginning of each fiscal year ending after the Effective Date, a consolidated financial plan for Parent and its Restricted Subsidiaries.

 

 

(o)Other Requested Information.  Promptly following any request therefor, such other information regarding the ARP Units and the operations, business affairs and financial condition of the Parent, any Restricted Subsidiary or any ERISA Affiliate (including, without limitation, any Plan or Multiemployer Plan and any reports or other information required to be filed under ERISA), or compliance with the terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender may reasonably request.  

Notices of Material Events

.  The Borrower will furnish to the Administrative Agent prompt written notice of the following:

(a)the occurrence of any Default or Event of Default.

(b)the filing or commencement of any action, suit, proceeding, investigation or arbitration by or before any arbitrator or Governmental Authority against the Parent or any Restricted Subsidiary not previously disclosed in writing to the Lenders or any material adverse development in any action, suit, proceeding, investigation or arbitration previously disclosed to the Lenders that, if adversely determined, could reasonably be expected to result in liability in excess of $5,000,000.

(c)the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Parent, the Restricted Subsidiaries or any ERISA Affiliate in an aggregate amount exceeding $2,500,000.

(d)With five (5) days’ prior notice, (i) any existing Collateral constituting or (ii) the acquisition of Collateral that will constitute “margin stock” under any of the regulations of the Board, including Regulations T, U and X.

(e)any other event, development or circumstance that results in, or could reasonably be expected to result in (either individually or together with any other event, development or circumstance), a Material Adverse Effect.

Each notice delivered under this Section 8.02 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth the details of the event, development or circumstance requiring such notice and any action taken or proposed to be taken with respect thereto.

Existence; Conduct of Business

.  The Parent will, and will cause each Restricted Subsidiary to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business and maintain, if necessary, its qualification to do business in each other jurisdiction in which the nature of the business conducted by it requires such qualification, except (other than with respect to the legal existence of the Loan Parties) where the failure to do any of the foregoing could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 9.10.

 

 

Payment of Obligations

.  The Parent will, and will cause each Restricted Subsidiary to, pay its obligations (other than obligations in respect of Debt or Swap Agreements, as to which Section 10.01 (f) shall apply), including tax liabilities of the Parent and all of the Restricted Subsidiaries before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Parent or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP, and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect or result in the seizure or levy of any Property of the Parent or any Restricted Subsidiary in excess of $5,000,000 in the aggregate.

Operation and Maintenance of Properties

.  The Parent, at its own expense, will, and will cause each Restricted Subsidiary to, except to the extent any failure to do so could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect:

(a)operate its Oil and Gas Properties and other material Properties or cause such Oil and Gas Properties and other material Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance with all Laws, including, without limitation, applicable pro ration requirements and Environmental Laws, and all applicable laws, rules and regulations of every other Governmental Authority from time to time constituted to regulate the development and operation of its Oil and Gas Properties and the production and sale of Hydrocarbons and other minerals therefrom.

(b)keep and maintain all Property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and preserve, maintain and keep in good repair, working order and efficiency (ordinary wear and tear excepted) all of its material Oil and Gas Properties and other material Properties, including, without limitation, all equipment, machinery and facilities, except to the extent a portion of such Property is no longer capable of producing Hydrocarbons in economically reasonable amounts; provided that the foregoing shall not prohibit any sale of any assets permitted by Section 9.11.

(c)promptly pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all delay rentals, royalties, and expenses accruing under the leases or other agreements affecting or pertaining to its Oil and Gas Properties and do all other things necessary to keep unimpaired their rights with respect thereto and prevent any forfeiture thereof or default thereunder.

(d)promptly perform or make reasonable and customary efforts to cause to be performed, in accordance with industry standards, the obligations required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its Oil and Gas Properties and other material Properties.

(e)to the extent any Loan Party is not the operator of any Property, use commercially reasonable efforts to cause the operator thereof to comply with this Section 8.05.

 

 

Insurance

.  The Parent will, and will cause each Restricted Subsidiary to, maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.  With respect to insurance policies of the Parent and the Restricted Subsidiaries, the loss payable clauses or provisions in said insurance policy or policies insuring any of the Collateral shall be endorsed in favor of and made payable to the Administrative Agent as its interests may appear and such policies shall name the Administrative Agent for the benefit of the Secured Creditors as “additional insured” and loss payee and/or mortgagee, as the case may be, and provide that the insurer will endeavor to give at least 30 days prior notice of any cancellation of any such insurance policy or policies to the Administrative Agent.

Books and Records; Inspection Rights

.  The Parent will, and will cause each Restricted Subsidiary to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its assets, business and activities.  The Parent will, and will cause each Restricted Subsidiary to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its Properties (accompanied by a representative of the Parent), to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants (provided that the Borrower shall be given the opportunity to participate in such discussions), all at such reasonable times during normal business hours and as often as reasonably requested.

Compliance with Laws

.  The Parent will, and will cause each Restricted Subsidiary to, comply with all laws, rules, regulations, orders, writs, injunctions and decrees 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.

Environmental Matters

.

(a)Except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the Parent and the Borrower shall at their sole expense:  (i) comply, and shall cause their respective Properties and operations and each Restricted Subsidiary and each Restricted Subsidiary’s Properties and operations to comply, with all Environmental Laws; (ii) not Release or threaten to Release, and shall cause each Restricted Subsidiary not to Release or threaten to Release, any Hazardous Material on, under, about or from any of the Parent’s or the Restricted Subsidiaries’ Properties or any other property offsite the Property to the extent caused by the Parent’s or any of the Restricted Subsidiaries’ operations except in compliance with Environmental Laws; (iii) timely obtain or file, and shall cause each Restricted Subsidiary to timely obtain or file, all environmental permits, if any, required under Environmental Laws to be obtained or filed in connection with the operation or use of the Parent’s or the Restricted Subsidiaries’ Properties; (iv) promptly commence and diligently prosecute to completion, and shall cause each Restricted Subsidiary to promptly commence and diligently prosecute to completion, any assessment, evaluation, investigation, monitoring, containment, cleanup, removal, repair, restoration, remediation or other remedial obligations (collectively, the “Remedial Work”) in the event any Remedial Work 

 

 

is required or reasonably necessary under Environmental Laws because of or in connection with the actual or suspected past, present or future Release or threatened Release of any Hazardous Material on, under, about or from any of the Parent’s or the Restricted Subsidiaries’ Properties; (v) conduct, and cause the Restricted Subsidiaries to conduct, their respective operations and businesses in a manner that will not expose any Property or Person to Hazardous Materials that could reasonably be expected to form the basis for any Environmental Claim; and (vi) establish and implement, and shall cause each Restricted Subsidiary to establish and implement, such procedures as may be necessary to continuously determine and assure that the Parent’s and the Restricted Subsidiaries’ obligations under this Section 8.09 are timely and fully satisfied. 

(b)The Parent or the Borrower will promptly, but in no event later than five (5) Business Days after the occurrence of a triggering event, notify the Administrative Agent and the Lenders in writing of any Environmental Claim against the Parent or the Restricted Subsidiaries or their Properties of which the Parent or the Borrower has knowledge in connection with any Environmental Laws if the Parent or the Borrower could reasonably anticipate that such Environmental Claim will result in liability (whether individually or in the aggregate) of greater than $5,000,000 in excess of the amount covered by insurance.

(c)The Parent will, and will cause each Restricted Subsidiary to, provide environmental assessments, audits and tests in accordance with the most current version of the American Society of Testing Materials standards upon request by the Administrative Agent and the Lenders and no more than once per year in the absence of any Event of Default (or as otherwise required to be obtained by the Administrative Agent or the Lenders by any Governmental Authority), in connection with any future acquisitions of Oil and Gas Properties or other Properties.

Further Assurances

.

(a)The Parent at its expense will, and will cause each Restricted Subsidiary to, promptly execute and deliver to the Administrative Agent all such other documents, agreements and instruments reasonably requested by the Administrative Agent to comply with, cure any defects or accomplish the conditions precedent, covenants and agreements of the Parent or any Restricted Subsidiary, as the case may be, in the Loan Documents, including the Notes, if any, or to further evidence and more fully describe the Collateral intended as security for the Indebtedness, or to correct any omissions in this Agreement or the Security Instruments, or to state more fully the obligations secured therein, or to perfect, protect or preserve any Liens created pursuant to this Agreement or any of the Security Instruments or the priority thereof, or to make any recordings, file any notices or obtain any consents, all as may be reasonably necessary or appropriate, in the reasonable discretion of the Administrative Agent, in connection therewith.

(b)Each of the Parent and the Borrower hereby authorizes the Administrative Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral.  A carbon, photographic or other reproduction of the Security Instruments or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law.

 

 

(c)The Parent shall cause ARP to at all times be party to a Registration Rights Agreement with respect to the ARP Units, with the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent. 

Reserve Reports

.

(a)Beginning on the date that is the later of (i) six (6) months after the acquisition by a Loan Party of any Oil and Gas Property and (ii) October 1 of the year in which a Loan Party acquires an Oil and Gas Property, and thereafter on April 1 and October 1 of each following year, the Borrower shall furnish to the Administrative Agent and the Lenders a Reserve Report to the extent that a Loan Party owns Oil and Gas Property as of such date.  Any Reserve Report to be delivered on or before April 1 of each year shall be prepared as of December 31 of the prior year.  Any Reserve Report to be delivered on or before October 1 of each year shall be prepared as of June 30 of that year.  Each Reserve Report prepared as of December 31 of each year shall be prepared by one or more Approved Petroleum Engineers.  Any other Reserve Reports shall be prepared by or under the supervision of the chief engineer of the Borrower and substantially in accordance with the procedures used in the preceding Reserve Report prepared as of December 31 (if any).  Each Reserve Report prepared by or under the supervision of the chief engineer of the Borrower shall be certified by the chief engineer to be true and accurate in all material respects and to have been prepared substantially in accordance with the procedures used in the immediately preceding Reserve Report prepared as of December 31 (if any).  Each Reserve Report shall identify which Loan Party owns (whether in fee or by leasehold) each Oil and Gas Property included in such Reserve Report and no Reserve Report shall evaluate any Oil and Gas Property other than those directly owned (whether in fee or by leasehold) by a Loan Party.

(b)With the delivery of each Reserve Report, the Borrower shall provide to the Administrative Agent and the Lenders a certificate substantially in the form of Exhibit F from a Responsible Officer certifying that, to the best of such Responsible Officer’s knowledge:  (i) the information contained in the Reserve Report and any other information delivered in connection therewith is true and correct in all material respects, except that with respect to the projections in the Reserve Report, such Responsible Officer only represents that such projections were prepared in accordance with SEC regulations, (ii) the representations and warranties contained in Section 7.17(a) remain true and correct in all material respects as of the date of such certificate, (iii) except as set forth on an exhibit to the certificate, on a net basis there are no gas imbalances or other prepayments made to the Parent or any Restricted Subsidiary with respect to the Oil and Gas Properties evaluated in such Reserve Report which would require the Parent or any Restricted Subsidiary to deliver and transfer ownership at some future time of volumes of Hydrocarbons produced from such Oil and Gas Properties having a value (based on current prices) of more than $5,000,000 without receiving full payment therefor at the time of delivery of those Hydrocarbons, (iv) none of the Oil and Gas Properties of the Loan Parties have been sold since the date of the last Reserve Report except as set forth on an exhibit to the certificate, which exhibit shall list all of the Oil and Gas Properties so sold in such detail as reasonably required by the Administrative Agent, (v) attached to the certificate is a list of all marketing agreements entered into subsequent to the later of the date hereof or the most recently delivered Reserve Report which the Borrower would have been obligated to list on Schedule 7.20 had such agreement been in effect on the date hereof and (vi) attached to the certificate is a schedule of the 

 

 

Oil and Gas Properties evaluated by such Reserve Report that are Mortgaged Properties and demonstrating the percentage of the value of all Oil and Gas Properties evaluated in such Reserve Report as of the date of the certificate that the value of such Mortgaged Properties represent. 

Post-Closing Actions

.Within thirty (30) days following the Effective Date (or such longer period as the Administrative Agent may agree in its sole discretion):

(a)the Parent shall have issued for the account of each Lender its pro rata share of 10-year warrants for the purchase of a number of common units of the Parent (“Parent Warrants”) representing, in the aggregate fifteen percent (15%) of the aggregate outstanding common units of the Parent (which equates to 4,668,044 common units, rounded up to the nearest whole), at a per unit price equal to $0.20, which Parent Warrants shall contain customary anti-dilution provisions and otherwise in form and substance reasonably acceptable to the Majority Lenders; 

(b)the Parent shall have executed and delivered a registration rights agreement pursuant to which it shall covenant and agree, for the benefit of holders of the Parent Warrants (and any common units delivered pursuant to Section 3.02(a)), to file a registration statement, on appropriate form, with the Securities and Exchange Commission for the offer and resale of the common units of Parent issuable upon exercise of the Parent Warrants, on term and conditions reasonably acceptable to the Majority Lenders; and

(c)notwithstanding anything to the contrary set forth in the Security Agreement, deliver a control agreement in order to perfect the Second Lien Administrative Agent’s Liens in the Equity Interests of Atlas Growth Partners owned by the Parent by “control” in form and substance reasonably acceptable to the Administrative Agent.

 

Title Information

. 

(a)The Borrower shall, at all times during the term of this Agreement that any Loan Party owns any Oil and Gas Property after the delivery of the initial Reserve Report hereunder (if any), make available for review by the Administrative Agent and the Lenders at the chief executive office of the Borrower (or such other location as the Borrower may reasonably select) during normal business hours upon reasonable advance notice to the Borrower, title information reasonably requested by the Administrative Agent covering the Oil and Gas Properties evaluated in the most recently delivered Reserve Report.

(b)In connection with the delivery of each Reserve Report required by Section 8.11(a), the Parent and the Borrower shall take all commercially reasonable efforts to ensure that the Administrative Agent shall have received or have been provided reasonable access to, on or prior to the date such Reserve Report is required to be delivered pursuant to Section 8.11(a), title information (reasonably satisfactory to the Administrative Agent) as the Administrative Agent may reasonably require with respect to any Oil and Gas Properties evaluated in such Reserve Report so that the Administrative Agent shall have received, together with title information previously reviewed by the Administrative Agent, the Minimum Title Information.

 

 

(c)If the Parent and the Borrower has provided or made reasonably available title information for Properties under Section 8.13 (a) or Section 8.13(b), the Parent and the Borrower shall, within 90 days of notice from the Administrative Agent that the Administrative Agent has reasonably determined that title defects, exceptions or omissions (other than Excepted Liens (subject to the provisos at the end of such definition) and Immaterial Title Deficiencies) exist with respect to such Properties, either (i) cure any such title defects, exceptions or omissions (including defects or exceptions as to priority), (ii) substitute any Mortgaged Properties determined by the Administrative Agent as suffering from title defects, exceptions or omissions (other than Excepted Liens (subject to the provisos at the end of such definition) and Immaterial Title Deficiencies) with other Properties with no title defects, exceptions or omissions except for Immaterial Title Deficiencies and Excepted Liens (subject to the provisos at the end of such definition) having at least an equivalent value to the substituted Properties as determined in the most recent Reserve Report, and subject such Properties to properly valid and perfected second priority Mortgages (subject only in priority to the Liens pursuant to the First Lien Loan Documents), or (iii) deliver title information in form and substance reasonably satisfactory to the Administrative Agent with respect to other Oil and Gas Properties so that the Administrative Agent shall have received, together with title information previously delivered to the Administrative Agent, the Minimum Title Information with respect to Oil and Gas Properties evaluated in the most recently delivered Reserve Report (and other Oil and Gas Properties constituting new Mortgaged Properties pursuant to the foregoing clause (ii)) free from such title defects, exceptions or omissions (other than Excepted Liens (subject to the provisos at the end of such definition) and Immaterial Title Deficiencies). 

Additional Collateral; Additional Guarantors

.

(a)In connection with each delivery of a Reserve Report hereunder, the Borrower shall review such Reserve Report and the Oil and Gas Properties subject to a Mortgage as of the date of such Reserve Report.  If the aggregate Present Value of the Loan Parties’ Proved Reserves subject to a valid, perfected and second-priority Mortgage (subject only in priority to the Liens pursuant to the First Lien Credit Documents) is less than the Required Mortgage Value, then the Parent and the Borrower shall, and shall cause the Restricted Subsidiaries to, grant within 30 days of the delivery of the most recent Reserve Report to the Administrative Agent as security for the Indebtedness a valid, perfected and second-priority Lien (subject only in priority to the Liens pursuant to the First Lien Credit Documents) on additional Oil and Gas Properties constituting Proved Reserves to the extent necessary to cause the aggregate Present Value of the Oil and Gas Properties subject to a valid, perfected and Mortgage (subject in priority only to certain customary exceptions) to equal or exceed the Required Mortgage Value (provided that Excepted Liens of the type described in clauses (a) to (d), (f) and (l) of the definition thereof may exist on such Mortgage Properties, but subject to the provisos at the end of such definition).  All such Liens will be created and perfected by and in accordance with the provisions of Mortgages or other Security Instruments, all in form and substance reasonably satisfactory to the Administrative Agent.  Any Restricted Subsidiary that creates a Lien on its Oil and Gas Properties shall become a Guarantor in accordance with Section 8.14(b).

(b)The Parent and the Borrower shall promptly cause each Material Subsidiary formed or acquired after the Effective Date (and each Restricted Subsidiary that subjects an Oil and Gas Property to a Mortgage pursuant to Section 8.14(a)) to guarantee the 

 

 

Indebtedness pursuant to the Guaranty Agreement.  In connection with any such guaranty, the Parent and the Borrower shall (i) cause such Subsidiary to (A) execute and deliver a Joinder Agreement pursuant to which such Subsidiary becomes a party to the Guaranty Agreement and becomes a Guarantor, and (B) execute and deliver a Joinder Agreement pursuant to which such Subsidiary becomes a party to the Security Agreement and grants a valid, perfected second-priority security interest (subject only in priority to the Liens pursuant to the First Lien Credit Documents and provided that Excepted Liens of the type described in clause (l) of the definition thereof may exist) in substantially all of its personal Property to the extent required by the Security Agreement and each other applicable Security Instrument (including the filing of financing statements), and (ii) execute and deliver (or, if the direct parent of such Subsidiary is not the Parent or the Borrower, cause such Subsidiary’s direct parent to execute and deliver) a Security Agreement Supplement pursuant to which the applicable Loan Party will grant a valid, perfected and second-priority security interest (subject only in priority to the Liens pursuant to the First Lien Credit Documents and provided that Excepted Liens of the type described in clause (l) of the definition thereof may exist) in all of the Equity Interests in such Subsidiary (and will, without limitation, deliver original certificates (if any) evidencing the Equity Interests of such Subsidiary, together with undated stock powers (or the equivalent for any such Subsidiary that is not a corporation) for each certificate duly executed in blank by the registered owner thereof) to the Administrative Agent (provided that, in the event that the direct parent of such Subsidiary is not a Guarantor, the requirements in this Section 8.14(b) shall also apply to (and with respect to the Equity Interests in) such Subsidiary’s parent). 

(c)In the event that any Loan Party acquires any material Property (other than any Oil and Gas Property and any Property in which a security interest is automatically created under the Security Agreement or other pre-existing Security Instrument) after the Effective Date, the Parent and the Borrower shall, or shall cause such other Loan Party to, give the Administrative Agent prompt written notice thereof and execute and deliver any Security Instruments reasonably required by the Administrative Agent in order to create a valid, perfected and second-priority security interest and Lien (subject only in priority to the Liens pursuant to the First Lien Credit Documents) therein to the extent required by the applicable Security Instruments (provided that Excepted Liens of the type described in clause (l) of the definition thereof may exist).

(d)In furtherance of the foregoing in this Section 8.14, each Loan Party (including any newly created or acquired Material Subsidiary and any other Restricted Subsidiary referred to in Section 8.14(a)) shall execute and deliver (or otherwise provide, as applicable) to the Administrative Agent such other additional Security Instruments, documents, certificates, legal opinions, title insurance policies, surveys, abstracts, appraisals, environmental assessments, flood information and/or flood insurance policies, in each case as may be reasonably requested by the Administrative Agent and as reasonably satisfactory to the Administrative Agent.

Notwithstanding anything to the contrary herein or in any other Loan Documents, the SPV Subsidiaries shall not be required to guarantee the Indebtedness pursuant to this Agreement or any other Loan Document and shall not be required to become Guarantors hereunder.

 

 

ERISA Compliance

.  The Parent will promptly furnish and will cause the Restricted Subsidiaries and any ERISA Affiliate to promptly furnish to the Administrative Agent (a) promptly after the filing thereof with the United States Secretary of Labor, the Internal Revenue Service or the PBGC, copies of each annual and other report with respect to each Plan or any trust created thereunder, (b) promptly upon becoming aware of the occurrence of any ERISA Event or of any “prohibited transaction,” as described in section 406 of ERISA or in section 4975 of the Code, in connection with any Plan or any trust created thereunder, a written notice signed by the President or the principal Financial Officer, the Restricted Subsidiary or the ERISA Affiliate, as the case may be, specifying the nature thereof, what action the Parent, the Restricted Subsidiary or the ERISA Affiliate is taking or proposes to take with respect thereto, and, when known, any action taken or proposed by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto, and (c) promptly upon receipt thereof, copies of any notice of the PBGC’s intention to terminate or to have a trustee appointed to administer any Plan.  With respect to each Plan (other than a Multiemployer Plan), the Parent will, and will cause each Restricted Subsidiary and ERISA Affiliate to, except to the extent the failure to do so, individually or in the aggregate,  could not reasonably be expected to result in a Material Adverse Effect, (i) satisfy in full and in a timely manner, without incurring any late payment or underpayment charge or penalty and without giving rise to any lien, all of the contribution and funding requirements of section 412 of the Code and of section 302 of ERISA, and (ii) pay, or cause to be paid, to the PBGC in a timely manner, without incurring any late payment or underpayment charge or penalty, all premiums required pursuant to sections 4006 and 4007 of ERISA.

Unrestricted Subsidiaries

.  The Parent and the Borrower:

(a)will cause the management, business and affairs of each of the Parent and its Subsidiaries to be conducted in such a manner (including, without limitation, by keeping separate books of account) so that each Unrestricted Subsidiary that is a corporation will be treated as a corporate entity separate and distinct from the Parent and the Restricted Subsidiaries; provided that the foregoing will not prohibit payments under expense sharing agreements with such Unrestricted Subsidiaries which are consistent with past practices and/or required by any applicable Governmental Authority.

(b)will not, and will not permit any of the Restricted Subsidiaries to, assume, guarantee or be or become liable for any Debt of any of the Unrestricted Subsidiaries except in accordance with Section 9.05(g).

(c)will not permit any Unrestricted Subsidiary to hold any Equity Interest in the Parent, the Borrower, any Restricted Subsidiary or ARP or any Subsidiary thereof; provided that, notwithstanding anything to the contrary herein, ARP shall be permitted to hold Equity Interests in its Subsidiaries.

Use of Proceeds

.  The Borrower shall use the proceeds of the Loans only (i) to Refinance the outstanding Debt under the First Lien Credit Agreement and (ii) to pay the fees, expenses and costs of the Transactions.  No part of the proceeds of any Loan will be used, whether directly or indirectly, (x) for any purpose that would violate any of the regulations of the Board, including Regulations T, U and X or (y) to finance the purchase or carry of margin stock 

 

 

(within the meaning of Regulation T, U or X of the Board).  If requested by the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of Form FR U-1, Form FR G-3 or such other form referred to in Regulations T, U and X of the Board, as the case may be.

Distributions

.  The Borrower shall receive distributions from Atlas Growth Partners GP and, so long as Atlas Lightfoot is a Subsidiary of the Parent, Atlas Lightfoot shall receive distributions from Lightfoot Capital Partners GP, LLC, in each case, with respect to each quarter ending after the Effective Date, beginning with the fiscal quarter ending as of March 31, 2016.

Article IX

Negative Covenants

From the Effective Date and until the principal of and interest on the Loans and all fees due and payable hereunder have been paid in full, and all other amounts due and payable under the Loan Documents (other than (i) contingent obligations for which no claim has been made and (ii) guarantee obligations respect to Secured Swap Agreements) have been paid in full, the Parent and the Borrower covenant and agree with the Lenders that:

Financial Covenant

C..  The Parent will not permit the Asset Coverage Ratio as of the last day of any fiscal quarter, beginning with the fiscal quarter ending September 30, 2017, to be less than 2.00:1.00.

Debt

. The Parent will not, and will not permit any Restricted Subsidiary to, incur, create, assume or suffer to exist any Debt, except:

 

(a)(i) the Indebtedness arising under the Loan Documents and Secured Swap Agreements or any guaranty of or suretyship arrangement for the Indebtedness arising under the Loan Documents or any Secured Swap Agreement; and (ii) the Debt arising under the First Lien Loan Documents and Secured Swap Agreements (as defined in the First Lien Credit Agreement) or any guaranty of or suretyship arrangement for the Debt arising under the First Lien Loan Documents or any Secured Swap Agreement (as defined in the First Lien Credit Agreement).

(b)Debt of the Parent and the Restricted Subsidiaries existing on the Effective Date that is reflected on Schedule 9.02 and any refinancings, refundings, replacements, renewals and extensions thereof that do not increase the then outstanding principal amount thereof (other than any increase not exceeding the amount of any fees, premium, if any, and financing costs relating to such refinancing); provided that all such Debt of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be subordinated to the Indebtedness on terms reasonably satisfactory to the Administrative Agent.

(c)accounts payable and accrued expenses, liabilities or other obligations to pay the deferred purchase price of Property or services, from time to time incurred in the ordinary course of business which are not greater than 90 days past the date of invoice or which 

 

 

are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP. 

(d)Debt under Capital Leases or Purchase Money Debt not to exceed $1,000,000 in the aggregate at any time outstanding.

(e)Debt associated with worker’s compensation claims, performance, bid, appeal, surety or similar bonds or surety obligations required by Law or third parties in connection with the operation of the Loan Parties’ Properties and otherwise in the ordinary course of business.

(f)intercompany Debt between the Borrower and any other Restricted Subsidiary or between Restricted Subsidiaries to the extent permitted by Section 9.05(g); provided that such Debt is not held, assigned, transferred, negotiated or pledged to any Person other than the Borrower or one of its Wholly-Owned Subsidiaries except pursuant to the Loan Documents, and, provided further, that any such Debt owed by any Loan Party to a Restricted Subsidiary that is not a Loan Party shall be subordinated to the Indebtedness on terms reasonably satisfactory to the Administrative Agent.

(g)Debt resulting from the endorsement of negotiable instruments in the ordinary course of business or arising from the honoring of a check, draft or similar instrument presented by the Parent or any Restricted Subsidiary in the ordinary course of business against insufficient funds.

(h)Debt (other than Debt for borrowed money) arising from judgments or orders in circumstances not constituting an Event of Default.

(i)Debt of any Person at the time such Person becomes a Restricted Subsidiary of the Borrower or any other Restricted Subsidiary, or is merged or consolidated with or into the Borrower or any Restricted Subsidiary, in a transaction permitted by this Agreement, and extensions, renewals, Refinancings, refundings and replacements of any such Debt that do not increase the outstanding principal amount thereof (other than any increase not exceeding the amount of any fees, premium, if any, and financing costs relating to such refinancing), provided that (i) such Debt (other than any such extension, renewal, refinancing, refunding or replacement) exists at the time such Person becomes a Restricted Subsidiary and is not created in contemplation of such event, (ii) neither the Parent nor any of the Restricted Subsidiaries shall be liable for such Debt, (iii) the Parent is in Pro Forma Compliance with the financial covenants contained in Section 9.01, (iv) the principal amount of such Debt does not exceed $1,000,000 in the aggregate at any time outstanding, and (v) any such Debt has a maturity date not sooner than 180 days after the Maturity Date.

(j)Debt incurred by the entering into of any guarantee of or into another contingent obligation with respect to, other Debt or other liability of any other Person (other than another Loan Party) to the extent such Debt is permitted under Section 9.05.

(k)Obligations in respect of Swap Agreements (other than Secured Swap Agreements) that are not prohibited under Section 9.17.

 

 

(l)unsecured Debt of the Parent owing to ARP which is incurred after the Effective Date in a principal amount necessary to consummate the Specified Transaction; provided that such Debt is non-recourse to any party other the Parent. 

Liens

.  The Parent will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any of its Properties (now owned or hereafter acquired), except:

(a)Liens securing the payment of any Indebtedness.

(b)Excepted Liens and Immaterial Title Deficiencies.

(c)Liens securing Capital Leases and Purchase Money Debt permitted by Section 9.02(d) but only on the Property that is the subject of such Capital Lease or Purchase Money Debt and on other Property reasonably related thereto.

(d)Liens in existence on the Effective Date listed on Schedule 9.03, securing Debt permitted by Section 9.02(b) or other obligations (not constituting Debt) of the Parent and the Restricted Subsidiaries, provided that (i) no such Lien is spread to cover any additional property after the Effective Date (other than after acquired title in or on such property and proceeds of the existing collateral in accordance with the instrument creating such Lien (without any modification thereof after the Effective Date)) and (ii) to the extent such Liens secure Debt, the amount of Debt secured thereby is not increased except (A) as permitted by Section 9.02(b) and (B) pursuant to the instrument creating such Lien (without any modification thereof after the Effective Date).

(e)Liens existing on any asset of any Person at the time such asset is acquired or at the time such Person becomes a Restricted Subsidiary, or is merged or consolidated with or into the Borrower or any Restricted Subsidiary, in a transaction permitted by this Agreement, provided that (i) such Liens shall not be created in contemplation of such event, (ii) such Liens do not at any time encumber any property other than such asset and (iii) such Liens may secure extensions, renewals, Refinancings, refundings and replacements of any Debt of such Person permitted under Section 9.02(i).

(f)Liens on Property (and proceeds thereof) securing (A) the Borrower’s or any Restricted Subsidiary’s obligations in respect of bankers’ acceptances issued or created for the account of the Borrower or such Restricted Subsidiary, as applicable, to facilitate the purchase, shipment or storage of Property or (B) reimbursement obligations in respect of trade letters of credit issued to ensure payment of the purchase price for Property; provided that the aggregate amount of obligations secured by Liens permitted under this Section 9.03(f) shall not exceed $1,000,000 at any time outstanding.

Notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 9.03 (other than Liens securing the Indebtedness, Immaterial Title Deficiencies and Excepted Liens) may at any time attach (x) to any ARP Units owned by the Parent or any Restricted Subsidiary or (y) any Oil and Gas Properties directly owned (whether in fee or by leasehold) by the Parent or any Restricted Subsidiary and evaluated in the most recently delivered Reserve Report (if any).

 

 

Restricted Payments

.  The Parent will not, and will not permit any of the Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except as follows:

(a)the Parent may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its Equity Interests (other than Disqualified Capital Stock).

(b)Atlas Lightfoot and wholly-owned Restricted Subsidiaries (other than the Borrower) may declare and pay dividends ratably with respect to their Equity Interests.

(c)any Restricted Subsidiary (other than the Borrower) may make Restricted Payments to the Borrower or any other Loan Party (other than the Parent).

(d)the Parent may make Restricted Payments pursuant to and in connection with stock option plans or other benefit plans or arrangements for directors, management, employees or consultants of the Parent and the Restricted Subsidiaries; provided that the amount of Restricted Payments in cash under this clause (e) shall not exceed $500,000 during any fiscal year.

(e)the Borrower may make Restricted Payments to the Parent to enable the Parent to make Restricted Payments permitted by Section 9.04(d) so long as (i) the conditions to the Restricted Payments by the Parent set forth in Section 9.04(d) have been satisfied and (ii) the proceeds of such Restricted Payments are promptly applied by the Parent to make Restricted Payments permitted by Section 9.04(d).

(f)the Borrower may make dividends and other distributions to Parent for the purpose of paying (i) expenses consisting of audit, accounting and legal fees and expenses and other expenses required to maintain its corporate existence, and (ii) to pay any customary and reasonable general corporate operating and overhead costs and expenses; provided that in each case no Event of Default under Section 10.01(a), (b), (g), (h) or (i) has occurred and is continuing or will result therefrom.

(g)repurchases of Equity Interests solely to the extent required to consummate the Specified Transaction.

(h)the Borrower may repurchase (or make Restricted Payments to the Parent to enable it to repurchase) Equity Interests upon the exercise of options or warrants or other securities convertible into or exchangeable for Equity Interests if such Equity Interests represents all or portion of the exercise price of such options or warrants or other securities as part of a “cashless” exercise.

Investments, Loans and Advances

.  The Parent will not, and will not permit any Restricted Subsidiary to, make or permit to remain outstanding any Investments in or to any Person, except that the foregoing restriction shall not apply to:

(a)Investments reflected in the financial statements referred to in Section 7.04(a) or which are disclosed to the Lenders in Schedule 9.05.

 

 

(b)accounts receivable and extensions of trade credit arising in the ordinary course of business. 

(c)direct obligations of the United States or any agency thereof or obligations guaranteed by the United States or any agency thereof in each case maturing within one year from the date of creation thereof.

(d)commercial paper maturing within one year from the date of creation thereof rated no lower than A-2 or P-2 by S&P or Moody’s, respectively.

(e)deposits maturing within one year from the date of creation thereof with, including certificates of deposit issued by, any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports), and has a short term deposit rating of no lower than A-2 or P-2, as such rating is set forth from time to time, by S&P or Moody’s, respectively.

(f)purchases of the securities of money market funds investing exclusively in Investments described in Section 9.05(c), Section 9.05(d) or Section 9.05(e).

(g)Investments made after the Effective Date (i) by the Borrower in any Restricted Subsidiary of the Borrower which is a Guarantor, (ii) by any Restricted Subsidiary in the Borrower or any Guarantor (other than the Parent), (iii) by the Borrower or any other Restricted Subsidiary in Immaterial Subsidiaries in an aggregate amount at any time outstanding not to exceed $5,000,000, (iv) by the Borrower or any other Restricted Subsidiary in Unrestricted Subsidiaries in an aggregate amount at any time outstanding not to exceed $5,000,000 or (v) by the Parent in the Borrower; provided that any Investments in the form of intercompany loans constituting Debt of any Loan Party owed to a Subsidiary that is not a Loan Party shall be subordinated to the Indebtedness on terms satisfactory to the Administrative Agent.

(h)Investments in ARP, so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom, (ii) after giving effect to such Investment, the Parent is in Pro Forma Compliance with the financial covenants set forth in Section 9.01 and any financial covenants incorporated herein pursuant to Section 9.23 and (iii) any additional ARP Units acquired by any Loan Party in connection with such Investment become Qualifying ARP Units on the date of such Investment.

(i)Investments in stock, obligations or securities received upon the enforcement of any Lien in favor of the Borrower or any other Restricted Subsidiaries.

(j)non-hostile acquisitions of Equity Interests or assets constituting a business unit of any Person or any other Investment in or to any other Person, provided that: (i) immediately prior to and after giving effect to such acquisition, no Default or Event of Default exists or would result therefrom; (ii) such Person is principally engaged in a Permitted Business; (iii) after giving effect to such Investment, the Parent shall be in Pro Forma Compliance with the financial covenants set forth in Section 9.01 and any financial covenants incorporated herein pursuant to Section 9.23; (iv) the aggregate amount of all such Investments made after the 

 

 

Effective Date shall not exceed $10,000,000 at any one time outstanding; (v) after giving effect to such acquisition, such Person (in the case of the acquisition of its Equity Interests) becomes a Restricted Subsidiary and, to the extent required hereunder, a Guarantor; and (vi) a second priority perfected Lien (subject only in priority to the Lien pursuant to the First Lien Loan Documents) shall be granted to the Administrative Agent for the benefit of the Secured Creditors in such acquired assets or Equity Interests except to the extent such assets are subject to Liens permitted by Section 9.03(e). 

(k)Investments permitted by Section 9.04 and Investments to the extent required to consummate the Specified Transaction. 

(l)capital stock, promissory notes and other similar non-cash consideration received by the Borrower or any other Restricted Subsidiary in connection with any transaction permitted by Section 9.11.

(m)Investments in Swap Agreements relating to the business and finances of the Parent or any Restricted Subsidiary and not for purposes of speculation.

(n)Investments (including debt obligations and capital stock) received in connection with the bankruptcy or reorganization, or in settlement of delinquent obligations, of, and other disputes with, customers, suppliers and other Persons obligated to the Parent or any Restricted Subsidiary.

The foregoing notwithstanding, no Investment may be made in reliance on clauses (g) or (j) above if such Investment is funded, directly or indirectly,  with the proceeds of any capital contributions to Parent or any of its Subsidiaries, or the purchases of Equity Interests from Parent or any of its Subsidiaries, made by any other Person.

 

Nature of Business; International Operations; Foreign Subsidiaries

.  Neither the Parent nor any Restricted Subsidiary will engage in any business other than any Permitted Business.  From and after the date hereof, the Parent and the Restricted Subsidiaries will not acquire or make any other expenditure (whether such expenditure is capital, operating or otherwise) in or related to, any Oil and Gas Properties not located within the geographical boundaries of the United States and Canada.

Proceeds of Loans

.  The Borrower will not permit the proceeds of the Loans to be used for any purpose other than those permitted by Section 8.17.

ERISA Compliance

.  The Parent and the Restricted Subsidiaries will not at any time:

(a)engage in, or permit any ERISA Affiliate to engage in, any transaction in connection with which the Parent, a Restricted Subsidiary or any ERISA Affiliate could be subjected to either a civil penalty assessed pursuant to subsections (c), (i) or (l) of section 502 of ERISA or a tax imposed by Chapter 43 of Subtitle D of the Code if either of which would have a Material Adverse Effect.

 

 

(b)terminate, or permit any ERISA Affiliate to terminate, any Plan in a manner, or take any other action with respect to any Plan, which could reasonably be expected to result in any material liability of the Parent, a Restricted Subsidiary or any ERISA Affiliate to the PBGC. 

(c)fail to make, or permit any ERISA Affiliate to fail to make, full payment when due of all amounts which, under the provisions of any Plan, agreement relating thereto or applicable law, the Parent, a Restricted Subsidiary or any ERISA Affiliate is required to pay as contributions thereto if such failure could reasonably be expected to have a Material Adverse Effect.

(d)permit to occur, or allow any ERISA Affiliate to permit to occur, any failure to satisfy the minimum funding standards within the meaning of section 302 of ERISA or section 412 of the Code, whether or not waived, with respect to any Plan in an amount which exceeds $5,000,000.

(e)permit, or allow any ERISA Affiliate to permit, the actuarial present value of the benefit liabilities under any Plan maintained by the Parent, a Restricted Subsidiary or any ERISA Affiliate which is regulated under Title IV of ERISA to exceed the current value of the assets (computed on an ongoing basis in accordance with Title IV of ERISA) of such Plan allocable to such benefit liabilities by more than $5,000,000.  The term “actuarial present value of the benefit liabilities” shall have the meaning specified in section 4041 of ERISA.

(f)contribute to or assume a material obligation to contribute to, or permit any ERISA Affiliate to contribute to or assume a material obligation to contribute to, any Multiemployer Plan.

(g)acquire, or permit any ERISA Affiliate to acquire, an interest in any Person that causes such Person to become an ERISA Affiliate with respect to the Parent or a Restricted Subsidiary or with respect to any ERISA Affiliate of the Parent or a Restricted Subsidiary if such Person sponsors, maintains or contributes to, or at any time in the six-year period preceding such acquisition has sponsored, maintained, or contributed to, (i) any Multiemployer Plan, or (ii) any other Plan that is subject to Title IV of ERISA under which the actuarial present value of the benefit liabilities under such Plan exceeds the current value of the assets (computed on an ongoing basis in accordance with Title IV of ERISA) of such Plan allocable to such benefit liabilities by any amount in excess of $5,000,000.

(h)incur, or permit any ERISA Affiliate to incur, a liability to or on account of a Plan under sections 515, 4062, 4063, 4064, 4201 or 4204 of ERISA.

(i)contribute to or assume an obligation to contribute to, or permit any ERISA Affiliate to contribute to or assume an obligation to contribute to, any employee welfare benefit plan, as defined in section 3(1) of ERISA including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated by such entities in their sole discretion at any time without any material liability.

 

 

(j)amend, or permit any ERISA Affiliate to amend, a Plan resulting in a material increase in current liability such that the Parent, a Restricted Subsidiary or any ERISA Affiliate is required to provide security to such Plan under section 436(f) of the Code. 

Sale or Discount of Receivables

.  Except for receivables acquired or otherwise obtained by the Parent or any Restricted Subsidiary out of the ordinary course of business or the settlement of joint interest billing accounts in the ordinary course of business or discounts granted to settle collection of accounts receivable or the sale of defaulted accounts arising in the ordinary course of business in connection with the compromise or collection thereof and not in connection with any financing transaction, neither the Parent nor any Restricted Subsidiary will discount or sell (with or without recourse) to any other Person that is not the Borrower or a Guarantor any of its notes receivable or accounts receivable.

Mergers, etc

.  Neither the Parent nor any Restricted Subsidiary will merge into or with or consolidate with any other Person, or sell, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its Property to any other Person (any such transaction, a “consolidation”); provided that:

(a)any Restricted Subsidiary may participate in a consolidation with the Borrower (provided that the Borrower shall be the continuing or surviving Person).

(b)any Restricted Subsidiary of the Parent (other than the Borrower) may participate in a consolidation with any other Restricted Subsidiary (other than the Borrower) (provided that if a party to such consolidation is a Guarantor or the surviving Person is a Material Subsidiary, then the survivor is either a Guarantor or becomes a Guarantor in accordance with Section 8.14(b) and if one of such Restricted Subsidiaries party to such consolidation is a Wholly-Owned Subsidiary, then the surviving Person shall be a Wholly-Owned Subsidiary).

(c)any Restricted Subsidiary (other than the Borrower) may dispose of any or all of its assets (i) to the Borrower or any other Loan Party (other than the Parent) or (ii) pursuant to a disposition permitted by Section 9.11 (other than pursuant to clause (ii) of Section 9.11(d)).

(d)any Investment expressly permitted by Section 9.05 or disposition expressly permitted by Section 9.11 (other than pursuant to clause (ii) of Section 9.11(d)) may be structured as a consolidation (provided that (x) if any such consolidation involves the Borrower, the Borrower shall be the continuing or surviving Person and (y) subject to preceding clause (x), if any such consolidation involves a Guarantor and an Investment, such Guarantor shall be the continuing or surviving Person).

Sale of Properties

.  The Parent will not, and will not permit any Restricted Subsidiary to, sell, assign, farm-out, convey or otherwise transfer any Property except for:

(a)the sale or transfer of equipment that is no longer necessary for the business of the Parent or such Restricted Subsidiary or is replaced by equipment of similar value and use.

(b)the sale, contribution or issuance of any Equity Interests in any Restricted Subsidiary to the Borrower or any other Loan Party.

 

 

(c)the sale or disposition of the assets of, or any Equity Interest in, any Immaterial Subsidiary that is not a Guarantor; provided that the aggregate fair market value of all such sales and dispositions since the Effective Date shall not exceed $15,000,000. 

(d)dispositions permitted by (i) Section 9.09 and (ii) Section 9.10 (other than clause (ii) of Section 9.10(c) and Section 9.10(d)).

(e)dispositions of Investments made pursuant to Section 9.05(c), Section 9.05(d), Section 9.05(e), Section 9.05(f), and Section 9.05(n).

(f)dispositions of Property in connection with a sale-leaseback transaction as long as the Debt incurred in connection therewith is permitted by Section 9.02(d).

(g)sales or dispositions of less than all or substantially all of the ARP Units owned by the Parent and the Restricted Subsidiaries that are expressly consented to in writing by the Administrative Agent and the Super Majority Lenders.

(h)the termination or other monetization of Swap Agreements in respect of commodities; provided that (i) the consideration received in respect of such Swap Agreement which is the subject of such termination or other monetization shall be equal to or greater than the fair market value thereof as reasonably determined by the Borrower (if requested by the Administrative Agent, the Borrower shall deliver a certificate of a Responsible Officer certifying to that effect), and (ii) no Default or Event of Default has occurred and is continuing or would result from such sale, disposition or termination, as applicable.

(i)other sales and dispositions of Properties (other than the ARP Units) having an aggregate fair market value not greater than $10,000,000 during any 6-month period.

(j)(i) disposition of the equity interests of Atlas Lightfoot (or all or substantially all of the assets of Atlas Lightfoot) on terms and conditions reasonably satisfactory to the Administrative Agent, and (ii) dispositions of assets solely to the extent required to consummate the Specified Transaction.

(k)dispositions of Property (including, without limitation, ARP Units) to Persons other than Loan Parties not otherwise permitted under this Section 9.11; provided that (i) such Disposition is made at least for fair market value, and (ii) the Parent or such Restricted Subsidiary shall receive not less than 75% of such consideration in the form of cash or Cash Equivalents.

Environmental Matters

.  The Parent will not, and will not permit any Restricted Subsidiary to, cause or permit any of its Property to be in violation of or do anything or permit anything to be done which will subject any such Property to a Release or threatened Release of Hazardous Materials, exposure to any Hazardous Materials, or to any Remedial Work under any Environmental Laws, assuming disclosure to the applicable Governmental Authority of all relevant facts, conditions and circumstances, if any, pertaining to such Property if such violations, Release or threatened Release, exposure or Remedial Work could reasonably be expected to have a Material Adverse Effect.

 

 

Transactions with Affiliates

.  Other than the Specified Transaction and the transactions contemplated under the Loan Documents and the First Lien Loan Documents, the Parent will not, and will not permit any Restricted Subsidiary to, enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property or the rendering of any service, with any Affiliate (other than the Guarantors and Wholly-Owned Subsidiaries of the Parent) unless such transactions are otherwise permitted under this Agreement and are upon fair and reasonable terms no less favorable to it than it would obtain in a comparable arm’s length transaction with a Person not an Affiliate, (i) if such transactions involve an amount less than $3,000,000, as represented in writing by the Parent, (ii) if such transactions involve an amount that is more than $3,000,000 and up to $5,000,000, as set forth in writing and have been approved by the board of directors of the Parent, including a majority of the disinterested directors and (iii) if such transactions involve an amount in excess of $5,000,000, have been (A) determined by a nationally recognized investment banking firm or other qualified independent appraiser (such firm or appraiser being (x) in the good faith determination of the Parent qualified to render such an opinion and (y) reasonably satisfactory to the Administrative Agent) to be fair, from a financial standpoint, to the Parent or the applicable Restricted Subsidiary and the Parent delivers to the Administrative Agent (for delivery to the Lenders) a letter addressed to the Parent from such firm or qualified appraiser that states that such transactions are on terms that are no less favorable to the Parent or applicable Restricted Subsidiary, as applicable, than would be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate or (B) approved by the Administrative Agent in writing.

Subsidiaries

.  The Parent shall not, and shall not permit any Restricted Subsidiary to, create or acquire any additional Subsidiary or designate or redesignate a Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary, in each case unless the Borrower gives written notice to the Administrative Agent of such creation or acquisition and complies with Section 8.14(b).  The Parent shall not, and shall not permit any Restricted Subsidiary to, sell, assign or otherwise dispose of any Equity Interests in any Subsidiary except in compliance with Section 9.11.  Neither the Parent nor any Restricted Subsidiary shall have any Foreign Subsidiaries (other than any Subsidiary that is organized under the laws of Canada or any province or territory thereof).

Negative Pledge Agreements; Dividend Restrictions

.  The Parent will not, and will not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any contract, agreement or understanding which prohibits or restricts the granting, conveying, creation or imposition of any Lien on any of its Property in favor of the Administrative Agent and the Secured Creditors or restricts any Restricted Subsidiary from paying dividends or making distributions to the Borrower or any other Restricted Subsidiary, or which requires the consent of other Persons in connection therewith; provided, however, that the preceding restrictions will not apply to encumbrances or restrictions arising under or by reason of (a) this Agreement, the Security Instruments or any of the First Lien Loan Documents, (b) any leases or licenses or similar contracts as they affect any Property or Lien, (c) any restriction with respect to a Restricted Subsidiary (other than the Borrower) imposed pursuant to an agreement entered into for the direct or indirect sale or disposition of all or substantially all the Equity Interests or Property of such Restricted Subsidiary pending the closing of such sale or disposition, (d) customary provisions with respect to the distribution of Property in joint venture agreements, (e) any agreements with respect to any Restricted Subsidiary acquired in a transaction permitted 

 

 

by Section 9.05 (in which case, any prohibition or limitation shall only be effective against the Property of such Restricted Subsidiary) and (f) any agreements governing Debt permitted by Section 9.02 incurred by the Parent or any Restricted Subsidiary.

Gas Imbalances

.  The Parent shall not, nor shall it permit any of the Restricted Subsidiaries to, allow on a net basis, gas imbalances or other prepayments made to the Parent or any Restricted Subsidiary with respect to the Oil and Gas Properties of the Parent or any Restricted Subsidiary that would require the Parent or any Restricted Subsidiary to deliver and transfer ownership at some future time of volumes of their respective Hydrocarbons produced from such Oil and Gas Properties having an aggregate value (based on current prices) of more than $5,000,000 without receiving full payment therefore at the time of delivery of those Hydrocarbons.

Swap Agreements

.  The Parent will not, and will not permit any Restricted Subsidiary to, enter into any Swap Agreements with any Person other than:

(a)Swap Agreements listed in the certificate delivered pursuant to Section 6.01(p), and other Swap Agreements (other than purchase options) in respect of commodities entered into by the Borrower fixing prices on oil and/or gas expected to be produced by the Borrower and the Restricted Subsidiaries, provided that such Swap Agreements meet the following criteria:

(i)each such Swap Agreement shall be with an Approved Counterparty.

(ii)no such Swap Agreement shall be entered into by the Borrower for the benefit of another Person other than any Restricted Subsidiary.

(iii)each such Swap Agreement shall have a term not to exceed 60 months.

(iv)the notional volumes for each such Swap Agreement (when aggregated with other commodity Swap Agreements then in effect other than basis differential swaps on volumes already hedged pursuant to other Swap Agreements) shall not exceed, as of the date such Swap Agreement is executed, 85% of the reasonably anticipated projected production from the Borrower’s and the other Loan Parties’ proved oil and gas reserves.

(b)Swap Agreements in respect of interest rates with an Approved Counterparty in the ordinary course of business and not for speculative purposes.

Tax Status as Partnership and Disregarded Entity; Limited Liability Company Agreement

.  The Parent shall not alter its status as a partnership for United States federal income tax purposes and the Borrower shall not alter its status as a disregarded entity that is not treated as separate from the Parent for United States federal income tax purposes.  The Parent shall not, and shall not permit any Restricted Subsidiary to, amend or modify any provision of any organizational document, or any agreements with Affiliates of the type referred to in Section 9.13, if such amendment or modification could reasonably be expected to have a Material Adverse Effect.

 

 

Designation and Conversion of Unrestricted Subsidiaries

.

(a)No Person shall become an Unrestricted Subsidiary hereunder unless designated as an Unrestricted Subsidiary on Schedule 7.15 as of the Effective Date or thereafter, in accordance with Section 9.19(b).  Each Unrestricted Subsidiary as of the Effective Date is set forth on Schedule 7.15.

(b)After the Effective Date, the Parent may designate, by written notice to the Administrative Agent, any Restricted Subsidiary (other than the Borrower) as an Unrestricted Subsidiary if (i) prior, and after giving effect, to such designation, no Default exists or would exist, (ii) at the time of such designation it would be permitted to make an Investment in an Unrestricted Subsidiary under Section 9.05 in an amount equal to the fair market value as of the date of such designation of the Parent’s direct and indirect ownership interest in such Subsidiary and (iii) the Parent is in Pro Forma Compliance with the financial covenants set forth in Section 9.01 and any financial covenants incorporated herein pursuant to Section 9.23.  Except as provided in this Section 9.19(b), no Restricted Subsidiary may be redesignated as an Unrestricted Subsidiary.

(c)The Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary if, prior to and after giving effect to such designation, (i) the representations and warranties of the Parent and the Restricted Subsidiaries contained in each of the Loan Documents are true and correct on and as of such date of designation as if made on and as of such date (or, if stated to have been made expressly as of an earlier date, were true and correct as of such date), (ii) no Default exists or would exist, (iii) each of the Parent and the Borrower complies with the requirements of Section 8.14, Section 8.16 and Section 9.14 and (iv) the Parent shall be in compliance with the financial covenants set forth in Section 9.01 and any financial covenants incorporated herein pursuant to Section 9.23.  Any such designation shall be treated as a cash dividend in an amount equal to the lesser of the fair market value of the Parent’s direct and indirect ownership interest in such Subsidiary or the amount of the Borrower’s cash investment previously made for purposes of the limitation on Investments under Section 9.05(g). Any Debt, or Liens on the Property, of any such Unrestricted Subsidiary (unless repaid or released at the time of such designation) shall be deemed an incurrence of Debt or Liens, as applicable, by a Restricted Subsidiary for purposes of Sections 9.02 and 9.03, as applicable.

Change in Name, Location or Fiscal Year

.  The Parent shall not, and shall not permit any other Loan Party to, (a) change its name as it appears in official filings in the state of its incorporation or organization, (b) change its chief executive office, principal place of business, mailing address, corporate offices or warehouses or locations at which Collateral is held or stored (other than locations where the Parent or such Restricted Subsidiary is a lessee with respect to any oil and gas lease), or the location of its records concerning the Collateral as set forth in the Security Agreement, (c) change the type of entity that it is, (d) change its organization identification number, if any, issued by its state of incorporation or other organization, or (e) change its state of incorporation or organization, in each case, unless the Administrative Agent shall have received at least five (5) Business Days prior written notice of such change and any reasonable action requested by the Administrative Agent in connection therewith has been, or will be contemporaneously therewith, completed or taken (including any action to continue the perfection of any Liens in favor of the Administrative Agent, on behalf of 

 

 

the Secured Creditors, in any Collateral), provided that, any new location shall be in the United States or Canada.  The Parent shall not, and shall not permit any Restricted Subsidiary to, change its fiscal year which currently ends on December 31.

The Parent

.  Notwithstanding anything herein to the contrary, the Parent shall not engage in any material operational business activities or own or hold any material assets or incur any Debt or Liens; provided that the following shall be permitted:  (i) its ownership of the Equity Interests of the Borrower and activities incidental thereto, including, payment of dividends and other amounts in respect of its Equity Interests, (ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) the performance of its obligations as a Guarantor with respect to the Loan Documents, the First Lien Loan Documents or any other documents relating to Debt permitted hereunder, (v) if applicable, participating in tax, accounting and other administrative matters as the holding company of the consolidated group of the Parent and its Subsidiaries, (vi) holding any cash or Cash Equivalents permitted by Section 9.05, (vii) making of any Restricted Payments or Investments permitted hereunder, (viii) providing indemnification to officers and directors, (ix) acting as the general partner of ARP in accordance with ARP’s partnership agreement as of the date hereof or as amended; provided that the approval of any amendment thereto that is adverse to the interests of the Lenders shall require written consent of the Majority Lenders, (x) its ownership of the Equity Interests of AEC and the making of payments to AEC only to the extent those payments are necessary for AEC to fund any payments on behalf of Parent permitted by Section 9.22 , (xi) its ownership of intellectual Property rights and (xii) any activities incidental or reasonably related to the foregoing.

SPV Subsidiaries Conduct of Business

.  Notwithstanding anything herein to the contrary,

(a)AEC shall not engage in any operational business activities or own or hold any assets or incur any Debt or Liens; provided that the following shall be permitted:  (i) AEC’s ownership of the Equity Interests of AERS, (ii) paying expenses on behalf of Parent consisting of audit, accounting, and legal fees and expenses and other expenses required to maintain Parent’s corporate existence and to pay customary and reasonable general corporate and overhead costs of the Parent consistent with past practices, (iii) if applicable, participating in tax, accounting and other administrative matters as part of the consolidated group of the Parent and its Subsidiaries, and (iv) any activities directly incidental or reasonably directly related to the foregoing.

(b)AERS shall not engage in any operational business activities or own or hold any assets or incur any Debt or Liens; provided that the following shall be permitted:  (i) acting as the pay-role entity for ARP and its Subsidiaries consistent with past practices, (ii) if applicable, participating in tax, accounting and other administrative matters as part of the consolidated group of the Parent and its Subsidiaries, and (iii) any activities directly incidental or reasonably directly related to the foregoing.

(c)Parent will not, and will not permit any Restricted Subsidiary to (i) assume, guarantee or be or become liable for any Debt of any of the SPV Subsidiaries, or (ii) make any Investments in or payments to the SPV Subsidiaries other than pursuant to Section 9.22(a)(ii).

 

 

Financial Covenants in ARP Secured Debt

.  

(a)If, on June 30, 2016 or at any time thereafter, any ARP Credit Facility shall include any financial covenant tested as of the fiscal quarter ended June 30, 2016 or afterwards that are not set forth in this Agreement (any such financial covenant, an “Additional ARP Covenant”), then, with respect to any such Additional ARP Covenant arising at any time after the Effective Date, the Parent shall provide an ARP Covenant Notice to the Administrative Agent for distribution to the Lenders. Any Additional ARP Covenant (and any related definitions and cross references), whether in effect on June 30, 2016 or afterwards, shall be deemed automatically incorporated by reference into this Agreement, mutatis mutandis, as if set forth fully in this Agreement, without any further action required on the part of any Person, effective as of June 30, 2016 (or in the case of financial covenants adopted thereafter, on the date when such Additional ARP Covenant became effective under such ARP Credit Facility) (each such Additional ARP Covenant, as so incorporated, an “Incorporated ARP Provision”). Upon the request of the Required Lenders, the Borrower shall enter into any additional agreement or amendment to this Agreement reasonably requested by the Required Lenders evidencing any of the foregoing so long as nothing in such amendment contradicts the provisions of this Section 9.23. As used herein, “ARP Covenant Notice” means, in respect of any Additional ARP Covenant arising on June 30, 2016 or afterwards, a written notice to the Administrative Agent for distribution to each of the Lenders, in each case promptly and in any event within 5 Business Days after the inclusion of such Additional ARP Covenant in any ARP Credit Facility (including by way of amendment or other modification of any existing provision thereof), by the Parent referring to the provisions of this Section 9.23 and setting forth a description of such Additional ARP Covenant (including any defined terms used therein) and related explanatory calculations, as applicable.

(b)If (i) any Incorporated ARP Provision is subsequently amended or modified in the relevant ARP Credit Facility with the effect that such Additional ARP Covenant is made less restrictive to ARP, such Additional ARP Covenant, as amended or modified, shall be deemed incorporated by reference into this Agreement and (ii) any Incorporated ARP Provision is subsequently removed or terminated from the relevant ARP Credit Facility or ARP is otherwise no longer required to comply therewith under the relevant ARP Credit Facility, then, beginning on the effective date such Additional ARP Covenant is removed or terminated from the relevant ARP Credit Facility or ARP is otherwise no longer required to comply with such Additional ARP Covenant, such Additional ARP Covenant shall be deemed removed or terminated from this Agreement and none of the Loan Parties or ARP shall be obligated to comply with such Additional ARP Covenant hereunder.

Article X

Events of Default; Remedies

Events of Default

.  One or more of the following events shall constitute an “Event of Default”:

 

 

(a)the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for payment or prepayment thereof or otherwise. 

(b)the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in Section 10.01(a)) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of (i) in the case of interest and fees payable under Section 3.02 and Section 3.05, respectively, five (5) Business Days, and (ii) in the case of any other fees, interest or other amounts (other than an amount referred to in Section 10.01(a)), five (5) Business Days after the earlier of (A) the day on which a Financial Officer first obtains knowledge of such failure and (B) the day on which written notice of such failure shall have been given to the Parent or the Borrower by the Administrative Agent.

(c)any representation or warranty made or deemed made by or on behalf of the Parent, the Borrower or any Restricted Subsidiary in or in connection with any Loan Document or any amendment or modification of any Loan Document or waiver under such Loan Document, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made.

(d)the Parent or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in Section 3.04(c)(i), Section 8.02(a), Section 8.03 (solely with respect to the legal existence of the Parent and the Borrower), Section 8.12, Section 8.17 or in Article IX.

(e)the Parent or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section 10.01 (a), Section 10.01(b) and Section 10.01(d)) or any other Loan Document, and such failure shall continue unremedied for a period of 30 days after the earlier to occur of (i) written notice thereof from the Administrative Agent to the Borrower or the Parent or (ii) a Responsible Officer of the Borrower or the Parent otherwise becoming aware of such default.

(f)(i) the Parent or any Restricted Subsidiary (x) fails to pay any principal in respect of any Debt or any amount owing under any Swap Agreement after the same has become due and payable and the aggregate amount remaining unpaid at any time exceeds $5,000,000, or (y) fails to observe or perform (after applicable grace periods, if any) any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such Debt or such Swap Agreement if the effect of any failure referred to in this clause (y) is to cause, or to permit the holder or holders of such Debt or a counterparty of the Parent or any Restricted Subsidiary in respect of such Swap Agreement or a trustee on its or their behalf (with or without the giving of notice, the lapse of time or both) to cause, principal of such Debt and amounts owing under such Swap Agreement exceeding $5,000,000 in the aggregate to become immediately due and payable and (ii) ARP (x) fails to pay any principal in respect of any Debt or any amount owing under any Swap Agreement after the same has become due and payable and the aggregate amount remaining unpaid at any time exceeds $5,000,000, or (y) fails to observe or 

 

 

perform (after applicable grace periods, if any) any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such Debt or Swap Agreement if the effect of any failure referred to in this clause (y) is to cause the principal of such Debt and amounts owing under such Swap Agreement to become immediately due and payable. 

(g)an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Parent or any Restricted Subsidiary or any of their debts, or of a substantial part of any of their assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent or any Restricted Subsidiary or for a substantial part of any of their assets, and, in any such case, such proceeding or petition shall continue undismissed for 90 days or an order or decree approving or ordering any of the foregoing shall be entered.

(h)the Parent or any Restricted Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 10.01(g), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent or any Restricted Subsidiary or for a substantial part of any of their 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.

(i)the Parent or any Restricted Subsidiary shall become unable, admit in writing its inability, or fail generally to pay its debts as they become due.

(j)one or more judgments for the payment of money in an aggregate amount in excess of $5,000,000 shall be rendered against the Parent, any of the Restricted Subsidiaries, or any combination thereof, and all such judgments shall not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof.

(k)any provision of the Loan Documents (including, on and after the execution and delivery thereof, the Intercreditor Agreement) material to the rights and interests of the Administrative Agent, the Lenders or any other Secured Creditor shall for any reason, except to the extent permitted by the terms thereof, cease to be in full force and effect and valid, binding and enforceable in accordance with their terms against the Parent or any Restricted Subsidiary, or, in the case of the Intercreditor Agreement, against any other party thereto, or any provision of the Loan Documents shall be repudiated, or cease to create a valid and perfected Lien of the priority required thereby on any portion of the Collateral purported to be covered thereby that is material to the rights and interests of the Administrative Agent, the Lenders or any other Secured Creditor, except to the extent permitted by the terms of this Agreement, or the Parent or any Restricted Subsidiary shall so state in writing.

 

 

(l)an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect. 

(m)a Change of Control shall occur.

Remedies

.

(a)In the case of an Event of Default other than one described in Section 10.01(g), Section 10.01(h) or Section 10.01(i), at any time thereafter during the continuance of such Event of Default, the Administrative Agent may, or at the direction of the Majority Lenders shall, by notice to the Borrower, take any or all of the following actions, at the same or different times:  (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Notes and 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, as if the payment of the Loans on such date were an optional or mandatory prepayment, accrued interest thereon and all fees and other obligations of the Loan Parties accrued hereunder and under the Notes and the other Loan Documents with respect thereto, shall become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by each Loan Party and (iii) exercise on behalf of itself and the Lenders all rights and remedies available to the Lenders under the Loan Documents; and in case of an Event of Default described in Section 10.01(g), Section 10.01(h) or Section 10.01(i), the Commitments shall automatically terminate and the Notes and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and the other obligations of the Borrower and the Guarantors accrued hereunder and under the Notes and the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Loan Party.

(b)In the case of the occurrence of an Event of Default, the Administrative Agent and each Lender will have all other rights and remedies available to it or them at law and equity.

(c)Subject to the terms of the Intercreditor Agreement, all proceeds realized from the liquidation or other disposition of Collateral and all amounts otherwise received on account of the obligations hereunder after the occurrence of an Event of Default or the Termination Date, whether by acceleration or otherwise, shall be applied:

(i)first, to reimburse expenses and indemnities provided for in this Agreement and the Security Instruments;

(ii)second, to pay fees, including, without limitation, the Administrative Agent Fee;

(iii)third, to pay accrued and unpaid interest on the Loans payable to the Lenders, ratably among them in proportion to the amounts described in this clause (iii);

 

 

(iv)fourth, (1) to pay outstanding principal of the Loans payable to the Lenders  and (2) to pay the Swap Termination Value of the Secured Swap Counterparties under the Secured Swap Agreements, as provided in the applicable Intercreditor Agreement; and 

(v)fifth, to pay any other Indebtedness; and any excess shall be paid to the Borrower or as otherwise required by any Law.

(d)Notwithstanding the foregoing, Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation set forth in the preceding sentence.

Article XI

The Administrative Agent 

Appointment and Authorization of Administrative Agent

.

(a)Each Lender hereby irrevocably (subject to Section 11.10) appoints, designates and authorizes the Administrative Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent.  Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with reference to the Administrative Agent, any syndication agent or documentation 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 merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

Delegation of Duties

.  The Administrative Agent may execute any and all of its duties and exercise its rights and powers under this Agreement or any other Loan Document by or through agents, sub-agents, employees or attorneys in fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties.  The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that it selects 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 agent or attorney in fact.

Default; Collateral

.

 

 

(a)Upon the occurrence and continuance of a Default or Event of Default, the Lenders agree to promptly confer in order that the Majority Lenders or the Lenders, as the case may be, may agree upon a course of action for the enforcement of the rights of the Lenders; and the Administrative Agent shall be entitled to refrain from taking any action (without incurring any liability to any Person for so refraining) unless and until the Administrative Agent shall have received instructions from the Majority Lenders or the Lenders, as the case may be.  All rights of action under the Loan Documents and all right to the Collateral, if any, hereunder may be enforced by the Administrative Agent and any suit or proceeding instituted by the Administrative Agent in furtherance of such enforcement shall be brought in its name as the Administrative Agent without the necessity of joining as plaintiffs or defendants any other Lender, and the recovery of any judgment shall be for the benefit of the Lenders (and, with respect to the Secured Swap Agreements, the Administrative Agent and Affiliates of the Lender or of the Administrative Agent, if applicable) subject to the expenses of the Administrative Agent.  In actions with respect to any Property of the Parent or any Restricted Subsidiary, the Administrative Agent is acting for the ratable benefit of each Lender.  Any and all agreements to subordinate (whether made heretofore or hereafter) other indebtedness or obligations of the Loan Parties to the Indebtedness shall be construed as being for the ratable benefit of each Lender (and, with respect to the Secured Swap Agreements, the Administrative Agent and Affiliates of the Lender or of the Administrative Agent, if applicable). 

(b)Each Lender authorizes and directs the Administrative Agent to enter into the Security Instruments on behalf of and for the benefit of the Lenders (or if previously entered into, hereby ratifies the Administrative Agent’s (or any predecessor administrative agent’s) previously entering into such agreements and Security Instruments).

(c)Except to the extent unanimity (or other percentage set forth in Section 12.02) is required hereunder, each Lender agrees that any action taken by the Majority Lenders in accordance with the provisions of the Loan Documents, and the exercise by the Majority Lenders of the power set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized by and binding upon all of the Lenders.

(d)The Administrative Agent is hereby authorized on behalf of the Lenders (and, with respect to the Secured Swap Agreements, the Administrative Agent and Affiliates of the Lender or of the Administrative Agent, if applicable), without the necessity of any notice to or further consent from any Lender, from time to time to take any action with respect to any Collateral or Security Instruments which may be necessary to create, perfect and maintain perfected the Liens upon the Collateral granted pursuant to the Security Instruments.

(e)The Administrative Agent shall not have any obligation whatsoever to any Lender or to any other Person to assure that the Collateral exists or is owned (whether in fee or by leasehold) by the Person purporting to own it or is cared for, protected, or insured or has been encumbered or that the Liens granted to the Administrative Agent (or any predecessor administrative agent) herein or pursuant to the Security Instruments have been properly or sufficiently or lawfully created, perfected, protected, or enforced, or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights granted or available to the Administrative Agent in this Section 11.03 or in any of the Security Instruments; IT BEING UNDERSTOOD 

 

 

AND AGREED THAT IN RESPECT OF THE COLLATERAL, OR ANY ACT, OMISSION, OR EVENT RELATED THERETO, THE ADMINISTRATIVE AGENT MAY ACT IN ANY MANNER IT MAY DEEM APPROPRIATE, IN ITS SOLE DISCRETION, AND THAT THE ADMINISTRATIVE AGENT SHALL HAVE NO DUTY OR LIABILITY WHATSOEVER WITH RESPECT TO ANY COLLATERAL OR THE SECURITY INSTRUMENTS TO ANY LENDER (and, with respect to the Secured Swap Agreements, the Administrative Agent and Affiliates of the Lender or of the Administrative Agent, if applicable), IN THE ABSENCE OF ITS OWN gross negligence or willful misconduct AS DETERMINED BY a court of competent jurisdiction in a final and non-appealable judgment. 

(f)The Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by the Administrative Agent upon any Collateral:  (i) upon the payment in full of the Indebtedness (other than inchoate or contingent or reimbursable obligations for which no claim has been asserted); (ii) constituting property being sold or disposed of to a Person that is not a Loan Party if any Loan Party certifies in a certificate of a Responsible Officer of such Loan Party to the Administrative Agent that the sale or disposition is permitted under this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry); (iii) constituting “Excluded Property” as defined in the Security Agreement; (iv) constituting property in which neither the Parent nor any Restricted Subsidiary owned an interest at the time the Lien was granted or at any time thereafter; (v) constituting property leased to the Parent or a Restricted Subsidiary under a lease which has expired or been terminated in a transaction permitted under the Loan Documents or is about to expire and which has not been, and is not intended by the Parent or such Restricted Subsidiary to be, renewed; or (vi) consisting of an instrument or other possessory collateral evidencing Debt or other obligations pledged to the Administrative Agent (for the benefit of the Secured Creditors), if the Debt or obligations evidenced thereby has been paid in full or otherwise superseded.  In addition, the Lenders irrevocably authorize the Administrative Agent to release Liens upon Collateral as contemplated herein and in the other Loan Documents, or if approved, authorized, or ratified in writing by the requisite Lenders.  Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section 11.03.

(g)The Lenders hereby irrevocably authorize the Administrative Agent, at its option, and in its sole discretion, to release any Guarantor (other than the Parent) from its obligations under this Agreement if such Person ceases to be a Material Subsidiary or becomes an Unrestricted Subsidiary as a result of a designation permitted pursuant to Section 9.19.

(h)In furtherance of the authorizations set forth in this Section 11.03, each Lender (and, with respect to the Secured Swap Agreements, the Administrative Agent and Affiliates of the Lender or of the Administrative Agent, if applicable) hereby irrevocably appoints the Administrative Agent as its attorney-in-fact, with full power of substitution, for and on behalf of and in the name of each such Lender (i) to enter into Security Instruments (including, without limitation, any appointments of substitute trustees under any Security Instruments), (ii) to take action with respect to the Collateral and Security Instruments to create, perfect, maintain, and preserve the Lenders’ Liens therein, and (iii) to execute instruments of release or to take other action necessary to release Liens upon any Collateral or to release 

 

 

Guarantors to the extent authorized herein or in the other Loan Documents.  This power of attorney shall be liberally, not restrictively, construed so as to give the greatest latitude to the Administrative Agent’s power, as attorney, relative to the guarantee and Collateral matters described in this Section 11.03.  The powers and authorities herein conferred on the Administrative Agent may be exercised by the Administrative Agent through any Person who, at the time of the execution of a particular instrument, is an officer of the Administrative Agent (or any Person acting on behalf of the Administrative Agent pursuant to a valid power of attorney).  The power of attorney conferred by this Section 11.03(h) to the Administrative Agent is granted for valuable consideration and is coupled with an interest and is irrevocable (subject to Section 11.01) so long as the Indebtedness, or any part thereof, shall remain unpaid or the Lenders are obligated to make any Loan under the Loan Documents. 

Liability of Administrative Agent

.  NEITHER THE ADMINISTRATIVE AGENT NOR ANY RELATED PARTY OF THE ADMINISTRATIVE AGENT SHALL (A) BE LIABLE FOR ANY ACTION TAKEN OR OMITTED TO BE TAKEN BY ANY OF THEM UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (EXCEPT FOR ITS OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN CONNECTION WITH ITS DUTIES EXPRESSLY SET FORTH HEREIN AS DETERMINED BY a court of competent jurisdiction in a final and non-appealable judgment), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation or warranty made by the Parent or any Restricted Subsidiary or any officer thereof, contained herein or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent or such Related Party under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for the creation, perfection or priority of any Liens purported to be created by any of the Loan Documents, or the validity, genuineness, enforceability, existence, value or sufficiency of any collateral security, or to make any inquiry respecting the performance by the Borrower of its obligations hereunder or under any other Loan Document, or for any failure of the Parent or any Restricted Subsidiary or any other party to any Loan Document to perform its obligations hereunder or thereunder.  Neither the Administrative Agent nor any Related Party thereof shall be under any obligation to any Lender or Participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of the Parent or any Restricted Subsidiary or any Affiliate thereof.

Reliance by Administrative Agent

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(a)The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, electronic mail, or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and shall be entitled to consult and seek advice and statements of legal counsel (including counsel to the Parent or any Restricted Subsidiary), independent accountants and other experts selected by the Administrative Agent.  The Administrative Agent shall be fully justified in failing or refusing to take any action 

 

 

under any Loan Document unless it shall first receive such advice or concurrence of the Majority Lenders, the Super Majority Lenders or all the Lenders, as applicable, and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.  The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Majority Lenders or all the Lenders, if required hereunder, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and Participants.  Where this Agreement expressly permits or prohibits an action unless all the Lenders, the Majority Lenders or Super Majority Lenders, as applicable, otherwise determine, the Administrative Agent shall, and in all other instances, the Administrative Agent may, but shall not be required to, initiate any solicitation for the consent or a vote of the requisite Lenders. 

