Document:

Indenture

 EXHIBIT 4.3 
  

SOUTHERN CAPITAL TRUST II INDENTURE 
  
  
 Southern BancShares (N.C.), Inc. 
 as Company 
  
  
  
 INDENTURE 
 Dated as of April 28, 2005 
  
  
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION 
 As Trustee 
  
  
 JUNIOR SUBORDINATED DEBT SECURITIES 
  

Due June 15, 2035 

 Table of Contents 
  
  

					
			
	 	 	 	  	Page

	 	 	 ARTICLE I
 DEFINITIONS
	  	 
			
	SECTION 1.01.	 	Definitions	  	1
			
	 	 	Additional Interest	  	1
			
	 	 	Additional Provisions	  	1
			
	 	 	Authenticating Agent	  	1
			
	 	 	Bankruptcy Law	  	1
			
	 	 	Board of Directors	  	1
			
	 	 	Board Resolution	  	1
			
	 	 	Business Day	  	1
			
	 	 	Calculation Agent	  	1
			
	 	 	Capital Securities	  	1
			
	 	 	Capital Securities Guarantee	  	2
			
	 	 	Capital Treatment Event	  	2
			
	 	 	Certificate	  	2
			
	 	 	Common Securities	  	2
			
	 	 	Company	  	2
			
	 	 	Debt Security	  	2
			
	 	 	Debt Security Register	  	2
			
	 	 	Declaration	  	2
			
	 	 	Default	  	2
			
	 	 	Defaulted Interest	  	2
			
	 	 	Deferred Interest	  	2
			
	 	 	Event of Default	  	2
			
	 	 	Extension Period	  	2
			
	 	 	Federal Reserve	  	2
			
	 	 	Indenture	  	3
			
	 	 	Initial Purchaser	  	3
			
	 	 	Institutional Trustee	  	3
			
	 	 	Interest Payment Date	  	3

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	 	 	 	  	Page

	 	 	Interest Rate	  	3
			
	 	 	Investment Company Event	  	3
			
	 	 	Liquidation Amount	  	3
			
	 	 	Maturity Date	  	3
			
	 	 	Notice	  	3
			
	 	 	Officers’ Certificate	  	3
			
	 	 	Opinion of Counsel	  	3
			
	 	 	OTS	  	3
			
	 	 	Outstanding	  	3
			
	 	 	Paying Agent	  	4
			
	 	 	Person	  	4
			
	 	 	Predecessor Security	  	4
			
	 	 	Principal Office of the Trustee	  	4
			
	 	 	Redemption Date	  	4
			
	 	 	Redemption Price	  	4
			
	 	 	Responsible Officer	  	4
			
	 	 	Securityholder	  	4
			
	 	 	Senior Indebtedness	  	4
			
	 	 	Special Event	  	5
			
	 	 	Special Redemption Date	  	5
			
	 	 	Subsidiary	  	5
			
	 	 	Tax Event	  	5
			
	 	 	Trust	  	5
			
	 	 	Trust Indenture Act	  	6
			
	 	 	Trust Securities	  	6
			
	 	 	Trustee	  	6
			
	 	 	United States	  	6
			
	 	 	U.S. Person	  	6

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	ARTICLE II
	DEBT SECURITIES
			
	 SECTION 2.01.
	 	Authentication and Dating	  	6
			
	 SECTION 2.02.
	 	Form of Trustee’s Certificate of Authentication	  	7
			
	 SECTION 2.03.
	 	Form and Denomination of Debt Securities	  	7
			
	 SECTION 2.04.
	 	Execution of Debt Securities	  	7
			
	 SECTION 2.05.
	 	Exchange and Registration of Transfer of Debt Securities	  	7
			
	 SECTION 2.06.
	 	Mutilated, Destroyed, Lost or Stolen Debt Securities	  	9
			
	 SECTION 2.07.
	 	Temporary Debt Securities	  	10
			
	 SECTION 2.08.
	 	Payment of Interest	  	10
			
	 SECTION 2.09.
	 	Cancellation of Debt Securities Paid, etc	  	11
			
	 SECTION 2.10.
	 	Computation of Interest	  	11
			
	 SECTION 2.11.
	 	Extension of Interest Payment Period	  	12
			
	 SECTION 2.12.
	 	CUSIP Numbers	  	12
			
	 SECTION 2.13.
	 	Income Tax Certification	  	12
	
	ARTICLE III
	PARTICULAR COVENANTS OF THE COMPANY
			
	 SECTION 3.01.
	 	Payment of Principal, Premium and Interest; Agreed Treatment of the Debt Securities	  	13
			
	 SECTION 3.02.
	 	Offices for Notices and Payments, etc	  	13
			
	 SECTION 3.03.
	 	Appointments to Fill Vacancies in Trustee’s Office	  	13
			
	 SECTION 3.04.
	 	Provision as to Paying Agent	  	14
			
	 SECTION 3.05.
	 	Certificate to Trustee	  	14
			
	 SECTION 3.06.
	 	Additional Interest	  	14
			
	 SECTION 3.07.
	 	Compliance with Consolidation Provisions	  	15
			
	 SECTION 3.08.
	 	Limitation on Dividends	  	15
			
	 SECTION 3.09.
	 	Covenants as to the Trust	  	15
	
	ARTICLE IV
	LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
			
	 SECTION 4.01.
	 	Securityholders’ Lists	  	16
			
	 SECTION 4.02.
	 	Preservation and Disclosure of Lists	  	16

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	ARTICLE V
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT
			
	 SECTION 5.01.
	 	Events of Default	  	17
			
	 SECTION 5.02.
	 	Payment of Debt Securities on Default; Suit Therefor	  	18
			
	 SECTION 5.03.
	 	Application of Moneys Collected by Trustee	  	19
			
	 SECTION 5.04.
	 	Proceedings by Securityholders	  	20
			
	 SECTION 5.05.
	 	Proceedings by Trustee	  	20
			
	 SECTION 5.06.
	 	Remedies Cumulative and Continuing	  	20
			
	 SECTION 5.07.
	 	Direction of Proceedings and Waiver of Defaults by Majority of Securityholders	  	20
			
	 SECTION 5.08.
	 	Notice of Defaults	  	21
			
	 SECTION 5.09.
	 	Undertaking to Pay Costs	  	21
	
	ARTICLE VI
	CONCERNING THE TRUSTEE
			
	 SECTION 6.01.
	 	Duties and Responsibilities of Trustee	  	21
			
	 SECTION 6.02.
	 	Reliance on Documents, Opinions, etc	  	22
			
	 SECTION 6.03.
	 	No Responsibility for Recitals, etc	  	23
			
	 SECTION 6.04.
	 	Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own Debt Securities	  	23
			
	 SECTION 6.05.
	 	Moneys to be Held in Trust	  	23
			
	 SECTION 6.06.
	 	Compensation and Expenses of Trustee	  	24
			
	 SECTION 6.07.
	 	Officers’ Certificate as Evidence	  	24
			
	 SECTION 6.08.
	 	Eligibility of Trustee	  	24
			
	 SECTION 6.09.
	 	Resignation or Removal of Trustee, Calculation Agent, Paying Agent or Debt Security Registrar	  	25
			
	 SECTION 6.10.
	 	Acceptance by Successor	  	26
			
	 SECTION 6.11.
	 	Succession by Merger, etc	  	26
			
	 SECTION 6.12.
	 	Authenticating Agents	  	27

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	ARTICLE VII
	CONCERNING THE SECURITYHOLDERS
			
	 SECTION 7.01.
	 	Action by Securityholders	  	27
			
	 SECTION 7.02.
	 	Proof of Execution by Securityholders	  	28
			
	 SECTION 7.03.
	 	Who Are Deemed Absolute Owners	  	28
			
	 SECTION 7.04.
	 	Debt Securities Owned by Company Deemed Not Outstanding	  	28
			
	 SECTION 7.05.
	 	Revocation of Consents; Future Securityholders Bound	  	28
	
	ARTICLE VIII
	SECURITYI-IOLDERS’ MEETINGS
			
	 SECTION 8.01.
	 	Purposes of Meetings	  	29
			
	 SECTION 8.02.
	 	Call of Meetings by Trustee	  	29
			
	 SECTION 8.03.
	 	Call of Meetings by Company or Securityholders	  	29
			
	 SECTION 8.04.
	 	Qualifications for Voting	  	29
			
	 SECTION 8.05.
	 	Regulations	  	30
			
	 SECTION 8.06.
	 	Voting	  	30
			
	 SECTION 8.07.
	 	Quorum; Actions	  	30
			
	 SECTION 8.08.
	 	Written Consent Without a Meeting	  	31
	
	ARTICLE IX
	SUPPLEMENTAL INDENTURES
			
	 SECTION 9.01.
	 	Supplemental Indentures without Consent of Securityholders	  	31
			
	 SECTION 9.02.
	 	Supplemental Indentures with Consent of Securityholders	  	32
			
	 SECTION 9.03.
	 	Effect of Supplemental Indentures	  	33
			
	 SECTION 9.04.
	 	Notation on Debt Securities	  	33
			
	 SECTION 9.05.
	 	Evidence of Compliance of Supplemental Indenture to be furnished to Trustee	  	33
	
	ARTICLE X
	REDEMPTION OF SECURITIES
			
	 SECTION 10.01.
	 	Optional Redemption	  	33
			
	 SECTION 10.02.
	 	Special Event Redemption	  	34
			
	 SECTION 10.03.
	 	Notice of Redemption; Selection of Debt Securities	  	34
			
	 SECTION 10.04.
	 	Payment of Debt Securities Called for Redemption	  	34

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	ARTICLE XI
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
			
	 SECTION 11.01.
	 	Company May Consolidate, etc., on Certain Terms	  	35
			
	 SECTION 11.02.
	 	Successor Entity to be Substituted	  	35
			
	 SECTION 11.03.
	 	Opinion of Counsel to be Given to Trustee	  	36
	
	ARTICLE XII
	SATISFACTION AND DISCHARGE OF INDENTURE
			
	 SECTION 12.01.
	 	Discharge of Indenture	  	36
			
	 SECTION 12.02.
	 	Deposited Moneys to be Held in Trust by Trustee	  	36
			
	 SECTION 12.03.
	 	Paying Agent to Repay Moneys Held	  	37
			
	 SECTION 12.04.
	 	Return of Unclaimed Moneys	  	37
	
	ARTICLE XIII
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
			
	 SECTION 13.01.
	 	Indenture and Debt Securities Solely Corporate Obligations	  	37
	
	ARTICLE XIV
	MISCELLANEOUS PROVISIONS
			
	 SECTION 14.01.
	 	Successors	  	37
			
	 SECTION 14.02.
	 	Official Acts by Successor Entity	  	37
			
	 SECTION 14.03.
	 	Surrender of Company Powers	  	37
			
	 SECTION 14.04.
	 	Addresses for Notices, etc	  	38
			
	 SECTION 14.05.
	 	Governing Law	  	38
			
	 SECTION 14.06.
	 	Evidence of Compliance with Conditions Precedent	  	38
			
	 SECTION 14.07.
	 	Non-Business Days	  	38
			
	 SECTION 14.08.
	 	Table of Contents, Headings, etc	  	39
			
	 SECTION 14.09.
	 	Execution in Counterparts	  	39
			
	 SECTION 14.10.
	 	Severability	  	39

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	 SECTION 14.11.
	 	Assignment	  	39
			
	 SECTION 14.12.
	 	Acknowledgment of Rights	  	39
	
	ARTICLE XV
	SUBORDINATION OF DEBT SECURITIES
			
	 SECTION 15.01.
	 	Agreement to Subordinate	  	39
			
	 SECTION 15.02.
	 	Default on Senior Indebtedness	  	40
			
	 SECTION 15.03.
	 	Liquidation; Dissolution; Bankruptcy	  	40
			
	 SECTION 15.04.
	 	Subrogation	  	41
			
	 SECTION 15.05.
	 	Trustee to Effectuate Subordination	  	41
			
	 SECTION 15.06.
	 	Notice by the Company	  	41
			
	 SECTION 15.07.
	 	Rights of the Trustee, Holders of Senior Indebtedness	  	42
			
	 SECTION 15.08.
	 	Subordination May Not Be Impaired	  	42
			
	EXHIBITS          	 	 	  	 
			
	EXHIBIT A        	 	FORM OF DEBT SECURITY	  	 

 THIS INDENTURE, dated as of April 28, 2005, between Southern BancShares (N.C.), Inc., a bank holding
company incorporated in Delaware (hereinafter sometimes called the “Company”), and JPMorgan Chase Bank, National Association as trustee (hereinafter sometimes called the “Trustee”). 
  
 WITNESSETH: 
  
 WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its Junior Subordinated Debt
Securities due June 15, 2035 (the “Debt Securities”) under this Indenture and to provide, among other things, for the execution and authentication, delivery and administration thereof, the Company has duly authorized the execution of this
Indenture. 
  
 NOW, THEREFORE, in consideration of the premises,
and the purchase of the Debt Securities by the holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective holders from time to time of the Debt Securities as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01. Definitions. 
  
 The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this
Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with
generally accepted accounting principles and the term “generally accepted accounting principles” means such accounting principles as are generally accepted in the United States at the time of any computation. The words “herein,”
“hereof and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
  
 “Additional Interest” shall have the meaning set forth in Section 3.06. 
  
 “Additional Provisions” shall have the meaning set forth in Section
15.01. 
  
 “Authenticating Agent” means any agent or
agents of the Trustee which at the time shall be appointed and acting pursuant to Section 6.12. 
  
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 
  
 “Board of Directors” means the board of directors or the executive
committee or any other duly authorized designated officers of the Company. 
  
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on
the date of such certification and delivered to the Trustee. 
  
 “Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in Wilmington, Delaware, New York City or the city of the Principal Office of the Trustee or the Company are permitted or
required by any applicable law or executive order to close. 
  
 “Calculation Agent” means the Person identified as “Trustee” in the first paragraph hereof with respect to the Debt Securities and the Institutional Trustee with respect to the Trust Securities. 
  