(b)For purposes of determining compliance with the conditions specified in Section 6.01, each Lender that has funded its Applicable Percentage of the Loans on the Effective Date shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter either sent by the Administrative Agent to such Lender (or otherwise made available for such Lender on SyndTrak Online, DXSyndicateTM or any similar website) for consent, approval, acceptance or satisfaction, or required hereunder to be consented to or approved by or acceptable or satisfactory to a Lender.

Notice of Default

.  The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received written notice from a Lender, the Parent or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its receipt of any such notice.  The Administrative Agent shall take such action with respect to such Default or Event of Default as may be directed by the Majority Lenders in accordance with this Agreement; provided, however, that unless and until the Administrative Agent has received any such direction, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the best interest of the Lenders.

Credit Decision; Disclosure of Information by Administrative Agent

.  Each Lender acknowledges that neither the Administrative Agent nor any Related Party of the Administrative Agent has made any representation or warranty to it, and that no act by the Administrative Agent or any Related Party thereof hereinafter taken, including any consent to and acceptance of any assignment or review of the affairs of the Parent or any Restricted Subsidiary or any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent or any Related Party thereof to any Lender as to any matter, including whether the Administrative Agent or the Related Parties thereof have disclosed material information in their possession.  Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any Related Party thereof and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into the business, prospects, operations, property, financial 

 

 

and other condition and creditworthiness of the Borrower, any Guarantor and their respective Subsidiaries, and all applicable bank or other regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder.  Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any Related Party thereof and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the other Loan Parties.  In this regard, each Lender acknowledges that Latham & Watkins LLP is acting in this transaction as counsel to the Administrative Agent.  Each other party hereto will consult with its own legal counsel to the extent that it deems necessary in connection with the Loan Documents and the matters contemplated therein.  Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of the Administrative Agent or any Related Party of the Administrative Agent.

Indemnification of Agents

.  WHETHER OR NOT THE TRANSACTIONS CONTEMPLATED HEREBY ARE CONSUMMATED, THE LENDERS SHALL INDEMNIFY UPON DEMAND THE ADMINISTRATIVE AGENT AND EACH RELATED PARTY OF THE ADMINISTRATIVE AGENT (TO THE EXTENT NOT REIMBURSED BY OR ON BEHALF OF THE BORROWER AND WITHOUT LIMITING THE OBLIGATION OF THE BORROWER TO DO SO), IN ACCORDANCE WITH THEIR RESPECTIVE APPLICABLE TOTAL PERCENTAGES, AND HOLD HARMLESS THE ADMINISTRATIVE AGENT AND EACH RELATED PARTY OF THE ADMINISTRATIVE AGENT FROM AND AGAINST ANY AND ALL INDEMNIFIED LIABILITIES INCURRED BY IT (INCLUDING THE ADMINISTRATIVE AGENT’S OR SUCH RELATED PARTY OF THE ADMINISTRATIVE AGENT’S OWN NEGLIGENCE); PROVIDED, HOWEVER, THAT NO LENDER SHALL BE LIABLE FOR THE PAYMENT TO THE ADMINISTRATIVE AGENT OR ANY RELATED PARTY THEREOF OF ANY PORTION OF SUCH INDEMNIFIED LIABILITIES RESULTING FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY a court of competent jurisdiction in a final and non-appealable judgment; provided, however, that no action taken in accordance with the directions of the Majority Lenders, the Super Majority Lenders or all of the Lenders under this Agreement, as applicable, shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 11.08.  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 counsel fees) 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 Loan 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 Borrower.  The undertaking in this Section 11.08 shall survive termination of the Commitments, the payment of all Indebtedness hereunder and the resignation or replacement of the Administrative Agent.

Administrative Agent in its Individual Capacity

.  Riverstone and its Affiliates may make loans to, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Parent and its Affiliates as though Riverstone were not the Administrative Agent hereunder and without notice to or consent of the Lenders.  The Lenders acknowledge that, pursuant to such activities, Riverstone or its Affiliates may receive information regarding the Parent or its Affiliates (including information that may be subject to confidentiality obligations in favor of the Parent or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them.  With respect to its Loans, Riverstone  shall have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” include Riverstone in its individual capacity.

Successor Administrative Agent

.  The Administrative Agent may resign at any time upon 30 days’ notice to the Lenders with a copy of such notice to the Borrower.  If the Administrative Agent resigns under this Agreement, the Majority Lenders shall appoint from among the Lenders a successor administrative agent for the Lenders which successor administrative agent shall be consented to by the Borrower at all times other than during the existence of an Event of Default (which consent of the Borrower shall not be unreasonably withheld, delayed or conditioned).  If no successor administrative agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders and, so long as no Event of Default has occurred which is continuing, upon written approval of the Borrower (which approval of the Borrower shall not be unreasonably withheld, delayed or conditioned), a successor administrative agent from among the Lenders.  Upon the acceptance of its appointment as successor administrative agent hereunder, such successor administrative agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent, the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the Loan Documents and the term “Administrative Agent” shall mean such successor administrative agent and the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent shall be terminated.  After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article XI and Sections 12.03 and 12.05 shall inure to the benefit of such retiring Administrative Agent, its sub-agents or attorneys in fact and the Administrative Agent’s Related Parties as to any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was Administrative Agent under this Agreement.  If no successor administrative agent has accepted appointment as Administrative Agent by the date which is 30 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Majority Lenders appoint a successor agent as provided for above; provided that in the case of any security held by the Administrative Agent on behalf of the Lenders under the Loan Documents, the retiring Administrative Agent shall continue to hold such security until such time as a successor administrative agent is appointed.

 

 

Administrative Agent May File Proof of Claim

.  In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Parent or any Restricted Subsidiary, 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 Borrower) 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 Indebtedness 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 Section 12.03) 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 Section 12.03.

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 Indebtedness or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

Secured Swap Agreements

.  To the extent any Affiliate of the Administrative Agent or of a Lender is a party to a Secured Swap Agreement with a Loan Party and thereby becomes a beneficiary of the Liens pursuant to any Security Instrument, such Affiliate of the Administrative Agent or a Lender shall be deemed to appoint the Administrative Agent its nominee and agent to act for and on behalf of such Affiliate in connection with such Security Instruments and the Intercreditor Agreement, if applicable, and to be bound by the terms of this Article XI and the other provisions of this Agreement and the Intercreditor Agreement, if any.

 Intercreditor Agreement

. Each Lender (and each Person that becomes a Lender hereunder pursuant to Section 12.04) hereby authorizes and directs the Administrative Agent to enter into, join or otherwise become party to the Intercreditor Agreement on behalf of such Lender as needed to effectuate the transactions permitted by this Agreement and agrees that the Administrative Agent may take such actions on its behalf as is contemplated by the terms of 

 

 

the Intercreditor Agreement.  Without limiting the provisions of Sections 11.01 and 12.03, each Lender hereby consents to the Administrative Agent and any successor serving in such capacity and agrees not to assert any claim (including as a result of any conflict of interest) against the Administrative Agent, or any such successor, arising from the role of the Administrative Agent or such successor under the Loan Documents or any such Intercreditor Agreement so long as it is either acting in accordance with the terms of such documents and otherwise has not engaged in gross negligence or willful misconduct (as determined in a final and non-appealable judgment by a court of competent jurisdiction).  In addition, the Administrative Agent, or any such successor, shall be authorized, without the consent of any Lender, to execute or to enter into amendments of, and amendments and restatements of, the Security Instruments, any such Intercreditor Agreement and any additional and replacement Intercreditor Agreements, in each case, in order to provide for Liens permitted by the terms of this Agreement to be pari passu with the Loans. 

Article XII

Miscellaneous

Notices

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(a)Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to Section 12.01(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or e-mail, as follows:

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

New Atlas Holdings, LLC
1845 Walnut Street, 10th Floor
Philadelphia, Pennsylvania 19103
Attn:  Jeffrey Slotterback
Fax:  (215) 405-3882
Email:  jslotterback@atlasenergy.com

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

Riverstone Credit Partners, L.P.
712 Fifth Avenue
36th Floor
New York, New York 10019
Attn:  Christopher Abbate
Phone:  (212) 271-2942
Fax:  (212) 993-0077

with a copy to: 

Stephen Coats
Riverstone Credit Partners, L.P.

 

 

712 Fifth Avenue
36th Floor
New York, New York 10019
Phone: (212) 993-0092
Fax: (212) 993-0077

 

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

(b)Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II, Article III, Article IV and Article V unless otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

(c)Any party hereto may change its address, telecopy number or e-mail address for notices and other communications hereunder by notice to the other parties hereto.  All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.

Waivers; Amendments

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(a)No failure on the part of the Administrative Agent or any Lender to exercise and no delay in exercising, and no course of dealing with respect to, any right, remedy, power or privilege, or any abandonment or discontinuance of steps to enforce such right, remedy, power or privilege, under any of the Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege under any of the Loan Documents preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights, remedies, powers or privileges that they would otherwise have.  No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by Section 12.02(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

(b)Subject to Section 12.04(b)(ii)(E)(5), neither this Agreement nor any provision hereof nor any Security Instrument nor any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Loan Parties party thereto and the Majority Lenders or by the Borrower and the Administrative Agent with the consent of the Majority Lenders; provided that no such agreement shall

 

 

(i)extend the Commitment of any Lender without the written consent of such Lender, 

(ii)reduce or forgive the principal amount of any Loan or reduce or forgive the rate of interest thereon, or reduce or forgive any fees payable hereunder, without the written consent of each Lender directly and adversely affected thereby; provided that the consent of an Affiliate Lender for any such reduction shall not be required if such reduction is proportionately applicable to each Lender (including such Affiliate Lender),

(iii)postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or postpone or extend the applicable Termination Date without the written consent of each Lender directly and adversely affected thereby; provided that the consent of an Affiliate Lender for any such postponement, reduction, extension or waiver shall not be required if such postponement, reduction, extension or waiver is proportionately applicable to each Lender (including such Affiliate Lender),

(iv)change Section 4.01 (b) or Section 4.01(c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender adversely affected thereby; provided that the consent of an Affiliate Lender for any such change shall not be required if such change is proportionately applicable to each Lender (including such Affiliate Lender),

(v)release all or substantially all of the aggregate value of the guarantees of the Guarantors under the Guaranty Agreement or release all or substantially all of the Collateral or reduce the percentage set forth in the definition of Required Mortgage Value to less than 80%, without the written consent of each Lender (other than any Affiliate Lender), or

(vi)change any of the provisions of this Section 12.02(b) or the definitions of “Super Majority Lenders” or “Majority Lenders”, or Section 9.11(g) or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Documents or make any determination or grant any consent hereunder or any other Loan Documents, without the written consent of each Lender directly and adversely affected thereby;

provided further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder or under any other Loan Document without the prior written consent of the Administrative Agent.  Notwithstanding the foregoing, any supplement to Schedule 7.15 (Subsidiaries) shall be effective simply by delivering to the Administrative Agent a supplemental schedule clearly marked as such and, upon receipt, the Administrative Agent will promptly deliver a copy thereof to the Lenders.

(c)Without the consent of any other Person, the applicable Loan Party or Loan Parties and the Administrative Agent may (in its or their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment or waiver of any Loan Document (including the Guaranty Agreement), or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured 

 

 

Creditors or additional Subsidiaries to become Guarantors, or as required by local law to give effect to, or protect any security interest for the benefit of the Secured Creditors, in any property or so (i) that the security interests therein comply with applicable law or (ii) the guarantees provided under the Guaranty Agreement comply with applicable law or (iii) such guarantees or security interests or other Loan Documents are consistent with this Agreement and the other Loan Documents. 

(d)Notwithstanding anything to the contrary contained in Section 12.02(a), if at any time after the Effective Date, the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Majority Lenders within five (5) Business Days following receipt of notice thereof.

Expenses, Indemnity; Damage Waiver

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(a)The Borrower shall pay or reimburse (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including, without limitation, the reasonable fees, charges and disbursements of any counsel and other outside consultants for the Administrative Agent, the reasonable travel, photocopy, mailing, courier, telephone and other similar expenses, and the cost of environmental audits and surveys and appraisals, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration (both before and after the execution hereof and including advice of counsel to the Administrative Agent as to the rights and duties of the Administrative Agent and the Lenders with respect thereto) of this Agreement and the other Loan Documents and any amendments, modifications or waivers of or consents related to the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), provided, however, that in the case of legal fees and expenses, such payment or reimbursement shall be limited to the reasonable fees and expenses of one counsel to the Administrative Agent (and, if reasonably necessary, to one local counsel in any relevant jurisdiction to the Administrative Agent), (ii) all reasonable and documented out-of-pocket costs, expenses, taxes, assessments and other charges incurred by the Administrative Agent or any Lender in connection with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any Security Instrument or any other document referred to therein, and (iii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of one counsel to the Administrative Agent (and, if reasonably necessary, to one local counsel in any relevant jurisdiction to the Administrative Agent), in connection with the enforcement or protection of its rights or remedies in connection with this Agreement or any other Loan Document, including its rights under this Section 12.03, or in connection with the Loans made hereunder, including, without limitation, all such out-of-pocket expenses incurred during any workout, restructuring or similar negotiations in respect of such Loans.

(b)THE BORROWER SHALL INDEMNIFY THE ADMINISTRATIVE AGENT AND EACH LENDER, AND EACH RELATED PARTY OF THE FOREGOING 

 

 

PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, DEFEND AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, PENALTIES, LIABILITIES AND RELATED EXPENSES, INCLUDING THE REASONABLE FEES, DISBURSEMENTS AND OTHER CHARGES OF OUTSIDE COUNSEL FOR ANY SUCH INDEMNITEE, INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE (REGARDLESS OF WHETHER SUCH INDEMNITEE IS A PARTY THERETO) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (1) THE EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, THE PERFORMANCE, ENFORCEMENT OR ADMINISTRATION BY THE PARTIES HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, (2) THE FAILURE OF THE PARENT OR ANY RESTRICTED SUBSIDIARY TO COMPLY WITH THE TERMS OF ANY LOAN DOCUMENT, INCLUDING THIS AGREEMENT, OR WITH ANY LAW, (3) ANY INACCURACY OF ANY REPRESENTATION OR ANY BREACH OF ANY WARRANTY OR COVENANT OF THE BORROWER OR ANY GUARANTOR SET FORTH IN ANY OF THE LOAN DOCUMENTS OR ANY INSTRUMENTS, DOCUMENTS OR CERTIFICATIONS DELIVERED IN CONNECTION THEREWITH, (4) ANY LOAN OR THE USE OF THE PROCEEDS THEREFROM, (5) ANY OTHER ASPECT OF THE LOAN DOCUMENTS, (6) THE OPERATIONS OF THE BUSINESS OF THE PARENT AND THE RESTRICTED SUBSIDIARIES, (7) ANY ASSERTION THAT THE LENDERS WERE NOT ENTITLED TO RECEIVE THE PROCEEDS RECEIVED PURSUANT TO THE SECURITY INSTRUMENTS, (8) ANY ENVIRONMENTAL LAW APPLICABLE TO THE PARENT OR ANY RESTRICTED SUBSIDIARY OR ANY OF THEIR PROPERTIES, INCLUDING WITHOUT LIMITATION, THE PRESENCE, GENERATION, STORAGE, RELEASE, THREATENED RELEASE, USE, TRANSPORT, DISPOSAL, ARRANGEMENT OF DISPOSAL OR TREATMENT OF HAZARDOUS MATERIALS ON ANY OF THEIR PROPERTIES, (9) THE BREACH OR NON-COMPLIANCE BY THE PARENT OR ANY RESTRICTED SUBSIDIARY WITH ANY ENVIRONMENTAL LAW, (10) THE PAST OWNERSHIP BY THE PARENT OR ANY RESTRICTED SUBSIDIARY OF ANY OF THEIR PROPERTIES OR PAST ACTIVITY ON ANY OF THEIR PROPERTIES WHICH, THOUGH LAWFUL AND FULLY PERMISSIBLE AT THE TIME, COULD RESULT IN PRESENT LIABILITY, (11) THE PRESENCE, USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED RELEASE, TRANSPORT, ARRANGEMENT FOR TRANSPORT OR ARRANGEMENT FOR DISPOSAL OF HAZARDOUS MATERIALS ON OR AT ANY OF THE PROPERTIES OWNED OR OPERATED BY THE PARENT OR ANY RESTRICTED SUBSIDIARY OR ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY THE PARENT OR ANY OF THE RESTRICTED SUBSIDIARIES, (12) ANY ENVIRONMENTAL CLAIM RELATED IN ANY WAY TO THE PARENT OR ANY OF THE RESTRICTED SUBSIDIARIES, (13) ANY OTHER ENVIRONMENTAL, HEALTH 

 

 

OR SAFETY CONDITION IN CONNECTION WITH THE LOAN DOCUMENTS, OR (14) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, AND SUCH INDEMNITY SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND OR CHARACTER WHATSOEVER, WHETHER ACTIVE OR PASSIVE, WHETHER AN AFFIRMATIVE ACT OR AN OMISSION, INCLUDING WITHOUT LIMITATION, ALL TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY REASON OF STRICT LIABILITY IMPOSED WITHOUT FAULT ON ANY ONE OR MORE OF THE INDEMNITEES; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES HAVE RESULTED FROM (X) THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE (AS DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT OF A COURT OF COMPETENT JURISDICTION), OR (Y) ANY PROCEEDING NOT INVOLVING ANY ACT OR OMISSION BY THE PARENT OR ITS AFFILIATES THAT IS SOLELY AMONG INDEMNITEES (OTHER THAN ANY PROCEEDING AGAINST THE ADMINISTRATIVE AGENT, IN ITS CAPACITY AS SUCH). 

(c)To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent (or any sub-agent or attorney in fact thereof) or any Related Party of the Administrative Agent under Section 12.03(a) or Section 12.03(b), each Lender severally agrees to pay to the Administrative Agent (or such sub-agent or attorney in fact) or such Related Party, as applicable, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any sub-agent or attorney in fact thereof) in its capacity as such or against any Related Party of the Administrative Agent acting for the Administrative Agent in connection with such capacity.

(d)To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of in connection with, or as a result of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof.

(e)All amounts due under this Section 12.03 shall be payable promptly after written demand therefor.

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 (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 12.04.  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, Participants (to the extent provided in Section 12.04(c)) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)(i)  Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent of:

(A)the Borrower (such consent not to be unreasonably withheld, conditioned or delayed), provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default has occurred and is continuing, any other Person; provided, further, that the Borrower shall be deemed to have consented to any such assignment unless it shall have objected thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and

(B)the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed), provided that no consent of the Administrative Agent shall be required for an assignment to a Lender, an Affiliate of a Lender, or an Approved Fund.

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

(A)except in the case of an assignment to a Lender of the same Class, an Affiliate of a Lender of the same Class or an Approved Fund of the assigning Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of such Class, the amount of the Commitment or Loans of any Class 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 $1,000,000 or, if smaller, the entire remaining amount of the assigning Lender’s applicable outstanding Loans of such Class unless each of the Borrower and the Administrative Agent otherwise consent, provided that (1) no such consent of the Borrower shall be required if an Event of Default has occurred and is 

 

 

continuing and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any; 

(B)the parties to each assignment (other than assignments to an Affiliate of a Lender or an Approved Fund) shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 unless such fee is waived by the Administrative Agent;

(C)the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; 

(D)the Assignor shall furnish to the Assignee a copy of the Form FR U-1 or Form FR G-3, as the case may be, originally obtained with respect to the Commitment or Loans being assigned; and

(E)the assignment by any Lender of all or a portion of its rights and obligations under this Agreement to an Affiliate of the Borrower that is an Eligible Assignee  (each, an “Affiliate Lender”), shall be subject to the following limitations:

(1)each Affiliate Lender shall represent and warrant as of the date of any such purchase and assignment, that neither such Affiliate Lender or any of its Affiliates nor any of their respective directors or officers has any material non-public information with respect to the Parent or any of its Subsidiaries or securities that has not been disclosed to the assigning Lender (other than because such assigning Lender does not wish to receive material non-public information with respect to the Parent and its Subsidiaries or securities) prior to such date to the extent such information could reasonably be expected to have a material effect upon, or otherwise be material, to a Lender’s decision to assign rights and obligations hereunder to such Affiliate Lender;

(2)each Affiliate Lender will not be entitled to receive, and will not receive, information provided solely to the Lenders that are not Affiliate Lenders by the Administrative Agent or any Lender that is not an Affiliate Lender (other than the right to receive notices of prepayments in respect of its Loans or Commitment required to be delivered to the Lenders hereunder), will not be permitted to attend or participate in, and will not attend or participate in, meetings or conference calls solely among the Lenders that are not Affiliate Lenders and the Administrative Agent and will not receive advice of counsel to the Administrative Agent and the Lenders;

 

 

(3)the aggregate percentage of the outstanding aggregate principal amount of the Loans held at any one time by all Affiliate Lenders may not exceed 25% of the applicable aggregate principal amount of the Loans outstanding at such time under this Agreement; 

(4)there will not be more than two (2) Affiliate Lenders at any time;

(5)notwithstanding anything in this Agreement to the contrary, for purposes of determining whether the Majority Lenders, the applicable Majority Facility Lenders, the Super Majority Lenders or all Lenders under this Agreement or under a Facility have (x) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, or, subject to Section 12.04(b)(vi), any plan of reorganization pursuant to the U.S. Bankruptcy Code, (y) otherwise acted on any matter related to any Loan Document, or (z) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, all Loans held by any Affiliate Lender shall be deemed to be not outstanding for all purposes of calculating whether the Majority Lenders, the applicable Majority Facility Lenders, the Super Majority Lenders or all Lenders under this Agreement or under a Facility have taken any actions (unless the relevant consent or action affects such Affiliate Lender in a disproportionately adverse manner than its effect on other Lenders under the same Facility or the Facilities, as applicable); and 

(6)borrowings of Loans shall not be made to directly or indirectly fund the purchase or assignment.

For the purposes of this Section 12.04, “Approved Fund” means an Eligible Assignee that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) a Person or an Affiliate of a Person that administers or manages a Lender, and “Eligible Assignee” means a Person (other than a natural person, the Parent or its Subsidiaries) being a commercial bank, an insurance company, a finance company, a financial institution, or any fund or “accredited investor”(as defined in Regulations D of the Securities Act) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of business; provided that, notwithstanding anything to the contrary, an Affiliate of the Borrower shall only be an Eligible Assignee if Section 12.04(b)(ii)(E) is complied with.

(iii)Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below and the receipt by the Assignee of the copy of the applicable form pursuant to paragraph (b)(ii)(D) above, 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 Section 5.01, Section 5.02, Section 5.03 and Section 12.03).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.04(b) 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 Section 12.04(c).  Upon request, and the surrender by the assigning Lender of its Note, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. 

(iv)The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

(v)Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in Section 12.04(b), and any written consent to such assignment required by Section 12.04(b), 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 Section 12.04(b) and the Assignee receives a copy of the applicable form pursuant to Section 12.04(b)(ii)(D) above.

(vi)Additionally, the Loan Parties and Affiliate Lenders hereby agree that if a case under the U.S. Bankruptcy Code is commenced against any Loan Party, such Loan Party shall seek (and the Affiliate Lenders shall consent) to provide that the vote of the Affiliate Lenders with respect to any plan of reorganization of such Loan Party shall be counted in the same proportion as all other Lenders except that the Affiliate Lenders' vote may be counted in the manner designated by such Affiliate Lender to the extent any such plan of reorganization proposes to treat the Indebtedness owed to the Affiliate Lenders in a manner that is less favorable in any material respect to the Affiliate Lenders than the proposed treatment of similar Indebtedness owed to Lenders that are not Affiliates of the Borrower or would deprive the Affiliate Lenders of their pro rata share of any payments to which all Lenders are entitled.  The Affiliate Lenders hereby irrevocably appoint the Administrative Agent (such appointment being coupled with an interest) as the Affiliate Lenders' attorney in fact, with full authority in the place and stead of the Affiliate Lenders and in the name of the Affiliate Lenders, from time to time in 

 

 

the Administrative Agent's discretion to take any action and to execute any instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of this Section 12.04(b)(vi) and the Term Loans held by the Affiliate Lenders (and any claim with respect thereto) shall be deemed assigned for all purposes to the Administrative Agent to vote in accordance with this Section. 

(c)(i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities other than the Borrower or any Affiliate of the Borrower (each a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) such Lender shall furnish to the Participant a copy of the Form FR U-1 or Form FR G-3, as the case may be, originally obtained with respect to the rights and obligations hereunder subject to the relevant participation and (D) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement 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 may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to Section 12.02(b) and (2) directly affects such Participant.  Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Section 5.01, Section 5.02, and Section 5.03 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.04(b).  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.08 as though it were a Lender, provided such Participant shall be subject to Section 4.01 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

(ii)A Participant shall not be entitled to receive any greater payment under Section 5.01 or Section 5.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent (not to be 

 

 

unreasonably withheld or delayed).  Any Participant that is a Foreign Lender shall not be entitled to the benefits of Section 5.03 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 5.03(e). 

(d)Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

(e)Notwithstanding the foregoing, any Lender may grant to a Conduit Lender the option to provide to the Borrower all or any part of any Loan that a Lender would be required to make, and any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender, in each case, without the consent of the Borrower or the Administrative Agent and without regard to the limitations set forth in Section 12.04(b).  Each of the Borrower, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance.

Survival; Revival; Reinstatement

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(a)All covenants, agreements, representations and warranties made by the Parent herein and by the Restricted Subsidiaries in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document 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 other Loan Documents 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 Section 5.01, Section 5.02, Section 5.03 and Section 12.03 and Article XI 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, any other Loan Document or any provision hereof or thereof.

(b)To the extent any payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender, and such payment or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to 

 

 

any settlement entered into by the Administrative Agent or any Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any bankruptcy or other laws for the relief of debtors or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made. 

Counterparts; Integration; Effectiveness

.

(a)This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Agreement by email (in.pdf or similar format) or telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.

(b)This Agreement, the other Loan Documents 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 thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof.  This Agreement and the other Loan Documents represent the final agreement among the parties hereto and thereto and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.  There are no unwritten oral agreements between the parties.

(c)This Agreement shall become effective when (i) 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 (ii) the conditions precedent in Section 6.01 have been satisfied or waived in accordance with Section 12.02, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  

Severability

.  Any provision of this Agreement or any other Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Right of Setoff

.  If an Event of Default under Section 10.01(a) or Section 10.01(b) shall have occurred and be continuing, each Lender and each of its Affiliates (and the Administrative Agent, in respect of any unpaid fees, costs and expenses payable to it or its Related Parties hereunder) is hereby authorized at any time and from time to time, without prior notice to the Borrower, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations (of whatsoever kind, including, without limitations, obligations under the Secured Swap Agreements) at any time owing by such Lender or Affiliate or the Administrative Agent or the Administrative Agent’s Related Party to or for the credit or the account of the Parent or any Restricted Subsidiary against any of and all the obligations of the Parent or any Restricted 

 

 

Subsidiary owed to such Lender and its Affiliates or the Administrative Agent or the Administrative Agent’s Related Parties now or hereafter existing under this Agreement or any other Loan Document, irrespective of whether or not the Administrative Agent, its Related Party, such Lender or its Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations may be unmatured.  The Administrative Agent or such Lender shall promptly notify the Borrower after any such set off and application made by the Administrative Agent or such Lender, but the failure to give such notice will not affect the validity of such set off and application.  The rights of the Administrative Agent and each Lender under this Section 12.08 are in addition to other rights and remedies (including other rights of setoff) which such Lender or its Affiliates may have.

GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS

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(a)THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  To the fullest extent permitted by law, each of the Parent and the Borrower hereby unconditionally waives any claim to assert that the law of any other jurisdiction governs this Agreement and the Notes, and this Agreement and the Notes shall be governed by and construed in accordance with the law of the State of New York pursuant to Sections 5-1401 and 5-1402 of the New York General Obligations Law, which the Borrower and the Lenders expressly intend to apply.

(b)ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THE LOAN DOCUMENTS SHALL BE BROUGHT IN THE courts of the State of New York sitting in New York County (Borough of Manhattan) or of the United States of AMERICA FOR the Southern District of NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. THIS SUBMISSION TO JURISDICTION DOES NOT PRECLUDE THE ADMINISTRATIVE AGENT OR THE LENDERS FROM OBTAINING JURISDICTION OVER THE PARENT OR THE BORROWER IN ANY COURT OTHERWISE HAVING JURISDICTION.

(c)EACH PARTY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT THE ADDRESS SPECIFIED IN SECTION 12.01 OR SUCH OTHER ADDRESS AS IS SPECIFIED PURSUANT TO SECTION 12.01 (OR ITS ASSIGNMENT AND ASSUMPTION), SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING.  NOTHING HEREIN SHALL 

 

 

AFFECT THE RIGHT OF A PARTY OR ANY HOLDER OF A NOTE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANOTHER PARTY IN ANY OTHER JURISDICTION. 

(d)EACH PARTY HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY INDIRECT, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES WITHOUT LIMITING OR OTHERWISE IMPAIRING THE BORROWER’S OBLIGATIONS UNDER SECTION 12.03(B); (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE, AGENT OR COUNSEL OF ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS Section 12.09.

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.

Confidentiality

.  Each of the Administrative Agent and each Lender agrees to keep confidential all non-public information provided to it by the Parent or any of the Restricted Subsidiaries, the Administrative Agent or any Lender pursuant to or in connection with this Agreement that is designated by the provider thereof as confidential; provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such information (a) to the Administrative Agent, any other Lender or any Affiliate thereof (subject, in the case of such disclosure to any Affiliate of the Administrative Agent or a Lender, to the Administrative Agent or such Lender, as applicable, being responsible for compliance by such Affiliate with the provisions of this Section 12.11), (b) subject to an agreement to comply with the provisions of this Section, to any actual or prospective Transferee or any direct or indirect counterparty to any Swap Agreement (or any professional advisor to such counterparty), (c) to its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its Affiliates (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), (d) upon the request or demand of any Governmental Authority or self-regulatory bodies that claim oversight over the Administrative Agent or its Affiliates or businesses, (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Law, (f) if requested or required to do so in connection with any litigation or similar proceeding, (g) that has been publicly disclosed, (h) to the National 

 

 

Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (i) in connection with the exercise of any remedy hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcements of its rights hereunder or thereunder, or (j) to any rating agency when required by it (it being understood that prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any non-public information).

Each Lender acknowledges that information furnished to it pursuant to this Agreement or the other Loan Documents may include material non-public information concerning the Parent and its Affiliates and their related parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with those procedures and applicable law, including Federal and state securities laws.

All information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public information about the Parent and its Affiliates and their related parties or their respective securities.  Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has identified in its Administrative Questionnaire a credit contact who may receive information that may contain material non-public information in accordance with its compliance procedures and applicable law, including Federal and state securities laws.

Interest Rate Limitation

.  It is the intention of the parties hereto that each Lender shall conform strictly to usury laws applicable to it.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor (after giving effect to such increase)) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received, to the maximum extent possible by operation of this Section 12.12, by such Lender.

No Third Party Beneficiaries

.  This Agreement, the other Loan Documents, and the agreement of the Lenders to make Loans hereunder are solely for the benefit of the Borrower, and no other Person (including, without limitation, any Restricted Subsidiary, any obligor, contractor, subcontractor, supplier or materialman) shall have any rights, claims, remedies or privileges hereunder or under any other Loan Document against the Administrative Agent or any Lender for any reason whatsoever.  There are no third party beneficiaries (other 

 

 

than the successors and assigns of the parties hereto permitted hereby, Participants to the extent provided in Section 12.04(c) and, to the extent expressly contemplated hereby, the Indemnitees).

Collateral Matters; Swap Agreements

.  The benefit of the Security Instruments and of the provisions of this Agreement relating to any Collateral securing the Indebtedness shall also extend to and be available to the Administrative Agent and those Lenders or their respective Affiliates which are counterparties to any Secured Swap Agreement with the Borrower on a pro rata basis in respect of any obligations of the Borrower which arise under any such Secured Swap Agreement, while such Person or its Affiliate is a Lender or the Administrative Agent.  For the avoidance of doubt, the obligations under any such Secured Swap Agreement will continue to be secured if the Person that is a counterparty to such Secured Swap Agreement ceases to be the Administrative Agent, a Lender or an Affiliate of the Administrative Agent or a Lender, subject to the limitations set forth in the definition of “Secured Swap Agreement”.  None of the Administrative Agent, a Lender or any Affiliate of the Administrative Agent or a Lender shall have any voting rights under any Loan Document as a result of the existence of obligations owed to it under any Swap Agreements.

Acknowledgements

.  The Borrower hereby acknowledges that:

(a)it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

(b)neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Administrative Agent and Lenders, on one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

(c)no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Borrower and the Lenders.

USA Patriot Act Notice

.  Each Lender and the Administrative Agent hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub.  L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower and each Guarantor, which information includes the name, address and tax identification number of the Borrower and the Guarantors and other information that will allow such Lender and the Administrative Agent to identify the Borrower and the Guarantors in accordance with the Act.

Intercreditor Agreement

.  Each holder of any Second Lien Obligations (as defined in the Intercreditor Agreement), by its acceptance of such Second Lien Obligations (i) consents to the subordination of Liens provided for in the Intercreditor Agreement, (ii) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and (iii) authorizes and instructs the Second Lien Agent (as defined in the Intercreditor Agreement) on behalf of each Second Lien Secured Party (as defined in the Intercreditor Agreement) to enter into the Intercreditor Agreement as Second Lien Agent on 

 

 

behalf of such Second Lien Secured Parties.  The foregoing provisions are intended as an inducement to the lenders under the Priority Credit Agreement (as defined in the Intercreditor Agreement) to extend credit to the Borrower and such lenders are intended third party beneficiaries of such provisions and the provisions of the Intercreditor Agreement.

 

[SIGNATURES BEGIN NEXT PAGE]

 

 

The parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

NEW ATLAS HOLDINGS, LLC, as Borrower
ATLAS ENERGY GROUP, LLC, as Parent

 

By:/s/ Jeffrey Slotterback
Name: Jeffrey Slotterback
Title:   Chief Financial Officer 

 

 

RIVERSTONE CREDIT PARTNERS, L.P.,
as Administrative Agent and as Lender

By: RCP F1 GP, L.P.,  its general partner

 

By: RCP F1 GP, L.L.C., its general partner

 

 

By:  /s/ Christopher A. Abbate

Name: Christopher A. Abbate

Title: Managing Director

 

AEG ASSET MANAGEMENT, LLC,
as a Lender

 

 

 

By:  /s/ Jonathan Z. Cohen

Name: Jonathan Z. Cohen

Title:  Chief Financial Officer

 

THE LEON AND TOBY COOPERMAN FAMILY FOUNDATION,
as a Lender

 

 

 

By:  /s/ Leon G. Cooperman

Name: Leon G. Cooperman

Title:  Trustee

 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

 

 

 

 

 

ANNEX 1

LIST OF COMMITMENTS

	
Name of Lender
	
Applicable Percentage
	
Commitment

	
Riverstone Credit Partners, L.P.
	
76.178960097%
	
$27,313,902.16

	
The Leon and Toby Cooperman Family Foundation
	
12.091898428%
	
$4,335,540.02

	
AEG Asset Management, LLC
	
11.729141475%
	
$4,205,473.82

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Total
	
100%
	
$ 35,854,916.00

 

 

 

 

EXHIBIT A

FORM OF NOTE

$[__________][_________], 201[_]

FOR VALUE RECEIVED, New Atlas Holdings, LLC, a Delaware limited liability company (the “Borrower”), hereby promises to pay [_________] (the “Lender”), at the office of Riverstone Credit Partners, L.P. (the “Administrative Agent”), at 712 Fifth Avenue, 36th Floor, New York, New York 10019, Attention: Christopher Abbate, the principal sum of [___________] Dollars ($[___________]) (or such lesser amount as shall equal the aggregate unpaid principal amount of the Loans made by the Lender to the Borrower under the Credit Agreement (as hereinafter defined)), in lawful money of the United States of America and in immediately available funds, on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount of each such Loan, at such office, in like money and funds, for the period commencing on the date of such Loan until such Loan shall be paid in full, at the rates per annum and on the dates provided in the Credit Agreement.  

The date, amount, Type, interest rate and, if applicable, Interest Period of each Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Note, may be endorsed by the Lender on the schedules attached hereto or any continuation thereof or on any separate record maintained by the Lender.  Failure to make any such notation or to attach a schedule shall not affect the Lender’s or the Borrower’s rights or obligations in respect of such Loans or affect the validity of such transfer by the Lender of this Note.

This Note is one of the Notes referred to in the Second Lien Credit Agreement, dated as of March 30, 2016, among Atlas Energy Group, LLC, a Delaware limited liability company, the Borrower, the Administrative Agent, and the other lenders from time to time party thereto (including the Lender), and evidences Loans made by the Lender thereunder (such Credit Agreement as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”).  Unless otherwise defined herein, capitalized terms used in this Note have the respective meanings assigned to them in the Credit Agreement.

This Note is issued pursuant to the Credit Agreement and is entitled to the benefits provided for in the Credit Agreement and the other Loan Documents.  The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events, for prepayments of Loans upon the terms and conditions specified therein and other provisions relevant to this Note.

THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT UNDER SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).  YOU MAY CONTACT THE PARENT’S CHIEF EXECUTIVE OFFICER BY MAIL AT 1845 WALNUT STREET, 10TH FLOOR, PHILADELPHIA, PA 19103, WHO WILL PROVIDE YOU WITH ANY REQUIRED INFORMATION REGARDING THE ORIGINAL ISSUE DISCOUNT.

 

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

New Atlas Holdings, LLC

 

By:
Name:
Title:

 

 

 

 

EXHIBIT B

 

FORM OF BORROWING REQUEST

[______________], 2016

To: Riverstone Credit Partners, L.P., as Administrative Agent

Ladies and Gentlemen:

New Atlas Holdings, LLC, a Delaware limited liability company (the “Borrower”), pursuant to Section 2.03 of the Second Lien Credit Agreement dated as of March 30, 2016 (together with all amendments, restatements, supplements or other modifications thereto, the “Credit Agreement”), among Atlas Energy Group, LLC, a Delaware limited liability company, the Borrower, Riverstone Credit Partners, L.P., as Administrative Agent, and the other lenders (the “Lenders”) from time to time party thereto (unless otherwise defined herein, each capitalized term used herein is defined in the Credit Agreement), hereby requests a Borrowing as follows:

(i)The aggregate amount of the requested Borrowing is $[___________]; 

(ii)The date1 of such Borrowing is [___________], 2016;

(iii)The requested Borrowing is to be [an ABR Borrowing] [a Eurodollar Borrowing];

(iv)[In the case of a Eurodollar Borrowing, the initial Interest Period2 applicable thereto is [one]3 [two] [three] [six]4 months]; and

(v)The location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05 of the Credit Agreement, is as follows:

[]
[]
[]
[]
[]

 

	
	 

	
1 
	
 The date shall be a Business Day.

	
2 
	
 The initial Interest Period shall be a period contemplated by the definition of the term “Interest Period” in the Credit Agreement.

	
3
	
 Note, the applicable interest period selected may be one month to the extent it is agreed to by the Administrative Agent.

	
4
	
 Note, the applicable interest period selected may be twelve months or less to the extent it is agreed to by each Lender of such Eurodollar Borrowing and the Administrative Agent.

 

 

The undersigned certifies that he/she is the [_________] of the Borrower, and that as such he/she is authorized to execute this certificate on behalf of the Borrower.  The undersigned further certifies, represents and warrants on behalf of the Borrower that the Borrower is entitled to receive the requested Borrowing under the terms and conditions of the Credit Agreement.

New Atlas Holdings, LLC

 

By: 
Name:
Title:  

 

 

 

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE

The undersigned, a Financial Officer of the Borrower, hereby certifies that he/she is the [___________] of New Atlas Holdings, LLC, a Delaware limited liability company (the “Borrower”), and that as such he/she is authorized to execute this certificate on behalf of the Borrower.  With reference to the Second Lien Credit Agreement dated as of March 30, 2016 (together with all amendments, restatements, supplements or other modifications thereto being the “Credit Agreement”), among Atlas Energy Group, LLC (the “Parent”), a Delaware limited liability company, the Borrower, Riverstone Credit Partners, L.P., as Administrative Agent, and the lenders (the “Lenders”) from time to time party thereto, the undersigned represents and warrants as follows (each capitalized term used herein having the same meaning given to it in the Credit Agreement unless otherwise specified):

[Use following paragraph 1 for fiscal year-end financial statements]

1.Attached hereto as Schedule 1 are the year-end audited financial statements (the “Financial Statements”) required by Section 8.01(a) of the Credit Agreement for the fiscal year of the Parent ended as of December 31, 20[_] (the “Reporting Date”), together with the report and opinion of an independent certified public accountant required by such section, including to the effect that such Financial Statements present fairly, in all material respects, the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied.

[Use following paragraph 1 for fiscal quarter-end financial statements]

1.Attached hereto as Schedule 1 are the unaudited financial statements (the “Financial Statements”) required by Section 8.01(b) of the Credit Agreement for the fiscal quarter of the Parent ended as of _______________, 20[_] (the “Reporting Date”).  Such Financial Statements present fairly, in all material respects, the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes.

2.No Default has occurred as of the date hereof.5

3.Attached hereto as Schedule 2 are reasonably detailed calculations showing compliance as of the Reporting Date with the requirements of Section 9.01 of the Credit Agreement and any financial covenants incorporated in the Credit Agreement pursuant to Section 9.23 of the Credit Agreement.

3.Attached hereto as Schedule 3 is reasonably detailed information regarding (i) all cash dividends and distributions received by the Parent and any Restricted Subsidiary from Persons other than Restricted Subsidiaries which were included in the calculations of the ratios 

	
	 

	
5
	
 If a Default has occurred, the Borrower shall specify the details thereof and any action taken or proposed to be taken with respect thereto.

 

 

that are the subject of Section 9.01 of the Credit Agreement, including a reconciliation of the Parent’s calculation of EBITDA versus the calculation of Consolidated Net Income in accordance with GAAP and (ii) the calculation of Distributable Cash. 

 

 

EXECUTED AND DELIVERED this _____ day of [________], 20[__].

New Atlas Holdings, LLC

 

By: 
Name:
Title:  

 

 

 

Schedule 2

				
	
Asset Coverage Ratio.

	
A.
	
Asset Value:
	
 

	
 
	
1.
	
Liquidity:
	
1. $__________

	
 
	
2.
	
ARP Component:

(i) The number of ARP Units (other than the ARP A Units) constituting Qualifying ARP Units as of such day:

_________________

multiplied by 

the ARP Unit Price as of such day:

$_________________;

plus

(ii) the ARP A Unit Amount6 as of such day:

_________________

multiplied by 

the ARP Unit Price as of such day:

$_________________.
	
 

 

 

 

 

 

 

 

 

 

 

 

2. $__________

	
 
	
3.
	
ARP GP Component:

Cash dividends or cash distributions actually received by the Parent during such twelve calendar months on ARP A Units7:

$_________________

multiplied by

17.5.
	
 

 

 

 

 

3. $__________

	
	 

	
6
	
 “ARP A Unit Amount” means the product of (a) the result of the aggregate amount of ARP LP Units divided by 0.98 multiplied by (b) 0.02. “ARP LP Units” means the ARP Common Units and the ARP Preferred Units (other the ARP A Units).

	
7
	
 For the purposes of determining the ratio described above for the Rolling Periods ending September 30, 2015, December 31, 2015 and March 31, 2016, the cash dividends and distributions received shall be deemed to equal the cash dividends and distributions received in such fiscal quarter (and, in the case of the fiscal quarter ending December 31, 2015, the fiscal quarters ending September 30, 2015 and December 31, 2015 and in the case of March 31, 2016, the fiscal quarters ending  September 30, 2015, December 31, 2015 and March 31, 2016) multiplied by 4, 2 and 4/3, respectively.

 

 

 

				
	
 
	
4.
	
Atlas Lightfoot Component:

An amount equal to

(i) the fair market value of the Equity Interest in Lightfoot Capital Partners, LP

(ii) directly held by Atlas Lightfoot and

(iii) that is subject to a perfected first priority Lien in favor of the Administrative Agent for the benefit of the Secured Creditors pursuant to the Loan Documents (which Lien is perfected by “control” in accordance with the applicable Uniform Commercial Code including, without limitation, Section 8.106, 9.106 and 9.314 thereof).

For purposes of the Atlas Lightfoot Component, “fair market value” will be that value determined in good faith by the Board of Directors of the Parent and acceptable to the Administrative Agent and based, among other things, on:

(i) cash dividends or cash distributions actually received by Atlas Lightfoot from Lightfoot Capital Partners, LP, on account of the equity interests of Gulf LNG Holdings Group, LLC held by Lightfoot Capital Partners, LP, multipled by 8:

$_________________

and

(ii) the number of common units representing limited partnership interests in Arc Logistics Partners LP held by Lightfoot Capital Partners, LP:

_________________

multiplied by

the Arc Logistics Unit Price at such time:

$_________________

and 

(iii) the aggregate principal amount of Debt for which Lightfoot Capital Partners, LP is then obligated:

$_________________.
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4. $__________

 

 

				
	
 
	
5.
	
Arc Logistics Component

(i) the number common units representing limited partnership interests in Arc Logistics Partners LP directly held by a Loan Party that are subject to a perfected first priority Lien in favor of the Administrative Agent for the benefit of the Secured Creditors pursuant to the Loan Documents (subject in priority to the Liens pursuant to the First Lien Credit Documents, and which Lien is perfected by “control” in accordance with the applicable Uniform Commercial Code including, without limitation, Section 8.106, 9.106 and 9.314 thereof) as of such day:

_________________

multiplied by

the Arc Logistics Unit Price at such time:

$_________________.
	
 

 

 

 

 

 

 

 

 

5. $__________

	
 
	
6.
	
Atlas Lightfoot GP Component:

Cash dividends and distributions actually received by a Loan Party on account of its Equity Interests in Lightfoot Capital Partners GP LLC during such twelve calendar months8:

$_________________

multiplied by

20.
	
 

 

 

 

 

6. $__________

	
	 

	
8
	
For the purposes of determining the ratio described above for the Rolling Periods ending September 30, 2015, December 31, 2015 and March 31, 2016, the cash dividends and distributions received shall be deemed to equal the cash dividends and distributions received in such fiscal quarter (and, in the case of the fiscal quarter ending December 31, 2015, the fiscal quarters ending September 30, 2015 and December 31, 2015 and in the case of March 31, 2016, the fiscal quarters ending  September 30, 2015, December 31, 2015 and March 31, 2016) multiplied by 4, 2 and 4/3, respectively.

	
9
	
 For the purposes of determining the ratio described above for the Rolling Periods ending September 30, 2015, December 31, 2015 and March 31, 2016, the cash dividends and distributions received shall be deemed to equal the cash dividends and distributions received in such fiscal quarter (and, in the case of the fiscal quarter ending December 31, 2015, the fiscal quarters ending September 30, 2015 and December 31, 2015 and in the case of March 31, 2016, the fiscal quarters ending  September 30, 2015, December 31, 2015 and March 31, 2016) multiplied by 4, 2 and 4/3, respectively.

 

 

				
	
 
	
7.
	
Atlas Growth Partners GP Component:

Cash dividends or cash distributions actually received by Atlas Growth Partners GP during such twelve calendar months on account of its general partnership interest in Atlas Growth Partners9:

$_________________

multiplied by

17.5.
	
 

 

 

 

 

 

7. $__________

	
 
	
8.
	
Other Midstream GP Component (if any):

Cash dividends or distributions actually received by a Loan Party on account of its Equity Interests in any other Person (other than a Loan Party) engaged in Midstream Activities during such twelve calendar months10: 

$_________________

multiplied by

20.
	
 

 

 

 

 

 

8. $__________

	
 
	
9.
	
Other Upstream GP Component (if any):

Cash dividends or distributions actually received by a Loan Party on account of its Equity Interests in any Person (other than a Loan Party) engaged in Upstream Activities during such twelve calendar months11:

$_________________

multiplied by 

17.5.
	
 

 

 

 

 

 

9. $__________

	
	 

	
10
	
 For the purposes of determining the ratio described above for the Rolling Periods ending September 30, 2015, December 31, 2015 and March 31, 2016, the cash dividends and distributions received shall be deemed to equal the cash dividends and distributions received in such fiscal quarter (and, in the case of the fiscal quarter ending December 31, 2015, the fiscal quarters ending September 30, 2015 and December 31, 2015 and in the case of March 31, 2016, the fiscal quarters ending  September 30, 2015, December 31, 2015 and March 31, 2016) multiplied by 4, 2 and 4/3, respectively.

	
11
	
 For the purposes of determining the ratio described above for the Rolling Periods ending September 30, 2015, December 31, 2015 and March 31, 2016, the cash dividends and distributions received shall be deemed to equal the cash dividends and distributions received in such fiscal quarter (and, in the case of the fiscal quarter ending December 31, 2015, the fiscal quarters ending September 30, 2015 and December 31, 2015 and in the case of March 31, 2016, the fiscal quarters ending  September 30, 2015, December 31, 2015 and March 31, 2016) multiplied by 4, 2 and 4/3, respectively.

 

 

				
	
 
	
10.
	
Parent Component:

The sum of 

(i) with respect to any Proved Reserves directly owned 

by the Parent, the Present Value of such reserves as specified in the most recent Reserve Report delivered pursuant to this Agreement and net, for the avoidance of doubt, of all Reserves subject to any production payment:

$_________________

and 

(ii) in the case of all other Oil and Gas Properties or Midstream Assets directly owned by the Parent, the fair market value of such property as determined by a third party valuation firm satisfactory to the Administrative Agent:

$_________________.
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

10. $__________

	
 
	
11.
	
Asset Value: 

Lines A.1 + A.2 +A.3 + A.4 + A.5 + A.6 + A.7 + A.8 + A.9 + A.10.
	
 

 

11. $_________

	
B.
	
Total Funded Debt
	
B. $__________

	
C.
	
Asset Coverage Ratio (Line A.11 ÷ Line B):
	
C. _____ to 1.00

	
Minimum Required:
	
2.00 to 1.00

 

 

Schedule 3 to Compliance Certificate

 

				
	
Distributable Cash.

	
 
	
 

	
A.
	
EBITDA for such calendar month:
	
A: $__________

	
B.
	
Consolidated interest expense (excluding expense associated with the amortization of deferred financing costs and dollar denominated production payments) of the Parent and its Restricted Subsidiaries during such month:
	
 

B: $__________

	
C.
	
Distributable Cash: 

A minus B:
	
 

C: $__________12

 

 

	
	 

	
12
	
 No later than the twenty-fifth (25th) Business Day following the last day of each calendar month, beginning with the calendar month ending June 30, 2016, the Borrower shall provide the Administrative Agent with reasonably detailed calculations of Excess Distributable Cash for such calendar month then ended and Borrower shall prepay outstanding Loans or First Lien Loans (as elected by the Borrower in its sole discretion) in an aggregate principal amount equal to 100.0% of Excess Distributable Cash for such calendar month then ended.

 

EXHIBIT D

FORM OF ASSIGNMENT AND ASSUMPTION

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below (the “Effective Date”) and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (together with all amendments, restatements, supplements or other modifications thereto, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto (the “Standard Terms and Conditions”) are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, as contemplated hereby, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit and guarantees included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).  Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

1.Assignor:______________________________

2.Assignee:______________________________

[and is an Affiliate of [a [identify Lender] / an Approved Fund]13 

3.Borrower:New Atlas Holdings, LLC

4.Administrative Agent:  Riverstone Credit Partners, L.P., as the administrative agent under the Credit Agreement

	
	 

	
13
	
 Select as applicable.

 

 

5.Credit Agreement:The Second Lien Credit Agreement, dated as of March 30, 2016 among Atlas Energy Group, LLC, a Delaware limited liability company, New Atlas Holdings, LLC, a Delaware limited liability company, as the Borrower, each of the Lenders from time to time party thereto, and Riverstone Credit Partners, L.P., as Administrative Agent 

6.Assigned Interest:

				
	
Commitment/ Loan Assigned
	
Aggregate Amount of Commitment/ Loans for all Lenders
	
Amount of Commitment/ Loans Assigned
	
Percentage Assigned of Commitment/ Loans14

	
 
	
$
	
$
	
%

	
 
	
$
	
$
	
%

	
 
	
$
	
$
	
%

Effective Date:  _____________ ___, 20[___] [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR, PROVIDED, THAT THE ASSIGNEE HAS RECEIVED FROM THE ASSIGNOR A COPY OF THE FORM FR U-1 OR FORM FR G-3, AS APPLICABLE.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

ASSIGNOR

[NAME OF ASSIGNOR]

By:____________________________________

Title:

ASSIGNEE

[NAME OF ASSIGNEE]

By:____________________________________

Title:

 

	
	 

	
14 
	
 Set forth, to at least 9 decimals, as a percentage of the Commitment/ Loans of all Lenders thereunder.

 

 

The undersigned hereby consent to the within assignment:15

 

	
 
	
RIVERSTONE CREDIT PARTNERS, L.P.,

	
 
	
 

	
 
	
 

	
 
	
By: RCP F1 GP, L.P.,  its general partner

	
 
	
 

	
 
	
By: RCP F1 GP, L.L.C., its general partner

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:  Manager

 

 

	
	 

	
15 
	
 Consents to be included to the extent required by Section 12.04(b) of the Credit Agreement.

 

 

 

	
NEW ATLAS HOLDINGS, LLC

	
 
	
 

	
 
	
 

	
By:
	
 

	
Name:
	
 

	
Title:
	
 

 

 

 

 

 

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION

1.Representations and Warranties.  

1.1.Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby, and (iv) it shall furnish to the Assignee a copy of Form FR U-1 or Form FR G-3, as the case may be, originally obtained with respect to the Commitment or Loans being assigned; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

1.2.Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 8.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, (v) if it is a Non-US Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee, (vi) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (vii) if it is not already a Lender under the Credit Agreement, attached to the Assignment and Assumption Agreement is a completed Administrative Questionnaire in the form provided by the Administrative Agent and (viii) subject to Section 12.04(b)(ii)(B) of the Credit Agreement, together with this Assignment and Assumption Agreement, the parties hereto have delivered to the Administrative Agent a processing and recordation fee of $3,500; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other 

 

 

Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2.Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

3.General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 

 

 

EXHIBIT E

FORM OF RESERVE REPORT CERTIFICATE
[December 31]/[June 30], 201[_]

This Reserve Report Certificate (“Certificate”) is executed and delivered pursuant to Section 8.11(b) of that certain Second Lien Credit Agreement, dated as of March 30, 2016 (as amended, restated, supplemented or otherwise modified from time to time (the “Credit Agreement”) among Atlas Energy Group, LLC, a Delaware limited liability company, New Atlas Holdings, LLC, a Delaware limited liability company (the “Borrower”), Riverstone Credit Partners, L.P., as administrative agent (the “Administrative Agent”) and the Lenders from time to time party thereto.  Unless otherwise defined herein, all capitalized terms have the meanings set forth in the Credit Agreement.

The undersigned, a Responsible Officer of the Borrower, hereby certifies to the Administrative Agent and Lenders that in all material respects, to the best of the Responsible Officer’s knowledge:

(i)  the information contained in the Reserve Report attached hereto as Attachment 1 to this Certificate (“Reserve Report”) and any other information delivered in connection therewith is true and correct, except that with respect to the projections in the Reserve Report, the Responsible Officer only represents that such projections were prepared in accordance with SEC regulations; 

(ii)  the representations and warranties contained in Section 7.17(a) of the Credit Agreement remain true and correct as of the date hereof; 

(iii)  except as set forth in Attachment 2 to this Certificate, on a net basis there are no gas imbalances or other prepayments made to the Parent or any Restricted Subsidiary with respect to the Oil and Gas Properties evaluated in such Reserve Report which would require the Parent or any Restricted Subsidiary to deliver and transfer ownership at some future time volumes of Hydrocarbons produced from such Oil and Gas Properties having a value (based on current prices) of more than $5,000,000 without receiving full payment therefor at the time of delivery of those Hydrocarbons;

(iv)  except as listed in Attachment 3 to this Certificate, none of the Oil and Gas Properties of the Loan Parties have been sold or have suffered a material loss, casualty or other insured damage since the date of the last Reserve Report;

(v)  attached hereto as Attachment 4 to this Certificate is a list of all marketing agreements entered into subsequent to the later of the Effective Date or the most recently delivered Reserve Report which the Borrower would have been obligated to list on Schedule 7.20 of the Credit Agreement had such agreement been in effect on the Effective Date; and 

(vi)  attached hereto as Attachment 5 to this Certificate is a schedule of the Oil and Gas Properties evaluated by the Reserve Report that are Mortgaged Properties demonstrating the percentage of the value of all Oil and Gas Properties evaluated in the Reserve Report as of the date hereof that the value of such Mortgaged Properties represents.

 

 

IN WITNESS WHEREOF, I have hereunto signed this Certificate as of the ____ day of [Month], 201[_].

 

 

	
 
	
NEW ATLAS HOLDINGS, LLC

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

 

 

 

ATTACHMENT 1
RESERVE REPORT

 

 

 

 

ATTACHMENT 2
GAS IMBALANCES, TAKE OR PAY, OR OTHER PREPAYMENTS

 

 

 

 

ATTACHMENT 3
OIL & GAS PROPERTIES SOLD OR WHICH HAVE 

SUFFERED A MATERIAL LOSS, CASUALTY OR DAMAGE

 

 

 

 

ATTACHMENT 4
MARKETING AGREEMENTS ENTERED INTO SUBSEQUENT TO [date]

 

 

 

 

ATTACHMENT 5
OIL & GAS PROPERTIES that are MORTGAGED PROPERTIES

 

		
	
Mortgaged Property Name

	
Percentage of the value of all Oil and Gas Properties evaluated by the Reserve Report contained in Attachment 1 that the value of the Mortgaged Property represents

	
 
	
 

	
 
	
 

 

 

 

 

EXHIBIT F

FORM OF JOINDER AGREEMENT

This Joinder Agreement dated as of [___________], 20[__] (this “Agreement”), is between [____________], a [__________] (the “New Guarantor”), and Riverstone Credit Partners, L.P., in its capacity as administrative agent under the Credit Agreement (defined below) (in such capacity, the “Administrative Agent”).  Capitalized terms used in this Agreement without definition have the meanings assigned to those terms in the Guaranty, the Security Agreement, and the Credit Agreement.

RECITALS

A.Pursuant to a Second Lien Credit Agreement dated as of March 30, 2016 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among Atlas Energy Group, LLC, a Delaware limited liability company (the “Parent”), New Atlas Holdings, LLC, a Delaware limited liability company (the “Borrower”), the lenders party thereto from time to time (the “Lenders”), and the Administrative Agent, the Lenders agreed to make loans and other extensions of credit to the Borrower in an aggregate principal amount of up to the Maximum Credit Amounts. 

B.The Borrower may at any time and from time to time enter into one or more Secured Swap Agreements with one or more Secured Swap Providers (as defined in the Security Agreement, defined below).

C.Pursuant to a Guaranty dated as of March ___, 2016 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Guaranty”) made by the Parent and the Subsidiaries of the Borrower party thereto from time to time (the “Guarantors”) in favor of the Administrative Agent for the benefit of the Secured Creditors (as defined in the Guaranty), the Guarantors have guaranteed the payment of the Indebtedness, and pursuant to a Security Agreement dated as of March ___, 2016 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Security Agreement”) made by the Borrower, the Subsidiaries of Borrower party thereto from time to time (together with the Borrower, the “Grantors”), and the Agent for the benefit of the Secured Creditors (as defined in the Security Agreement), the Grantors have granted security interests in the collateral described therein as security for the Indebtedness.

D.Section 4.14 of the Guaranty and Section 9.13 of the Security Agreement provide that additional Material Subsidiaries of the Borrower may become Guarantors under the Guaranty and Grantors under the Security Agreement by execution and delivery of an instrument in the form of this Agreement.  The New Guarantor is executing this Agreement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Guaranty and a Grantor under the Security Agreement.

Accordingly, the Administrative Agent and the New Guarantor agree as follows:

1.In accordance with Section 4.14 of the Guaranty, the New Guarantor by its signature below becomes a Guarantor under the Guaranty with the same force and effect as if originally named as a Guarantor in the Guaranty, and the New Guarantor hereby (a) ratifies, as of 

 

 

the date hereof, and agrees to all the terms and provisions of the Guaranty applicable to it as a Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct in all material respects on and as of the date hereof.  Each reference to a “Guarantor” in the Guaranty will be deemed to include the New Guarantor. 

2.In accordance with Section 9.13 of the Security Agreement, the New Guarantor by its signature below becomes a Grantor under the Security Agreement with the same force and effect as if originally named therein as a Grantor, and the New Guarantor hereby (a) ratifies, as of the date hereof, and agrees to all the terms and provisions of the Security Agreement applicable to it as a Grantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct in all material respects on and as of the date hereof after giving effect to the supplements to the schedules to the Security Agreement attached hereto.  The Schedules to the Security Agreement are hereby supplemented by the Schedules attached hereto with respect to the New Guarantor.  In furtherance of the foregoing, the New Guarantor, as security for the payment and performance in full of the Secured Obligations (as defined in the Security Agreement), hereby grants to the Administrative Agent, for the ratable benefit of the Secured Creditors, a security interest in all of the New Guarantor’s right, title and interest in, to and under the Collateral (as defined in the Security Agreement) of the New Guarantor.  Each reference to a “Grantor” in the Security Agreement will be deemed to include the New Guarantor.

3.If required, the New Guarantor is, simultaneously with the execution of this Agreement, executing and delivering such Security Instruments (and such other documents and instruments) as requested by the Administrative Agent in accordance with the Credit Agreement.

4.The New Guarantor represents and warrants to the Administrative Agent that: 

(a)an executed (or conformed) copy of each of the Loan Documents has been made available to a Responsible Officer of the New Guarantor and such Responsible Officer has a duty to and has read these documents, and has full notice and knowledge of the terms, conditions and effects thereof.  The New Guarantor has, independently and without reliance upon any Secured Creditor or any information received from the Secured Creditors, and based upon such documents and information as the New Guarantor has deemed appropriate, made its own analysis of the transactions contemplated hereby and the Borrower, the Borrower’s business, assets, operations, prospects and condition, financial or otherwise, and any circumstances which may bear upon such transactions, the Borrower or the obligations and risks undertaken herein with respect to the Indebtedness, and decision to enter into the Guaranty and the Security Agreement.  The New Guarantor has received the advice of its attorney in entering into the Guaranty, the Security Agreement and the other Loan Documents to which it is a party.  The New Guarantor has not relied and will not rely upon any representations or warranties of the Administrative Agent not embodied in the Guaranty or the Security Agreement or any acts heretofore or hereafter taken by the Administrative Agent (including but not limited to any review by the Administrative Agent of the affairs of Borrower).  The New Guarantor has adequate means to obtain from the Borrower on a continuing basis information concerning the financial condition and assets of the Parent and the Restricted Subsidiairies, and the New 

 

 

Guarantor is not relying upon any Secured Creditor to provide (and no Secured Creditor will have a duty to provide) any such information to any Guarantor either now or in the future; and 

(b)the representations and warranties set forth in Article VII of the Credit Agreement are incorporated herein by reference, the same as if stated verbatim herein as representations and warranties made by the New Guarantor (to the extent applicable), and the New Guarantor, jointly and severally represents and warrants that each of such representations and warranties are true and correct (after giving effect to supplements to the schedules to the Credit Agreement attached hereto); provided that each reference in each such representation and warranty to the Borrower’s knowledge shall, for the purposes of this Section 4(b), be deemed to be a reference to such New Guarantor’s knowledge.

5.This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which will constitute an original, but all of which when taken together will constitute a single contract.

6.Except as expressly supplemented by this Agreement, the Guaranty and the Security Agreement remain in full force and effect.

7.THIS AGREEMENT IS GOVERNED BY, AND WILL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

8.This Agreement is a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

9.The New Guarantor agrees to execute, acknowledge, deliver, file and record such further certificates, instruments and documents, and to do all other acts and things as may be requested by the Administrative Agent as necessary or advisable to carry out the intents and purposes of this Agreement, the Security Instruments and the Credit Agreement.

10.All communications and notices to the New Guarantor under the Guaranty and the Security Agreement must be in writing and given as provided in Section 4.1 of the Guaranty to the address for the New Guarantor set forth under its signature below.

11.The parties hereto hereby agree that the provisions of Sections 12.03 and 12.09 of the Credit Agreement shall apply to this Agreement, the transactions contemplated hereby and any action or proceeding arising out of or relating thereto, mutatis mutandis.

 

 

 

IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this Joinder Agreement as of the day and year first above written.

 

 

	
 
	
[NAME OF NEW GUARANTOR]

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

	
 
	
 
	
 

	
 
	
Address:
	
 

	
 
	
 
	
 

	
 
	
 
	
 

 

 

	
 
	
RIVERSTONE CREDIT PARTNERS, L.P.,

	
 
	
as Administrative Agent

	
 
	
 

	
 
	
 

	
 
	
By: RCP F1 GP, L.P.,  its general partner

	
 
	
 

	
 
	
 

	
 
	
By: RCP F1 GP, L.L.C., its general partner

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:  Manager

 

 

 

 

 

 

FORM OF PERFECTION CERTIFICATE

[See attached]

 

 

 

 

PERFECTION CERTIFICATE

Reference is hereby made to (i) that certain Security Agreement dated as of August 28, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”), among Atlas Energy Group, LLC, a Delaware limited liability company (the “Parent”), New Atlas Holdings, LLC, a Delaware limited liability company (the “Borrower”), the subsidiaries of the Parent from time to time party thereto (collectively, the “Subsidiary Guarantors” and, together with the Parent and the Borrower, each a “Company” and collectively, the “Companies”) and Riverstone Credit Partners, L.P., as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”), and (ii) that certain Credit Agreement dated as of August 10, 2015 (the “Credit Agreement”), among the Parent, the Borrower, the Administrative Agent and the lenders from time to time party thereto.  Capitalized terms used but not defined herein have the meanings assigned in the Credit Agreement.

The undersigned hereby certify to the Administrative Agent and each of the Secured Creditors as follows:

·Names.

	
 
	
·
	
The exact legal name of each Company, as such name appears in its respective certificate of formation, certificate of incorporation or other organizational document, as the case may be, is set forth in Schedule 1(a).  Each Company is (i) the type of entity disclosed next to its name in Schedule 1(a) and (ii) a registered organization except to the extent disclosed in Schedule 1(a).  Also set forth in Schedule 1(a) is the organizational identification number, if any, of each Company that is a registered organization, the federal taxpayer identification number of each Company and the jurisdiction of formation of each Company.

	
 
	
·
	
Set forth in Schedule 1(b) hereto is a list of any other corporate or organizational name each Company has had in the past five years, together with the date of each relevant change.

	
 
	
·
	
Set forth in Schedule 1(c) hereto is a list of all other names used by each Company, or any other business or organization to which each Company became the successor by merger, consolidation, acquisition, change in form, nature or organization or otherwise, on any filings with the Internal Revenue Service at any time within the five years preceding the date hereof.  Except as set forth in Schedule 1(c) hereto, no Company has changed its jurisdiction of organization at any time during the past four months.

·Current Locations.  The chief executive office of each Company is located at the address set forth in Schedule 2 hereto.

·File Search Reports.  Attached hereto as Schedule 3 are true and accurate copies of file search reports from the Uniform Commercial Code filing offices (i) in each jurisdiction identified in Schedule 1(a) or Schedule 2 with respect to each legal name set forth in Schedule 1(a) and (ii) in each jurisdiction described in Schedule 1(c) relating to any of the transactions described in Schedule (1)(c) with respect to each legal name of the person or entity from which each Company purchased or otherwise acquired any of the Collateral.  A true copy of each financing statement, including 

 

 

judgment and tax liens, bankruptcy and pending lawsuits or other filing identified in such file search reports has been delivered to the Administrative Agent. 

·UCC Filings.  The financing statements (duly authorized by each Company constituting the debtor therein), including the indications of the Collateral, attached hereto as Schedule 4 relating to the Security Agreement, are in the appropriate forms for filing in the filing offices in the jurisdictions identified therein.

·Filings.  The appropriate filing offices for the financing statements are as set forth in the financing statements attached hereto as Schedule 4.  The appropriate filing office for the filings described in Schedule 9(c) is the United States Patent and Trademark Office (“USPTO”).  The appropriate filing offices for the Mortgages and fixture filings related to the Mortgaged Property (as defined below) are as set forth in Schedule 5 attached hereto.  No other filings or actions are required to create, preserve, protect and perfect the security interests in the Collateral granted to the Administrative Agent pursuant to the Security Instruments.

·Real Estate.  Attached hereto as Schedule 5 is a list of all counties in which Mortgages will be filed with respect to the Oil and Gas Properties constituting Proved Reserves of the Companies.

·Termination Statements.  Attached hereto as Schedule 6 are the duly authorized termination statements in the appropriate form for filing in each applicable jurisdiction.

·Stock Ownership and Other Equity Interests.  Attached hereto as Schedule 7(a) is a true and correct list of each of all of the authorized, and the issued and outstanding, stock, partnership interests, limited liability company membership interests or other equity interest of the Borrower, each Subsidiary Guarantor (as defined in the Security Agreement) and the Subsidiaries of each Company and the record and beneficial owners of such stock, partnership interests, limited liability company membership interests or other equity interests.  Set forth in Schedule 7(b) hereto is each equity investment of each Company that represents 50% or less of the equity in which such investment was made.

·Instruments and Tangible Chattel Paper.  Attached hereto as Schedule 8 are copies of the Collateral constituting each Company’s Instruments and Chattel Paper delivered to the Administrative Agent to the extent required by the Security Agreement.

·Intellectual Property.  (a)  Attached hereto as Schedule 9(a) is a schedule setting forth all of each Company’s patents and trademarks applied for or registered with the USPTO, including the name of the registered owner or applicant and the registration, application, or publication  number, as applicable, of each such patent or trademark owned by each Company.

(b)  Attached hereto as Schedule 9(b) is a schedule setting forth all of each Company’s copyrights applied for or registered with the United States Copyright Office (the “USCO”), including the name of the registered owner and the registration number of each copyright owned by each Company.

(c)  Attached hereto as Schedule 9(c) is a schedule setting forth all patent licenses, trademark licenses and copyright licenses, whether or not recorded with the USPTO or USCO, as 

 

 

applicable, including, but not limited to, the relevant signatory parties to each license along with the date of execution thereof and, if applicable, a recordation number or other such evidence of recordation. 

(d)  Attached hereto as Schedule 9(d) in proper form for filing with the USPTO and USCO, as applicable, are the filings necessary to preserve, protect and perfect the security interests in the trademarks, trademark licenses, patent, patent licenses, copyright and copyright licenses set forth in Schedule 9(a), Schedule 9(b) and Schedule 9(c), including duly signed copies of each of the Patent Security Agreement, Trademark Security Agreement and Copyright Security Agreement, as applicable.

 

·Commercial Tort Claims.  Attached hereto as Schedule 10 is a true and correct list of all Commercial Tort Claims (as defined in the Security Agreement) held by each Company, including a brief description thereof.

·Deposit Accounts, Securities Accounts and Commodity Accounts.  Attached hereto as Schedule 11 is a true and complete list of all Deposit Accounts, Securities Accounts and Commodity Accounts (each as defined in the Security Agreement) maintained by each Company, including the name of each institution where each such account is held, the account number of each such account, the name of each entity that holds each such account.

·Insurance.Attached hereto as Schedule 12 is a copy of the insurance certificate with a true and correct list of all insurance policies of the Companies.

 

[The Remainder of This Page Has Been Intentionally Left Blank]

 

 

 

 

IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of the date first written above.

ATLAS ENERGY GROUP, LLC, a Delaware limited liability company

NEW ATLAS HOLDINGS, LLC, a Delaware limited liability company

ATLAS LIGHTFOOT, LLC, a Delaware limited liability company

 

 

	
 
	
By:
	
 

	
 
	
 
	
Name:   Jeffrey Slotterback

	
 
	
 
	
Title:    Chief Financial Officer and/or

Authorized Signatory of each Company

 

 

 

[Signature Page to Perfection Certificate]

 

Schedule 1(a)

Legal Names, Etc.

	
Company Name
	
Type of Organization
	
Jurisdiction
of
Formation
	
Foreign Qualification
	
EIN
	
Organizational
Identification
Number
	
Chief Executive
Office

	
Atlas Energy Group, LLC (f/k/a Atlas Resource Partners GP, LLC)
	
Limited liability company
	
DE
	
None
	
##-#######
	
5051545
	
Park Place Corporate
Center One
1000 Commerce Drive
Suite 400
Pittsburgh, PA 15275

	
ATLAS LIGHTFOOT, LLC
	
Limited liability company
	
DE
	
None
	
##-#######
	
4170768
	
Park Place Corporate
Center One
1000 Commerce Drive
Suite 400
Pittsburgh, PA 15275

	
New Atlas Holdings, LLC
	
Limited liability company
	
DE
	
None
	
##-#######
	
5687273
	
Park Place Corporate
Center One
1000 Commerce Drive
Suite 400
Pittsburgh, PA 15275

 

 

 

 

 

Schedule 1(b)

Prior Organizational Names 

			
	
Company Name
	
Former Entity Name
	
Date of Amendment

	
Atlas Energy Group, LLC
	
Atlas Resource Partners GP, LLC
	
November 3, 2014

 

 

 

 

 

Schedule 1(c)

Changes in Corporate Identity; Other Names

None.

 

 

 

 

 

Schedule 2

Chief Executive Offices

See Schedule 1(a) above.

 

 

 

 

 

Schedule 3

File Search Reports

See attached.

 

 

 

 

Schedule 4

Copy of Financing Statements To Be Filed

See attached.

 

 

 

 

Schedule 5

Real Property

None.

 

 

 

 

Schedule 6

Copy of Termination Statements To Be Filed

[None.]

 

 

 

 

Schedule 7

(a) Equity Interests of Borrower, Each Subsidiary Guarantor and the Subsidiaries of Each Company

					
	
Subsidiary
	
Jurisdiction of Formation
	
100% Owner 
(except as set forth below)
	
Type of Equity Interest
	
Number of Issued Shares

	
Atlas Energy Company, LLC
	
DE
	
Parent
	
LLC Membership
	
N/A

	
New Atlas Holdings, LLC
	
DE
	
Parent
	
LLC Membership
	
N/A

	
Atlas Energy Resource Services, Inc.
	