 “Capital Securities” means undivided beneficial interests in the
assets of the Trust which are designated as “TP Securities” and rank pari passu with Common Securities issued by the Trust; provided, however, that if an Event of Default (as defined in the Declaration) has occurred and is continuing, the
rights of holders of such Common Securities to payment in respect of distributions and payments upon liquidation, redemption and otherwise are subordinated to the rights of holders of such Capital Securities. 
  

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 “Capital Securities Guarantee” means the guarantee agreement that the Company will enter into
with JPMorgan Chase Bank, National Association or other Persons that operates directly or indirectly for the benefit of holders of Capital Securities of the Trust. 
  
 “Capital Treatment Event” means, if the Company is organized and existing under the laws of the United States or
any state thereof or the District of Columbia, the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters to the effect that, as a result of (a) any amendment to, or change in, the laws, rules or regulations of the
United States or any political subdivision thereof or therein, or any rules, guidelines or policies of any applicable regulatory authority for the Company or (b) any official or administrative pronouncement or action or decision interpreting or
applying such laws, rules or regulations, which amendment or change is effective or which pronouncement, action or decision is announced on or after the date of original issuance of the Debt Securities, there is more than an insubstantial risk that,
within 90 days of the receipt of such opinion, the aggregate Liquidation Amount of the Capital Securities will not be eligible to be treated by the Company as “Tier 1 Capital” (or the then equivalent thereof) for purposes of the capital adequacy guidelines of the Federal Reserve (or any successor regulatory authority with
jurisdiction over bank or financial holding companies), as then in effect and applicable to the Company (or if the Company is not a bank holding company, such guidelines applied to the Company as if the Company were subject to such guidelines);
provided, however, that the inability of the Company to treat all or any portion of the aggregate Liquidation Amount of the Capital Securities as Tier 1 Capital shall not constitute the basis for a Capital Treatment Event, if such inability results
from the Company having cumulative preferred stock, minority interests in consolidated subsidiaries, or any other class of security or interest which the Federal Reserve or OTS, as applicable, may now or hereafter accord Tier 1 Capital treatment in
excess of the amount which may now or hereafter qualify for treatment as Tier 1 Capital under applicable capital adequacy guidelines; provided further, however, that the distribution of the Debt Securities in connection with the liquidation of the
Trust by the Company shall not in and of itself constitute a Capital Treatment Event unless such liquidation shall have occurred in connection with a Tax Event or an Investment Company Event. 
  
 “Certificate” means a certificate signed by any one of the
principal executive officer, the principal financial officer or the principal accounting officer of the Company. 
  
 “Common Securities” means undivided beneficial interests in the assets of the Trust which are designated as “Common Securities” and
rank pari passu with Capital Securities issued by the Trust; provided, however, that if an Event of Default (as defined in the Declaration) has occurred and is continuing, the rights of holders of such Common Securities to payment in respect of
distributions and payments upon liquidation, redemption and otherwise are subordinated to the rights of holders of such Capital Securities. 
  
 “Company” means Southern BancShares (N.C.), Inc., a bank holding company incorporated in Delaware, and, subject to the provisions of Article XI,
shall include its successors and assigns. 
  
 “Debt
Security” or “Debt Securities” has the meaning stated in the first recital of this Indenture. 
  
 “Debt Security Register” has the meaning specified in Section 2.05. 
  
 “Declaration” means the Amended and Restated Declaration of Trust of the Trust dated as of April 28, 2005, as
amended or supplemented from time to time. 
  
 “Default”
means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default. 
  
 “Defaulted Interest” has the meaning set forth in Section 2.08. 
  
 “Deferred Interest” has the meaning set forth in Section 2.11. 
  
 “Event of Default” means any event specified in Section 5.01, which
has continued for the period of time, if any, and after the giving of the notice, if any, therein designated. 
  
 “Extension Period” has the meaning set forth in Section 2.11. 
  
 “Federal Reserve” means the Board of Governors of the Federal Reserve System. 
  

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 “Indenture” means this instrument as originally executed or, if amended or supplemented as
herein provided, as so amended or supplemented, or both. 
  
 “Initial Purchaser” means the initial purchaser of the Capital Securities. 
  
 “Institutional Trustee” has the meaning set forth in the Declaration. 
  
 “Interest Payment Date” means March 15, June 15, September 15 and December 15 of each year, commencing on June 15, 2005, during the term of this
Indenture. 
  
 “Interest Payment Period” means the
period from and including an Interest Payment Date, or in the case of the first Interest Payment Period, the original date of issuance of the Debt Securities, to, but excluding, the next succeeding Interest Payment Date or, in the case of the last
Interest Payment Period, the Redemption Date, Special Redemption Date or Maturity Date, as the case may be. 
  
 “Interest Rate” means, with respect to any Interest Period, a per annum rate of 6.95%. 
  
 “Investment Company Event” means the receipt by the Company and the
Trust of an Opinion of Counsel experienced in such matters to the effect that, as a result of a change in law or regulation or written change in interpretation or application of law or regulation by any legislative body, court, governmental agency
or regulatory authority, there is more than an insubstantial risk that the Trust is or, within 90 days of the date of such opinion will be, considered an “investment company” that is required to be registered under the Investment Company
Act of 1940, as amended, which change or prospective change becomes effective or would become effective, as the case may be, on or after the date of the original issuance of the Debt Securities. 
  
 “Liquidation Amount” means the liquidation amount of $1,000 per
Trust Security. “Maturity Date” means June 15, 2035. 
  
 “Notice” has the meaning set forth in Section 2.11. 
  
 “Officers’ Certificate” means a certificate signed by the Chairman of the Board, the Vice Chairman, the President or any Vice President, and by the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the
Comptroller, an Assistant Comptroller, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. Each such certificate shall include the statements provided for in Section 14.06 if and to the extent required by the
provisions of such Section. 
  
 “Opinion of Counsel”
means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or may be other counsel reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided for in Section 14.06 if
and to the extent required by the provisions of such Section. 
  
 “OTS” means the Office of Thrift Supervision and any successor federal agency that is primarily responsible for regulating the activities of savings and loan holding companies. 
  
 “Outstanding” means, when used with reference to Debt Securities,
subject to the provisions of Section 7.04, as of any particular time, all Debt Securities authenticated and delivered by the Trustee or the Authenticating Agent under this Indenture, except 
  
 (a) Debt Securities theretofore canceled by the Trustee or the
Authenticating Agent or delivered to the Trustee for cancellation; 
  
 (b) Debt Securities, or portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set
aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided, that, if such Debt Securities, or portions thereof, are to be redeemed prior to maturity thereof, notice of such redemption shall have
been given as provided in Articles X and XIV or provision satisfactory to the Trustee shall have been made for giving such notice; and 
  

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 (c) Debt Securities paid pursuant to Section 2.06 or in lieu of or in substitution for which other Debt
Securities shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Company and the Trustee is presented that any such Debt Securities are held by bona fide holders in due course. 

 
 “Paying Agent” has the meaning set forth in Section 3.04(e).

  
 “Person” means any individual, corporation, limited
liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Predecessor Security” of any particular Debt Security means every previous Debt Security evidencing all or a
portion of the same debt as that evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated and delivered under Section 2.06 in lieu of a lost, destroyed or stolen Debt Security shall be
deemed to evidence the same debt as the lost, destroyed or stolen Debt Security. 
  
 “Principal Office of the Trustee” means the office of the Trustee, at which at any particular time its corporate trust business shall be principally administered, which at all times shall be located within
the United States and at the time of the execution of this Indenture shall be 600 Travis Street, 50th Floor,
Houston, Texas 77002. 
  
 “Redemption Date” has the
meaning set forth in Section 10.01. 
  
 “Redemption
Price” means 100% of the principal amount of the Debt Securities being redeemed plus accrued and unpaid interest on such Debt Securities to the Redemption Date. 
  
 “Responsible Officer” means, with respect to the Trustee, any officer within the Principal Office of the Trustee
with direct responsibility for the administration of the Indenture, including any vice-president, any assistant vice-president, any secretary, any assistant secretary, the treasurer, any assistant treasurer, any trust officer or other officer of the
Principal Office of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is
referred because of that officer’s knowledge of and familiarity with the particular subject. 
  
 “Securityholder,” “holder of Debt Securities” or other similar terms, means any Person in whose name at the time a particular Debt Security
is registered on the Debt Security Register. 
  
 “Senior
Indebtedness” means, with respect to the Company, (i) the principal, premium, if any, and interest in respect of (A) indebtedness of the Company for money borrowed and (B) indebtedness evidenced by securities, debentures, notes, bonds or other
similar instruments issued by the Company; (ii) all capital lease obligations of the Company; (iii) all obligations of the Company issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Company and all
obligations of the Company under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); (iv) all obligations of the Company for the reimbursement of any letter of credit, any banker’s
acceptance, any security purchase facility, any repurchase agreement or similar arrangement, any interest rate swap, any other hedging arrangement, any obligation under options or any similar credit or other transaction; (v) all obligations of the
type referred to in clauses (i) through (iv) above of other Persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise; and (vi) all obligations of the type referred to in clauses (i) through (v) above
of other Persons secured by any lien on any property or asset of the Company (whether or not such obligation is assumed by the Company), whether incurred on or prior to the date of this Indenture or thereafter incurred, unless, with the prior
approval of the Federal Reserve if not otherwise generally approved, it is provided in the instrument creating or evidencing the same or pursuant to which the same is outstanding, that such obligations are not superior or are pari passu in right of
payment to the Debt Securities; provided, however, that Senior Indebtedness shall not include (A) any debt securities issued to any trust other than the Trust (or a trustee of such trust) that is a financing vehicle of the Company (a “financing
entity”), in connection with the issuance by such financing entity of equity or other securities in transactions substantially similar in structure to the transactions contemplated hereunder and in the Declaration, (B) 
  

 4 

 any guarantees of the Company in respect of the equity or other securities of any financing entity referred to in clause
(A) above or (C) any other instruments allowed as subordinated securities for purposes of the Debt Securities by the Federal Reserve from time to time hereafter. 
  
 “Special Event” means any of a Tax Event, an Investment Company Event or a Capital Treatment Event. 
  
 “Special Redemption Date” has the meaning set forth in Section
10.02. 
  
 “Special Redemption Price” means, with
respect to the redemption of any Debt Security following a Special Event, an amount in cash equal to 103.525% of the principal amount of Debt Securities to be redeemed prior to June 15, 2006 and thereafter equal to the percentage of the principal
amount of the Debt Securities that is specified below for the Special Redemption Date plus, in each case, unpaid interest accrued thereon to the Special Redemption Date: 
  

			
	 Special Redemption During the
 12-Month
Period Beginning June 15,

	 	 Percentage of Principal Amount

	 2006
	 	103.140%
	 2007
	 	102.355%
	 2008
	 	101.570%
	 2009
	 	100.785%
	 2010 and thereafter
	 	100.000%

  
 “Subsidiary”
means, with respect to any Person, (i) any corporation, at least a majority of the outstanding voting stock of which is owned, directly or indirectly, by such Person or by one or more of its Subsidiaries, or by such Person and one or more of its
Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of the outstanding partnership or similar interests of which shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by
such Person and one or more of its Subsidiaries, and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner. For the purposes of this definition, “voting stock” means shares, interests,
participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the occurrence of a contingency. 
  
 “Tax Event” means the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters to the effect that, as a result
of any amendment to or change (including any announced prospective change) in the laws or any regulations thereunder of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official
administrative pronouncement (including any private letter ruling, technical advice memorandum, regulatory procedure, notice or announcement (an “Administrative Action”)) or judicial decision interpreting or applying such laws or
regulations, regardless of whether such Administrative Action or judicial decision is issued to or in connection with a proceeding involving the Company or the Trust and whether or not subject to review or appeal, which amendment, clarification,
change, Administrative Action or decision is enacted, promulgated or announced, in each case on or after the date of original issuance of the Debt Securities, there is more than an insubstantial risk that: (i) the Trust is, or will be within 90 days
of the date of such opinion, subject to United States federal income tax with respect to income received or accrued on the Debt Securities; (ii) interest payable by the Company on the Debt Securities is not, or within 90 days of the date of such
opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes; or (iii) the Trust is, or will be within 90 days of the date of such opinion, subject to or otherwise required to pay, or required
to withhold from distributions to holders of Trust Securities, more than a de minimis amount of other taxes (including withholding taxes), duties, assessments or other governmental charges. 
  
 “Trust” means Southern Capital Trust II, the Delaware statutory
trust, or any other similar trust created for the purpose of issuing Capital Securities in connection with the issuance of Debt Securities under this Indenture, of which the Company is the sponsor. 
  

 5 

 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time-to-time, or
any successor legislation. 
  
 “Trust Securities” means
Common Securities and Capital Securities of Southern Capital Trust II. 
  
 “Trustee” means the Person identified as “Trustee” in the first paragraph hereof, and, subject to the provisions of Article VI hereof, shall also include its successors and assigns as Trustee hereunder. 
  
 “United States” means the United States of America and the District
of Columbia. 
  
 “U.S. Person” has the meaning given to
United States Person as set forth in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended. 
  
 ARTICLE II 
  
 DEBT SECURITIES 
  
 SECTION 2.01. Authentication and
Dating. 
  
 Upon the execution and delivery of this
Indenture, or from time to time thereafter, Debt Securities in an aggregate principal amount not in excess of $23,712,000 may be executed and delivered by the Company to the Trustee for authentication, and the Trustee shall thereupon authenticate
and make available for delivery said Debt Securities to or upon the written order of the Company, signed by its Chairman of the Board of Directors, Vice Chairman, President or Chief Financial Officer or one of its Vice Presidents, without any
further action by the Company hereunder. In authenticating such Debt Securities, and accepting the additional responsibilities under this Indenture in relation to such Debt Securities, the Trustee shall be entitled to receive, and (subject to
Section 6.01) shall be fully protected in relying upon a copy of any Board Resolution or Board Resolutions relating thereto and, if applicable, an appropriate record of any action taken pursuant to such resolution, in each case certified by the
Secretary or an Assistant Secretary or other officers with appropriate delegated authority of the Company as the case may be. 
  