DE
	
Atlas Energy Company, LLC
	
Common Stock
	
1,000

	
ATLAS LIGHTFOOT, LLC
	
DE
	
Borrower1
	
LLC Membership
	
N/A

	
Atlas Resource Partners, L.P.2 and its Subsidiaries3
	
DE
	
Parent4
	
General Partner Interest
(Class A Preferred Units)
	
N/A

	
Borrower5
	
Limited Partnership Interest (Common Units)
	
102,421,097

	
Borrower6
	
Limited Partnership Interest (Class C Preferred Units)
	
3,749,986

	
Atlas Growth Partners GP, LLC and its Subsidiaries3
	
DE
	
Borrower7
	
LLC Membership
	
N/A

 

1 The Borrower is the Class A Member and owns 90% of the member interests of this entity.

2 Publicly-traded limited partnership.

3 Such entity and its Subsidiaries are Unrestricted Subsidiaries.

4 The Parent owns 2% of the general partnership interests (Class A Units) of this entity.

5 The Borrower owns 20,962,485 Common Units representing 19.8% of the limited partnership interests of this entity.

6 The Borrower owns 3,749,986 Class C Preferred Units representing 3.5% of the limited partnership interests of this entity.

7 The Borrower owns 80% of the member interests of this entity.

 

 

 

 

(b) Other Equity Interests

	
Entity
	
Jurisdiction of Formation
	
Record Owner
	
Type of Equity Interest
	
Ownership Interest

	
Lightfoot Capital Partners GP LLC
	
DE
	
ATLAS LIGHTFOOT, LLC
	
Series A LLC Membership
	
13.2094%

	
ATLAS LIGHTFOOT, LLC
	
Series B LLC Membership
	
2.6927%

	
LIGHTFOOT CAPITAL PARTNERS, LP
	
DE
	
ATLAS LIGHTFOOT, LLC
	
Limited Partnership Interests
	
11.9902%

 

 

 

 

 

Schedule 8

Instruments and Tangible Chattel Paper

None.

 

 

 

 

Schedule 9(a)

Patents and Trademarks

PATENTS

None.

 

TRADEMARKS

			
	
Company
	
Mark
	
Registration No.

	
Atlas Energy Group, LLC
	
ATLAS ENERGY
	
4065555

	
Atlas Energy Group, LLC
	
ATLAS ENERGY
	
4216363

	
Atlas Energy Group, LLC
	

	
4043933

	
Atlas Energy Group, LLC
	

	
4090913

 

 

 

 

Schedule 9(b)

Copyrights

None.

 

 

 

 

Schedule 9(c)

Intellectual Property Licenses

None.

 

 

 

 

Schedule 9(d)

Intellectual Property Filings

See attached.

 

 

 

 

Schedule 10

Commercial Tort Claims

None.

 

 

 

 

Schedule 11

Deposit Accounts 

	
 
	
Key Bank Account #
	
Bank of America Account #
	
Past 12 mos
Over $600,000?

	
ATLAS LIGHTFOOT, LLC
	
############
	
 
	
Yes

	
 
	
 
	
##########
	
No

	
New Atlas Holdings, LLC
	
############
	
 
	
Yes

 

 

 

Securities Accounts

 

New Atlas Holdings, LLC has two securities accounts at American Stock Transfer and Trust Company with the following account numbers:  ########## and ##########.

 

 

 

 

 

 

 

 

Schedule 12

Insurance

See attached.

 

 

 

 

EXHIBIT H-1

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Lien Credit Agreement dated as of March 30, 2016 (together with all amendments, restatements, supplements or modifications thereto, the “Credit Agreement”), among Atlas Energy Group, LLC, a Delaware limited liability company, New Atlas Holdings, LLC, a Delaware limited liability company, (the “Borrower”), Riverstone Credit Partners, L.P., in its capacity as administrative agent (the “Administrative Agent”), and the lenders from time to time party thereto (each a “Lender” and collectively, the “Lenders”).

Pursuant to the provisions of Section 5.03 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF LENDER]

By:
Name:
Title:

Date: ________ __, 20[ ]

 

 

EXHIBIT H-2

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Lien Credit Agreement dated as of March 30, 2016 (together with all amendments, restatements, supplements or modifications thereto, the “Credit Agreement”), among Atlas Energy Group, LLC, a Delaware limited liability company, New Atlas Holdings, LLC, a Delaware limited liability company, (the “Borrower”), Riverstone Credit Partners, L.P., in its capacity as administrative agent (the “Administrative Agent”), and the lenders from time to time party thereto (each a “Lender” and collectively, the “Lenders”).

Pursuant to the provisions of Section 5.03 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]

By:
Name:
Title:

Date: ________ __, 20[ ]

 

 

EXHIBIT H-3

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Lien Credit Agreement dated as of March 30, 2016 (together with all amendments, restatements, supplements or modifications thereto, the “Credit Agreement”), among Atlas Energy Group, LLC, a Delaware limited liability company, New Atlas Holdings, LLC, a Delaware limited liability company, (the “Borrower”), Riverstone Credit Partners, L.P., in its capacity as administrative agent (the “Administrative Agent”), and the lenders from time to time party thereto (each a “Lender” and collectively, the “Lenders”).

Pursuant to the provisions of Section 5.03 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its applicable partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its applicable partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its applicable partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its applicable partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]

By:
Name:
Title:

Date: ________ __, 20[ ]

 

 

EXHIBIT H-4

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Lien Credit Agreement dated as of March 30, 2016 (together with all amendments, restatements, supplements or modifications thereto, the “Credit Agreement”), among Atlas Energy Group, LLC, a Delaware limited liability company, New Atlas Holdings, LLC, a Delaware limited liability company, (the “Borrower”), Riverstone Credit Partners, L.P., in its capacity as administrative agent (the “Administrative Agent”), and the lenders from time to time party thereto (each a “Lender” and collectively, the “Lenders”).

Pursuant to the provisions of Section 5.03 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its applicable partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its applicable partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its applicable partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF LENDER]

By:
Name:
Title:

Date: ________ __, 20[ ]

 

EXHIBIT I

FORM OF SOLVENCY CERTIFICATE

[●], _____

This Solvency Certificate is being executed and delivered pursuant to Section 6.01(i) of that certain Second Lien Credit Agreement dated as of March 30, 2016, among Atlas Energy Group, LLC, a Delaware limited liability company (the “Parent”), New Atlas Holdings, LLC, a Delaware limited liability company (the “Borrower”), Riverstone Credit Partners, L.P., as Administrative Agent, and the other lenders party thereto (the “Credit Agreement”); the terms defined therein being used herein as therein defined.

I, [●], the chief financial officer of the Parent, which is the sole member of the Borrower, hereby certify, solely in such capacity on behalf of the Parent and not in an individual capacity, that I am the chief financial officer of the Parent and that I am generally familiar with the businesses and assets of the Parent and its subsidiaries (taken as a whole), and I am duly authorized to execute this Solvency Certificate on behalf of the Parent pursuant to the Credit Agreement.

I further certify, solely in my capacity as chief financial officer of the Parent, and not in my individual capacity, as of the date hereof and after giving effect to the Transactions and the incurrence of the indebtedness and obligations being incurred in connection with the Credit Agreement and the Transactions on the date hereof, that the Parent and its Restricted Subsidiaries, taken as a whole, are Solvent.

[Remainder of page intentionally left blank]

 

 

 

IN WITNESS WHEREOF, I have executed this Solvency Certificate on the date first written above.

 

	
 
	
By:
	
 

	
 
	
 
	
Name:

	
 
	
 
	
Title:   Chief Financial Officer

 

 

 

 

 

EXHIBIT J

 

FORM OF INTERCREDITOR AGREEMENT

[See attached]

 

 

Execution Version

 

INTERCREDITOR AGREEMENT

dated as of March 30, 2016 between

Riverstone Credit Partners, L.P.,
as Priority Lien Agent,

and

Riverstone Credit Partners, L.P.,
as Second Lien Agent

And acknowledged and agreed to by
the Borrower and Grantors on the signature pages hereto

 

THIS IS THE INTERCREDITOR AGREEMENT REFERRED TO IN (A) THE CREDIT AGREEMENT DATED AS OF AUGUST 10, 2015, AMONG ATLAS ENERGY GROUP, LLC, NEW ATLAS HOLDINGS, LLC, THE LENDERS PARTY THERETO FROM TIME TO TIME AND RIVERSTONE CREDIT PARTNERS, L.P., AS ADMINISTRATIVE AGENT AS AMENDED BY THAT CERTAIN AMENDMENT TO CREDIT AGREEMENT DATED AS OF AUGUST 24, 2015, THAT CERTAIN SECOND AMENDMENT TO CREDIT AGREEMENT DATED AS OF JANUARY 20, 2016 AND THAT CERTAIN THIRD AMENDMENT TO CREDIT AGREEMENT DATED AS OF MARCH 30, 2016 AND AS FURTHER AMENDED, RESTATED, REPLACED, REFINANCED AND OTHERWISE MODIFIED FROM TIME TO TIME, (B) THE SECOND LIEN CREDIT AGREEMENT DATED AS OF MARCH 30, 2016 AMONG ATLAS ENERGY GROUP, LLC, NEW ATLAS HOLDINGS, LLC, THE LENDERS PARTY THERETO FROM TIME TO TIME AND RIVERSTONE CREDIT PARTNERS, L.P., AS ADMINISTRATIVE AGENT AS AMENDED, RESTATED, REPLACED, REFINANCED AND OTHERWISE MODIFIED FROM TIME TO TIME, (C) THE OTHER LOAN DOCUMENTS REFERRED TO IN SUCH CREDIT AGREEMENT AND (D) THE OTHER LOAN DOCUMENTS REFERRED TO IN SUCH SECOND LIEN CREDIT AGREEMENT. 

 

 

 

[AEG Intercreditor Agreement]

 

TABLE OF CONTENTS

Page

	
ARTICLE I DEFINITIONS
	
 

	
Section 1.01
	
Construction; Certain Defined Terms
	
1

	
 
	
ARTICLE II LIEN PRIORITIES
	
 

	
Section 2.01
	
Relative Priorities
	
12

	
Section 2.02
	
Prohibition on Marshalling, Etc
	
13

	
Section 2.03
	
No New Liens
	
13

	
Section 2.04
	
Similar Collateral and Agreements
	
13

	
Section 2.05
	
No Duties of Priority Lien Agent
	
13

	
Section 2.06
	
No Duties of Second Lien Collateral Agent
	
14

	
ARTICLE III ENFORCEMENT RIGHTS; PURCHASE OPTION
	
 

	
Section 3.01
	
Limitation on Enforcement Action
	
14

	
Section 3.02
	
Standstill Periods; Permitted Enforcement Action
	
15

	
Section 3.03
	
Insurance
	
16

	
Section 3.04
	
Notification of Release of Collateral
	
16

	
Section 3.05
	
No Interference; Payment Over
	
16

	
Section 3.06
	
Purchase Option
	
17

	
ARTICLE IV OTHER AGREEMENTS
	
 

	
Section 4.01
	
Release of Liens; Automatic Release of Second Liens
	
19

	
Section 4.02
	
Certain Agreements With Respect to Insolvency or Liquidation Proceedings
	
20

	
Section 4.03
	
Reinstatement
	
23

	
Section 4.04
	
Refinancings; Additional Second Lien Debt
	
24

	
Section 4.05
	
Amendments to Second Lien Documents
	
24

	
Section 4.06
	
Legends
	
25

	
Section 4.07
	
Second Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor
	
25

	
Section 4.08
	
Postponement of Subrogation
	
25

	
Section 4.09
	
Acknowledgment by the Secured Debt Representatives
	
25

	
ARTICLE V GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS
	
 

	
Section 5.01
	
General
	
25

	
Section 5.02
	
Deposit Accounts
	
26

	
ARTICLE VI APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS
	
 

	
Section 6.01
	
Application of Proceeds
	
26

	
Section 6.02
	
Determination of Amounts
	
27

	
ARTICLE VII NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE; CONSENT OF GRANTORS; ETC.
	
 

	
Section 7.01
	
No Reliance; Information
	
27

	
Section 7.02
	
No Warranties or Liability
	
27

	
Section 7.03
	
Obligations Absolute
	
28

	
Section 7.04
	
Grantors Consent
	
28

	
ARTICLE VIII REPRESENTATIONS AND WARRANTIES
	
 

	
Section 8.01
	
Representations and Warranties of Each Party
	
29

 [AEG Intercreditor Agreement]

 

	
Section 8.02
	
Representations and Warranties of Each Representative
	
29

	
ARTICLE IX MISCELLANEOUS
	
 

	
Section 9.01
	
Notices
	
29

	
Section 9.02
	
Waivers; Amendment
	
30

	
Section 9.03
	
Actions Upon Breach; Specific Performance
	
31

	
Section 9.04
	
Parties in Interest
	
31

	
Section 9.05
	
Survival of Agreement
	
31

	
Section 9.06
	
Counterparts
	
31

	
Section 9.07
	
Severability
	
31

	
Section 9.08
	
Governing Law; Jurisdiction; Consent to Service of Process
	
32

	
Section 9.09
	
WAIVER OF JURY TRIAL
	
32

	
Section 9.10
	
Headings
	
32

	
Section 9.11
	
Conflicts
	
32

	
Section 9.12
	
Provisions Solely to Define Relative Rights
	
32

	
Section 9.14
	
Certain Terms Concerning the Priority Lien Agent and the Second Lien Collateral Agent
	
33

	
Section 9.15
	
Authorization of Secured Agents
	
33

	
Section 9.16
	
Further Assurances
	
33

	
Section 9.17
	
Relationship of Secured Parties
	
33

 

 

Annex and Exhibits

		
	
Annex I
	
Legend

	
 
	
 

	
Exhibit A
	
Form of Priority Confirmation Joinder

	
Exhibit B
	
Security Documents

 

 

 [AEG Intercreditor Agreement]

 

INTERCREDITOR AGREEMENT, dated as of March 30, 2016 (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), between Riverstone Credit Partners, L.P., as administrative agent for the Priority Lien Secured Parties referred to herein (in such capacity, and together with its successors and assigns in such capacity, the “Original Priority Lien Agent”) and Riverstone Credit Partners, L.P., as administrative agent for the Second Lien Secured Parties referred to herein (in such capacity, and together with its successors in such capacity, the “Original Second Lien Agent”), and acknowledged and agreed to by the Borrower (defined below) and Grantors (defined below) on the signature pages hereto.

Reference is made to (a) the Priority Credit Agreement (defined below) and (b) the Second Lien Credit Agreement (defined below).

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Priority Lien Agent (for itself and on behalf of the Priority Lien Secured Parties) and the Second Lien Agent (for itself and on behalf of the Second Lien Secured Parties) agree as follows:

ARTICLE I
DEFINITIONS

Section 1.01Construction; Certain Defined Terms.  (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, (i) any reference herein to any agreement, instrument, other document, statute or regulation shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified in accordance with the terms of each applicable Secured Debt Document (including, for the avoidance of doubt, this Agreement), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) 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, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vi) the term “or” is not exclusive.

(b)All terms used in this Agreement that are defined in Article 1, 8 or 9 of the New York UCC (whether capitalized herein or not) and not otherwise defined herein have the meanings assigned to them in Article 1, 8 or 9 of the New York UCC.  If a term is defined in Article 9 of the New York UCC and another Article of the New York UCC, such term shall have the meaning assigned to it in Article 9 of the New York UCC.

(c)As used in this Agreement, the following terms have the meanings specified below:

“Accounts” has the meaning assigned to such term in Section 3.01(a).

 [AEG Intercreditor Agreement]

 

“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.  

“Bankruptcy Code” means Title 11 of the United States Code.

“Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors.

“Board of Directors” means:  (1) with respect to a corporation, the board of directors of the corporation; (2) with respect to a partnership, the Board of Directors of the general partner of the partnership; and (3) with respect to any other Person, the board or committee of such Person serving a similar function.

“Borrower” means New Atlas Holdings, LLC, a Delaware limited liability company.

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York, are authorized or required by law to remain closed.

“Class” means (a) in the case of Priority Lien Debt, the Priority Lien Debt, taken together, and (b) in the case of Second Lien Debt, the Second Lien Debt, taken together.

“Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, constituting the Priority Lien Collateral and/or the Second Lien Collateral.

“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.  For the purposes of this definition, and without limiting the generality of the foregoing, any Person that owns directly or indirectly 5% or more of the Equity Interests having ordinary voting power for the election of the directors or other governing body of a Person (other than as a limited partner of such other Person) will be deemed to “control” such other Person.  “Controlling” and “Controlled” have meanings correlative thereto.

“Credit Facilities” means one or more debt facilities (including, without limitation, the Priority Credit Agreement), capital markets financings or other financing arrangements (including commercial paper facilities or indentures) providing for revolving credit loans, term loans, letters of credit, bankers acceptances or other long-term 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, in whole or in part, and any indentures or credit facilities or commercial paper facilities that replace, refund, supplement or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding, supplemental or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed or issued thereunder or alters the maturity thereof or adds additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders.

“DIP Financing” has the meaning assigned to such term in Section 4.02(b).

“DIP Financing Liens” has the meaning assigned to such term in Section 4.02(b).

“Discharge of Priority Lien Obligations” means the occurrence of all of the following:

 [AEG Intercreditor Agreement]

 

(a)payment in full in cash of the principal of (to the extent such principal does not constitute Excess Priority Lien Obligations) and interest and premium (if any) on all Priority Lien Debt; 

(b)payment in full in cash of obligations in respect of Priority Lien Secured Swap Agreement constituting Priority Lien Obligations (and, with respect to any particular Priority Lien Secured Swap Agreement, termination of such agreement and payment in full in cash of all obligations thereunder or such other arrangements as have been made by the counterparty thereto (and communicated to the Priority Lien Agent) pursuant to the terms of the Priority Credit Agreement) other than such obligations in respect of Priority Lien Secured Swap Agreements that have been novated or collateralized to the extent required by the terms thereof; and

(c)payment in full in cash of all other Priority Lien Obligations that are outstanding and unpaid at the time the Priority Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at or prior to such time);

provided that, if, at any time after the Discharge of Priority Lien Obligations has occurred, the Borrower or any Grantor enters into any Priority Lien Document evidencing a Priority Lien Obligation which incurrence is not prohibited by the applicable Secured Debt Documents, then, from and after the date on which the Borrower designates such indebtedness as Priority Lien Debt in accordance with this Agreement, such Discharge of Priority Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement with respect to such new Priority Lien Obligations (other than with respect to any actions taken as a result of the occurrence of such first Discharge of Priority Lien Obligations), and the obligations under such Priority Lien Document shall automatically and without any further action be treated as Priority Lien Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth in this Agreement, any Second Lien Obligations shall be deemed to have been at all times Second Lien Obligations and at no time Priority Lien Obligations.  For the avoidance of doubt, a Replacement as contemplated by Section 4.04 shall not be deemed to cause a Discharge of Priority Lien Obligations.

“Discharge of Second Lien Obligations” means the occurrence of all of the following:

(a)payment in full in cash of the principal of and interest and premium (if any) on all Second Lien Debt;

(b)payment in full in cash of obligations in respect of Second Lien Secured Swap Agreement constituting Second Lien Obligations (and, with respect to any particular Second Lien Secured Swap Agreement, termination of such agreement and payment in full in cash of all obligations thereunder or such other arrangements as have been made by the counterparty thereto (and communicated to the Second Lien Agent) pursuant to the terms of the Second Lien Credit Agreement) other than such obligations in respect of Second Lien Secured Swap Agreements that have been novated or collateralized to the extent required by the terms thereof; and

(c)payment in full in cash of all other Second Lien Obligations that are outstanding and unpaid at the time the Second Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at or prior to such time);

 [AEG Intercreditor Agreement]

 

provided that, if at any time after the Discharge of Second Lien Obligations has occurred, the Borrower or any Grantor enters into any Second Lien Document evidencing a Second Lien Obligation which incurrence is not prohibited by the applicable Secured Debt Documents, then, from and after the date on which the Borrower designates such indebtedness as Second Lien Debt in accordance with this Agreement, such Discharge of Second Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement with respect to such new Second Lien Obligations (other than with respect to any actions taken as a result of the occurrence of such first Discharge of Second Lien Obligations), and the obligations under such Second Lien Document shall automatically and without any further action be treated as Second Lien Obligations for all purposes of this Agreement.  For the avoidance of doubt, a Replacement as contemplated by Section 4.04 shall not be deemed to cause a Discharge of Second Lien Obligations.

“Disposition” means any sale, lease, exchange, assignment, license, contribution, transfer or other disposition.  “Dispose” shall have a correlative meaning.

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such Equity Interest.

“Excess Priority Lien Obligations” means Obligations constituting Priority Lien Obligations for the principal amount of loans and reimbursement obligations under the Priority Credit Agreement and/or any other Credit Facility pursuant to which Priority Lien Debt has been incurred to the extent that such Obligations for principal and reimbursement obligations are in excess of the amount in clause (a) of the definition of “Priority Lien Cap.”

“Financial Officer” means, for any Person, the chief financial officer, principal accounting officer, treasurer, assistant treasurer or controller of such Person.  

“Governmental Authority” means the government of the United States or any other nation, or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other Person exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

“Grantors” means Holdings, Borrower, and each other subsidiary of the Borrower that shall have granted any Lien in favor of any of the Priority Lien Agent or the Second Lien Agent on any of its assets or properties to secure any of the Secured Obligations.

“Holdings” means Atlas Energy Group, LLC, a Delaware limited liability company.

“Hydrocarbon Interests” means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas leases, oil, gas and mineral leases, or other liquid or gaseous Hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests, including any reserved or residual interests of whatever nature.

“Hydrocarbons” means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom.

“Insolvency or Liquidation Proceeding” means:

 [AEG Intercreditor Agreement]

 

(a)any case commenced by or against the Borrower or any other Grantor under the Bankruptcy Code or any other Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Borrower or any other Grantor, any receivership or assignment for the benefit of creditors relating to the Borrower or any other Grantor or any similar case or proceeding relative to the Borrower or any other Grantor or its creditors, as such, in each case whether or not voluntary; 

(b)any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Borrower or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

(c)any other proceeding of any type or nature in which substantially all claims of creditors of the Borrower or any other Grantor are determined and any payment or distribution is or may be made on account of such claims.

“Lien” means, any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including but not limited to (a) the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes or (b) production payments and the like payable out of Oil and Gas Properties.  

“Master Agreement” has the meaning given such term in the definition of “Swap Agreement”.

“Moody’s” means Moody’s Investors Service, Inc.  and any successor thereto that is a nationally recognized rating agency.

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

“Obligations” means any principal, interest (including, to the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate even if such interest is not enforceable, allowable or allowed as a claim in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities payable under the documentation governing any indebtedness.

“Officers’ Certificate” means a certificate signed by two officers of the Borrower or a Parent Entity, one of whom must be either the principal executive officer or a Financial Officer, as applicable.

“Oil and Gas Business” means:

(a)the business of acquiring, exploring, exploiting, developing, producing, operating and disposing of interests in oil, natural gas, natural gas liquids, liquefied natural gas and other Hydrocarbons and mineral properties or products produced in association with any of the foregoing;

(b)the business of gathering, marketing, distributing, treating, processing, storing, refining, selling and transporting any production from such interests or properties and products produced in association therewith and the marketing of oil, natural gas, other Hydrocarbons and minerals obtained from unrelated Persons;

 [AEG Intercreditor Agreement]

 

(c)any other related energy business, including power generation and electrical transmission business, directly or indirectly, from oil, natural gas and other Hydrocarbons and minerals produced substantially from properties in which the Grantors, directly or indirectly, participate; 

(d)any business relating to oil field sales and service; and

(e)any business or activity relating to, arising from or necessary, appropriate, incidental or ancillary to the activities described in the foregoing clauses (a) through (d) of this definition.

“Oil and Gas Properties” means: (a) Hydrocarbon Interests; (b) the Properties now or hereafter pooled or unitized with Hydrocarbon Interests; (c) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units created thereby (including without limitation all units created under orders, regulations and rules of any Governmental Authority) which may affect all or any portion of the Hydrocarbon Interests; (d) all operating agreements, contracts and other agreements, including production sharing contracts and agreements, which relate to any of the Hydrocarbon Interests or the production, sale, purchase, exchange or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests; (e) all Hydrocarbons in and under and which may be produced and saved or attributable to the Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits, proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests; (f) all tenements, hereditaments, appurtenances and Properties in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests; and (g) all Properties, rights, titles, interests and estates described or referred to above, including any and all Property, real or personal, now owned or hereinafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development of any of such Hydrocarbon Interests or Property (excluding drilling rigs, automotive equipment, rental equipment or other personal Property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any and all oil wells, gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants, plant compressors, pumps, pumping units, field gathering systems, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases, rights-of-way, easements and servitudes together with all additions, substitutions, replacements, accessions and attachments to any and all of the foregoing.

“Original Priority Lien Agent” has the meaning assigned to such term in the preamble hereto.

“Original Second Lien Agent” has the meaning assigned to such term in the preamble hereto.

“Parent Entity” means any Person that is a direct or indirect parent company (which may be organized as a partnership) of the Borrower, including, as of the date hereof, Holdings.

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

“Priority Confirmation Joinder” means an agreement substantially in the form of Exhibit A.

“Priority Credit Agreement” means the Credit Agreement dated as of August 10, 2015, among Holdings, Borrower, the Original Priority Lien Agent, the lenders party thereto from time to time and the other agents named therein, as amended by that certain Amendment to Credit Agreement dated as of August 24, 2015, that certain Second Amendment to Credit Agreement dated as of January 20, 2016 and that certain Third Amendment to Credit Agreement dated as of March 30, 2016 and as further amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from time to time with the same and/or different lenders and/or agents and any credit agreement, loan agreement, note 

 [AEG Intercreditor Agreement]

 

agreement, promissory note, indenture or any other agreement or instrument evidencing or governing the terms of any Priority Substitute Credit Facility.

“Priority Lien” means a Lien granted by the Borrower or any other Grantor in favor of the Priority Lien Agent, at any time, upon any Property of the Borrower or such other Grantor to secure Priority Lien Obligations (including Liens on such Collateral under the security documents associated with any Priority Substitute Credit Facility).

“Priority Lien Agent” means the Original Priority Lien Agent, and, from and after the date of execution and delivery of a Priority Substitute Credit Facility, the agent, collateral agent, trustee or other representative of the lenders or holders of the indebtedness and other Obligations evidenced thereunder or governed thereby, in each case, together with its successors in such capacity.

“Priority Lien Approved Counterparty” means (a) the Priority Lien Agent, any Priority Lien Lender or any Affiliate of the Priority Lien Agent or a Priority Lien Lender, or (b) any other Person whose long term senior unsecured debt rating at the time of entry into the applicable Swap Agreement is A-/A3 by S&P or Moody’s (or their equivalent) or higher.

“Priority Lien Cap” means, as of any date, (a) the aggregate principal amount of all indebtedness outstanding at any time under the Priority Credit Agreement not in excess of $ $35,000,000, as such amount may be increased by the capitalization of interest paid-in-kind, plus (b) the amount of all obligations in respect of Priority Lien Secured Swap Agreements, to the extent such obligations are secured by the Priority Liens, plus (c) the amount of accrued and unpaid interest (including any interest paid-in-kind) and outstanding fees, to the extent such obligations are secured by the Priority Liens.

“Priority Lien Collateral” shall mean all “Collateral”, as defined in the Priority Credit Agreement or any other Priority Lien Document, and any other assets of any Grantor now or at any time hereafter subject to Liens which secure, but only to the extent securing, any Priority Lien Obligation.

“Priority Lien Debt” means the indebtedness under the Priority Credit Agreement that was permitted to be incurred and secured under the Priority Credit Agreement, the Second Lien Credit Agreement and any Second Lien Substitute Facility (or as to which the lenders under the Priority Credit Agreement obtained an Officers’ Certificate at the time of incurrence to the effect that such indebtedness was permitted to be incurred and secured by all applicable Secured Debt Documents) and additional indebtedness under any Priority Substitute Credit Facility.  For purposes of this Agreement, indebtedness under the Priority Credit Agreement is permitted to be incurred under the Second Lien Credit Agreement.

“Priority Lien Documents” means the Priority Credit Agreement, the Priority Lien Security Documents, the other “Loan Documents” (as defined in the Priority Credit Agreement) and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing, or executed or delivered in connection with, any Priority Substitute Credit Facility.

“Priority Lien Hedge Intercreditor Agreement” means an intercreditor agreement by and among a Priority Lien Approved Counterparty, the Priority Lien Agent and the Borrower, in form and substance satisfactory to the Priority Lien Agent.

“Priority Lien Lenders” means the lenders from time to time party to the Priority Credit Agreement or any Priority Substitute Credit Facility.

“Priority Lien Obligations” means the Priority Lien Debt and all other Obligations in respect of or in connection with Priority Lien Debt together with obligations in respect of Priority Lien Secured Swap 

 [AEG Intercreditor Agreement]

 

Agreements, in each case to the extent that such Obligations are secured by Priority Liens.  For the avoidance of doubt, obligations in respect of Swap Agreements shall only constitute Priority Lien Obligations to the extent that such obligations in respect of Swap Agreements are secured under the terms of the Priority Credit Agreement and Priority Lien Security Documents.  Notwithstanding any other provision hereof, the term “Priority Lien Obligations” will include accrued interest, fees, costs, and other charges incurred under the Priority Credit Agreement and the other Priority Lien Documents, whether incurred before or after commencement of an Insolvency or Liquidation Proceeding, and whether or not allowable in an Insolvency or Liquidation Proceeding.  To the extent that any payment with respect to the Priority Lien Obligations (whether by or on behalf of any Grantor, as proceeds of security, enforcement of any right of set‐off, or otherwise) is declared to be fraudulent or preferential in any respect, set aside, or required to be paid to a debtor in possession, trustee, receiver, or similar Person, then the obligation or part thereof originally intended to be satisfied will be deemed to be reinstated and outstanding as if such payment had not occurred.

“Priority Lien Release Notice” has the meaning assigned to such term in Section 4.01(a).

“Priority Lien Secured Parties” means, at any time, the Priority Lien Agent, each lender or issuing bank under the Priority Credit Agreement, each holder, provider or obligee of any obligation in respect of a Priority Lien Secured Swap Agreement, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Priority Lien Document, each other Person that provides letters of credit, guarantees or other credit support related thereto under any Priority Lien Document and each other holder of, or obligee in respect of, any Priority Lien Obligations  (including pursuant to a Priority Substitute Credit Facility), in each case to the extent designated as a secured party (or a party entitled to the benefits of the security) under any Priority Lien Document outstanding at such time.

“Priority Lien Secured Swap Agreement” means a Swap Agreement between the Borrower and a Priority Lien Approved Counterparty that has executed a Priority Lien Hedge Intercreditor Agreement.

“Priority Lien Security Documents” means the Priority Credit Agreement (insofar as the same grants a Lien on the Collateral), each agreement listed in Part A of Exhibit B hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by the Borrower or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Priority Lien Agent (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Priority Substitute Credit Facility).

 

“Priority Substitute Credit Facility” means any Credit Facility with respect to which the requirements contained in Section 4.04 of this Agreement have been satisfied and that Replaces the Priority Credit Agreement then in existence.  For the avoidance of doubt, no Priority Substitute Credit Facility shall be required to be a revolving or asset-based loan facility and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument; provided that any Priority Lien securing such Priority Substitute Credit Facility shall be subject to the terms of this Agreement for all purposes (including the lien priorities as set forth herein as of the date hereof).

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights.

 [AEG Intercreditor Agreement]

 

“Replaces” means, (a) in respect of any agreement with reference to the Priority Credit Agreement or the Priority Lien Obligations or any Priority Substitute Credit Facility, that such agreement refunds, refinances or replaces the Priority Credit Agreement, the Priority Lien Obligations or such Priority Substitute Credit Facility in whole (in a transaction that is in compliance with Section 4.04) and that all commitments thereunder are terminated, or, to the extent permitted by the terms of the Priority Credit Agreement, Priority Lien Obligations or such Priority Substitute Credit Facility, in part, and (b) in respect of any agreement with reference to the Second Lien Documents, the Second Lien Obligations or any Second Lien Substitute Facility, that such indebtedness refunds, refinances or replaces the Second Lien Documents, the Second Lien Obligations or such Second Lien Substitute Facility in whole (in a transaction that is in compliance with Section 4.04) and that all commitments thereunder are terminated, or, to the extent permitted by the terms of the Second Lien Documents, the Second Lien Obligations or such Second Lien Substitute Facility, in part.  “Replace,” “Replaced” and “Replacement” shall have correlative meanings.

“S&P” means Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc., and any successor thereto that is a nationally recognized rating agency.

“Second Lien” means a Lien granted by a Second Lien Document to the Second Lien Agent, at any time, upon any Collateral by any Grantor to secure Second Lien Obligations (including Liens on such Collateral under the security documents associated with any Second Lien Substitute Facility).

“Second Lien Agent” means the Original Second Lien Agent, and, from and after the date of execution and delivery of a Second Lien Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other holders of the indebtedness and other obligations evidence thereunder or governed thereby, in each case, together with its successors in such capacity.

“Second Lien Approved Counterparty” means (a) the Second Lien Agent, any Second Lien Lender or any Affiliate of the Second Lien Agent or a Second Lien Lender, or (b) any other Person whose long term senior unsecured debt rating at the time of entry into the applicable Swap Agreement is A-/A3 by S&P or Moody’s (or their equivalent) or higher.

“Second Lien Collateral” means all “Collateral”, as defined in any Second Lien Document, and any other assets of any Grantor now or at any time hereafter subject to Liens which secure, but only to the extent securing, any Second Lien Obligations.

 “Second Lien Credit Agreement” means the Second Lien Credit Agreement dated as of March 30, 2016, among Holdings, Borrower, the Original Second Lien Agent, the lenders party thereto from time to time and the other agents named therein, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof unless restricted by the terms of this Agreement, and any credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument evidencing or governing the terms of any Second Lien Substitute Facility.

“Second Lien Debt” means the indebtedness under the Second Lien Credit Agreement that was permitted to be incurred and secured under the Second Lien Credit Agreement, the Priority Credit Agreement, and any Priority Substitute Facility (or as to which the lenders under the Second Lien Credit Agreement obtained an Officers’ Certificate at the time of incurrence to the effect that such indebtedness was permitted to be incurred and secured by all applicable Secured Debt Documents) and additional indebtedness under any Second Lien Substitute Credit Facility.  For purposes of this Agreement, indebtedness under the Second Lien Credit Agreement is permitted to be incurred under the Priority Credit Agreement.

 [AEG Intercreditor Agreement]

 

“Second Lien Documents” means the Second Lien Credit Agreement, the Second Lien Security Documents and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing the Second Lien Obligations or any Second Lien Substitute Facility.

“Second Lien Hedge Intercreditor Agreement” means an intercreditor agreement by and among a Second Lien Approved Counterparty, the Second Lien Agent and the Borrower, in form and substance satisfactory to the Second Lien Agent.

“Second Lien Lenders” means the lenders from time to time party to the Second Lien Credit Agreement or any Second Lien Substitute Credit Facility.

 “Second Lien Obligations” means the Second Lien Debt and all other Obligations in respect of or in connection with Second Lien Debt together with obligations in respect of Second Lien Secured Swap Agreements, in each case to the extent that such Obligations are secured by Second Liens.  For the avoidance of doubt, obligations in respect of Swap Agreements shall only constitute Second Lien Obligations to the extent that such obligations in respect of Swap Agreements are secured under the terms of the Second Lien Credit Agreement and Second Lien Security Documents.  Notwithstanding any other provision hereof, the term “Second Lien Obligations” will include accrued interest, fees, costs, and other charges incurred under the Second Lien Credit Agreement and the other Second Lien Documents, whether incurred before or after commencement of an Insolvency or Liquidation Proceeding, and whether or not allowable in an Insolvency or Liquidation Proceeding.  To the extent that any payment with respect to the Second Lien Obligations (whether by or on behalf of any Grantor, as proceeds of security, enforcement of any right of set‐off, or otherwise) is declared to be fraudulent or preferential in any respect, set aside, or required to be paid to a debtor in possession, trustee, receiver, or similar Person, then the obligation or part thereof originally intended to be satisfied will be deemed to be reinstated and outstanding as if such payment had not occurred.

“Second Lien Purchasers” has the meaning assigned to such term in Section 3.06.

“Second Lien Secured Parties” means, at any time, the Second Lien Agent, each lender or issuing bank under the Second Lien Credit Agreement, each holder, provider or obligee of any obligation in respect of Second Lien Secured Swap Agreement, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Second Lien Document, each other Person that provides letters of credit, guarantees or other credit support related thereto under any Second Lien Document and each other holder of, or obligee in respect of, any Second Lien Obligations  (including pursuant to a Second Lien Substitute Credit Facility), in each case to the extent designated as a secured party (or a party entitled to the benefits of the security) under any Second Lien Document outstanding at such time.

“Second Lien Secured Swap Agreement” means a Swap Agreement between the Borrower and a Second Lien Approved Counterparty that has executed a Second Lien Hedge Intercreditor Agreement.

“Second Lien Security Documents” means the Second Lien Credit Agreement (insofar as the same grants a Lien on the Collateral), each agreement listed in Part B of Exhibit B hereto and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by the Borrower or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Second Lien Agent (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Second Lien Substitute Facility).

 [AEG Intercreditor Agreement]

 

“Second Lien Substitute Facility” means any facility with respect to which the requirements contained in Sections 4.04 of this Agreement have been satisfied and that is permitted to be incurred pursuant to the Priority Lien Documents, the proceeds of which are used to, among other things, Replace the Second Lien Credit Agreement then in existence.  For the avoidance of doubt, no Second Lien Substitute Facility shall be required to be evidenced by notes or other instruments and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument; provided that any such Second Lien Substitute Facility shall be subject to the terms of this Agreement for all purposes (including the lien priority as set forth herein as of the date hereof) as the other Liens securing the Second Lien Obligations are subject to under this Agreement.

“Section 363 Event” has the meaning assigned to such term in Section 4.02(d).

“Section 363 Notice” has the meaning assigned to such term in Section 4.02(d).

“Section 363 Objections” has the meaning assigned to such term in Section 4.02(d).

“Secured Debt Documents” means the Priority Lien Documents and the Second Lien Documents.

“Secured Debt Representative” means the Priority Lien Agent and the Second Lien Agent.

“Secured Obligations” means the Priority Lien Obligations and the Second Lien Obligations.

“Secured Parties” means the Priority Lien Secured Parties and the Second Lien Secured Parties.

“Security Documents” means the Priority Lien Security Documents and the Second Lien Security Documents.

“Series of Secured Debt” means the Priority Lien Debt and the Second Lien Debt.

“subsidiary” means, with respect to any Person, (a) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than fifty percent (50.0%) of the total voting power of shares of Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, members of management or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person or a combination thereof; and (b) any partnership, joint venture, limited liability company or similar entity of which (1) more than fifty percent (50.0%) of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise, or (2) such Person or any subsidiary of such Person is a controlling general partner or otherwise controls such entity.

“Standstill Period” has the meaning assigned to such term in Section 3.02.

“Swap Agreement” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap 

 [AEG Intercreditor Agreement]

 

transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

 

ARTICLE II
LIEN PRIORITIES

Section 2.01Relative Priorities.  (a) The grant of the Priority Liens pursuant to the Priority Lien Documents and the grant of the Second Liens pursuant to the Second Lien Documents create two separate and distinct Liens on the Collateral.

(b)Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of a Lien, (iii) any conflicting provision of the New York UCC or other applicable law, (iv) any defect in, or non-perfection, setting aside, or avoidance of, a Lien or a Priority Lien Document or a Second Lien Document, (v) the modification of a Priority Lien Obligation or a Second Lien Obligation, or (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of the Borrower or any other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, or the subordination of a Lien on Collateral securing a Second Lien Obligation to a Lien securing another obligation of the Borrower or any other Person (other than a Priority Lien Obligation) that is permitted under the Second Lien Documents as in effect on the date hereof, the Second Lien Agent, on behalf of itself and the other Second Lien Secured Parties, hereby agrees that (i) any Priority Lien on any Collateral now or hereafter held by or for the benefit of any Priority Lien Secured Party shall be senior in right, priority, operation, effect and all other respects to any and all Second Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (ii) any Second Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein.

(c)It is acknowledged that, subject to the Priority Lien Cap (as provided herein), (i) the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to the terms of the Priority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties and the Second Lien Secured Parties.  The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, 

 [AEG Intercreditor Agreement]

 

supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any part thereof) or the Second Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral. 

Section 2.02Prohibition on Marshalling, Etc.  Until the Discharge of Priority Lien Obligations, neither the Second Lien Agent nor any other Second Lien Secured Party will assert, and hereby waive, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation, or other similar right that may be available to a junior secured creditor with respect to the Collateral or any similar rights a junior secured creditor may have under applicable law.

Section 2.03No New Liens.  The parties hereto agree that, so long as the Discharge of Priority Lien Obligations has not occurred, none of the Grantors shall, nor shall any Grantor permit any of its subsidiaries to, (a) grant or permit any additional Liens on any asset of a Grantor to secure any Second Lien Obligation, or take any action to perfect any additional Liens to secure any Second Lien Obligation, unless it has granted, or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of such Grantor to secure the Priority Lien Obligations and has taken all actions required to perfect such Liens; provided, however, the refusal or inability of the Priority Lien Agent to accept such Lien will not prevent the Second Lien Agent from taking the Lien or (b) grant or permit any additional Liens on any asset of a Grantor to secure any Priority Lien Obligation, or take any action to perfect any additional Liens to secure any Priority Obligations, unless it has granted, or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of such Grantor to secure the Second Lien Obligations and has taken all actions required to perfect such Liens; provided, however, the refusal or inability of the Second Lien Agent to accept such Lien will not prevent the Priority Lien Agent from taking the Lien, with each such Lien as described in this Section 2.03 to be subject to the provisions of this Agreement.  To the extent that the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any other right or remedy available to the Priority Lien Agent, the other Priority Lien Secured Parties, the Second Lien Agent or the other Second Lien Secured Parties, the Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that any amounts received by or distributed to any Second Lien Secured Party, pursuant to or as a result of any Lien granted in contravention of this Section 2.03 shall be subject to Section 3.05(b).

Section 2.04Similar Collateral and Agreements.  The parties hereto acknowledge and agree that it is their intention that the Priority Lien Collateral and the Second Lien Collateral be identical.  In furtherance of the foregoing, the parties hereto agree (a) to cooperate in good faith in order to determine, upon any reasonable request by the Priority Lien Agent or the Second Lien Agent, the specific assets included in the Priority Lien Collateral and the Second Lien Collateral, the steps taken to perfect the Priority Liens and the Second Liens thereon and the identity of the respective parties obligated under the Priority Lien Documents and the Second Lien Documents in respect of the Priority Lien Obligations and the Second Lien Obligations, respectively, (b) that the Second Lien Security Documents creating Liens on the Collateral shall be in all material respects the same forms of documents as the respective Priority Lien Security Documents creating Liens on the Collateral other than (i) with respect to the priority nature of the Liens created thereunder in such Collateral, (ii) such other modifications to such Second Lien Security Documents which are less restrictive than the corresponding Priority Lien Security Documents, (iii) provisions in the Second Lien Security Documents which are solely applicable to the rights and duties of the Second Lien Agent, and (iv) with such deletions or modifications of representations, warranties and covenants as are customary with respect to security documents establishing Liens securing publicly traded debt securities, and (c) that at no time shall there be any Grantor that is an obligor in respect of the Second Lien Obligations that is not also an obligor in respect of the Priority Lien Obligations.

 [AEG Intercreditor Agreement]

 

Section 2.05No Duties of Priority Lien Agent.  The Second Lien Agent, for itself and on behalf of each Second Lien Secured Party, acknowledges and agrees that neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have any duties or other obligations to any such Second Lien Secured Party with respect to any Collateral, other than to transfer to the Second Lien Agent any remaining Collateral and any proceeds of the sale or other Disposition of any such Collateral remaining in its possession following the associated Discharge of Priority Lien Obligations, in each case without representation or warranty on the part of the Priority Lien Agent or any Priority Lien Secured Party.  In furtherance of the foregoing, each Second Lien Secured Party acknowledges and agrees that until the Discharge of Priority Lien Obligations (subject to the terms of Section 3.02, including the rights of the Second Lien Secured Parties following the expiration of any applicable Standstill Period), the Priority Lien Agent shall be entitled, for the benefit of the Priority Lien Secured Parties, to sell, transfer or otherwise Dispose of or deal with such Collateral, as provided herein and in the Priority Lien Documents, without regard to any Second Lien or any rights to which the Second Lien Agent or any Second Lien Secured Party would otherwise be entitled as a result of such Second Lien.  Without limiting the foregoing, the Second Lien Agent, for itself and on behalf of each Second Lien Secured Party, agrees that neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have any duty or obligation first to marshal or realize upon any type of Collateral, or to sell, Dispose of or otherwise liquidate all or any portion of such Collateral, in any manner that would maximize the return to the Second Lien Secured Parties, notwithstanding that the order and timing of any such realization, sale, Disposition or liquidation may affect the amount of proceeds actually received by the Second Lien Secured Parties from such realization, sale, Disposition or liquidation.  The Second Lien Agent, for itself and on behalf of each Second Lien Secured Party, hereby waives any claim any Second Lien Secured Party may now or hereafter have against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any actions which the Priority Lien Agent or any other Priority Lien Secured Parties take or omit to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral, and actions with respect to the collection of any claim for all or any part of the Priority Lien Obligations from any account debtor, guarantor or any other party) in accordance with this Agreement and the Priority Lien Documents or the valuation, use, protection or release of any security for the Priority Lien Obligations. 

Section 2.06No Duties of Second Lien Agent.  The Priority Lien Agent, for itself and on behalf of each Priority Lien Secured Party, acknowledges and agrees that neither the Second Lien Agent nor any other Second Lien Secured Party shall have any duties or other obligations to such Priority Lien Secured Party with respect to any Collateral, except as expressly set forth in this Agreement.

ARTICLE III
ENFORCEMENT RIGHTS; PURCHASE OPTION

Section 3.01Limitation on Enforcement Action.  Prior to the Discharge of Priority Lien Obligations, the Second Lien Agent, for itself and on behalf of each Second Lien Secured Party, hereby agrees that, subject to Section 3.05(b) and Section 4.07, neither the Second Lien Agent nor any other Second Lien Secured Party shall commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action available to it in respect of, any Collateral under any Second Lien Security Document, applicable law or otherwise (including but not limited to any right of setoff), it being agreed that only the Priority Lien Agent, acting in accordance with the applicable Priority Lien Documents, shall have the exclusive right (and whether or not any Insolvency or Liquidation Proceeding has been commenced), to take any such actions or exercise any such remedies, in each case, without any consultation with or the consent of the Second Lien Agent or any other Second 

 [AEG Intercreditor Agreement]

 

Lien Secured Party.  In exercising rights and remedies with respect to the Collateral, the Priority Lien Agent and the other Priority Lien Secured Parties may enforce the provisions of the Priority Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in their sole discretion and regardless of whether such exercise and enforcement is adverse to the interest of any Second Lien Secured Party.  Such exercise and enforcement shall include the rights of an agent appointed by them to Dispose of Collateral upon foreclosure, to incur expenses in connection with any such Disposition and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code, the Bankruptcy Code or any other Bankruptcy Law.  Without limiting the generality of the foregoing, the Priority Lien Agent will have the exclusive right to deal with that portion of the Collateral consisting of deposit accounts and securities accounts (collectively “Accounts”), including exercising rights under control agreements with respect to such Accounts.  The Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Second Lien Security Document or any other Second Lien Document shall be deemed to restrict in any way the rights and remedies of the Priority Lien Agent or the other Priority Lien Secured Parties with respect to the Collateral as set forth in this Agreement.  Notwithstanding the foregoing, subject to Section 3.05, the Second Lien Agent, on behalf of the Second Lien Secured Parties, may, but will have no obligation to, take all such actions (not adverse to the Priority Liens or the rights of the Priority Lien Agent and the Priority Lien Secured Parties) it deems necessary to perfect or continue the perfection of the Second Liens in the Collateral or to create, preserve or protect (but not enforce) the Second Liens in the Collateral.  Nothing herein shall limit the right or ability of the Second Lien Secured Parties to (i) purchase (by credit bid or otherwise) all or any portion of the Collateral in connection with any enforcement of remedies by the Priority Lien Agent to the extent that, and so long as, the Priority Lien Secured Parties receive payment in full in cash of all Priority Lien Obligations (other than the Excess Priority Lien Obligations) after giving effect thereto or (ii) file a proof of claim with respect to the Second Lien Obligations. 

Section 3.02Standstill Periods; Permitted Enforcement Action.  Prior to the Discharge of Priority Lien Obligations and notwithstanding the foregoing Section 3.01, both before and during an Insolvency or Liquidation Proceeding:  after a period of 180 days has elapsed (which period will be tolled during any period in which the Priority Lien Agent is not entitled, on behalf of the Priority Lien Secured Parties, to enforce or exercise any rights or remedies with respect to any Collateral as a result of (i) any injunction issued by a court of competent jurisdiction or (ii) the automatic stay or any other stay or other prohibition in any Insolvency or Liquidation Proceeding) since the date on which the Second Lien Agent has delivered to the Priority Lien Agent written notice of the acceleration of any Second Lien Debt (the “Standstill Period”), the Second Lien Agent and the other Second Lien Secured Parties may enforce or exercise any rights or remedies with respect to any Collateral; provided, however that notwithstanding the expiration of the Standstill Period, in no event may the Second Lien Agent or any other Second Lien Secured Party enforce or exercise any rights or remedies with respect to any Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, if the Priority Lien Agent on behalf of any or all of the Priority Lien Secured Parties or any other Priority Lien Secured Party shall have commenced, and shall be diligently pursuing (or shall have sought or requested relief from, or modification of, the automatic stay or any other stay or other prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect to any material portion of the Collateral or any such action or proceeding (prompt written notice thereof to be given to the Second Lien Agent by the Priority Lien Agent); provided, further, that, at any time after the expiration of the Standstill Period, if neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have commenced and be diligently pursuing (or shall have sought or requested relief from, or modification of, the automatic stay or any other stay or other prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof) the enforcement or exercise of any rights or remedies with respect to any material portion of the Collateral or any such action or proceeding, and the Second Lien Agent shall 

 [AEG Intercreditor Agreement]

 

have commenced the enforcement or exercise of any rights or remedies with respect to any material portion of the Collateral or any such action or proceeding, then for so long as the Second Lien Agent is diligently pursuing such rights or remedies, neither any Priority Lien Secured Party nor the Priority Lien Agent shall take any action of a similar nature (other than a joinder in connection with such action or proceeding as may reasonably be considered necessary to preserve the rights of the Priority Lien Secured Parties therein) with respect to such Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding. 

Section 3.03Insurance.  Unless and until the Discharge of Priority Lien Obligations has occurred (subject to the terms of Section 3.02, including the rights of the Second Lien Secured Parties following expiration of any applicable Standstill Period), the Priority Lien Agent shall have the sole and exclusive right, subject to the rights of the Grantors under the Priority Lien Documents, to adjust and settle claims in respect of Collateral under any insurance policy 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 the Collateral.  Unless and until the Discharge of Priority Lien Obligations has occurred, and subject to the rights of the Grantors under the Priority Lien Documents, all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) in respect of the Collateral shall be paid to the Priority Lien Agent pursuant to the terms of the Priority Lien Documents (including for purposes of cash collateralization of Swap Agreements).  If the Second Lien Agent or any Second Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of the foregoing, it shall pay such proceeds over to the Priority Lien Agent.  In addition, if by virtue of being named as an additional insured or loss payee of any insurance policy of any Grantor covering any of the Collateral, the Second Lien Agent or any other Second Lien Secured Party, shall have the right to adjust or settle any claim under any such insurance policy, then unless and until the Discharge of Priority Lien Obligations has occurred, the Second Lien Agent and any such Second Lien Secured Party shall follow the instructions of the Priority Lien Agent, or of the Grantors under the Priority Lien Documents to the extent the Priority Lien Documents grant such Grantors the right to adjust or settle such claims, with respect to such adjustment or settlement (subject to the terms of Section 3.02, including the rights of the Second Lien Secured Parties following expiration of any applicable Standstill Period).

Section 3.04Notification of Release of Collateral.  Each of the Priority Lien Agent and the Second Lien Agent shall give the other Secured Debt Representatives prompt written notice of the Disposition by it of, and release by it of the Lien on, any Collateral.  Such notice shall describe in reasonable detail the subject Collateral, the parties involved in such Disposition or release, the place, time manner and method thereof, and the consideration, if any, received therefor; provided, however, that the failure to give any such notice shall not in and of itself in any way impair the effectiveness of any such Disposition or release.

Section 3.05No Interference; Payment Over.

(a)No Interference.  The Second Lien Agent, for itself and on behalf of each Second Lien Secured Party, agrees that each Second Lien Secured Party (i) will not take or cause to be taken any action the purpose or effect of which is, or could be, to make any Second Lien pari passu with, or to give such Second Lien Secured Party any preference or priority relative to, any Priority Lien with respect to the Collateral or any part thereof, (ii) will not challenge or question in any proceeding the validity or enforceability of any Priority Lien Obligations or Priority Lien Document, or the validity, attachment, perfection or priority of any Priority Lien, or the validity or enforceability of the priorities, rights or duties established by the provisions of this Agreement, (iii) will not take or cause to be taken any action the purpose or effect of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other Disposition of the Collateral by any Priority Lien 

 [AEG Intercreditor Agreement]

 

Secured Party or the Priority Lien Agent acting on their behalf, (iv) shall have no right to (A) direct the Priority Lien Agent or any other Priority Lien Secured Party to exercise any right, remedy or power with respect to any Collateral or (B) consent to the exercise by the Priority Lien Agent or any other Priority Lien Secured Party of any right, remedy or power with respect to any Collateral, (v) will not institute any suit or assert in any suit or Insolvency or Liquidation Proceeding any claim against the Priority Lien Agent or other Priority Lien Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to, and neither the Priority Lien Agent nor any other Priority Lien Secured Party shall be liable for, any action taken or omitted to be taken by the Priority Lien Agent or other Priority Lien Secured Party with respect to any Priority Lien Collateral, (vi) will not seek, and hereby waives any right, to have any Collateral or any part thereof marshaled upon any foreclosure or other Disposition of such Collateral, (vii) will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement, (viii) will not object to, and hereby waives any right to object to, forbearance by the Priority Lien Agent or any Priority Lien Secured Party, and (ix) will not assert, and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar right that may be available under applicable law with respect to the Collateral or any similar rights a junior secured creditor may have under applicable law; and 

(b)Payment Over.  The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, hereby agrees that if any Second Lien Secured Party shall obtain possession of any Collateral or shall realize any proceeds or payment in respect of any Collateral, pursuant to the exercise of any rights or remedies with respect to the Collateral under any Second Lien Security Document, or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding, to the extent permitted hereunder, at any time prior to the Discharge of Priority Lien Obligations secured, or intended to be secured, by such Collateral, then it shall hold such Collateral, proceeds or payment in trust for the Priority Lien Agent and the other Priority Lien Secured Parties and transfer such Collateral, proceeds or payment, as the case may be, to the Priority Lien Agent as promptly as practicable.  Furthermore, the Second Lien Agent shall, at the Grantors’ expense, promptly send written notice to the Priority Lien Agent upon receipt of such Collateral by any Second Lien Secured Party, proceeds or payment and if directed by the Priority Lien Agent within five (5) days after receipt by the Priority Lien Agent of such written notice, shall deliver such Collateral, proceeds or payment to the Priority Lien Agent in the same form as received, with any necessary endorsements, or as court of competent jurisdiction may otherwise direct.  The Priority Lien Agent is hereby authorized to make any such endorsements as agent for the Second Lien Agent or any other Second Lien Secured Party.  The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that if, at any time, it obtains written notice that all or part of any payment with respect to any Priority Lien Obligations not constituting Excess Priority Lien Obligations previously made shall be rescinded for any reason whatsoever, it will promptly pay over to the Priority Lien Agent any payment received by it and then in its possession or under its direct control in respect of any such Priority Lien Collateral and shall promptly turn any such Collateral then held by it over to the Priority Lien Agent, and the provisions set forth in this Agreement will be reinstated as if such payment had not been made, until the Discharge of Priority Lien Obligations.  All Second Liens will remain attached to and enforceable against all proceeds so held or remitted, subject to the priorities set forth in this Agreement.  Anything contained herein to the contrary notwithstanding, this Section 3.05(b) shall not apply to any proceeds of Collateral realized in a transaction not prohibited by the Priority Lien Documents and as to which the possession or receipt thereof by the Second Lien Agent or any other Second Lien Secured Party is otherwise permitted by the Priority Lien Documents.

Section 3.06Purchase Option.

 [AEG Intercreditor Agreement]

 

(a)Notwithstanding anything in this Agreement to the contrary, on or at any time after (i) the commencement of an Insolvency or Liquidation Proceeding, (ii) the acceleration of the Priority Lien Obligations, or (iii) the delivery of any Section 363 Notice or the occurrence of any Section 363 Event, each of the holders of the Second Lien Debt and each of their respective designated Affiliates (the “Second Lien Purchasers”) will have the several right, at their respective sole option and election (but will not be obligated), at any time upon prior written notice to the Priority Lien Agent, to purchase from the Priority Lien Secured Parties (A) all (but not less than all) Priority Lien Obligations (including unfunded commitments) other than any Priority Lien Obligations constituting Excess Priority Lien Obligations and (B) if applicable, all loans (and related obligations, including interest, fees and expenses) provided by any of the Priority Lien Secured Parties in connection with a DIP Financing that are outstanding on the date of such purchase.  Promptly following the receipt of such notice, the Priority Lien Agent will deliver to the Second Lien Agent a statement of the amount of Priority Lien Debt, other Priority Lien Obligations (other than any Priority Lien Obligations constituting Excess Priority Lien Obligations) and DIP Financing (including interest, fees, expenses and other obligations in respect of such DIP Financing) provided by any of the Priority Lien Secured Parties, if any, then outstanding.  The right to purchase provided for in this Section 3.06 will expire unless, within 10 Business Days after the receipt by the Second Lien Agent of such notice from the Priority Lien Agent, the Second Lien Agent delivers to the Priority Lien Agent an irrevocable commitment of the Second Lien Purchasers to purchase (A) all (but not less than all) of the Priority Lien Obligations (including unfunded commitments) other than any Priority Lien Obligations constituting Excess Priority Lien Obligations and (B) if applicable, all loans (and related obligations, including interest, fees and expenses) provided by any of the Priority Lien Secured Parties in connection with a DIP Financing and to otherwise complete such purchase on the terms set forth under this Section 3.06. 

(b)On the date specified by the Second Lien Agent (on behalf of the Second Lien Purchasers) in such irrevocable commitment (which shall not be less than five Business Days nor more than 20 Business Days, after the receipt by the Priority Lien Agent of such irrevocable commitment), the Priority Lien Secured Parties shall sell to the Second Lien Purchasers (i) all (but not less than all) Priority Lien Obligations (including unfunded commitments) other than any Priority Lien Obligations constituting Excess Priority Lien Obligations and (ii) if applicable, all loans (and related obligations, including interest, fees and expenses)  provided by any of the Priority Lien Secured Parties in connection with a DIP Financing that are outstanding on the date of such sale, subject to any required approval of any Governmental Authority then in effect, if any, and only if on the date of such sale, the Priority Lien Agent receives the following:

(i)payment, as the purchase price for all Priority Lien Obligations sold in such sale, of an amount equal to the full amount of (i) all Priority Lien Obligations other than any Priority Lien Obligations constituting Excess Priority Lien Obligations and (ii) if applicable, all loans (and related obligations, including interest, fees and expenses) provided by any of the Priority Lien Secured Parties in connection with a DIP Financing then outstanding (including principal, interest, fees, reasonable attorneys’ fees and legal expenses, but excluding contingent indemnification obligations for which no claim or demand for payment has been made at or prior to such time); provided that in the case of obligations under Secured Swap Agreements that constitute Priority Lien Obligations the Second Lien Purchasers shall cause the applicable agreements governing such obligations to be assigned and novated or, if such agreements have been terminated, such purchase price shall include an amount equal to the sum of any unpaid amounts then due in respect of such obligations, calculated using the market quotation method and after giving effect to any netting arrangements; and

(ii)any agreements, documents or instruments which the Priority Lien Agent may reasonably request pursuant to which the Second Lien Agent and the Second Lien Purchasers in such sale expressly assume and adopt all of the obligations of the Priority Lien Agent and the Priority Lien 

 [AEG Intercreditor Agreement]

 

Secured Parties under the Priority Lien Documents and in connection with loans (and related obligations, including interest, fees and expenses) provided by any of the Priority Lien Secured Parties in connection with a DIP Financing on and after the date of the purchase and sale and the Second Lien Agent (or any other representative appointed by the holders of a majority in aggregate principal amount of the Second Lien Obligations then outstanding) becomes a successor agent thereunder. 

(c)Such purchase of the Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing shall be made on a pro rata basis among the Second Lien Purchasers giving notice to the Priority Lien Agent of their interest to exercise the purchase option hereunder according to each such Second Lien Purchaser’s portion of the Second Lien Debt outstanding on the date of purchase or such portion as such Second Lien Purchasers may otherwise agree among themselves.  Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of the Priority Lien Agent as the Priority Lien Agent may designate in writing to the Second Lien Agent for such purpose.  Interest shall be calculated to but excluding the Business Day on which such sale occurs if the amounts so paid by the Second Lien Purchasers to the bank account designated by the Priority Lien Agent are received in such bank account prior to 12:00 noon, New York City time, and interest shall be calculated to and including such Business Day if the amounts so paid by the Second Lien Purchasers to the bank account designated by the Priority Lien Agent are received in such bank account later than 12:00 noon, New York City time.

(d)Such sale shall be expressly made without representation or warranty of any kind by the Priority Lien Secured Parties as to the Priority Lien Obligations, the Collateral or otherwise and without recourse to any Priority Lien Secured Party, except that the Priority Lien Secured Parties shall represent and warrant severally as to the Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing then owing to it: (i) that such applicable Priority Lien Secured Party owns such Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing; and (ii) that such applicable Priority Lien Secured Party has the necessary corporate or other governing authority to assign such interests.

(e)Each Grantor irrevocably consents to any assignment effected to one or more Second Lien Purchasers pursuant to this Section 3.06 (so long as they meet all eligibility standards contained in all relevant Priority Lien Documents, other than obtaining the consent of any Grantor to an assignment to the extent required by such Priority Lien Documents) for purposes of all Priority Lien Documents and hereby agrees that no further consent from such Grantor shall be required.

ARTICLE IV
OTHER AGREEMENTS

Section 4.01Release of Liens; Automatic Release of Second Liens.  (a) Prior to the Discharge of Priority Lien Obligations, the Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that, in the event the Priority Lien Agent or the requisite Priority Lien Secured Parties under the Priority Lien Documents release the Priority Lien on any Collateral, the Second Lien on such Collateral shall terminate and be released automatically and without further action if (i) such release is permitted under the Second Lien Documents, (ii) such release is effected in connection with the Priority Lien Agent’s foreclosure upon, or other exercise of rights or remedies with respect to, such Collateral, or (iii) such release is effected in connection with a sale or other Disposition of any Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the requisite Priority Lien Secured Parties under the Priority Lien Documents shall have consented to such sale or Disposition of such Collateral; provided that, in the case of each of clauses (i), 

 [AEG Intercreditor Agreement]

 

(ii) and (iii), the Second Liens on such Collateral shall attach to (and shall remain subject and subordinate to all Priority Liens securing Priority Lien Obligations, subject to the Priority Lien Cap) any proceeds of a sale, transfer or other Disposition of Collateral not paid to the Priority Lien Secured Parties or that remain after the Discharge of Priority Lien Obligations.  The Priority Lien Agent agrees to give the Second Lien Agent no less than 10 Business Days advance written notice of any proposed release pursuant to clauses (ii) and (iii) (other than pursuant to Section 363 of the Bankruptcy Code) of this Section 4.01(b) (provided that such notice shall not be required to the extent extraordinary exigent circumstances shall arise that would irrevocably substantially impair the rights of the Priority Lien Secured Parties if such release were to be delayed by such 10 Business Day period) (each such notice, a “Priority Lien Release Notice”). Notwithstanding the foregoing in this Section 4.01(a), if the Second Lien Purchasers have exercised their purchase option (or have committed to exercise their purchase option) pursuant to Section 3.06, no release pursuant to clauses (ii) and (iii) of this Section 4.01(a) shall be permitted under this Section 4.01(a) to the extent (and only to the extent) that the Second Lien Purchasers shall not have defaulted on their obligations to consummate the purchase of the Priority Lien Debt and other obligations contemplated by Section 3.06. 

(b)The Second Lien Agent agrees to execute and deliver (at the sole cost and expense of the Grantors) all such releases and other instruments as shall reasonably be requested by the Priority Lien Agent to evidence and confirm any release of Collateral provided for in this Section 4.01.

Section 4.02Certain Agreements With Respect to Insolvency or Liquidation Proceedings.  (a) The parties hereto acknowledge that this Agreement is a “subordination agreement” under Section 510(a) of the Bankruptcy Code and shall continue in full force and effect, notwithstanding the commencement of any Insolvency or Liquidation Proceeding by or against the Borrower or any of its subsidiaries or any action taken in such Insolvency or Liquidation Proceeding, including any attempted rejection under Section 365 of the Bankruptcy Code.  All references in this Agreement to the Borrower or any of its subsidiaries or any other Grantor will include such Person or Persons as a debtor‐in‐possession and any receiver or trustee for such Person or Persons in an Insolvency or Liquidation Proceeding.  For the purposes of this Section 4.02, unless otherwise provided herein, clauses (b) through and including (o) shall be in full force and effect prior to the Discharge of Priority Lien Obligations.

(b)If the Borrower or any of its subsidiaries shall become subject to any Insolvency or Liquidation Proceeding and shall, as debtor(s)‐in‐possession, or if any receiver or trustee for such Person or Persons shall, move for approval of financing (“DIP Financing”) to be provided by one or more lenders under Section 364 of the Bankruptcy Code and/or the use of cash collateral under Section 363 of the Bankruptcy Code, the Second Lien Agent, for itself and on behalf of each Second Lien Secured Party, agrees that neither it nor any other Second Lien Secured Party will raise any objection to, contest or oppose, and each Second Lien Secured Party will waive any claim such Person may now or hereafter have related to or in connection with, any such financing or to the Liens on the Collateral securing the same (“DIP Financing Liens”), or any use, sale or lease of cash collateral that constitutes Collateral or to any grant of administrative expense priority under Section 364 of the Bankruptcy Code, unless (A) the Priority Lien Agent or the Priority Lien Secured Parties oppose or object to such DIP Financing or such DIP Financing Liens or such use of cash collateral, (B) the maximum principal amount of indebtedness permitted under such DIP Financing exceeds the sum of (I) the amount of Priority Lien Obligations refinanced with the proceeds thereof (not including the amount of any Excess Priority Lien Obligations) and (II) twenty percent (20%) of the amount of then outstanding Priority Lien Debt, or (C) the terms of such DIP Financing provide for the sale of a substantial part of the Collateral (other than a sale or disposition pursuant to Section 363 of the Bankruptcy Code and with respect to which the Second Lien Secured Parties are deemed to have consented pursuant to Section 4.02(d)) or require the confirmation of a plan of reorganization containing specific terms or provisions (other than repayment in cash of such DIP Financing on the effective date thereof).  To the extent such DIP Financing Liens are senior to, or rank 

 [AEG Intercreditor Agreement]

 

pari passu with, the Priority Liens, the Second Lien Agent will, for itself and on behalf of the other Second Lien Secured Parties, subordinate the Second Liens on the Collateral to the Priority Liens and to such DIP Financing Liens, so long as the Second Lien Agent, on behalf of the Second Lien Secured Parties, retains Liens on all the Collateral, including proceeds thereof arising after the commencement of any Insolvency or Liquidation Proceeding, with the same priority relative to the Priority Liens as existed prior to the commencement of the case under the Bankruptcy Code. 

(c)Prior to the Discharge of Priority Lien Obligations, without the written consent of the Priority Lien Agent which consent is in its sole discretion, the Second Lien Agent, for itself and on behalf of each Second Lien Secured Party, agrees not to propose, support or enter into any DIP Financing.

(d)The Second Lien Agent, for itself and on behalf of each Second Lien Secured Party, agrees that it shall be deemed to have consented to, and shall not object to, oppose or contest (or join with or support any other party objecting to, opposing or contesting) a sale or other Disposition, a motion to sell or Dispose or the bidding procedure for such sale or Disposition of any Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code (any such sale or motion, a “Section 363 Event” and any notice or ruling issued by a court of competent jurisdiction in respect of such Section 363 Event, a “Section 363 Notice”) if the requisite Priority Lien Secured Parties under the Priority Lien Documents shall have consented to such sale or Disposition, such motion to sell or Dispose or such bidding procedure for such sale or Disposition of such Collateral and all Priority Liens and Second Liens will attach to the proceeds of the sale in the same respective priorities as set forth in this Agreement.  Notwithstanding the foregoing in this Section 4.02(d), if the Second Lien Purchasers have exercised their purchase option (or have committed to exercise their purchase option) pursuant to Section 3.06(a), Section 363 Objections shall be permitted to be made by the Second Lien Agent or any Second Lien Secured Party, but only so long as the Second Lien Purchasers shall not have defaulted on their obligations to consummate the purchase of the Priority Lien Debt and other obligations contemplated by Section 3.06.

(e)The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, waives any claim that it may now or hereafter have against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any DIP Financing Liens (that is granted in a manner that is consistent with this Agreement) or administrative expense priority under Section 364 of the Bankruptcy Code.

(f)The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that neither the Second Lien Agent nor any other Second Lien Secured Party will file or prosecute in any Insolvency or Liquidation Proceeding any motion for adequate protection (or any comparable request for relief) based upon their interest in the Collateral, nor object to, oppose or contest (or join with or support any other party objecting to, opposing or contesting) (i) any request by the Priority Lien Agent or any other Priority Lien Secured Party for adequate protection or (ii) any objection by the Priority Lien Agent or any other Priority Lien Secured Party to any motion, relief, action or proceeding based on the Priority Lien Agent or Priority Lien Secured Parties claiming a lack of adequate protection, except that the Second Lien Secured Parties may:

(A)freely seek and obtain relief granting adequate protection in the form of a replacement lien co-extensive in all respects with, but subordinated (as set forth in Section 2.01) to, and with the same relative priority to the Priority Liens as existed prior to the commencement of the Insolvency or Liquidation Proceeding, all Liens granted in the Insolvency or Liquidation Proceeding to, or for the benefit of, the Priority Lien Secured Parties; and

 [AEG Intercreditor Agreement]

 

(B)freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition or restriction whatsoever, at any time after the Discharge of Priority Lien Obligations.  

(g)The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, waives any claim it or any such other Second Lien Secured Party may now or hereafter have against the Priority Lien Agent or any other Priority Lien Secured Party (or their representatives) arising out of any election by the Priority Lien Agent or any Priority Lien Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code.

(h)The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that in any Insolvency or Liquidation Proceeding, neither the Second Lien Agent nor any other Second Lien Secured Party shall support or vote to accept any plan of reorganization or disclosure statement of the Borrower or any other Grantor unless (i) such plan is accepted by the Class of Priority Lien Secured Parties in accordance with Section 1126(c) of the Bankruptcy Code or otherwise provides for the payment in full in cash of all Priority Lien Obligations (including all post‐petition interest approved by the bankruptcy court and fees and expenses) on the effective date of such plan of reorganization, or (ii) such plan provides on account of the Priority Lien Secured Parties for the retention by the Priority Lien Agent, for the benefit of the Priority Lien Secured Parties, of the Liens on the Collateral securing the Priority Lien Obligations, and on all proceeds thereof whenever received, and such plan also provides that any Liens retained by, or granted to, the Second Lien Agent are only on property securing the Priority Lien Obligations and shall have the same relative priority with respect to the Collateral or other property, respectively, as provided in this Agreement with respect to the Collateral.  Except as provided herein, the Second Lien Secured Parties shall remain entitled to vote their claims in any such Insolvency or Liquidation Proceeding.

(i)The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that, subject to the provisions of Section 3.02, neither the Second Lien Agent nor any other Second Lien Secured Party, shall seek relief, pursuant to Section 362(d) of the Bankruptcy Code or otherwise, from the automatic stay of Section 362(a) of the Bankruptcy Code or from any other stay in any Insolvency or Liquidation Proceeding in respect of the Collateral without the prior written consent of the Priority Lien Agent, which consent is in its sole discretion.

(j)Without the express written consent of the Priority Lien Agent, which consent is in its sole discretion, neither the Second Lien Agent nor any other Second Lien Secured Party shall (or shall join with or support any other party in opposing, objecting to or contesting, as the case may be), in any Insolvency or Liquidation Proceeding involving any Grantor, (i) oppose, object to or contest the determination of the extent of or validity of any Liens held by any of Priority Lien Secured Party or the value of any claims of any such holder under Section 506(a) of the Bankruptcy Code or otherwise or (ii) oppose, object to or contest the payment to the Priority Lien Secured Party of interest, fees or expenses under Section 506(b) of the Bankruptcy Code.

(k)Notwithstanding anything to the contrary contained herein, if in any Insolvency or Liquidation Proceeding a determination is made that any Lien encumbering any Collateral is not enforceable for any reason, then the Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that, any distribution or recovery they may receive in respect of any Collateral shall be segregated and held in trust and forthwith paid over, subject to the requirements of Section 6.01(a), to the Priority Lien Agent for the benefit of the Priority Lien Secured Parties in the same form as received without recourse, representation or warranty (other than a representation of the Second Lien Agent that it has not otherwise sold, assigned, transferred or pledged any right, title or interest in and 

 [AEG Intercreditor Agreement]

 

to such distribution or recovery) but with any necessary endorsements or as a court of competent jurisdiction may otherwise direct.  The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, hereby appoints the Priority Lien Agent, and any officer or agent of the Priority Lien Agent, with full power of substitution, the attorney-in-fact of each Second Lien Secured Party for the limited purpose of carrying out the provisions of this Section 4.02(k) and taking any action and executing any instrument that the Priority Lien Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02(k), which appointment is irrevocable and coupled with an interest. 

(l)The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, hereby agrees that the Priority Lien Agent shall have the exclusive right to credit bid the Priority Lien Obligations and further that neither the Second Lien Agent nor any other Second Lien Secured Party shall (or shall join with or support any other party in opposing, objecting to or contesting, as the case may be) oppose, object to or contest such credit bid by the Priority Lien Agent.