 The Trustee shall have the right to decline to authenticate and deliver any Debt Securities under this Section if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken or if a Responsible Officer of the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing Securityholders. The Trustee shall also be
entitled to receive an opinion of counsel to the effect that (1) all conditions precedent to the execution, delivery and authentication of the Securities have been complied with; (2) the Securities are not required to be registered under the
Securities Act; and (3) the Indenture is not required to be qualified under the Trust Indenture Act. 
  
 The definitive Debt Securities shall be typed, printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as
determined by the officers executing such Debt Securities, as evidenced by their execution of such Debt Securities. 
  

 6 

 SECTION 2.02. Form of Trustee’s Certificate of Authentication. 
  
 The Trustee’s certificate of authentication on all Debt Securities
shall be in substantially the following form: 
  
 This is one of
the Debt Securities referred to in the within-mentioned Indenture. 
  
 JPMorgan Chase Bank, National Association, not in its individual capacity but solely as Trustee 
  

			
	 By
	 	  

	 	 	Authorized Signatory

  
 SECTION 2.03.
Form and Denomination of Debt Securities. 
  
 The Debt
Securities shall be substantially in the form of Exhibit A hereto. The Debt Securities shall be in registered, certificated form without coupons and in minimum denominations of $100,000 and any multiple of $1,000 in excess thereof. The Debt
Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the officers executing the same may determine with the approval of the Trustee as evidenced by the execution and authentication
thereof. 
  
 SECTION 2.04. Execution of Debt Securities.

  
 The Debt Securities shall be signed in the name and on behalf
of the Company by the manual or facsimile signature of any of its Chairman of the Board of Directors, Vice Chairman, President or Chief Financial Officer or one of its Executive Vice Presidents, Senior Vice Presidents or Vice Presidents, under its
corporate seal (if legally required), which may be affixed thereto or printed, engraved or otherwise reproduced thereon, by facsimile or otherwise, and which need not be attested. Only such Debt Securities as shall bear thereon a certificate of
authentication substantially in the form herein before recited, executed by the Trustee or the Authenticating Agent by the manual signature of an authorized officer, shall be entitled to the benefits of this Indenture or be valid or obligatory for
any purpose. Such certificate by the Trustee or the Authenticating Agent upon any Debt Security executed by the Company shall be conclusive evidence that the Debt Security so authenticated has been duly authenticated and delivered hereunder and that
the holder is entitled to the benefits of this Indenture. 
  
 In
case any officer of the Company who shall have signed any of the Debt Securities shall cease to be such officer before the Debt Securities so signed shall have been authenticated and delivered by the Trustee or the Authenticating Agent, or disposed
of by the Company, such Debt Securities nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Debt Securities had not ceased to be such officer of the Company; and any Debt Security may be signed on
behalf of the Company by such Persons as, at the actual date of the execution of such Debt Security, shall be the proper officers of the Company, although at the date of the execution of this Indenture any such person was not such an officer.

  
 Every Debt Security shall be dated the date of its
authentication. 
  
 SECTION 2.05. Exchange and Registration of
Transfer of Debt Securities. 
  
 The Company shall cause to
be kept, at the office or agency maintained for the purpose of registration of transfer and for exchange as provided in Section 3.02, a register (the “Debt Security Register”) for the Debt Securities issued hereunder in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for the registration and transfer of all Debt Securities as provided in this Article II. Such register shall be in written form or in any other form capable of being
converted into written form within a reasonable time. 
  
 Debt
Securities to be exchanged may be surrendered at the Principal Office of the Trustee or at any office or agency to be maintained by the Company for such purpose as provided in Section 3.02, and the Company shall execute, the Company or the Trustee
shall register and the Trustee or the Authenticating Agent shall authenticate and make available for delivery in exchange therefor the Debt Security or Debt Securities which the Securityholder making the exchange shall be entitled to receive. Upon
due presentment for registration of transfer of any Debt Security at the Principal Office of the Trustee or at any office or agency of the Company maintained for such purpose 
  

 7 

 as provided in Section 3.02, the Company shall execute, the Company or the Trustee shall register and the Trustee or the
Authenticating Agent shall authenticate and make available for delivery in the name of the transferee or transferees a new Debt Security for a like aggregate principal amount. Registration or registration of transfer of any Debt Security by the
Trustee or by any agent of the Company appointed pursuant to Section 3.02, and delivery of such Debt Security, shall be deemed to complete the registration or registration of transfer of such Debt Security. 
  
 All Debt Securities presented for registration of transfer or for exchange or
payment shall (if so required by the Company or the Trustee or the Authenticating Agent) be duly endorsed by, or be accompanied by, a written instrument or instruments of transfer in form satisfactory to the Company and either the Trustee or the
Authenticating Agent duly executed by, the holder or such holder’s attorney duly authorized in writing. 
  
 Neither the Trustee nor the Debt Security Registrar shall be responsible for ascertaining whether any transfer complies with the registration provisions
of or any exemptions from the Securities Act (under and as defined in the Declaration), applicable state securities laws or the applicable laws of any other jurisdiction, ERISA, the United States Internal Revenue code of 1986, as amended, or the
Investment Company Act (under and as defined in the Declaration). 
  
 No service charge shall be made for any exchange or registration of transfer of Debt Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax, fee or other governmental charge that may be imposed
in connection therewith. 
  
 The Company or the Trustee shall not
be required to exchange or register a transfer of any Debt Security for a period of 15 days immediately preceding the date of selection of Debt Securities for redemption. 
  
 Notwithstanding the foregoing, Debt Securities may not be transferred except in compliance with the restricted securities
legend set forth below, unless otherwise determined by the Company in accordance with applicable law, which legend shall be placed on each Debt Security: 
  
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY
OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO A “NON U.S. PERSON” IN AN “OFFSHORE TRANSACTION” PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN
ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT IN ACCORDANCE WITH THE INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS. 
  
 THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE
HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT. 
  

 8 

 THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF. ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT
AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY
ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER
APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL
BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON
ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION. 
  
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE COMPANY AND TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE
REQUIRED BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  
 THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS
THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A PRINCIPAL AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS
SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY. 
  
 THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR
ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION. THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF DEPOSITORS AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE COMPANY, IS INELIGIBLE AS COLLATERAL FOR
A LOAN BY THE COMPANY OR ANY OF ITS SUBSIDIARIES AND IS NOT SECURED. 
  
 SECTION 2.06. Mutilated, Destroyed, Lost or Stolen Debt Securities. 
  
 In case any Debt Security shall become mutilated or be destroyed, lost or stolen, the Company shall execute, and upon its written request the Trustee shall authenticate and deliver, a new Debt Security bearing a
number not contemporaneously outstanding, in exchange and substitution for the mutilated Debt Security, or in lieu of and in substitution for the Debt Security so destroyed, lost or stolen. In every case the applicant for a substituted Debt Security
shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee
evidence to their satisfaction of the destruction, loss or theft of such Debt Security and of the ownership thereof. 
  
 The Trustee may authenticate any such substituted Debt Security and deliver the same upon the written request or authorization of any officer of the
Company. Upon the issuance of any substituted Debt Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In
case any Debt Security which has matured or is about to mature or has been called for redemption in full shall become mutilated or be destroyed, lost or stolen, 
  

 9 

 the Company may, instead of issuing a substitute Debt Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Debt Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless and, in case of
destruction, loss or theft, evidence satisfactory to the Company and to the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 
  
 Every substituted Debt Security issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any such
Debt Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debt Security shall be found at any time, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Debt Securities duly issued hereunder. All Debt Securities shall be held and owned upon the express condition that, to the extent permitted by applicable law, the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 
  
 SECTION 2.07. Temporary Debt Securities. 
  
 Pending the preparation of definitive Debt Securities, the Company may execute and the Trustee shall authenticate and make available for delivery
temporary Debt Securities that are typed, printed or lithographed. Temporary Debt Securities shall be issuable in any authorized denomination, and substantially in the form of the definitive Debt Securities but with such omissions, insertions and
variations as may be appropriate for temporary Debt Securities, all as may be determined by the Company. Every such temporary Debt Security shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with the same effect, as the definitive Debt Securities. Without unreasonable delay, the Company will execute and deliver to the Trustee or the Authenticating Agent definitive Debt Securities and thereupon any or
all temporary Debt Securities may be surrendered in exchange therefor, at the Principal Office of the Trustee or at any office or agency maintained by the Company for such purpose as provided in Section 3.02, and the Trustee or the Authenticating
Agent shall authenticate and make available for delivery in exchange for such temporary Debt Securities a like aggregate principal amount of such definitive Debt Securities. Such exchange shall be made by the Company at its own expense and without
any charge therefor except that in case of any such exchange involving a registration of transfer the Company may require payment of a sum sufficient to cover any tax, fee or other governmental charge that may be imposed in relation thereto. Until
so exchanged, the temporary Debt Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Debt Securities authenticated and delivered hereunder. 
  
 SECTION 2.08. Payment of Interest. 
  
 Each Debt Security will bear interest at the Interest Rate from and
including each Interest Payment Date or, in the case of the first Interest Payment Period, the original date of issuance of such Debt Security to, but excluding, the next succeeding Interest Payment Date or, in the case of the last Interest Payment
Period, the Redemption Date, Special Redemption Date or Maturity Date, as applicable, on the principal thereof, on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on Deferred Interest and
on any overdue installment of interest (including Defaulted Interest), payable (subject to the provisions of Article XII) on each Interest Payment Date commencing on June 15, 2005. Interest and any Deferred Interest on any Debt Security that is
payable, and is punctually paid or duly provided for by the Company, on any Interest Payment Date shall be paid to the Person in whose name said Debt Security (or one or more Predecessor Securities) is registered at the close of business on the
regular record date for such interest installment, except that interest and any Deferred Interest payable on the Maturity Date shall be paid to the Person to whom principal is paid. In the event that any Debt Security or portion thereof is called
for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and either on or prior to such Interest Payment Date, interest on such Debt Security will be paid upon presentation and surrender
of such Debt Security. 
  
 Any interest on any Debt Security,
other than Deferred Interest, that is payable, but is not punctually paid or duly provided for by the Company, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder
on the relevant regular record date by virtue of having been such holder, and such Defaulted Interest shall be paid by the Company to the Persons in whose names such Debt Securities (or their respective Predecessor Securities) are registered at the
close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such
Debt Security and the date of 
  

 10 

 the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements reasonably satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than fifteen nor less than ten
days prior to the date of the proposed payment and not less than ten days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Debt
Security Register, not less than ten days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the
Persons in whose names such Debt Securities (or their respective Predecessor Securities) are registered on such special record date and thereafter the Company shall have no further payment obligation in respect of the Defaulted Interest. 

 
 Any interest scheduled to become payable on an Interest Payment Date
occurring during an Extension Period shall not be Defaulted Interest and shall be payable on such other date as may be specified in the terms of such Debt Securities. 
  
 The term “regular record date” as used in this Section shall mean the seventh day prior to the applicable Interest
Payment Date whether or not such date is a Business Day. 
  
 Subject to the foregoing provisions of this Section, each Debt Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Debt Security shall carry the rights to interest accrued and
unpaid, and to accrue, that were carried by such other Debt Security. 
  
 SECTION 2.09. Cancellation of Debt Securities Paid, etc. 
  
 All Debt Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer, shall, if surrendered to the Company or any Paying Agent, be surrendered to the Trustee and promptly
canceled by it, or, if surrendered to the Trustee, shall be promptly canceled by it, and no Debt Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of all
canceled Debt Securities in accordance with its customary practices, unless the Company otherwise directs the Trustee in writing, in which case the Trustee shall dispose of such Debt Securities as directed by the Company. If the Company shall
acquire any of the Debt Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Debt Securities unless and until the same are surrendered to the Trustee for cancellation.

  
 SECTION 2.10. Computation of Interest. 
  
 (a) The amount of interest payable for any Interest Payment Period will be
computed on the basis of a 360-day year of twelve 30-day months and the amount payable for any partial period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day months; provided, however,
that upon the occurrence of a Special Event Redemption pursuant to Section 10.02 the amounts payable pursuant to this Indenture shall be calculated as set forth in the definition of Special Redemption Price. 
  
 (b) All percentages resulting from any calculations on the Debt Securities
will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)), and all dollar
amounts used in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). 
  
 (c) The Paying Agent shall be entitled to rely on information received from the Calculation Agent or the Company as to the Interest Rate. The Company
shall, from time to time, provide any necessary information to the Paying Agent relating to any original issue discount and interest on the Debt Securities that is included in any payment and reportable for taxable income calculation purposes.

  

 11 

 SECTION 2.11. Extension of Interest Payment Period. 
  
 As long as it is acting in good faith, the Company shall have the right,
from time to time and without causing an Event of Default, to defer payments of interest on the Debt Securities by extending the interest distribution period on the Debt Securities at any time and from time to time during the term of the Debt
Securities, for up to twenty consecutive quarterly periods (each such extended interest distribution period, an “Extension Period”), during which Extension Period no interest shall be due and payable (except any Additional Interest that
may be due and payable). No Extension Period may end on a date other than an Interest Payment Date or extend beyond the Maturity Date, any Redemption Date or any Special Redemption Date, as the case may be. During any Extension Period, interest will
continue to accrue on the Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as “Deferred Interest”) will accrue at an annual rate equal to the Interest Rate, compounded
quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted by law. No interest or Deferred Interest shall be due and payable during an Extension Period, except at the end
thereof. At the end of any such Extension Period the Company shall pay all Deferred Interest then accrued and unpaid on the Debt Securities; provided, however, that no Extension Period may extend beyond the Maturity Date; and
provided further, however, that during any such Extension Period, the Company shall be subject to the restrictions set forth in Section 3.08 of this Indenture. Prior to the termination of any Extension Period, the Company may
further extend such period, provided, that such period together with all such previous and further consecutive extensions thereof shall not exceed twenty consecutive quarterly periods, or extend beyond the Maturity Date. Upon the termination
of any Extension Period and upon the payment of all Deferred Interest, the Company may commence a new Extension Period, subject to the foregoing requirements. The Company must give the Trustee notice of its election to begin such Extension Period
(“Notice”) at least one Business Day prior to the earlier of (i) the next succeeding date on which interest on the Debt Securities would have been payable except for the election to begin such Extension Period or (ii) the date such
interest is payable. The Trustee shall give notice of the Company’s election to begin a new Extension Period to the Securityholders. 
  
 SECTION 2.12. CUSIP Numbers. 
  
 The Company in issuing the Debt Securities may use a “CUSIP” number (if then generally in use), and, if so, the Trustee shall use a
“CUSIP” number in notices of redemption as a convenience to Securityholders; provided, that any such notice may state that no representation is made as to the correctness of such number either as printed on the Debt Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Debt Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company
will promptly notify the Trustee in writing of any change in the CUSIP number. 
  
 SECTION 2.13. Income Tax Certification. 
  
 As a condition to the payment of any principal of or interest on the Debt Securities without the imposition of withholding tax, the Trustee shall require the previous delivery of properly completed and signed
applicable U.S. federal income tax certifications (generally, an Internal Revenue Service Form W-9 (or applicable successor form) in the case of a person that is a “United States person” within the meaning of Section 7701(a)(30) of the
Code (under and as defined in the Declaration) or an Internal Revenue Service Form W-8 (or applicable successor form) in the case of a person that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code) and
any other certification acceptable to it to enable the Trustee or any Paying Agent to determine their respective duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold in respect of
such Debt Securities. 
  

 12 

 ARTICLE III 
  
 PARTICULAR COVENANTS OF THE COMPANY 
  
 SECTION 3.01. Payment of Principal, Premium and Interest; Agreed Treatment of the Debt Securities. 
  
 (a) The Company covenants and agrees that it will duly and punctually pay or
cause to be paid all payments due on the Debt Securities at the place, at the respective times and in the manner provided in this Indenture and the Debt Securities. At the option of the Company, each installment of interest on the Debt Securities
may be paid (i) by mailing checks for such interest payable to the order of the holders of Debt Securities entitled thereto as they appear on the Debt Security Register or (ii) by wire transfer to any account with a banking institution located in
the United States designated by such holders to the Paying Agent no later than the related record date. Notwithstanding anything to the contrary contained in this Indenture or any Debt Security, if the Trust or the Trustee of the Trust is the holder
of any Debt Security, then all payments in respect of such Debt Security shall be made by the Company in immediately available funds when due. 
  
 (b) The Company will treat the Debt Securities as indebtedness, and the interest payable in respect of such Debt Securities as interest, for all U.S.
federal income tax purposes. As a condition to the payment of any principal of or interest on any Debt Security without the imposition of withholding tax, the Company shall require the previous delivery of properly completed and signed applicable
U.S. federal income tax certifications (generally, an Internal Revenue Service Form W-9 (or applicable successor form) in the case of a Person that is a U.S. Person or an Internal Revenue Service Form W-8 (or applicable successor form) in the case
of a Person that is not a U.S. Person and any other certification acceptable to it to enable the Company and the Trustee to determine their respective duties and liabilities with respect to any taxes or other charges that they may be required to
pay or withhold in respect of such Debt Security or the holder of such Debt Security under any present or future law or regulation of the United States or any political subdivision thereof or taxing authority therein or to comply with any
reporting or other requirements under any such law or regulation. 
  
 (c) As of the date of this Indenture, the Company represents that it has no intention to exercise its right under Section 2.11 to defer payments of interest on the Debt Securities by commencing an Extension Period. 
  
 SECTION 3.02. Offices for Notices and Payments, etc. 
  
 So long as any of the Debt Securities remain outstanding, the Company will
maintain in New York, New York an office or agency where the Debt Securities may be presented for payment, an office or agency where the Debt Securities may be presented for registration of transfer and for exchange as provided in this
Indenture and an office or agency where notices and demands to or upon the Company in respect of the Debt Securities or of this Indenture may be served. The Company hereby appoints the Trustee at ITS Unit Trust Window, 4 New York Plaza, Ground
Floor, New York, New York 10004, attention: ITS (Houston) - Southern Capital Trust II as such office or agency. In case the Company shall fail to maintain any such office or agency in New York, New York or shall fail to give such notice of
the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the Principal Office of the Trustee. 
  

In addition to any such office or agency, the Company may from time to time designate one or more other offices or agencies where the Debt Securities
may be presented for registration of transfer and for exchange in the manner provided in this Indenture, and the Company may from time to time rescind such designation, as the Company may deem desirable or expedient; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain any such office or agency in New York, New York for the purposes above mentioned. The Company will give to the Trustee prompt written notice
of any such designation or rescission thereof. 
  
 SECTION 3.03.
Appointments to Fill Vacancies in Trustee’s Office. 
  
 The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.09, a Trustee, so that there shall at all times be a Trustee hereunder. 
  

 13 

 SECTION 3.04. Provision as to Paying Agent. 
  
 (a) If the Company shall appoint a Paying Agent other than the Trustee, it
will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provision of this Section 3.04: 
  
 (1) that it will hold all sums held by it as such agent for the payment of all payments due on the Debt
Securities (whether such sums have been paid to it by the Company or by any other obligor on the Debt Securities) in trust for the benefit of the holders of the Debt Securities; 
  
 (2) that it will give the Trustee prompt written notice of any failure by the Company (or by any other
obligor on the Debt Securities) to make any payment on the Debt Securities when the same shall be due and payable; and 
  
 (3) that it will, at any time during the continuance of any Event of Default, upon the written request of the Trustee, forthwith pay to
the Trustee all sums so held in trust by such Paying Agent. 
  
 (b) If the Company shall act as its own Paying Agent, it will, on or before each due date of the payments due on the Debt Securities, set aside, segregate and hold in trust for the benefit of the holders of the Debt Securities a sum
sufficient to pay such payments so becoming due and will notify the Trustee in writing of any failure to take such action and of any failure by the Company (or by any other obligor under the Debt Securities) to make any payment on the Debt
Securities when the same shall become due and payable. 
  
 Whenever the Company shall have one or more Paying Agents for the Debt Securities, it will, on or prior to each due date of the payments on the Debt Securities, deposit with a Paying Agent a sum sufficient to pay all payments so becoming
due, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee in writing of its action or failure to act. 
  
 (c) Anything in this Section 3.04 to the contrary notwithstanding, the
Company may, at any time, for the purpose of obtaining a satisfaction and discharge with respect to the Debt Securities, or for any other reason, pay, or direct any Paying Agent to pay to the Trustee all sums held in trust by the Company or
any such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions herein contained. 
  
 (d) Anything in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.04 is subject to
Sections 12.03 and 12.04. 
  
 (e) The Company hereby initially
appoints the Trustee to act as Paying Agent (the “Paying Agent”). 
  
 SECTION 3.05. Certificate to Trustee. 
  
 The Company will deliver to the Trustee on or before 120 days after the end of each fiscal year, so long as Debt Securities are outstanding hereunder, a Certificate stating that in the course of the performance by the
signers of their duties as officers of the Company they would normally have knowledge of any default by the Company in the performance of any covenants of the Company contained herein, stating whether or not they have knowledge of any such default
and, if so, specifying each such default of which the signers have knowledge and the nature thereof. 
  
 SECTION 3.06. Additional Interest. 
  
 If and for so long as the Trust is the holder of all Debt Securities and is subject to or otherwise required to pay, or is required to withhold from
distributions to holders of Trust Securities, any additional taxes (including withholding taxes), duties, assessments or other governmental charges as a result of a Tax Event, the Company will pay such additional amounts (the “Additional
Interest”) on the Debt Securities as shall be required so that the net amounts received and retained by the Trust for distribution to holders of Trust Securities after paying all 
  

 14 

 taxes (including withholding taxes), duties, assessments or other governmental charges will be equal to the amounts the
Trust would have received and retained for distribution to holders of Trust Securities after paying all taxes (including withholding taxes on distributions to holders of Trust Securities), duties, assessments or other governmental charges if no such
additional taxes, duties, assessments or other governmental charges had been imposed. Whenever in this Indenture or the Debt Securities there is a reference in any context to the payment of principal of or premium, if any, or interest on the Debt
Securities, such mention shall be deemed to include mention of payments of the Additional Interest provided for in this paragraph to the extent that, in such context, Additional Interest is, was or would be payable in respect thereof pursuant to the
provisions of this paragraph and express mention of the payment of Additional Interest (if applicable) in any provisions hereof shall not be construed as excluding Additional Interest in those provisions hereof where such express mention is not
made; provided, however, that, notwithstanding anything to the contrary contained in this Indenture or any Debt Security, the deferral of the payment of interest during an Extension Period pursuant to Section 2.11 shall not defer the
payment of any Additional Interest that may be due and payable. 
  
 SECTION 3.07. Compliance with Consolidation Provisions. 
  
 The Company will not, while any of the Debt Securities remain outstanding, consolidate with, or merge into any other Person, or merge into itself, or sell, convey, transfer or otherwise dispose of all or substantially
all of its property or capital stock to any other Person unless the provisions of Article XI hereof are complied with. 
  
 SECTION 3.08. Limitation on Dividends. 
  
 If Debt Securities are initially issued to the Trust or a trustee of such Trust in connection with the issuance of Trust Securities by the Trust
(regardless of whether Debt Securities continue to be held by such Trust) and (i) there shall have occurred and be continuing an Event of Default, (ii) the Company shall be in default with respect to its payment of any obligations under the Capital
Securities Guarantee or (iii) the Company shall have given notice of its election to defer payments of interest on the Debt Securities by extending the interest distribution period as provided herein and such period, or any extension thereof, shall
have commenced and be continuing, then the Company may not (A) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock or (B) make any
payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Debt Securities or (C) make any payment under
any guarantees of the Company that rank pari passu in all respects with or junior in interest to the Capital Securities Guarantee (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company (I) in
connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, (II) in connection with a dividend reinvestment or stockholder stock purchase
plan or (III) in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock), as consideration in an acquisition transaction entered into prior to the occurrence of (i), (ii) or
(iii) above, (b) as a result of any exchange, reclassification, combination or conversion of any class or series of the Company’s capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company’s
capital stock or of any class or series of the Company’s indebtedness for any class or series of the Company’s capital stock, (c) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion
or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholder’s rights plan, or the issuance of rights, stock or other property under any
stockholder’s rights plan, or the redemption or repurchase of rights pursuant thereto, or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants,
options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock). 
  
 SECTION 3.09. Covenants as to the Trust. 
  
 For so long as such Trust Securities remain outstanding, the Company shall maintain 100% ownership of the Common Securities; provided,
however, that any permitted successor of the Company under this Indenture that is a U.S. Person may succeed to the Company’s ownership of such Common Securities. The Company, as owner of the Common Securities, shall use commercially
reasonable efforts to cause the Trust (a) to remain a statutory trust, except in connection with a distribution of Debt Securities to the holders of Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities or
certain mergers, consolidations or amalgamations, each as permitted by the Declaration, (b) to otherwise continue to be classified as a grantor trust for United States federal income tax purposes and (c) to cause each holder of Trust Securities to
be treated as owning an undivided beneficial interest in the Debt Securities. 
  

 15 

 ARTICLE IV 
  
 LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 
  
 SECTION 4.01. Securityholders’ Lists. 
  
 The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee: 
  
 (a) on each regular record date for an Interest Payment Date, a list, in
such form as the Trustee may reasonably require, of the names and addresses of the Securityholders of the Debt Securities as of such record date; and 
  
 (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time such list is furnished, except that no such lists need be furnished under this Section 4.01 so long as the Trustee is in possession thereof by reason of its acting as Debt Security
registrar. 
  
 SECTION 4.02. Preservation and Disclosure of
Lists. 
  
 (a) The Trustee shall preserve, in as current a
form as is reasonably practicable, all information as to the names and addresses of the holders of Debt Securities (1) contained in the most recent list furnished to it as provided in Section 4.01 or (2) received by it in the capacity of Debt
Securities registrar (if so acting) hereunder. The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new list so furnished. 
  
 (b) In case three or more holders of Debt Securities (hereinafter referred to as “applicants”) apply in writing to
the Trustee and furnish to the Trustee reasonable proof that each such applicant has owned a Debt Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to
communicate with other holders of Debt Securities with respect to their rights under this Indenture or under such Debt Securities and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit,
then the Trustee shall within five Business Days after the receipt of such application, at the election of the Company, either: 
  
 (1) afford such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection
(a) of this Section 4.02, or 
  
 (2) inform such
applicants as to the approximate number of holders of Debt Securities whose names and addresses appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, and as to the
approximate cost of mailing to such Securityholders the form of proxy or other communication, if any, specified in such application. 
  
 If the Company shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail
to each Securityholder of Debt Securities whose name and address appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02 a copy of the form of proxy or other
communication which is specified in such request with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after
such tender, the Trustee shall mail to such applicants, and file with the Securities and Exchange Commission, if permitted or required by applicable law, together with a copy of the material to be mailed, a written statement of the Company to the
effect that such mailing would be contrary to the best interests of the holders of all Debt Securities, as the case may be, or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If said
Commission, as permitted or required by applicable law, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an
order sustaining one or more of such objections, said Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such
material to all such Securityholders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application.

  

 16 

 (c) Each and every holder of Debt Securities, by receiving and holding the same, agrees with the Company
and the Trustee that neither the Company nor the Trustee nor any Paying Agent shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the holders of Debt Securities in accordance with the
provisions of subsection (b) of this Section 4.02, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under said
subsection (b). 
  
 ARTICLE V 
  
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT

  
 SECTION 5.01. Events of Default. 
  