(m)Without the consent of the Priority Lien Agent which is in its sole discretion, the Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, agrees it will not file or join an involuntary bankruptcy petition or seek the appointment of an examiner or a trustee for the Borrower or any of its subsidiaries.

(n)Neither Priority Lien Agent nor any other Priority Lien Secured Party shall oppose or challenge any claim by the Second Lien Agent or any other Second Lien Secured Party for the allowance or payment in any Insolvency or Liquidation Proceeding of Second Lien Obligations consisting of post-petition interest, fees or expenses pursuant to Section 506(b) of the Bankruptcy Code, to the extent of the value of the Second Liens on the Collateral, provided that if the Priority Lien Agent or any other Priority Lien Secured Party shall have made any such claim, such claim (i) shall have been approved or (ii) will be approved contemporaneously with the approval of any such claim by the Second Lien Agent or any Second Lien Secured Party, as applicable.

(o)The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, waives any right to assert or enforce any claim under Section 506(c) or 552 of the Bankruptcy Code as against any Priority Lien Secured Party or any of the Collateral.

Section 4.03Reinstatement.  If any Priority Lien Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of any Grantor any amount (a “Recovery”) for any reason whatsoever, then the Priority Lien Obligations shall be reinstated to the extent of such Recovery and the Priority Lien Secured Parties shall be entitled to a reinstatement of Priority Lien Obligations with respect to all such recovered amounts.  The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that if, at any time, a Second Lien Secured Party receives notice of any Recovery, the Second Lien Agent or any other Second Lien Secured Party shall promptly pay over to the Priority Lien Agent any payment received by it and then in its possession or under its control in respect of any Collateral subject to any Priority Lien securing such Priority Lien Obligations and shall promptly turn any Collateral subject to any such Priority Lien then held by it over to the Priority Lien Agent, and the provisions set forth in this Agreement shall be reinstated as if such payment had not been made.  If this Agreement shall have been terminated prior to any 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.  Any amounts received by the Second Lien Agent or any other Second Lien Secured Party and then in its possession or under its control on account of the Second Lien Obligations, after the termination of this Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 4.03 and to the extent consistent with Section 6.01(a), be held in trust for and paid over to the Priority Lien Agent for the benefit of the Priority Lien Secured Parties for application to the reinstated 

 [AEG Intercreditor Agreement]

 

Priority Lien Obligations until the discharge thereof.  This Section 4.03 shall survive termination of this Agreement. 

Section 4.04Refinancings.  The Priority Lien Obligations and the Second Lien Obligations may be Replaced, by any Priority Substitute Credit Facility or Second Lien Substitute Facility, as the case may be, in each case, without notice to, or the consent of any Secured Party, all without affecting the Lien priorities provided for herein or the other provisions hereof; provided, that (a) the Priority Lien Agent and the Second Lien Agent shall receive on or prior to incurrence of a Priority Substitute Credit Facility or Second Lien Substitute Facility (i) an Officers’ Certificate from the Borrower stating that (A) the incurrence thereof is permitted by each applicable Secured Debt Document to be incurred and (B) the requirements of Section 4.06 have been satisfied, and (ii) a Priority Confirmation Joinder from the holders or lenders of any indebtedness that Replaces the Priority Lien Obligations or the Second Lien Obligations (or an authorized agent, trustee or other representative on their behalf) and (b) on or before the date of such incurrence, such Priority Substitute Credit Facility or Second Lien Substitute Facility is designated by the Borrower, in an Officers’ Certificate delivered to the Priority Lien Agent and the Second Lien Agent, as “Priority Lien Debt” or “Second Lien Debt”, as applicable, for the purposes of the Secured Debt Documents and this Agreement; provided that no Series of Secured Debt may be designated as more than one of Priority Lien Debt or Second Lien Debt. 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 Secured Debt Document. Each of the then-exiting Priority Lien Agent and the Second Lien Agent shall be authorized to execute and deliver such documents and agreements (including amendments or supplements to this Agreement) as such holders, lenders, agent, trustee or other representative may reasonably request to give effect to any such Replacement, it being understood that the Priority Lien Agent and the Second Lien Agent or (if permitted by the terms of the applicable Secured Debt Documents) the Grantors, without the consent of any other Secured Party or (in the case of the Grantors) one or more Secured Debt Representatives, may amend, supplement, modify or restate this Agreement to the extent necessary or appropriate to facilitate such amendments or supplements to effect such Replacement or incurrence all at the expense of the Grantors.  Upon the consummation of such Replacement or incurrence and the execution and delivery of the documents and agreements contemplated in the preceding sentence, the holders or lenders of such indebtedness and any authorized agent, trustee or other representative thereof shall be entitled to the benefits of this Agreement.

Section 4.05Amendments to Second Lien Documents.  Prior to the Discharge of Priority Lien Obligations, without the prior written consent of the Priority Lien Agent, no Second Lien Document may be amended, supplemented, restated or otherwise modified and/or refinanced or entered into to the extent such amendment, supplement, restatement or modification and/or refinancing, or the terms of any new Second Lien Document, would (i) require the payment of interest or fees in cash (other than (A) the payments with the proceeds of any such new Second Lien Loan Document and (B) the payment of an agency fee in an amount consistent with then market terms), (ii) adversely affect the lien priority rights of the Priority Lien Secured Parties or the rights of the Priority Lien Secured Parties to receive payments owing pursuant to the Priority Lien Documents; provided, however, that an increase in the amount of secured obligations owing under the Second Lien Documents (including, without limitation, an increase in the amount of interest or fees to be paid in kind thereunder and the making of the payments contemplated by clauses (i)(A) and (B) above)) shall not be deemed in and of itself to adversely affect the Priority Lien Secured Parties’ lien priority rights or right to receive payment pursuant to the Priority Lien Documents, (iii) except as otherwise provided for in this Agreement, add any Liens securing the Collateral granted under the Second Lien Security Documents, (iv) confer any additional rights on the Second Lien Agent or any other Second Lien Secured Party in a manner adverse to the rights of Priority Lien Secured Parties under the Priority Lien Documents, or (v) contravene the provisions of this Agreement or the Priority Lien Documents.

 [AEG Intercreditor Agreement]

 

Section 4.06Legends.  The Second Lien Agent acknowledges with respect to the Second Lien Credit Agreement and the Second Lien Security Documents, that the Second Lien Credit Agreement, the Second Lien Documents (other than control agreements to which both the Priority Lien Agent and the Second Lien Agent are parties) and each associated Security Document (other than control agreements to which both the Priority Lien Agent and the Second Lien Agent are parties) granting any security interest in the Collateral will contain the appropriate legend set forth on Annex I. 

Section 4.07Second Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor.  Both before and during an Insolvency or Liquidation Proceeding, any of the Second Lien Secured Parties may take any actions and exercise any and all rights that would be available to a holder of unsecured claims; provided, however, that the Second Lien Secured Parties may not take any of the actions prohibited by Section 3.05(a) or Section 4.02 or any other provisions in this Agreement; provided, further, that in the event that any of the Second Lien Secured Parties becomes a judgment lien creditor in respect of any Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Second Lien Obligations, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Priority Lien Obligations) as the Second Liens are subject to this Agreement.

Section 4.08Postponement of Subrogation.  The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, hereby agrees that no payment or distribution to any Priority Lien Secured Party pursuant to the provisions of this Agreement shall entitle any Second Lien Secured Party to exercise any rights of subrogation in respect thereof until, in the case of the Second Lien Secured Parties, the Discharge of Priority Lien Obligations shall have occurred.  Following the Discharge of Priority Lien Obligations, but subject to the reinstatement as provided in Section 4.03, each Priority Lien Secured Party will execute such documents, agreements, and instruments as any Second Lien Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Priority Lien Obligations resulting from payments or distributions to such Priority Lien Secured Party by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by such Priority Lien Secured Party are paid by such Person upon request for payment thereof.

Section 4.09Acknowledgment by the Secured Debt Representatives.  Each of the Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Parties and the Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby acknowledges that this Agreement is a material inducement to enter into a business relationship, that each has relied on this Agreement to enter into the Priority Credit Agreement and the Second Lien Credit Agreement, as applicable, and all documentation related thereto, and that each will continue to rely on this Agreement in their related future dealings.

ARTICLE V
GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS

Section 5.01General.  Prior to the Discharge of Priority Lien Obligations, the Priority Lien Agent agrees that if it shall at any time hold a Priority Lien on any Collateral that can be perfected by the possession or control of such Collateral or of any Account in which such Collateral is held, and if such Collateral or any such Account is in fact in the possession or under the control of the Priority Lien Agent, the Priority Lien Agent will serve as gratuitous bailee for the Second Lien Agent for the sole purpose of perfecting the Second Lien of the Second Lien Agent on such Collateral.  It is agreed that the obligations of the Priority Lien Agent and the rights of the Second Lien Agent and the other Second Lien Secured Parties in connection with any such bailment arrangement will be in all respects subject to the provisions of Article II.  Notwithstanding anything to the contrary herein, the Priority Lien Agent will be deemed to 

 [AEG Intercreditor Agreement]

 

make no representation as to the adequacy of the steps taken by it to perfect the Second Lien on any such Collateral and shall have no responsibility, duty, obligation or liability to the Second Lien Agent, any other Second Lien Secured Party or any other Person for such perfection or failure to perfect, it being understood that the sole purpose of this Article is to enable the Second Lien Secured Parties to obtain a perfected Second Lien in such Collateral to the extent, if any, that such perfection results from the possession or control of such Collateral or any such Account by the Priority Lien Agent.  The Priority Lien Agent acting pursuant to this Section 5.01 shall not have by reason of the Priority Lien Security Documents, the Second Lien Security Documents, this Agreement or any other document or theory, a fiduciary relationship in respect of any Priority Lien Secured Party, the Second Lien Agent or any Second Lien Secured Party.  Subject to Section 4.03, from and after the Discharge of Priority Lien Obligations, the Priority Lien Agent shall take all such actions in its power as shall reasonably be requested by the Second Lien Agent (at the sole cost and expense of the Grantors) to transfer possession or control of such Collateral or any such Account (in each case to the extent the Second Lien Agent has a Lien on such Collateral or Account after giving effect to any prior or concurrent releases of Liens) to the Second Lien Agent for the benefit of all Second Lien Secured Parties. 

Section 5.02Deposit Accounts.  Prior to the Discharge of Priority Lien Obligations, to the extent that any Account is under the control of the Priority Lien Agent at any time (within the meaning of the term “control” as relates to Accounts under Articles 8 and 9 of the New York UCC), the Priority Lien Agent will act as gratuitous bailee for the Second Lien Agent for the purpose of perfecting the Liens of the Second Lien Secured Parties in such Accounts and the cash and other assets therein as provided in Section 3.01 (but will have no duty, responsibility or obligation to the Second Lien Secured Parties (including, without limitation, any duty, responsibility or obligation as to the maintenance of such control, the effect of such arrangement or the establishment of such perfection) except as set forth in the last sentence of this Section 5.02(a)).  Unless the Second Liens on such Collateral shall have been or concurrently are released, after the occurrence of Discharge of Priority Lien Obligations, the Priority Lien Agent shall, at the request of the Second Lien Agent, cooperate with the Grantors and the Second Lien Agent (at the expense of the Grantors) in permitting control of any other Accounts to be transferred to the Second Lien Agent (or for other arrangements with respect to each such Accounts satisfactory to the Second Lien Agent to be made).

ARTICLE VI
APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS

Section 6.01Application of Proceeds.  Prior to the Discharge of Priority Lien Obligations, and regardless of whether an Insolvency or Liquidation Proceeding has been commenced, Collateral or proceeds received in connection with the enforcement or exercise of any rights or remedies with respect to any portion of the Collateral will be applied:

(a)first, to the payment in full in cash of all Priority Lien Obligations that are not Excess Priority Lien Obligations,

(b)second, to the payment in full in cash of all Second Lien Obligations,

(c)third, to the payment in full in cash of all Excess Priority Lien Obligations, and

(d)fourth, to the Borrower or as otherwise required by applicable law.

Section 6.02Determination of Amounts.  Whenever a Secured Debt Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Priority Lien Obligations, Second Lien Obligations, or the 

 [AEG Intercreditor Agreement]

 

existence of any Lien securing any such obligations, or the Collateral subject to any such Lien, it may request that such information be furnished to it in writing by the other Secured Debt Representatives and shall be entitled to make such determination on the basis of the information so furnished; provided, however, that if a Secured Debt Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting Secured Debt Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Borrower.  Each Secured Debt Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to the Borrower or any of its subsidiaries, any Secured Party or any other Person as a result of such determination. 

ARTICLE VII
NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE;
CONSENT OF GRANTORS; ETC.

Section 7.01No Reliance; Information.  The Priority Lien Secured Parties and the Second Lien Secured Parties shall have no duty to disclose to any Second Lien Secured Party or to any Priority Lien Secured Party, as the case may be, any information relating to the Borrower or any of the other Grantors, or any other circumstance bearing upon the risk of non-payment of any of the Priority Lien Obligations or the Second Lien Obligations, as the case may be, that is known or becomes known to any of them or any of their Affiliates.  In the event any Priority Lien Secured Party or any Second Lien Secured Party, in its sole discretion, undertakes at any time or from time to time to provide any such information to any Second Lien Secured Party or any Priority Lien Secured Party, as the case may be, it shall be under no obligation (a) to make, and shall not make or be deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of the information so provided, (b) to provide any additional information or to provide any such information on any subsequent occasion or (c) to undertake any investigation.

Section 7.02No Warranties or Liability.  

(a)The Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Parties, acknowledges and agrees that, except for the representations and warranties set forth in Article VIII, neither the Second Lien Agent nor any other Second Lien Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Second Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.

(b)The Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, acknowledges and agrees that, except for the representations and warranties set forth in Article VIII, neither the Priority Lien Agent nor any other Priority Lien Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Priority Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.

(c)The Priority Lien Agent and the other Priority Lien Secured Parties shall have no express or implied duty to the Second Lien Agent or any other Second Lien Secured Party, and the Second Lien Agent and the other Second Lien Secured Parties shall have no express or implied duty to the Priority Lien Agent or any other Priority Lien Secured Party, to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of a default or an event of default under any 

 [AEG Intercreditor Agreement]

 

Priority Lien Document and any Second Lien Document (other than, in each case, this Agreement), regardless of any knowledge thereof which they may have or be charged with. 

(d)The Second Lien Agent, for itself and on behalf of each other Second Lien Secured Party, hereby waives any claim that may be had against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any actions which the Priority Lien Agent or such Priority Lien Secured Party takes or omits to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any Collateral, and actions with respect to the collection of any claim for all or only part of the Priority Lien Obligations from any account debtor, guarantor or any other party) in accordance with this Agreement and the Priority Lien Documents or the valuation, use, protection or release of any security for such Priority Lien Obligations.  

Section 7.03Obligations Absolute.  The Lien priorities provided for herein and the respective rights, interests, agreements and obligations hereunder of the Priority Lien Agent and the other Priority Lien Secured Parties, the Second Lien Agent and the other Second Lien Secured Parties shall remain in full force and effect irrespective of:

(a)any lack of validity or enforceability of any Secured Debt Document;

(b)any change in the time, place or manner of payment of, or in any other term of (including the Replacing of), all or any portion of the Priority Lien Obligations, it being specifically acknowledged that a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed;

(c)any amendment, waiver or other modification, whether by course of conduct or otherwise, of any Secured Debt Document;

(d)the securing of any Priority Lien Obligations or Second Lien Obligations with any additional collateral or guarantees, or any exchange, release, voiding, avoidance or non‐perfection of any security interest in any Collateral or any other collateral or any release of any guarantee securing any Priority Lien Obligations or Second Lien Obligations;

(e)the commencement of any Insolvency or Liquidation Proceeding in respect of the Borrower or any other Grantor; or

(f)any other circumstances that otherwise might constitute a defense available to, or a discharge of, the Borrower or any other Grantor in respect of the Priority Lien Obligations or the Second Lien Obligations.

Section 7.04Grantors Consent.  Each Grantor hereby consents to the provisions of this Agreement and the intercreditor arrangements provided for herein and agrees that the obligations of the Grantors under the Secured Debt Documents will in no way be diminished or otherwise affected by such provisions or arrangements (except as expressly provided herein).

ARTICLE VIII
REPRESENTATIONS AND WARRANTIES

Section 8.01Representations and Warranties of Each Party.  Each party hereto represents and warrants to the other parties hereto as follows:

 [AEG Intercreditor Agreement]

 

(a)Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite power and authority to enter into and perform its obligations under this Agreement. 

(b)This Agreement has been duly executed and delivered by such party.

(c)The execution, delivery and performance by such party of this Agreement (i) do not require any consent or approval of, registration or filing with or any other action by any Governmental Authority of which the failure to obtain could reasonably be expected to have a Material Adverse Effect (as defined in the Priority Credit Agreement), (ii) will not violate any applicable law or regulation or any order of any Governmental Authority or any indenture, agreement or other instrument binding upon such party which could reasonably be expected to have a Material Adverse Effect and (iii) will not violate the charter, by‐laws or other organizational documents of such party.

Section 8.02Representations and Warranties of Each Representative.  Each of the Priority Lien Agent and the Second Lien Agent represents and warrants to the other parties hereto that it is authorized under the Priority Credit Agreement and the Second Lien Credit Agreement, as the case may be, to enter into this Agreement.

ARTICLE IX
MISCELLANEOUS

Section 9.01Notices.  All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

(a)if to the Original Priority Lien Agent, to it at: 

Riverstone Credit Partners, L.P.

712 Fifth Avenue

36th Floor

New York, New York 10019

Attn: Christopher Abbate

Phone: (212) 271-2942

Fax: (212) 993-0077

 

with a copy to:

 

Stephen Coats

Riverstone Credit Partners, L.P.

712 Fifth Avenue

36th Floor

New York, New York 10019

Phone: (212) 993-0092

Fax: (212) 993-0077

 

(b)if to the Original Second Lien Agent, to it at: 

Riverstone Credit Partners, L.P.

712 Fifth Avenue

36th Floor

 [AEG Intercreditor Agreement]

 

New York, New York 10019

Attn: Christopher Abbate

Phone: (212) 271-2942

Fax: (212) 993-0077

 

with a copy to:

 

Stephen Coats

Riverstone Credit Partners, L.P.

712 Fifth Avenue

36th Floor

New York, New York 10019

Phone: (212) 993-0092

Fax: (212) 993-0077

(c)if to any other Secured Debt Representative, to such address as specified in the Priority Confirmation Joinder.

Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.  All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01. As agreed to in writing among the Borrower, the Priority Lien Agent and the Second Lien Agent from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person.

Section 9.02Waivers; Amendment.  (a) No failure or delay on the part of any party hereto 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 parties hereto 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 party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 9.02, 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 party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.

(b)Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified except pursuant to an agreement or agreements in writing entered into by each Secured Debt Representative; provided, however, that this Agreement may be amended from time to time as provided in Section 4.04.  Any amendment of this Agreement that is proposed to be effected without the consent of a Secured Debt Representative as permitted by the proviso to the preceding sentence shall be submitted to such Secured Debt Representative for its review at least 5 Business Days prior to the proposed effectiveness of such amendment.

 [AEG Intercreditor Agreement]

 

Section 9.03Actions Upon Breach; Specific Performance.  (a) Prior to the Discharge of Priority Lien Obligations, if any Second Lien Secured Party, contrary to this Agreement, commences or participates in any action or proceeding against any Grantor or the Collateral, such Grantor, with the prior written consent of the Priority Lien Agent, may interpose as a defense or dilatory plea the making of this Agreement, and any Priority Lien Secured Party may intervene and interpose such defense or plea in its or their name or in the name of such Grantor. 

(b)Prior to the Discharge of Priority Lien Obligations, should any Second Lien Secured Party, contrary to this Agreement, in any way take, attempt to or threaten to take any action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement), or take any other action in violation of this Agreement or fail to take any action required by this Agreement, the Priority Lien Agent or any other Priority Lien Secured Party (in its own name or in the name of the relevant Grantor) or the relevant Grantor, with the prior written consent of the Priority Lien Agent, (A) may obtain relief against such Second Lien Secured Party by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by the Second Lien Agent on behalf of each Second Lien Secured Party that (I) the Priority Lien Secured Parties’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (II) each Second Lien Secured Party waives any defense that the Grantors and/or the Priority Lien Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages, and (B) shall be entitled to damages, as well as reimbursement for all reasonable and documented costs and expenses incurred in connection with any action to enforce the provisions of this Agreement.

Section 9.04Parties in Interest.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.  No other Person will be entitled to rely on, have the benefit of or enforce this Agreement.

Section 9.05Survival of Agreement.  All covenants, agreements, representations and warranties made by any party in 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.

Section 9.06Counterparts.  This 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.  Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

Section 9.07Severability.  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.  The parties 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 9.08Governing Law; Jurisdiction; Consent to Service of Process.  (a) THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO SECTION 5‐1401 OF THE NEW YORK GENERAL OBLIGATION LAW).

(b)Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in 

 [AEG Intercreditor Agreement]

 

New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement 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 9.08.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

(d)Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

Section 9.09WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 9.10Headings.  Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

Section 9.11Conflicts.  In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any Secured Debt Documents, the provisions of this Agreement shall control.

Section 9.12Provisions Solely to Define Relative Rights.  The provisions of this Agreement are and are intended solely for the purpose of defining the distinct and separate relative rights of the Priority Lien Secured Parties and the Second Lien Secured Parties.  None of the Borrower, any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than Sections 4.01, 4.02, 4.04, or 4.05) is intended to or will amend, waive or otherwise modify the provisions of the Priority Credit Agreement, or the Second Lien Credit Agreement, as applicable), and except as expressly provided in this Agreement neither the Borrower nor any other Grantor may rely on the terms hereof (other than Sections 4.01, 4.02, 4.04, or 4.05, Article VII and Article IX).  Nothing in this Agreement is intended to or shall impair the obligations of the Borrower or any other Grantor, which are absolute and unconditional, to pay the Obligations under the Secured Debt Documents as and when the same shall 

 [AEG Intercreditor Agreement]

 

become due and payable in accordance with their terms.  Notwithstanding anything to the contrary herein or in any Secured Debt Document, the Grantors shall not be required to act or refrain from acting pursuant to this Agreement, any Priority Lien Document or any Second Lien Document with respect to any Collateral in any manner that would cause a default under any Priority Lien Document. 

Section 9.13Certain Terms Concerning the Priority Lien Agent and the Second Lien Agent.  None of the Priority Lien Agent or the Second Lien Agent shall have any liability or responsibility for the actions or omissions of any other Secured Party, or for any other Secured Party’s compliance with (or failure to comply with) the terms of this Agreement.  None of the Priority Lien Agent or the Second Lien Agent shall have individual liability to any Person if it shall mistakenly pay over or distribute to any Secured Party (or the Borrower or any other Grantor) any amounts in violation of the terms of this Agreement, so long as the Priority Lien Agent or the Second Lien Agent, as the case may be, is acting in good faith.  Each party hereto hereby acknowledges and agrees that each of the Priority Lien Agent and the Second Lien Agent is entering into this Agreement solely in its capacity under the Priority Lien Documents and the Second Lien Documents, respectively, and not in its individual capacity.  The Priority Lien Agent shall not be deemed to owe any fiduciary duty to the Second Lien Agent or any other Second Lien Secured Party; and the Second Lien Agent shall not be deemed to owe any fiduciary duty to the Priority Lien Agent or any other Priority Lien Secured Party.

Section 9.14Authorization of Secured Agents.  By accepting the benefits of this Agreement and the other Priority Lien Security Documents, each Priority Lien Secured Party authorizes the Priority Lien Agent to enter into this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith.  By accepting the benefits of this Agreement and the other Second Lien Security Documents, each Second Lien Secured Party authorizes the Second Lien Agent to enter into this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith.  

Section 9.15Further Assurances.  Each of the Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Party, the Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, and each Grantor party hereto, for itself and on behalf of its subsidiaries, agrees that it will execute, or will cause to be executed, any and all further documents, agreements and instruments, and take all such further actions, as may be required under any applicable law, or which the Priority Lien Agent or the Second Lien Agent may reasonably request, to effectuate the terms of this Agreement, including the relative Lien priorities provided for herein.

Section 9.16Relationship of Secured Parties.  Nothing set forth herein shall create or evidence a joint venture, partnership or an agency or fiduciary relationship among the Secured Parties.  None of the Secured Parties nor any of their respective directors, officers, agents or employees shall be responsible to any other Secured Party or to any other Person for any Grantor’s solvency, financial condition or ability to repay the Priority Lien Obligations or the Second Lien Obligations, or for statements of any Grantor, oral or written, or for the validity, sufficiency or enforceability of the Priority Lien Documents or the Second Lien Documents, or any security interests granted by any Grantor to any Secured Party in connection therewith.  Each Secured Party has entered into its respective financing agreements with the Grantors based upon its own independent investigation, and none of the Priority Lien Agent or the Second Lien Agent makes any warranty or representation to the other Secured Debt Representatives or the Secured Parties for which it acts as agent nor does it rely upon any representation of the other agents or the Secured Parties for which it acts as agent with respect to matters identified or referred to in this Agreement.

[SIGNATURES BEGIN NEXT PAGE]

 

 

 [AEG Intercreditor Agreement]

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	
 
	
RIVERSTONE CREDIT PARTNERS, L.P.,

	
 
	
as Priority Lien Agent

	
 
	
 
	
 

	
 
	
By:   RCP F1 GP, L.P., its general partner

	
 
	
 
	
 

	
 
	
By:   RCP F1 GP, L.L.C., its general partner

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

Signature Page
Intercreditor Agreement

 

 

 

	
 
	
RIVERSTONE CREDIT PARTNERS, L.P.,

	
 
	
as Second Lien Agent

	
 
	
 
	
 

	
 
	
By:   RCP F1 GP, L.P., its general partner

	
 
	
 
	
 

	
 
	
By:   RCP F1 GP, L.L.C., its general partner

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

Signature Page
Intercreditor Agreement

 

 

	
 
	
ACKNOWLEDGED AND AGREED AS OF

	
 
	
THE DATE FIRST ABOVE WRITTEN:

	
 
	
 
	
 

	
 
	
NEW ATLAS HOLDINGS, LLC

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
ATLAS ENERGY GROUP, LLC

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
ATLAS LIGHTFOOT, LLC

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

 

 

Signature Page
Intercreditor Agreement

 

ANNEX I

Provision for the Second Lien Credit Agreement 

Reference is made to the Intercreditor Agreement, dated as of March 30, 2016, between RIVERSTONE CREDIT PARTNERS, L.P., as Priority Lien Agent (as defined therein), and RIVERSTONE CREDIT PARTNERS, L.P., as Second Lien Agent (as defined therein) (the “Intercreditor Agreement”).  Each holder of any Second Lien Obligations, by its acceptance of such Second Lien Obligations (i) consents to the subordination of Liens provided for in the Intercreditor Agreement, (ii) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and (iii) authorizes and instructs the Second Lien Agent on behalf of each Second Lien Secured Party (as defined therein) to enter into the Intercreditor Agreement as Second Lien Agent on behalf of such Second Lien Secured Parties.  The foregoing provisions are intended as an inducement to the lenders under the Priority Credit Agreement to extend credit to the Borrower and such lenders are intended third party beneficiaries of such provisions and the provisions of the Intercreditor Agreement.

Provision for the Second Lien Security Documents

Reference is made to the Intercreditor Agreement, dated as of March 30, 2016, between RIVERSTONE CREDIT PARTNERS, L.P., as Priority Lien Agent (as defined therein), and RIVERSTONE CREDIT PARTNERS, L.P., as Second Lien Agent (as defined therein) (the “Intercreditor Agreement”).  Each Person that is secured hereunder, by accepting the benefits of the security provided hereby, (i) consents (or is deemed to consent), to the subordination of Liens provided for in the Intercreditor Agreement, (ii) agrees (or is deemed to agree) that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement, (iii) authorizes (or is deemed to authorize) the Second Lien Agent on behalf of such Person to enter into, and perform under, the Intercreditor Agreement and (iv) acknowledges (or is deemed to acknowledge) that a copy of the Intercreditor Agreement was delivered, or made available, to such Person.

Notwithstanding any other provision contained herein, this Agreement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the applicable Security Documents (as defined in the Intercreditor Agreement).  In the event of any conflict or inconsistency between the provisions of this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control.

 

 

 [AEG Intercreditor Agreement]

 

EXHIBIT A
to Intercreditor Agreement

[FORM OF]
PRIORITY CONFIRMATION JOINDER

Reference is made to the Intercreditor Agreement, dated as of March 30, 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Intercreditor Agreement”) between Riverstone Credit Partners, L.P., as Priority Lien Agent for the Priority Lien Secured Parties (as defined therein), and Riverstone Credit Partners, L.P., as Second Lien Agent for the Second Lien Secured Parties (as defined therein).

Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Intercreditor Agreement.  This Priority Confirmation Joinder is being executed and delivered pursuant to Section 4.04 of the Intercreditor Agreement as a condition precedent to the debt for which the undersigned is acting as representative being entitled to the rights and obligations of being [Priority Lien Obligations] [Second Lien Obligations] under the Intercreditor Agreement.

1.Joinder.  The undersigned, [_______________], a [_______________], (the “New Representative”) as [trustee] [collateral agent] [administrative agent] [collateral agent] under that certain [describe applicable indenture, credit agreement or other document governing the Priority Lien Obligations or Second Lien Obligations] hereby:

(a)represents that the New Representative has been authorized to become a party to the Intercreditor Agreement on behalf of the [Priority Lien Secured Parties under a Priority Substitute Credit Facility] [Second Lien Secured Parties under the Second Lien Substitute Facility] as [a Priority Lien Agent under a Priority Substitute Credit Facility] [a Second Lien Agent under a Second Lien Substitute Facility] under the Intercreditor Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if the undersigned had executed and delivered the Intercreditor Agreement as of the date thereof; and

(b)agrees that its address for receiving notices pursuant to the Intercreditor Agreement shall be as follows:

[Address];

2.Priority Confirmation.

[Option A:  to be used if additional debt constitutes Priority Lien Debt] The undersigned New Representative, on behalf of itself and each Priority Lien Secured Party for which the undersigned is acting as administrative agent hereby agrees, for the benefit of all Secured Parties and each future Secured Debt Representative, and as a condition to being treated as Priority Lien Obligations under the Intercreditor Agreement, that the New Representative is bound by the provisions of the Intercreditor Agreement, including the provisions relating to the ranking of Priority Liens.  [or]

[Option B:  to be used if additional debt constitutes Second Lien Debt] The undersigned New Representative, on behalf of itself and each holder of Obligations in respect of the Second Lien Debt [that constitutes Second Lien Substitute Facility] for which the undersigned is acting as [Second Lien Agent] hereby agrees, for the benefit of all Secured Parties and each future Secured Debt Representative, and as a condition to being treated as Secured Obligations under the Intercreditor Agreement, that:

 [AEG Intercreditor Agreement]

(a)all Second Lien Obligations will be and are secured equally and ratably by all Second Liens at any time granted by the Borrower or any other Grantor to secure any Obligations in respect of such Second Lien Debt, whether or not upon property otherwise constituting Collateral for such Second Lien Debt, and that all such Second Liens will be enforceable by the Second Lien Agent with respect to such Second Lien Debt for the benefit of all Second Lien Secured Parties equally and ratably;

(b)the New Representative and each holder of Obligations in respect of the Second Lien Debt for which the undersigned is acting as Second Lien Representative are bound by the provisions of the Intercreditor Agreement, including the provisions relating to the ranking of Priority Liens and Second Liens and the order of application of proceeds from enforcement of Priority Liens and Second Liens; and

(c)the New Representative and each holder of Obligations in respect of the Second Lien Debt for which the undersigned is acting as Second Lien Representative appoints the Second Lien Agent and consents to the terms of the Intercreditor Agreement and the performance by the Second Lien Agent of, and directs the Second Lien Agent to perform, its obligations under the Intercreditor Agreement, together with all such powers as are reasonably incidental thereto.

3.Full Force and Effect of Intercreditor Agreement.  Except as expressly supplemented hereby, the Intercreditor Agreement shall remain in full force and effect.

4.Governing Law and Miscellaneous Provisions.  The provisions of Article IX of the Intercreditor Agreement will apply with like effect to this Priority Confirmation Joinder.

5.Expenses.  The Borrower agrees to reimburse each Secured Debt Representative for its reasonable out of pocket expenses in connection with this Priority Confirmation Joinder, including the reasonable fees, other charges and disbursements of counsel.

 [AEG Intercreditor Agreement]

IN WITNESS WHEREOF, the parties hereto have caused this Priority Confirmation Joinder to be executed by their respective officers or representatives as of [______________, 20____].

 

	
 
	
[insert name of New Representative]

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

The Priority Lien Agent hereby acknowledges receipt of this Priority Confirmation Joinder [and agrees to act as Priority Lien Agent for the New Representative and the holders of the Obligations represented thereby]:

 

	
 
	
 

	
 
	
as Priority Lien Agent

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

The Second Lien Agent hereby acknowledges receipt of this Priority Confirmation Joinder [and agrees to act as Second Lien Agent for the New Representative and the holders of the Obligations represented thereby]:

 

	
 
	
 

	
 
	
as Second Lien Agent

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

 [AEG Intercreditor Agreement]

 

	
 
	
Acknowledged and Agreed to by:

	
 
	
 
	
 

	
 
	
NEW ATLAS HOLDINGS, LLC, as

	
 
	
Borrower

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

 

	
 
	
ATLAS ENERGY GROUP, LLC

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

 

 

 [AEG Intercreditor Agreement]

 

EXHIBIT B
to Intercreditor Agreement

SECURITY DOCUMENTS

PART A.

List of Priority Lien Security Documents

	
1.
	
Security Agreement dated as of August 28, 2015 among Atlas Energy Group, LLC, each of the other Grantors party thereto, and the Priority Lien Agent as Administrative Agent for the Priority Lien Secured Parties.

	
2.
	
Trademark Security Agreement dated as of August 28, 2015 among Atlas Energy Group, LLC, each of the other Grantors party thereto, and the Priority Lien Agent as Administrative Agent for the Priority Lien Secured Parties. 

	
3.
	
Deposit Account Control Agreement dated as of October 30, 2015 among New Atlas Holdings, L.P., the Priority Lien Agent, as Administrative Agent for the Priority Lien Secured Parties and Keybank National Association. 

	
4.
	
Securities Account Control Agreement dated as of August 28, 2015 among New Atlas Holdings, L.P., the Priority Lien Agent, as Administrative Agent for the Priority Lien Secured Parties and American Stock Transfer & Trust Company, LLC. (such agreement to be amended, restated or replaced following the Third Amendment Effective in a manner sufficient to provide “control” of the securities held in the subject account).  

	
5.
	
Registration Rights Agreement dated as of August 28, 2015 among Atlas Resource Partners, L.P., the Priority Lien Agent, as Administrative Agent for the Priority Lien Secured Parties and the holders named therein. 

	
6.
	
Each mortgage and deed of trust entered into after the date hereof, executed and delivered by any Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Priority Lien Agent, to secure the Priority Lien Obligations, except to the extent released by the Priority Lien Agent in accordance with this Agreement and the Priority Lien Security Documents.

	
7.
	
Each UCC Financing Statement filed in connection with the documents listed in items 1, 2 and 6 of this Part A.

PART B.

List of Second Lien Security Documents

	
1.
	
Second Lien Security Agreement dated as of March 30, 2016 among Atlas Energy Group, LLC, each of the other Grantors party thereto, and the Second Lien Agent as Administrative Agent for the Second Lien Secured Parties.

 

	
2.
	
Second Lien Trademark Security Agreement dated as of March 30, 2016 among Atlas Energy Group, LLC, each of the other Grantors party thereto, and the Second Lien Agent as Administrative Agent for the Second Lien Secured Parties.  

	
3.
	
Securities Account Control Agreement to be entered into among New Atlas Holdings, L.P., the Priority Lien Agent, as Administrative Agent for the Priority Lien Secured Parties and American Stock Transfer & Trust Company, LLC. 

	
4.
	
Registration Rights Agreement dated as of March 30, 2016 among Atlas Resource Partners, L.P., the Priority Lien Agent, as Administrative Agent for the Priority Lien Secured Parties and the holders named therein. 

	
5.
	
Each mortgage and deed of trust entered into after the date hereof, executed and delivered by any Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Priority Lien Agent, to secure the Priority Lien Obligations, except to the extent released by the Priority Lien Agent in accordance with this Agreement and the Priority Lien Security Documents.

	
6.
	
Each UCC Financing Statement filed in connection with the documents listed in items 1, 2 and 6  of this Part B.

 

 

 

 

 

 

 

SCHEDULES

TO

CREDIT AGREEMENT

 

 

 

 

SCHEDULE 7.15

SUBSIDIARY INTERESTS

 

					
	
Subsidiary
	
Jurisdiction of Formation
	
100% Owner 
(except as set forth below)
	
Type of Equity Interest
	
Number of Issued Shares

	
Atlas Energy Company, LLC
	
DE
	
Parent
	
LLC Membership
	
N/A

	
New Atlas Holdings, LLC
	
DE
	
Parent
	
LLC Membership
	
N/A

	
Atlas Energy Resource Services, Inc.
	
DE
	
Atlas Energy Company, LLC
	
Common Stock
	
1,000

	
ATLAS LIGHTFOOT, LLC
	
DE
	
Borrower1
	
LLC Membership
	
N/A

	
Atlas Resource Partners, L.P.2 and its Subsidiaries3
	
DE
	
Parent4
	
General Partner Interest
(Class A Preferred Units)
	
N/A

	
Borrower5
	
Limited Partnership Interest (Common Units)
	
102,421,097

	
Borrower6
	
Limited Partnership Interest (Class C Preferred Units)
	
3,749,986

	
Atlas Growth Partners GP, LLC and its Subsidiaries3
	
DE
	
Borrower7
	
LLC Membership
	
N/A

 

 

1 The Borrower is the Class A Member and owns 90% of the member interests of this entity.

2 Publicly-traded limited partnership.

3 Such entity and its Subsidiaries are Unrestricted Subsidiaries.

4 The Parent owns 2% of the general partnership interests (Class A Units) of this entity.

5 The Borrower owns 20,962,485 Common Units representing 19.8% of the limited partnership interests of this entity.

6 The Borrower owns 3,749,986 Class C Preferred Units representing 3.5% of the limited partnership interests of this entity.

7 The Borrower owns 80% of the member interests of this entity.

SCHEDULE 7.15 TO CREDIT AGREEMENT

 

 

RESTRICTED SUBSIDIARIES INFORMATION

 

	
Entity Name
	
Type of Organization
	
Jurisdiction
of
Formation
	
Foreign Qualification
	
EIN
	
Organizational
Identification
Number
	
Chief Executive
Office

	
ATLAS LIGHTFOOT, LLC
	
Limited liability company
	
DE
	
None
	
##-#######
	
4170768
	
Park Place Corporate
Center One
1000 Commerce Drive
Suite 400
Pittsburgh, PA 15275

	
New Atlas Holdings, LLC
	
Limited liability company
	
DE
	
None
	
##-#######
	
5687273
	
Park Place Corporate
Center One
1000 Commerce Drive
Suite 400
Pittsburgh, PA 15275

 

 

 

 

 

SCHEDULE 7.15 TO CREDIT AGREEMENT

 

SCHEDULE 7.20

MARKETING CONTRACTS

 

None.

SCHEDULE 7.20 TO CREDIT AGREEMENT

 

SCHEDULE 9.02

EXISTING DEBT

None.

 

 

SCHEDULE 9.02 TO CREDIT AGREEMENT

 

 

SCHEDULE 9.03

EXISTING LIENS

None.

 

 

SCHEDULE 9.03 TO CREDIT AGREEMENT

 

EXHIBIT J

 

SCHEDULE 9.05

INVESTMENTS

Investments made in Subsidiaries listed on Schedule 7.15 prior to the Effective Date.

Other Investments:

					
	
Entity
	
Jurisdiction of Formation
	
Record Owner
	
Type of Equity Interest
	
Ownership Interest

	
Lightfoot Capital Partners GP LLC
	
DE
	
ATLAS LIGHTFOOT, LLC
	
Series A LLC Membership
	
13.2094%

	
ATLAS LIGHTFOOT, LLC
	
Series B LLC Membership
	
2.6927%

	
LIGHTFOOT CAPITAL PARTNERS, LP
	
DE
	
ATLAS LIGHTFOOT, LLC
	
Limited Partnership Interests
	
11.9902%EX-10.7

 Exhibit 10.7 

TCW DIRECT LENDING LLC 

as Borrower 
  

 
  

SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT 
  

 
  

NATIXIS, NEW YORK BRANCH 

as Administrative Agent 

NATIXIS, NEW YORK BRANCH 

as Sole Lead Arranger and Sole Book Manager 

and 
 The Conduit
Lenders, Committed Lenders, 
 and Funding Agents from time to time party hereto 

 
  

 
 July 1, 2015 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	1	  
		 	 1.01
	 	 Defined Terms
	  	 	1	  
		 	 1.02
	 	 Other Definitional Provisions
	  	 	31	  
		 	 1.03
	 	 Times of Day; Rates
	  	 	32	  
		 	 1.04
	 	 Accounting Terms
	  	 	32	  
		 	 1.05
	 	 Letter of Credit Amounts
	  	 	32	  
		 	 1.06
	 	 Exchange Rates; Currency Equivalents
	  	 	32	  
		 	 1.07
	 	 Additional Alternative Currencies
	  	 	33	  
		 	 1.08
	 	 Change of Currency
	  	 	33	  
			
	 2.
	 	 LOANS AND LETTERS OF CREDIT
	  	 	34	  
		 	 2.01
	 	 Revolving Credit Commitment
	  	 	34	  
		 	 2.02
	 	 Borrowing Procedures
	  	 	34	  
		 	 2.03
	 	 Minimum Loan Amounts
	  	 	36	  
		 	 2.04
	 	 Funding
	  	 	36	  
		 	 2.05
	 	 Interest
	  	 	37	  
		 	 2.06
	 	 Determination of Rate and Billing
	  	 	38	  
		 	 2.07
	 	 Swingline Loans
	  	 	39	  
		 	 2.08
	 	 Letters of Credit
	  	 	42	  
		 	 2.09
	 	 Payment of Borrower Guaranty
	  	 	50	  
		 	 2.10
	 	 Use of Proceeds and Letters of Credit
	  	 	50	  
		 	 2.11
	 	 Unused Commitment Fee
	  	 	50	  
		 	 2.12
	 	 Letter of Credit Fees
	  	 	51	  
		 	 2.13
	 	 Computation of Interest and Fees
	  	 	52	  
		 	 2.14
	 	 Cash Collateral
	  	 	52	  
		 	 2.15
	 	 Defaulting Lenders
	  	 	53	  
		 	 2.16
	 	 Extension of Stated Maturity Date
	  	 	56	  
		 	 2.17
	 	 Increase in the Maximum Commitment
	  	 	56	  
			
	 3.
	 	 PAYMENT OF OBLIGATIONS
	  	 	58	  
		 	 3.01
	 	 Notes
	  	 	58	  
		 	 3.02
	 	 Payment of Interest
	  	 	58	  
		 	 3.03
	 	 Payments of Obligations
	  	 	59	  
		 	 3.04
	 	 Mandatory Prepayment
	  	 	61	  
		 	 3.05
	 	 Voluntary Prepayments
	  	 	62	  
		 	 3.06
	 	 Reduction or Early Termination of Commitments
	  	 	62	  
		 	 3.07
	 	 Lending Office
	  	 	62	  
			
	 4.
	 	 CHANGE IN CIRCUMSTANCES
	  	 	63	  
		 	 4.01
	 	 Taxes
	  	 	63	  
		 	 4.02
	 	 Illegality
	  	 	67	  
		 	 4.03
	 	 Inability to Determine Rates
	  	 	68	  
		 	 4.04
	 	 Increased Costs Generally
	  	 	69	  
		 	 4.05
	 	 Compensation for Losses
	  	 	71	  
		 	 4.06
	 	 Mitigation Obligations; Replacement of Funding Party
	  	 	72	  
		 	 4.07
	 	 Survival
	  	 	72	  
			
	 5.
	 	 SECURITY
	  	 	73	  
		 	5.01	 	Liens and Security Interest	  	 	73	  
		 	 5.02
	 	 Collateral Account; Capital Calls
	  	 	73	  
		 	 5.03
	 	 Confirmation of Liens.
	  	 	74	  

  
 i 

									
	 6.
	 	 BORROWER GUARANTY
	  	 	75	  
		 	 6.01
	 	 Unconditional Guaranty of Payment
	  	 	75	  
		 	 6.02
	 	 Waiver of Rights
	  	 	75	  
		 	 6.03
	 	 No Discharge
	  	 	75	  
		 	 6.04
	 	 Subrogation
	  	 	75	  
		 	 6.05
	 	 Benefit
	  	 	75	  
		 	 6.06
	 	 Reinstatement
	  	 	76	  
		 	 6.07
	 	 Continuing Guarantee
	  	 	76	  
			
	 7.
	 	 CONDITIONS PRECEDENT TO AMENDMENT AND RESTATEMENT AND CREDIT EXTENSIONS
	  	 	76	  
		 	 7.01
	 	 Conditions to Amendment and Restatement
	  	 	76	  
		 	 7.02
	 	 All Loans and Letters of Credit
	  	 	77	  
		 	 7.03
	 	 Qualified Borrower Loans and Letters of Credit
	  	 	78	  
			
	 8.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	79	  
		 	 8.01
	 	 Organization and Good Standing of Borrower
	  	 	79	  
		 	 8.02
	 	 Authorization and Power
	  	 	80	  
		 	 8.03
	 	 No Conflicts or Consents
	  	 	80	  
		 	 8.04
	 	 Enforceable Obligations
	  	 	80	  
		 	 8.05
	 	 Priority of Liens
	  	 	80	  
		 	 8.06
	 	 Financial Condition
	  	 	80	  
		 	 8.07
	 	 Full Disclosure
	  	 	80	  
		 	 8.08
	 	 No Default
	  	 	81	  
		 	 8.09
	 	 No Litigation
	  	 	81	  
		 	 8.10
	 	 Material Adverse Change
	  	 	81	  
		 	 8.11
	 	 Taxes
	  	 	81	  
		 	 8.12
	 	 Jurisdiction Formation; Principal Office
	  	 	81	  
		 	 8.13
	 	 ERISA Compliance
	  	 	81	  
		 	 8.14
	 	 Compliance with Law
	  	 	81	  
		 	 8.15
	 	 Hazardous Substances
	  	 	81	  
		 	 8.16
	 	 Reserved
	  	 	82	  
		 	 8.17
	 	 Company Structure
	  	 	82	  
		 	 8.18
	 	 Capital Commitments and Contributions
	  	 	82	  
		 	 8.19
	 	 Fiscal Year
	  	 	82	  
		 	 8.20
	 	 Investment Company Act
	  	 	82	  
		 	 8.21
	 	 Margin Stock
	  	 	82	  
		 	 8.22
	 	 No Defenses
	  	 	82	  
		 	 8.23
	 	 Foreign Asset Control Laws
	  	 	82	  
		 	 8.24
	 	 OFAC
	  	 	82	  
		 	 8.25
	 	 Subscription Facility
	  	 	83	  
			
	 9.
	 	 AFFIRMATIVE COVENANTS
	  	 	83	  
		 	 9.01
	 	 Financial Statements, Reports and Notices
	  	 	83	  
		 	 9.02
	 	 Payment of Taxes
	  	 	85	  
		 	 9.03
	 	 Maintenance of Existence and Rights
	  	 	85	  
		 	 9.04
	 	 Notice of Default or Key Person Event
	  	 	85	  
		 	 9.05
	 	 Other Notices
	  	 	85	  
		 	 9.06
	 	 Compliance with Loan Documents and Operating Agreement
	  	 	85	  
		 	9.07	 	Books and Records; Access	  	 	86	  

  
 ii 

									
		 	 9.08
	 	 Compliance with Law
	  	 	86	  
		 	 9.09
	 	 Insurance
	  	 	86	  
		 	 9.10
	 	 Authorizations and Approvals
	  	 	86	  
		 	 9.11
	 	 Maintenance of Liens
	  	 	86	  
		 	 9.12
	 	 Further Assurances
	  	 	86	  
		 	 9.13
	 	 Investor Financial and Rating Information
	  	 	86	  
		 	 9.14
	 	 Covenants of Qualified Borrowers
	  	 	87	  
			
	 10.
	 	 NEGATIVE COVENANTS
	  	 	87	  
		 	 10.01
	 	 Mergers; Dissolution
	  	 	87	  
		 	 10.02
	 	 Negative Pledge
	  	 	87	  
		 	 10.03
	 	 Fiscal Year and Accounting Method
	  	 	87	  
		 	 10.04
	 	 Constituent Documents
	  	 	87	  
		 	 10.05
	 	 Transfer by, or Admission of, Investors
	  	 	88	  
		 	 10.06
	 	 Capital Commitments
	  	 	89	  
		 	 10.07
	 	 ERISA Compliance
	  	 	89	  
		 	 10.08
	 	 Reserved.
	  	 	89	  
		 	 10.09
	 	 Limitations on Dividends and Distributions
	  	 	89	  
		 	 10.10
	 	 Limitation on Debt
	  	 	89	  
		 	 10.11
	 	 Sanctions
	  	 	89	  
		 	 10.12
	 	 Spin-Off
	  	 	90	  
			
	 11.
	 	 EVENTS OF DEFAULT
	  	 	90	  
		 	 11.01
	 	 Events of Default
	  	 	90	  
		 	 11.02
	 	 Remedies Upon Event of Default
	  	 	91	  
		 	 11.03
	 	 Curing an Event of Default by Investor Capital Call
	  	 	92	  
		 	 11.04
	 	 Performance by Administrative Agent
	  	 	93	  
		 	 11.05
	 	 Application of Funds
	  	 	93	  
			
	 12.
	 	 AGENTS
	  	 	94	  
		 	 12.01
	 	 Appointment and Authority
	  	 	94	  
		 	 12.02
	 	 Rights as a Lender
	  	 	94	  
		 	 12.03
	 	 Exculpatory Provisions
	  	 	95	  
		 	 12.04
	 	 Reliance by Agent or Lender
	  	 	96	  
		 	 12.05
	 	 Delegation of Duties
	  	 	96	  
		 	 12.06
	 	 Resignation of Administrative Agent
	  	 	96	  
		 	 12.07
	 	 Non-Reliance on Agents and Lenders
	  	 	98	  
		 	 12.08
	 	 No Other Duties, Etc.
	  	 	98	  
		 	 12.09
	 	 Administrative Agent May File Proofs of Claim
	  	 	98	  
		 	 12.10
	 	 Collateral Matters
	  	 	99	  
			
	 13.
	 	 MISCELLANEOUS
	  	 	99	  
		 	 13.01
	 	 Amendments
	  	 	99	  
		 	 13.02
	 	 Right of Setoff
	  	 	103	  
		 	 13.03
	 	 Sharing of Payments by Lender Group
	  	 	103	  
		 	 13.04
	 	 Payments Set Aside
	  	 	104	  
		 	 13.05
	 	 No Waiver; Cumulative Remedies; Enforcement
	  	 	104	  
		 	 13.06
	 	 Expenses; Indemnity; Damage Waiver
	  	 	105	  
		 	 13.07
	 	 Notice
	  	 	107	  
		 	 13.08
	 	 Governing Law
	  	 	108	  
		 	 13.09
	 	 Waiver of Jury Trial
	  	 	109	  
		 	 13.10
	 	 Invalid Provisions
	  	 	110	  
		 	13.11	 	Successors and Assigns	  	 	110	  

  
 iii 

									
		 	 13.12
	 	 Assignment to Committed Lenders
	  	 	116	  
		 	 13.13
	 	 Replacement of Funding Party or Lender Group
	  	 	118	  
		 	 13.14
	 	 Maximum Rate
	  	 	119	  
		 	 13.15
	 	 Headings
	  	 	119	  
		 	 13.16
	 	 Survival of Representations and Warranties
	  	 	119	  
		 	 13.17
	 	 Limited Liability of Investors
	  	 	119	  
		 	 13.18
	 	 Confidentiality
	  	 	119	  
		 	 13.19
	 	 USA Patriot Act Notice
	  	 	121	  
		 	 13.20
	 	 No Advisory or Fiduciary Responsibility
	  	 	121	  
		 	 13.21
	 	 Qualified Purchaser
	  	 	121	  
		 	 13.22
	 	 No Bankruptcy Petition Against any Conduit Lender
	  	 	121	  
		 	 13.23
	 	 No Recourse Against any Conduit Lender
	  	 	121	  
		 	 13.24
	 	 Excess Funds
	  	 	122	  
		 	 13.25
	 	 Electronic Execution of Assignments and Certain Other Documents
	  	 	122	  
		 	 13.26
	 	 Counterparts; Integration; Effectiveness
	  	 	122	  
		 	 13.27
	 	 Judgment Currency
	  	 	122	  
		 	 13.28
	 	 Entire Agreement
	  	 	123	  

  

			
	 SCHEDULES
	  	
		
	 SCHEDULE 1.01A
	  	 Commitments and Lender Groups

	 SCHEDULE 1.01B
	  	 Mandatory Cost Formulae

	 SCHEDULE 13.07
	  	 Addresses

  

			
	 EXHIBITS
	  	
		
	 EXHIBIT A:
	  	 Reserved

	 EXHIBIT B:
	  	 Revolving Credit Note

	 EXHIBIT C:
	  	 Loan Notice

	 EXHIBIT D:
	  	 Security Agreement

	 EXHIBIT E:
	  	 Collateral Account Assignment

	 EXHIBIT F:
	  	 Assignment and Assumption Agreement

	 EXHIBIT G:
	  	 Compliance Certificate

	 EXHIBIT H:
	  	 Borrowing Base Certificate

	 EXHIBIT I:
	  	 Facility Increase Request

	 EXHIBIT J:
	  	 Facility Extension Request

	 EXHIBIT K:
	  	 Lender Group Joinder Agreement

	 EXHIBIT L:
	  	 Joinder Agreement

	 EXHIBIT M:
	  	 U.S. Tax Compliance Certificates

	EXHIBIT N:	  	Request for Letter of Credit

  
 iv 

 SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT 

This SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (together with all amendments and modifications hereof and supplements and
attachments hereto, this “Credit Agreement”) is dated as of July 1, 2015 by and among TCW DIRECT LENDING LLC, a Delaware limited liability company (“Borrower”), NATIXIS, NEW YORK BRANCH
(in its individual capacity, “Natixis”), as administrative agent for the Lenders (together with any successor appointed pursuant to Section 12 below, the
“Administrative Agent”), and the Committed Lenders, Conduit Lenders, Funding Agents and other Borrower Parties from time to time party hereto (each capitalized term not defined is defined below). 

Borrower, Administrative Agent, the Lenders named therein, and certain other Persons are parties to that certain Revolving Credit Agreement
dated as of November 12, 2014, as amended and restated by that certain Amended and Restated Revolving Credit Agreement dated as of December 22, 2014, pursuant to which Lenders have provided to Borrower a revolving credit facility on the
terms stated therein (as so amended and supplemented from time to time prior to the date hereof, the “Original Credit Agreement”); 

Borrower, Administrative Agent, and Lenders have agreed to make certain changes to the Original Credit Agreement; and 

Borrower, Administrative Agent, and Lenders desire to amend and restate the Original Credit Agreement pursuant to this Credit Agreement in
order to effect such changes. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained and for other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows: 
 Borrower has
requested that Lenders make loans to the Borrower Parties for the principal purposes of providing working capital to the Borrower Parties; financing the costs and other expenses to be incurred by the Borrower Parties in connection with making
investments permitted under the Operating Agreement; and financing the costs of other undertakings by Borrower permitted under the Operating Agreement; Lenders are willing to lend funds upon the terms and subject to the conditions set forth in this
Credit Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained and for other valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows: 
 1. DEFINITIONS. 

1.01 Defined Terms. For the purposes of this Credit Agreement, unless otherwise expressly defined, the following terms shall
have the respective meanings assigned to them in this Section 1 or in the Section or recital referred to in the definition thereof: 

“Adequately Capitalized” means compliance with the capital standards for Bank Holding Companies as described in the
Bank Holding Company Act of 1956, as amended, and regulations promulgated thereunder. 
 “Administrative Agent” is
defined in the preamble to this Credit Agreement. 

 “Administrative Agent’s Office” means Administrative Agent’s
address as set forth in Schedule 13.07, or such other address or, as appropriate, account as Administrative Agent may from time to time notify Borrower and the Lenders. 

“Administrator” means, with respect to any Conduit Lender, the Person designated by such Conduit Lender as its
“Administrator”. 
 “Affected Funding Party” is defined in
Section 13.13. 
 “Affiliate” of any Person means a specified Person
that, directly or indirectly, Controls or is Controlled By, or is Under Common Control With, such Person. 

“Agents” means, collectively, Administrative Agent and each Funding Agent and any successors and assigns in such
capacities. 
 “Aggregate Concentration Limit” means the aggregate amount of Unfunded Commitment in
excess of the concentration limits set forth below, calculated for each Investor classification as a percentage of the aggregate Unfunded Commitments of all Included Investors and Designated Investors: 

 

			
	 Investor Classification
	  	Concentration Limit
	 Included Investors
	  	N/A
	 Designated Investors
	  	35%

 “Agreement Currency” is defined in
Section 13.27. 
 “Alternative Currency” means each of the following
currencies: Euro, Sterling and Canadian Dollar and each other currency (other than Dollars) that is approved in accordance with Section 1.07. 

“Alternative Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the
equivalent amount thereof in the applicable Alternative Currency as determined by Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative
Currency with Dollars. 
 “Annual Valuation Period” means the “annual valuation period” as defined
in 29 C.F.R. § 25103.101(d)(5) as determined for each Borrower Party, as applicable. 
 “Applicable
Margin” means, with respect to interest rate spreads and letter of credit fees, the Applicable Margin set forth in the table below that corresponds to the applicable Loan or Letter of Credit: 

 

			
	 	  	Applicable Margin
	 Base Rate Loan
	  	0.70%
	 Eurocurrency Rate Loan
	  	1.70%
	 Floating LIBOR Rate Loan
	  	1.70%
	 CP Rate Loan
	  	1.70%
	 Letter of Credit
	  	1.70%

 “Applicable Percentage” means (i) with respect to a Committed Lender, the product
of its Committed Lender Percentage and its Lender Group’s Lender Group Percentage; (ii) with respect to a Lender Group, its Lender Group Percentage; and (iii) with respect to a Conduit Lender, its Conduit Lender Percentage. 

  
 2 

 “Applicable Requirement” means, for any Included Investor that is (or
whose Credit Provider, if applicable, is): (a) a Bank Holding Company, Adequately Capitalized status or better and a Rating of BBB-/Baa3 or higher; (b) an insurance company, a Best’s Rating by A.M. Best Company of A- or higher and a Rating of BBB-/Baa3 or higher; (c) an ERISA Investor, or the trustee or nominee of an ERISA Investor, in addition to the Sponsor’s Rating of BBB-/Baa3 or higher, a minimum Funding Ratio for
the pension fund based on the Rating of the Sponsor of the pension fund as follows: 
  

			
	 Sponsor Rating
	  	Minimum Funding Ratio
	 A-/A3 or higher
	  	No minimum
	 BBB+/Baa1 to BBB-/Baa3
	  	90%

 (d) a Governmental Plan Investor, or the Responsible Party with respect to such Governmental
Plan Investor, in addition to the Responsible Party’s Rating of BBB-/Baa3 or higher, a minimum Funding Ratio for the pension fund based on the Rating of the Responsible Party as follows: 

 

			
	 Responsible Party Rating
	  	Minimum Funding Ratio
	 A-/A3 or higher
	  	No minimum
	 BBB+/Baa1 to BBB-/Baa3
	  	90%

 and (e) otherwise a Rated Included Investor, a Rating of BBB-/Baa3 or higher. 

The first Rating indicated in each case above is the S&P Rating and the second Rating indicated in each case above is the Moody’s
Rating. In the event that the Ratings are not equivalent, the Applicable Requirement shall be based on the lowest of the Ratings. If any Person has only one Rating, then that Rating shall apply. 

“Applicable Time” means, with respect to any borrowings and payments in any Alternative Currency, the local time in
the place of settlement for such Alternative Currency as may be determined by the Administrative Agent to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment. 

“Approved 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 business, 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. 
 “Arranger” means Natixis, in its capacity as sole
lead arranger and sole book manager. 
 “Assignee” is defined in
Section 13.11(b). 
 “Assignee Group” means two or more Eligible
Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 
 “Assignment
Amount” means, with respect to a Committed Lender at the time of any assignment pursuant to Section 13.12 by a Conduit Lender in such Committed Lender’s Lender Group, an amount

  
 3 

 
equal to the least of: (a) such Committed Lender’s Committed Lender Percentage of the Obligations requested by such Conduit Lender to be assigned at such time; (b) such
Committed Lender’s unused Commitment (minus the sum of (i) the unrecovered principal amount of such Committed Lender’s investments in such Obligations pursuant to the Liquidity Agreement to which it is a party and
(ii) such Committed Lender’s Committed Lender Percentage of its Lender Group’s Lender Group Percentage of the Letter of Credit Liability); and (c) in the case of an assignment on or after the Conduit Investment Termination Date
for such Conduit Lender, (i) such Committed Lender’s pro rata share of the applicable Conduit Lender Percentage of the Lender Group Percentage of the Principal Obligation minus (ii) such Committed Lender’s
Applicable Percentage of the Letter of Credit Liability. 
 “Assignment and Assumption Agreement” means the
agreement contemplated by Section 13.11(b)(iv), pursuant to which any Lender assigns all or any portion of its rights and obligations hereunder, in substantially the form of
Exhibit F or any other form (including electronic documentation generated by MarkitClear or other electronic platform) approved by the Administrative Agent and the Borrower. 

“Assignment Date” is defined in Section 13.12(a). 

“Attorney Costs” means and includes all documented out-of-pocket fees and disbursements of a single law firm or any
local or special counsel retained by the Administrative Agent or Lenders. 
 “Availability Period” means the period
commencing on the Closing Date and ending on the Maturity Date. 
 “Available Commitment” means, at
any time, the Dollar Equivalent of the lesser of: (a)(i) the Maximum Commitment at such time minus (ii) the FX Reserve Amount at such time; or (b)(i) the Borrowing Base at such time minus (ii) the
FX Reserve Amount at such time. 
 “Bank Holding Company” means a “bank holding company” as defined
in Section 2(a) of the Bank Holding Company Act of 1956, as amended, or a non-bank subsidiary of such bank holding company. 

“Base Rate” means, for any day, a fluctuating rate per annum equal to the highest of: (a) the Federal Funds
Rate for such day plus  1⁄2 of one percent (0.50%); (b) the Prime Rate for such day; or (c) the Floating LIBOR Rate for a term of one month
commencing that day plus 100 basis points (1.00%). 
 “Base Rate Loan” means a Loan that bears interest based
on the Base Rate (other than, for avoidance of doubt, a Floating LIBOR Rate Loan as selected by Borrower pursuant to Section 2.02). All Base Rate Loans shall be denominated in Dollars. 

“Baseline Net Worth” is defined in clause (j) of the definition of
Exclusion Event. 
 “Basel III” means the global regulatory standards on bank capital adequacy and liquidity
referred to by the Basel Committee on Banking Supervision as “Basel III” or the “Basel III Framework” published in December 2010 together with any further guidance or standards in relation to “Basel
III” or the “Basel III Framework” published or to be published by the Basel Committee. 

“Borrower” is defined in the preamble hereto. 

“Borrower Parties” means Borrower and each Qualified Borrower, and “Borrower Party” means any
one of them. 

  
 4 

 “Borrowing” means a disbursement made by the Lenders of any of the
proceeds of the Loans when such disbursement increases the outstanding principal amount of the Loans (including any reimbursement of the Letter of Credit Issuer following a draw on a Letter of Credit). 

“Borrowing Base” means, at any time of determination, the sum of: (a) ninety percent (90%) of the aggregate
Eligible Included Unfunded Commitments of the Included Investors at such time; plus (b) sixty-five percent (65%) the aggregate Eligible Designated Unfunded Commitments of the Designated Investors at such time. 

“Borrowing Base Certificate” means a certificate of any Responsible Officer of Borrower either (a) confirming
there has been no change in the Borrowing Base since the date of the most recently delivered Borrowing Base Certificate or (b) setting forth the calculation of the Borrowing Base (based on the most recent information available to Borrower) and
the name, Capital Commitment and Unfunded Commitment of each Included Investor and each Designated Investor (subject to the approval requirements set forth in the respective definitions herein), in substantially the form of
Exhibit H attached hereto; provided, however, that such calculation may be provided in “Excel” format in a form reasonably acceptable to the Administrative Agent and containing
the information as set forth in Exhibit H. 
 “Borrowing Base
Deficit” means, at any time of determination, the amount (if any) by which the aggregate Principal Obligation is in excess of the Borrowing Base. 

“Borrowing Base Investors” means each Included Investor and each Designated Investor. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to
close under the Laws of, or are in fact closed in, the City of New York with respect to Obligations denominated in Dollars is located and: 

(a) if such day relates to any Loans bearing interest at the Eurocurrency Rate, CP Rate or the Floating LIBOR Rate denominated
in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Loan, or any other dealings in Dollars to be carried out pursuant to this Credit Agreement in respect of any such Loan, means any such day that is
also a London Business Day; 
 (b) if such day relates to any Loans bearing interest at the Eurocurrency Rate, CP Rate or the
Floating LIBOR Rate denominated in Euros, any fundings, disbursements, settlements and payments in Euros in respect of any such Loan, or any other dealings in Euros to be carried out pursuant to this Credit Agreement in respect of any such Loan,
means a TARGET Day; 
 (c) if such day relates to any Loans bearing interest at the Eurocurrency Rate, CP Rate or the
Floating LIBOR Rate denominated in a currency other than Dollars or Euros, means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore interbank market for
such currency; and 
 (d) if such day relates to any fundings, disbursements, settlements and payments in a currency other
than Dollars or Euro in respect of a Loan bearing interest at the Eurocurrency Rate, CP Rate or the Floating LIBOR Rate denominated in a currency other than Dollars or Euros, or any other dealings in any currency other than Dollars or Euro to be
carried out pursuant to this Credit Agreement in respect of any such Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such
currency. 

  
 5 

 “Canadian Dollars” and “Cdn$” mean the lawful
currency of Canada. 
 “Capital Call” means a call upon all or any of the Investors for payment of all or any
portion of their Unfunded Commitments. 
 “Capital Call Notice” means any notice sent to, or demand or request made
on, an Investor for the purpose of making a Capital Call. 
 “Capital Commitment” means, for any Investor, its
“Commitment” as defined in the Operating Agreement. 
 “Capital Contribution” means, for any
Investor, any contribution of capital made to Borrower in response to a Capital Call or deemed contributed pursuant to the Operating Agreement. 

“Cash Collateralize” means to pledge and deposit with or deliver to Administrative Agent, for the benefit of one or
more of the Letter of Credit Issuer or Swingline Lender (as applicable) and the Lenders, as collateral for the Letter of Credit Liability, obligations in respect of Swingline Loans, or obligations of Lenders to fund participations in respect of
either thereof (as the context may require), cash or deposit account balances pursuant to documentation in form and substance satisfactory to: (a) Administrative Agent and (b) the Letter of Credit Issuer or Swingline Lender (as
applicable). “Cash Collateral” shall have a meaning correlative to the foregoing. 
 “Change in
Law” means the occurrence, after the date of this Credit Agreement (or, with respect to any Person that becomes a Lender pursuant to an Assignment and Assumption, the effective date of such assignment), of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental Authority; or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that, notwithstanding anything herein to the
contrary: (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith; and (ii) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case
be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Change of
Control” means TCW Asset Management Company or an Affiliate thereof shall cease to be the investment advisor of the Borrower. 

“Closing Date” means the date on which all of the conditions precedent set forth in
Section 7.01 are satisfied or waived. 
 “Code” means the United
States Internal Revenue Code of 1986, as amended. 
 “Collateral” is defined in
Section 5.01. 
 “Collateral Account” means the
“Account” as defined in the Collateral Account Assignment delivered by Borrower pursuant hereto. 
 “Collateral
Account Assignment” means an assignment or security agreement with respect to the Collateral Account in substantially the form of Exhibit E attached hereto, as such agreement shall be
amended, modified, supplemented and/or restated and in effect from time to time. For the avoidance of doubt, the Existing Collateral Account Assignment is a “Collateral Account Assignment” hereunder. 

  
 6 

 “Collateral Documents” means the security agreements, financing
statements, assignments, and other documents and instruments from time to time executed and delivered pursuant to this Credit Agreement to grant, perfect or continue a security interest in the Collateral for the Obligations and any documents or
instruments amending or supplementing the same, including, without limitation, the Security Agreement, the Collateral Account Assignment, and the Deposit Account Control Agreement. 

“Commercial Paper” means, on any day, either (i) the promissory notes of any Conduit Lender issued by such
Conduit Lender in the commercial paper market or (ii) the promissory notes issued in the commercial paper market by a multi-seller commercial paper conduit the proceeds of which are loaned to a Conduit Lender that are allocated, in whole or in
part, by such Conduit Lender to fund or maintain its Principal Obligation hereunder. 
 “Commitment” means, with
respect to each Committed Lender, its obligation to (a) make Syndicated Loans to Borrower Parties pursuant to Section 2.01; and (b) purchase risk participations in Letters of Credit and
Swingline Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Committed Lender’s name on Schedule 1.01A attached hereto under the
heading “Commitment” or on the Assignment and Assumption Agreement pursuant to which such Committed Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Credit Agreement.
Administrative Agent may amend and re-issue Schedule 1.01A from time to time to reflect the Commitments of the Committed Lenders. 

“Committed Lender Percentage” means, with respect to any Committed Lender on any day, the percentage equivalent of a
fraction the numerator of which is such Committed Lender’s Commitment at such time and the denominator of which is the Lender Group Limit for such Committed Lender’s Lender Group. 

“Committed Lenders” means: (a) each Committed Lender listed on the signature pages hereof; and (b) any
other Person that becomes a party to this Credit Agreement as a Committed Lender pursuant to the terms hereof, and any assignees thereof that shall become party hereto pursuant to Section 13.11 (but not
any Participant that is not otherwise party to this Credit Agreement). 
 “Competitor” means any direct lending
investment company primarily focused on investing in senior secured debt obligations or mezzanine debt obligations with portfolio companies, or investment management. For avoidance of doubt, a Competitor shall not include a commercial lender (i.e.,
a national bank, a state chartered bank or other similarly regulated lending institution) unless otherwise notified by the Borrower (by its reasonable determination) to the Administrative Agent. 

“Compliance Certificate” is defined in Section 9.01(c). 

“Concentration Limit” means the Individual Concentration Limit and Aggregate Concentration Limit, as applicable. 

“Conduit Assignee” means any multi-seller commercial paper conduit or special purpose entity funded by a multi-seller
commercial paper conduit which is, in either case, administered by the Funding Agent for any existing Lender Group or an Affiliate thereof. 

  
 7 

 “Conduit Investment Termination Date” means, with respect to any Conduit
Lender, the date of the delivery by such Conduit Lender to Borrower of written notice that such Conduit Lender elects, in its sole discretion, not to make any further Loans or participate in any further Letters of Credit hereunder. 

“Conduit Lender” means: (a) each Conduit Lender listed on the signature pages hereof; and (b) any other
Person that shall become a party to this Credit Agreement as a Conduit Lender pursuant to the terms hereof, and any assignees thereof that shall become party hereto pursuant to Section 13.11 (but not
any Participant that is not otherwise party to this Credit Agreement). 
 “Conduit Lender Percentage” means, with
respect to any Conduit Lender, at any time, one hundred percent (100%), minus the percentage share of Principal Obligation held by the Committed Lenders and any other Conduit Lenders in such Conduit Lender’s Lender Group at such time.

 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 
 “Constituent Documents” means, for any entity,
its constituent or organizational documents, including: (a) in the case of any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation with the secretary of state or other department in the state of its formation, in each case as amended from time to time; (b) in the case of any limited
liability company, its articles or certificate of formation and its operating agreement or limited liability company agreement; and (c) in the case of a corporation, its certificate or articles of incorporation and its bylaws. 

“Control” and the correlative meanings of the terms “Controlled By” and “Under
Common Control With” mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting shares or partnership interests, or
of the ability to exercise voting power by contract or otherwise. 
 “CP Rate” means, for any Conduit Lender and any
Interest Period for any Loan at the CP Rate, the per annum rate equivalent to the rate (or, if more than one rate, the weighted average of the rates) applicable to the Commercial Paper issued by such Conduit Lender or its Related Commercial Paper
Issuer and allocated, in whole or in part, to fund Syndicated Loans or Swingline Loans hereunder, which Commercial Paper may be sold by any placement agent or commercial paper dealer selected by such Conduit Lender, and which rate shall incorporate
(i) applicable commercial paper dealer and placement agent fees and commissions and (ii) other funding costs (excluding costs associated with a Conduit Lender’s liquidity fundings) of such Conduit Lender relating to the Transactions,
such as any costs associated with conversions into any Alternative Currency incurred in connection therewith and the costs of funding odd lots or small dollar amounts; provided that if the rate (or rates) as agreed between any such agent or
dealer and such Conduit Lender is a discount rate, then the CP Rate shall be the rate (or if more than one rate, the weighted average of the rates) resulting from such Conduit Lender’s converting such discount rate (or rates) to an
interest-bearing equivalent rate per annum. 
 “CP Rate Loan” means a Loan that bears interest based on a CP Rate
(or, in the case of a Loan funded by a Conduit Lender through its Liquidity Provider, at the rate specified in Section 2.05(a)). 

“Credit Agreement” is defined in the preamble hereto. 

“Credit Extension” means each of the following: (a) a Borrowing (including any conversion or continuation of
any Borrowing); and (b) an L/C Credit Extension. 

  
 8 

 “Credit Provider” means a Person providing a guaranty or other similar
agreement, in form and substance reasonably acceptable to Lenders, of the obligations of an Included Investor to make Capital Contributions to Borrower. 

“Debtor Relief Laws” means any applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement,
insolvency, fraudulent conveyance, reorganization, or similar laws affecting the rights, remedies, or recourse of creditors generally, including without limitation the United States Bankruptcy Code and all amendments thereto, as are in effect from
time to time during the term of the Loans. 
 “Default” means any condition, act, or event which, with the giving of
notice or lapse of time or both, would become an Event of Default. 
 “Default Rate” means, with respect to any
Loan, on any day the lesser of: (a) the interest rate in effect on such day and otherwise applicable to such Loan, plus the Applicable Margin applicable to such Loan, plus two percent (2.0%); or (b) the Maximum Rate.