 The following events shall be “Events of Default” with respect to
Debt Securities: 
  
 (a) the Company defaults in the payment of
any interest upon any Debt Security when it becomes due and payable (unless the Company has elected and may defer interest payments pursuant to Section 2.11), and continuance of such default for a period of 30 days; for the avoidance of doubt, an
extension of any interest distribution period by the Company in accordance with Section 2.11 of this Indenture shall not constitute a default under this clause 5.01(a); or 
  
 (b) the Company defaults in the payment of all or any part of the principal of (or premium, if any, on) any Debt Securities
as and when the same shall become due and payable either at maturity, upon redemption, by declaration of acceleration pursuant to Section 5.01 of this Indenture or otherwise; or 
  
 (c) the Company defaults in the payment of any interest upon any Debt Security when it becomes due and payable following the
nonpayment of any such interest for 20 or more consecutive quarterly periods; or 
  
 (d) the Company defaults in the performance of, or breaches, any of its covenants or agreements in Sections 3.06, 3.07, 3.08 or 3.09 of this Indenture (other than a covenant or agreement a default in whose performance
or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and
the Trustee by the holders of not less than 25% in aggregate principal amount of the outstanding Debt Securities, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or 
  
 (e) a court having jurisdiction in
the premises shall enter a decree or order for relief in respect of the Company in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appoints a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part of its property, or orders the winding-up or liquidation of its affairs and such decree or order shall remain =stayed and in effect for a period of 90
consecutive days; or 
  
 (f) the Company shall commence a
voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the Company or of any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due; or 
  
 (g) the
Trust shall have voluntarily or involuntarily liquidated, dissolved, wound-up its business or otherwise terminated its existence except in connection with (1) the distribution of the Debt Securities to holders of the Trust Securities in liquidation
of their interests in the Trust, (2) the redemption of all of the outstanding Trust Securities or (3) certain mergers, consolidations or amalgamations, each as permitted by the Declaration. 
  
 If an Event of Default specified under clause (c) of this Section 5.01 occurs
and is continuing with respect to the Debt Securities, then, and in each and every such case, unless the principal of the Debt Securities shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate
principal 
  

 17 

 amount of the Debt Securities then outstanding hereunder, by notice in writing to the Company (and to the Trustee if
given by Securityholders), may declare the entire principal of the Debt Securities and any premium and interest accrued, but unpaid, thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately
due and payable. If an Event of Default specified under clause (e) or (f) of this Section 5.01 occurs, then, in each and every such case, the entire principal amount of the Debt Securities and any premium and interest accrued, but unpaid, thereon
shall ipso facto become immediately due and payable without further action. Notwithstanding anything to the contrary in this Section 5.01, if at any time during the period in which this Indenture remains in force and effect, the Company
ceases or elects to cease to be subject to the supervision and regulations of the Federal Reserve, OTS, OCC or similar regulatory authority overseeing bank, thrift, savings and loan or financial holding companies or similar institutions requiring
specifications for the treatment of capital similar in nature to the capital adequacy guidelines under the Federal Reserve rules and regulations, then the first sentence of this paragraph shall be deemed to include clauses (a), (b) and (d) under
this Section 5.01 as an Event of Default resulting in an acceleration of payment of the Debt Securities to the same extent as provided herein for clause (c). 
  
 With respect to clause (d) of this Section 5.01, the Company agrees that in the event of a breach by the Company of its covenants or agreements mentioned
therein, any remedy at law or in damages may prove inadequate and therefore the Company agrees that the Trustee shall be entitled to injunctive relief against the Company in the event of any breach or threatened breach by the Company, in addition to
any other relief (including damages) available to the Trustee under this Indenture or under law. 
  
 The foregoing provisions, however, are subject to the condition that if, at any time after the principal of the Debt Securities shall have been so
declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, (i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all
matured installments of interest upon all the Debt Securities and all payments on the Debt Securities which shall have become due otherwise than by acceleration (with interest upon all such payments and Deferred Interest, to the extent permitted by
law) and such amount as shall be sufficient to cover reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other amounts due to the Trustee pursuant to Section 6.06, if any, and
(ii) all Events of Default under this Indenture, other than the non-payment of the payments on Debt Securities which shall have become due by acceleration, shall have been cured, waived or otherwise remedied as provided herein, and in each and every
such case the holders of a majority in aggregate principal amount of the Debt Securities then outstanding, by written notice to the Company and to the Trustee, may waive all defaults and rescind and annul such declaration and its consequences, but
no such waiver or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon; provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such
waiver or rescission and annulment shall not be effective until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have consented to such waiver or rescission and annulment. 

 
 In case the Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Trustee and
the holders of the Debt Securities shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the holders of the Debt Securities shall continue as though no
such proceeding had been taken. 
  
 SECTION 5.02. Payment of
Debt Securities on Default; Suit Therefor. 
  
 The Company
covenants that upon the occurrence of an Event of Default pursuant to clause 5.01(a), 5.01(b) or 5.01(c), and upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Debt Securities, the whole amount
that then shall have become due and payable on all Debt Securities including Deferred Interest accrued on the Debt Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including a reasonable compensation to the Trustee, its agents, attorneys and counsel, and any other amounts due to the Trustee under Section 6.06. In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or
final decree, and may enforce any such judgment or final decree against the Company or any other obligor on such Debt Securities and collect in the manner provided by law out of the property of the Company or any other obligor on such Debt
Securities wherever situated the moneys adjudged or decreed to be payable. 
  

 18 

 In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or
any other obligor on the Debt Securities under Bankruptcy Law, or in case a receiver or trustee shall have been appointed for the property of the Company or such other obligor, or in the case of any other similar judicial proceedings relative to the
Company or other obligor upon the Debt Securities, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Debt Securities shall then be due and payable as therein expressed or
by declaration of acceleration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Debt Securities and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all other
amounts due to the Trustee under Section 6.06) and of the Securityholders allowed in such judicial proceedings relative to the Company or any other obligor on the Debt Securities, or to the creditors or property of the Company or such other obligor,
unless prohibited by applicable law and regulations, to vote on behalf of the holders of the Debt Securities in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings
or Person performing similar functions in comparable proceedings, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses; and any
receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the Securityholders to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to the
Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other amounts due to the Trustee under
Section 6.06. 
  
 Nothing herein contained shall be construed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Debt Securities or the rights of any holder thereof or to authorize
the Trustee to vote in respect of the claim of any Securityholder in any such proceeding. 
  
 All rights of action and of asserting claims under this Indenture, or under any of the Debt Securities, may be enforced by the Trustee without the possession of any of the Debt Securities, or the production thereof at
any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the holders
of the Debt Securities. 
  
 In any proceedings brought by the
Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Debt Securities, and it shall not be necessary to
make any holders of the Debt Securities parties to any such proceedings. 
  
 SECTION 5.03. Application of Moneys Collected by Trustee. 
  
 Any moneys collected by the Trustee shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such
moneys, upon presentation of the several Debt Securities in respect of which moneys have been collected, and stamping thereon the payment, if only partially paid, and upon surrender thereof if fully paid: 
  
 First: To the payment of costs and expenses incurred by, and reasonable fees
of, the Trustee, its agents, attorneys and counsel, and of all other amounts due to the Trustee under Section 6.06; 
  
 Second: To the payment of all Senior Indebtedness of the Company if and to the extent required by Article XV; 
  
 Third: To the payment of the amounts then due and unpaid upon Debt
Securities, in respect of which or for the benefit of which money has been collected, ratably, without preference or priority of any kind, according to the amounts due on such Debt Securities; and 
  

 19 

 Fourth: The balance, if any, to the Company. 
  
 SECTION 5.04. Proceedings by Securityholders. 
  
 No holder of any Debt Security shall have any right to institute any suit,
action or proceeding for any remedy hereunder, unless such holder previously shall have given to the Trustee written notice of an Event of Default with respect to the Debt Securities and unless the holders of not less than 25% in aggregate principal
amount of the Debt Securities then outstanding shall have given the Trustee a written request to institute such action, suit or proceeding and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses
and liabilities to be incurred thereby, and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action, suit or proceeding; provided, that no holder of Debt
Securities shall have any right to prejudice the rights of any other holder of Debt Securities, obtain priority or preference over any other such holder or enforce any right under this Indenture except in the manner herein provided and for the
equal, ratable and common benefit of all holders of Debt Securities. 
  
 Notwithstanding any other provisions in this Indenture, however, the right of any holder of any Debt Security to receive payment of the principal of, premium, if any, and interest on such Debt Security when due, or to institute suit for the
enforcement of any such payment, shall not be impaired or affected without the consent of such holder. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity. 
  
 SECTION
5.05. Proceedings by Trustee. 
  
 In case of an Event of
Default hereunder the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights,
either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture,
or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
  
 SECTION 5.06. Remedies Cumulative and Continuing. 
  
 Except as otherwise provided in Section 2.06, all powers and remedies given by this Article V to the Trustee or to the Securityholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Debt Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established with respect to the Debt Securities, and no delay or omission of the Trustee or of any holder of any of the Debt Securities to exercise any right or power accruing upon
any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 5.04, every power and
remedy given by this Article V or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 
  
 SECTION 5.07. Direction of Proceedings and Waiver of Defaults by Majority
of Securityholders. 
  
 The holders of a majority in
aggregate principal amount of the Debt Securities affected (voting as one class) at the time outstanding and, if the Debt Securities are held by the Trust or a trustee of the Trust, the holders of a majority in aggregate liquidation amount of the
outstanding Capital Securities of the Trust shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to
such Debt Securities; provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such time, method and place or such exercise, as the case may be, may not be so directed until the holders of a
majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have directed such time, method and place or such exercise, as the case may be; provided, further, that (subject to the provisions of Section 6.01) the
Trustee shall have the right to decline to follow any such direction if the Trustee being advised by counsel shall determine that the action so directed would be unjustly prejudicial to the holders not taking part in such direction or if the Trustee
being advised by counsel determines that the action or proceeding so directed may not lawfully be taken or if a Responsible Officer of the Trustee shall determine that the action or proceedings so directed would involve the Trustee in personal
liability. Prior to any 
  

 20 

 declaration of acceleration, or ipso facto acceleration, of the maturity of the Debt Securities, the holders of a
majority in aggregate principal amount of the Debt Securities at the time outstanding may on behalf of the holders of all of the Debt Securities waive (or modify any previously granted waiver of) any past default or Event of Default and its
consequences, except a default (a) in the payment of principal of, premium, if any, or interest on any of the Debt Securities, (b) in respect of covenants or provisions hereof which cannot be modified or amended without the consent of the holder of
each Debt Security affected, or (c) in respect of the covenants contained in Section 3.09; provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such waiver or modification to such waiver shall
not be effective until the holders of a majority in Liquidation Amount of the Trust Securities of the Trust shall have consented to such waiver or modification to such waiver; provided, further, that if the consent of the holder of
each outstanding Debt Security is required, such waiver or modification to such waiver shall not be effective until each holder of the outstanding Capital Securities of the Trust shall have consented to such waiver or modification to such waiver.
Upon any such waiver or modification to such waiver, the Default or Event of Default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Debt Securities shall be restored
to their former positions and rights hereunder, respectively; but no such waiver or modification to such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event
of Default hereunder shall have been waived as permitted by this Section 5.07, said Default or Event of Default shall for all purposes of the Debt Securities and this Indenture be deemed to have been cured and to be not continuing. 
  
 SECTION 5.08. Notice of Defaults. 
  
 The Trustee shall, within 90 days after a Responsible Officer of the Trustee
shall have actual knowledge or received written notice of the occurrence of a Default with respect to the Debt Securities, mail to all Securityholders, as the names and addresses of such holders appear upon the Debt Security Register, notice of all
Defaults with respect to the Debt Securities known to the Trustee, unless such defaults shall have been cured before the giving of such notice (the term “defaults” for the purpose of this Section 5.08 being hereby defined to be the events
specified in subsections (a), (b), (c), (d), (e) and (f) of Section 5.01, not including periods of grace, if any, provided for therein); provided, that, except in the case of default in the payment of the principal of, premium, if any, or
interest on any of the Debt Securities, the Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the interests of the
Securityholders. 
  
 SECTION 5.09. Undertaking to Pay
Costs. 
  
 All parties to this Indenture agree, and each
holder of any Debt Security by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.09 shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding in the aggregate more than 10% in principal amount of the Debt Securities (or, if such Debt Securities are held by the Trust or a trustee
of the Trust, more than 10% in liquidation amount of the outstanding Capital Securities), to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Debt Security
against the Company on or after the same shall have become due and payable, or to any suit instituted in accordance with Section 14.12. 
  
 ARTICLE VI 
  
 CONCERNING THE TRUSTEE 
  
 SECTION 6.01. Duties and Responsibilities of Trustee. 
  
 With respect to the holders of Debt Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Debt Securities and after the curing or waiving of all Events of Default
which may have occurred, with respect to the Debt Securities, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Debt Securities has occurred (which
has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs. 
  

 21 

 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct, except that: 
  
 (a) prior to the occurrence of an Event of Default with respect to the Debt Securities and after the curing or waiving of all Events of Default which may have occurred 
  
 (1) the duties and obligations of the Trustee with respect to the Debt
Securities shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations with respect to the Debt Securities as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture; 
  
 (b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
  
 (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith, in accordance with the direction of the Securityholders
pursuant to Section 5.07, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 
  
 (d) the Trustee shall not be charged with knowledge of any Default or Event of Default with
respect to the Debt Securities unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or
any other obligor on the Debt Securities or by any holder of the Debt Securities, except with respect to an Event of Default pursuant to Sections 5.01(a), 5.01(b) or 5.01(c) hereof (other than an Event of Default resulting from the default in the
payment of Additional Interest or premium, if any, if the Trustee does not have actual knowledge or written notice that such payment is due and payable), of which the Trustee shall be deemed to have knowledge; and 
  
 (e) in the absence of bad faith on the part of the Trustee, the Trustee may seek and rely on
reasonable instructions from the Company. 
  