 “Defaulting Investor” is defined in the definition of “Exclusion Event” herein. 

“Defaulting Lender” means, subject to Section 2.15(b), any Committed
Lender that: (a) has failed to: (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies Administrative Agent and Borrower
in writing that such failure is the result of such Lender’s good faith 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, or (ii) pay to Administrative Agent, the Letter of Credit Issuer, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in
Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due unless such Lender notifies Administrative Agent and Borrower in writing that such failure is the result of such Lender’s good faith 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 Borrower, Administrative Agent,
the Swingline Lender or the Letter of Credit Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (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 two (2) Business Days after written request by Administrative Agent or Borrower, to confirm in writing to Administrative Agent and
Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such
written confirmation by Administrative Agent and Borrower), 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; or (ii) had appointed for it a
receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other
state or federal regulatory authority acting in such a capacity; 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 

  
 9 

 
by 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 2.15(b)) as of the date established
therefor by Administrative Agent in a written notice of such determination, which shall be delivered by Administrative Agent to Borrower, the Letter of Credit Issuer, the Swingline Lender and each other Lender (including such Defaulting Lender)
promptly following such determination. For the purposes of the definition of Defaulting Lender only, “Equity Interest” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit
interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other
ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of
determination. 
 “Deposit Account Control Agreement” means a deposit account control agreement or blocked account
control agreement by and among Borrower, Depository and Administrative Agent, with respect to the Collateral Account, in form and substance reasonably satisfactory to Administrative Agent. 

“Depository” is defined in Section 5.02(a). 

“Designated Investor” means any Investor: (a) designated by Administrative Agent and all Committed Lenders
(each in its sole discretion) as a Designated Investor; and (b) as to which Borrower has delivered to Administrative Agent the information and documents required under Section 7.01(a)(ix) or
10.05(d), as applicable; provided that (i) a Defaulting Investor shall no longer be a Designated Investor until such time as all Exclusion Events affecting such Investor have been cured to the satisfaction of the
Administrative Agent and all of the Committed Lenders (not to be unreasonably withheld, conditioned or delayed); and (ii) if an involuntary proceeding under clause (b) of the Exclusion Events is
instituted against a Designated Investor, such Defaulting Investor shall be automatically reinstated as a Designated Investor if such Exclusion Event is dismissed with sixty (60) days of the date such proceeding is instituted. 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the
subject of any Sanction and with which dealings are prohibited for Borrower under such Sanction. 
 “Dollar
Equivalent” means, at any time: (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as
determined by the applicable Funding Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency. 

“Dollars” and the sign “$” mean lawful currency of the United States of America. 

“Eligible Assignee” means: (a) a Lender, an Affiliate of a Lender, an Approved Fund, a Liquidity Provider, a
Conduit Assignee, a Federal Reserve Bank, a central bank, a collateral trustee or security agent for holders of commercial paper; and (b) any other Person approved in writing by the Administrative Agent and the Letter of Credit Issuer (each
such approval not to be unreasonably withheld or delayed by Administrative Agent or the Letter of Credit Issuer) and, unless an Event of Default under Sections 11.01(a), 11.01(g) or
11.01(h) exists at the time any assignment is effected in accordance with 

  
 10 

 
Section 13.11, Borrower (such approval not to be unreasonably withheld or delayed by Borrower); provided, however, that (x) each
Eligible Assignee must be a Qualified Purchaser, (y) no Competitor shall qualify as an Eligible Assignee, and (z) neither Borrower nor any Affiliate of Borrower shall qualify as an Eligible Assignee. 

“Eligible Designated Unfunded Commitments” means, with respect to Designated Investors, the aggregate amount that is
equal to the Unfunded Commitments of each Designated Investor; provided, however, that in connection with each determination of the Borrowing Base, (a) the Eligible Designated Unfunded Commitment of each Designated Investor (and,
accordingly, the Borrowing Base) shall be reduced to the extent necessary, if any, so that the Eligible Designated Unfunded Commitment of such Designated Investor does not exceed the Individual Concentration Limit and thereafter (b) the
aggregate Eligible Designated Unfunded Commitments of all Designated Investors (and, accordingly, the Borrowing Base) shall be reduced to the extent necessary, if any, so that the aggregate Eligible Designated Unfunded Commitments of all Designated
Investors do not exceed the Aggregate Concentration Limit. 
 “Eligible Included Unfunded Commitments” means, with
respect to Included Investors, the aggregate amount that is equal to the Unfunded Commitments of all Included Investors. 

“Environmental Laws” means: (a) the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended by the Superfund Amendments and Re-authorization Act of 1986, 42 U.S.C. §9601 et seq.; (b) the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984,
42 U.S.C. §6901 et seq.; (c) the Clean Air Act, 42 U.S.C. §7401 et seq., as amended by the Clean Air Act Amendments of 1990; (d) the Clean Water Act of 1977, 33 U.S.C. §1251 et seq.;
(e) the Toxic Substances Control Act, 15 U.S.C.A. §2601 et seq.; (f) all other federal, state and local laws, ordinances, regulations or written policies relating to pollution or protection of human health (as it relates to
exposure to Hazardous Materials) or the environment including without limitation, air pollution, water pollution, noise control, or the use, handling, discharge, disposal or Release or recovery of on-site or off-site Hazardous Materials, as each of
the foregoing may be amended from time to time, applicable to any Borrower Party; and (g) any and all regulations promulgated under or pursuant to any of the foregoing statutes. 

“Environmental Liability” means any written claim, demand, obligation, cause of action, accusation or allegation, or
any order, violation, damage (including, without limitation, to any Person, property or natural resources), injury, judgment, penalty or fine, cost of enforcement, cost of remedial action, clean-up, restoration or any other cost or expense
whatsoever, including reasonable attorneys’ fees and disbursements resulting from the violation or alleged violation of any Environmental Law or the imposition of any Environmental Lien or otherwise arising under any Environmental Law or
resulting from any common law cause of action asserted by any Person. 
 “Environmental Lien” means a Lien in favor
of any Governmental Authority: (a) under any Environmental Law; or (b) for any liability or damages arising from, or costs incurred by, any Governmental Authority in response to the Release or threatened Release of any Hazardous
Material. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and
regulations promulgated thereunder by any Governmental Authority, as from time to time in effect. 
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) under common control with any Borrower Party within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

  
 11 

 “ERISA Investor” means an Investor that is: (a) an
“employee benefit plan” (as such term is defined in Section 3(3) of ERISA) subject to Title I of ERISA, (b) any “plan” defined in and subject to
Section 4975 of the Code, or (c) a partnership or commingled account of a fund, or any other entity, whose assets include or are deemed to include the assets of one or more such employee benefit plans or plans in
accordance with the Plan Assets Regulations or otherwise. 
 “ERISA Investor Excluded Items” means, with
respect to each ERISA Investor, any rights, titles, interests, remedies or privileges of Borrower: 

(a)    in and to the rights and obligations of such ERISA Investor in Borrower (and any appurtenant rights
thereunder), including such ERISA Investor’s Membership Interests therein, granted to Borrower to secure such ERISA Investor’s obligation to fund its Capital Commitment; 

(b)    to request or require such ERISA Investor to confirm the amount of, or to confirm its obligation to
make payments in respect of, its uncalled Capital Commitments; 
 (c)    to require such ERISA Investor
to forfeit or sell any portion of such ERISA Investor’s Membership Interests in Borrower; and 

(d)    to request or require such ERISA Investor to make payment for any Capital Call other than to an
account of Borrower. 
 “Euro” and “€” mean the single currency of the Participating
Member States. 
 “Eurocurrency Rate” means: 

(a)    for any Interest Period with respect to a Eurocurrency Rate Loan, the rate per annum equal to the
London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate if LIBOR is no longer available, which rate is approved by the Administrative Agent, as published on the applicable Reuters screen page (or such other
commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for
deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; 

(b)    for any interest calculation with respect to a Base Rate Loan on any date, the Floating LIBOR Rate;
and 
 (c)    if the Eurocurrency Rate calculated in accordance with the foregoing
clause (a) or (b) shall be less than zero, then such rate shall be deemed zero for purposes of this Credit Agreement; 

provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved
rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner
as otherwise reasonably determined by the Administrative Agent. 
 “Eurocurrency Rate Loan” means a Loan that bears
interest at a rate based on clause (a) of the definition of “Eurocurrency Rate.” 

  
 12 

 “Event of Default” is defined in
Section 11.01. 
 “Existing Collateral Account Assignment” is defined
in Section 5.03(b). 
 “Existing Security Agreement” is defined in
Section 5.03(a). 
 “Excluded Taxes” means any of the following Taxes
imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each
case: (i) imposed as a result of such Recipient being organized, formed or incorporated under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or
any political subdivision thereof); or (ii) that are Other Connection Taxes; (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable
interest in a Loan or Commitment pursuant to a law in effect on the date on which: (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the applicable Borrower Party under
Section 4.06); or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 4.01(a)(ii) or
Section 4.01(c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it
changed its Lending Office; (c) Taxes attributable to such Recipient’s failure to comply with Section 4.01(e); (d) any backup withholding Tax that is required by the Code to be withheld
from amounts payable to such Recipient; and (e) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Exclusion Event” means the occurrence, with respect to any Borrowing Base Investor or, if applicable, the Sponsor,
Responsible Party, or Credit Provider of such Borrowing Base Investor (such Investor hereinafter referred to as a “Defaulting Investor”), of any of the following events: 

(a) such Investor (or its Sponsor, Responsible Party or Credit Provider, as applicable) shall: (i) apply for or
consent to the appointment of a receiver, trustee, custodian, intervenor, or liquidator of itself or of all or a substantial part of its assets; (ii) file a voluntary petition as debtor in bankruptcy or admit in writing that it is unable to pay
its debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or take advantage of any Debtor Relief Laws; (v) file
an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization, or insolvency proceeding under any Debtor Relief Laws; or (vi) take any personal,
partnership, limited liability company, corporate or trust action, as applicable, for the purpose of effecting any of the foregoing; 

(b) the commencement of any bankruptcy, reorganization, or insolvency proceeding under any Debtor Relief Laws relating to such
Investor (or its Sponsor, Responsible Party or Credit Provider, as applicable) or all or any material part of its respective property is instituted without the consent of such Person; or an order, judgment, or decree shall be entered by any court of
competent jurisdiction or other competent authority approving a petition seeking such Investor’s (or its Sponsor’s, Responsible Party’s or Credit Provider’s, as applicable) bankruptcy, reorganization, or insolvency, or appointing
a receiver, custodian, trustee, administrator or similar entity, of such Person or of all or substantially all of its assets; 

(c) any uninsured final judgment(s) for the payment of money which in the aggregate exceeds fifteen percent (15%) of the
net worth of such Investor (or its Sponsor, Responsible Party or Credit Provider, as applicable) shall be rendered against such Person, and such judgment or judgments shall not be bonded, stayed or satisfied or discharged at least thirty (30)
days prior to the date on which any of its assets could be lawfully sold to satisfy such judgment; 

  
 13 

 (d) such Investor shall repudiate, challenge, or declare unenforceable its
obligation to make contributions to the capital of Borrower pursuant to its Capital Commitment or a Capital Call Notice or its obligations under its Subscription Agreement or the Operating Agreement shall be or become unenforceable; 

(e) such Investor shall fail to make a contribution to the capital of Borrower when required pursuant to a Capital Call Notice,
or shall otherwise be in material default under its Subscription Agreement, the Operating Agreement or the Loan Documents, in each case subject to any applicable notice or cure periods plus ten (10) Business Days; 

(f) any representation or warranty made under the Operating Agreement or its Subscription Agreement shall prove to be untrue or
inaccurate in any material respect, as of the date on which such representation or warranty is made, and such Person shall fail to cure the adverse effect of the failure of such representation or warranty within thirty (30) days after written notice
thereof is delivered by Administrative Agent to Borrower; 
 (g) such Investor shall transfer its entire Membership Interest
in Borrower, provided that if less than all of such Investor’s Membership Interest is transferred or assigned, only such portion as is transferred or assigned shall be subject to exclusion from the calculation of Borrowing Base; 

(h) in the case of each Rated Included Investor (or its Sponsor, Responsible Party or Credit Provider, as applicable), it shall
fail to maintain its Applicable Requirement as required in the definition of Applicable Requirement hereof; 
 (i) in the
case of each Designated Investor without a Rating (or its Sponsor, Responsible Party or Credit Provider, as applicable), the occurrence of any circumstance or event which: (A) would reasonably be expected to have a material and adverse
effect on the financial condition or business operations of such Investor; or (B) would reasonably be expected to impair, impede, or jeopardize the obligation and the liability of such Investor to fulfill its obligations under its Subscription
Agreement or the Operating Agreement; 
 (j) in the case of each Non-Rated Included Investor, (i) it shall fail to
maintain a net worth (determined in accordance with GAAP), measured at the end of each fiscal year of such Included Investor, of at least 70% of the net worth of such Investor (the “Baseline Net Worth”) as of: (A) the fiscal year
which ended on or immediately prior to the Closing Date, if the Investor was an Included Investor (or was pre-approved as an Included Investor, pursuant to written agreement of Administrative Agent) on the Closing Date; or (B) the fiscal year
for which Administrative Agent has financial information which ended on or immediately prior to the date of its designation as an Included Investor (in the case not covered by clause (A) above); or (ii) it shall fail to provide
updated financial information available (to the extent requested by Administrative Agent) on an annual basis in order to measure such Baseline Net Worth after the Closing Date; provided, however, that any Non-Rated Included Investor who fails to
provide such updated financial information available after the Closing Date shall automatically constitute a Designated Investor (and the Borrower and Administrative Agent will update the Investor Classification Letter); or (iii) except as set
forth in subsection (k) below with respect to Governmental Plan Investors, the Rating of the related entity Under Common Control with such Non-Rated Included Investor falls below BBB-/Baa3;1 
  
  

	1 	In the event that the Ratings of the relevant Person are not equivalent, such Rating shall be based on the lowest of the Rating of such Person. If any Person has only one Rating, then that Rating shall apply.

  
 14 

 (k) in the case of each Non-Rated Included Investor that is a Governmental Plan
Investor, (A) the Rating of the related governmental entity falls below BBB-/Baa3, or (B) the Rating of the related governmental entity is BBB-/Baa3 and the Funding Ratio for the Governmental Plan Investor is then less than ninety percent
(90%), or (C) the Rating of the related governmental entity is higher than BBB-/Baa3, but such Governmental Plan Investor shall fail to maintain a Funding Ratio of the lesser of at least (1) 80% or (2) 90% of its Funding Ratio as was
reported on its most recent audited financial statements which were available to Administrative Agent on or immediately prior to (x) the Closing Date, if it was an Included Investor (or was pre-approved as an Included Investor, pursuant to
written agreement of Administrative Agent) on the Closing Date; or (y) the date of its admission as an Investor (in the case not covered by clause (x) above);2 

(l) in the case of all ERISA Investors, Borrower has determined that participation of ERISA Investors in Borrower constitutes
“significant” participation for purposes of Plan Assets Regulations and no exception applies; 
 (m) there is a
material breach or written repudiation by any Credit Provider of its obligations under its guaranty of the obligations of its related Investor or other similar agreement; 

(n) the Capital Commitment or Unfunded Commitment of such Investor is cancelled, reduced, terminated or abated without the
prior written consent being obtained in accordance with Section 10.06; provided, that only such portion of the Unfunded Commitment that is cancelled, reduced, terminated or abated shall be subject to exclusion from the calculation of Eligible
Included Unfunded Commitments; 
 (o) the Capital Commitment of such Investor ceases to be Collateral, other than by reasons
of actions or inaction of the Administrative Agent or Lenders; 
 (p) such Investor appears on any list of “Specially
Designated Nationals” or list of known or suspected terrorist generated by OFAC; 
 (q) other than rights under the
Operating Agreement permitting an Investor from opting out of particular Investments, an Investor is excused from funding any portion of its Unfunded Commitments with respect to any Investment, provided that only such excused amount of its Unfunded
Commitment will be excluded from the calculation of Eligible Included Unfunded Commitments or Eligible Designated Unfunded Commitments, as applicable; or 

(r) if an Investor elects to participate in a Spin-Off, such Investor shall be a Defaulting Investor beginning on the date ten
(10) Business Days prior to the effective date of such Spin-Off. 
 “Facility Extension Request” means a notice
in substantially the form of Exhibit J attached hereto pursuant to which Borrower requests an extension of the Stated Maturity Date in accordance with
Section 2.16. 
  

 

	2 	In the event that the Ratings of the relevant Person are not equivalent, such Rating shall be based on the lowest of the Rating of such Person. If any Person has only one Rating, then that Rating shall apply.

  
 15 

 “Facility Increase Fee” means a fee as agreed by Borrower and
Administrative Agent in a separate fee letter agreement. 
 “Facility Increase Request” means a notice in
substantially the form of Exhibit I attached hereto pursuant to which Borrower requests an increase of the Commitments in accordance with Section 2.17.

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Credit Agreement (or any amended or successor version that is substantively comparable) and any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1)
of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any published intergovernmental agreement entered into in connection with the implementation of such
Sections of the Code. 
 “Federal Funds Rate” means, for any day, the rate per
annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that: (a) if such day is not a Business Day, the Federal Funds Rate for such
day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such
day shall be the average rate charged to Administrative Agent on such day on such transactions as determined by Administrative Agent. 

“Fitch” means Fitch Ratings, a wholly-owned subsidiary of Fimalac, S.A. 

“Floating LIBOR Rate” means, on any date the same is to be determined, the rate per annum equal to LIBOR or a
comparable or successor rate if LIBOR is no longer available, which rate is approved by the Administrative Agent, as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be
designated by the Administrative Agent from time to time), for deposits in the relevant currency with a term of one month commencing that day. 

“Floating LIBOR Rate Loan” means a Loan that bears interest based on the Floating LIBOR Rate (as selected by Borrower
pursuant to Section 2.02). 
 “Foreign Recipient”
means: (a) if the applicable Borrower Party is a U.S. Person, a Recipient that is not a U.S. Person; and (b) if the applicable Borrower Party is not a U.S. Person, a Recipient that is resident or organized under the
laws of a jurisdiction other than that in which such Borrower Party is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the
Letter of Credit Issuer, such Defaulting Lender’s proportionate share (based on the total of such Defaulting Lender’s participation in all Letters of Credit as determined in accordance with
Section 2.08 as a proportion of the total Letter of Credit Liability) of the outstanding Letter of Credit Liability other than Letter of Credit Liability as to which (i) such Defaulting
Lender’s participation obligation has been reallocated to other Committed Lenders in accordance with the terms hereof or (ii) Cash Collateral or other credit support acceptable to the Letter of Credit Issuer shall have been provided in
accordance with Section 2.14, and (b) with respect to the Swingline Lender, such Defaulting Lender’s proportionate share (based on the total of such Defaulting Lender’s participation in
all outstanding Swingline Loans as determined in accordance with Section 2.07 as a proportion of the total amount of outstanding Swingline 

  
 16 

 
Loans) of outstanding Swingline Loans other than Swingline Loans as to which (i) such Defaulting Lender’s participation obligation has been reallocated pursuant to other Committed
Lenders in accordance with the terms hereof, or (ii) Cash Collateral or other credit support acceptable to the Swingline Lender shall have been provided in accordance with Section 2.14. 

“Funding Agent” means each financial institution designated on
Schedule 1.01A that acts as agent for a Lender Group, or its successor appointed pursuant to Section 12. 

“Funding Party” means any Lender, Letter of Credit Issuer or Liquidity Provider. 

“Funding Ratio” means: (a) for a Governmental Plan Investor, the actuarial present value of the assets of
the plan over the actuarial present value of the plan’s total benefit liabilities, as reported in such plan’s most recent audited financial statements; and (b) for an ERISA Investor; (i) the fair market value of the plan’s
assets as defined under Section 430(g)(3) of the Code, unreduced for any prefunding balance or funding standard carryover balance as defined and provided for in Section 430(f) of the Code;
over (ii) the plan’s funding target, as defined under Section 430(d) of the Code, without regard to the special at-risk rules of Section 430(i) of the Code, with each value
as reported on the most recently filed Schedule SB to the Form 5500 by such plan with the United States Department of Labor. 

“FX Reserve Amount” shall mean an amount equal to five percent (5.0%) of the Dollar Equivalent of outstanding Loans
denominated in Alternative Currencies. 
 “GAAP” means those generally accepted accounting principles and practices
as in effect from time to time that are recognized as such by the American Institute of Certified Public Accountants or by the Financial Accounting Standards Board or through other appropriate boards or committees thereof, and that are consistently
applied for all periods, after the date hereof, so as to properly reflect the financial position of Borrower, except that any accounting principle or practice required to be changed by the Financial Accounting Standards Board (or other appropriate
board or committee of the said Board) in order to continue as a generally accepted accounting principle or practice may be so changed. 

“Governmental Authority” means the government of the United States or any other nation, or of 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). 

“Governmental Plan Investor” means an Investor that is a governmental plan as defined in
Section 3(32) of ERISA. 
 “Guaranteed Debt” is defined in
Section 6.01. 
 “Hazardous Material” means any substance, material,
or waste which is or becomes regulated, under any Environmental Law, as hazardous to public health or safety or to the environment, including, but not limited to: (a) any substance or material designated as a “hazardous
substance” pursuant to Section 311 of the Clean Water Act, as amended, 33 U.S.C. §1251 et seq., or listed pursuant to Section 307 of the Clean Water Act, as amended;
(b) any substance or material defined as “hazardous waste” pursuant to Section 1004 of the Resource Conservation and Recovery Act, as amended, 42 U.S.C. §6901 et seq.; (c) any
substance or material defined as a “hazardous substance” pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act, as amended, 42 U.S.C. §9601 et
seq.; or (d) petroleum, petroleum products and petroleum waste materials. 

  
 17 

 “Honor Date” is defined in
Section 2.08(c)(i). 
 “Impacted Loans” is defined in
Section 4.03. 
 “Included Investor” means an
Investor: (a)(i) that has, or that has a Credit Provider that has, met the Applicable Requirement for an Included Investor and that has been approved by Administrative Agent; or (ii) that has been so designated by Administrative Agent
and all Committed Lenders (each in its sole discretion) as an Included Investor; and (b) that has delivered to Administrative Agent the information and documents required under
Section 7.01(a)(viii) or 10.05(d), as applicable; provided that (i) a Defaulting Investor shall no longer be an Included Investor until such time as all Exclusion Events
affecting such Investor have been cured to the satisfaction of the Administrative Agent and all of the Committed Lenders (not to be unreasonably withheld, conditioned or delayed); and (ii) if an involuntary proceeding under
clause (b) of the Exclusion Events is instituted against an Included Investor, such Defaulting Investor shall be automatically reinstated as an Included Investor if such Exclusion Event is dismissed
with sixty (60) days of the date such proceeding is instituted. 
 “Increasing Committed Lender” is defined in
Section 2.17(a). 
 “Indebtedness” means
“indebtedness” as contemplated in the Operating Agreement. 
 “Indemnified Taxes”
means: (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Borrower Party under any Loan Document; and (b) to the extent not otherwise described in
clause (a), Other Taxes. 
 “Indemnitee” is defined in
Section 13.06(b). 
 “Individual Concentration Limit”
means the aggregate amount of Unfunded Commitment in excess of the concentration limits set forth below, calculated for each Investor classification as a percentage of the aggregate Unfunded Commitments of all Included Investors and Designated
Investors: 
  

			
	 Investor Classification
	  	Concentration Limit
	 Included Investors
	  	N/A
	 Designated Investors
	  	3.5%

 provided, that, for purposes of calculating the above Individual Concentration Limit for any Investor,
each Investor and its investing affiliates shall be treated as a single Investor. 
 “Information” is defined in
Section 13.18. 
 “Initial Notice” means a notice delivered by
Borrower to the Investors under Section 14.1.3 of the Operating Agreement with respect to the treatment of Borrower’s assets as Plan Assets. 

“Interest Option” means each of the Eurocurrency Rate and the Base Rate. 

“Interest Payment Date” means (a) at any time there is only one Lender Group party to this Credit Agreement,
(i) for Base Rate Loans, Floating LIBOR Rate Loans, CP Rate Loans and Swingline Loans, the last Business Day of each fiscal quarter and the Maturity Date and (ii) for Eurocurrency Rate Loans, the last Business Day of each Interest Period
and the Maturity Date, and (b) at any time there are two or more Lender Groups party to this Credit Agreement, (i) for Base Rate Loans, Floating LIBOR Rate Loans and Swingline Loans, the last Business Day of each fiscal quarter and the
Maturity Date, 

  
 18 

 
(ii) for Eurocurrency Rate Loans, the last Business Day of each Interest Period for such Eurocurrency Rate Loan and the Maturity Date, (iii) for CP Rate Loans while any Base Rate Loan or
Floating LIBOR Rate Loans are outstanding, the last Business Day of each fiscal quarter and the Maturity Date, and (iv) for CP Rate Loans while any Eurocurrency Rate Loans are outstanding, the last Business Day of each Interest Period for each
Eurocurrency Rate Loan and the Maturity Date; provided, however, that if any Interest Period for any Eurocurrency Rate Loan exceeds three months, each of the respective dates that fall every three months after the beginning of such Interest Period
shall also be an Interest Payment Date (or, if such day is not a Business Day, on the next succeeding Business Day). 
 “Interest
Period” means (a) with respect to any CP Rate Loan, (i) if the Related Commercial Paper is issued on a pool funded basis, a calendar month (or, in the case of the first Interest Period, the period from and including the date
of the first advance hereunder to and including the last day of the calendar month in which such date occurs) and (ii) if the Related Commercial Paper is issued on a match-funded basis, the period of time allocated by the applicable Funding
Agent to such Loan in its reasonable discretion; and (b) with respect to any Eurocurrency Rate Loan (other than Swingline Loans, which are addressed in Section 2.07(a)), a period
commencing: (i) on the Borrowing date of such Eurocurrency Rate Loan; or (ii) on the termination date of the immediately preceding Interest Period in the case of a continuation of a Eurocurrency Rate Loan to a successive Interest
Period as described in Section 2.02, and ending one week (subject to availability from all Lenders), one month, two months, three months or (subject to availability from all Lenders) six months
thereafter, each as a Borrower Party shall elect in accordance with Section 2.02; provided, however, that with respect to clauses (a)
and (b) above: (A) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month,
in which case such Interest Period shall end on the next preceding Business Day; (B) any Interest Period which begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar
month at the end of such Interest Period) shall, subject to clause (A) above, end on the last Business Day of a calendar month; and (C) if the Interest Period would otherwise end after the Stated
Maturity Date, such Interest Period shall end on the Stated Maturity Date. 
 “Investment” means a
“Portfolio Investment” as defined in the Operating Agreement. 
 “Investor” means a Member
of Borrower. 
 “Investor Classification Letter” means that certain letter agreement dated as of the date hereof by
and among Borrowers and Administrative Agent, based on confirmation by the applicable Lenders, listing the Investors and their Capital Commitments and approving the Investors as Included Investors or Designated Investors or indicating they are
neither Included Investors or Designated Investors, as it may be amended, restated, modified or supplemented from time to time (including pursuant to Section 10.05(b)). For avoidance of doubt, the Investor Classification Letter
may be updated from time to time by Administrative Agent and Borrowers, including through delivery and acceptance of Compliance Certificate, Borrowing Base Certificate or borrowing base summaries prepared by Administrative Agent. 

“IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Request for Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by the Letter of Credit Issuer and a Borrower Party or entered into by a Borrower Party in favor of the Letter of Credit Issuer and relating to any such Letter of Credit,
including, as applicable, any documentation relating to Cash Collateral (which may include, without limitation, a Collateral Account Assignment). 

  
 19 

 “Joinder Agreement” means a joinder agreement in the form of
Exhibit L. 
 “Key Person Event” means a “Key Person
Event” as defined in the Operating Agreement. 
 “KYC Compliance” is defined in
Section 8.23. 
 “L/C Advance” means, with respect to each Committed
Lender, such Committed Lender’s funding of its participation in any L/C Borrowing. 
 “L/C Borrowing” means an
extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing. 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry
date thereof, or the increase of the amount thereof. 
 “Laws” means, collectively, all international, foreign,
Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or
not having the force of law. 
 “Lender Group” means each Lender Group identified by name on
Schedule 1.01A to this Credit Agreement (as such Schedule 1.01A may be amended, supplemented or otherwise modified and in
effect), including the Funding Agent for such Lender Group and each Committed Lender and each Conduit Lender (if any) in such Lender Group. 

“Lender Group Joinder Agreement” means a joinder agreement, substantially the form of
Exhibit K attached hereto, pursuant to which a new Lender Group becomes party to this Credit Agreement. 

“Lender Group Limit” means, for each Lender Group, the sum of the Commitments of the Committed Lenders in such Lender
Group. 
 “Lender Group Percentage” means, with respect to any Lender Group, the percentage equivalent of a fraction
the numerator of which is the sum of the Commitments held by the Committed Lenders members of such Lender Group and the denominator of which is the sum of all Commitments. If the Commitments have terminated or expired, the Lender Group Percentages
shall be the percentage equivalent of a fraction the numerator of which is the aggregate Principal Obligation held by the Lenders members of such Lender Group and the denominator of which is the total Principal Obligation. 

“Lenders” means the Conduit Lenders, the Committed Lenders and, as the content requires, the Swingline Lender;
provided, that each Lender must be a Qualified Purchaser. 
 “Lending Office” means, as to any Lender, the
office or offices of such Lender (or an affiliate of such Lender) described as such in such Lender’s administrative questionnaire delivered to Administrative Agent, or such other office or offices as a Lender may from time to time notify
Borrower and Administrative Agent. 

  
 20 

 “Letter of Credit” means a standby letter of credit issued in Dollars by
the Letter of Credit Issuer pursuant to Section 2.08 either as originally issued or as the same may, from time to time, be amended or otherwise modified or extended. 

“Letter of Credit Application” means an application and agreement for standby letter of credit by and between a
Borrower Party and the Letter of Credit Issuer in a form acceptable to the Letter of Credit Issuer (and customarily used by it in similar circumstances) and conformed to the terms of this Credit Agreement, either as originally executed or as it may
from time to time be supplemented, modified, amended, renewed, or extended. 
 “Letter of Credit Availability
Period” means the period commencing on the Closing Date and ending on November 10, 2017 (or such later date (not to exceed the Maturity Date) as may be agreed in writing by the Letter of Credit Issuer and the Borrower). 

“Letter of Credit Collateralization Date” means the day that is the earlier of: (a) thirty (30) days
prior to the Stated Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day); or (b) the Maturity Date. 

“Letter of Credit Issuer” means, with respect to any Letter of Credit, Natixis in its capacity as the issuer of such
Letter of Credit hereunder. 
 “Letter of Credit Liability” means the aggregate amount available to be drawn under
all outstanding Letters of Credit plus the aggregate Unreimbursed Amounts, including all L/C Borrowings. For all purposes of this Credit Agreement, if on any date of determination a Letter of Credit has expired by its terms but any
amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Letter of Credit Sublimit” means, at any time, means an amount equal to the lesser of (a) $50,000,000; and
(b) the Available Commitment. 
 “LIBOR” is defined in the definition of Eurocurrency Rate. 

“LIBOR Rate” means the Eurocurrency Rate or the Floating LIBOR Rate. 

“Lien” means any lien, mortgage, security interest, tax lien, pledge, encumbrance, or conditional sale or title
retention arrangement, or any other interest in property designed to secure the repayment of Indebtedness, whether arising by agreement or under common law, any statute or other law, contract, or otherwise. 

“Liquidity Agreement” means, with respect to a Conduit Lender, any agreement entered into by such Conduit
Lender’s Liquidity Provider providing for (i) the issuance of one or more letters of credit for the account of such Conduit Lender (or its Related Commercial Paper Issuer), (ii) the issuance of one or more surety bonds for drawings
under which such Conduit Lender (or its Related Commercial Paper Issuer) is obligated to reimburse such Liquidity Provider, (iii) the sale by such Conduit Lender (or its Related Commercial Paper Issuer) to such Liquidity Provider of its
interests hereunder (or portions thereof or participations therein) or (iv) the making of loans or other extensions of credit to such Conduit Lender (or its Related Commercial Paper Issuer) in connection with Related Commercial Paper, together
with any letter of credit, surety bond or other instrument issued thereunder. 

  
 21 

 “Liquidity Event” means, with respect to a Conduit Lender, the occurrence
of any one or more of the following events: (a) the inability of such Conduit Lender to fund any Loan by issuing, directly or indirectly, Commercial Paper, either at a commercially reasonable rate or rates or otherwise, as a result of any
materially adverse circumstances or conditions in the domestic or foreign capital markets generally or Commercial Paper markets in particular, any outbreak or escalation or war or other hostilities or any other national or international calamity or
crisis the effect of which, in the sole and absolute determination of its Administrator made in good faith, is to cause such a disruption as to make it impracticable to sell or enforce contracts for the sale of its Commercial Paper; (b) unless
its Administrator elects otherwise, the date of termination of the commitment of any Liquidity Provider to such Conduit Lender under a Liquidity Agreement; (c) the Commercial Paper of such Conduit Lender shall not be rated at least “A-2”
by S&P and at least “P-2” by Moody’s; or (d) the later of (i) the date its Administrator ceases to be the Administrator for such Conduit Lender and neither the Administrator nor any of
its affiliates shall administer any other asset-backed commercial paper conduit, and (ii) the 90th day following the date its Administrator shall have publicly announced or otherwise notified the Borrower that, at such time as is specified in the
related notice or announcement, it shall cease to be the Administrator for such Conduit Lender and neither such Administrator nor any of its Affiliates shall administer any other asset-backed commercial paper conduit. 

“Liquidity Provider” means, with respect to a Conduit Lender, such Conduit Lender’s Funding Agent, a Committed
Lender in such Conduit Lender’s Lender Group, or such other Person as is consented to in writing by the Administrative Agent and the Borrower (such consent not to be unreasonably withheld) which shall, pursuant to a Liquidity Agreement, now or
hereafter extend credit or commit to extend credit to or for the account of, or to make purchases from, such Conduit Lender or its Related Commercial Paper Issuer or issue a letter of credit, surety bond or other instrument, in each case to support
any obligations arising under or in connection with such Conduit Lender’s (or such Related Commercial Paper Issuer’s) commercial paper program. 

“Loan” means a Syndicated Loan made pursuant to Section 2.02 and/or, as
applicable, a Swingline Loan made pursuant to Section 2.07, including, without limitation, any Base Rate Loan, Eurocurrency Rate Loan, Floating LIBOR Rate Loan or CP Rate Loan made pursuant thereto.

 “Loan Date” is defined in Section 2.02(a). 

“Loan Documents” means this Credit Agreement, the Notes (including any renewals, extensions, re-issuances and
refundings thereof), each Letter of Credit Application, each of the Collateral Documents, each Joinder Agreement, any agreement creating or perfecting rights in Cash Collateral or other credit support provided by a Borrower Party pursuant to the
provisions of Section 2.13 and such other agreements and documents (including any fee letters), and any amendments or supplements thereto or modifications thereof, executed or delivered pursuant to the
terms of this Credit Agreement or any of the other Loan Documents and any additional documents delivered in connection with any such amendment, supplement or modification. 

“Loan Notice” means any request for a Borrowing, conversion or continuation of a Loan substantially in the form of
Exhibit C attached hereto, containing the information specified therein, executed and delivered by the applicable Borrower Parties. 

“London Business Day” means any such day on which dealings in Dollar deposits are conducted by and between banks in
the London interbank Eurocurrency market. 
 “Mandatory Cost” means, with respect to any period, the percentage rate
per annum determined in accordance with Schedule 1.01B. 

  
 22 

 “Mandatory Prepayment Event” is defined in
Section 3.04. 
 “Margin Stock” is defined in Regulation U. 

“Material Adverse Effect” means: (a) a material adverse effect upon, the operations, business, assets or
financial condition of Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any Borrower Party to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse
effect upon the legality, validity, binding effect or enforceability against any Borrower Party of any Loan Document to which it is a party. 

“Material Amendment” is defined in Section 10.04. 

“Maturity Date” means the earliest of: (a) the Stated Maturity Date; (b) the date upon which
Administrative Agent declares the Obligations, or the Obligations become, due and payable after the occurrence of an Event of Default in accordance with the term of this Credit Agreement; or (c) the date upon which Borrower terminates the
Commitments pursuant to Section 3.06 or otherwise. 
 “Maximum Accordion
Amount” means $750,000,000. 
 “Maximum Commitment” means, at any time the same is to be determined, an
amount equal to the Dollar Equivalent of the aggregate Commitments of the Committed Lenders, as such amount may be increased pursuant to Section 2.17 or reduced by Borrower pursuant to
Section 3.06. 
 “Maximum Rate” means, on any day, the highest rate
of interest (if any) permitted by applicable law on such day. 
 “Member” shall mean “Member” as
defined in the Operating Agreement. 
 “Membership Interest” of any Investor means the units of such Investor in
Borrower under the Operating Agreement. 
 “Minimum Collateral Amount” means, at any time: (a) with
respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure while any Lender is a Defaulting Lender, an amount equal to 100% of the Fronting Exposure at such time plus a
proportion of the F/X Reserve Amount equal to the proportion that the Fronting Exposure bears to the aggregate Obligation denominated in an Alterative Currency; and (b) with respect to Cash Collateral consisting of cash or deposit account
balances provided in accordance with the provisions of Section 2.14(a)(i), (a)(ii) or (a)(iii), an amount equal to 100% of the outstanding amount of all Letter of Credit
Liability plus the F/X Reserve Amount. 
 “Moody’s” means Moody’s Investors Service, Inc. and any
successor thereto. 
 “Multiemployer Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which any Borrower Party or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means any employee benefit plan which has two or more contributing sponsors (including any
Borrower Party or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

  
 23 

 “Natixis” is defined in the preamble to this Credit Agreement. 

“No Plan Asset Certificate” means a certificate from a Borrower Party, delivered by the relevant Responsible Officer
of such Borrower Party, based on consultation with its counsel and in a form reasonably acceptable to Administrative Agent, (a) certifying that throughout the period beginning from the date of the prior No Plan Asset Certificate or the date of
the Credit Agreement, as applicable, and continuing through the date of the subject No Plan Asset Certificate, “benefit plan investors” (as defined in Section 3(42) of ERISA) hold less than
25% of the total value of each class of equity interest in the Borrower Party (calculated in accordance with Section 3(42) of ERISA) and, accordingly, the underlying assets of such Borrower Party have not and
do not constitute Plan Assets; and (b) covenanting that at all times following the date of such certificate, less than 25% of the total value of each class of equity interest in such Borrower Party (calculated in accordance with
Section 3(42) of ERISA) will continue to be held by “benefit plan investors” (as defined in Section 3(42) of the ERISA) until such time, if any, that
such Borrower Party delivers to Administrative Agent an Operating Company Opinion. 
 “Non-Rated Included Investor”
means any Investor that does not have a Rating meeting the relevant minimum requirement included in the definition of “Applicable Requirement” (or that does not have a Credit Provider, Sponsor, or Responsible Party that has such a Rating)
and is otherwise deemed to be an Included Investor in accordance with such defined term. 
 “Non-Defaulting Lender”
means any Committed Lender that is not a Defaulting Lender. 
 “Notes” means the promissory notes provided for in
Section 3.01(b), and all promissory notes delivered in substitution or exchange therefor, as such notes may be amended, restated, reissued, extended or modified; and “Note” means
any one of the Notes. 
 “Obligations” means all present and future indebtedness, obligations, and liabilities of
any Borrower Party to any of the Secured Parties (including, without limitation, the Guaranteed Debt), and all renewals and extensions thereof, or any part thereof (including, without limitation, Loans, Letter of Credit Liability, or both), arising
pursuant to this Credit Agreement (including, without limitation, the indemnity provisions hereof) or represented by the Notes and each Letter of Credit Application, and all interest accruing thereon, and payable in accordance with terms hereof,
regardless of whether such indebtedness, obligations, and liabilities are direct, indirect, fixed, contingent, joint, several, or joint and several; together with all indebtedness, obligations, and liabilities of any Borrower Party to any of the
Secured Parties evidenced or arising pursuant to any of the other Loan Documents, and all renewals and extensions thereof, or any part thereof. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Operating Agreement” means that certain Second Amended and Restated Limited Liability Company Agreement of Borrower
dated as of September 19, 2014, including, without limitation, any Side Letters, as it may have been or may be amended, restated or supplemented from time to time. 

“Operating Company” means an “operating company” within the meaning of
Section 2510.3-101(c) of the Plan Assets Regulation. 

“Operating Company Certificate” means a certificate from a Borrower Party, delivered by the relevant Responsible
Officer of such Borrower Party, in a form reasonably acceptable to Administrative Agent, certifying that, based upon consultation with counsel, such Borrower Party has met the requirements to be an Operating Company for the twelve-month period
following the end of the Annual Valuation Period for such Borrower Party. 

  
 24 

 “Operating Company Opinion” means a written opinion of counsel to the
Borrower Parties, in a form reasonably acceptable to Administrative Agent, as to qualification of each Borrower Party, as applicable, as an Operating Company. 

“Original Credit Agreement” is defined in the recitals hereto. 

“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). 
 “Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the
receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to
Section 4.06). 
 “Overnight Rate” means for any
day: (a) with respect to any amount denominated in Dollars, the greater of: (i) the Federal Funds Rate and (ii) an overnight rate determined by Administrative Agent in accordance with banking industry rules on interbank
compensation, and (b) with respect to any amount denominated in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount approximately equal to the amount with
respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of Natixis in the applicable offshore interbank market for such currency to major banks in such interbank market. 

“Participant” is defined in Section 13.11(f). 

“Participant Register” is defined in Section 13.11(f). 

“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in
accordance with legislation of the European Union relating to Economic and Monetary Union. 
 “Patriot Act” is
defined in Section 13.19. 
 “Pending Capital Call” means any Capital
Call that has been made upon the Investors and that has not yet been funded by the applicable Investor, but with respect to which such Investor is not in default. 

“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan)
that is maintained or is contributed to by any Borrower Party or any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 

“Permitted Liens” means: 

(i) Liens created pursuant to any Loan Document; 

  
 25 

 (ii) carriers’, warehousemen’s, landlord’s, mechanics’,
materialmen’s, repairmen’s, suppliers’ or other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue for a period of more than thirty (30) days or that are being
contested in good faith; 
 (iii) Liens in favor of a banking institution 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 industry; and 
 (iv)
Liens for claims that are not yet due with respect to Taxes, assessments or charges of any Governmental Authority or otherwise arising as a matter of Law for which adequate reserves or other appropriate provisions are being maintained in accordance
with GAAP. 
 “Person” means an individual, sole proprietorship, joint venture, association, trust, estate, business
trust, corporation, non-profit corporation, partnership, limited liability company, sovereign government or agency, instrumentality, or political subdivision thereof, or any similar entity or organization. 

“Plan” means any Pension Plan or any retirement medical plan, each as established or maintained for employees of any
Borrower Party or any ERISA Affiliate, or any such Plan to which any Borrower Party or any ERISA Affiliate is required to contribute on behalf of any of its employees. 

“Plan Assets” means “plan assets” within the meaning of the Plan Assets Regulation or otherwise. 

“Plan Assets Regulation” means 29 C.F.R. §2510.3-101, et seq., as modified by
Section 3(42) of ERISA. 
 “Prime Rate” means, on any day, the rate of
interest in effect for such day as publicly announced from time to time by Natixis as its “prime rate.” The “prime rate” is a rate set by Natixis based upon various factors including Natixis’ costs and desired return,
general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Natixis shall take effect at the opening of
business on the day specified in the public announcement of such change. 
 “Principal Obligation” means the Dollar
Equivalent amount of (a) the aggregate outstanding principal amount of the Loans (including Swingline Loans); plus (b) the Letter of Credit Liability. 

“Property” means any real property, improvements thereon and any leasehold or similar interest in real property which
is owned, directly or indirectly, by any Borrower Party, or secures any investment of any Borrower Party. 
 “Qualified
Borrower” means any entity, which entity may be organized in the United States or outside of the United States, in which Borrower owns a direct or indirect ownership interest or through which Borrower will acquire an investment, the
indebtedness of which entity can be guaranteed by Borrower pursuant to the terms of the Operating Agreement, and which entity has executed and delivered this Credit Agreement on the Closing Date or a Joinder Agreement and in respect of which entity
Borrower has guaranteed the Obligations thereof pursuant to Section 6. 

  
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 “Qualified Purchaser” means a “qualified purchaser” within the
meaning of Section 2(a)(51) of the Investment Company Act of 1940 and the rules and regulations promulgated thereunder, as amended to the date hereof and from time to time hereafter, and any successor
Investment Company Act. 
 “Rated Included Investor” means any Investor that has a Rating meeting the relevant
minimum requirement included in the definition of “Applicable Requirement” (or that has a Credit Provider, Sponsor, or Responsible Party that has such a Rating). 

“Rating” means, for any Person, its senior unsecured debt rating (or equivalent thereof, such as, but not limited to,
a corporate credit rating, issuer rating/insurance financial strength rating (for an insurance company), general obligation rating (for a governmental entity), or revenue bond rating (for an educational institution)) from either of S&P or
Moody’s. 
 “Rating Agencies” means S&P, Moody’s, or any other nationally-recognized statistical
rating agency which has been approved by the Administrative Agent. 
 “Recipient” means Administrative Agent, any
Lender, any Agent, any Liquidity Provider, the Letter of Credit Issuer, or any other recipient of any payment to be made by or on account of any obligation of any Borrower Party hereunder. 

“Register” is defined in Section 13.11(e). 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, from time to time in
effect, and shall include any successor or other regulation relating to reserve or margin requirements, applicable to member banks of the Federal Reserve System. 

“Related Commercial Paper” means, with respect to a Conduit Lender, at any time of determination, Commercial Paper of
such Conduit Lender or its Related Commercial Paper Issuer the proceeds of which are then allocated by the administrator of such Conduit Lender or its Related Commercial Paper Issuer as the source of funding the acquisition or maintenance of such
Conduit Lender’s Principal Obligation hereunder. 
 “Related Commercial Paper Issuer” means a multi-seller
commercial paper conduit that issues Commercial Paper the proceeds of which are loaned to a Conduit Lender as the source of funding the acquisition or maintenance of its Principal Obligation hereunder. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors,
officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Release” means any
release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching, or migration of Hazardous Materials into the environment, or into or out of any Property, including the movement of any Hazardous Material
through or in the air, soil, surface water, groundwater, of any Property. 
 “Removal Effective Date” is defined in
Section 12.06(b). 
 “Repayment Percentage” means, with respect to
any Lender, (a) with respect to any Borrowing, the percentage equivalent of a fraction the numerator of which is such Lender’s applicable Principal Obligation of such Borrowing and the denominator of which is the aggregate Principal
Obligation of such Borrowing; (b) with respect to any Letter of Credit, the percentage equivalent of a fraction the numerator of which is such Lender’s applicable Letter of Credit Liability and the denominator of which is the

  
 27 

 
aggregate Letter of Credit Liability; and (c) with respect to any other Obligation, the percentage equivalent of a fraction the numerator of which is such Lender’s Principal Obligation
and the denominator of which is the aggregate Principal Obligation. 
 “Request for Credit Extension”
means: (a) with respect to a Borrowing, conversion or continuation of Loans, a Loan Notice; and (b) with respect to an L/C Credit Extension, the related Request for Letter of Credit and Letter of Credit Application. 

“Request for Letter of Credit” means a request for the issuance of a Letter of Credit substantially in the form of
Exhibit N attached hereto. 
 “Required Lenders” means, at any time,
(a) Committed Lenders having Principal Obligations and unused Commitments representing more than 50% of the sum of (i) the total Principal Obligations then outstanding and (ii) the aggregate unused Commitments at such time,
provided that in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded and the pro rata shares of the aggregate Principal Obligation and unused Commitments of Lenders shall be
redetermined for voting purposes only, to exclude the pro rata shares of the aggregate Principal Obligation and unused Commitments of such Defaulting Lenders, and (b) at all times when two or more Committed Lenders (other than Defaulting
Lenders) are party to this Credit Agreement, the term “Required Lenders” shall in no event mean fewer than two Committed Lenders. 

“Responsible Officer” means: (a) in the case of a corporation, its chief executive officer, president, chief
financial officer, senior vice president, any vice president or treasurer, and, in any case where two Responsible Officers are acting on behalf of such corporation, the second such Responsible Officer may be a secretary or assistant secretary;
(b) in the case of a limited partnership, the Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general partner; (c) in the case of a limited liability company, the Responsible Officer
of the managing member, acting on behalf of such managing member in its capacity as managing member; and (d) and, solely for purposes of notices given pursuant to Section 3, any other officer or employee of the
applicable Borrower Party so designated by any of the foregoing officers in a notice to the Administrative Agent. 
 “Responsible
Party” means, for any Governmental Plan Investor: (a) if the state or political subdivision under which the Governmental Plan Investor operates is obligated to fund the Governmental Plan Investor and is liable to fund any
shortfalls, the state or political subdivision as applicable; and (b) otherwise, the Governmental Plan Investor itself. 

“Returned Capital” means, for any Investor, any part of any Capital Contribution that is redistributed to such
Investor and is, in accordance with the terms of the Operating Agreement, added back to such Investor’s Unfunded Commitment; in each case which amount has been set forth as “Returned Capital” on a certificate of Borrower
delivered to Administrative Agent. 
 “Revaluation Date” means, with respect to any Loan, each of the
following: (a) each date of a Borrowing of such Loan denominated in an Alternative Currency; and (b) each date of a continuation of such Loan denominated in an Alternative Currency, and (c) such additional dates as the
Administrative Agent shall reasonably determine or the Required Lenders shall reasonably require. 
 “RIC” means a
person qualifying for treatment as a “regulated investment company” under the Code. 
 “S&P”
means Standard & Poor’s Rating Services, a division of the McGraw & Hill Companies, Inc. and any successor thereto. 

  
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 “Same Day Funds” means: (a) with respect to disbursements and
payments in Dollars, immediately available funds, and (b) with respect to disbursements and payments in an Alternative Currency, 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 in the relevant Alternative Currency. 

“Sanction(s)” means any applicable international economic sanction administered or enforced by a United States
Governmental Authority (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other sanctions authority applicable to Borrower. 

“Sanctioned Person” means (a) a Person named on the list of “Specially Designated Nationals and Blocked
Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, or (b)(i) the government of a Designated Jurisdiction or an agency of the
government of a Designated Jurisdiction, (ii) an organization controlled by a Designated Jurisdiction or organized under the laws of a Designated Jurisdiction, or (iii) an individual ordinarily resident in a Designated Jurisdiction. 

“Secured Parties” means, collectively, the Lenders, the Letter of Credit Issuer, the Agents, the Liquidity Providers
and the Indemnitees. 
 “Security Agreement” means a security agreement substantially in the form of
Exhibit D attached hereto, executed and delivered by Borrower to Administrative Agent for the benefit of Secured Parties, as such agreement may be amended, modified, supplemented and/or restated from
time to time. For the avoidance of doubt, the Existing Security Agreement is a “Security Agreement” hereunder. 
 “Side
Letter” means any “side letter” (if any) between an Investor and Borrower. 
 “SOX” means
Section 402 of the Sarbanes-Oxley Act of 2002 (codified as Section 13(k) of the Securities Exchange Act of 1934, as amended). 

“SOX Insiders” means the employees (or any of their spouses) of The TCW Group, Inc., the Borrower, the Investment
Advisor or any Affiliate thereof, in each case who, in the reasonable opinion of Borrower, constitute “insiders” for purposes of SOX from time to time. 

“Spin-Off” has the meaning assigned to it in the Operating Agreement. 

“Spin-Off Notice” is defined in Section 9.01(e). 

“Sponsor” of an ERISA Investor means a sponsor as that term is understood under ERISA, specifically, the entity that
established the plan and is responsible for the maintenance of the plan and, in the case of a plan that has a sponsor and participating employers, the entity that has the ability to amend or terminate the plan. 

“Spot Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person
acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business Days prior to
the date as of which the foreign exchange computation is made; provided that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Person acting in such capacity
does not have as of the date of determination a spot buying rate for any such currency. 

  
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 “Stated Maturity Date” means November 10, 2017, as it may be
extended pursuant to Section 2.16. 
 “Sterling” and
“£” mean the lawful currency of the United Kingdom. 
 “Subscription Agreement” means
a Subscription Agreement executed by an Investor in connection with the subscription for a Membership Interest in Borrower. 

“Subsequent Investor” is defined in Section 10.05(d). 

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

“Swingline” means the revolving credit facility made available by the Swingline Lender pursuant to
Section 2.07. 
 “Swingline Availability Period” means the period
commencing on the Closing Date and ending on the earlier of (a) the date occurring twelve months thereafter and (b) the Maturity Date. 

“Swingline Lender” means Natixis, in its capacity as provider of Swingline Loans, or any permitted successor Swingline
Lender hereunder. 
 “Swingline Loan” has the meaning specified in
Section 2.07(a). 
 “Swingline Obligation” means the aggregate
outstanding principal amount of the Swingline Loans. 
 “Swingline Sublimit” means an amount equal to the lesser of
(a) $10,000,000; and (b) the Available Commitment. The Swingline Sublimit is part of, and not in addition to, the Maximum Commitment. 

“Syndicated Loan” means a Loan made pursuant to Section 2.02,
including, without limitation, any Base Rate Loan, Eurocurrency Rate Loan, Floating LIBOR Rate Loan or CP Rate Loan made pursuant thereto. 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes
a single shared platform and which was launched on November 19, 2007. 
 “TARGET Day” means any day on which
TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro. 

“Taxes” means all present or future taxes, including, without limitation, stamp taxes (including mortgage recording
taxes), levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

  
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 “Trade Date” has the meaning set forth in
Section 13.11(b)(i)(B). 
 “Transactions” means the execution,
delivery and performance by the Borrower Parties of this Credit Agreement and the other Loan Documents, the Borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type of Syndicated Loan” means any Syndicated Loan (i.e., a Base Rate Loan, Eurocurrency Rate Loan, Floating
LIBOR Rate Loan or CP Rate Loan). 
 “U.S. Person” means any Person that is a
“United States Person” as defined in Section 7701(a)(30) of the Code. 

“U.S. Tax Compliance Certificate” has the meaning specified in
Section 4.01(e)(ii)(B)(3). 
 “UCC” means the Uniform Commercial Code
as adopted in the State of New York and any other state, which governs creation or perfection (and the effect thereof) of security interests in any collateral for the Obligations. 

“Unfunded Commitment” means, with respect to any Investor at any time, the Capital Commitment of such Investor,
minus the aggregate Capital Contributions made, or deemed made under the Operating Agreement to Borrower by such Investor, plus Returned Capital attributed to such Investor, but “Unfunded Commitment” shall not
include that portion of an Investor’s Capital Commitment that is, at such time, subject to a Pending Capital Call. 

“Unreimbursed Amount” is defined in Section 2.08(c)(i). 

“Unused Commitment” has the meaning specified in Section 2.11. 

“Withholding Agent” means any Borrower Party and the Administrative Agent. 

1.02 Other Definitional Provisions. 

(a) All terms defined in this Credit Agreement shall have the above-defined meanings when used in the Notes or any other Loan
Documents or any certificate, report or other document made or delivered pursuant to this Credit Agreement, unless otherwise defined in such other document. 

(b) Defined terms used in the singular shall import the plural and vice versa. 

(c) The words “hereof,” “herein,” “hereunder,” and similar terms when used
in this Credit Agreement shall refer to this Credit Agreement as a whole and not to any particular provisions of this Credit Agreement. 

(d) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears. 

(e) The term “including” is by way of example and not limitation. 

  
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 (f) The term “documents” includes any and all instruments,
documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 

(g) 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.” 

(h) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not
affect the interpretation of this Credit Agreement or any other Loan Document. 
 1.03 Times of Day; Rates. Unless otherwise
specified in the Loan Documents, time references are to time in New York, New York. 
 1.04 Accounting Terms. All accounting
terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Credit Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the audited financial statements of Borrower, except as otherwise specifically prescribed
herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of Borrower and its Subsidiaries shall be deemed to be carried
at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded. 
 1.05
Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with
respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum
stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

1.06 Exchange Rates; Currency Equivalents. 

(a) The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar
Equivalent amounts of Credit Extensions and Principal Obligations denominated in Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between
the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Borrower Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the
applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent. 

(b) Wherever in this Credit Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency
Rate Loan, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Eurocurrency Rate Loan is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such
Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent. 

  
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 (c) Administrative Agent does not warrant, nor accept responsibility for, nor
shall Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurocurrency Rate” herein or with respect to any comparable or successor
rate thereto. 
 1.07 Additional Alternative Currencies. 

(a) A Borrower Party may from time to time request that Loans (other than Base Rate Loans) be made in a currency other than
those specifically listed in the definition of “Alternative Currency” herein, provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and
convertible into Dollars. In the case of any such request with respect to the making of Loans (other than Base Rate Loans), such request shall be subject to the approval of the Administrative Agent and the Committed Lenders. 

(b) Any such request shall be made to Administrative Agent not later than 11:00 a.m., fifteen (15) Business Days
prior to the date of the desired Credit Extension (or such other time or date as may be agreed by Administrative Agent). In the case of any such request pertaining to Loans (other than Base Rate Loans), Administrative Agent shall promptly
notify each Funding Agent thereof (which shall promptly notify the Committed Lenders in its Lender Group). In the case of any such request, each Funding Agent shall notify Administrative Agent, not later than 11:00 a.m., ten
(10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans (other than Base Rate Loans) in such requested currency. 

(c) Any failure by a Funding Agent to respond to such request within the time period specified in the preceding sentence shall
be deemed to be a refusal by the applicable Lender Group to permit Loans to be made in such requested currency. If Administrative Agent and the applicable Funding Agent consent to making Loans (other than Base Rate Loans) in such requested
currency, Administrative Agent shall so notify Borrower and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Loans (other than Base Rate Loans). If Administrative
Agent shall fail to obtain consent to any request for an additional currency under this Section 1.07, Administrative Agent shall promptly so notify Borrower. 

1.08 Change of Currency. 

(a) Each obligation of Borrower Parties to make a payment denominated in the national currency unit of any member state of the
European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption. If, in relation to the currency of any such member state, the basis of accrual of interest expressed
in this Credit Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such
convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Borrowing in the currency of such member state is outstanding immediately prior to such date, such
replacement shall take effect, with respect to such Borrowing, at the end of the then current Interest Period. 
 (b) Each
provision of this Credit Agreement relating to Alternative Currencies shall be subject to such reasonable changes of construction as Administrative Agent may from time to time specify in consultation with the Borrower Parties to be appropriate to
reflect (i) the adoption 

  
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of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro, and (ii) a change in currency of any other country and any
relevant market conventions or practices relating to the change in currency. 
 2. LOANS AND LETTERS OF CREDIT. 

2.01 Revolving Credit Commitment. Subject to the terms and conditions herein set forth, each Committed Lender severally agrees, on
any Business Day during the Availability Period, to make Syndicated Loans to the Borrower Parties, in Dollars or in one or more Alternative Currencies, on a several basis, at any time and from time to time in an aggregate principal amount up to such
Committed Lender’s Commitment at any such time; provided, however, that after making any such Loans: (a) such Committed Lender’s Principal Obligation would not exceed such Committed Lender’s Commitment as of
such date; (b) the Principal Obligation of such Committed Lender’s Lender Group would not exceed the aggregate applicable Lender Group Limit of such Lender Group; and (c) the Principal Obligation would not exceed the Available
Commitment. Subject to the foregoing limitation, the conditions set forth in Section 7 and the other terms and conditions hereof, the Borrower Parties may borrow, repay without penalty or premium (subject to
Section 4.05), and re-borrow hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.01 shall be funded ratably by each
Lender Group in accordance with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with such Committed Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan if
the interest rate applicable thereto hereunder would exceed the Maximum Rate in effect with respect to such Loan. 
 2.02 Borrowing
Procedures. 
 (a) Request for Borrowing. Except with respect to Swingline Loans which are addressed in
Section 2.07, each Borrowing, each conversion of Eurocurrency Rate Loans, Floating LIBOR Rate Loans or Base Rate Loans from one Type of Syndicated Loan to another, and each continuation of Eurocurrency
Rate Loans shall be made upon the applicable Borrower Party’s irrevocable notice to Administrative Agent, which may be given by telephone. Unless otherwise agreed by Administrative Agent, each such notice must be received by Administrative
Agent not later than 11:00 a.m. at least: (i) three (3) Business Days prior to the requested date of any Borrowing other than for a Base Rate Loan; (ii) three (3) Business Days prior to the conversion of Base Rate Loans
to another Type of Syndicated Loan, the conversion of Eurocurrency Rate Loans (or Floating LIBOR Rate Loan) to another Type of Syndicated Loan or the continuation of Eurocurrency Rate Loans; (iii) five (5) Business Days prior to the
requested date of any Borrowing of, conversion to or continuation of Loans denominated in Alternative Currencies; and (iv) one (1) Business Day prior to the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by
a Borrower Party pursuant to this Section 2.02(a) must be confirmed promptly by delivery to Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of
such Borrower Party (and each Loan Notice submitted by a Qualified Borrower must be countersigned by a Responsible Officer of Borrower). Each Loan Notice (whether telephonic or written) shall specify: (A) whether the Borrower Party is
requesting a Borrowing, a conversion of a Eurocurrency Rate Loan, a Floating LIBOR Rate Loan or Base Rate Loan to another Type of Syndicated Loan, or a continuation of Eurocurrency Rate Loans; (B) the requested date of the Borrowing, conversion
or continuation, as the case may be (which shall be a Business Day, the “Loan Date”); (C) the principal amount of Syndicated Loans to be borrowed, converted or continued; (D) if any portion of such Borrowing is not
to be funded by a Conduit Lender through the issuance of Commercial Paper, whether such portion of such Borrowing is to be funded instead as a Base Rate Loan or a Eurocurrency Rate Loan (it being understood that if any Conduit Lender elects to fund
any portion of a Loan through its 

  
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Liquidity Provider, such Conduit Lender’s Funding Agent shall determine whether such portion shall bear interest based on the Eurocurrency Rate or the Base Rate for the period prior to the
time such portion of such Loan is funded through the issuance of Commercial Paper); (E) the Type of Syndicated Loans to which any existing Eurocurrency Rate Loans, Floating LIBOR Rate Loans or Base Rate Loans are to be converted; (F) with
respect to a Eurocurrency Rate Loan, the duration of the Interest Period with respect thereto; (G) to which account the proceeds of such Borrowing, conversion or continuation should be directed; and (H) the currency of the Loans to be
borrowed. If a Borrower Party fails to specify a currency in a Loan Notice requesting a Borrowing, then the Syndicated Loans so requested shall be made in Dollars. If a Borrower Party fails to specify a Type of Syndicated Loan in a Loan
Notice or if a Borrower Party fails to give a timely notice requesting a conversion or continuation with respect to a Eurocurrency Rate Loan or Base Rate Loan, then the applicable Syndicated Loans shall be made as, or converted to, Base Rate Loans;
provided, however, that in the case of a failure to timely request a continuation of Syndicated Loans denominated in an Alternative Currency, such Syndicated Loans shall be continued as Eurocurrency Rate Loans in their original currency with
an Interest Period of one month. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If Borrower fails to
specify an Interest Period with respect to a Eurocurrency Rate Loan, it will be deemed to have specified an Interest Period of one month. No Syndicated Loan may be converted into or continued as a Syndicated Loan denominated in a different
currency, but instead must be prepaid in the original currency of such Syndicated Loan and reborrowed in the other currency. 

(b) Administrative Agent Notification. Following receipt of a Loan Notice, Administrative Agent shall promptly notify
each Funding Agent of the amount (and currency) of its Lender Group’s Applicable Percentage of the applicable Syndicated Loans, and if no timely notice of a conversion or continuation is provided by a Borrower Party, Administrative Agent shall
notify each Funding Agent of the details of any automatic conversion of a Eurocurrency Rate Loan to Base Rate Loans or continuation of Syndicated Loans denominated in a currency other than Dollars described in the preceding subsection. 

(c) Conduit Lender Determination and Committed Lender Commitment. Upon receipt of a Loan Notice from Administrative
Agent, each Funding Agent shall request the Conduit Lender (if any) in its Lender Group to make the Syndicated Loan, and such Conduit Lender may from time to time during the Availability Period, in its sole discretion, agree or decline to make the
Syndicated Loan. At no time will any Conduit Lender have any obligation to fund a Syndicated Loan or participate in any Letter of Credit or Swingline Loans. At all times on and after the Conduit Investment Termination Date for a Conduit Lender, or
if Conduit Lender has failed for whatever reason to fund its portion of a Borrowing in full, all Loans shall be made by the Committed Lenders of such Conduit Lender’s Lender Group. At any time when a Conduit Lender has rejected a request for
Syndicated Loan (it being understood that if a Conduit Lender does not fund any Syndicated Loan in relation to which all of the conditions precedent set forth in Section 7.02 have been satisfied on the
date set forth in the applicable Loan Notice, such Conduit Lender shall be deemed to have rejected the request for Syndicated Loan), such Conduit Lender’s Funding Agent shall so notify the Committed Lenders in such Conduit Lender’s Lender
Group and such Committed Lenders shall make such Syndicated Loan in accordance with their respective Applicable Percentage. Notwithstanding anything contained in this Section 2.02(c) or elsewhere in
this Credit Agreement to the contrary, no Committed Lender shall be obligated to provide Administrative Agent or any Borrower Party with funds in connection with a Syndicated Loan in an amount that would result in such Committed Lender’s
Principal Obligation exceeding its Commitment then in effect by any such Committed Lender as a Liquidity Provider under a Liquidity Agreement, and all Loans funded by a Conduit Lender shall be CP Rate Loans. 

  
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 (d) Reserved. 

(e) Tranches. Notwithstanding anything to the contrary contained herein, the Borrower Parties shall not have the
right to have more than seven (7) Eurocurrency Rate Loans (other than Swingline Loans) in the aggregate outstanding hereunder at any one time during the Availability Period. 

(f) Continuations and Conversions of Eurocurrency Rate Loans and Automatic Continuation of CP Rate Loans. Except as
otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the existence of an Event of Default or Default under
Section 11.01(a), 11.01(g) and 11.01(h), the Required Lenders may demand that any or all of the then outstanding Syndicated Loans denominated in an Alternative Currency be
prepaid, or redenominated into Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest Period with respect thereto or otherwise on demand. Any CP Rate Loan shall automatically continue as a CP Rate
Loan without any further action of any Borrower Party. 
 2.03 Minimum Loan Amounts. Each Borrowing of, conversion to or
continuation of Syndicated Loans shall be in a principal amount that is an integral multiple of $100,000 and not less than $1,000,000, and each Borrowing of, conversion to or continuation of Base Rate Loans shall be in an amount that is an integral
multiple of $100,000 and not less than $500,000; provided, however, that a Base Rate Loan may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or in an aggregate amount that is required for
the reimbursement of a Letter of Credit under Section 2.08(c). 
 2.04 Funding. 

(a) Funding by Committed Lenders; Presumption by Administrative Agent. Except with respect to Swingline Loans,
which are addressed in Section 2.07, each Conduit Lender and each Committed Lender, as the case may be, shall, in accordance with the terms hereof, on any Loan Date make the proceeds of its Applicable
Percentage of each Borrowing available to Administrative Agent in Dollars at Administrative Agent’s Office for the applicable currency for the account of the appropriate Borrower Party (or, if otherwise agreed between such Lender and such
Borrower Party and upon fulfillment of all applicable conditions set forth herein, directly to such Borrower Party as specified in the Loan Notice, or, if requested by such Borrower Party in the Loan Notice, shall wire transfer such funds as
requested) no later than 2:00 p.m. in the case of any Syndicated Loan denominated in Dollars, and not later than the Applicable Time specified by the Administrative Agent in the case of any Loan in an Alternative Currency, in each case on the
Loan Date in Same Day Funds, and upon fulfillment of all applicable conditions set forth herein, Administrative Agent shall promptly deposit such proceeds in Same Day Funds in such Borrower Party’s account at Administrative Agent specified in
the Loan Notice, or, if requested by such Borrower Party in the Loan Notice, shall wire transfer such funds as requested; provided, however, that (i) if, in connection with a particular Credit Extension, the 2:00 p.m. time in
this sentence is not met as a result of an operational or technical error, issue or oversight, then the 2:00 p.m. time in this sentence shall instead be 3:00 p.m. and (ii) if a single entity is the only Lender, such Lender may wire
such funds directly to the Borrower Party (or as directed by the Borrower Party) as specified in the Loan Notice. The failure of any Committed Lender to advance the proceeds of its respective share of any Borrowing required to be advanced
hereunder 

  
 36 

 
shall not relieve any other Committed Lender of its obligation to advance the proceeds of its Applicable Percentage of any Borrowing required to be advanced hereunder. Absent contrary written
notice from a Funding Agent prior to the proposed Loan Date that a Conduit Lender or a Committed Lender in such Lender Group will not make available to Administrative Agent such Lender’s share, as applicable, of such Borrowing, Administrative
Agent may assume that each Committed Lender and each Conduit Lender, as the case may be, has made its Applicable Percentage of the requested Borrowing available to Administrative Agent on the applicable Loan Date and in the applicable currency, and
Administrative Agent may, in reliance upon such assumption (but is not required to), make available to the appropriate Borrower Party a corresponding amount. 

(b) Obligations of Committed Lenders Several. The obligations of the Committed Lenders hereunder to make Syndicated
Loans, to fund participations in Letters of Credit and Swingline Loans and to make payments pursuant to Section 13.06(c) are several and not joint. The failure of any Committed Lender to make any
Syndicated Loan, to fund any such participation or to make any payment under Section 13.06(c) on any date required hereunder shall not relieve any other Committed Lender of its corresponding obligation
to do so on such date, and no Committed Lender shall be responsible for the failure of any other Committed Lender to so make its Syndicated Loan, to purchase its participation or to make its payment under
Section 13.06(c). 
 (c) Commercial Paper. Each Conduit Lender
confirms that, to the extent permitted by its commercial paper program documentation, it intends to fund all Loans hereunder through the issuance of its Commercial Paper at all times prior to the occurrence of a Liquidity Event, the termination date
specified in its Liquidity Agreement, an Event of Default or certain other circumstances occurring in the financial or Commercial Paper markets in general or with respect to the Loan Documents, or any Borrower Party in particular which, in the
opinion of such, Conduit Lender or its Funding Agent or Administrator, make funding the Loans through the issuance of Commercial Paper reasonably inadvisable. 

2.05 Interest. 

(a) Interest Rate. Subject to the provisions of clause (b) below:

 (i) (A) each CP Rate Loan funded by a Conduit Lender through the issuance of Commercial Paper shall bear interest on
the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the CP Rate for such Interest Period plus the Applicable Margin for CP Rate Loans, and (B) each CP Rate Loan funded by a Conduit Lender
through its Liquidity Provider shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Floating LIBOR Rate plus the Applicable Margin for CP Rate Loans or the Base Rate
plus the Applicable Margin for CP Rate Loans, each in accordance with Section 2.02, for each day in such Interest Period prior to the day on which such funding has been refinanced through the
issuance of Commercial Paper and at the CP Rate for the remainder of such Interest Period plus the Applicable Margin for CP Rate Loans; 

(ii) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a
rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Margin for Eurocurrency Rate Loans plus (in the case of a Eurocurrency Rate Loan of any Lender which is lent from a Lending Office in the United
Kingdom or a Participating Member State) the Mandatory Cost, all in accordance with Section 2.02; 

  
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 (iii) each Base Rate Loan shall bear interest on the outstanding principal amount
thereof at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Loans in accordance with Section 2.02; and 

(iv) each Floating LIBOR Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to
the Floating LIBOR Rate plus the Applicable Margin for Floating LIBOR Rate Loans plus (in the case of a Floating LIBOR Rate Loan of any Lender which is lent from a Lending Office in the United Kingdom or a Participating Member State)
the Mandatory Cost, all in accordance with Section 2.02. 
 (b) Default
Rate. 
 (i) If any amount of principal of the Obligations is not paid when due (without regard to any applicable grace
periods), then (in lieu of the interest rate provided in Section 2.05(a) above) such amount shall bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate. 

(ii) If any amount (other than principal of the Obligations) payable by Borrower under any Loan Document is not paid when due
(without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders (in lieu of the interest rate provided in
Section 2.05(a) above), such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate. 

(iii) Upon the request of Required Lenders, while any Event of Default exists, then (in lieu of the interest rate provided in
Section 2.05(a) above) the principal amount of the Obligations shall bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate, from the date of the occurrence of
such Event of Default until such Event of Default is cured or is waived. 
 2.06 Determination of Rate and Billing. Each change
in the rate of interest for any Borrowing or any portion thereof shall become effective, without prior notice to the Borrower Parties, automatically as of the opening of business of Administrative Agent on the date of said
change. Administrative Agent shall promptly notify Borrower and the Committed Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. The determination of the
Eurocurrency Rate and Floating LIBOR Rate by Administrative Agent shall be conclusive in the absence of manifest error. The applicable CP Rate shall be determined for each Conduit Lender by the applicable Funding Agent and reported, together
with a calculation of any accrued interest and fees for the applicable period (but excluding any fee payable pursuant to Section 2.11) payable to such Conduit Lender on any Interest Payment Date, to the
Administrative Agent and the Borrower by 11:00 a.m. five (5) Business Days prior to such Interest Payment Date; provided that, if such Funding Agent fails to report the CP Rate to the Administrative Agent and the Borrower by such
time, the Administrative Agent shall be authorized to use the interest rate being paid to the non-Conduit Lenders for such applicable period for any such non-reporting Conduit Lender (provided that such amount paid to any non-reporting
Conduit Lender shall be trued-up on the following applicable Interest Payment Date upon five (5) Business Days prior notice). The Administrative Agent will bill the Borrower on behalf of all Lenders with respect to interest on Eurocurrency
Rate Loans, Base Rate Loans, Floating LIBOR Rate Loans and CP Rate Loans. 

  
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 2.07 Swingline Loans. 