 None of the
provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 

 
 SECTION 6.02. Reliance on Documents, Opinions, etc. Except as
otherwise provided in Section 6.01: 
  
 (a) the Trustee may conclusively rely and
shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, debenture or other paper or document believed by it in good faith to
be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board
Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company; 
  
 (c) the Trustee may consult with counsel of its selection and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 
  
 (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the
Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby;

  

 22 

 (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and reasonably believed by it to
be authorized or within the discretion or rights or powers conferred upon it by this Indenture; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to the Debt
Securities (that has not been cured or waived) to exercise with respect to the Debt Securities such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs; 
  
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond,
debenture, coupon or other paper or document, unless requested in writing to do so by the holders of not less than a majority in aggregate principal amount of the outstanding Debt Securities affected thereby; provided, however, that if the payment
within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by
the terms of this Indenture, the Trustee may require reasonable indemnity against such expense or liability as a condition to so proceeding; and 
  
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents (including any Authenticating
Agent) or attorneys, and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed by it with due care. 
  
 SECTION 6.03. No Responsibility for Recitals, etc. 
  
 The recitals contained herein and in the Debt Securities (except in the certificate of authentication of the Trustee or the
Authenticating Agent) shall be taken as the statements of the Company and the Trustee and the Authenticating Agent assume no responsibility for the correctness of the same. The Trustee and the Authenticating Agent make no representations as to the
validity or sufficiency of this Indenture or of the Debt Securities. The Trustee and the Authenticating Agent shall not be accountable for the use or application by the Company of any Debt Securities or the proceeds of any Debt Securities
authenticated and delivered by the Trustee or the Authenticating Agent in conformity with the provisions of this Indenture. 
  
 SECTION 6.04. Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own Debt Securities. 
  
 The Trustee or any Authenticating Agent or any Paying Agent or any transfer
agent or any Debt Security registrar, in its individual or any other capacity, may become the owner or pledgee of Debt Securities with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, transfer agent or Debt
Security registrar. 
  
 SECTION 6.05. Moneys to be Held in
Trust. 
  
 Subject to the provisions of Section 12.04, all
moneys received by the Trustee or any Paying Agent shall, until used or applied as herein provided, be held in trust for the purpose for which they were received, but need not be segregated from other funds except to the extent required by law. The
Trustee and any Paying Agent shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. So long as no Event of Default shall have occurred and be continuing, all interest
allowed on any such moneys, if any, shall be paid from time to time to the Company upon the written order of the Company, signed by the Chairman of the Board of Directors, the President, the Chief Operating Officer, a Vice President, the Treasurer
or an Assistant Treasurer of the Company. 
  

 23 

 SECTION 6.06. Compensation and Expenses of Trustee. 
  
 Other than as provided in the Fee Agreement of even date herewith between
Cohen Bros. Securities, LLC, the Trustee, the Company and Delaware Trustee (as defined in the Declaration), the Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation as shall be
agreed to in writing between the Company and the Trustee (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), and the Company will pay or reimburse the Trustee upon its written request
for all documented reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements
of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance that arises from its negligence, willful misconduct or bad faith. The Company also covenants to indemnify each of the Trustee (including
in its individual capacity) and any predecessor Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any and all loss, damage, claim, liability or expense including taxes (other than taxes based on the
income of the Trustee), except to the extent such loss, damage, claim, liability or expense results from the negligence, willful misconduct or bad faith of such indemnitee, arising out of or in connection with the acceptance or administration of
this Trust, including the costs and expenses of defending itself against any claim or liability in the premises. The obligations of the Company under this Section 6.06 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for
documented expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by (and the Company hereby grants and pledges to the Trustee) a lien prior to that of the Debt
Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Debt Securities. 
  
 Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses or
renders services in connection with an Event of Default specified in subsections (e), (f) or (g) of Section 5.01, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to
constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. 
  
 The provisions of this Section shall survive the resignation or removal of the Trustee and the defeasance or other termination of this Indenture.

  
 Notwithstanding anything in this Indenture or any Debt
Security to the contrary, the Trustee shall have no obligation whatsoever to advance funds to pay any principal of or interest on or other amounts with respect to the Debt Securities or otherwise advance funds to or on behalf of the Company.

  
 SECTION 6.07. Officers’ Certificate as Evidence.

  
 Except as otherwise provided in Sections 6.01 and 6.02,
whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the absence of negligence, willful misconduct or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the
Trustee, and such certificate, in the absence of negligence, willful misconduct or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith
thereof. 
  
 SECTION 6.08. Eligibility of Trustee.

  
 The Trustee hereunder shall at all times be a U.S. Person
that is a banking corporation or national association organized and doing business under the laws of the United States of America or any state thereof or of the District of Columbia and authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000) and subject to supervision or examination by federal, state, or District of Columbia authority. If such corporation or national association publishes reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.08 the combined capital and surplus of such corporation or national association shall
be deemed to be its combined capital and surplus as set forth in its most recent records of condition so published. 
  

 24 

 The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under
common control with the Company, serve as Trustee, notwithstanding that such corporation or national association shall be otherwise eligible and qualified under this Article. 
  
 In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.08, the
Trustee shall resign immediately in the manner and with the effect specified in Section 6.09. 
  
 If the Trustee has or shall acquire any “conflicting interest” within the meaning of § 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in
the manner provided by, and subject to this Indenture. 
  
 SECTION
6.09. Resignation or Removal of Trustee, Calculation Agent, Paying Agent or Debt Security Registrar. 
  
 (a) The Trustee, or any trustee or trustees hereafter appointed, the Calculation Agent, the Paying Agent and any Debt Security Registrar may at any time resign by giving written notice of such resignation to the
Company and by mailing notice thereof, at the Company’s expense, to the holders of the Debt Securities at their addresses as they shall appear on the Debt Security Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor or successors by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning party and one copy to the successor. If no successor shall have been
so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning party may petition any court of competent jurisdiction for the appointment of a successor, or
any Securityholder who has been a bona fide holder of a Debt Security or Debt Securities for at least six months may, subject to the provisions of Section 5.09, on behalf of himself or herself and all others similarly situated, petition any such
court for the appointment of a successor. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor. 
  
 (b) In case at any time any of the following shall occur: 
  
 (1) the Trustee shall fail to comply with the provisions of the last paragraph of Section 6.08 after written request therefor by the
Company or by any Securityholder who has been a bona fide holder of a Debt Security or Debt Securities for at least six months, 
  
 (2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.08 and shall fail to resign after written
request therefor by the Company or by any such Securityholder, or 
  
 (3) the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall, be appointed, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
  
 then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.09, if no successor Trustee shall have been so appointed and have
accepted appointment within 30 days of the occurrence of any of (1), (2) or (3) above, any Securityholder who has been a bona fide holder of a Debt Security or Debt Securities for at least six months may, on behalf of himself or herself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the
Trustee and appoint a successor Trustee. 
  
 (c) Upon prior written notice to the
Company and the Trustee, the holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee
unless within ten Business Days after such nomination the Company objects thereto, in which case or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions
and otherwise as in subsection (a) of this Section 6.09 provided, may petition any court of competent jurisdiction for an appointment of a successor. 
  
 (d) Any resignation or removal of the Trustee, the Calculation Agent, the Paying Agent and any Debt Security Registrar and appointment of a successor pursuant to any of
the provisions of this Section 6.09 shall become effective upon acceptance of appointment by the successor as provided in Section 6.10. 
  

 25 

 SECTION 6.10. Acceptance by Successor. 
  
 Any successor Trustee, Calculation Agent, Paying Agent or Debt Security
Registrar appointed as provided in Section 6.09 shall execute, acknowledge and deliver to the Company and to its predecessor an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the retiring party shall
become effective and such successor, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations with respect to the Debt Securities of its predecessor hereunder, with like effect as if
originally named herein; but, nevertheless, on the written request of the Company or of the successor, the party ceasing to act shall, upon payment of the amounts then due it pursuant to the provisions of Section 6.06, execute and deliver an
instrument transferring to such successor all the rights and powers of the party so ceasing to act and shall duly assign, transfer and deliver to such successor all property and money held by such retiring party hereunder. Upon reasonable request of
any such successor, the Company shall execute any and all. instruments in writing for more fully and certainly vesting in and confirming to such successor all such rights and powers. Any party ceasing to act shall, nevertheless, retain a lien upon
all property or funds held or collected to secure any amounts then due it pursuant to the provisions of Section 6.06. 
  
 If a successor Trustee is appointed, the Company, the retiring Trustee and the successor Trustee shall execute and deliver an indenture supplemental
hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities as to which the predecessor Trustee is not
retiring shall continue to be vested in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the Trust hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Trustee. 
  
 No successor Trustee shall accept appointment as provided in this Section 6.10 unless at the time of such acceptance such successor Trustee shall be eligible and qualified under the provisions of Section 6.08. 
  
 In no event shall a retiring Trustee, Calculation Agent, Paying Agent or Debt
Security Registrar be liable for the acts or omissions of any successor hereunder. 
  
 Upon acceptance of appointment by a successor Trustee, Calculation Agent, Paying Agent or Debt Security Registrar as provided in this Section 6.10, the Company shall mail notice of the succession to the holders of
Debt Securities at their addresses as they shall appear on the Debt Security Register. If the Company fails to mail such notice within ten Business Days after the acceptance of appointment by the successor, the successor shall cause such notice to
be mailed at the expense of the Company. 
  
 SECTION 6.11.
Succession by Merger, etc. 
  
 Any Person into which the
Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, that such Person shall be otherwise
eligible and qualified under this Article. 
  
 In case at the time
such successor to the Trustee shall succeed to the trusts created by this Indenture any of the Debt Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor Trustee, and deliver such Debt Securities so authenticated; and in case at that time any of the Debt Securities shall not have been authenticated, any successor to the Trustee may authenticate such Debt Securities either in the name of
any predecessor hereunder or in the name of the successor Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Debt Securities or in this Indenture provided that the certificate of the Trustee shall
have; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Debt Securities in the name of any predecessor Trustee shall apply only to its successor or successors by
merger, conversion or consolidation. 
  

 26 

 SECTION 6.12. Authenticating Agents. 
  
 There may be one or more Authenticating Agents appointed by the Trustee upon
the request of the Company with power to act on its behalf and subject to its direction in the authentication and delivery of Debt Securities issued upon exchange or registration of transfer thereof as fully to all intents and purposes as though any
such Authenticating Agent had been expressly authorized to authenticate and deliver Debt Securities; provided, that the Trustee shall have no liability to the Company for any acts or omissions of the Authenticating Agent with respect to the
authentication and delivery of Debt Securities. Any such Authenticating Agent shall at all times be a Person organized and doing business under the laws of the United States or of any state or territory thereof or of the District of Columbia
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of at least $50,000,000 and being subject to supervision or examination by federal, state, territorial or District of Columbia authority. If such Person
publishes reports of condition at least annually pursuant to law or the requirements of such authority, then for the purposes of this Section 6.12 the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect
herein specified in this Section. 
  
 Any Person into which any
Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to all, or
substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, if such successor Person is otherwise eligible under this Section 6.12 without the execution or filing of
any paper or any further act on the part of the parties hereto or such Authenticating Agent. 
  
 Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating Agent with respect to
the Debt Securities by giving written notice of termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be
eligible under this Section 6.12, the Trustee may, and upon the request of the Company shall, promptly appoint a successor Authenticating Agent eligible under this Section 6.12, shall give written notice of such appointment to the Company and shall
mail notice of such appointment to all holders of Debt Securities as the names and addresses of such holders appear on the Debt Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested
with all rights, powers, duties and responsibilities with respect to the Debt Securities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. 
  
 Other than as provided in the Fee Agreement of even date herewith between
Cohen Bros. Securities, LLC, the Company, the Trustee and Delaware Trustee (as defined in the Declaration), the Company agrees to pay to any Authenticating Agent from time to time reasonable compensation for its services. Any Authenticating Agent
shall have no responsibility or liability for any action taken by it as such in accordance with the directions of the Trustee and shall receive such reasonable indemnity as it may require against the costs, expenses and liabilities incurred in
furtherance of its duties under this Section 6.12. 
  
 ARTICLE VII

  
 CONCERNING THE SECURITYHOLDERS 
  
 SECTION 7.01. Action by Securityholders. 
  
 Whenever in this Indenture it is provided that the holders of a specified
percentage in aggregate principal amount of the Debt Securities or aggregate Liquidation Amount of the Capital Securities may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking
of any other action), the fact that at the time of taking any such action the holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by such
Securityholders or holders of Capital Securities, as the case may be, in person or by agent or proxy appointed in writing, or (b) by the record of such holders of Debt Securities voting in favor thereof at any meeting of such Securityholders duly
called and held in accordance with the provisions of Article VIII or of such holders of Capital Securities duly called and held in accordance with the provisions of the Declaration, or (c) by a combination of such instrument or instruments and any
such record of such a meeting of such Securityholders or holders of Capital Securities, as the case may be, or (d) by any other method the Trustee deems satisfactory. 
  

 27 

 If the Company shall solicit from the Securityholders any request, demand, authorization, direction,
notice, consent, waiver or other action or revocation of the same, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such Debt Securities for the determination of Securityholders entitled
to give such request, demand, authorization, direction, notice, consent, waiver or other action or revocation of the same, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other action or revocation of the same may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for
the purposes of determining whether Securityholders of the requisite proportion of outstanding Debt Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action or
revocation of the same, and for that purpose the outstanding Debt Securities shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall
be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 
  
 SECTION 7.02. Proof of Execution by Securityholders. 
  
 Subject to the provisions of Sections 6.01, 6.02 and 8.05, proof of the execution of any instrument by a Securityholder or such Securityholder’s
agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The ownership of Debt Securities shall be proved by
the Debt Security Register or by a certificate of the Debt Security Registrar. The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary. 
  
 The record of any Securityholders’ meeting shall be proved in the manner
provided in Section 8.06. 
  
 SECTION 7.03. Who Are Deemed
Absolute Owners. 
  
 Prior to due presentment for
registration of transfer of any Debt Security, the Company, the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent and any Debt Security registrar may deem the Person in whose name such Debt Security shall be registered upon the
Debt Security Register to be, and may treat such Person as, the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue) for the purpose of receiving payment of or on account of the principal of, premium, if any, and
interest on such Debt Security and for all other purposes; and neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any transfer agent nor any Debt Security registrar shall be affected by any notice to the
contrary. All such payments so made to any holder for the time being or upon such holder’s order shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such
Debt Security. 
  