(a) The Swingline. Subject to the terms and conditions set forth herein during the Swingline Availability Period,
the Swingline Lender agrees, in reliance upon the agreements of the Committed Lenders set forth in this Section 2.07, on any Business Day during the Availability Period, to make loans (each such loan, a
“Swingline Loan”) in Dollars to the Borrower Parties at any time and from time to time in an aggregate principal amount not to exceed at any time outstanding the amount of the Swingline Sublimit; provided,
however, that after giving effect to any Swingline Loan or purchase or funding any risk participations therein: (i) the Principal Obligation shall not exceed the Available Commitment; (ii) no Committed Lender’s Revolving
Credit Exposure shall exceed such Committed Lender’s Commitment (minus any amounts funded in respect of a Loan hereunder (but not used to fund such Loan and accordingly not included in the Principal Obligation) by any such Committed Lender as a
Liquidity Provider under a Liquidity Agreement); (iii) the Principal Obligation of each Lender Group shall not exceed such Lender Group’s Lender Group Limit; and (iv) the Swingline Obligation shall not exceed the Swingline Sublimit;
and provided, further, that the Borrower Parties shall not: (A) use the proceeds of any Swingline Loan to refinance any outstanding Swingline Loan; or (B) except with the approval of the Swingline Lender, request more
than two (2) Swingline Loans during any given week. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower Parties may borrow under this Section 2.07,
prepay under Section 3.05, and re-borrow under this Section 2.07. Each Swingline Loan shall bear interest payable in arrears on the outstanding principal
amount thereof, from the applicable Borrowing date thereof to the date of payment of such Swingline Loan, at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Loans and shall only be made in Dollars. Immediately upon
the making of a Swingline Loan, each Committed Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline Lender a risk participation in such Swingline Loan in an amount equal to such Committed
Lender’s Applicable Percentage of the principal amount of such Swingline Loan. 
 (b) Borrowing Procedures. Each
Borrowing under the Swingline shall be made upon the applicable Borrower Party’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 10:00
a.m. on the requested Borrowing date, and shall: (i) specify the amount to be borrowed, which shall be in a principal amount that is not less than $1,000,000; (ii) specify the requested Borrowing date, which shall be a Business Day;
and (iii) simultaneously request a Borrowing of a Base Rate Loan (which shall automatically convert to a Eurocurrency Rate Loan with a one (1) month Interest Period three (3) days thereafter but without regard to the minimum and
multiples specified in Section 2.03) under Section 2.02 to repay such Swingline Loan. Each such telephonic notice must be confirmed promptly by
delivery to the Swingline Lender and the Administrative Agent of a written Loan Notice for such Swingline Loan and an applicable Syndicated Loan (to refinance such Swingline Loan), appropriately completed and signed by a Responsible Officer of such
Borrower Party. Promptly after receipt by the Administrative Agent of any Loan Notice for a Swingline Loan, Administrative Agent shall notify the Swingline Lender of the amount of the applicable Swingline Loan. Unless the Swingline Lender
has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 12:00 noon on the date of the proposed Swingline Borrowing: (A) directing the Swingline Lender not to make
such Swingline Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2.07(a); or (B) that one or more of the applicable conditions specified in
Section 7 is not then satisfied, then, subject to the terms and conditions hereof, the Swingline Lender will, not later than 4:00 p.m. on the Borrowing date specified in such Loan Notice, make the amount of its
Swingline Loan available to the 

  
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Administrative Agent’s Office for the account of the applicable Borrower Party at its office in immediately available funds, and upon fulfillment of the applicable conditions set forth
herein, Administrative Agent shall promptly deposit such proceeds in immediately available funds in such Borrower Party’s account specified in the Loan Notice, or, if requested by such Borrower Party in the Loan Notice, shall wire transfer such
funds as requested. Absent contrary written notice from the Swingline Lender prior to the proposed Borrowing date that the Swingline Lender will not make available to Administrative Agent the Swingline Loan, its Administrative Agent may assume that
the Swingline Lender has made its share of the requested Swingline Loan available to Administrative Agent on the requested Borrowing date, and Administrative Agent may, in reliance upon such assumption (but is not required to), make available to the
appropriate Borrower Party a corresponding amount by crediting the account of such Borrower Party specified in such Loan Notice. 

(c) Refinancing of Swingline Loans. 

(i) To the extent a Loan Notice for a Syndicated Loan is not simultaneously delivered with a Loan Notice for a Swingline Loan,
the Swingline Lender at any time in its sole and absolute discretion may request, on behalf of the applicable Borrower Party (which hereby irrevocably authorizes the Swingline Lender to so request on its behalf), that each Lender Group make a
Syndicated Loan in an amount equal to such Lender Group’s Applicable Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Loan Notice for purposes
hereof) and in accordance with the requirements of Section 2.02, but without regard to the minimum and multiples specified in Section 2.03 for the
principal amount of Base Rate Loans (to be automatically converted to a Eurocurrency Rate Loan with a one (1) month Interest Period three (3) days thereafter), but subject to the unutilized portion of the Available Commitment and the
applicable conditions set forth in Section 7. Promptly upon receipt of such Loan Notice, the Administrative Agent will give notice thereof to each Funding Agent by 1:00 p.m. at least one (1) Business Day prior to the
date specified in such Loan Notice, specifying in such Loan Notice such Lender Group’s Applicable Percentage of such Swingline Loan or Loans, and the Swingline Lender shall furnish the applicable Borrower Party with a copy of the applicable
Loan Notice promptly after delivering such notice to the Administrative Agent. Each (A) Conduit Lender may, and if a Conduit Lender does not, each Committed Lender in such Conduit Lender’s Lender Group shall, and (B) each Committed
Lender in a Lender Group without a Conduit Lender shall, upon receipt of such Loan Notice, make an amount equal to its Lender Group’s Applicable Percentage (or, in the case of a Committed Lender, its Applicable Percentage) of the amount
specified in such Loan Notice available (including for this purpose Cash Collateral and other credit support made available with respect to the applicable Swingline Loan) to the Administrative Agent in immediately available funds for the account of
the Swingline Lender not later than 1:00 p.m. on the day specified in such Loan Notice, whereupon, subject to Section 2.07(c)(ii), each Lender that so makes funds available shall be deemed to have made
a Base Rate Loan to the applicable Borrower Party in such amount. The Administrative Agent shall remit the funds so received to the Swingline Lender. 

(ii) If for any reason any Swingline Loan cannot be refinanced by such a Base Rate Loan in accordance with
Section 2.07(c)(i), the request for Syndicated Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline Lender that each of the Lender Groups fund its
risk participation in the relevant Swingline Loan with a Base Rate Loan and each Lender Group’s payment to the Administrative Agent for the account of the Swingline Lender pursuant to
Section 2.07(c)(i) shall be deemed payment in respect of such participation. 

  
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 (iii) If any Lender Group fails to make available to the Administrative Agent for
the account of the Swingline Lender any amount required to be paid by such Lender Group pursuant to the foregoing provisions of this Section 2.07(c) by the time specified in
Section 2.07(c)(i), the Swingline Lender shall be entitled to recover from the Committed Lenders in such Lender Group (acting through the Administrative Agent), on demand, such amount with interest
thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the
Swingline Lender in accordance with banking industry rules on interbank compensation; provided, however, that if such Lender Group fails to pay its amount upon Administrative Agent’s demand, then from the appropriate Borrower
Party: (A) promptly on demand, to the extent such funds are available in the applicable Collateral Account for such purpose; and (B) otherwise, to the extent that it is necessary for Borrower to issue Capital Call Notices to fund such
required payment, within fifteen (15) Business Days after Administrative Agent’s demand (but, in any event, Borrower shall issue such Capital Call Notices and shall make such payment promptly after the related Capital Contributions are
received). A certificate of the Swingline Lender submitted to any Committed Lender (through the Administrative Agent and the applicable Funding Agent) with respect to any amounts owing under this
clause (iii) shall be conclusive absent manifest error. 
 (iv) Each Committed
Lender’s obligation to make Syndicated Loans or to purchase and fund risk participations in Swingline Loans on behalf of its Lender Group pursuant to this Section 2.07(c) shall be absolute and
unconditional and shall not be affected by any circumstance, including: (A) any set-off, counterclaim, recoupment, defense or other right which such Committed Lender may have against the Swingline Lender, any Borrower Party or any other
Person for any reason whatsoever; (B) the occurrence or continuance of an Event of Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each
Committed Lender’s obligation to make Syndicated Loans pursuant to this Section 2.07(c) is subject to the applicable conditions set forth in Section 7. No such
funding of risk participations shall relieve or otherwise impair the obligation of the applicable Borrower Party to repay Swingline Loans, together with interest as provided herein. 

(d) Repayment of Participations. 

(i) At any time after any Lender Group has purchased and funded a risk participation in a Swingline Loan, if Administrative
Agent receives any payment on account of such Swingline Loan, Administrative Agent will distribute to such Lender Group its share of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which
such Lender Group’s risk participation was funded) in the same funds as those received by Administrative Agent. 
 (ii)
If any payment received by Administrative Agent in respect of principal or interest on any Swingline Loan is required to be returned by Administrative Agent under any of the circumstances described in
Section 13.04 (including pursuant to any settlement entered into by the Swingline Lender in its discretion), each Committed 

  
 41 

 
Lender on behalf of its Lender Group shall pay to the Administrative Agent for the account of the Swingline Lender its Applicable Percentage thereof on demand of the Administrative Agent,
plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swingline Lender. The
obligations of the Lender Groups and the Committed Lenders under this clause shall survive the payment in full of the Obligation and the termination of this Credit Agreement. 

(e) Interest for Account of Swingline Lender. The Administrative Agent shall be responsible for invoicing the
applicable Borrower Party for interest on the Swingline Loans. Until each Lender Group funds its Syndicated Loans or risk participation pursuant to this Section 2.07 to refinance such Lender
Group’s share of any Swingline Loan, interest in respect of such share shall be solely for the Administrative Agent for the account of the Swingline Lender. 

(f) Payments Directly to Swingline Lender. The applicable Borrower Party shall make all payments of principal and
interest in respect of the Swingline Loans directly to the Swingline Lender. 
 2.08 Letters of Credit. 

(a) Letter of Credit Commitment. 

(i) Subject to the terms and conditions hereof, on any Business Day during the Letter of Credit Availability
Period: (A) the Letter of Credit Issuer agrees, in reliance upon the agreements of the Committed Lenders set forth in this Section 2.08: (1) to issue Letters of Credit denominated in
Dollars for the account of a Borrower Party, in aggregate face amounts that shall be not less than $100,000, as a Borrower Party may request (except to the extent a lesser amount is requested by such Borrower Party and agreed by Administrative Agent
and the Letter of Credit Issuer), and to amend or extend Letters of Credit previously issued by it; and (2) to honor drawings under the Letters of Credit; and (B) Committed Lenders severally agree to participate in Letters of Credit issued
for the account of a Borrower Party and any drawings thereunder; provided, however that after giving effect to any L/C Credit Extension with respect to any Letter of Credit: (I) the Principal Obligation will not exceed the
Available Commitment; (II) the Letter of Credit Liability will not exceed the Letter of Credit Sublimit; (III) the aggregate Principal Obligation of the Lenders that are members of any Lender Group will not exceed the Lender Group Limit of
such Lender Group; and (IV) the Principal Obligation of any Committed Lender will not exceed such Lender’s Commitment (minus any amounts funded in respect of a Loan hereunder (but not used to fund such Loan and accordingly not included in
the Principal Obligation) by any such Committed Lender as a Liquidity Provider under a Liquidity Agreement). Within the foregoing limits, and subject to the terms and conditions hereof, a Borrower Party’s ability to obtain Letters of Credit
shall be fully revolving, and accordingly a Borrower Party may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired (without any pending drawing) or that have been drawn upon and reimbursed. The
Letter of Credit Issuer shall have the right to approve the form of Letter of Credit requested. 
 (ii) The Letter of Credit
Issuer shall not issue any Letter of Credit, if: (A) subject to Section 2.08(b)(iii), the expiry date of such Letter of Credit would occur more than twelve (12) months after the date of
issuance or last extension, unless the 

  
 42 

 
Letter of Credit Issuer of such Letter of Credit have approved such expiry date in its sole discretion; or (B) the expiry date of such Letter of Credit would occur after the Stated Maturity
Date, without the consent of the Letter of Credit Issuer of such Letter of Credit (in its sole discretion), in which case any such Letter of Credit shall be Cash Collateralized on the Letter of Credit Collateralization Date; provided,
however, that no Cash Collateralization shall be required if the Borrower has delivered a Facility Extension Request and paid the facility extension fee in accordance with Section 2.16 on or prior
to the Letter of Credit Cash Collateralization Date, and provided, further, that the expiry date of such Letter of Credit shall not occur more than twelve (12) months after the Stated Maturity Date (as it may be extended pursuant to
Section 2.16). 
 (iii) The Letter of Credit Issuer shall not be under any
obligation to issue any Letter of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or
arbitrator shall by its terms purport to enjoin or restrain the Letter of Credit Issuer from issuing such Letter of Credit, or any Law applicable to the Letter of Credit Issuer or any request or directive (whether or not having the force of law)
from any Governmental Authority with jurisdiction over the Letter of Credit Issuer shall prohibit, or request that the Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall
impose upon the Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall
impose upon the Letter of Credit Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Letter of Credit Issuer in good faith deems material to it (for which the Letter of Credit Issuer is not
otherwise compensated hereunder); 
 (B) the issuance of such Letter of Credit would violate any Laws or one or more
policies of the Letter of Credit Issuer applicable to letters of credit generally; 
 (C) such Letter of Credit is to be
denominated in a currency other than Dollars; 
 (D) such Letter of Credit contains any provisions for automatic
reinstatement of the stated amount after any drawing thereunder; or 
 (E) any Committed Lender is at that time a Defaulting
Lender, unless no Fronting Exposure exists or would exist after issuing such Letter of Credit (after giving effect to Section 2.17(a)(iv)) with respect to such Defaulting Lender or the Letter of Credit
Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the Letter of Credit Issuer (in its sole discretion) with the applicable Borrower Party or such Committed Lender to eliminate the Letter of Credit
Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.17(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued
or that Letter of Credit and all other Letter of Credit Liability as to which the Letter of Credit Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion. 

  
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 (iv) The Letter of Credit Issuer shall not be under any obligation to amend any
Letter of Credit if: (A) the Letter of Credit Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof; or (B) the beneficiary of such Letter of Credit does not accept the
proposed amendment to such Letter of Credit. 
 (v) The Letter of Credit Issuer shall act on behalf of Lenders with respect
to any Letters of Credit issued by it and the documents associated therewith, and the Letter of Credit Issuer shall have all of the benefits and immunities as: (A) provided to Administrative Agent in
Section 12 with respect to any acts taken or omissions suffered by Letter of Credit Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents
pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Section 12 included Letter of Credit Issuer with respect to such acts or omissions; and
(B) additionally provided herein with respect to Letter of Credit Issuer. 
 (b) Procedures for Issuance and
Amendment of Letters of Credit. 
 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of a Borrower Party delivered to the Letter of Credit Issuer selected by such Borrower Party with respect to such Letter of Credit (with a copy to Administrative Agent) in the form of a Request for Credit Extension, together with a Borrowing
Base Certificate, each appropriately completed and signed by a Responsible Officer of such Borrower Party. Such Request for Credit Extension may be sent by fax, by United States mail, by overnight courier, by electronic transmission using the
system provided by the Letter of Credit Issuer, by personal delivery or by any other means acceptable to the Letter of Credit Issuer. Such Request for Credit Extension must be received by the Letter of Credit Issuer and Administrative Agent not
later than 11:00 a.m. at least three (3) Business Days prior to the proposed issuance date or date of amendment, as the case may be, of any Letter of Credit (or such later date and time as Administrative Agent and the Letter of Credit Issuer
may agree in a particular instance in their sole discretion). In the case of a request for an initial issuance of a Letter of Credit, such Request for Credit Extension shall specify in form and detail satisfactory to the Letter of Credit
Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the
documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the Letter of Credit
Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, the related Request for Credit Extension shall specify in form and detail satisfactory to the Letter of Credit
Issuer: (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the Letter of Credit Issuer
may reasonably require. Additionally, the applicable Borrower Party shall furnish to the Letter of Credit Issuer and Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment,
including any Issuer Documents, as the Letter of Credit Issuer or Administrative Agent may reasonably require. Each Request for Credit Extension submitted by a Borrower Party shall be deemed to be a representation and warranty that the
conditions specified in Section 7.02(a) and (b) have been satisfied on and as of the date of the issuance or amendment of any Letter of Credit. 

  
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 (ii) Promptly after receipt of any Request for Credit Extension relating to a
Letter of Credit, the Letter of Credit Issuer will confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has received a copy of such Request for Credit Extension from a Borrower Party and, if not, the Letter of
Credit Issuer will provide Administrative Agent with a copy thereof. The Letter of Credit Issuer shall also promptly notify each Funding Agent (which in turn shall promptly notify each Committed Lender in its Lender Group) of the Request for
Credit Extension and the terms thereof. Unless the Letter of Credit Issuer has received written notice from any Committed Lender, Administrative Agent or any Borrower Party, at least one (1) Business Day prior to the requested date of issuance
or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section 7 shall not then be satisfied, then, subject to the terms and conditions hereof, the Letter of Credit
Issuer shall, on the requested date, issue a Letter of Credit for the account of such Borrower Party or enter into the applicable amendment, as the case may be, in each case in accordance with the Letter of Credit Issuer’s usual and customary
business practices. Immediately upon the issuance of each Letter of Credit, each Committed Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Letter of Credit Issuer a risk participation in such Letter
of Credit in an amount equal to the product of such Committed Lender’s Applicable Percentage times the amount of such Letter of Credit. With the approval of Administrative Agent and the Letter of Credit Issuer, the risk participation of each
Committed Lender shall terminate upon the occurrence of the Maturity Date and the full and final payment of the Obligations (other than the Cash Collateralized Letter of Credit Liability described below), and the Issuer Documents, rather than this
Credit Agreement, shall govern the rights and obligations of Administrative Agent, Letter of Credit Issuer and Borrower Parties with respect to such Letter of Credit Liability, so long as Borrower has Cash Collateralized all Letter of Credit
Liability then outstanding, to the satisfaction of Administrative Agent and Letter of Credit Issuer, in their respective sole discretion. 

(iii) If a Borrower Party so requests in any applicable Request for Letter of Credit, the Letter of Credit Issuer may, in its
sole and reasonable discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the Letter of Credit Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior
notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Letter
of Credit Issuer, a Borrower Party shall not be required to make a specific request to the Letter of Credit Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but
may not require) the Letter of Credit Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Collateralization Date; provided, however, that the Letter of Credit Issuer shall
not permit any such extension if: (A) the Letter of Credit Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof
(by reason of the provisions of clause (ii) or (iii) of Section 2.8(a) or otherwise); or (B) it has received notice (which may be by
telephone or in writing) on or before the day that is five (5) Business Days before the Non-Extension Notice Date: (1) from Administrative Agent that the Required Lenders have elected not to permit such extension; or (2) from
Administrative Agent, any Lender or any Borrower Party that one or more of the applicable conditions specified in Section 7.2 and, if applicable, Section 7.3, is not then satisfied, and in
each such case directing the Letter of Credit Issuer not to permit such extension 

  
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 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a
Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the Letter of Credit Issuer will also deliver to the applicable Borrower Party and Administrative Agent and each Funding Agent a true and complete copy of such
Letter of Credit or amendment. 
 (c) Drawings and Reimbursements; Funding of Participation. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the
Letter of Credit Issuer shall notify the applicable Borrower Party and Administrative Agent thereof. Not later than 12 noon on the date of any payment by the Letter of Credit Issuer under a Letter of Credit (each such date, an “Honor
Date”), the applicable Borrower Party shall reimburse the Letter of Credit Issuer through Administrative Agent in an amount equal to the amount of such drawing. If a Borrower Party fails to so reimburse the Letter of Credit Issuer by
such time, Administrative Agent shall promptly notify each Funding Agent (which shall in turn promptly notify such Committed Lender in its Lender Group) of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed
Amount”), and the amount of such Committed Lender’s Applicable Percentage thereof. In such event, the applicable Borrower Party shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in
an amount equal to the Unreimbursed Amount, without regard to the minimum amount specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized
portion of the Available Commitment and the applicable conditions set forth in Section 7 (other than the delivery of a Loan Notice). Any notice given by the Letter of Credit Issuer or Administrative Agent
pursuant to this Section 2.08(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or
binding effect of such notice. 
 (ii) Each Committed Lender (including the Committed Lender acting as the Letter of Credit
Issuer) shall upon any notice pursuant to Section 2.08(c)(i) make funds available (and Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the Letter of Credit
Issuer at Administrative Agent’s Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent (so long as such Committed Lender
has been provided with notice by 1:00 p.m. at least one (1) Business Day in advance of its funding obligation hereunder), whereupon, subject to the provisions of Section 2.08(c)(iii), each
Committed Lender that so makes funds available shall be deemed to have made a Base Rate Loan to Borrower in such amount. Administrative Agent shall remit the funds so received to the Letter of Credit Issuer. 

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the
applicable conditions set forth in Section 7, cannot be satisfied or for any other reason, the applicable Borrower Party shall be deemed to have incurred from the Letter of Credit Issuer an L/C Borrowing in the
amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. 

  
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In such event, each Committed Lender’s payment to Administrative Agent for the account of the Letter of Credit Issuer pursuant to
Section 2.08(c)(i) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Committed Lender in satisfaction of its participation
obligation under this Section 2.08. 
 (iv) Until each Committed Lender funds
its Base Rate Loan or L/C Advance pursuant to this Section 2.08(c) to reimburse the Letter of Credit Issuer for any amount drawn under any Letter of Credit, interest in respect of such Committed
Lender’s Repayment Percentage of such amount shall be solely for the account of the Letter of Credit Issuer. 
 (v) Each
Committed Lender’s obligation to make Base Rate Loans or L/C Advances to reimburse the Letter of Credit Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.08(c),
shall be absolute and unconditional and shall not be affected by any circumstance, including: (A) any set-off, counterclaim, recoupment, defense or other right which such Committed Lender may have against the Letter of Credit Issuer, any
Borrower Party, or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Potential Default or Event of Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Committed Lender’s obligation to make Base Rate Loans pursuant to this Section 2.08(c) is subject to the applicable conditions set forth in
Section 7 (other than delivery of a Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of any Borrower Party to reimburse the Letter of Credit Issuer for the amount
of any payment made by the Letter of Credit Issuer under any Letter of Credit, together with interest as provided herein. 

(vi) If any Committed Lender fails to make available to Administrative Agent for the account of the Letter of Credit Issuer any
amount required to be paid by such Committed Lender pursuant to the foregoing provisions of this Section 2.08(c) by the time specified in
Section 2.08(c)(ii), then, without limiting the other provisions of this Credit Agreement, the Letter of Credit Issuer shall be entitled to recover from such Committed Lender (acting through
Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Letter of Credit Issuer at a rate per annum equal to the
Federal Funds Rate from time to time in effect. A certificate of the Letter of Credit Issuer submitted to any Committed Lender (through Administrative Agent) with respect to any amounts owing under this
clause (vi) shall be conclusive absent manifest error. 
 (vii)
Notwithstanding anything herein to the contrary (but subject to Section 2.08(c)(vi)) and for purposes of clarity, a Conduit Lender, in lieu of its Committed Lender, may fund the applicable Base Rate
Loan or L/C Advance hereunder at the CP Rate. 
 (d) Repayment of Participations. 

(i) At any time after the Letter of Credit Issuer has made a payment under any Letter of Credit and has received from any
Committed Lender such Committed Lender’s L/C Advance in respect of such payment in accordance with Section 2.08(c), if Administrative Agent receives for the account of the Letter of Credit Issuer
any payment 

  
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in respect of the related Unreimbursed Amount or interest thereon (whether directly from the applicable Borrower Party or otherwise, including proceeds of Cash Collateral applied thereto by
Administrative Agent), Administrative Agent will distribute to such Committed Lender its share thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Committed Lender’s L/C Advance was
outstanding) in the same funds as those received by Administrative Agent. 
 (ii) If any payment received by Administrative
Agent for the account of the Letter of Credit Issuer pursuant to Section 2.08(d)(i) is required to be returned under any of the circumstances described in
Section 13.04 (including pursuant to any settlement entered into by the Letter of Credit Issuer in its discretion), each Committed Lender shall pay to Administrative Agent for the account of the Letter
of Credit Issuer its share thereof on demand of Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Committed Lender, at a rate per annum equal to the Federal Funds Rate from
time to time in effect. 
 (e) Obligations Absolute. The obligation of the Borrower Party that is the applicant
for a Letter of Credit to reimburse the Letter of Credit Issuer for each drawing under such Letter of Credit and to repay each L/C Borrowing in respect of such Letter of Credit shall be absolute, unconditional and irrevocable, and shall be paid
strictly in accordance with the terms of this Credit Agreement under all circumstances, including the following: 
 (i) any
lack of validity or enforceability of such Letter of Credit, this Credit Agreement, or any other Loan Document; 
 (ii) the
existence of any claim, counterclaim, set-off, defense or other right that any Borrower Party may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the Letter of Credit Issuer or any other Person, whether in connection with this Credit Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated
transaction; 
 (iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit; 
 (iv) honor of a demand for payment presented electronically even if such Letter of Credit requires that
demand be in the form of a draft; 
 (v) any payment made by the Letter of Credit Issuer in respect of an otherwise complying
item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if payment upon presentation after such date is authorized by the UCC or the ISP, as applicable; 

(vi) any payment by the Letter of Credit Issuer under such Letter of Credit against presentation of a draft or certificate that
does not strictly comply with the terms of such Letter of Credit; or any payment made by the Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-

  
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possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any
arising in connection with any proceeding under any Debtor Relief Law; or 
 (vii) any other circumstance or happening
whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Borrower Party. 

Each Borrower Party shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it
and, in the event of any claim of noncompliance with such Borrower Party’s instructions or other irregularity, such Borrower Party will immediately notify the Letter of Credit Issuer. Each Borrower Party shall be conclusively deemed to have
waived any such claim against the Letter of Credit Issuer and its correspondents unless such notice is given as aforesaid. 

(f) Role of Letter of Credit Issuer. Each Committed Lender and each Borrower Party agree that, in paying any
drawing under a Letter of Credit, the Letter of Credit Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as
to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuer, any Related Party nor any of the respective correspondents, participants or
assignees of the Letter of Credit Issuer shall be liable to any Committed Lender for: (i) any action taken or omitted in connection herewith at the request or with the approval of the Committed Lenders or the Required Lenders, as
applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or
related Request for Credit Extension. Each Borrower Party hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption
is not intended to, and shall not, preclude each Borrower Party’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuer, any Related
Party, nor any of the respective correspondents, participants or assignees of the Letter of Credit Issuer, shall be liable or responsible for any of the matters described in clauses (i) through
(vii) of Section 2.08(e); provided, however, that anything in such clauses to the contrary notwithstanding, a Borrower Party may have a claim against the Letter of Credit
Issuer, and the Letter of Credit Issuer may be liable to such Borrower Party, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower Party which such Borrower Party proves
were caused by the Letter of Credit Issuer’s willful misconduct or gross negligence or the Letter of Credit Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the Letter of Credit Issuer may accept documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice or information to the contrary, and the Letter of Credit Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to
transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. The Letter of Credit Issuer may send a Letter of Credit or conduct any
communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (known as SWIFT) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary. 

  
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 (g) Conflict with Issuer Documents. In the event of any conflict
between the terms hereof and the terms of any Issuer Documents, the terms hereof shall control. 
 (h) Applicability of
ISP; Limitation of Liability. Unless otherwise expressly agreed by the Letter of Credit Issuer and the applicable Borrower Party when a Letter of Credit is issued the rules of the ISP shall apply to each standby Letter of Credit.
Notwithstanding the foregoing, Letter of Credit Issuer shall not be responsible to the Borrower Parties for, and Letter of Credit Issuer’s rights and remedies against any Borrower Party shall not be impaired by, any action or inaction of the
Letter of Credit Issuer that is required under any law or order, including the Law or any order of a jurisdiction where Letter of Credit Issuer or the beneficiary is located, or that is recognized as an acceptable practice for issuers of Letters of
Credit under the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the
Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice. 
 2.09 Payment
of Borrower Guaranty. In consideration of Lenders’ agreement to advance funds to a Qualified Borrower hereunder, to cause Letters of Credit to be issued for the account of a Qualified Borrower, and to accept Borrower’s guaranty
pursuant to Section 6, Borrower hereby authorizes, empowers, and directs Administrative Agent, for the benefit of itself, the Letter of Credit Issuer, the Funding Agents and the Lenders (each a “Guaranteed
Party”), to disburse directly to the applicable Guaranteed Party, with notice to Borrower, in Same Day Funds an amount equal to the amount due and owing under Section 6, together with all
interest, costs, expenses and fees due to the applicable Guaranteed Party pursuant thereto in the event (i) Administrative Agent shall have not received payment from such Qualified Borrower of its Obligations when due or (ii) any Event of
Default specified in Section 11.01(a), 11.01(g) or 11.01(h) occurs with respect to such Qualified Borrower. Administrative Agent will promptly notify
Borrower of any disbursement made to the Guaranteed Parties pursuant to the terms hereof; provided that the failure to give such notice shall not affect the validity of the disbursement. Any such disbursement made by Administrative Agent
to the Guaranteed Parties shall be deemed to be a Base Rate Loan, and Borrower shall be deemed to have given to Administrative Agent, in accordance with the terms and conditions of Section 2.02(a), a
Loan Notice with respect thereto. Administrative Agent may conclusively rely on the Guaranteed Parties as to the amount due to the Guaranteed Parties under Section 6. 

2.10 Use of Proceeds and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used solely for the
purposes permitted under the Operating Agreement and the Constituent Documents of the Qualified Borrowers. None of the Lenders, Agents, or Administrative Agent shall have any liability, obligation, or responsibility whatsoever with respect to any
Borrower Party’s use of the proceeds of the Loans or the Letters of Credit, and none of the Letter of Credit Issuer, Lenders, Agents, or Administrative Agent shall be obligated to determine whether or not any Borrower Party’s use of the
proceeds of the Loans or the Letters of Credit are for purposes permitted above. Nothing, including, without limitation, any Borrowing, any continuation or conversion thereof in accordance with the terms of this Credit Agreement, or any issuance of
any Letter of Credit, or acceptance of any other document or instrument, shall be construed as a representation or warranty, express or implied, to any party by any Agent, the Letter of Credit Issuer, any Lender or Administrative Agent as to whether
any investment by Borrower is permitted by the terms of the Operating Agreement or the Constituent Documents of any Qualified Borrower. 

2.11 Unused Commitment Fee. In addition to the payments provided for in Section 3 and subject to
Section 2.15(a)(iii), Borrower shall pay to Administrative Agent, for the account of each Committed Lender, an unused commitment fee which shall accrue at a rate per annum equal to the

  
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product of: (i) the average daily difference during the immediately preceding calendar quarter between (A) such Committed Lender’s Commitment and (B) such Committed
Lender’s Lender Group’s outstanding Principal Obligation during such calendar quarter (such product the “Unused Commitment”), and (ii)(x) if at any time the aggregate Unused Commitment is equal to or
less than 50% of the Maximum Commitment, then the rate equal to 0.25% per annum and (y) at any time the aggregate Unused Commitment is greater than 50% of the Maximum Commitment, then the rate equal to 0.35% per annum. The unused
commitment fee shall be payable in arrears on the first Business Day of each calendar quarter for the preceding calendar quarter and on the Maturity Date for the period from the end of the preceding calendar quarter until the Maturity
Date. Notwithstanding anything herein the contrary, Swingline Loans will not be deemed to be utilization for purposes of calculating the unused commitment fees above. Borrower and Committed Lenders acknowledge and agree that the unused
commitment fees payable hereunder are bona fide unused commitment fees and are intended as reasonable compensation to Committed Lenders for committing to make funds available to Borrower as described herein and for no other purposes and shall be due
and payable whether or not the conditions precedent in Section 7.02 are satisfied. 
 2.12
Letter of Credit Fees. 
 (a) Letter of Credit Fee. Subject to
Sections 2.15, the Borrower Party that is the applicant for a Letter of Credit shall pay to Administrative Agent for the account of each Committed Lender in accordance with its Repayment Percentage, a
fee (the “Letter of Credit Fee”) for each such Letter of Credit equal to the Applicable Margin for Letters of Credit per annum times the daily amount available to be drawn under each such Letter of Credit; provided,
however that any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral or other credit support arrangements
satisfactory to the Letter of Credit Issuer pursuant to Section 2.08 shall be payable, to the maximum extent permitted by applicable law, to the other Committed Lenders in accordance with their
respective Repayment Percentages (without giving effect to the Letter of Credit Liability held by each Defaulting Lender), with the balance of such fee, if any, payable to the Letter of Credit Issuer for its own account. Such fee shall
be: (i) due and payable in quarterly installments in arrears on the first Business Day of each calendar quarter for the preceding calendar quarter, commencing on the first such date to occur after the issuance of any Letter of Credit, on
the Maturity Date, and thereafter (if applicable) on demand; and (ii) computed quarterly in arrears. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.05. If there is any change in the Applicable Margin for Letters of Credit during any quarter, the daily amount available to be drawn under each Letter of
Credit shall be computed and multiplied by the Applicable Margin for Letters of Credit separately for each period during such quarter that such Applicable Margin for Letters of Credit was in effect. Notwithstanding anything to the contrary
contained herein, upon the request of the Required Lenders, while any Event of Default exists, such fee shall accrue at a rate equal to the Applicable Margin for Letters of Credit plus two percent (2%). 

(b) Fronting Fee and Administrative Charges. The Borrower Party that is the applicant for a Letter of Credit shall
pay to the Letter of Credit Issuer, for its own account, in consideration of the issuance and fronting of Letters of Credit, a fronting fee with respect to each such Letter of Credit issued by the Letter of Credit Issuer, at a rate equal to 0.25%
per annum, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the first Business Day of each calendar quarter for the preceding calendar
quarter, commencing on the first such date to occur after the issuance of any Letter of Credit, on the Maturity Date and thereafter (if applicable) on 

  
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demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.05. In addition, such Borrower Party shall pay directly to the Letter of Credit Issuer for its own account the customary issuance, presentation, amendment and other processing fees,
provided that such fees shall not exceed five hundred dollars ($500), and other standard costs and charges of the Letter of Credit Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and
charges are due and payable on demand and are nonrefundable. 
 2.13 Computation of Interest and Fees. All computations of
interest with respect to the Base Rate (including Base Rate Loans determined by reference to the Eurocurrency Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other
computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a
365-day year) or, in the case of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice. Interest
shall accrue on each Loan from and including the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same
day on which it is made shall, subject to Section 3.03, bear interest for one day. 
 2.14
Cash Collateral. 
 (a) Certain Credit Support Events. If: (i) the Letter of Credit Issuer has
honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing that has not been repaid in accordance with the provisions of this Credit Agreement; (ii) as of the Letter of Credit
Collateralization Date, any Letter of Credit Liability for any reason remains outstanding, provided, however, that no Cash Collateralization shall be required if the Borrower has delivered a Facility Extension Request and paid the facility
extension fee in accordance with Section 2.17 on or prior to the Letter of Credit Cash Collateralization Date; (iii) the applicable Borrower Party shall be required to provide Cash Collateral
pursuant to Section 11.02; or (iv) there shall exist a Defaulting Lender; Borrower shall immediately (in the case of clause (iii) above) or within one (1)
Business Day (in all other cases) following any request by Administrative Agent or the Letter of Credit Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral
provided pursuant to clause (iv) above after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting Lender). In
addition, (x) Section 3.04 sets forth certain additional requirements for the delivery of Cash Collateral or other credit support in certain circumstances, and
(y) Section 2.07 contemplates the delivery of Cash Collateral or other credit support in connection with the issuance of Swingline Loans. 

(b) Grant of Security Interest. Borrower, and to the extent provided by any Defaulting Lender, such Defaulting
Lender, hereby grants to (and subjects to the control of) Administrative Agent, for the benefit of Administrative Agent, the Letter of Credit Issuer, the Swingline Lender and the Lenders, and agrees to maintain, a first priority security interest in
all cash, including all deposit accounts and all balances therein, and all other property provided as Cash Collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be
applied pursuant to Section 2.14(d). If at any time Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than Administrative Agent, the
Swingline Lender or the Letter of Credit Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum 

  
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Collateral Amount, Borrower will, promptly upon demand by Administrative Agent, pay or provide to Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such
deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Natixis (or with respect to any Letter of Credit, the applicable
Letter of Credit Issuer if requested thereby). Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges (provided that such administrative fees and charges shall
not exceed one thousand dollars ($1,000) annually) in connection with the maintenance and disbursement of Cash Collateral. 

(c) Letters of Credit Sublimit. If Administrative Agent notifies the Borrower Parties at any time that the Letter
of Credit Liability at such time exceeds the Letter of Credit Sublimit then in effect, then the Borrower Party having applied for such Letter of Credit shall Cash Collateralize the Letter of Credit Liability in an amount equal to the amount by which
Letter of Credit Liability exceeds the Letter of Credit Sublimit: (A) promptly upon receipt of such notice (but in no event later than two (2) Business Days thereafter), with proceeds from a Borrowing hereunder, up to the Available
Commitment at such time; and (B) to the extent that for any reason such Borrowing is not available in an amount sufficient to fully Cash Collateralize such amount of the Letter of Credit Liability, within fifteen (15) Business Days of
receipt of such notice, with the proceeds of a Capital Call (and Borrower shall issue such Capital Call Notices during such time, and shall Cash Collateralize such Letter of Credit Liability immediately after the Capital Contributions relating to
such Capital Call are received). 
 (d) Application. Notwithstanding anything to the contrary contained in this
Credit Agreement, Cash Collateral provided hereunder shall be held and applied to the satisfaction of the specific Letter of Credit Liability, obligation to fund participations in Swingline Loans, or other obligations for which such Cash Collateral
was provided, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any
other application of such property as may be provided for herein. 
 (e) Release. Cash Collateral (or the
appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following: (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto
(including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 13.11(b)(vii))); or (ii) the good faith
determination by Administrative Agent and the Letter of Credit Issuer that there exists excess Cash Collateral; provided, however: (x) that Cash Collateral furnished by or on behalf of a Borrower Party shall not be released
during the continuance of a Potential Default or Event of Default (and following application as provided in this Section 2.14 may be otherwise applied in accordance with
Section 11.05); and (y) the Person providing Cash Collateral and the Letter of Credit Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated
Fronting Exposure or other obligations. 

  
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 2.15 Defaulting Lenders. 

(a) Adjustments. Notwithstanding any provision of this Credit Agreement to the contrary, if any Committed Lender
becomes a Defaulting Lender, then, until such time as such Committed Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Credit Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 13.01. 

(ii) Defaulting Lender Applications. Any payment of principal, interest, fees or other amounts received by
Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 11 or otherwise) or received by Administrative Agent from a Defaulting
Lender pursuant to Section 13.02, shall be applied at such time or times as may be determined by Administrative Agent in the following order: (a) to the payment of any amounts owing by such
Defaulting Lender to Administrative Agent hereunder; to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Letter of Credit Issuer or Swingline Lender hereunder; to Cash Collateralize the Letter of Credit
Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.14; (b) as Borrower may request (so long as no Potential Default or Event of Default exists), to
the funding of any Syndicated Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Credit Agreement, as determined by Administrative Agent; (c) if so determined by Administrative Agent and
Borrower, to be held in a deposit account and released pro rata in order to: (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Credit Agreement; and (y) Cash Collateralize
the Letter of Credit Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Credit Agreement, in accordance with
Section 2.14; (d) to the payment of any amounts owing to the Lenders, the Letter of Credit Issuer or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by
any Lender, the Letter of Credit Issuer or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Credit Agreement; (e) so long as no Default or Event of Default exists,
to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Credit Agreement; and (f) to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if: (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of
which such Defaulting Lender has not fully funded its appropriate share; and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in
Section 7.02 were satisfied or waived, such payment shall be applied solely to pay the Syndicated Loans of, and Letter of Credit Liability owed to, all Lender Groups of Non-Defaulting Lenders in
accordance with their respective Repayment Percentage (without giving effect to the Principal Obligation of such Defaulting Lender) prior to being applied to the payment of any Syndicated Loans of, or Letter of Credit Liability owed to, such
Defaulting Lender until such time as all Syndicated Loans and funded and unfunded participations in Letter of Credit Liability and Swingline Loans are held by the Committed Lenders in accordance with each such Committed Lender’s Repayment
Percentage (without giving effect to the Principal Obligation held by such Defaulting Lender) without giving effect to Section 2.15(a)(iv). Any payments, prepayments or other amounts paid or
payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.15(a)(ii) shall be deemed paid to and
redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

  
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 (iii) Certain Fees. 

(A) A Defaulting Lender shall not be entitled to receive any unused commitment fee payable under
Section 2.11 for any period during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to such
Defaulting Lender). 
 (B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during
which that Lender is a Defaulting Lender only to the extent allocable to its Repayment Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to
Section 2.14. 
 (C) With respect to any fee payable under
Section 2.11 or any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or
clause (B) above, Borrower shall: (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s
participation in Letter of Credit Liability or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below; (y) pay to the Letter of Credit Issuer and
Administrative Agent for the account of the Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Letter of Credit Issuer’s or Swingline Lender’s Fronting
Exposure to such Defaulting Lender; and (z) Borrower shall not be required to pay the remaining amount of any such fee. 

(iv) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in Letter of Credit Liability and Swingline Loans shall be reallocated among each Non-Defaulting Lender (based on its Committed Lender Percentage (without giving effect to the Commitment of such Defaulting Lender)) calculated as the
product of its Lender Group’s Lender Group Percentage (without giving effect to the Commitment of such Defaulting Lender) multiplied by the principal amount of such participation, but only to the extent that: (x) the conditions set forth
in Section 7.02 are satisfied at the time of such reallocation (and, unless Borrower shall have otherwise notified Administrative Agent at such time, Borrower shall be deemed to have represented and
warranted that such conditions are satisfied at such time); and (y) such reallocation does not cause (i) the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such
Non-Defaulting Lender’s Commitment or (ii) the Revolving Credit Exposure of any Lender Group to exceed the aggregate Commitments of its Non-Defaulting Lenders. No reallocation hereunder shall constitute a
waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Committed Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s
increased exposure following such reallocation. 
 (v) Cash Collateral. If the reallocation described in
clause (iv) above cannot, or can only partially, be effected, Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) first, prepay Swingline
Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize the Letter of Credit Issuer’s Fronting Exposure in accordance with the procedures set forth in
Section 2.14. 

  
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 (b) Defaulting Lender Cure. If Borrower, Administrative Agent,
Swingline Lender and the Letter of Credit Issuer agree in writing that a Committed Lender is no longer a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Committed Lender will, to the extent applicable, purchase at par that portion (not otherwise funded by its Lender Group) of
outstanding Syndicated Loans of the other Lender Groups or take such other actions as Administrative Agent may determine to be necessary to cause the Syndicated Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to
be held among the Lender Groups (and the Committed Lenders therein) in accordance with their Applicable Percentages (without giving effect to Section 2.17(a)(iv), whereupon such Committed Lender will
cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while that Committed Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Committed Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Committed Lender’s having been a Defaulting Lender. 
 2.16 Extension of Stated Maturity Date. So long as no (x) Event
of Default or Default shall have occurred and be continuing on the Stated Maturity Date and (y) the representations and warranties contained in Section 8 or in any other Loan Document shall be true and correct
on, and as of, the Stated Maturity Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this
Section 2.16, the representations and warranties contained in Section 8.06 shall be deemed to refer to the most recent financial statements furnished
pursuant to clauses (a) and (b), respectively, of Section 9.01, Borrower may extend the Stated Maturity Date to a date that is not later than
364 days after the then-effective Stated Maturity Date, no more than two times, upon: (a) delivery of a Facility Extension Request to Administrative Agent not less than fifteen (15) days prior to the Stated Maturity Date then in
effect; and (b) payment to Administrative Agent for the benefit of the Lenders of a facility extension fee equal to 25 basis points on the then-existing Maximum Commitment (i.e., 0.25% times the then-existing Maximum
Commitment). Such extension shall be evidenced by delivery of written confirmation of the same by Administrative Agent to Borrower. 

2.17 Increase in the Maximum Commitment. 

(a) Administrative Agent shall, at the request of Borrower from time to time, increase the Maximum Commitment to the amount
requested by Borrower by: (x) admitting additional committed lenders hereunder (each, a “Subsequent Committed Lender”); or (y) increasing the Commitment of any Committed Lender (each, an “Increasing
Committed Lender”); or both, subject to the following conditions and Section 2.17(c): 

(i) Borrower shall have delivered to Administrative Agent the Facility Increase Request (and Administrative Agent shall
promptly deliver copies of such notice to Funding Agents); 
 (ii) If requested pursuant to
Section 3.01, Borrower shall, as applicable, execute a new Note payable to each Subsequent Committed Lender and Increasing Committed Lender; 

  
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 (iii) After giving effect to the increase in the Committed Lender’s
Commitment, the Maximum Commitment will not exceed the Maximum Accordion Amount; 
 (iv) The increase in the aggregate amount
of Committed Lenders’ Commitments shall be in the minimum amount of $10,000,000; 
 (v) No Default or Event of Default
shall have occurred and be continuing or would result from such increase in the Committed Lenders’ Commitments; 
 (vi)
As of the date of such increase, the representations and warranties contained in Section 8 shall be true and correct in all material respects, with the same force and effect as if made on and as of such date; except
to the extent that such representations and warranties specifically refer to any earlier date, in which case they shall be true and correct as of such earlier date and except that for the purposes of this
Section 2.17(a)(vi), the representations and warranties contained in Section 8.06 shall be deemed to refer to the most recent financial statements
furnished pursuant to clauses (a) and (b), respectively, of Section 9.01; and 

(vii) Borrower shall pay the applicable Facility Increase Fee. 

(b) With respect to each Facility Increase Request delivered pursuant to
Section 2.17(a)(i), Administrative Agent agrees that: 
 (i) Administrative
Agent will use its best efforts to syndicate the requested increase of the Maximum Commitment; 
 (ii) each Subsequent
Committed Lender shall be approved (not to be unreasonably withheld or delayed) in writing by the Administrative Agent and the Borrower; and 

(iii) Administrative Agent shall cause: (A) unless previously agreed in writing, each Increasing Committed Lender to
consent to such increase in writing; and (B) each Subsequent Committed Lender to execute a joinder to this Credit Agreement in the form of Exhibit K. 

(c) Notwithstanding anything else in the foregoing: (i) no admission of any Subsequent Committed Lender shall
increase the Commitment of any existing Committed Lender without such existing Committed Lender’s consent; (ii) no Committed Lender shall become an Increasing Committed Lender without such Committed Lender’s consent; and
(iii) except for an increase in connection with Section 2.16, no increase will be permitted after Borrower has decreased the Maximum Commitment under
Section 3.06. 
 (d) If Administrative Agent deems it advisable, Borrower and
each Lender agree to execute an amendment to this Credit Agreement, in form and substance acceptable to Administrative Agent, to document an increase in the Maximum Commitment pursuant to this
Section 2.17. 

  
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 3. PAYMENT OF OBLIGATIONS. 

3.01 Notes. 

(a) The Borrowings funded by each Lender shall be evidenced by one or more accounts or records maintained by such Lender (or
its Funding Agent) and by Administrative Agent in the Register in the ordinary course of business. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of such Borrower Party hereunder
to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender (or its Funding Agent, if applicable) and the accounts and records of Administrative Agent in
respect of such matters, the accounts and records of Administrative Agent shall control in the absence of manifest error. 

(b) Any Funding Agent, on behalf of any Lender member of its Lender Group, may request that the Syndicated Loans to be made by
such Lender Group to the Borrower shall be evidenced by promissory notes. Swingline Loans and Qualified Borrower obligations shall not be evidenced by separate promissory notes. If so requested, the Borrower shall issue such
Notes. Each such Note shall: (a) be payable to the Funding Agent for such Lender Group or such other administrator or trustee for the Lender member of such Lender Group as such Funding Agent may designate (or, if requested by such
Funding Agent, to such Funding Agent and its registered assigns); (b) bear interest in accordance with the provisions hereof; (c) be in the form of Exhibit B, attached hereto (with blanks
appropriately completed in conformity herewith); and (d) be made by the Borrower. The Borrower agrees, from time to time, upon the request of Administrative Agent or any applicable Funding Agent, to reissue new Notes, in accordance with
the terms and in the form heretofore provided, to any Committed Lender or Conduit Lender and to any Assignee of such Lender in accordance with Section 13.12, in substitution for the Notes previously
issued by the Borrower to the Funding Agent or other party, as appropriate and in accordance herewith for the affected Lender, and such previously issued Notes shall be returned to the Borrower marked “cancelled”. 

3.02 Payment of Interest. 

(a) Interest. Interest on each Borrowing and any portion thereof shall commence to accrue in accordance with the
terms of this Credit Agreement and the other Loan Documents as of the date of the disbursal or wire transfer of such Borrowing by Administrative Agent, consistent with the provisions of Sections 2.06
and 2.13, notwithstanding whether any Borrower Party received the benefit of such Borrowing as of such date and even if such Borrowing is held in escrow pursuant to the terms of any escrow arrangement or agreement. When a
Borrowing is disbursed by wire transfer pursuant to instructions received from a Borrower Party, then such Borrowing shall be considered made at the time of the transmission of the wire, in accordance with the Loan Notice, rather than the time of
receipt thereof by the receiving bank. With regard to the repayment of the Loans, interest shall continue to accrue on any amount repaid until such time as the repayment has been received in federal or other Same Day Funds by Administrative
Agent. 
 (b) Interest Payment Dates. Except with respect to Swingline Loans, which are addressed by
Section 2.07(a) accrued and unpaid interest on the Obligations, including any interest payable on any Loan prepaid pursuant to Section 3.05, shall be due
and payable: (i) in arrears on each Interest Payment Date (for the fiscal quarter then ended with respect to Base Rate Loans and Floating LIBOR Rate Loans, for the Interest Period then ended with respect to Eurocurrency Rate Loans and for
all accrued and unpaid interest to date with respect to CP Rate 

  
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Loans) and on the Maturity Date, (ii) on each other date of any reduction of the Principal Obligation hereunder (other than a voluntary prepayment pursuant to
Section 3.05); and (iii) with respect to any obligation of a Borrower Party hereunder on which such Borrower Party is in default, at any time and from time to time following such default upon
demand by Administrative Agent. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 

(c) Direct Disbursement. If, at any time, Administrative Agent or the Letter of Credit Issuer shall not have
received on the date due, any payment of interest upon the Loans or any fee described herein, Administrative Agent may direct the disbursement of funds from the applicable Collateral Account to Lenders in accordance with the terms hereof, to the
extent available therein for payment of any such amount. 
 3.03 Payments of Obligations. 

(a) Maturity Date. The principal amount of the Obligations outstanding on the Maturity Date, together with all
accrued but unpaid interest thereon, shall be due and payable on the Maturity Date. Each Borrower Party shall repay each Swingline Loan made to such Borrower Party on the earlier to occur of (i) the date three (3) Business Days after
such Swingline Loan is made and (ii) the Maturity Date; provided, that, if an Event of Default shall occur, then all Swingline Loans shall immediately become due and payable. 

(b) Payments Generally. All payments of principal of, and interest on, the Obligations under this Credit Agreement by
any Borrower Party to or for the account of Lenders, or any of them, shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff by such Borrower Party. Except as otherwise expressly provided herein, and except
with respect to principal of and interest on Loans denominated in an Alternative Currency, all payments by the Borrower Parties hereunder shall be made to Administrative Agent, for the account of the respective Lenders and Lender Groups to which
such payment is owed, at Administrative Agent’s Office in Dollars and in Same Day Funds not later than 1:00 p.m. on the date specified herein. Except as otherwise expressly provided herein, all payments by the Borrower Parties hereunder
with respect to principal and interest on Loans denominated in an Alternative Currency shall be made to Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s
Office in such Alternative Currency and in Same Day Funds not later than the Applicable Time specified by the Administrative Agent on the dates specified herein. Without limiting the generality of the foregoing, Administrative Agent may require that
any payments due under this Credit Agreement be made in the United States. If, for any reason, Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, Borrower shall make such payment in Dollars
in the Dollar Equivalent of the Alternative Currency payment amount. Funds received by Administrative Agent: (i) after 1:00 p.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by
Administrative Agent in the case of payments in an Alternative Currency, shall in each case be treated for all purposes as having been received by Administrative Agent on the first Business Day next following receipt of such funds and any applicable
interest or fees shall continue to accrue. Except as provided in Section 13.11(c) hereof, and except for Swingline Loans repaid to the Swingline Lender before the provisions of
Section 2.07(d)(i) become applicable, each Lender shall be entitled to receive its applicable share of each payment received by Administrative Agent hereunder for the account of Lenders on the
Obligations. Each payment received by Administrative Agent hereunder for the account of a Lender shall be promptly distributed by Administrative Agent to the appropriate 

  
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Funding Agent. If any payment to be made by any Borrower Party 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 or fees, as the case may be. Each Funding Agent agrees to use reasonable efforts to apply the amounts received in respect of such repayments to the outstanding Loans of the Lenders members of its
Lender Group so as to minimize broken funding payments payable pursuant to Section 4.05. 

(c) Clawback. 

(i) Funding by Lenders; Presumption by Administrative Agent. Unless Administrative Agent shall have received notice
from a Funding Agent prior to the proposed date of any Borrowing of Eurocurrency Rate Loans or CP Rate Loan (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender Group will not make
available to Administrative Agent such Lender Group’s share of such Borrowing, Administrative Agent may assume that such Lender Group has made such share available on such date in accordance with
Section 2.04 (or, in the case of a Borrowing of Base Rate Loans, that such Lender Group has made such share available in accordance with and at the time required by
Section 2.04) and may, in reliance upon such assumption, make available to the applicable Borrower Party a corresponding amount. In such event, if a Lender Group has not in fact made its share of
the applicable Borrowing available to Administrative Agent, then the Committed Lenders in such Lender Group and the applicable Borrower Party severally agree to pay to 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 such Borrower Party to but excluding the date of payment to Administrative Agent, at: (A) in the case of a payment to be made by such
Committed Lender, the Overnight Rate, plus any administrative, processing or similar fees customarily charged by Administrative Agent in connection with the foregoing; and (B) in the case of a payment to be made by a Borrower Party, the
interest rate applicable to Base Rate Loans; provided, however, that if funds are not available to such Borrower Party in the Collateral Account to make payment on demand, to the extent that it is necessary for Borrower to issue
Capital Call Notices to fund such required payment, such payment shall be made within fifteen (15) Business Days after Administrative Agent’s demand (and, in any event, Borrower shall issue such Capital Call Notices and shall make
such payment promptly after the related Capital Contributions are received). If any Borrower Party and such Committed Lender shall pay such interest to Administrative Agent for the same or an overlapping period, Administrative Agent shall promptly
remit to such Borrower Party the amount of such interest paid by such Borrower Party for such period. If such Committed Lender pays its share of the applicable Borrowing to Administrative Agent, then the amount so paid shall constitute such
Committed Lender’s Syndicated Loan included in such Borrowing as of the date of such Borrowing. Any payment by a Borrower Party shall be without prejudice to any claim such Borrower Party may have against a Committed Lender that shall have
failed to make such payment to Administrative Agent. 
 (ii) Payments by Borrower Parties; Presumptions by Administrative
Agent. Unless Administrative Agent shall have received notice from a Borrower Party prior to the date on which any payment is due to Administrative Agent for the account of the Funding Agent, the Swingline Lender or the Letter of Credit
Issuer hereunder that such Borrower Party will not make such payment, Administrative Agent may assume that such Borrower Party has made such payment on such date in accordance herewith and 

  
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may, in reliance upon such assumption, distribute to the Funding Agent, the Swingline Lender or the Letter of Credit Issuer, as the case may be, the amount due. In such event, if such Borrower
Party has not in fact made such payment, then each of the Committed Lenders or the Letter of Credit Issuer, as the case may be, severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such Funding
Agent’s Lender Group or the Letter of Credit Issuer, in Same Day Funds 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 Administrative Agent, at the
Overnight Rate. 
 A notice of Administrative Agent to any Committed Lender or any Borrower Party with respect to any amount owing under this
subsection (c) shall be conclusive, absent manifest error. 
 (d) General
Order of Application. Each such repayment shall be applied to repay all outstanding Loans (other than any Swingline Loan) ratably or (ii) such Swingline Loan, as applicable. All payments made on the Obligations shall be credited,
to the extent of the amount thereof, in the following order: (a) against all costs, expenses and other fees (including Attorney Costs) arising under the terms hereof; (b) against the amount of interest accrued and unpaid on the
Obligations as of the date of such payment; (c) against all principal due and owing on the Obligations as of the date of such payment; and (d) to all other amounts constituting any portion of the Obligations. 

3.04 Mandatory Prepayment. 

(a) Excess Loans Outstanding. If, on any day, the Principal Obligation exceeds the Available Commitment (including,
without limitation, as a result of an Exclusion Event, the delivery of an Initial Notice or the application of any Aggregate Concentration Limit or Individual Concentration Limit (a “Mandatory Prepayment Event”)), then the
applicable Borrower Party shall pay to Administrative Agent, for the benefit of Lenders, an amount sufficient that, after giving effect to such prepayment and any Capital Calls to fund it, the Principal Obligation would no longer exceed the
Available Commitment (except to the extent any Swingline Loan is outstanding and applicable Borrower Party elects to pay all or any portion of such excess with respect to any Swingline Loan, in which case such payment shall be for the benefit of
Swingline Lender), in Same Day Funds: (a) promptly on demand (but in no event later than three (3) Business Days after such demand), to the extent such funds are available in the Collateral Account; (b) within
fifteen (15) Business Days of demand to the extent that it is necessary for Borrower to issue Capital Call Notices to fund such required payment (and Borrower shall issue such Capital Call Notices during such time) and shall pay such excess,
promptly after the Capital Contributions relating to such Capital Call Notice are received; and (c) by, if applicable, the effective date of any Spin-Off. 

(b) Excess Letters of Credit Outstanding. To the extent that any excess calculated pursuant to
Section 3.04(a) is attributable to undrawn Letters of Credit, then the applicable Borrower Party may Cash Collateralize the Letter of Credit Liability in the amount of such excess, when required
pursuant to the terms of Section 3.04(a). To the extent that the Letter of Credit Liability exceeds the Available Commitment, the applicable Borrower Parties shall Cash Collateralize such Letter of
Credit Liability in an amount equal to the excess of the Letter of Credit Liability over the Available Commitment. Unless otherwise required by law, upon: (A) a change in circumstances such that such amount no longer remains
outstanding; or (B) the full and final payment of the Obligations, Administrative Agent shall return to the applicable Borrower Party any remaining Cash Collateral as promptly as reasonably practicable and in any event within two (2)
Business Days. 

  
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 3.05 Voluntary Prepayments. Any Borrower Party may, upon notice to Administrative
Agent, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided that: (a) with respect to Swingline Loans, the principal of any Swingline Loan may be prepaid by 11:00 a.m. on
any Business Day, and any prepayment not received by 11:00 a.m. on such Business Day shall be deemed to have been made on the next succeeding Business Day; and (b) with respect to any other Loan, such notice must be received by Administrative
Agent not later than: (A) 11:00 a.m. (i) three (3) Business Days prior to any date of prepayment of any Loans accruing interest at the Eurocurrency Rate, Floating LIBOR Rate or the CP Rate; and (ii) five (5)
Business Days prior to the date of prepayment of Loans denominated in Alternative Currencies; and (B) 11:00 a.m. (i) one (1) Business Days prior to any date of prepayment of any Loans accruing interest at the Base Rate; and
(ii) any prepayment of Loans shall be in a minimum principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof; or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date
(which shall be a Business Day) and amount of such prepayment, if applicable, the Type(s) of Syndicated Loans to be prepaid. Administrative Agent will promptly notify each Funding Agent of its receipt of each such notice, and of the amount of
its Lender Group’s Repayment Percentage of such prepayment. If such notice is given by a Borrower Party, such Borrower Party shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date
specified therein. With respect to any Loan prepaid pursuant to this Section 3.05, all accrued interest thereon shall be paid in accordance with
Section 3.02(b) and any additional amounts required pursuant to Section 4 with respect thereto shall be promptly paid following receipt of an accurate and correct
invoice for such amounts. Subject to Section 2.15, each such prepayment shall be applied to the Principal Obligations held by each Lender in accordance with its applicable Repayment Percentage.

 3.06 Reduction or Early Termination of Commitments. Borrower may, upon notice to the Administrative Agent, terminate the
aggregate Commitments, or from time to time permanently reduce the aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days
prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Maximum Commitment hereunder shall at no time
equal an aggregate amount of less than $25,000,000, (iv) Borrower shall not terminate or reduce the aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Principal Obligation would exceed the
Available Commitments; and (v) if, after giving effect to any reduction of the aggregate Commitments, the Letter of Credit Sublimit or the Swingline Sublimit exceeds the amount of the aggregate Commitments, such Sublimit shall be automatically
reduced by the amount of such excess. The Administrative Agent will promptly notify the Committed Lenders of any such notice of termination or reduction of the aggregate Commitments. Any reduction of the aggregate Commitments shall be
applied to the Commitment of each Committed Lender according to its pro rata share thereof. All fees accrued until the effective date of any termination of the aggregate Commitments shall be paid on the effective date of such
termination. 
 3.07 Lending Office. Each Lender may: (a) designate the principal office or a branch, subsidiary or
Affiliate of such Lender as its Lending Office (and the office to whose accounts payments are to be credited) for any Loan; and (b) change its Lending Office from time to time by notice to Administrative Agent and Borrower. In such event,
the Funding Agent for such Lender shall continue to hold the Note, if any, evidencing its Loans for the benefit and account of such branch, subsidiary or Affiliate. Each Committed Lender shall be entitled to fund all or any portion of its
Commitment in any manner it deems appropriate, consistent with the provisions of Section 2.06, but for the purposes of this Credit Agreement such Committed Lender shall, regardless of such Committed
Lender’s actual means of funding, be deemed to have funded its Commitment in accordance with the Interest Option selected from time to time by the Borrower Parties for such Borrowing period. 

  
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 4. CHANGE IN CIRCUMSTANCES. 

4.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of any Borrower Parties hereunder or under any other Loan Document
shall be made free and clear of and without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Law requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then
the applicable Withholding Agent shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below. 

(ii) If any applicable Withholding Agent shall be required by the Code to withhold or deduct any Taxes, including both United
States Federal backup withholding and withholding taxes, from any payment, then: (A) the applicable Withholding Agent shall withhold or make such deductions as are determined by the Withholding Agent to be required based upon the
information and documentation it has received pursuant to subsection (e) below; (B) the applicable Withholding Agent shall timely pay the full amount withheld or deducted to the relevant
Governmental Authority in accordance with the Code; and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Borrower Party shall be increased as necessary so that after
any required withholding or the making of all required deductions (including deductions or withholdings of Indemnified Taxes applicable to additional sums payable under this Section 4.01) the applicable
Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 
 (iii)
If any applicable Withholding Agent shall be required by any applicable Law other than the Code to withhold or deduct any Taxes from any payment, then: (A) the applicable Withholding Agent, as required by such Law, shall withhold or make
such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below; (B) the applicable Withholding Agent, to the
extent required by such Law, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws; and (C) to the extent that the withholding or deduction is made on account of Indemnified
Taxes, the sum payable by the applicable Borrower Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions or withholdings of Indemnified Taxes applicable to
additional sums payable under this Section 4.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(b) Payment of Other Taxes by Borrower Parties. Without limiting the provisions of
subsection (a) above, each Borrower Party shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of Administrative Agent, timely reimburse it for the
payment of, any Other Taxes. 

  
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 (c) Tax Indemnifications. 

(i) Borrower shall, and does hereby, indemnify each Recipient, and shall make payment in respect thereof within twenty (20)
days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 4.01) payable or paid
by such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority, but
excluding any penalties, interest, or expenses that are attributable to the bad faith, gross negligence, or willful misconduct of the Recipient. A certificate as to the amount of any such payment or liability setting forth in reasonable detail
the calculation and basis such payment or liability delivered to the applicable Borrower Party by a Recipient (with a copy to Administrative Agent), or by Administrative Agent on its own behalf or on behalf of a Recipient, shall be conclusive absent
manifest error. 
 (ii) Each Lender, Swingline Lender and the Letter of Credit Issuer shall, and does hereby, severally
indemnify, and shall make payment in respect thereof within ten (10) days after demand therefor: (A) the Administrative Agent against any Indemnified Taxes attributable to such Lender, Swingline Lender or the Letter of Credit Issuer
(but only to the extent that any Borrower Party has not already indemnified Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower Parties to do so); (B) Administrative Agent against any Taxes
attributable to such Person’s failure to comply with the provisions of Section 13.11(e) relating to the maintenance of a Participant Register; and (C) Administrative Agent against any Excluded
Taxes attributable to Person, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by Administrative Agent or the Borrower Parties shall be conclusive absent manifest
error. Each Lender, Swingline Lender and the Letter of Credit Issuer hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender, Swingline Lender or the Letter of Credit Issuer, as the case
may be, under this Credit Agreement or any other Loan Document against any amount due to the Administrative Agent under this Section 4.01(c)(ii). 

(d) Evidence of Payments. Upon request by a Borrower Party or Administrative Agent, as the case may be, after any
payment of Taxes by such Borrower Party or by Administrative Agent to a Governmental Authority as provided in this Section 4.01, such Borrower Party shall deliver to Administrative Agent or
Administrative Agent shall deliver to such Borrower Party, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment
or other evidence of such payment reasonably satisfactory to such Borrower Party or Administrative Agent, as the case may be. 

(e) Status of Recipients; Tax Documentation. 

(i) Any Recipient that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to Borrower and Administrative Agent, at the time or times reasonably requested by 

  
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Borrower or Administrative Agent, such properly completed and executed documentation requested by Borrower or Administrative Agent as will permit such payments to be made without withholding or
at a reduced rate of withholding. In addition, any Recipient, if reasonably requested by a Borrower Party or Administrative Agent, shall deliver such other documentation prescribed by applicable Law, by the taxing authorities of any
jurisdiction or reasonably requested by a Borrower Party or Administrative Agent as will enable such Borrower Party or Administrative Agent to determine whether or not such Recipient is subject to backup withholding or information reporting
requirements. A Liquidity Provider that is a Foreign Recipient shall not be entitled to the benefits of this Section 4.01 unless Borrower is notified of the Liquidity Agreement and consents to such
benefits and such Liquidity Provider, for the benefit of the Borrower Parties, complies with this Section 4.01. Notwithstanding anything to the contrary in the preceding three sentences, the
completion, execution and submission of such documentation (other than such documentation set forth in Sections 4.01(e)(ii)(A), 4.01(e)(ii)(B) and 4.01(e)(ii)(D)) shall not
be required if in the Recipient’s reasonable judgment such completion, execution or submission would subject such Recipient to any material unreimbursed cost or expense (provided that such Recipient’s internal costs of completing,
executing or submitting such documentation shall not be considered to be material unreimbursed costs or expenses) or would materially prejudice the legal or commercial position of such Recipient. 

(ii) Without limiting the generality of the foregoing: 

(A) any Recipient that is a U.S. Person shall deliver to Borrower and Administrative Agent on or prior to the date on
which such Recipient becomes a Recipient under this Credit Agreement (and from time to time thereafter upon the reasonable request of Borrower or Administrative Agent), executed originals of IRS Form W-9, or applicable successor form, certifying
that such Recipient is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Recipient shall, to the
extent it is legally entitled to do so, deliver to Borrower and Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Recipient becomes a Lender under this Credit
Agreement (and from time to time thereafter upon the reasonable request of Borrower or Administrative Agent), whichever of the following is applicable: 

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

(2) executed originals of IRS Form W-8ECI, or applicable successor form; 

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

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

(5) Executed originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction
in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Borrower Parties or Administrative Agent to determine the withholding or deduction required to be made.

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

(D) if a payment made to a Recipient under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Recipient 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 Recipient shall deliver to
Borrower and Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by Borrower or 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 Borrower or Administrative Agent as may be necessary for Borrower and Administrative

  
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Agent to comply with their obligations under FATCA and to determine that such Recipient has complied with such Recipient’s obligations under FATCA or to determine the amount to deduct and
withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Credit Agreement. 

(iii) Each Recipient agrees that if any form or certification it previously delivered pursuant to this
Section 4.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Borrower and Administrative Agent in writing of its legal inability
to do so. 
 (f) Treatment of Certain Refunds. If any Recipient determines, in its sole discretion, exercised in
good faith, that it has received a refund of any Taxes as to which it has been indemnified by the Borrower Parties or with respect to which any Borrower Party has paid additional amounts pursuant to this
Section 4.01, it shall pay to such Borrower Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower Party under this
Section 4.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund), provided that each Borrower Party, upon the request of such Recipient, agree to repay the amount paid over to any such Borrower Party (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) to such Recipient in the event such Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will
the applicable Recipient be required to pay any amount to a Borrower Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not
be construed to require the Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower Parties or any other Person. 

(g) Defined Terms. For purposes of this Section 4.01, the term
“Lender” includes the Letter of Credit Issuer and any Liquidity Provider and the term “applicable Law” includes FATCA (including any amendments thereto). 

(h) Survival. Each party’s obligations under this Section 4.01 shall
survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, Swingline Lender or the Letter of Credit Issuer the termination of the Commitments and the repayment, satisfaction or
discharge of all other Obligations. 
 4.02 Illegality. If any Funding Party determines that any Change in Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Funding Party or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the LIBOR Rate (whether denominated in
Dollars or an Alternative Currency), or to determine or charge interest rates based upon any LIBOR Rate, or any Governmental Authority has imposed material restrictions on the authority of such Funding Party to purchase or sell, or to take deposits
of, Dollars in the applicable offshore interbank market, then, on notice thereof by such Funding Party to Borrower Parties through its Funding Agent and the Administrative Agent: (a) any obligation of such Funding Party to make or continue
Eurocurrency Rate Loans, or make Floating LIBOR Rate Loans, in the affected currency or currencies, or to convert Loans to Eurocurrency Rate Loans or Floating LIBOR Rate Loans 

  
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shall be suspended; and (b) if such notice asserts the illegality of such Funding Party making or maintaining Base Rate Loans for which the interest rate is determined by reference to the
Floating LIBOR Rate component of the Base Rate, the interest rate for Base Rate Loans made by such Funding Party shall, if necessary to avoid such illegality, be determined by Administrative Agent without reference to the Floating LIBOR Rate
component of the Base Rate, in each case until such Funding Party notifies its Funding Agent (which promptly notifies Administrative Agent and Borrower Parties) that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice: (i) the applicable Borrower Party shall, upon demand from such Funding Party (with a copy to Administrative Agent), convert all Eurocurrency Rate Loans and Floating LIBOR Rate Loans of such Funding Party denominated
in Dollars to Base Rate Loans (the interest rate for which shall, if necessary to avoid such illegality, be determined by Administrative Agent without reference to the Floating LIBOR Rate component of the Base Rate), either on the last day of the
Interest Period therefor, if such Funding Party may lawfully continue to maintain such Loans to such day, or, if such Funding Party may not lawfully continue to maintain such Loans, immediately; and (ii) if such notice asserts the illegality of
such Funding Party determining or charging interest rates based upon the LIBOR Rate, Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Funding Party without reference to the Floating LIBOR Rate
component thereof until Administrative Agent is advised in writing by such Funding Party that it is no longer illegal for such Funding Party to determine or charge interest rates based upon the Floating LIBOR Rate. Upon any such conversion,
each such Borrower Party shall also pay accrued interest on the amount so converted. 
 4.03 Inability to Determine Rates. If in
connection with any request for a Loan or a conversion to or continuation thereof: (a) Administrative Agent determines that: (i) deposits (whether denominated in Dollars or an Alternative Currency) are not being offered to banks
in the applicable offshore interbank market for such currency for the applicable amount and Interest Period of such Loan; or (ii) adequate and reasonable means do not exist for determining LIBOR (A) for any requested Interest Period with
respect to a proposed Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative Currency) or (B) in connection with an existing or proposed Base Rate Loan or Floating LIBOR Rate Loan (in each case, with respect to
clause (a) above, the “Impacted Loans”); or (b) Administrative Agent or the Required Lenders determine that for any reason the (i) Eurocurrency Rate for any requested
Interest Period with respect to a proposed Eurocurrency Rate Loan or (ii) the Floating LIBOR Rate with respect to a proposed Floating LIBOR Rate Loan, does not adequately and fairly reflect the cost to such Funding Parties of funding such Loan;
Administrative Agent will promptly so notify Borrower Parties and each Funding Party. Thereafter: (x) the obligation of the Funding Parties, as applicable, to make or maintain Eurocurrency Rate Loans or Floating LIBOR Rate Loans in
the affected currency or currencies shall be suspended (to the extent of the affected Eurocurrency Rate Loans, Floating LIBOR Rate Loans or Interest Periods); and (y) in the event of a determination described in the preceding sentence with
respect to the Floating LIBOR Rate component of the Base Rate, the utilization of the Floating LIBOR Rate component in determining the Base Rate shall be suspended, in each case until Administrative Agent (upon the instruction of the Required
Lenders) revokes such notice. Upon receipt of such notice, any Borrower Party may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency Rate Loans or
Interest Periods) or of Floating LIBOR Rate Loans (to the extent of the affected Floating LIBOR Rate Loan) in the affected currency or currencies or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base
Rate Loans, without reference to the Floating LIBOR Rate, in the amount specified therein. 
 Notwithstanding the foregoing, if
Administrative Agent has made the determination described in clause (a) of the first sentence of this Section, Administrative Agent, in consultation with Borrower and the Required Lenders,
may establish an alternative rate to be used in substitution for the LIBOR in calculating the interest rate for the Impacted Loans, in which case such alternative rate shall apply in 

  
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calculating interest with respect to the Impacted Loans until (1) Administrative Agent revokes the notice delivered with respect to the Impacted Loans under
clause (a) of the first sentence of this Section, (2) Administrative Agent or the Required Lenders notify Administrative Agent and Borrower that such alternative rate does not
adequately and fairly reflect the cost to such Funding Parties of funding the Impacted Loans, or (3) any Funding Party determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such
Funding Party or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed
material restrictions on the authority of such Funding Party to do any of the foregoing and provides Administrative Agent and Borrower written notice thereof, provided, however, that to the extent an alternative rate is approved by the
Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further, that to the extent such market practice is not administratively feasible for the Administrative
Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 4.04 Increased
Costs Generally. 
 (a) Change in Law. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Funding Party; 
 (ii)
subject any Recipient to any Taxes (other than: (A) Indemnified Taxes; (B) Taxes described in clauses (b) through (e) of the definition of Excluded Taxes; and
(C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

(iii) result in the failure of the Mandatory Cost, as calculated hereunder, to represent the cost to any Funding Party of
complying with the requirements of the Bank of England and/or the Financial Services Authority or the European Central Bank in relation to its making, funding or maintaining Eurocurrency Rate Loans; or 

(iv) impose on any Funding Party or the London interbank market any other condition, cost or expense (other than Taxes)
affecting this Credit Agreement or Loans made by such Lender or made or funded by a Liquidity Provider under a Liquidity Agreement or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Funding Party of making, converting, continuing, funding, or
maintaining any Loan (or of maintaining its obligation to make or fund any such Loan or to advance funds under a Liquidity Agreement), or to increase the cost to such Funding Party of participating in, issuing or maintaining any Letter of Credit (or
of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Funding Party (whether of principal, interest or any other amount) then, upon request of such
Funding Party (but in no event later than ten (10) Business Days after receipt of a certificate provided under subsection (c) of this Section), the applicable Borrower Party will
pay to such Funding Party such additional amount or amounts as will compensate such Funding Party for such additional costs incurred or reduction suffered; provided, however, that if funds are not available to such Borrower Party in
the Collateral 

  
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Account, to the extent that it is necessary for Borrower to issue Capital Call Notices to fund such required compensation, such payment shall be made within twenty (20) Business Days
after receipt of a certificate provided under subsection (c) of this Section. 

(b) Capital Requirements. If any Funding Party determines that any Change in Law affecting such Funding Party, any
Lending Office of such Funding Party or such Funding Party’s holding company, if any, regarding capital requirements or liquidity has or would have the effect of reducing the rate of return on such Funding Party’s capital or on the capital
of such Funding Party’s holding company, if any, as a consequence of this Credit Agreement, the Commitments of such Funding Party or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Funding Party, the
Letters of Credit issued by the Letter of Credit Issuer or any obligation to advance funds under a Liquidity Agreement, to a level below that which such Funding Party or such Funding Party’s holding company could have achieved but for such
Change in Law (taking into consideration such Funding Party’s policies and the policies of such Funding Party’s holding company with respect to capital adequacy and such Funding Party’s desired return on capital), then from time to
time the applicable Borrower Party will pay to such Funding Party such additional amount or amounts as will compensate such Funding Party or such Funding Party’s holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate of a Funding Party setting forth the amount or amounts necessary
to compensate such Funding Party or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to a
Borrower Party shall be conclusive absent manifest error. In determining such amount, such Funding Party may use any reasonable averaging and attribution methods. 

(d) Delay in Requests. Failure or delay on the part of any Funding Party to demand compensation pursuant to the
foregoing provisions of this Section 4.04 shall not constitute a waiver of such Funding Party’s right to demand such compensation, provided that no Borrower Party shall be required to
compensate a Funding Party pursuant to the foregoing provisions of this Section 4.04 for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that
such Funding Party notifies Borrower Parties of the Change in Law giving rise to such increased costs or reductions and of such Funding Party’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

(e) Additional Reserve Requirements. Borrower Parties shall pay to each Funding Party: (i) as long as such
Funding Party shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid
principal amount of each Eurocurrency Rate Loan or Floating LIBOR Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Funding Party (as determined by such Funding Party in good faith, which determination shall be
conclusive), and (ii) as long as such Funding Party shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of
the Commitments or the funding of the Eurocurrency Rate Loans or Floating LIBOR Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs
allocated to such Commitment or Loan by such Funding Party (as determined by such Funding Party in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date on which interest

  
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is payable on such Loan, provided Borrower Parties shall have received at least ten (10) days’ prior notice (with a copy to Administrative Agent) of such additional interest or
costs from such Funding Party. If a Funding Party fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest or costs shall be due and payable ten (10) days from receipt of such
notice. 
 4.05 Compensation for Losses. Upon demand of any Funding Party (with a copy to Administrative Agent) from time to
time, each applicable Borrower Party shall promptly compensate such Funding Party, as applicable, for and hold such Funding Party harmless from any loss, cost or expense (but excluding loss of anticipated profits) as determined by the applicable
Funding Agent actually incurred by it as a result of: 
 (a) any continuation, conversion, payment or prepayment of any Loan
other than a Base Rate Loan or Floating LIBOR Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by such Borrower Party (for a reason other than the failure of such Funding Party to make a Loan) to prepay,
borrow, continue or convert any Loan, in accordance with the terms of this Credit Agreement, other than a Base Rate Loan or Floating LIBOR Rate Loan, on the date or in the amount notified by such Borrower Party ((including, in the case of any
Conduit Lender, pursuant to a Liquidity Agreement) by reason of the liquidation or reemployment of funds acquired by such Lender (or the applicable Liquidity Provider(s)) (including funds obtained by issuing commercial paper or promissory notes or
obtaining deposits or loans from third parties) in order to fund such Borrowing, continuation or conversion); 
 (c) any
failure by any Borrower Party to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency; or 

(d) any assignment of a Eurocurrency Rate Loan or CP Rate Loan on a day other than the last day of the Interest Period therefor
as a result of a request by such Borrower Party pursuant to Section 13.13; 
 including any
foreign exchange losses and any loss or expense (excluding any loss of anticipated profits) arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such
funds were obtained or from the performance of any foreign exchange contract. Each applicable Borrower Party shall also pay the customary administrative fees charged by such Lender or Liquidity Provider, as applicable, in connection with the
foregoing. 
 For purposes of calculating amounts payable by any Borrower Party to any applicable Funding Party under this
Section 4.05, each applicable Funding Party shall be deemed to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other Borrowing in the
offshore interbank market for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded. In the case of a CP Rate Loan, the actual out-of-pocket loss to any Conduit Lender attributable to
any such event shall be deemed to include an amount determined by such Conduit Lender to be equal to the excess, if any, of (i) the interest that would have accrued on the principal amount of such CP Rate Loan from the date of such payment,
conversion, failure or assignment to the last day of the then current Interest Period for such Loan, if the interest rate payable on such amount 

  
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were calculated by reference to the CP Rate for such Interest Period, over (ii) the sum of (x) to the extent all or a portion of such principal amount remains outstanding
hereunder, the amount of interest actually accrued during the remainder of such Interest Period on such principal amount, and (y) to the extent such principal amount does not remain outstanding hereunder, the income, if any, actually received
during the remainder of such period by the Conduit Lender from investing such portion of such principal amount. 
 With
respect to any Lender that is not a bank, the foregoing calculation shall be made using the rates that would be applicable to the applicable Funding Agent as a proxy for such Lender. A certificate of a Funding Party setting forth the amount or
amounts necessary to compensate such Funding Party or its holding company, as the case may be, as specified in this Section 4.05 and delivered to a Borrower Party shall be conclusive absent manifest
error. 
 4.06 Mitigation Obligations; Replacement of Funding Party. 

(a) Designation of a Different Lending Office. If any Funding Party requests compensation under
Section 4.04, or requires a Borrower Party to pay any Indemnified Taxes or additional amounts to any Funding Party or any Governmental Authority for the account of any Funding Party pursuant to
Section 4.01, or if any Funding Party gives a notice pursuant to Section 4.02, then, at the request of Borrower, such Funding Party shall use reasonable
efforts to designate a different Lending Office for funding or booking its Loans or for issuing Letters of Credit hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the good faith
judgment of such Funding Party, such designation or assignment: (i) would eliminate or reduce amounts payable pursuant to Section 4.01 or
Section 4.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 4.02; and (ii) in each case, would not
subject such Funding Party to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Funding Party. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Funding Party in connection with
any such designation or assignment. 
 (b) Replacement of Funding Party. If (i) any Funding Party requests
compensation under Section 4.04, (ii) any Borrower Party is required to pay Indemnified Taxes or any additional amounts to any Funding Party or any Governmental Authority for the account of any
Funding Party pursuant to Section 4.01 and in each case such Funding Party has declined or is unable to designate a different Lending Office in accordance with
Section 4.06(a) or such designation does not eliminate or reduce amounts payable pursuant to Section 4.01 to the same extent, (iii) any Committed
Lender is unwilling or unable to fund Eurocurrency Rate Loans, (iv) any Committed Lender does not consent to an amendment or waiver under Section 13.01 or (v) any Committed Lender becomes a
Defaulting Lender, Borrower may, at its sole cost and effort, replace such Funding Party’s Lender Group in accordance with Section 13.13; provided, however, that a Lender Group shall
not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Funding Party or otherwise, the circumstances entitling Borrower to require such assignment and delegation cease to apply. 

4.07 Survival. Each Borrower Party’s obligations under this Section 4 shall survive termination
of the aggregate Commitments and repayment of all other Obligations hereunder or resignation of the Administrative Agent. 

  
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 5. SECURITY. 

5.01 Liens and Security Interest. To secure performance by the Borrower Parties of the payment and performance of the
Obligations: (a) Borrower shall grant to Administrative Agent, for the benefit of each of the Secured Parties, a perfected, first priority (subject to Permitted Liens) security interest and lien in and to the Collateral Account pursuant to
a Collateral Account Assignment and a Deposit Account Control Agreement for the Collateral Account; and (b) Borrower shall grant to Administrative Agent, for the benefit of Secured Parties, a perfected, first priority (subject to Permitted
Liens) security interest and Lien in and to the Capital Calls, Capital Commitments, and Capital Contributions, including, without limitation (but subject to Section 11.03), any rights to make Capital
Calls, receive payment of Capital Commitments and enforce the payment thereof pursuant to a Security Agreement and to enforce the payment thereof or any guarantees thereof now existing or hereafter arising (the collateral in
clauses (a) and (b) of this Section 5.01 being (except as otherwise set forth below), collectively, the
“Collateral”). In order to secure further the payment and performance of the Obligations and to effect and facilitate Secured Parties’ rights of setoff, Borrower hereby irrevocably appoints Administrative Agent (for the
benefit of the Secured Parties) as subscription agent and the sole party entitled in the name of Borrower upon the occurrence and during the continuance of an Event of Default (but subject to
Section 11.03), to make any Capital Calls upon the Investors pursuant to (and to the extent permitted by) the terms of the applicable Subscription Agreements and the Operating Agreement. 

Notwithstanding the foregoing, the term “Collateral” shall not include (a) any ERISA Investor Excluded Items if
such provision of such ERISA Investor Excluded Item or the exercise of remedies with respect to such ERISA Investor Excluded Item would be a prohibited transaction for purposes of Section 406 of ERISA,
Section 4975 of the Internal Revenue Code or other applicable law, (b) the Capital Commitments or any assets, interests, rights or obligations of the SOX Insiders, if any, unless so elected by the Borrower Parties in
their discretion, (c) any Investment and (d) any funds properly withdrawn or transferred from the Collateral Account to the extent used for any purpose permitted under the Operating Agreement and this Credit Agreement, and the proceeds of
such withdrawn funds. 
 5.02 Collateral Account; Capital Calls. 

(a) Collateral Account. Borrower shall direct that all Investors wire-transfer to State Street Bank and Trust Company
(the “Depository”), for further credit to the Collateral Account, all monies or sums paid or to be paid by any Investor as Capital Contributions as and when Capital Contributions are called pursuant to the Capital Call
Notices. In addition, Borrower shall promptly, upon receipt, deposit in the Collateral Account any payments and monies that Borrower receives directly from the Investors as Capital Contributions. 

(b) No Duty. Notwithstanding anything to the contrary herein contained, it is expressly understood and agreed that
neither Administrative Agent, the Letter of Credit Issuer, nor any Secured Party undertakes any duties, responsibilities, or liabilities with respect to Capital Calls, and other than with respect to the mechanics for Administrative Agent, subject to
Section 11.03, to issue a Capital Call under the terms of the Operating Agreement, none of them shall be required to refer to the Constituent Documents of Borrower or take any other action with respect
to any other matter which might arise in connection with such Constituent Documents or the Subscription Agreements, or any Capital Call. None of them shall have any duty to determine or inquire into any happening or occurrence or any
performance or failure of performance of Borrower, or any Investor. None of them has any duty to inquire into the use, purpose, or reasons for the making of any Capital Call or with respect to the investment or the use of the proceeds thereof.

 (c) Capital Calls. In order that Secured Parties may monitor the Collateral and the Capital Commitments,
Borrower shall not issue any Capital Call Notice without delivering to 

  
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Administrative Agent (which delivery may be by any one or more means of physical delivery, via facsimile or via email) promptly after the delivery of Capital Call Notice(s) to Investors,
copies of all such Capital Call Notices and a Borrowing Base Certificate pursuant to Section 9.01(f). 

(d) Use of Account. Borrower may withdraw funds from the Collateral Account at any time or from time to time, so
long as at the time of such withdrawal or disbursement and after giving effect thereto: (i) there does not exist an Event of Default; (ii) there does not exist a Default under
Sections 11.01(a), 11.01(g) or 11.01(h); and (iii) the Principal Obligation does not exceed the Available Commitment (unless, in each case, Borrower has directed that
such disbursement be paid to Administrative Agent). Upon the exercise of a notice of control in accordance with Sections 11.02 and 11.03, pursuant to the terms of the Deposit Account
Control Agreement, Borrower hereby irrevocably authorizes and directs Secured Parties, acting through Administrative Agent, to charge from time to time its Collateral Account for amounts not paid when due (after the passage of any applicable grace
period) to Secured Parties or any of them hereunder, under any Letter of Credit Application, under any Letter of Credit or under the Notes. Regardless of any provision hereof, in the absence of bad faith, gross negligence or willful misconduct
by Administrative Agent or Secured Parties, none of Administrative Agent or Secured Parties shall ever be liable for failure to collect or for failure to exercise diligence in the collection, possession, or any transaction concerning, all or part of
the Capital Call Notices, Capital Commitments, or any Capital Contributions, or sums due or paid thereon. Administrative Agent shall give Borrower prompt notice of any action taken pursuant to this
Section 5.02(d), but failure to give such notice shall not affect the validity of such action or give rise to any defense in favor of Borrower with respect to such action. 

(e) Electronic Access to Collateral Account. In order to verify the deposits and withdrawals in each Collateral
Account, and in addition to any other information reasonably requested by Administrative Agent with respect to a Collateral Account (including monthly bank statements), Borrower shall cause the Depository to provide Administrative Agent with
continuous online monitoring access, effective as of the Closing Date. 
 (f) Other Accounts. Notwithstanding anything
herein or in any other Loan Document to the contrary, Borrower may maintain other bank accounts or securities accounts in addition to the Collateral Account that will not be considered “Collateral” or a “Collateral
Account” and such other accounts shall not be subject to control agreements or other restrictions, provided that, for avoidance of doubt, all Capital Contributions are directed and deposited as provided above. 

5.03 Confirmation of Liens. 

(a) Borrower hereby (i) confirms its intention that Administrative Agent, for the benefit of the Secured Parties, be
entitled to the benefit of the security interests created pursuant to the Security Agreement executed by Borrower (the “Existing Security Agreement”), and (ii) grants to Administrative Agent, for the benefit of the
Secured Parties, a security interest in the “Collateral” (as defined in such Security Agreement) to secure the Obligations, and such security interests shall be subject to the terms and conditions of such Security Agreement, the
terms and conditions of which are hereby incorporated herein by reference thereto. 
 (b) Borrower hereby (i) confirms
its intention that Administrative Agent, for the benefit of the Secured Parties, be entitled to the benefit of the security interests created pursuant to the Collateral Account Assignment executed by such Person (the “Existing Collateral
Account Assignment”), and (ii) grants to Administrative Agent, for the benefit of the Secured Parties, a 

  
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security interest in the “Account” (as defined in such Collateral Account Assignment) to secure the Obligations, and such security interests shall be subject to the terms and
conditions of such Collateral Account Assignment, the terms and conditions of which are hereby incorporated herein by reference thereto. 
 6. BORROWER
GUARANTY. 
 6.01 Unconditional Guaranty of Payment. Borrower hereby irrevocably, unconditionally and absolutely guarantees in
favor of each Secured Party, the prompt payment when due of all interest, principal, fees, expenses and other amounts now or hereafter represented by, or arising in connection with all Obligations of each Qualified Borrower now or hereafter arising
(collectively, the “Guaranteed Debt”). The obligations of Borrower under this Section 6 are an unconditional guaranty of payment, and not a guaranty of collection, and Administrative Agent may
enforce Borrower’s obligations hereunder pursuant to Section 2.09 without first suing, or enforcing its rights or remedies against, any applicable Qualified Borrower or any other obligor, or
enforcing or collecting any present or future collateral security for the Guaranteed Debt. 
 6.02 Waiver of Rights. Borrower
hereby waives notice of: (a) the extension of credit by Lenders or Liquidity Providers or Letter of Credit Issuer to any Qualified Borrower; (b) the occurrence of any breach or default by any Qualified Borrower in respect of the
Guaranteed Debt; (c) the sale or foreclosure on any collateral for the Guaranteed Debt; (d) the transfer of the Guaranteed Debt to any third party to the extent permitted under this Credit Agreement and to the extent that such notice is
not required hereunder; and (e) all other notices, except as otherwise required under this Credit Agreement. 
 6.03 No
Discharge. For purposes of this Section 6, Borrower hereby consents and agrees to, and acknowledges that its obligations hereunder shall not be released or discharged by, the following: (a) the
renewal, extension, modification or alteration of any Guaranteed Debt or any related document or instrument; (b) any forbearance or compromise granted to any Qualified Borrower by any Secured Party; (c) the insolvency, bankruptcy,
liquidation or dissolution of any Qualified Borrower; (d) the invalidity, illegality or unenforceability of all or any part of the Guaranteed Debt; (e) the full or partial release of any Qualified Borrower or any other obligor;
(f) the release, surrender, exchange, subordination, deterioration, waste, loss or impairment of any collateral for the Guaranteed Debt; (g) the failure of any Secured Party properly to obtain, perfect or preserve any security interest or
lien in any such collateral; (h) the failure of any Secured Party to exercise diligence, commercial reasonableness or reasonable care in the preservation, enforcement or sale of any such collateral; and (i) any other act or omission of any
Secured Party or any Qualified Borrower which would otherwise constitute or create a legal or equitable defense in favor of Borrower. 

6.04 Subrogation. Notwithstanding anything to the contrary in this Section 6, until the
Guaranteed Debt (other than any part of the Guaranteed Debt that represents contingent contractual indemnities) has been paid in full, Borrower hereby irrevocably waives all rights it may have at law or in equity (including, without limitation, any
law subrogating Borrower to the rights of any Secured Party) to seek contribution, indemnification, or any other form of reimbursement from any Qualified Borrower, any other guarantor, or any other person now or hereafter primarily or secondarily
liable for any obligations of any Qualified Borrower to Secured Parties, for any disbursement made by Borrower under or in connection with the obligations with respect to the Guaranteed Debt under this Section 6,
Section 2.09 or otherwise. 
 6.05 Benefit. For purposes of this
Section 6, Borrower represents and warrants that it has received or will receive direct or indirect benefit from the making of this guaranty and the creation of the Guaranteed Debt, that Borrower is familiar with the
financial condition of each Qualified Borrower and the value of any collateral security for the Guaranteed Debt, and that no Secured Party has made any representations or warranties to Borrower in order to induce Borrower to execute this guaranty.

  
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 6.06 Reinstatement. The obligations of Borrower under this
Section 6 shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Debt is rescinded or must otherwise be returned by a Secured Party, upon the
insolvency, bankruptcy, reorganization, or dissolution of any Qualified Borrower, in each case as though such payment had not been made. 

6.07 Continuing Guarantee. The guarantees in this Section 6 are continuing guarantees, and shall
apply to all Guaranteed Debt whenever arising. 
 7. CONDITIONS PRECEDENT TO AMENDMENT AND RESTATEMENT AND CREDIT EXTENSIONS. 

7.01 Conditions to Amendment and Restatement. The amendment and restatement of the Original Credit Agreement pursuant to and in the
form of this Credit Agreement is subject to the following conditions precedent: 
 (a)
Documentation. Administrative Agent shall have received, on or before the Closing Date, the following: 
 (i)
Credit Agreement. This Credit Agreement, duly executed and delivered by Borrower; 
 (ii) Notes. If
requested pursuant to Section 3.01, Notes, drawn to the applicable Funding Agent, duly executed and delivered by Borrower; 

(iii) UCC Searches. Searches of UCC filings (or their equivalent) in each jurisdiction where a filing has been or
would need to be made in order to perfect the Secured Parties’ security interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens (other than Permitted Liens) have been filed on the
Collateral, or, if necessary, copies of proper financing statements, if any, filed on or before the date hereof necessary to terminate all security interests and other rights of any Person in any Collateral previously granted; and 

(iv) Evidence of Authority. Such certificates of resolutions or other action, incumbency certificates and/or other
certificates of Responsible Officers of each Borrower Party as Administrative Agent may require to establish the identities of and verify the authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in
connection with this Credit Agreement and the other Loan Documents to which such Borrower Party is a party; 
 (v)
Constituent Documents. Such evidence as Administrative Agent may reasonably require to verify that each Borrower Party is duly organized or formed, validly existing, in good standing, including certified copies of each such Person’s
Constituent Documents, certificates of good standing; 
 (vi) Responsible Officer Certificate. A certificate from
a Responsible Officer of each Borrower Party, stating that: (A) all of the representations and warranties contained in Section 8 and the other Loan Documents made by such Borrower Party are

  
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true and correct in all material respects as of such date; and (B) no event has occurred and is continuing, or would result from the Credit Extension, which constitutes an Event of Default
or, to its knowledge, a Default; 
 (vii) Opinion of Counsel. A favorable opinion of Fried, Frank, Harris,
Shriver & Jacobson LLP, counsel to the Borrower Parties, covering such matters relating to the transactions contemplated hereby as reasonably requested by Administrative Agent, and in a form reasonably acceptable to Administrative
Agent. The Borrower Parties hereby request that such counsel deliver such opinion; 
 (viii) ERISA
Deliverables. With respect to each Borrower Party, an Operating Company Opinion (or a reliance letter addressed to Administrative Agent and the Lenders) from counsel to such Borrower Party, and each Borrower Party hereby requests that such
counsel deliver such opinion(s); provided, however, if a Borrower Party does not intend to qualify as an Operating Company in order to avoid holding Plan Assets, then such Borrower Party may deliver a No Plan Asset Certificate to Administrative
Agent in lieu of providing an Operating Company Opinion; 
 (ix) Investor Documents. Administrative Agent shall have
received from each Investor a copy of such Investor’s duly executed Subscription Agreement and Side Letter, if any; and 

(b) Fees; Costs and Expenses. Payment of all fees and other amounts due and payable by any Borrower Party to
Administrative Agent, Arranger or Lenders on or prior to the date hereof and, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by any Borrower Party hereunder, including,
without limitation, the reasonable fees and disbursements invoiced through the date hereof of Administrative Agent’s special counsel, Haynes and Boone, LLP. 

Without limiting the generality of the provisions of the last paragraph of Section 12.03,
for purposes of determining compliance with the conditions specified in this Section 7.01, each Lender that has signed this Credit Agreement shall be deemed to have consented to, approved or accepted or
to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Administrative Agent shall have received notice from such Lender prior to the proposed Closing
Date specifying its objection thereto. 
 For avoidance of doubt, and solely with respect to the Investors which were Members of Borrower as
of December 22, 2014, Section 7.01(a)(ix) was satisfied as of the Closing Date by the documents delivered under the Original Credit Agreement. 

7.02 All Loans and Letters of Credit. The obligation of each Lender and the Letter of Credit Issuer, as applicable, to honor any
Request for Credit Extension (other than a Loan Notice requesting only a conversion of Syndicated Loans to the other Type of Syndicated Loan, or a continuation of Eurocurrency Rate Loans) is subject to the following conditions precedent: 

(a) Representations and Warranties. The representations and warranties of each Borrower Party contained in
Section 8 or in any other Loan Document, or which are contained in any document furnished at any time or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date
of any such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case 

  
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they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this Section 7.02(a), the
representations and warranties contained in Section 8.06 shall be deemed to refer to the most recent financial statements furnished pursuant to clauses (a)
and (b), respectively, of Section 9.01; 
 (b) No
Default. No Event of Default or Default exists at such date or would result from such Credit Extension; 
 (c)
Loan Notice. (i) In the case of a Borrowing, Administrative Agent shall have received a Loan Notice together with a Borrowing Base Certificate; and (ii) if applicable, Swingline Lender shall have received a Loan Notice for both
a Swingline Loan and a Syndicated Loan to refinance such Swingline Loan together with a Borrowing Base Certificate; 
 (d)
Application. In the case of a Letter of Credit, the Letter of Credit Issuer shall have received a Request for Credit Extension, together with a Borrowing Base Certificate executed by the applicable Borrower Party, and shall have
countersigned the same; 
 (e) Material Adverse Effect. No changes to any Borrower Party have occurred at such
date, or would result from such Credit Extension, which would reasonably be expected to result in a Material Adverse Effect; and 

(f) Alternative Currencies. In the case of an L/C Credit Extension to be denominated in an Alternative Currency,
there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Letter of Credit Issuer, Administrative Agent or
the Required Lenders (in the case of any Loans or Letter of Credit to be denominated in an Alternative Currency), and upon reasonable advance notice to the Borrower, would make it impracticable for such L/C Credit Extension to be denominated in the
relevant Alternative Currency. 
 Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of Syndicated Loans to the other
Type of Syndicated Loan, or a continuation of Eurocurrency Rate Loans) submitted by a Borrower Party shall be deemed to be a representation and warranty that the conditions specified in Sections 7.02(a)
and 7.02(b) have been satisfied on and as of the date of the applicable Credit Extension. 
 7.03 Qualified Borrower Loans
and Letters of Credit. The obligation of each Lender and the Letter of Credit Issuer, as applicable, to advance a Loan (or to cause the issuance of a Letter of Credit) to a Qualified Borrower (which has not previously satisfied the
conditions contained in this Section 7.03 or is not a Qualified Borrower as of the date of this Credit Agreement) is subject to the conditions that: 

(a) Joinder Agreement. Administrative Agent shall have received a Joinder Agreement duly completed and executed by
such Qualified Borrower, and Administrative Agent shall have not received written notice from any Lender with respect to its inability to lend or otherwise extend credit to such Qualified Borrower due only to legal or regulatory restrictions (based
on a reasonable and good faith determination by such Lender); 
 (b) Authorizations of Qualified
Borrower. Administrative Agent shall have received from the Qualified Borrower appropriate evidence of the authorization of the Qualified Borrower approving the execution, delivery and performance of the Joinder Agreement, duly adopted by
such Qualified Borrower, as required by law or agreement, and accompanied by a certificate of an authorized Person of such Qualified Borrower stating that such authorizations are true and correct, have not been altered or repealed and are in full
force and effect; 

  
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 (c) Incumbency Certificate. Administrative Agent shall have received
from the Qualified Borrower a signed certificate of the appropriate Person of the Qualified Borrower which shall certify the names of the Persons authorized to sign the Joinder Agreement and the other documents or certificates to be delivered
pursuant to the terms hereof by such Qualified Borrower, together with the true signatures of each such Person; 
 (d)
Borrower Guaranty. Administrative Agent shall have received confirmation by Borrower, pursuant to the Joinder Agreement, with respect to its obligations under Section 6 with respect to such Qualified
Borrower; 
 (e) Opinion of Counsel to Qualified Borrower. Administrative Agent shall have received a favorable
opinion of counsel for the Qualified Borrower, in form and substance reasonably satisfactory to Administrative Agent and addressed to Administrative Agent for the benefit of Secured Parties. Each Qualified Borrower hereby directs its counsel to
prepare and deliver such legal opinion to Administrative Agent for the benefit of Secured Parties; 
 (f)
“Know Your Customer” Information and Documents. At least three (3) Business Days prior to initially advancing any Loan to, or issuing a Letter of Credit on behalf of, a Qualified Borrower, delivery to
Administrative Agent for distribution to each Lender, (i) true and complete copies of the Constituent Documents of such Qualified Borrower, (ii) the name and address of each Person that has an ownership interest in such Qualified Borrower
of at least 25% (or such lesser percentage as may be required from time to time for KYC Compliance), and the percentage of such Qualified Borrower owned by such Person, (iii) the name of each director (or equivalent) of such Qualified Borrower,
(iv) to the extent available, the most recent financial statements for such Qualified Borrower or the most recent annual report of such Qualified Borrower, and (v) any other information pertaining to such Qualified Borrower as reasonably
requested by any Lender with reasonable advance notice; 
 (g) Fees, Costs and Expenses. Payment of all fees and
other invoiced amounts due and payable by any Borrower Party on or prior to the date of the Joinder Agreement, to the extent invoiced, reimbursement or payment of all reasonable expenses required to be reimbursed or paid by Borrower pursuant to
Section 13.06; and 
 (h) Additional Information. Administrative
Agent shall have received such other information and documents as may reasonably be required by Administrative Agent and its counsel. 
 8.
REPRESENTATIONS AND WARRANTIES. To induce Lenders and the Letter of Credit Issuer, as applicable, to make the Loans and cause the issuance of Letters of Credit hereunder, each Borrower Party, as applicable, represents and warrants to
Lenders and the Letter of Credit Issuer that: 
 8.01 Organization and Good Standing of Borrower. Borrower is a limited
liability company duly organized and validly existing under the laws of the State of Delaware. Each Borrower Party has the requisite power and authority to own its properties and assets and to carry on its business as now conducted, and is
qualified to do business in each jurisdiction where the nature of the business conducted or the property owned or leased requires such qualification except where the failure to be so qualified to do business would not reasonably be expected to have
a Material Adverse Effect. 

  
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 8.02 Authorization and Power. Each Borrower Party has the partnership, limited
liability company or corporate power, as applicable, and requisite authority to execute, deliver, and perform their respective obligations under, and to consummate the transactions contemplated in, this Credit Agreement, the Notes, and the other
Loan Documents to be executed by it. Each Borrower Party is duly authorized to, and has taken all partnership, limited liability company and corporate action, as applicable, necessary to authorize each of them to execute, deliver, and perform
their respective obligations under, and to consummate the transactions contemplated in, this Credit Agreement, the Notes, and such other Loan Documents and are and will continue to be duly authorized to perform their respective obligations under
this Credit Agreement, the Notes, and such other Loan Documents. 
 8.03 No Conflicts or Consents. None of the execution and
delivery of this Credit Agreement, the Notes, or the other Loan Documents, the consummation of any of the transactions herein or therein contemplated, or the compliance with the terms and provisions hereof or with the terms and provisions thereof,
will contravene or conflict, in any material respect, with any provision of law, statute, or regulation to which any Borrower Party is subject, or any of the Constituent Documents of any Borrower Party, or any judgment, license, order, or permit
applicable to any Borrower Party or any indenture, mortgage, deed of trust, or other agreement or instrument to which any Borrower Party is a party or by which any Borrower Party is bound, or to which any Borrower Party may be subject, nor will such
execution, delivery, consummation or compliance result in the creation or imposition of a Lien (other than Permitted Liens) on any of the properties or assets of any Borrower Party or any of its Subsidiaries or Affiliates. No consent, approval,
authorization, or order of any court or Governmental Authority or material consent of any third party is required in connection with the execution and delivery, or performance, by any Borrower Party of the Loan Documents or to consummate the
transactions contemplated hereby or thereby. 
 8.04 Enforceable Obligations. This Credit Agreement, the Notes and the other
Loan Documents to which it is a party are the legal and binding obligations of each Borrower Party, enforceable in accordance with their respective terms, subject to Debtor Relief Laws and equitable principles. 

8.05 Priority of Liens. The Collateral Documents create, as security for the Obligations, valid and enforceable, exclusive, first
priority security interests in and Liens on all of the Collateral in which any Borrower Party has any right, title or interest, in favor of Administrative Agent for the benefit of Secured Parties, subject to no other Liens (other than Permitted
Liens), except as enforceability may be limited by Debtor Relief Laws and equitable principles. 
 8.06 Financial
Condition. Borrower has delivered to Administrative Agent (a) the most-recently available copies of the financial statements and reports described in Section 9.01, certified as true and
correct by a Responsible Officer of Borrower; or (b) with respect to such requirement on the Closing Date, if such statements and reports are not then available, such information about the financial position of Borrower, if any, as the
Administrative Agent shall have reasonably requested. Such financial statements fairly present, in all material respects, the financial condition of Borrower and its consolidated Subsidiaries, if any, as of the applicable date of such financial
statements, and have been prepared in accordance with GAAP, except as provided therein. 
 8.07 Full Disclosure. There is no
material fact actually known to a Responsible Officer of a Borrower Party that any Borrower Party has not disclosed to Administrative Agent in writing (other than information of a general industry or economic nature) which would reasonably be
expected to result in a Material Adverse Effect. No information heretofore furnished by any Borrower Party in connection with, or pursuant to, this Credit Agreement, the other Loan Documents or any transaction contemplated hereby or thereby
(taken as a whole) contains any untrue statement of a material fact on the date as of which such information is stated or deemed stated that would reasonably be expected to result in a Material Adverse Effect. 

  
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 8.08 No Default. Except as disclosed to the Administrative Agent in writing, no event
has occurred and is continuing which constitutes an Event of Default or a Default. 
 8.09 No Litigation. There are no actions,
suits, investigations or legal, equitable, arbitration or administrative proceedings by or before any arbitrator or Governmental Authority pending, or to the actual knowledge of a Responsible Officer of any Borrower Party, threatened, against any
Borrower Party that would reasonably be expected to result in a Material Adverse Effect. 
 8.10 Material Adverse Change. No
changes to any Borrower Party have occurred since the date of the most recent audited financial statements of such Borrower Party delivered to Lenders which would reasonably be expected to result in a Material Adverse Effect. 

8.11 Taxes. To the extent that failure to do so would reasonably be expected to have a Material Adverse Effect, all tax returns
required to be filed by any Borrower Party in any jurisdiction have been filed, subject to any applicable extensions without penalty, and all Taxes shown thereon have been paid prior to the time that such Taxes could give rise to a Lien thereon,
other than Taxes that are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established. There is no proposed Tax assessment against any Borrower Party (or any basis for such Tax assessment)
which would reasonably be expected to result in a Material Adverse Effect. 
 8.12 Jurisdiction Formation; Principal
Office. The jurisdiction of formation of Borrower is Delaware, and the principal office, chief executive office and principal place of business of Borrower is at 865 S. Figueroa Street, Los Angeles, California 90017. 

8.13 ERISA Compliance. (a) No Borrower Party nor any ERISA Affiliate has established, maintains, contributes to, or has any
liability (contingent or otherwise) with respect to, any Plan; (b) the underlying assets of each Borrower Party do not constitute Plan Assets; and (c) assuming that no portion of the assets used by any Lender in connection with the
transactions contemplated under the Loan Documents constitutes the assets of any “employee benefit plan” (within the meaning of Section 3(3) of ERISA) that is subject to Title I of ERISA or a
“plan” within the meaning of Section 4975 of the Code, none of the transactions contemplated under the Loan Documents constitutes a “non-exempt prohibited transaction” under
Section 4975(c)(1)(A), (B), (C) or (D) of the Code or Section 406(a) of ERISA that could subject Administrative Agent or the Lenders to any tax, penalty,
damages or any other claim or relief under the Code or ERISA. 
 8.14 Compliance with Law. Each Borrower Party is, to the best
of its knowledge, in compliance in all respect with all laws, rules, regulations, orders, and decrees which are applicable to such Borrower Party or its respective properties, except where non-compliance would not reasonably be expected to have a
Material Adverse Effect. 
 8.15 Hazardous Substances. No Borrower Party: (a) has received any notice or other
communication or otherwise learned of any Environmental Liability which would individually or in the aggregate reasonably be expected to have a Material Adverse Effect arising in connection with: (i) any non-compliance with or violation of
the requirements of any Environmental Law by a Borrower Party, or any permit issued under any Environmental Law to such Borrower Party; or (ii) the Release or threatened Release of any Hazardous Material into the environment; and (b) to
the knowledge of a Responsible Officer, has threatened or actual liability in connection with the Release or threatened Release of any Hazardous Material into the environment which would individually or in the aggregate reasonably be expected to
have a Material Adverse Effect. 

  
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 8.16 Reserved. 

8.17 Company Structure. As of the Closing Date and as the date of the most recent Compliance Certificate delivered pursuant to
this Credit Agreement, the Members of Borrower and their Capital Commitments are set forth in the Investor Classification Letter. 
 8.18
Capital Commitments and Contributions. There are no Capital Call Notices outstanding except as otherwise disclosed to Administrative Agent in accordance with the terms hereof. Except as notified to Administrative Agent in accordance
with the terms of this Credit Agreement, to the actual knowledge of a Responsible Officer of the Borrower, no Investor is in material default under the Operating Agreement or its Subscription Agreement and Borrower has satisfied or will satisfy all
conditions to its rights to make a Capital Call, including any and all conditions contained in its Constituent Documents or the Subscription Agreements. Each Side Letter that has been executed by an Investor and Borrower has been provided to
Administrative Agent. 
 8.19 Fiscal Year. The fiscal year of each Borrower Party is the calendar year, except as may be changed
in accordance with Section 10.03. 
 8.20 Investment Company Act. No Borrower Party is
required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

8.21 Margin Stock. No Borrower Party is engaged nor will engage, principally or as one of its important activities, in the
business of purchasing or carrying margin stock (within the meaning of Regulation U), or extending credit for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing, not more than
twenty-five percent (25%) of the value of the assets of any Borrower Party only or of such Borrower Party and its Subsidiaries on a consolidated basis will be margin stock. 

8.22 No Defenses. Except as notified to Administrative Agent in accordance with the terms of this Credit Agreement, no Responsible
Officer of Borrower knows of any default or circumstance which with the passage of time and/or giving of notice would constitute a default under the Operating Agreement or the Subscription Agreements which would constitute a defense to the
obligations of its Investors to make Capital Contributions to the Borrower in accordance with the Subscription Agreements or the Operating Agreement, and no Responsible Officer of Borrower has actual knowledge of any claims of offset or any other
claims of any Investor against Borrower which would or could materially and adversely affect the obligations of such Investor to make Capital Contributions and fund Capital Calls in accordance with the Subscription Agreements (and any related Side
Letters between the Investors and Borrower which have been provided to the Administrative Agent) or the Operating Agreement. 
 8.23
Foreign Asset Control Laws. To the extent required by law, each Borrower Party has policies and procedures in place which are reasonably designed to comply with all applicable United States anti-money laundering laws and regulations,
including, without limitation, applicable provisions of the USA Patriot Act of 2001 (“KYC Compliance”). Prior to the Closing Date, each Investor has satisfied KYC Compliance. 

8.24 OFAC. No Borrower Party, nor any of their respective Subsidiaries, nor, to the knowledge of any such Borrower Party, any
director, officer, employee, agent, affiliate or representative thereof, is an individual or entity currently the subject of any Sanctions and with which dealings are 

  
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prohibited under such Sanctions, nor is any Borrower Party or any Subsidiary located, organized or resident in a Designated Jurisdiction. Borrower shall ensure appropriate controls and
safeguards are in place designed to prevent proceeds of any Loan from being used contrary to the provisions contained in Section 10.11. 

8.25 Subscription Facility. Borrower confirms that the Transactions are permitted under Section 4.3.1 of the
Operating Agreement. 
 9. AFFIRMATIVE COVENANTS. So long as Lenders have any commitment to lend hereunder or to cause the issuance of any
Letters of Credit hereunder or any Letter of Credit Liability exists, and until payment in full of the Notes and the Loans and all interest, fees, and other amounts (other than in respect of contingent indemnification and expense reimbursement
obligations for which no claim has been made) then owing under this Credit Agreement and the other Loan Documents, each Borrower Party, as applicable, agrees that, unless Administrative Agent shall otherwise consent in writing based upon the
approval of the Required Lenders (unless the approval of Administrative Agent alone or a different number of Lenders is expressly permitted below): 

9.01 Financial Statements, Reports and Notices. The Borrower, for itself and the other Borrower Parties, shall deliver to
Administrative Agent sufficient copies for each Lender of the following: 
 (a) Annual Statements. As soon as
reasonably available and in any event within one hundred twenty (120) days after the end of each fiscal year of Borrower, audited, unqualified financial statements of Borrower and its consolidated Subsidiaries, if any, as of the end of such fiscal
year and the related consolidated statements of operations for such fiscal year prepared by independent public accountants of nationally recognized standing; 

(b) Quarterly Statements. As soon as available and in any event within sixty (60) days after the end of each
of the first three quarters of each fiscal year of Borrower, an unaudited consolidated balance sheet of Borrower and its consolidated Subsidiaries, as of the end of such quarter and the related unaudited consolidated statements of operations for
such quarter and for the portion of Borrower’s fiscal year ended at the end of such quarter; 
 (c) Compliance
Certificate. Simultaneously with the delivery of each set of financial statements referred to in clauses (a) and (b) above, a certificate (a “Compliance
Certificate”) of a Responsible Officer of Borrower substantially in the form of Exhibit G attached hereto (with blanks appropriately completed in conformity herewith and executed by such
Responsible Officer to his or her actual knowledge, and which delivery may be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes): (i) stating that each
such Responsible Officer is familiar with the terms and provisions of the Loan Documents, and has made, or caused to be made under his or her supervision, a detailed review of the transactions and condition (financial or otherwise) of Borrower
Parties during the period covered by such Compliance Certificate; (ii) certifying that such financial statements fairly present in all material respects the financial condition and the results of operations of the Borrower Parties on the dates
and for the periods indicated, on the basis of GAAP, subject, in the case of interim financial statements, to normally recurring year-end adjustments and absence of footnotes; (iii) stating that the Borrower Parties are in compliance with the
covenants set forth in Section 10.10, and containing the calculations evidencing such compliance; (iv) stating whether any Event of Default or Default exists on the date of such certificate and, if
any Event of Default or Default then exists, setting forth the details thereof and the action which the applicable Borrower Party is taking or propose to take with respect thereto; 

  
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(v) specifying known changes, if any, in the name of any Investor or in the identity of any Investor, by merger or otherwise; (vi) listing all Subsequent Investors under
Section 10.05(d)(z), if any, and any Subsequent Investors that have not satisfied the conditions of Section 10.05(d); (vii) including a report, as
prepared for Investors in connection with such financial statements (including, as the case may be, information regarding Investments); and (viii) listing Borrowing Base Investors which, to the knowledge of the Borrower have been subject to an
Exclusion Event and the nature of such Exclusion Event; 
 (d) Notices Affecting Available Commitment. Promptly
and in any event within five (5) Business Days after the delivery of any Initial Notice, a notice setting forth each Investor that has delivered such Initial Notice and the details thereof. 

(e) Spin-Off Notice. (i) At least twenty-five (25) Business Days prior to the effective date of any
Spin-Off, notice of such Spin-Off together with such other information related thereto as reasonably requested by Administrative Agent, and to the extent available for disclosure (a “Spin-Off Notice”), and (ii) promptly
upon determination thereof (but in no event less than ten (10) Business Days prior to the effective date of such Spin-Off), a Borrowing Base Certificate from a Responsible Officer of the Borrower containing information, on a pro forma basis, as
of the effective date of (and after giving effect to) such Spin-Off; and 
 (f) Borrowing Base Certificate. On or
prior to the seventh (7th) calendar day of each month (or if such day is not a Business Day, the next Business Day), concurrently with each Loan Notice and Request for Letter of Credit, on or
before five (5) Business Days after each Capital Call Notice and, promptly (and in any event within three (3) Business Days) after the occurrence of any Exclusion Event and a Responsible Officer of the Borrower obtaining actual
knowledge thereof, a Borrowing Base Certificate from a Responsible Officer of the Borrower; 
 (g) Reserved. 

(h) Reporting Relating to Investors. Except as otherwise provided for herein with respect to delivery of specific
documentation, promptly upon the receipt thereof, copies of all material information and other material correspondence received by each Borrower Party from the Investors, including, without limitation, notices of default, notices of withdrawal,
notices relating in any way to an Investor’s funding obligation and any notice containing any reference to misconduct of any Borrower Party; 

(i) Other Reporting. Except as otherwise provided for herein with respect to delivery of specific documentation,
promptly upon delivery to the Investors, copies of all material notices, and other matters of a material nature generally furnished to Investors, including, without limitation, any notice of default, notice of election or exercise of any rights or
remedies under the Subscription Agreements, the Operating Agreement or the Constituent Documents of any Borrower Party, or any notices relating in any way to any Investor’s Capital Commitment; and 

(j) ERISA Deliverables. 

(i) Unless an Operating Company Opinion has previously been delivered to Administrative Agent in accordance with
Section 7.01(a)(viii) or this Section 9.01(j), each Borrower Party, as applicable, shall deliver to Administrative Agent an Operating Company Opinion in a
form reasonably acceptable to Administrative Agent on or before the date, if any, that such Borrower Party would hold Plan Assets absent qualification as an Operating Company. 

  
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 (ii) To the extent a Borrower Party has delivered to Administrative Agent an
Operating Company Opinion pursuant to Section 7.01(a)(viii) or this Section 9.01(j), by the forty-fifth (45th)
day of each Annual Valuation Period of such Borrower Party, such Borrower Party shall deliver to Administrative Agent an Operating Company Certificate. 

(iii) If a Borrower Party does not intend to qualify as an Operating Company in order to avoid holding Plan Assets, then at the
times a Compliance Certificate is delivered to Administrative Agent pursuant to Section 9.01(c), such Borrower Party shall deliver a No Plan Asset Certificate to Administrative Agent in lieu of
providing an Operating Company Opinion or Operating Company Certificate. 
 9.02 Payment of Taxes. Each Borrower Party will pay
and discharge all taxes, assessments, and governmental charges or levies imposed upon it, upon its income or profits, or upon any property belonging to it before delinquent, if such failure would have a Material Adverse Effect; provided,
however, that no Borrower Party shall be required to pay any such tax, assessment, charge, or levy if and so long as the amount, applicability, or validity thereof shall currently be contested in good faith by appropriate proceedings and
appropriate reserves therefor have been established. 
 9.03 Maintenance of Existence and Rights. Each Borrower Party will
preserve and maintain its existence. Each Borrower Party shall further preserve and maintain all of its rights, privileges, and franchises necessary to the normal conduct of its business and in accordance with all valid regulations and orders
of any Governmental Authority the failure of which would reasonably be expected to have a Material Adverse Effect. 
 9.04 Notice of
Default or Key Person Event. Each Borrower Party will furnish to Administrative Agent, promptly upon becoming aware of the existence of any condition or event which constitutes an Event of Default or a Default, a written notice specifying
the nature and period of existence thereof and the action which the applicable Borrower Party is taking or proposes to take with respect thereto. Each Borrower Party shall promptly notify Administrative Agent in writing upon becoming
aware: (a) that any Investor has violated or breached any material term of the Operating Agreement or has become a Defaulting Investor; or (b) of the existence of any condition or event which, with the lapse of time or giving of
notice or both, would cause an Investor to become a Defaulting Investor. Borrower shall promptly notify Administrative Agent in writing upon becoming actually aware of the occurrence of a Key Person Event. 

9.05 Other Notices. Each Borrower Party will, promptly upon a Responsible Officer’s of actual knowledge thereof, notify
Administrative Agent of any of the following events that would reasonably be expected to result in a Material Adverse Effect: (a) any change in the financial condition or business of such Borrower Party; (b) any default under any
material agreement, contract, or other instrument to which such Borrower Party is a party or by which any of its properties are bound, or any acceleration of the maturity of any material indebtedness owing by such Borrower Party; (c) any
material uninsured claim against or affecting such Borrower Party or any of its properties; or (d) the commencement of, and any material determination in, any litigation with any third party or any proceeding before any Governmental Authority
affecting such Borrower Party. 
 9.06 Compliance with Loan Documents and Operating Agreement. Unless otherwise approved in
accordance with the terms of this Credit Agreement (which approval, by such terms, may require more or fewer Lenders than the Required Lenders), each Borrower Party will promptly comply in all material respects with any and all covenants and
provisions of this Credit Agreement, the Notes, all of the other Loan Documents executed by it and its Constituent Documents. Each Borrower Party will use the proceeds of any Capital Call Notices only for such purposes as are permitted by its
Constituent Documents. 

  
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 9.07 Books and Records; Access. Each Borrower Party upon reasonable notice to such
Borrower Party and at reasonable intervals will give one joint representative of Administrative Agent and Lenders (and upon the occurrence and during the continuation of an Event of Default, representatives of Administrative Agent and all Lenders),
access during all business hours to, and permit representatives to examine, copy, or make excerpts from, any and all books, records, and documents in the possession of such Borrower Party and relating to its affairs, and to inspect any of the
properties of such Borrower Party. All costs of any such inspection shall be paid by the inspecting party unless an Event of Default exists at the time of such inspection, subject to compliance with
Section 13.18. 
 9.08 Compliance with Law. Each Borrower Party will comply in
all respects with all laws, rules, regulations, and all orders of any Governmental Authority, including without limitation, Environmental Laws and ERISA, except where non-compliance would not reasonably be expected to result in a Material Adverse
Effect. 
 9.09 Insurance. Each Borrower Party will maintain insurance on its present and future properties, assets, and
business against such casualties, risks, and contingencies, and in such types and amounts, as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations, the failure of which to
maintain would have a Material Adverse Effect. 
 9.10 Authorizations and Approvals. Each Borrower Party will promptly obtain,
from time to time at its own expense, all such governmental licenses, authorizations, consents, permits and approvals as may be required to enable such Borrower Party to comply in all material respects with their respective obligations hereunder and
under the other Loan Documents, the Subscription Agreements and their respective Constituent Documents. 
 9.11 Maintenance of Liens.
Each Borrower Party shall perform all such acts and execute all such documents as Administrative Agent may reasonably request in order to enable Secured Parties to report, file, and record every instrument that Administrative Agent may reasonably
deem necessary in order to perfect and maintain Secured Parties’ liens and security interests in the Collateral and otherwise to preserve and protect the rights of Secured Parties. 

9.12 Further Assurances. Each Borrower Party will make, execute or endorse, and acknowledge and deliver or file or cause the same
to be done, all such vouchers, invoices, notices, certifications, and additional agreements, undertakings, conveyances, transfers, assignments, financing statements, or other assurances, and take any and all such other action, as Administrative
Agent may, from time to time, may reasonably deem necessary in connection with this Credit Agreement or any of the other Loan Documents, the obligations of each Borrower Party hereunder or thereunder, or for better assuring and confirming unto
Secured Parties all or any part of the security for any of such obligations anticipated herein. 
 9.13 Investor Financial and Rating
Information. Each Borrower Party shall request, from each Investor, financial information required under the Operating Agreement, as agreed from time to time with Administrative Agent, and shall, upon receipt of such information, promptly
deliver same to Administrative Agent, or shall promptly notify Administrative Agent of its failure to timely obtain such information. The Borrower Parties will promptly notify Administrative Agent in writing (but in no event later than five
(5) Business Days) after a Responsible Officer of such Borrower Party becoming aware of any Exclusion Event. 

  
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 9.14 Covenants of Qualified Borrowers. 

(a) The covenants and agreements of Qualified Borrowers hereunder shall be binding and effective with respect to a Qualified
Borrower upon and after the execution and delivery of a Joinder Agreement by such Qualified Borrower. 
 (b) At any time and
from time to time, but only for so long as no Event of Default shall then exist, the Borrower may notify the Administrative Agent (each, a “Removal Notice”) that one (1) or more Qualified Borrowers are to be removed as a
Borrower Party hereunder. Such Removal Notice shall be given to the Administrative Agent at least the same number of Business Days required for an optional prepayment hereunder prior to the proposed removal date contained in the Removal Notice and
shall be accompanied by a Borrowing Base Certificate (completed and signed by a Responsible Officer). Upon the Borrower’s compliance with the foregoing and (i) the Administrative Agent’s receipt of a payment equal to all of such
Qualified Borrower’s Obligations hereunder and (ii) the return to the Letter of Credit Issuer of all outstanding Letters of Credit issued for such Qualified Borrower, such Qualified Borrower shall be released from its obligations under
this Credit Agreement and the other Loan Documents; provided, however, that any such release of a Qualified Borrower shall only be effective as to Obligations thereof arising after the applicable removal date. 

10. NEGATIVE COVENANTS. So long as Lenders have any commitment to lend hereunder or to cause the issuance of any Letters of Credit hereunder or
any Letter of Credit Liability exists, and until payment in full of the Notes and the Loans and all interest, fees, and other amounts then owing (other than in respect of contingent indemnification and expense reimbursement obligations for which no
claim has been made) under this Credit Agreement and the other Loan Documents, each Borrower Party, as applicable, agrees that, without the written consent of Administrative Agent, based upon the approval of Required Lenders (unless the approval of
Administrative Agent alone or a different number of Lenders is expressly permitted below): 
 10.01 Mergers;
Dissolution. Borrower will not merge or consolidate with or into any Person, unless Borrower is the surviving entity, no Qualified Borrower will merge or consolidate with or into any Person, unless Borrower, such Borrower Party, or another
Borrower Party is the surviving entity. No Borrower Party will take any action to dissolve or terminate such Borrower Party, including, without limitation, any action to sell or dispose of all or substantially all of the property of such
Borrower Party. 
 10.02 Negative Pledge. Without the approval of all Lenders, no Borrower Party will create or suffer to exist
any Lien upon the Collateral, other than a first priority security interest in and upon the Collateral to Secured Parties and the other Permitted Liens. For the avoidance of doubt, Investments are not part of the Collateral, and the Borrower
Parties are not restricted hereby from granting Liens thereon. 
 10.03 Fiscal Year and Accounting Method. Without prior written
notice to Administrative Agent, no Borrower Party will change its fiscal year or change in any material respect its method of accounting. No Borrower Party shall change is fiscal year or change in any material respect its method of account
except in accordance with the terms of its Operating Agreement. 
 10.04 Constituent Documents. Without the prior written
consent of Administrative Agent consistent with this Section, no Borrower Party shall alter, amend, modify, terminate, or change any provision of its Constituent Documents affecting the Investors’ debts, duties, obligations, and
liabilities, and the rights, titles, security interests, liens, powers and privileges of such Borrower Party, Administrative Agent or Secured Parties, in each case relating to Capital Call Notices, Capital Commitments, Capital Contributions or
Unfunded Commitments; or amend the terms of Section 4 of the 

  
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Operating Agreement, in each case in any way that materially and adversely affects the rights of Administrative Agent or Secured Parties (each a “Material Amendment”).
With respect to any proposed amendment, modification or change to any Constituent Document, the Borrower shall notify Administrative Agent of such proposal. Administrative Agent shall determine, in its sole reasonable discretion (that is, the
determination of the other Lenders shall not be required) on Administrative Agent’s good faith belief, whether such proposed amendment, modification or change to such Constituent Document is a Material Amendment, and shall notify the Borrower
of its determination within (a) for amendments, modifications or changes proposed prior to the Final Closing Date (as such term is defined in the Operating Agreement), two (2) Business Days, and (b) for amendments, modifications or
changes proposed after the Final Closing Date, five (5) Business Days of the date on which it is deemed to have received such notification pursuant to Section 13.07. If Administrative Agent
determines that the proposed amendment is a Material Amendment, the approval of the Required Lenders and Administrative Agent will be required (unless the approval of all Lenders is required consistent with the terms of
Section 13.01), and Administrative Agent shall promptly notify the Lenders of such request for such approval, distributing, as appropriate, the proposed amendment and any other relevant information
provided by any Borrower Party, and the Required Lenders shall be required to respond to such requests within ten (10) Business Days of such notice. If Administrative Agent determines that the proposed amendment is not a Material
Amendment, the applicable Borrower Party may make such amendment without the consent of Lenders. Notwithstanding the foregoing, without the consent of Administrative Agent or the Lenders, a Borrower Party may amend its Constituent
Documents: (i) to admit new Investors to the extent permitted by this Credit Agreement; (ii) to reflect transfers of interests permitted by this Credit Agreement; and (iii) to facilitate the formation, operation and qualification
of such Borrower Party as a RIC. 
 10.05 Transfer by, or Admission of, Investors. 

(a) Transfer of Membership Interest. Without the prior written consent of Administrative Agent, acting alone, which
shall not be unreasonably withheld or delayed, no Borrower Party shall permit the transfer of the Membership Interest of any Borrowing Base Investor. 

(b) Designation of Transferee. A transferee that meets the Applicable Requirement, as determined by Administrative
Agent in its reasonable discretion, and that has delivered its duly executed Subscription Agreement and Side Letter, if any, to Administrative Agent may be designated as an Included Investor without further consent. Designation of any other
transferee as a Borrowing Base Investor will require the consent as set forth in the definitions of Included Investor and Designated Investor, as applicable. 

(c) Admission of Investors. No Borrower Party shall admit any Person as an additional Investor unless such Borrower
Party, prior to the effective date of such transfer, confirms that such additional Investor does not appear on any list of “Specially Designated Nationals” or other list of known or suspected terrorists generated by OFAC with which
dealings are prohibited under Sanctions. 
 (d) Documentation Requirements. Each Borrower Party shall provide
notice to Administrative Agent of the transfer of the Membership Interest of (x) in the case of a Borrowing Base Investor, prior to the transfer of such Membership Interest, (y) in the case of a
non-Borrowing Base Investor with Capital Commitments of $3,000,000 or greater, promptly after the transfer of such Membership Interest and (z) in the case of a non-Borrowing Base Investor with Capital
Commitments of less than $3,000,000, concurrently with the delivery of financial statements pursuant to Section 9.01(a) and 9.01(b) in the accompanying Compliance Certificate.

  
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Each Borrower Party shall require that, except at such times as otherwise provided for herein, (i) any Person admitted as a substitute or new Investor (whether due to a transfer by an
existing Investor or otherwise) (a “Subsequent Investor”) shall provide Administrative Agent with a copy of such Investor’s duly executed Subscription Agreement and Side Letter, if any; and (ii) any existing
Investor that is a transferee from another Investor shall provide the applicable transfer documentation with respect to any increase in its Capital Commitment relating to such transfer. 

(e) Funding Requirements. Prior to the effectiveness of any transfer by a Borrowing Base Investor, the applicable
Borrower Party shall calculate whether, taking into account the Capital Commitments of the Borrowing Base Investors as if such transfer had occurred, the transfer would cause the Principal Obligation to exceed the Available Commitment, and shall
make any Capital Calls required to pay any resulting mandatory prepayment under Section 3.04 prior to permitting such transfer. 

10.06 Capital Commitments. Other than rights under the Operating Agreement permitting an Investor from opting out of particular
Investments, Borrower shall not: (a) without the prior written consent of Administrative Agent (not to be unreasonably withheld or delayed), cancel, reduce, suspend or defer the Capital Commitment of any non-Borrowing Base Investor; and
(b) without the prior written approval of Administrative Agent and all Lenders (not to be unreasonably withheld or delayed): (i) cancel, reduce, suspend or defer the Capital Commitment of any Borrowing Base Investor; or
(ii) excuse any Investor from or permit any Investor to defer any Capital Contribution, if the proceeds from the related Capital Call Notice are to be applied to the Obligations hereunder. 

10.07 ERISA Compliance. (a) No Borrower Party nor any ERISA Affiliate shall establish, maintain, contribute to, or incur any
liability (contingent or otherwise) with respect to, any Plan; (b) without the approval of all Lenders, no Borrower Party shall take any action that would cause its underlying assets to constitute Plan Assets; and (c) no Borrower Party, as
applicable, shall change its Annual Valuation Period without giving prior written notice to Administrative Agent. 
 10.08 Reserved.

 10.09 Limitations on Dividends and Distributions. 

(a) No Borrower Party shall declare or pay any dividends or distributions except as permitted under its Constituent Documents.

 (b) No Borrower Party shall declare or pay any dividends or distributions if: (i) any Event of Default exists;
or (ii) a Default under Sections 11.01(a), 11.01(g) or 11.01(h) exists; provided, however, that each Borrower Party shall have the right to pay dividends
or distributions in amounts that are determined in good faith by the Borrower Party to be required to maintain the status of the Borrower Party as a RIC or to reduce or eliminate liability for income or excise taxes. 

10.10 Limitation on Debt. Borrower shall not incur any Indebtedness (including the Obligations) in excess of the limitations on
Indebtedness set forth in Section 4.3 of the Operating Agreement as in effect on the Closing Date (or as amended in accordance with Section 10.04). For the avoidance of
doubt, Borrower or its Subsidiaries will be permitted to incur debt secured by its Investments or other asset (other than the Collateral). 

10.11 Sanctions. No Borrower Party shall, to the knowledge of its Responsible Officers, permit the proceeds of any
Loan: (a) to be lent, contributed or otherwise made available to fund any 

  
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activity or business in any Designated Jurisdiction; (b) to fund any activity or business of any Sanctioned Person or any Person located, organized, formed, incorporated or residing in any
Designated Jurisdiction or who is the subject of any Sanctions; or (c) in any other manner that will result in any material violation by any Person (including any Lender or Administrative Agent) of any Sanctions. 

10.12 Spin-Off. No Spin-Off shall be effective until all prepayment obligations resulting from a Mandatory Prepayment Event are
satisfied in full. 
 11. EVENTS OF DEFAULT. 

11.01 Events of Default. An “Event of Default” shall exist if any one or more of the following events (herein
collectively called “Events of Default”) shall occur and be continuing: 
 (a) any
Borrower Party shall fail to pay when due and in the currency required hereunder: (i) any principal of the Obligations; or (ii) any interest on the Obligations or any fee, expense, or other payment required hereunder or under any
other Loan Document, and such failure under this clause (ii) shall continue for five (5) days thereafter, including, without limitation, payment of cash for deposit as Cash Collateral as required
hereunder; 
 (b) any representation or warranty made or deemed made by any Borrower Party under this Credit Agreement or any
of the other Loan Documents executed by any of them, or in any certificate or statement furnished or made to Lenders or any of them by a Borrower Party pursuant hereto or in connection herewith or with the Loans, shall prove to be untrue or
inaccurate in any material respect as of the date on which such representation or warranty is made or deemed made (except that any representation or warranty which by its terms is made as of an earlier date shall be true and correct in all material
respects as of such earlier date) and the adverse effect of the failure of such representation or warranty shall not have been cured within thirty (30) days after the earlier of (i) written notice thereof if delivered to the Borrowers by
Administrative Agent or (ii) a Responsible Officer of the Borrower obtains actual knowledge thereof; 
 (c) default
shall occur in the performance of any of the covenants or agreements contained herein (other than the covenants contained in Sections 3.04, 5.02(a), 5.02(c),
5.02(d) or Section 10 (except for Section 10.03, 10.05(b) and 10.05(d) (other than
clause (x) of Section 10.05(d)))), or of the covenants or agreements of a Borrower Party contained in any other Loan Documents executed by such Person, and
such default shall continue uncured to the satisfaction of Administrative Agent for a period of thirty (30) days after written notice thereof has been given by Administrative Agent to such Borrower Party (provided that such thirty
(30)-day cure period shall not apply respecting covenants of Borrower Parties relating to statements, certificates and notices to be given by a Borrower Party, but a fifteen (15)-day grace period (or, in the case of
Section 10.05(d) (other than clause (x) thereof), a five (5)-day grace period) shall apply; 

(d) default shall occur in the performance of the covenants and agreements of any Borrower Party contained in
Sections 3.04, 5.02(a), 5.02(c), 5.02(d) or Section 10 (other than
Section 10.03, 10.05(b) and 10.05(d) (other than clause (x) of Section 10.05(d))); 

(e) other than (i) in compliance with the provisions of this Credit Agreement, or (ii) as a result of any action or
inaction by Administrative Agent or other Secured Party, any of the Loan Documents executed by a Borrower Party shall cease, in whole or in material part, to be legal, valid and binding agreements enforceable (subject to Debtor Relief Laws and
equitable 

  
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principles) against such Borrower Party in accordance with the terms thereof or shall in any way be terminated or become or be declared ineffective or inoperative or shall in any way whatsoever
cease to give or provide the respective liens, security interest, rights, titles, interest, remedies, powers, or privileges intended to be created thereby, except any release or termination pursuant to the terms of such Loan Document; 

(f) default shall occur in the payment of any recourse Indebtedness of any Borrower Party (other than the Obligations), in an
aggregate amount greater than or equal to $25,000,000, and such default shall continue after receipt of any applicable notice for more than the applicable period of grace, if any; 

(g) any Borrower Party shall: (i) apply for or consent to the appointment of a receiver, trustee, custodian,
intervenor, or liquidator of itself or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy or admit in writing that it is unable to pay its debts as they become due; (iii) make a general assignment for
the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any Debtor Relief Laws; (v) file an answer admitting the material allegations of, or consent to, or
default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; or (vi) take partnership or corporate action for the purpose of effecting any of the foregoing; 

(h) the commencement of any proceeding under any Debtor Relief Laws relating to any Borrower Party or all or any material part
of its respective property is instituted without the consent of such Person and continues undismissed or unstayed for a period of sixty (60) days; or an order for relief, judgment or decree shall be entered by any court of competent jurisdiction or
other competent authority approving a petition seeking reorganization or liquidation of any Borrower Party or appointing a receiver, custodian, trustee, intervenor, liquidator, administrator or similar entity of such Person, or of all or
substantially all of its assets; 
 (i) any final judgments or orders for the payment of money against any Borrower
Party in an aggregate amount (as to all such judgments or orders) exceeding $25,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage) and: (A) enforcement proceedings are
commenced by any creditor upon such judgment or order, or (B) there is a period of ten (10) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; 

(j) a Change of Control shall occur; 

(k) at any time (such time being referred to as a “determination time”) three (3) or more non-affiliated
Borrowing Base Investors having Capital Commitments aggregating fifteen percent (15%) or greater of the aggregate Capital Commitments of all Investors shall default and continue to be in default at such determination time on their respective
obligation to fund any Capital Call within fifteen (15) Business Days’ written notice of such Capital Call; or 

(l) the Borrowing Base Deficit is greater than zero (0) and is not eliminated within ten (10) Business Days.

 11.02 Remedies Upon Event of Default. If an Event of Default shall have occurred and be continuing, then Administrative Agent
may, and, upon the direction of the Required Lenders, shall: (a) suspend the Commitments of Lenders and any obligation of the Letter of Credit Issuer to make L/C Credit Extensions or Swingline Lender to advance Swingline Loans until such
Event of Default is 

  
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cured; (b) terminate the Commitment of Lenders and any obligation of the Letter of Credit Issuer to make L/C Credit Extensions or Swingline Lender to advance Swingline Loans hereunder;
(c) reduce the Available Commitments to an amount equal to the aggregate Loans and all issued and outstanding Letters of Credit of the Borrower Parties; (d) declare the unpaid principal amount of all outstanding Obligations, all interest
accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable (including the liability to fund the Letter of Credit Liability hereunder), whereupon the same shall
forthwith become due and payable without presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind all of which each Borrower Party hereby expressly waives, anything contained
herein or in any other Loan Document to the contrary notwithstanding; (e) require that each Borrower Party Cash Collateralize its respective Letter of Credit Liability (in an amount equal to the Minimum Collateral Amount with respect thereto);
(f) exercise any right, privilege, or power set forth in Section 5.02, including, but not limited to, the initiation of Capital Call Notices of the Capital Commitments; or (g) without notice of default or demand, pursue
and enforce any of Administrative Agent’s or any or all of the Secured Parties’ rights and remedies under the Loan Documents, or otherwise provided under or pursuant to any applicable law or agreement; provided, however, that
if any Event of Default specified in Section 11.01(g) or Section 11.01(h) shall occur, the obligation of each Committed Lender to make Syndicated Loans, the Swingline Lender to make Swingline Loans and any
obligation of the Letter of Credit Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable,
and the obligation of Borrower to Cash Collateralize the Letter of Credit Liability as aforesaid shall automatically become effective, in each case without any further action by Administrative Agent or Lenders, or any of them, and without
presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind, all of which each Borrower Party hereby expressly waives. 

11.03 Curing an Event of Default by Investor Capital Call. 

(a) Upon the occurrence and during the continuance of an Event of Default, notwithstanding anything to the contrary, none of
Administrative Agent, any Lender or other Secured Party may issue funding notices to any Investor or exercise any other remedy to which it may be otherwise entitled under this Credit Agreement, any of the other Loan Documents or at law or in equity
with respect to such Event of Default unless Administrative Agent shall have given the Borrower Parties three (3) Business Days written notice of its intention to exercise such remedies (provided that, no such notice is required to
the extent the Event of Default arises from the failure of Borrower Parties to make a Capital Call or make a payment following a Capital Call), in each case, required pursuant to the terms of the Loan Documents. If, at any time prior to or during
such three (3) Business Day notice period, the Borrower Parties shall make a Capital Call on the Unfunded Commitments of the Investors sufficient (together with amounts on deposit in or credited to the Collateral Account) to cure each such
Event of Default or repay the outstanding Obligations (and Cash Collateralize Letter of Credit Liability) in full, as applicable, then Administrative Agent, the Lenders and other Secured Parties may not exercise any such remedy until the expiration
of the period ending fifteen (15) Business Days from the end of the initial three (3) Business Day notice period, provided that nothing in this Section 11.03(a) shall prohibit Administrative Agent, any
Lender or other Secured Party asserting exclusive control of the Collateral Account or taking any such actions as may be required to protect their rights in a bankruptcy proceeding; provided, further, that to the extent that
(A) the Borrower does not make such Capital Call or (B) the application of the proceeds of any such Capital Call are not sufficient (together with amounts on deposit in or credited to the Collateral Account) to cure such Event of Default
or repay the outstanding Obligations (and Cash Collateralize Letter of Credit Liability) in full, as applicable, then, so long as such Event of Default shall be continuing, the Administrative 

  
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Agent may, in accordance with the terms hereof, issue a Capital Call in an amount sufficient (together with amounts on deposit in or credited to the Collateral Account) to cure such Event of
Default or repay the outstanding Obligations (and Cash Collateralize Letter of Credit Liability) in full, as applicable. 

(b) In the event that Administrative Agent elects to notify the Investors to make Capital Contributions in respect of their
Unfunded Commitments, then Administrative Agent shall not request any individual Investor to fund an amount exceeding such Investor’s pro-rata share of the Obligations (based on the proportion of such Investor’s Unfunded Commitment to the
aggregate Unfunded Commitments of all Investors other than Defaulting Investors) without first making best efforts (consistent with the terms of the Constituent Documents and applicable Law) to issue a Capital Call (which may be issued by Borrower
or Administrative Agent) to each Investor for its pro-rata share of the Obligations and waiting fifteen (15) calendar days following such Capital Call prior to initiating further remedies. Further, without the prior written consent of
Borrower, neither the Administrative Agent nor any Lender may contact any Investor, other than during the continuance of an Event of Default, to the extent otherwise permitted hereunder, to submit a Capital Call Notice or otherwise exercise remedies
in connection therewith. 
 (c) None of Administrative Agent, any Lender or any other Secured Party shall be entitled to take
any action against any Investor that is an ERISA Investor or a Plan (other than (i) issuing funding notices in the name of any Borrower Party or (ii) applying funds paid by such ERISA Investor or Plan into the Collateral Account (which
shall remain in the name of Borrower) to the payment of the Obligations), under the Operating Agreement or Subscription Agreement, as applicable to the extent it has knowledge that a “prohibited transaction” (as defined in
Section 406 of ERISA or Section 4975 of the Internal Revenue Code) would arise therefrom. 
 11.04 Performance by
Administrative Agent. Should any Borrower Party fail to perform any covenant, duty, or agreement contained herein or in any of the other Loan Documents, and such failure continues beyond any applicable cure period, Administrative Agent may
(subject to Section 10.03), but shall not be obligated to, perform or attempt to perform such covenant, duty, or agreement on behalf of such Person. In such event, each Borrower Party shall, at the request of Administrative Agent
promptly pay any reasonable amount expended by Administrative Agent in such performance or attempted performance to Administrative Agent at Administrative Agent’s Office, together with interest thereon at the Default Rate from the date of such
expenditure until paid. Notwithstanding the foregoing, it is expressly understood that neither any of the Agents nor any of the other Secured Parties assume any liability or responsibility for the performance of any duties of any Borrower Party, or
any related Person hereunder or under any of the other Loan Documents or other control over the management and affairs of any Borrower Party, or any related Person, nor by any such action shall any of the Agents or other Secured Parties be deemed to
create a partnership arrangement with any Borrower Party or any related Person. 
 11.05 Application of Funds. After the exercise of
remedies provided for in Section 11.02 (or after the Swingline Loans and Syndicated Loans have automatically become immediately due and payable and Letter of Credit Liabilities have automatically been required to be Cash
Collateralized as set forth in the proviso to Section 11.02), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.15, be applied by Administrative Agent in the
following order: (a) to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent and amounts payable under
Section 4) payable to Administrative Agent in its capacity as such; (b) to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees)
payable to the Lenders, the Swingline Lender and the Letter of Credit Issuer (including 

  
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fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender and the Letter of Credit Issuer and amounts payable under Section 4), ratably among
them in proportion to the respective amounts described in this clause (b) payable to them; (c) to payment of that portion of the Obligations constituting unpaid Letter of Credit Fees and unpaid interest on the Loans, L/C
Borrowings and other Obligations, ratably among the Lenders, the Swingline Lender and the Letter of Credit Issuer in proportion to the respective amounts described in this clause (c) payable to them; (d) to payment of that
portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, ratably among the Lenders, the Swingline Lender and the Letter of Credit Issuer in proportion to the respective amounts described in this
clause (d) held by them; (e) to Administrative Agent for the account of the Letter of Credit Issuer, to Cash Collateralize that portion of the Letter of Credit Liability comprised of the aggregate undrawn amount of Letters of
Credit to the extent not otherwise Cash Collateralized by Borrower pursuant to Sections 2.08 and 2.15; and (f) the balance, if any, after all of the Obligations have been indefeasibly paid in full, to Borrower
or as otherwise required by Law. 
 Subject to Sections 2.08 and 2.15, amount used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause (e) above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 
 12.
AGENTS. 
 12.01 Appointment and Authority. Each Lender (including any Person that is an assignee, participant, secured party
or other transferee with respect to the interest of such Lender in any Principal Obligation or otherwise under this Credit Agreement), Swingline Lenders and the Letter of Credit Issuer hereby irrevocably appoints each Agent (other than a Funding
Agent for a different Lender Group) to act on its behalf hereunder and under the other Loan Documents and authorizes each Agent (other than a Funding Agent for a different Lender Group) to take such actions on its behalf and to exercise such powers
as are delegated to such Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. Except for provisions of this Section 12 expressly granting rights to the Borrower Parties,
the provisions of this Section 12 are solely for the benefit of Agents, the Lenders, Swingline Lenders and the Letter of Credit Issuer, and no Borrower 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 Loan Documents (or any other similar term) with reference to 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. 