 SECTION 7.04. Debt Securities Owned by
Company Deemed Not Outstanding. 
  
 In determining whether
the holders of the requisite aggregate principal amount of Debt Securities have concurred in any direction, consent or waiver under this Indenture, Debt Securities which are owned by the Company or any other obligor on the Debt Securities or by any
Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company (other than the Trust) or any other obligor on the Debt Securities shall be disregarded and deemed not to be outstanding
for the purpose of any such determination; provided, that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Debt Securities which a Responsible Officer of the
Trustee actually knows are so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 7.04 if the pledgee shall establish to the satisfaction of
the Trustee the pledgee’s right to vote such Debt Securities and that the pledgee is not the Company or any such other obligor or Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 
  
 SECTION 7.05. Revocation of Consents; Future Securityholders Bound. 
  
 At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 7.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Debt Securities specified in 
  

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 this Indenture in connection with such action, any holder (in cases where no record date has been set pursuant to Section
7.01) or any holder as of an applicable record date (in cases where a record date has been set pursuant to Section 7.01) of a Debt Security (or any Debt Security issued in whole or in part in exchange or substitution therefor) the serial
number of which is shown by the evidence to be included in the Debt Securities the holders of which have consented to such action may, by filing written notice with the Trustee at the Principal Office of the Trustee and upon proof of holding as
provided in Section 7.02, revoke such action so far as concerns such Debt Security (or so far as concerns the principal amount represented by any exchanged or substituted Debt Security). Except as aforesaid any such action taken by the holder of any
Debt Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Debt Security, and of any Debt Security issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of
whether or not any notation in regard thereto is made upon such Debt Security or any Debt Security issued in exchange or substitution therefor. 
  
 ARTICLE VIII 
  
 SECURITYHOLDERS’ MEETINGS 
  
 SECTION 8.01. Purposes of Meetings. 
  
 A meeting of Securityholders may be called at any time and from time to time pursuant to the provisions of this Article VIII for any of the following purposes: 
  
 (a) to give any notice to the Company or to the Trustee, or to give any directions to the
Trustee, or to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders pursuant to any of the provisions of Article V; 
  
 (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of
Article VI; 
  
 (c) to consent to the execution of an indenture or indentures
supplemental hereto pursuant to the provisions of Section 9.02; or 
  
 (d) to take
any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of such Debt Securities under any other provision of this Indenture or under applicable law. 
  
 SECTION 8.02. Call of Meetings by Trustee. 
  
 The Trustee may at any time call a meeting of Securityholders to take any
action specified in Section 8.01, to be held at such time and at such place in The City of New York, the Borough of Manhattan, or Houston, Texas, as the Trustee shall determine. Notice of every meeting of the Securityholders, setting forth the time
and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed to holders of Debt Securities affected at their addresses as they shall appear on the Debt Securities Register. Such notice shall be
mailed not less than 20 nor more than 180 days prior to the date fixed for the meeting. 
  
 SECTION 8.03. Call of Meetings by Company or Securityholders. 
  
 In case at any time the Company pursuant to a Board Resolution, or the holders of at least 10% in aggregate principal amount of the Debt Securities, as
the case may be, then outstanding, shall have requested the Trustee to call a meeting of Securityholders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the
notice of such meeting within 20 days after receipt of such request, then the Company or such Securityholders may determine the time and the place in for such meeting and may call such meeting to take any action authorized in Section 8.01, by
mailing notice thereof as provided in Section 8.02. 
  
 SECTION
8.04. Qualifications for Voting. 
  
 To be entitled to
vote at any meeting of Securityholders a Person shall be (a) a holder of one or more Debt Securities with respect to which the meeting is being held or (b) a Person appointed by an instrument in writing as proxy by a holder of one or more such Debt
Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Securityholders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any
representatives of the Company and its counsel. 
  

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 SECTION 8.05. Regulations. 
  
 Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Securityholders, in regard to proof of the holding of Debt Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 
  
 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or
by Securityholders as provided in Section 8.03, in which case the Company or the Securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by majority vote at the meeting. 
  
 Subject to the provisions of Section 7.04, at any meeting each holder of Debt Securities with respect to which such meeting is being held or proxy therefor shall be entitled to one vote for each $1,000 principal amount of Debt Securities
held or represented by such holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Debt Security challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding.
The chairman of the meeting shall have no right to vote other than by virtue of Debt Securities held by such chairman or instruments in writing as aforesaid duly designating such chairman as the Person to vote on behalf of other Securityholders. Any
meeting of Securityholders duly called pursuant to the provisions of Section 8.02 or 8.03 may be adjourned from time to time by a majority of those present, whether or not constituting a quorum, and the meeting may be held as so adjourned without
further notice. 
  
 SECTION 8.06. Voting. 
  
 The vote upon any resolution submitted to any meeting of holders of Debt
Securities with respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such holders or of their representatives by proxy and the serial number or numbers of the Debt Securities held or
represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in triplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in
Section 8.02. The record shall show the serial numbers of the Debt Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of
the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the
matters therein stated. 
  
 SECTION 8.07. Quorum; Actions.

  
 The Persons entitled to vote a majority in outstanding
principal amount of the Debt Securities shall constitute a quorum for a meeting of Securityholders; provided, however, that if any action is to be taken at such meeting with respect to a consent, waiver, request, demand, notice,
authorization, direction or other action which may be given by the holders of not less than a specified percentage in outstanding principal amount of the Debt Securities, the Persons holding or representing such specified percentage in outstanding
principal amount of the Debt Securities will constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Securityholders, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as determined by the permanent chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting
may be further adjourned for a period of not less than 10 days as determined by the permanent chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided
in Section 8.02, except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as
provided above, of the outstanding principal amount of the Debt Securities which shall constitute a quorum. 
  

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 Except as limited by the proviso in the first paragraph of Section 9.02, any resolution presented to a
meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the holders of not less than a majority in outstanding principal amount of the Debt Securities; provided,
however, that, except as limited by the proviso in the first paragraph of Section 9.02, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly
provides may be given by the holders of not less than a specified percentage in outstanding principal amount of the Debt Securities may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid
only by the affirmative vote of the holders of not less than such specified percentage in outstanding principal amount of the Debt Securities. 
  
 Any resolution passed or decision taken at any meeting of holders of Debt Securities duly held in accordance with this Section shall be binding on all the
Securityholders, whether or not present or represented at the meeting. 
  
 SECTION 8.08. Written Consent Without a Meeting. 
  
 Whenever under this Indenture, Securityholders are required or permitted to take any action by vote, such action may be taken without a meeting on written consent, setting forth the action so taken, signed by the Securityholders of all
outstanding Debt Securities entitled to vote thereon. No consent shall be effective to take the action referred to therein unless, within sixty days of the earliest dated consent delivered in the manner required by this paragraph to the Trustee,
written consents signed by a sufficient number of Securityholders to take action are delivered to the Trustee at its Principal Office. Delivery made to the Trustee at its Principal Office, shall be by hand or by certificated or registered mail,
return receipt requested. Written consent thus given by the Securityholders of such number of Debt Securities as is required hereunder, shall have the same effect as a valid vote of Securityholders of such number of Debt Securities. 
  
 ARTICLE IX 
  
 SUPPLEMENTAL INDENTURES 
  
 SECTION 9.01. Supplemental Indentures without Consent of Securityholders. 
  
 The Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto, without the consent of the Securityholders, for one or more of the following purposes: 
  
 (a) to evidence the succession of another Person to the Company, or successive successions, and the assumption by the successor Person of the covenants, agreements and
obligations of the Company, pursuant to Article XI hereof; 
  
 (b) to add to the
covenants of the Company such further covenants, restrictions or conditions for the protection of the holders of Debt Securities as the Board of Directors shall consider to be for the protection of the holders of such Debt Securities, and to make
the occurrence, or the occurrence and continuance, of a Default in any of such additional covenants, restrictions or conditions a Default or an Event of Default permitting the enforcement of all or any of the several remedies provided in this
Indenture as herein set forth; provided, however, that in respect of any such additional covenant, restriction or condition such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer
than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default; 
  
 (c) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective
or inconsistent with any other provision contained herein or in any supplemental indenture, or to make or amend such other provisions in regard to matters or questions arising under this Indenture; provided, that any such action shall not adversely
affect the interests of the holders of the Debt Securities; 
  
 (d) to add to,
delete from, or revise the terms of Debt Securities, including, without limitation, any terms relating to the issuance, exchange, registration or transfer of Debt Securities, including to provide for transfer procedures and restrictions
substantially similar to those applicable to the Capital Securities, as required by Section 2.05 (for purposes of assuring that no registration of Debt Securities is required under the Securities Act of 1933, as amended); provided, that any such
action shall not adversely affect the interests of the holders of the Debt Securities then outstanding (it being understood, for purposes of this proviso, that transfer restrictions on Debt Securities substantially similar to those applicable to
Capital Securities shall not be deemed to adversely affect the holders of the Debt Securities); 
  

 31 

 (e) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Debt
Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.10;

  
 (f) to make any change (other than as elsewhere provided in this paragraph)
that does not adversely affect the rights of any Securityholder in any material respect; or 
  
 (g) to provide for the issuance of and establish the form and terms and conditions of the Debt Securities, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture
or the Debt Securities, or to add to the rights of the holders of Debt Securities. 
  
 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept
the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise. 
  
 Any supplemental indenture
authorized by the provisions of this Section 9.01 may be executed by the Company and the Trustee without the consent of the holders of any of the Debt Securities at the time outstanding, notwithstanding any of the provisions of Section 9.02.

  
 SECTION 9.02. Supplemental Indentures with Consent of
Securityholders. 
  
 With the consent (evidenced as provided
in Section 7.01) of the holders of not less than a majority in aggregate principal amount of the Debt Securities at the time outstanding affected by such supplemental indenture, the Company, when authorized by a Board Resolution, and the Trustee may
from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act, then in effect, applicable to indentures qualified thereunder) for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of the Debt Securities; provided, however, that
no such supplemental indenture shall without such consent of the holders of each Debt Security then outstanding and affected thereby (i) change the Maturity Date of any Debt Security, or reduce the principal amount thereof or any premium thereon, or
reduce the rate (or manner of calculation of the rate) or extend the time of payment of interest thereon, or reduce (other than as a result of the maturity or earlier redemption of any such Debt Security in accordance with the terms of this
Indenture and such Debt Security) or increase the aggregate principal amount of Debt Securities then outstanding, or change any of the redemption provisions, or make the principal thereof or any interest or premium thereon payable in any coin or
currency other than United States Dollars, or impair or affect the right of any Securityholder to institute suit for payment thereof or impair the right of repayment, if any, at the option of the holder, or (ii) reduce the aforesaid percentage of
Debt Securities the holders of which are required to consent to any such supplemental indenture; and provided, further, that if the Debt Securities are held by the Trust or a trustee of such trust, such supplemental indenture shall not
be effective until the holders of a majority in Liquidation Amount of the outstanding Capital Securities shall have consented to such supplemental indenture; provided, further, that if the consent of the Securityholder of each
outstanding Debt Security is required, such supplemental indenture shall not be effective until each holder of the outstanding Capital Securities shall have consented to such supplemental indenture. 
  
 Upon the request of the Company accompanied by a Board Resolution authorizing
the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders (and holders of Capital Securities, if required) as aforesaid, the Trustee shall join with the Company in the
execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated
to, enter into such supplemental indenture. 
  
 Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage prepaid, a notice, 
  

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 prepared by the Company, setting forth in general terms the substance of such supplemental indenture, to the
Securityholders as their names and addresses appear upon the Debt Security Register. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture. 
  
 It shall not be necessary for the consent of the
Securityholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
  
 SECTION 9.03. Effect of Supplemental Indentures. 
  
 Upon the execution of any supplemental indenture pursuant to the provisions
of this Article IX, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and
the holders of Debt Securities shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed
to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 SECTION 9.04. Notation on Debt Securities. 
  
 Debt Securities authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article IX may bear a notation as to any matter provided for in such supplemental
indenture. If the Company or the Trustee shall so determine, new Debt Securities so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of this Indenture contained in any such supplemental indenture
may be prepared and executed by the Company, authenticated by the Trustee or the Authenticating Agent and delivered in exchange for the Debt Securities then outstanding. 
  
 SECTION 9.05. Evidence of Compliance of Supplemental Indenture to be furnished to Trustee. 
  
 The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall, in
addition to the documents required by Section 14.06, receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this
Article IX. The Trustee shall receive an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article IX is authorized or permitted by, and conforms to, the terms of this Article IX and that it
is proper for the Trustee under the provisions of this Article IX to join in the execution thereof. 
  
 ARTICLE X 
  
 REDEMPTION OF SECURITIES 
  
 SECTION 10.01. Optional
Redemption. 
  
 At any time the Company shall have the right,
subject to the receipt by the Company of prior approval from any regulatory authority with jurisdiction over the Company if such approval is then required under applicable capital guidelines or policies of such regulatory authority, to redeem the
Debt Securities, in whole or (provided that all accrued and unpaid interest has been paid on all Debt Securities for all Interest Periods terminating on or prior to such date) from time to time in part, on any March 15, June 15, September 15
or December 15 on or after June 15, 2010 (the “Redemption Date”), at the Redemption Price. 
  

 33 

 SECTION 10.02. Special Event Redemption. 
  
 If a Special Event shall occur and be continuing, the Company shall have the
right, subject to the receipt by the Company of prior approval from any regulatory authority with jurisdiction over the Company if such approval is then required under applicable capital guidelines or policies of such regulatory authority, to redeem
the Debt Securities, in whole or in part, at any time within 90 days following the occurrence of such Special Event (the “Special Redemption Date”), at the Special Redemption Price. 
  
 SECTION 10.03. Notice of Redemption; Selection of Debt Securities.

  
 In case the Company shall desire to exercise the right to
redeem all, or, as the case may be, any part of the Debt Securities, it shall fix a date for redemption and shall mail, or cause the Trustee to mail (at the expense of the Company) a notice of such redemption at least 30 and not more than 60 days
prior to the date fixed for redemption to the holders of Debt Securities so to be redeemed as a whole or in part at their last addresses as the same appear on the Debt Security Register. Such mailing shall be by first class mail. The notice if
mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the holder of any Debt
Security designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Debt Security. 
  