12.02 Rights as a Lender. The Person serving as 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 Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as Administrative Agent hereunder in its individual capacity as a Lender. 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 the Borrower Party or any Subsidiary or other Affiliate thereof as if such Person were not Administrative Agent hereunder and without any duty to account therefor to
the Lenders. 

  
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 12.03 Exculpatory Provisions. 

(a) No Agent shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents and
its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, no Agent: 
 (i)
shall be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing; 

(ii) shall 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 Loan Documents that such 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 Loan Documents), provided that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose any Agent to liability or that is contrary to any Loan 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 affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor
Relief Law; and 
 (iii) shall, except as expressly set forth herein and in the other Loan Documents, have any duty to
disclose, nor shall it be liable for the failure to disclose, any information relating to the Borrower Parties or any of their respective Affiliates that is communicated to or obtained by such Agent or any of its Affiliates in any capacity. 

(b) No Agent shall 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, under the circumstances as provided in Sections 11.02 and 13.01 as Administrative Agent shall believe in good faith shall
be necessary); 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, no Agent shall be deemed to have knowledge of any Default or Event
of Default (except with respect to defaults in the payment of principal, interest and fees required to be paid to Administrative Agent for the account of the Lenders) unless and until notice describing the same is given in writing to such Agent by
Borrower or a Lender, Swingline Lender or the Letter of Credit Issuer. 
 (c) No Agent shall 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 Credit Agreement or any other Loan 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 or Event of
Default; (iv) the validity, enforceability, effectiveness or genuineness of this Credit Agreement, any other Loan Document or any other agreement, instrument or document; or (v) the satisfaction of any condition set forth in
Section 7 or elsewhere herein, other than, in the case of Administrative Agent, to confirm receipt of items expressly required to be delivered to it. 

(d) Administrative Agent does not warrant, nor accept responsibility for, nor shall Administrative Agent have any liability
with respect to the administration submission or any other matter related to the rates in the definition of LIBOR Rate or with respect to any comparable or successor rate thereto. 

  
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 12.04 Reliance by Agent or Lender. Each Agent, Letter of Credit Issuer, Swingline Lender
and Lender 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. Each 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, or the issuance, extension, renewal or increase of a Letter of Credit, that
by its terms must be fulfilled to the satisfaction of a Lender, Swingline Lender or the Letter of Credit Issuer, Administrative Agent may presume that such condition is satisfactory to such Lender, Swingline Lender or the Letter of Credit Issuer
unless Administrative Agent shall have received notice to the contrary from such Lender, Swingline Lender or the Letter of Credit Issuer prior to the making of such Loan or the issuance of such Letter of Credit. Administrative Agent may consult with
legal counsel (who may be counsel for Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 12.05 Delegation of Duties. Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under
any other Loan Document by or through any one or more sub-agents appointed by such Agent. Each 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 Section shall apply to any such sub-agent and to the Related Parties of each 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 an Agent. No Agent shall 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 such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 
 12.06
Resignation of Administrative Agent. 
 (a) Administrative Agent may at any time give notice of its resignation to the
Lenders, Swingline Lender, the Letter of Credit Issuer and the Borrower Parties. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower, 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
thirty (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, Swingline Lender and the Letter of Credit Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor
Administrative Agent has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b) If the Person serving as the 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 Borrower and such Person and remove such Person as Administrative Agent and, with the consent of Borrower, appoint a successor. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment, within thirty (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. 

  
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 (c) With effect from the Resignation Effective Date or the Removal Effective Date
(as applicable): (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the
Administrative Agent on behalf of the Lenders, Swingline Lender or the Letter of Credit Issuer under any of the Loan 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 (ii) 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, Swingline Lender and the Letter of Credit Issuer 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 as provided in Section 4.01(g) and 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 Loan Documents (if not already discharged therefrom as provided above in this
Section). The fees payable by Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring or removed Administrative
Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Section and Section 13.06 shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

(d) Any resignation by Natixis as Administrative Agent pursuant to this Section 12.06 shall also constitute
its resignation as Letter of Credit Issuer and Swingline Lender. If Natixis resigns as Letter of Credit Issuer, it shall retain all the rights, powers, privileges and duties of the Letter of Credit Issuer hereunder with respect to all Letters of
Credit outstanding as of the effective date of its resignation as Letter of Credit Issuer and all Letter of Credit Liability with respect thereto, including the right to require the Committed Lenders to make Base Rate Loans or fund risk
participations in Unreimbursed Amounts pursuant to Section 2.08(c). If Natixis resigns as Swingline Lender, it shall retain all of the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by
it and outstanding as of the effective date of such resignation, including the right to require Committed Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.07(c). In
the event of any such resignation as Letter of Credit Issuer or Swingline Lender, Borrower shall be entitled to appoint from among the Committed Lenders (subject to the consent of such Committed Lender in its sole discretion) a successor Letter of
Credit Issuer or Swingline Lender, as applicable, hereunder (which successor shall in all cases be a Committed Lender other than a Defaulting Lender); provided, however, that no failure by Borrower to appoint any such successor shall
affect the resignation of Natixis as Letter of Credit Issuer. Upon the appointment by Borrower of a successor Letter of Credit Issuer or Swingline Lender, as applicable, hereunder: (i) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer or Swingline Lender, as applicable; (ii) the retiring Letter of Credit Issuer or Swingline Lender, as applicable, shall be

  
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discharged from all of its duties and obligations hereunder or under the other Loan Documents; and (iii) the successor Letter of Credit Issuer shall issue letters of credit in substitution
for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Letter of Credit Issuer to effectively assume the obligations of the retiring Letter of Credit Issuer with respect
to such Letters of Credit. 
 12.07 Non-Reliance on Agents and Lenders. Each Lender, Swingline Lender and the Letter of Credit Issuer
acknowledges that it has, independently and without reliance upon any 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 Credit Agreement. Each Lender, Swingline Lender and the Letter of Credit Issuer also acknowledges that it will, independently and without reliance upon any 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 Credit Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder. 
 12.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Arrangers or other agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Credit Agreement or any of the other Loan Documents, except in its capacity, as applicable, as an Agent, or a Lender, Swingline
Lender or the Letter of Credit Issuer hereunder. 
 12.09 Administrative Agent May File Proofs of Claim. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Borrower Party, Administrative Agent (irrespective of whether the principal of any Loan or
Letter of Credit Liability shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand on Borrower Parties) 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, Letter of Credit Liability 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 Secured Parties,
the Letter of Credit Issuer, Swingline Lender and Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Letter of Credit Issuer, Swingline Lender and Administrative Agent
and their respective agents and counsel and all other amounts due the Lenders, the Letter of Credit Issuer, Swingline Lender and Administrative Agent under Sections 2.10, 2.11 and 2.12 and otherwise
hereunder) 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. 
 any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Secured Party, Swingline Lender and the Letter of Credit Issuer to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent to the making of
such payments directly to the Secured Parties, Swingline Lender and the Letter of Credit Issuer, to pay to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its
agents and counsel, and any other amounts due Administrative Agent hereunder. 

  
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 Nothing contained herein shall be deemed to authorize Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender, Swingline Lender or the Letter of Credit Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Secured Party or to authorize
Administrative Agent to vote in respect of the claim of any Secured Party in any such proceeding. 
 12.10 Collateral Matters.
Without limiting the provisions of Section 12.09, Secured Parties, Swingline Lender and the Letter of Credit Issuer irrevocably authorize Administrative Agent, at its option and in its discretion to release any Lien on any
property granted to or held by Administrative Agent under any Loan Document: (a) upon termination of the Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or
termination of all Letters of Credit prior to draws thereon (other than Letters of Credit as to which other arrangements satisfactory to Administrative Agent and the Letter of Credit Issuer shall have been made); (b) that is sold or otherwise
disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under any other Loan Document; or (c) subject to Section 13.01, if approved, authorized
or ratified in writing by the Required Lenders. Upon request by Administrative Agent at any time, the Secured Parties will confirm in writing Administrative Agent’s authority to release its interest in particular types or items of property
pursuant to this Section 12.10. 
 13. MISCELLANEOUS. 

13.01 Amendments. Neither this Credit Agreement nor any other Loan Document, nor any of the terms hereof or thereof, may be amended,
waived, discharged or terminated, other than in accordance with its terms, unless such amendment, waiver, discharge, or termination is in writing and signed by Required Lenders (and Administrative Agent) or Administrative Agent (based upon the
approval of Required Lenders), on the one hand, and Borrower on the other hand; provided that, if this Credit Agreement or any other Loan Document specifically provides that the terms thereof may be amended, waived, discharged or terminated
with the approval of Administrative Agent, acting alone, or all Lenders, then such amendment, waiver, discharge or termination must be signed by Administrative Agent or all Lenders, as applicable, on the one hand, and Borrower on the other hand;
provided, further, that no such amendment, waiver, discharge, or termination shall, without the consent of Administrative Agent and: 

(a) each Lender directly affected thereby: 

(i) extend or increase the Commitment of such Lender (or reinstate any Commitment terminated pursuant to
Section 11.02), or alter the provisions relating to any fees (or any other payments) payable to such Lender (other than a reduction by Borrower pursuant to Section 3.06); 

(ii) extend the time for payment for the principal of or interest on the Obligations, or fees, or reduce the principal amount
of the Obligations (except as a result of the application of payments or prepayments), or the rate of interest borne by the Obligations, any Loan (other than as a result of waiving the applicability of the Default Rate) (including, without
limitation, pursuant to a revision to the definition of Applicable Margin) or L/C Borrowing, or reduce any fees or other amounts payable hereunder or under any other Loan Document or alter the computation of Letter of Credit Fees; provided,
however, that only the consent of the Required Lenders shall be necessary to amend the definition of Default Rate or to waive any obligation of Borrower to pay interest or Letter of Credit Fees at the Default Rate; 

(iii) amend the definition of “Conduit Lender”; 

  
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 (iv) amend the definition of “Conduit Lender Percentage”;

 (v) amend the definition of “Commitment”; 

(vi) amend the definition of “Committed Lender”; 

(vii) amend the definition of “Lender Group”; 

(viii) amend the definition of “Lender Group Limit”; 

(ix) amend the definition of “Lender Group Percentage”; 

(b) all Lenders: 

(i) release all or substantially all liens granted under the Collateral Documents, except as otherwise contemplated herein or
therein, and except in connection with the transfer of interests in Borrower permitted hereunder; 
 (ii) change
Section 11.05 in a manner that would alter the ratable sharing of payments required thereby; 
 (iii)
amend the definition of “Adequately Capitalized”; 
 (iv) amend the definition of
“Aggregate Concentration Limit”; 
 (v) amend Section 1.08 or the
definition of “Alternative Currency” (or any related defined term); 
 (vi) amend the definition of
“Applicable Percentage”; 
 (vii) amend the definition of “Applicable
Requirement”; 
 (viii) amend the definition of “Available Commitment”; 

(ix) amend the definition of “Borrowing Base”; 

(x) amend the definition of “Capital Call”; 

(xi) amend the definition of “Capital Call Notice”; 

(xii) amend the definition of “Capital Commitment”; 

(xiii) amend the definition of “Capital Contribution”; 

(xiv) amend the definition of “Collateral”; 

(xv) amend the definition of “Concentration Limit”; 

(xvi) amend the definition of “Credit Provider”; 

(xvii) amend the definition of “Designated Investor”; 

  
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 (xviii) amend the definition of “Eligible Designated Unfunded
Commitment”; 
 (xix) amend the definition of “Eligible Included Unfunded
Commitment”; 
 (xx) amend the definition of “ERISA Investor”; 

(xxi) amend the definition of “Exclusion Event”; 

(xxii) amend the definition of “Funding Ratio”; 

(xxiii) amend the definition of “FX Reserve Amount”; 

(xxiv) amend the definition of “Governmental Plan Investor”; 

(xxv) amend the definition of “Included Investor”; 

(xxvi) amend the definition of “Individual Concentration Limit”; 

(xxvii) amend the definition of “Investor”; 

(xxviii) except as provided in Section 2.17, amend the definition of “Maximum
Commitment”; 
 (xxix) amend the definition of “Member”; 

(xxx) amend the definition of “Membership Interest”; 

(xxxi) amend the definition of “Non-Rated Included Investor”; 

(xxxii) amend the definition of “Pending Capital Call”; 

(xxxiii) amend the definition of “Principal Obligation”; 

(xxxiv) amend the definition of “Rated Included Investor”; 

(xxxv) amend the definition of “Rating”; 

(xxxvi) amend the definition of “Repayment Percentage”; 

(xxxvii) reduce the percentage specified in the definition of “Required Lenders” (or any other
provision hereof specifying the number or percentage of Lenders which are required to amend, waive or modify any rights hereunder or otherwise make any determination or grant any consent hereunder) or the definition of any other defined terms used
in the definition of “Required Lenders” in a manner which would effectively reduce the number or percentage of Lenders which are required to amend, waive or modify any rights hereunder or otherwise make any determination or
grant any consent hereunder; 
 (xxxviii) amend the definition of “Responsible Party”; 

(xxxix) amend the definition of “Returned Capital”; 

  
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 (xl) amend the definition of “Sponsor”; 

(xli) amend the definition of “Under Common Control”; 

(xlii) amend the definition of “Unfunded Commitment”; 

(xliii) consent to the assignment or transfer by Borrower of any of its rights and obligations under (or in respect of) the
Loan Documents; 
 (xliv) amend, waive, or in any way modify or suspend any provision regarding application of payments of
the Obligations to Lenders; 
 (xlv) amend the terms of this Section 13.01; 

(xlvi) alter the pro rata or ratable treatment of the Lenders under this Credit Agreement or the obligations of the Lender
Groups to obtain participations in Swingline Loans in accordance with the Lender Groups’ Applicable Percentage in accordance with Section 2.07; or 

(xlvii) release Borrower from its obligations under Section 6 with respect to any Qualified Borrower. 

Notwithstanding the above: (A) no provisions of Section 12 may be amended or modified without the consent of
Administrative Agent; (B) no provisions of Section 2.08 may be amended or modified without the consent of the Letter of Credit Issuer; (C) no provisions of Section 2.07 may be amended or modified
without the consent of the Swingline Lender; and (D) Sections 9 and 10 specify the requirements for waivers of the affirmative covenants and negative covenants listed therein, and any amendment to any provision
of Section 9 or 10 shall require the consent of the Lenders that are specified therein as required for a waiver thereof. 

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 Defaulting Lender; and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by
its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above: (1) each
Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans or the Letters of Credit, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersede the
unanimous consent provisions set forth herein; and (2) the Required Lenders may consent to allow a Borrower Party to use cash collateral in the context of a bankruptcy or insolvency proceeding. Administrative Agent may, after consultation with
Borrower, agree to the modification of any term of this Credit Agreement or any other Loan Document to correct any printing, stenographic or clerical errors or omissions that are inconsistent with the terms hereof. 

Administrative Agent agrees that it will promptly notify the Funding Agents (who will in turn promptly notify the Lenders in its Lender Group)
of any proposed modification or amendment to any Loan Document, and deliver drafts of such proposed modification or amendment to the Funding Agents 

  
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(who will in turn promptly deliver to the Lenders in its Lender Group), prior to the effectiveness of such proposed modification or amendment. If Administrative Agent shall request the consent of
any Lender to any amendment, change, waiver, discharge, termination, consent or exercise of rights covered by this Credit Agreement, and such Lender shall respond to such request within ten (10) Business Days. 

13.02 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, Swingline Lender, the Letter of
Credit Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time (but subject to Section 11.03), to the fullest extent permitted by applicable 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 obligations (in whatever currency) at any time owing by such Lender, Swingline Lender, the Letter of Credit Issuer or any such
Affiliate to or for the credit or the account of any Borrower Party against any and all of the Obligations of such Borrower Party now or hereafter existing under this Credit Agreement or any other Loan Document owing to such Lender, Swingline Lender
or the Letter of Credit Issuer or their respective Affiliates, irrespective of whether or not Administrative Agent, such Lender, Swingline Lender, the Letter of Credit Issuer or Affiliate shall have made any demand under this Credit Agreement or any
other Loan Document and although such Obligations of such Borrower Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender, Swingline Lender or the Letter of Credit Issuer 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: (a) all amounts so set off shall be paid over immediately to
Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit
of Administrative Agent, the Letter of Credit Issuer, Swingline Lender and the Committed Lenders; and (b) such Defaulting Lender shall provide promptly to 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, the Letter of Credit Issuer, Swingline Lender and their respective Affiliates under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender, the Letter of Credit Issuer, Swingline Lender or their respective Affiliates may have. Each Lender, Swingline Lender and the Letter of Credit Issuer agrees to notify the applicable
Borrower Party and Administrative Agent promptly after any such setoff and application made by such Person, provided, however, that the failure to give such notice shall not affect the validity of such setoff and application. 

13.03 Sharing of Payments by Lender Group. If any Lender Group shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of the Syndicated Loans made by it, or the participations in the Letter of Credit Liability or in Swingline Loans resulting in such Lender Group receiving payment of a proportion of
the aggregate amount of such Syndicated Loans or participations and accrued interest thereon greater than its Applicable Percentage thereof, then the Funding Agent of such Lender Group receiving such greater proportion shall: 

(a) notify Administrative Agent of such fact; and 

(b) cause the Committed Lenders in such Funding Agent’s Lender Group to purchase (for cash at face value) participations
in the Syndicated Loans and subparticipations in the Letter of Credit Liability and Swingline Loans of the other Lender Groups, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the
Lender Groups ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Syndicated Loans and other amounts owing them, provided that: 

(i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

  
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 (ii) the provisions of this Section shall not be construed to
apply to: (x) any payment made by or on behalf of any Borrower Party pursuant to and in accordance with the express terms of this Credit Agreement (including the application of funds arising from the existence of a Defaulting Lender); or
(y) the application of Cash Collateral provided for in Section 2.13; or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Syndicated Loans or
subparticipations in the Letter of Credit Liability or Swingline Loans to any assignee or participant, other than an assignment to Borrower (as to which the provisions of this Section shall apply). 

Each Borrower Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Committed
Lender or any Lender Group acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower Party rights of setoff and counterclaim with respect to such participation as fully as if such Committed Lender were a
direct creditor of such Borrower Party in the amount of such participation. 
 13.04 Payments Set Aside. To the extent that any
Borrower Party makes a payment to Administrative Agent or any Lender, or Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to
be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then: (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by Administrative Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. 

13.05 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the Letter of Credit Issuer, Swingline Lender or
Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other
Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law. 
 Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Borrower Parties or any of them shall be vested exclusively in, and all actions and
proceedings at Law in connection with such enforcement shall be instituted and maintained exclusively by, Administrative Agent in accordance with Section 11.02 for the benefit of all Lenders, Swingline Lender and Letter of Credit
Issuer; provided, however, that the foregoing shall not prohibit: (a) Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent)
hereunder and under the other Loan Documents; (b) the Letter of Credit Issuer or 

  
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Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as Letter of Credit Issuer or Swingline Lender, as the case may be) hereunder and under
the other Loan Documents; (c) any Lender from exercising setoff rights in accordance with Section 13.02 (subject to the terms of Section 11.03 and Section 13.03); or (d) any Lender
from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Borrower Party under any Debtor Relief Law; and provided, further, that if at any time there is no
Person acting as Administrative Agent hereunder and under the other Loan Documents; then: (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 11.02; and
(ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 13.03, any Lender may, with the consent of the
Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 
 13.06 Expenses;
Indemnity; Damage Waiver. 
 (a) Costs and Expenses. Borrower shall pay: (i) all reasonable and
documented out of pocket expenses actually incurred by Administrative Agent, in connection with the syndication of the credit facility provided herein, and the preparation, negotiation, execution, delivery and administration of this Credit Agreement
and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), including all Attorney Costs reasonably and actually
incurred in connection with the foregoing; (ii) all reasonable out-of-pocket expenses incurred by the Letter of Credit Issuer in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder; all fees and expenses not to exceed $25,000 in the aggregate charged by the Rating Agencies in connection with the transactions contemplated hereby,
including, without limitation, fees and expenses incurred in connection with seeking an explicit rating of the Loans, regardless of whether or not such explicit rating is able to be issued; and (iii) all out of pocket expenses incurred by
Agents and any Lender, in connection with the enforcement or protection of its rights (A) in connection with this Credit Agreement and the other Loan Documents, including its rights under this Section; or (B) in connection
with the Loans made or Letters of Credit issued hereunder, including all out-of-pocket expenses actually incurred during any “workout”, restructuring or
negotiations in respect of such Loans or Letters of Credit, including all Attorney Costs actually incurred in connection with the foregoing. 

(b) Indemnification by Borrower. Borrower shall indemnify each Agent and each Related Party thereof, and each Lender,
the Letter of Credit Issuer and each of their respective Affiliates, directors, officers, employees, counsel, agents and attorneys in fact (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person
(including Borrower or any other Borrower Party) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result of: (i) the execution or delivery of this Credit Agreement, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of
Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Credit Agreement and the other Loan Documents; (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom
(including any refusal by the Letter of Credit Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit); or (iii) any
actual or prospective claim, 

  
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litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or any other
Borrower Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses: (A) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee; or (B) result from a claim brought by Borrower
or any other Borrower Party against an Indemnitee for breach of such Indemnitee’s obligations hereunder or under any other Loan Document, if Borrower or such Borrower Party has obtained a final and nonappealable judgment in its favor on such
claim as determined by a court of competent jurisdiction; or (C) result from any settlement by any Indemnitee of any claim or threatened claim that is otherwise subject to indemnification under this Section unless Borrower
has consented in writing to such settlement, which consent shall not be unreasonably withheld, conditioned or delayed; or (D) to the extent resulting from any dispute among Indemnitees (or their Related Parties); provided that the
Administrative Agent to the extent fulfilling its role as an agent under this Credit Agreement or the other Loan Documents in its capacity as such, shall remain indemnified. For avoidance of doubt, this Section 13.06(b) shall not
apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

(c) Reimbursement by Committed Lenders. To the extent that Borrower for any reason fails to indefeasibly pay any amount
required under subsection (a) or (b) of this Section 13.06 to be paid by it to Administrative Agent (or any sub-agent thereof), the Letter of Credit Issuer or any Related Party of any of the
foregoing, each Committed Lender severally agrees to pay to Administrative Agent (or any such sub-agent), the Letter of Credit Issuer or such Related Party, as the case may be, such Committed 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 Administrative Agent (or any such sub-agent), the Letter of Credit Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for Administrative Agent (or any such sub-agent) or the Letter of
Credit Issuer in connection with such capacity. The obligations of the Committed Lenders under this subsection (c) are several. 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no party hereto shall
assert, and hereby waives, and acknowledges that no other Person shall have, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the
proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by
such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Credit Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual
damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(e) Payments. All amounts due under this Section shall be payable not later than
ten (10) Business Days after demand therefor; provided, however, that if funds are not available in the Collateral Account, to the extent that it is necessary for Borrower to issue Capital Call Notices to fund such required
payment, such payment shall be made within twenty (20) Business Days after demand. 

  
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 (f) Survival. The agreements in this Section and the
indemnity provisions of Section 13.07 shall survive the resignation of Administrative Agent, the Letter of Credit Issuer, or Swingline Lender; the replacement of any Lender; the termination of the Commitments and the repayment,
satisfaction or discharge of the Obligations. 
 13.07 Notice. 

(a) Generally. Any notice, demand, request or other communication which any party hereto may be required or may desire
to give hereunder shall be in writing (except where telephonic instructions or notices are expressly authorized herein to be given) and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopier as follows, except where electronic delivery is authorized 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 Borrower Party, Administrative Agent or any Funding Agent or Lender, at its notice address and numbers set forth
on Schedule 13.07 attached hereto. If to any Lender (including the Swingline Lender) (other than directly from Administrative Agent), in case of Administrative Agent (which shall promptly provide a copy thereof to such Lender), at
its notice address and numbers set forth on Schedule 13.07 attached hereto. Each Lender agrees to provide to Administrative Agent a written notice stating such Lender’s address, fax number, telephone number, email address and
the name of a contact person, and Administrative Agent may, unless otherwise provided herein, rely on such written notice for purposes of delivering any notice, demand, request or other communication under this Credit Agreement or any other Loan
Document to such Lender unless and until a Lender provides Administrative Agent with a written notice designating a different address, fax number, telephone number, email address or contact person. 

(ii) Any party may change its address for purposes of this Credit Agreement by giving notice of such change to the other
parties pursuant to this Section 13.07. With respect to any notice received by Administrative Agent from any Borrower Party or any Investor not otherwise addressed herein, Administrative Agent shall notify Lenders promptly of the
receipt of such notice, and shall provide copies thereof to Lenders. When determining the prior days’ notice required for any Request for Credit Extension or other notice to be provided by a Borrower Party or an Investor hereunder, the day the
notice is delivered to Administrative Agent (or such other applicable Person) shall not be counted, but the day of the related Credit Extension or other relevant action shall be counted. 

(b) Effectiveness of Delivery. Notices sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by fax 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 sent via telephone, shall be deemed to have been given on the day and at the time reciprocal communication (i.e., direct communication between two or more persons, which shall not
include voice mail messages) with one of the individuals designated to receive notice occurs during a call to the telephone number or numbers indicated for such party. Notices delivered through electronic communications to the extent provided in
subsection (c) below, shall be effective as provided in such subsection (c). 

  
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 (c) Electronic Communications. Notices and other communications to Lenders
and the Letter of Credit Issuer hereunder (including financial statements and notices under Section 9.01) may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to
procedures approved by Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the Letter of Credit Issuer pursuant to Section 2 if such Lender or the Letter of Credit Issuer, as
applicable, has notified Administrative Agent that it is incapable of receiving notices under such Section by electronic communication. Administrative Agent, Letter of Credit Issuer, Swingline Lender or Borrower may, each 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. 

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

(e) Reliance by Administrative Agent, Letter of Credit Issuer, Swingline Lender and Lenders. Administrative Agent,
Letter of Credit Issuer, Swingline Lender and the Lenders shall be entitled to rely and act upon any notices (including telephonic or electronic Loan Notices and Letter of Credit Applications) purportedly given by or on behalf of Borrower 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. Borrower shall indemnify the Administrative Agent, the Letter of Credit Issuer, each Lender, Swingline 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 notice purportedly given by or on behalf of Borrower. All telephonic notices to and other telephonic communications with Administrative Agent may be recorded by Administrative Agent, and each of the parties hereto hereby
consents to such recording. 
 13.08 Governing Law. 

(a) GOVERNING LAW. THIS CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF
ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED
HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
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 (b) SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT, AND EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY 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 PARTY HERETO 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 CREDIT AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY PARTY HERETO MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST SUCH PARTY OR ITS RESPECTIVE PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) WAIVER OF VENUE. EACH PARTY HERETO 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 OR PROCEEDING ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (B)
OF THIS SECTION. EACH OF THE PARTIES HERETO 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) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 13.07. NOTHING IN THIS CREDIT AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. EACH PARTY HERETO HEREBY AGREES THAT SERVICE OF ALL WRITS,
PROCESS AND SUMMONSES IN ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN THE STATE OF NEW YORK MAY BE BROUGHT UPON ITS PROCESS AGENT APPOINTED BELOW. 

13.09 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO: (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION. 

  
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 13.10 Invalid Provisions. If any provision of this Credit Agreement is held to be illegal,
invalid, or unenforceable under present or future laws effective during the term of this Credit Agreement, such provision shall be fully severable and this Credit Agreement shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part of this Credit Agreement, and the remaining provisions of this Credit Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its
severance from this Credit Agreement, unless such continued effectiveness of this Credit Agreement, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. If any provision of this Credit
Agreement shall conflict with or be inconsistent with any provision of any of the other Loan Documents, then the terms, conditions and provisions of this Credit Agreement shall prevail. Without limiting the foregoing provisions of this
Section 13.10, if and to the extent that the enforceability of any provisions in this Credit Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent,
the Letter of Credit Issuer or the Swingline Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited. 

13.11 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Credit Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Borrower Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender
and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except: (i) to an Eligible Assignee in accordance with the provisions of clauses (b) and (i) of this
Section 13.11 and Section 13.12; (ii) by way of participation in accordance with the provisions of clause (f) of this Section 13.11; or (iii) by way of pledge or
assignment or grant of a security interest subject to the restrictions of clause (g) of this Section 13.11 (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in
this Credit Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in clause (f)
of this Section 13.11, and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Credit Agreement. 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees (each, an
“Assignee”) all or a portion of its rights and obligations under this Credit Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this clause (b), participations
in Letter of Credit Liability) at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) In the case of an assignment of the entire remaining amount of the assigning Committed Lender’s Commitment and/or the
Syndicated Loans at the time owing to it, contemporaneous assignments to related Approved Funds that equal at least the amount specified in clause 13.11(b)(i)(B) of this Section in the aggregate, or, in the case
of an assignment to a Committed Lender, an Affiliate of a Committed Lender or an Approved Fund, no minimum amount need be assigned; and 

  
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 (B) in any case not described in subclause (A) above, the
aggregate amount of the Commitments (which for this purpose includes Loans outstanding thereunder) or, if the Commitments are not then in effect, the principal outstanding balance of the Loans subject to each such assignment, determined as of the
date the Assignment and Assumption Agreement with respect to such assignment is delivered to Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption Agreement, as of the Trade Date, shall not be less than
$5,000,000, unless each of Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower, otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent
assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Assignee (or to an Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining
whether such minimum amount has been met. 
 (ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Credit Agreement with respect to the Loans or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except: (A) as provided in the definition
of “Eligible Assignee”; (B) the consent of each Letter of Credit Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment (other than to a Liquidity Provider) that increases
the obligation of the Assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and (C) the consent of the Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be
required for any assignment (other than to a Liquidity Provider) that increases the obligation of the Assignee to participate in exposure under a Swingline Loan (whether or not then outstanding). For the avoidance of doubt, no consent shall be
required for any assignment from a Conduit Lender to a Conduit Assignee or a Liquidity Provider. 
 (iv) Assignment and
Assumption Agreement. Other than an assignment by a Conduit Lender to a Conduit Assignee or a Liquidity Provider, the parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Assumption Agreement, together
with a processing and recordation fee in the amount of $3,500 (except in the case of a transfer at the demand of Borrower under Section 13.13, in which case either Borrower or the transferee Lender shall pay such fee);
provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative
Agent an administrative questionnaire. 
 (v) No Assignment to Certain Persons. No such assignment shall be
made: (A) to a Borrower Party or any Affiliate or Subsidiary of any Borrower Party; (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing
Persons described in this clause (B); (C) to a natural person; (D) to any Person that is not a Qualified Purchaser; or (E) to any Person that is not an Eligible Assignee. 

(vi) Borrower Requested Assignments. Each assignment made as a result of a demand by Borrower under
Section 13.13 shall be arranged by Borrower after 

  
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consultation with Administrative Agent and shall be either an assignment of all of the rights and obligations of the assigning Lender under this Credit Agreement or an assignment of a portion of
such rights and obligations made concurrently with another assignment or assignments that together constitute an assignment of all of the rights and obligations of the assigning Lender. 

(vii) Certain Additional Payments. 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 such assignment shall make such additional payments to Administrative Agent in an aggregate amount
sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of Borrower and Administrative
Agent, the applicable share of Syndicated Loans previously requested but not funded by such Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to: (A) pay and satisfy in full all payment
liabilities then owed by such Defaulting Lender to Administrative Agent, the Letter of Credit Issuer, Swingline Lender or any Lender hereunder (and interest accrued thereon) and (B) acquire (and fund as appropriate) its applicable share of all
Syndicated Loans and participations in Letters of Credit and Swingline 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 Credit Agreement until such
compliance occurs. 
 (c) Lender Group Joinder Agreement. Upon the Borrower’s request, with the consent of the
Administrative Agent, which consent may not be unreasonably withheld, an additional Lender Group may be added to this Credit Agreement at any time by the execution and delivery of a Lender Group Joinder Agreement by the members of such proposed
additional Lender Group, the Borrower, the Administrative Agent and, if applicable, the Lenders, which execution and delivery shall not be unreasonably refused by such parties. Upon receipt of (i) an executed Lender Group Joinder Agreement and
(ii) a completed administrative questionnaire with respect to each member of such additional Lender Group, (A) each Person specified therein as a “Conduit Lender” shall become a party hereto as a Conduit Lender, entitled to the
rights and subject to the obligations of a Conduit Lender hereunder, (B) each Person specified therein as a “Committed Lender” shall become a party hereto as a Committed Lender, entitled to the rights and subject to the obligations of
a Committed Lender hereunder, (C) each Person specified therein as a “Funding Agent” shall become a party hereto as a Funding Agent, entitled to the rights and subject to the obligations of a Funding Agent hereunder, (D) the
Administrative Agent shall accept such Lender Group Joinder Agreement and record the information contained therein in the Register, (E) subject to Section 2.17(a), the Maximum Commitment shall be increased by an amount equal
to the aggregate Commitments of the Committed Lenders party to such Lender Group Joinder Agreement and (F) Schedule 1.01A shall be deemed to be amended and supplemented to reflect such joinder. The Administrative Agent shall
give each Funding Agent prompt notice of the addition of any Lender Group. 
 (d) Effect of Assignment. Subject to
acceptance and recording thereof by Administrative Agent pursuant to clause (e) of this Section 13.11, from and after the effective date specified in each Assignment and Assumption Agreement, the Assignee
thereunder shall be a party to this Credit Agreement and, to the extent of the interest assigned by such Assignment 

  
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and Assumption Agreement, have the rights and obligations of a Lender under this Credit Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption Agreement, be released from its obligations under this Credit Agreement (and, in the case of an Assignment and Assumption Agreement covering all of the assigning Lender’s rights and obligations under this Credit
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits and obligations of Sections 4.01, 4.04, 4.05 and 13.06 with respect to facts and
circumstances occurring prior to the effective date of such assignment; provided, that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any
claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, each applicable Borrower Party (at its expense) shall execute and deliver a Note to the Funding Agent of the Assignee, if applicable, and the
applicable existing Note or Notes shall be returned to the Borrower, as applicable. Any assignment or transfer by a Lender of rights or obligations under this Credit Agreement that does not comply with this subsection shall be treated for
purposes of this Credit Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with clause (f) of this Section. 

(e) Register. Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower Parties
(such agency being solely for tax purposes), shall maintain at Administrative Agent’s Office a copy of each Assignment and Assumption Agreement and Lender Group Joinder Agreement delivered to it (or the equivalent thereof in electronic form)
and a register for the recordation of the names and addresses of the Funding Agents, Lenders, and the Commitments of the Committed Lenders of, and principal amounts (and stated interest) of the Loans and Letter of Credit Liability 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 each Borrower Party, Agents, the Swingline Lender and the Lenders shall treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Funding Agent or Lender hereunder, as the case may be, for all purposes of this Credit Agreement. In addition, Administrative Agent shall maintain on the Register
information regarding the designation, and revocation of designation of any Committed Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower Parties, any Agent, the Swingline Lender and any Lender, at any
reasonable time and from time to time upon reasonable prior notice. 
 Notwithstanding anything to the contrary set forth in
this Credit Agreement and for avoidance of doubt, each Lender Group with more than one Conduit Lender may, without the consent of the Borrower, assign to another Conduit Lender in its Lender Group all or a portion of its rights and obligations
hereunder (including the outstanding Obligations and rights to payment of Principal Obligations and interest), as determined by the Administrative Agent from time to time. Each such assignment shall be recorded on the books and records of the
Administrative Agent and the relevant Conduit Lenders, without the need to execute and deliver an Assignment and Acceptance Agreement. For all purposes of this Credit Agreement and all related documents, with respect to each assignment under this
paragraph the relevant Conduit Lender shall be deemed to have the benefit of, and be subject to the obligations imposed by, an executed, delivered, accepted and recorded Assignment and Acceptance Assignment relating to such
assignment. 
 (f) Participations. Any Lender may at any time, without the consent of, or notice to, any Borrower
Party, Funding Agent, Letter of Credit Issuer, Swingline Lender or Administrative Agent, sell participations to any Person that is a Qualified Purchaser (other than a natural person, a Defaulting Lender, a Competitor or a Borrower Party or any
Affiliate or Subsidiary thereof) (each, a “Participant”) in all or a portion of such Lender’s rights and/or 

  
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obligations under this Credit Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in Letter of Credit Liability and Swingline
Loans) owing to it); provided that any Committed Lender may sell a participation in its rights and obligations hereunder only with the written consent of the Conduit Lender(s)in its Lender Group, and provided, further
that: (i) such Lender’s obligations under this Credit Agreement shall remain unchanged; (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (iii) each
Borrower Party, each Agent, the Letter of Credit Issuer, the Swingline Lenders and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Credit
Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 13.06(c) without regard to the existence of any participation. 

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 Credit Agreement and to approve any amendment, modification or waiver of any provision of this Credit Agreement; provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other modification described in the second proviso of Section 13.01 that directly affects such Participant. Borrower agrees that each Participant shall be entitled to
the benefits of Sections 4.01, 4.04, and 4.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this
Section 13.11 (it being understood that the documentation required under Section 4.01(e) shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to clause (b) of this Section; provided that such Participant: (A) agrees to be subject to the provisions of Sections 4.01, 4.06,
13.11 and 13.18 as if it were an assignee under clause (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 4.01 or
4.05 with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in
Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at Borrower’s request and expense, to use reasonable efforts to cooperate with Borrower to effectuate the provisions of
Section 4.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 13.02 as though it were a Lender, provided such Participant agrees
to be subject to Section 13.03 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of Borrower, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other
obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Credit Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 (g) Certain Pledges. Any Lender may at any time pledge or assign or grant a security interest in all or any portion
of its rights under this Credit Agreement (including under its 

  
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Note, if any) to secure obligations of such Lender, including any pledge or assignment or grant of a security interest to secure obligations to a Federal Reserve Bank, central bank or a
collateral trustee or security agent for holders of commercial paper without notice to, or consent from, any Borrower Party or the Administrative Agent; provided that no such pledge or assignment or grant of a security interest shall release
such Lender from any of its obligations hereunder or substitute any such pledgee or assignee or grantee for such Lender as a party hereto. 

(h) Resignation as Letter of Credit Issuer or Swingline Lender after Assignment. Notwithstanding anything to the
contrary contained herein, if at any time Natixis assigns all of its Commitment and Loans pursuant to Section 13.11(b), Natixis may, upon thirty (30) days’ notice to Borrower and Lenders, resign as Letter of Credit
Issuer or Swingline Lender. In the event of any such resignation as Letter of Credit Issuer or Swingline Lender, Borrower shall be entitled to appoint from among the Committed Lenders (subject to the consent of such Committed Lender in its sole
discretion) a successor Letter of Credit Issuer or Swingline Lender hereunder; provided, however, that no failure by Borrower to appoint any such successor shall affect the resignation of Natixis as Letter of Credit Issuer or Swingline
Lender, as the case may be. If Natixis resigns as Letter of Credit Issuer, it shall retain all the rights, powers, privileges and duties of the Letter of Credit Issuer hereunder with respect to all Letters of Credit outstanding as of the effective
date of its resignation as Letter of Credit Issuer and all Letter of Credit Liability with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to
Section 2.08(c)). If Natixis resigns as Swingline Lender, it shall retain all of the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such
resignation, including the right to require Committed Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.07(c). Upon the appointment of a successor Letter of Credit
Issuer and/or Swingline Lender: (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer or Swingline Lender, as the case may be; and (ii) the
successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Natixis to effectively assume the obligations of
Natixis with respect to such Letters of Credit. 
 (i) Certain Conduit Lender Provisions. Without limiting the
foregoing, a Conduit Lender may, from time to time, with prior or concurrent notice to the Borrower and the Administrative Agent, in one transaction or a series of transactions, assign all or a portion of its interest in the Principal Obligation and
its rights and obligations under this Credit Agreement and any other Loan Documents to which it is a party to a Conduit Assignee. Upon and to the extent of such assignment by the Conduit Lender to a Conduit Assignee, (i) such Conduit Assignee
shall become a Conduit Lender in the assigning Conduit Lender’s Lender Group, with the Committed Lender and the Funding Agent in such Lender Group being the Committed Lender and Funding Agent, respectively, for such Conduit Assignee,
(ii) such Conduit Assignee (as Conduit Lender) shall be the owner of the assigned portion of the Principal Obligation, (iii) the related administrator for such Conduit Assignee will act as the Administrator for such Conduit Assignee, with
all corresponding rights and powers, express or implied, granted to an Administrator hereunder or under the other Loan Documents, (iv) such Conduit Assignee, any Related Commercial Paper Issuer, if such Conduit Assignee does not itself issue
commercial paper, and their respective Liquidity Provider(s) and other Related Parties shall have the benefit of all the rights and protections provided to the Conduit Lender and its Liquidity Provider(s) herein and in the other Loan
Documents (including any limitation on recourse against such Conduit Assignee or Related Parties, any agreement not to file or join in the filing of a petition to commence an 

  
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insolvency proceeding against such Conduit Assignee, and the right to assign to another Conduit Assignee as provided in this paragraph), (v) such Conduit Assignee shall assume
all (or the assigned or assumed portion) of the Conduit Lender’s obligations, if any, hereunder or any other Loan Document, and the Conduit Lender shall be released from such obligations, in each case to the extent of such assignment, and the
obligations of the Conduit Lender and such Conduit Assignee shall be several and not joint, (vi) all distributions in respect of the Principal Obligation assigned shall be made to the applicable Funding Agent, on behalf of the Conduit Lender
and such Conduit Assignee on a pro rata basis according to their respective interests, (vii) the definition of the term “CP Rate” with respect to the portion of the Principal Obligation funded with Commercial Paper issued by the
Conduit Lender from time to time shall be determined in the manner set forth in the definition of “CP Rate” applicable to the Conduit Lender on the basis of the interest rate or discount applicable to Commercial Paper issued by such
Conduit Assignee rather than the original Conduit Lender, (viii) the defined terms and other terms and provisions of this Credit Agreement and the other Loan Documents shall be interpreted in accordance with the foregoing, and (ix) if
requested by the Funding Agent or Administrator with respect to the Conduit Assignee, the parties will execute and deliver such further agreements and documents and take such other actions as such Funding Agent or Administrator may reasonably
request to evidence and give effect to the foregoing. No such assignment shall be made to a Conduit Assignee unless the Commercial Paper of such Conduit Assignee shall have short-term credit ratings of “A-1” and “P-1” without the
consent of Borrower. No assignment by a Conduit Lender to a Conduit Assignee of all or any portion of its interest in the Principal Obligation shall in any way diminish the obligation of the Committed Lenders in such Conduit Lender’s Lender
Group under Section 2.02 to fund any Loan not funded by the Conduit Lender or such Conduit Assignee or to acquire from the Conduit Lender or such Conduit Assignee all or any portion of its interest in the Principal Obligation
pursuant this Section 13.11(b)(i). 
 (j) Certain Committed Lender Provisions. In the event that a
Conduit Lender makes an assignment to a Conduit Assignee in accordance with clause (i) above, the Committed Lenders in such Conduit Lender’s Lender Group: (i) if requested by the related Administrator, shall
terminate their participation in the applicable Liquidity Agreement to the extent of such assignment and shall execute (either directly or through a participation agreement, as determined by such Administrator) the liquidity agreement related to
such Conduit Assignee, to the extent of such assignment, the terms of which shall be substantially similar to those of the participation or other agreement entered into by such Committed Lender with respect to the applicable Liquidity Agreement (or
which shall be otherwise reasonably satisfactory to the related Administrator), (ii) if requested by such Conduit Lender, shall enter into such agreements as requested by such Conduit Lender pursuant to which they shall be obligated to provide
funding to such Conduit Assignee on the same terms and conditions as is provided for in this Credit Agreement in respect of such Conduit Lender (or which agreements shall be otherwise reasonably satisfactory to the Borrower and such Conduit Lender),
and (iii) shall take such actions as the related Administrator shall reasonably request in connection therewith. 
 13.12 Assignment
to Committed Lenders. 
 (a) Assignment Amounts. At any time on or prior to the Stated Maturity Date, if the
Administrator on behalf of the applicable Conduit Lender so elects, by written notice to the Administrative Agent, the Borrower and such Conduit Lender’s Funding Agent, such Conduit Lender hereby assigns effective on the Assignment Date
referred to below all or such portions as may be elected by such Conduit Lender of its interest in the Principal Obligation at such time to its Committed Lenders pursuant to this Section 13.12; provided, however,
that unless such assignment is an assignment of all such Conduit Lender’s interest in the Principal Obligation in 

  
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whole on or after its Conduit Investment Termination Date, no such assignment shall take place pursuant to this Section 13.12 if an Event of Default shall then exist; and
provided, further, that no such assignment shall take place pursuant to this Section 13.12 at a time when such Conduit Lender is subject to any proceedings under any Debtor Relief Laws. No further documentation or
action on the part of such Conduit Lender, the Borrower, or the applicable Committed Lenders shall be required to exercise the rights set forth in the immediately preceding sentence, other than the giving of the notice by the related Administrator
on behalf of such Conduit Lender referred to in such sentence and the delivery by such Conduit Lender’s Funding Agent of a copy of such notice to each Committed Lender in the Lender Group (the date of the receipt by the Administrative Agent of
any such notice being the “Assignment Date”). Each Committed Lender hereby agrees, unconditionally and irrevocably and under all circumstances, without set-off, counterclaim or defense of any kind, to pay the full amount of
its Assignment Amount on such Assignment Date to such Conduit Lender in immediately available funds in Dollars based on the assigning Conduit Lender’s interest in the Principal Obligation, to an account designated by such Conduit Lender’s
Funding Agent. Upon payment of its Assignment Amount, each such Committed Lender shall acquire an interest in the Principal Obligation equal to its Committed Lender Percentage thereof. Upon any assignment in whole by a Conduit Lender to its
Committed Lenders on or after its Conduit Investment Termination Date as contemplated hereunder, such Conduit Lender shall cease to make any additional Loans hereunder. At all times prior to its Conduit Investment Termination Date, nothing herein
shall prevent a Conduit Lender from making a subsequent Loan hereunder, in its sole discretion, following any assignment pursuant to this Section 13.12 or from making more than one assignment pursuant to this
Section 13.12. 
 (b) Additional Assignment Amounts. The applicable Borrower Party may pay to
Administrative Agent in Dollars, for the account of each Conduit Lender’s Funding Agent for the benefit of such Conduit Lender, in connection with any assignment by such Conduit Lender to its Committed Lenders pursuant to this
Section 13.12, an aggregate amount equal to all interest to accrue through the end of the current Interest Period to the extent attributable to the portion of the Loans so assigned to the Committed Lenders (as determined
immediately prior to giving effect to such assignment), plus all Obligations then due, other than the Loans and other than any interest described above, attributable to such portion of the Loans so assigned. If the applicable Borrower Party does not
make payment of such amounts at or prior to the time of assignment by a Conduit Lender to its Committed Lenders, such amount shall be paid by such Committed Lenders to the Conduit Lender as additional consideration for the interests assigned to the
Committed Lenders and, except to the extent the applicable Borrower Party makes payment of such amounts to the Committed Lender when due, the amount of the “Loans” hereunder held by such Committed Lenders shall be increased by an amount
equal to the additional amount so paid by such Committed Lenders. 
 (c) Administration of Agreement after Assignment from
Conduit Lender to Committed Lenders following the Conduit Investment Termination Date. After any assignment in whole by a Conduit Lender to its Committed Lenders pursuant to this Section 13.12 at any time on or after its
Conduit Investment Termination Date (and the payment of all amounts owing to such Conduit Lender in connection therewith), all rights of the related Administrator set forth herein shall be given to the applicable Funding Agent on behalf of its
Committed Lenders instead of such Administrator. 
 (d) Payments to Administrative Agent. After any assignment in
whole by a Conduit Lender to its Committed Lenders pursuant to this Section 13.12 at any time on or after its Conduit Investment Termination Date, all payments to be made hereunder by a Borrower Party to the Administrative Agent
for the benefit of such Conduit Lender shall be made to the account specified by the applicable Funding Agent in writing to the Administrative Agent and the applicable Borrower Party. 

  
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 (e) Recovery of Loans. In the event that the aggregate of the Assignment
Amounts paid by the Committed Lenders with respect to any Lender Group pursuant to this Section 13.12 on any Assignment Date occurring on or after the Conduit Investment Termination Date for the related Conduit Lender is less than
the Loans of such Conduit Lender on such Assignment Date, then to the extent that payments or deposits thereafter received and applied by the Administrative Agent with respect to such Lender Group under Section 3.03 in respect of
Loans exceed the aggregate of the unrecovered Assignment Amounts and Loans funded by such Committed Lenders, such excess shall be remitted by the Administrative Agent to such Conduit Lender’s Funding Agent for the benefit of such Conduit
Lender. 
 13.13 Replacement of Funding Party or Lender Group. If any Borrower Party is entitled to replace a Funding Party pursuant
to the provisions of Section 4.06 (in any such case, an “Affected Funding Party”), then Borrower may, at its sole expense and effort: 

(a) by notice to the applicable Funding Party, and with the consent of the Administrative Agent and such Funding Party’s
Funding Agent (not to be unreasonably withheld or delayed), elect to replace such Affected Funding Party as a Funding Party to this Credit Agreement with an Eligible Assignee procured by Borrower, provided that no Default or Event of Default
shall have occurred and be continuing at the time of such replacement, and provided, further that, concurrently with such replacement such Eligible Assignee shall agree to purchase for cash the Loans and other Obligations due to the
Affected Funding Party pursuant to an Assignment and Assumption Agreement and to become a Funding Party for all purposes under this Credit Agreement and to assume all obligations of the Affected Funding Party to be terminated as of such date. Any
such Affected Funding Party shall assign its rights and interests hereunder (other than its existing rights to payment pursuant to Sections 4.01 and 4.04), such assignment to be effected in compliance with the
requirements of Section 13.11. In the event that such an assignment occurs, the Eligible Assignee: (i) if requested by the applicable Funding Agent, shall execute (either directly or through a participation agreement, as
determined by the Funding Agent) a Liquidity Agreement related to the applicable Conduit Lender, to the extent of such assignment, the terms of which shall be substantially similar to those of the participation or other agreement by the assigning
Committed Lender with respect to the applicable Liquidity Agreement (or which shall be otherwise reasonably satisfactory to the applicable Funding Agent); and (ii) shall take such actions as the Agents shall reasonably request in connection
therewith. A Funding Party shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Funding Party or otherwise, the circumstances entitling Borrower to require such assignment and delegation
cease to apply; and 
 (b) by notice to each member of the applicable Funding Party’s Lender Group, and with the consent
of the Administrative Agent (not to be unreasonably withheld or delayed), elect to replace the Affected Funding Party’s Lender Group with a Lender Group procured by Borrower, provided that no Default or Event of Default shall have
occurred and be continuing at the time of such replacement, and provided, further that, concurrently with such replacement the Lenders in such replacement Lender Group shall agree to purchase for cash the Loans and other Obligations
due to each Lender in the Affected Funding Party’s Lender Group pursuant to one or more Assignment and Assumption Agreements and to become a Funding Party for all purposes under this Credit Agreement and to assume all obligations of each Lender
in the Affected Funding Party’s Lender Group to be terminated as of such date. Each Lender in the Affected Funding Party’s Lender Group shall assign its rights and interests hereunder, such assignment to be effected in compliance with the
requirements of Section 13.11. 

  
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 13.14 Maximum Rate. Regardless of any provision contained in any of the Loan Documents,
Funding Party shall never be entitled to receive, collect or apply as interest on the Obligations any amount in excess of the Maximum Rate, and, in the event that Funding Party ever receive, collect or apply as interest any such excess, the amount
which would be excessive interest shall be deemed to be a partial prepayment of principal and treated hereunder as such; and, if the principal amount of the Obligations is paid in full, any remaining excess shall forthwith be paid to the applicable
Borrower Party. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Rate, each Borrower Party and Funding Party shall, to the maximum extent permitted under applicable
law: (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest; (b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate, allocate and spread, in equal parts, the
total amount of interest throughout the entire contemplated term of the Obligations so that the interest rate does not exceed the Maximum Rate; provided that, if the Obligations are paid and performed in full prior to the end of the full
contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, each applicable Funding Party shall refund to the applicable Borrower Party the amount of such excess or credit the amount
of such excess against the principal amount of the Obligations and, in such event, Funding Parties shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in excess of the
Maximum Rate. As used herein, the term “applicable law” shall mean the law in effect as of the date hereof; provided, however, that in the event there is a change in the law which results in a higher permissible rate
of interest, then the Loan Documents shall be governed by such new law as of its effective date. 
 13.15 Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Credit Agreement. 
 13.16
Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the
execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by Administrative Agent, each Funding Agent, and each Lender, regardless of any investigation made by Administrative Agent, any Funding
Agent, or any Lender or on their behalf and notwithstanding that Administrative Agent, any Funding Agent, or any Lender may have had notice or knowledge of any Default or Event of Default at the time of any Credit Extension, and shall continue in
full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

13.17 Limited Liability of Investors. None of the Investors, shall have any personal, partnership, corporate or trust liability for the
payment or performance of the Obligations. Nothing contained in this Section 13.17 or in any of the other provisions of the Loan Documents shall be construed to limit, restrict, or impede the obligations, the liabilities, and
indebtedness of any Borrower Party, or of any Investor to make its Capital Contributions to Borrower in accordance with the terms of the Operating Agreement and its Subscription Agreement. Notwithstanding anything contained in this
Section 13.17, the payment and performance of the Obligations shall be fully recourse to Borrower Parties and their respective properties and assets. 

13.18 Confidentiality. Administrative Agent, each Funding Agent, the Letter of Credit Issuer, the Swingline Lender, and each Lender
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed: (a) to its and its Affiliates’ respective partners, directors, officers, employees, representatives, advisors and
agents, including accountants, legal counsel 

  
 119 

 
and other advisors in each case on a reasonable need-to-know basis (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 and that the Administrative Agent, Funding Agent, Letter of Credit Issuer, Swingline Lender or Lender disclosing such information shall be liable for any disclosure in violation hereof
by any of its own partners, directors, officers, employees, representatives, advisors and agents, including accountants, legal counsel and other advisors); (b) to the extent required or requested by any regulatory authority (including any
self-regulatory organization claiming to have jurisdiction), any governmental or administrative agency or any bank examiner having jurisdiction over such Person; (c) to the extent required by applicable laws or regulations or by any subpoena or
similar legal process; (d) to any other party to this Credit Agreement or the Loan Documents; (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Credit Agreement or under any
other Loan Document or the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section to which the Borrower Parties are intended third
party beneficiaries entitled to enforce such agreement, to: (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights or obligations under this Credit Agreement; or
(ii) any direct or indirect contractual counterparty or prospective counterparty (or such contractual counterparty’s or prospective counterparty’s professional advisor) to any credit derivative transaction relating to obligations of
the Borrower Parties; (g) with the consent of the applicable Borrower Party; (h) to the extent such Information: (x) becomes publicly available other than as a result of a breach of this Section; (y) becomes
available to Administrative Agent, any Funding Agent, or any Lender on a non-confidential basis from a source other than a Borrower Party; or (z) was independently developed by any Agent or any Lender
from information obtained from a source other than a Borrower Party and in compliance with this Section or, (i) subject to an agreement containing provisions substantially the same as those of this Section, to
the National Association of Insurance Commissioners or any other similar organization or any Rating Agency, Commercial Paper dealer first loss provider, service provider, provider of credit enhancement or liquidity to such Conduit Lender or any
Person providing financing to, or holding equity interest in, such Conduit Lender, or to any officers, directors, employees, outside accountants or attorneys of any of the foregoing; provided that with respect to this clause (i),
such recipient has been advised of the confidential nature of such Information and instructed to keep such Information confidential. Notwithstanding the foregoing, (i) except as set forth in clause (ii) of this sentence, or
as otherwise set forth in clauses (a), (b), (c), (d), (e) or (h) above, neither the identity of the Investors (other than by identification number and dollar amounts), nor the contents of the organizational
documents or the subscription agreements or related subscription booklets, offering memorandum and marketing materials, shall be revealed without the Borrower Parties consent (subject, with respect to clause (c) above, that
obtaining the consent of such Borrower Party is permitted by law), and (ii) without limiting clause (i) of this sentence, prior to revealing the identity of Investors (other than, in either case, by identification number and
dollar amounts) to any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights or obligations under this Credit Agreement, the applicable assignor shall, enter into an agreement containing
provisions substantially the same as those of this Section to which the Borrower Parties are intended third party beneficiaries entitled to enforce such agreement. Notwithstanding subsections (a) through
(j), neither Administrative Agent, Funding Agent nor any Lender shall disseminate any Information to a Competitor without the prior written consent of the Borrower. For the purposes of this Section,
“Information” means all non-public, confidential or proprietary information received from or on behalf of any Borrower Party relating to any Borrower Party or any of their Subsidiaries, Investors or Affiliates or its or their
business; provided, that any information provided by or on behalf of any Borrower Party shall be deemed non-public, confidential and proprietary unless specifically identified otherwise by such Borrower Party. 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. 

  
 120 

 13.19 USA Patriot Act Notice. Each Lender and each Agent (for itself and not on behalf of
any Lender) hereby notifies each Borrower Party that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to
obtain, verify and record information that identifies each Borrower Party, which information includes the name and address of each Borrower Party and other information that will allow such Lender or Administrative Agent, as applicable, to identify
each Borrower Party in accordance with the Patriot Act. 
 13.20 No Advisory or Fiduciary Responsibility. In connection with all
aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Borrower and each other Borrower Party acknowledges and agrees, and acknowledges its
Affiliates’ understanding, that: (a)(i) the arranging and other services regarding this Credit Agreement provided by Administrative Agent and the Arrangers, are arm’s-length commercial transactions between Borrower, each other
Borrower Party and their respective Affiliates, on the one hand, and Administrative Agent and the Arrangers, on the other hand; (ii) Borrower and each other Borrower Party has consulted its own legal, accounting, regulatory and tax advisors to
the extent it has deemed appropriate; and (iii) Borrower and each other Borrower Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan
Documents; (b)(i) Administrative Agent and the Arrangers 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 Borrower or any other Borrower Party or any of their respective Affiliates, or any other Person; and (ii) neither Administrative Agent nor the Arrangers has any obligation to Borrower or any other Borrower Party or any of their
respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) Administrative Agent, each Lender and the Arrangers and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Borrower or any other Borrower Party and their respective Affiliates, and neither Administrative Agent nor the Arrangers has any obligation
to disclose any of such interests to Borrower or any other Borrower Party or any of their respective Affiliates. To the fullest extent permitted by law, Borrower and each other Borrower Party hereby waives and releases any claims that it may have
against Administrative Agent and the Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

13.21 Qualified Purchaser. Each Lender represents and warrants that it is a Qualified Purchaser. 

13.22 No Bankruptcy Petition Against any Conduit Lender. Each of the parties hereto hereby covenants and agrees that, prior to the date
which is one year and one day after the payment in full of all outstanding Commercial Paper or other rated indebtedness of a Conduit Lender, it will not institute against, or encourage, cooperate with or join any other Person in instituting against,
such Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the law of the United States or any state of the United States. The provisions of this Section shall survive the
termination of this Credit Agreement. 
 13.23 No Recourse Against any Conduit Lender. Notwithstanding anything to the contrary
contained in this Credit Agreement, the obligations of each Conduit Lender under this Credit Agreement and all other Loan Documents are solely the corporate obligations of such Conduit Lender and shall be payable solely to the extent of funds
received by such Conduit Lender from the Borrower Parties in accordance herewith or from any party to any Loan Document in accordance with the terms thereof in excess of funds necessary to pay such Conduit Lender’s matured and maturing
Commercial Paper or other rated indebtedness and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim against such Conduit Lender but shall continue to accrue. The

  
 121 

 
payment of any claim (as defined in Section 101 of Title 11 of the Bankruptcy Code) of any party to this Credit Agreement or any other Loan Document against a Conduit
Lender shall be subordinated to the payment in full of all of such Conduit Lender’s Commercial Paper and other rated indebtedness. No recourse under or with respect to any obligation, covenant or agreement of any Conduit Lender as contained in
this Credit Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any manager or administrator of such Person or any incorporator, stockholder, member, officer,
employee or director of such Person or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise. The provisions of this
Section shall survive the termination of this Credit Agreement. 
 13.24 Excess Funds. Notwithstanding any
provisions contained in this Credit Agreement to the contrary, no Conduit Lender shall, nor shall any Conduit Lender be obligated to, pay any amount pursuant to this Credit Agreement unless (i) such Conduit Lender has received funds which may
be used to make such payment and which funds are not required to repay its commercial paper notes when due and (ii) after giving effect to such payment, either (x) such Conduit Lender could issue commercial paper notes to refinance all of
its outstanding commercial paper notes (assuming such outstanding commercial paper notes matured at such time) in accordance with the program documents governing its securitization program or (y) all of such Conduit Lender’s commercial
paper notes are paid in full. Any amount which any Conduit Lender does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in Section 101 of the United States Bankruptcy Code) against or
obligation of such Conduit Lender for any such insufficiency unless and until such Conduit Lender satisfies the provisions of clauses (i) and (ii) above. The provisions of this Section shall
survive the termination of this Credit Agreement. 
 13.25 Electronic Execution of Assignments and Certain Other Documents. The words
“execute,” “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption Agreement shall be deemed to include electronic signatures, the electronic matching of assignment terms
and contract formations on electronic platforms approved by 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. 
 13.26 Counterparts; Integration;
Effectiveness. This Credit 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. This Credit Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to Administrative Agent, or, if applicable, the Letter of Credit Issuer, constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 7.01, this Credit Agreement shall become
effective when it shall have been executed by Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed
counterpart of a signature page of this Credit Agreement by fax or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Credit Agreement. 

13.27 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any
other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures 

  
 122 

 
Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower Party in
respect of any such sum due from it to Administrative Agent, Letter of Credit Issuer or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other
than that in which such sum is denominated in accordance with the applicable provisions of this Credit Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by
Administrative Agent, Letter of Credit Issuer or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, Administrative Agent, Letter of Credit Issuer or such Lender, as the case may be, may in accordance with
normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to Administrative Agent, Letter of Credit Issuer or any Lender from any
Borrower Party in the Agreement Currency, such Borrower Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify Administrative Agent, Letter of Credit Issuer or such Lender, as the case may be, against such loss.
If the amount of the Agreement Currency so purchased is greater than the sum originally due to Administrative Agent, Letter of Credit Issuer or any Lender in such currency, Administrative Agent, Letter of Credit Issuer or such Lender, as the case
may be, agrees to return the amount of any excess to such Borrower Party (or to any other Person who may be entitled thereto under applicable law). 

13.28 Entire Agreement. THIS CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

Remainder of page intentionally left blank 

signature pages follow. 

  
 123 

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

					
	BORROWER:
	
	TCW DIRECT LENDING LLC
		
	By:	 	 /s/ James Krause

		 	Name:	 	James Krause
		 	Title:	 	Chief Financial Officer, Treasurer and Secretary

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	ADMINISTRATIVE AGENT:
	
	NATIXIS, NEW YORK BRANCH, as Administrative Agent, Swingline Lender and Letter of Credit Issuer
		
	By:	 	 /s/ Nick Mitra

		 	Name:	 	Nick Mitra
		 	Title:	 	Executive Director
		
	By:	 	 /s/ David S. Bondy

		 	Name:	 	David S. Bondy
		 	Title:	 	Managing Director

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	LENDERS:
	
	NATIXIS, NEW YORK BRANCH, as Funding Agent and Committed Lender for the Natixis Lender Group
		
	By:	 	 /s/ Nick Mitra

		 	Name:	 	Nick Mitra
		 	Title:	 	Executive Director
		
	By:	 	 /s/ David S. Bondy

		 	Name:	 	David S. Bondy
		 	Title:	 	Managing Director

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	CAPITAL ONE, N.A., as a Committed Lender for the Capital One Lender Group
		
	By:	 	 /s/ John Walsh

		 	Name:	 	John Walsh
		 	Title:	 	Managing Director

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	CITY NATIONAL BANK, a national banking association, as a Committed Lender for the City National Bank Lender Group
		
	By:	 	 /s/ Charles Hill

		 	Name:	 	Charles Hill
		 	Title:	 	Senior Vice President

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	COMMONWEALTH BANK OF AUSTRALIA, as a Committed Lender for the Commonwealth Bank of Australia Lender Group
		
	By:	 	 /s/ Stephen McCarthy

		 	Name:	 	Stephen McCarthy
		 	Title:	 	Senior Associate

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	MUFG UNION BANK, N.A., as a Committed Lender for the MUFG Union Bank Lender Group
		
	By:	 	 /s/ Rafel Vistan

		 	Name:	 	Rafael Vistan
		 	Title:	 	Director

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	STATE STREET BANK AND TRUST COMPANY, as a Committed Lender for the State Street Bank Lender Group
		
	By:	 	 /s/ Carolyn L. Baker

		 	Name:	 	Carolyn L. Baker
		 	Title:	 	Vice President

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	BANK OF AMERICA, N.A., as a Committed Lender for the Bank of America Lender Group
		
	By:	 	 /s/ Jose Liz-Moncion

		 	Name:	 	Jose Liz-Moncion
		 	Title:	 	Vice President

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	SOCIETE GENERALE, as a Committed Lender for the Societe Generale Lender Group
		
	By:	 	 /s/ John Meehan

		 	Name:	 	John Meehan
		 	Title:	 	Director

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 
					
	CITIBANK, N.A., as a Committed Lender for the Citibank Lender Group
		
	By:	 	 /s/ Steffen Lunde

		 	Name:	 	Steffen Lunde
		 	Title:	 	Vice President

  
 Signature Page to 

Amended and Restated Revolving Credit Agreement 

 Schedule 1.01A 

COMMITMENTS AND LENDER GROUPS 

TCW DIRECT LENDING LLC 
  

											
	 Name of Lender

Group
	 	 Funding Agent
	 	 Committed Lender
	 	 Conduit

Lender
	 	Commitment of
Committed
Lender	 
	 Natixis
	 	Natixis, New York Branch	 	Natixis, New York Branch	 	 None
	 	$	75,000,000	  
	 Capital One
	 	Capital One, N.A.	 	Capital One, N.A.	 	 None
	 	$	112,500,000	  
	 City National Bank
	 	City National Bank	 	City National Bank	 	 None
	 	$	37,500,000	  
	 Commonwealth Bank of Australia
	 	Commonwealth Bank of Australia	 	Commonwealth Bank of Australia	 	 None
	 	$	112,500,000	  
	 MUFG Union Bank
	 	MUFG Union Bank, N.A.	 	MUFG Union Bank, N.A.	 	 None
	 	$	87,500,000	  
	 State Street Bank
	 	State Street Bank and Trust Company	 	State Street Bank and Trust Company	 	 None
	 	$	112,500,000	  
	 Bank of America
	 	Bank of America, N.A.	 	Bank of America, N.A.	 	 None
	 	$	75,000,000	  
	 Societe Generale
	 	Societe Generale	 	Societe Generale	 	 None
	 	$	62,500,000	  
	 Citibank
	 	Citibank, N.A.	 	Citibank, N.A.	 	 None
	 	$	75,000,000	  
		 		 		 		 	  
	  
	 
	 Total
	 		 		 		 	$	750,000,000	  
		 		 		 		 	  
	  
	 

  
 Schedule 1.01A 

 Schedule 1.01B 

MANDATORY COST FORMULAE 
 1. The Mandatory
Cost (to the extent applicable) is an addition to the interest rate to compensate Lenders for the cost of compliance with: 
  

	 	(a)	the requirements of the Bank of England and/or the Financial Conduct Authority and/or Prudential Regulation Authority (or, in either case, any other authority which replaces all or any of its functions); or

  

	 	(b)	the requirements of the European Central Bank. 

 2. On the first day of each Interest Period (or as soon as
possible thereafter) Administrative Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated
by Administrative Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum.
Administrative Agent will, at the request of Borrower, deliver to Borrower a statement setting forth the calculations of the Additional Cost Rate for each Lender and the Mandatory Cost. 

3. The Additional Cost Rate for any Lender lending from a Lending Office in a Participating Member State will be the percentage notified by that Lender to
Administrative Agent. This percentage will be certified by such Lender in its notice to Administrative Agent to be its reasonable determination of the cost (expressed as a percentage of such Lender’s participation in all relevant Loans made
from such Lending Office) of complying with the minimum reserve requirements of the European Central Bank in respect of Loans made from that Lending Office. 

4. Subject to paragraph 13 below and/or any changes agreed between the Required Lenders and Borrower in order to reflect market practice in relation to
fees or costs imposed by the Financial Conduct Authority and/or the Prudential Regulation Authority (as the case may be), the Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom will be calculated by
Administrative Agent as follows: 
  

	 	(a)	in relation to any Loan in Sterling: 

 AB+C(B-D)+E × 0.01 per cent per annum

 100 - (A+C) 
  

	 	(b)	in relation to any Loan in any currency other than Sterling: 

 E × 0.01 per cent
per annum 
 300 
 Where: 

 

	 	“A”	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an interest free cash ratio deposit with the Bank of
England to comply with cash ratio requirements. 

  
 Schedule 1.01B 

	 	“B”	is the percentage rate of interest (excluding the Applicable Margin, the Mandatory Cost and any interest charged on overdue amounts pursuant to the first sentence of Section 2.05(b) and, in the case
of interest (other than on overdue amounts) charged at the Default Rate, without counting any increase in interest rate effected by the charging of the Default Rate) payable for the relevant Interest Period of such Loan. 

 

	 	“C”	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of England. 

 

	 	“D”	is the percentage rate per annum payable by the Bank of England to Administrative Agent on interest bearing Special Deposits. 

  

	 	“E”	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by Administrative Agent as being the average of the most recent rates of charge supplied by the Reference Banks to
Administrative Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

 5. For the purposes of
this Schedule: 
 (a) “Eligible Liabilities” and “Special Deposits” have the meanings given
to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England; 
 (b)
“Fees Rules” means the rules on periodic fees contained in the Financial Conduct Authority Fees Manual and/or the Fees Manual of the Prudential Regulation Authority or such other law or regulation as may be in force from time
to time in respect of the payment of fees for the acceptance of deposits; 
 (c) “Fee Tariffs” means the fee tariffs
specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate) or such other equivalent fee tariffs
payable to the Financial Conduct Authority and/or the Prudential Regulation Authority (as the case may be); 
 (d) “Reference
Banks” means four banks in the London interbank market selected by Administrative Agent in consultation with Borrower (or all such banks if there are less than four); 

(e) “Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules; 

(f) “Financial Conduct Authority” means the Financial Conduct Authority established pursuant to the Financial Services
and Markets Act 2012 (or any successor authority); 
 (g) “Participating Member State” means any member state of the
European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union; and 

(h) “Prudential Regulation Authority” means the Prudential Regulation Authority established pursuant to the Financial
Services and Markets Act 2012 (or any successor authority). 

  
 Schedule 1.01B 

 6. In application of the above formulae, A, B, C and D will be included in the formulae as percentages
(i.e. 5% will be included in the formula as 5 and not as 0.05). A negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

7. If requested by Administrative Agent or Borrower, each Reference Bank with a Lending Office in the United Kingdom or a Participating Member State shall, as
soon as practicable after publication by the Financial Conduct Authority and/or the Prudential Regulation Authority (as the case may be), supply to Administrative Agent and Borrower, the rate of charge payable by such Reference Bank to the Financial
Conduct Authority and/or the Prudential Regulation Authority (as the case may be) pursuant to the Fees Rules in respect of the relevant financial year of the Financial Conduct Authority and/or the Prudential Regulation Authority (as the case may be)
(calculated for this purpose by such Reference Bank as being the average of the Fee Tariffs applicable to such Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of such Reference Bank. 

8. Each Lender shall supply any information required by Administrative Agent for the purpose of calculating its Additional Cost Rate. In particular, but
without limitation, each Lender shall supply the following information in writing on or prior to the date on which it becomes a Lender: 

(a) the jurisdiction of the Lending Office out of which it is making available its participation in the relevant Loan; and 

(b) any other information that Administrative Agent may reasonably require for such purpose. 

Each Lender shall promptly notify Administrative Agent in writing of any change to the information provided by it pursuant to this paragraph.

 9. The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be
determined by Administrative Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies Administrative Agent to the contrary, each
Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a lending office in the same jurisdiction as its Lending Office. 

10. Administrative Agent shall have no liability to any Person if such determination results in an Additional Cost Rate which over- or under-compensates any
Lender and shall be entitled to assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

11. Administrative Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost
Rate for each Lender based on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above. 

12. Any determination by Administrative Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any
amount payable to a Lender shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 
 13. Administrative Agent may from
time to time, after consultation with Borrower and the Lenders, determine and notify to all parties hereto any amendments which are required to be made to this Schedule in order to comply with any change in law, regulation or any requirements
from time to time 

  
 Schedule 1.01B 

 
imposed by the Bank of England, the Financial Conduct Authority, the Prudential Regulation Authority or the European Central Bank (or, in any case, any other authority which replaces all or any
of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

  
 Schedule 1.01B 

 Schedule 13.07 

ADDRESSES FOR NOTICE 
  

			
	If to any Borrower Party:	  	If to Administrative Agent, Swingline Lender or Letter of Credit Issuer:
		
	 c/o The TCW Group, Inc.
 865 S. Figueroa
Street
 Los Angeles, California 90017
 Attention: Meredith
Jackson
 Telephone: (213) 244-0896
 Email:
meredith.jackson@tcw.com
	  	 Natixis, New York Branch
 1251 Avenue of
Americas, 4th Floor
 New York, New York 10020
 Attention: Urs
Fischer
 Telephone: (212) 891-1954
 Fax: (646) 282-2392

Email: urs.fischer@us.natixis.com
  

Natixis, New York Branch
 1251 Avenue of Americas, 4th Floor

New York, New York 10020
 Attention: Hana Beckles

Telephone: (212) 583-4913
 Fax: (646) 282-2392

Email: hana.beckles@us.natixis.com
  

Natixis, New York Branch
 1251 Avenue of Americas, 4th Floor

New York, New York 10020
 Attention: Yazmin Vasconez

Telephone: (212) 891-6176
 Fax: (646) 282-2392

Email: yazmin.vasconez@us.natixis.com
  

With a copy to:
  

Natixis, New York Branch
 1251 Avenue of the Americas, 5th
Floor
 New York, NY 10020
 Attention: Legal Department

Telephone: (212) 891-6100
 Fax: (212) 891-1922

Email: legal.notices@us.natixis.com

  
 Schedule 13.07

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