 Each such notice of redemption shall specify the CUSIP number, if any, of the Debt Securities to be redeemed, the date fixed for redemption, the
redemption price (or manner of calculation of the price) at which Debt Securities are to be redeemed, the place or places of payment, that payment will be made upon presentation and surrender of such Debt Securities, that interest accrued to the
date fixed for redemption will be paid as specified in said notice, and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. If less than all the Debt Securities are to be redeemed the notice
of redemption shall specify the numbers of the Debt Securities to be redeemed. In case the Debt Securities are to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall
state that on and after the date fixed for redemption, upon surrender of such Debt Security, a new Debt Security or Debt Securities in principal amount equal to the unredeemed portion thereof will be issued. 
  
 Prior to 10:00 a.m. New York City time on the Redemption Date or the Special
Redemption Date specified in the notice of redemption given as provided in this Section, the Company will deposit with the Trustee or with one or more Paying Agents an amount of money sufficient to redeem on the redemption date all the Debt
Securities so called for redemption at the appropriate redemption price, together with unpaid interest accrued to such date. 
  
 The Company will give the Trustee notice not less than 45 nor more than 60 days prior to the Redemption Date as to the Redemption Price at which the Debt
Securities are to be redeemed and the aggregate principal amount of Debt Securities to be redeemed and the Trustee shall select, in such manner as in its sole discretion it shall deem appropriate and fair, the Debt Securities or portions thereof (in
integral multiples of $1,000) to be redeemed. 
  
 SECTION 10.04.
Payment of Debt Securities Called for Redemption. 
  
 If
notice of redemption has been given as provided in Section 10.03, the Debt Securities or portions of Debt Securities with respect to which such notice has been given shall become due and payable on the Redemption Date or the Special Redemption Date
(as the case may be) and at the place or places stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption, and on and after said Redemption Date or the Special Redemption Date (unless
the Company shall default in the payment of such Debt Securities at the redemption price, together with unpaid interest accrued thereon to said date) interest on the Debt Securities or portions of Debt Securities so called for redemption shall cease
to accrue. On presentation and surrender of such Debt Securities at a place of payment specified in said notice, such Debt Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price,
together with unpaid interest accrued thereon to the Redemption Date or the Special Redemption Date (as the case may be). 
  

 34 

 Upon presentation of any Debt Security redeemed in part only, the Company shall execute and the Trustee
shall authenticate and make available for delivery to the holder thereof, at the expense of the Company, a new Debt Security or Debt Securities of authorized denominations in principal amount equal to the unredeemed portion of the Debt Security so
presented. 
  
 ARTICLE XI 
  
 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 
  
 SECTION 11.01. Company May Consolidate, etc., on Certain Terms.

  
 Nothing contained in this Indenture or in the Debt Securities
shall prevent any consolidation or merger of the Company with or into any other corporation or corporations (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors
shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of all or substantially all of the property or capital stock of the Company or its successor or successors to any other corporation (whether or not
affiliated with the Company, or its successor or successors) authorized to acquire and operate the same; provided, however, that the Company hereby covenants and agrees that, (i) upon any such consolidation, merger (where the Company is not the
surviving corporation), sale, conveyance, transfer or other disposition, the successor entity shall be a corporation organized and existing under the laws of the United States or any state thereof or the District of Columbia (unless such corporation
has (1) agreed to make all payments due in respect of the Debt Securities or, if outstanding, the Capital Securities and Capital Securities Guarantee without withholding or deduction for, or on account of, any taxes, duties, assessments or other
governmental charges under the laws or regulations of the jurisdiction of organization or residence (for tax purposes) of such corporation or any political subdivision or taxing authority thereof or therein unless required by applicable law, in
which case such corporation shall have agreed to pay such additional amounts as shall be required so that the net amounts received and retained by the holders of such Debt Securities or Capital Securities, as the case may be, after payment of all
taxes (including withholding taxes), duties, assessments or other governmental charges, will be equal to the amounts that such holders would have received and retained had no such taxes (including withholding taxes), duties, assessments or other
governmental charges been imposed, (2) irrevocably and unconditionally consented and submitted to the jurisdiction of any United States federal court or New York state court, in each case located in The City of New York, Borough of Manhattan, in
respect of any action, suit or proceeding against it arising out of or in connection with this Indenture, the Debt Securities, the Capital Securities Guarantee or the Declaration and irrevocably and unconditionally waived, to the fullest extent
permitted by law, any objection to the laying of venue in any such court or that any such action, suit or proceeding has been brought in an inconvenient forum and (3) irrevocably appointed an agent in The City of New York for service of process in
any action, suit or proceeding referred to in clause (2) above) and such corporation expressly assumes all of the obligations of the Company under the Debt Securities, this Indenture, the Capital Securities Guarantee and the Declaration and (ii)
after giving effect to any such consolidation, merger, sale, conveyance, transfer or other disposition, no Default or Event of Default shall have occurred and be continuing. 
  
 SECTION 11.02. Successor Entity to be Substituted. 
  
 In case of any such consolidation, merger, sale, conveyance, transfer or other disposition contemplated in Section 11.01 and
upon the assumption by the successor entity, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the due and punctual payment of the principal of and premium, if any, and interest
on all of the Debt Securities and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by the Company, such successor entity shall succeed to and be substituted for the
Company, with the same effect as if it had been named herein as the Company, and thereupon the predecessor entity shall be relieved of any further liability or obligation hereunder or upon the Debt Securities. Such successor entity thereupon may
cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Debt Securities issuable hereunder which theretofore 
  

 35 

 shall not have been signed by the Company and delivered to the Trustee or the Authenticating Agent; and, upon the order
of such successor entity instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee or the Authenticating Agent shall authenticate and deliver any Debt Securities which previously shall
have been signed and delivered by the officers of the Company, to the Trustee or the Authenticating Agent for authentication, and any Debt Securities which such successor entity thereafter shall cause to be signed and delivered to the Trustee or the
Authenticating Agent for that purpose. All the Debt Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Debt Securities theretofore or thereafter issued in accordance with the terms of this
Indenture as though all of such Debt Securities had been issued at the date of the execution hereof. 
  
 SECTION 11.03. Opinion of Counsel to be Given to Trustee. 
  

The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive, in addition to the Opinion of Counsel required by Section 9.05, an
Opinion of Counsel as conclusive evidence that any consolidation, merger, sale, conveyance, transfer or other disposition, and any assumption, permitted or required by the terms of this Article XI complies with the provisions of this Article XI.

  
 ARTICLE XII 
  
 SATISFACTION AND DISCHARGE OF INDENTURE 
  
 SECTION 12.01. Discharge of Indenture. 
  
 When (a) the Company shall deliver to the Trustee for cancellation all Debt
Securities theretofore authenticated (other than any Debt Securities which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.06) and not theretofore canceled, or (b) all the Debt Securities
not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit with the Trustee, in trust, funds, which shall be immediately due and payable, sufficient to pay at maturity or upon redemption all of the Debt
Securities (other than any Debt Securities which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.06) not theretofore canceled or delivered to the Trustee for cancellation, including
principal and premium, if any, and interest due or to become due to such date of maturity or redemption date, as the case may be, but excluding, however, the amount of any moneys for the payment of principal of, and premium, if any, or interest on
the Debt Securities (1) theretofore repaid to the Company in accordance with the provisions of Section 12.04, or (2) paid to any state or to the District of Columbia pursuant to its unclaimed property or similar laws, and if in the case of either
clause (a) or clause (b) the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect except for the provisions of Sections 2.05, 2.06, 3.01, 3.02, 3.04,
6.06, 6.09 and 12.04 hereof, which shall survive until such Debt Securities shall mature or are redeemed, as the case may be, and are paid in full. Thereafter, Sections 6.06, 6.09 and 12.04 shall survive, and the Trustee, on demand of the Company
accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with, and at the cost and expense
of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture, the Company, however, hereby agreeing to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by
the Trustee in connection with this Indenture or the Debt Securities. 
  
 SECTION 12.02. Deposited Moneys to be Held in Trust by Trustee. 
  
 Subject to the provisions of Section I2.04, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent
(including the Company if acting as its own Paying Agent), to the holders of the particular Debt Securities for the payment of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal, and
premium, if any, and interest. 
  

 36 

 SECTION 12.03. Paying Agent to Repay Moneys Held. 
  
 Upon the satisfaction and discharge of this Indenture, all moneys then held
by any Paying Agent of the Debt Securities (other than the Trustee) shall, upon demand of the Company, be repaid to the Company or paid to the Trustee, and thereupon such Paying Agent shall be released from all further liability with respect to such
moneys. 
  
 SECTION 12.04. Return of Unclaimed Moneys.

  
 Any moneys deposited with or paid to the Trustee or any
Paying Agent for payment of the principal of, and premium, if any, or interest on Debt Securities and not applied but remaining unclaimed by the holders of Debt Securities for two years after the date upon which the principal of, and premium, if
any, or interest on such Debt Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee or such Paying Agent on written demand; and the holder of any of the Debt Securities shall thereafter look
only to the Company for any payment which such holder may be entitled to collect and all liability of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease. 
  
 ARTICLE XIII 
  
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
  
 SECTION 13.01. Indenture and Debt Securities Solely Corporate Obligations. 
  
 No recourse for the payment of the principal of or premium, if any, or interest on any Debt Security, or for any claim based
thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture, or in any such Debt Security, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director, employee or agent, as such, past, present or future, of the Company or of any predecessor or successor corporation of the Company, either
directly or through the Company or any successor corporation of the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Debt Securities. 
  
 ARTICLE XIV 
  
 MISCELLANEOUS PROVISIONS 
  
 SECTION 14.01. Successors. 
  
 All the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so
expressed or not. 
  
 SECTION 14.02. Official Acts by Successor
Entity. 
  
 Any act or proceeding by any provision of this
Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the like board, committee, officer or other authorized Person of any entity
that shall at the time be the lawful successor of the Company. 
  
 SECTION 14.03. Surrender of Company Powers. 
  
 The Company by instrument in writing executed by authority of 2/3 (two-thirds) of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company and thereupon such power so surrendered shall
terminate both as to the Company and as to any permitted successor. 
  

 37 

 SECTION 14.04. Addresses for Notices, etc. 
  
 Any notice or demand which by any provision of this Indenture is required or
permitted to be given or served by the Trustee or by the Securityholders on the Company may be given or served in writing, duly signed by the party giving such notice, and shall be delivered, telecopied (which telecopy shall be followed by notice
delivered or mailed by first class mail) or mailed by first class mail to the Company at: 
  
 Southern BancShares (N.C.), Inc. 
 116 East Main Street 
 Mt. Olive, North Carolina 28365 
 Attention:
David A. Bean 
  
 Any notice, direction, request or demand by any
Securityholder or the Company to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the office of JPMorgan Chase Bank, National Association at: 
  
 600 Travis Street, 50th Floor 
 Houston, Texas 77002 
 Attn: Institutional Trust Services - Southern Capital Trust II 
  
 SECTION 14.05. Governing Law. 
  
 This Indenture and the Debt Securities shall each be governed by, and construed in accordance with, the laws of the State of New York, without regard to
conflict of laws principles of said State other than Section 5-1401 of the New York General Obligations Law. 
  
 SECTION 14.06. Evidence of Compliance with Conditions Precedent. 
  
 Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this
Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that in the opinion of the signers all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and
an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with (except that no such Opinion of Counsel is required to be furnished to the Trustee in connection with the authentication and
issuance of Debt Securities issued on the date of this Indenture). 
  
 Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture (except certificates delivered pursuant to Section 3.05) shall
include (a) a statement that the person making such certificate or opinion has read such covenant or condition and the definitions relating thereto; (b) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; (c) a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion
as to whether or not such covenant or condition has been complied with; and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 
  
 SECTION 14.07. Non-Business Days. 
  
 Notwithstanding anything to the contrary contained herein, if any Interest
Payment Date, other than on the Maturity Date, any Redemption Date or the Special Redemption Date, falls on a day that is not a Business Day, then any interest payable will be paid on, and such Interest Payment Date will be moved to, the next
succeeding Business Day, and additional interest will accrue for each day that such payment is delayed as a result thereof. If the Maturity Date, any Redemption Date or the Special Redemption Date falls on a day that is not a Business Day, then the
principal, premium, if any, and/or interest payable on such date will be paid on the next succeeding Business Day, and no additional interest will accrue in respect of such payment made on such next succeeding Business Day. 
  

 38 

 SECTION 14.08. Table of Contents, Headings, etc. 
  
 The table of contents and the titles and headings of the articles and
sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 SECTION 14.09. Execution in Counterparts. 
  
 This Indenture may be executed in any number of counterparts, each of which
shall be an original, but such counterparts shall together constitute but one and the same instrument. 
  
 SECTION 14.10. Severability. 
  
 In case any one or more of the provisions contained in this Indenture or in the Debt Securities shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Debt Securities, but this Indenture and such Debt Securities shall be construed as if such invalid or
illegal or unenforceable provision had never been contained herein or therein. 
  
 SECTION 14.11. Assignment. 
  
 Subject to Article XI, the Company will have the right at all times to assign any of its rights or obligations under this Indenture and the Debt Securities to a direct or indirect wholly owned Subsidiary of the Company; provided,
however, that, in the event of any such assignment, the Company will remain liable for all such obligations. Subject to the foregoing, this Indenture is binding upon and inures to the benefit of the parties hereto and their respective
successors and assigns. This Indenture may not otherwise be assigned by the parties thereto. 
  
 SECTION 14.12. Acknowledgment of Rights. 
  
 The Company acknowledges that, with respect to any Debt Securities held by the Trust or the Institutional Trustee of the Trust, if the Institutional Trustee of the Trust fails to enforce its rights under this
Indenture as the holder of Debt Securities held as the assets of the Trust after the holders of a majority in Liquidation Amount of the Capital Securities of the Trust have so directed in writing such Institutional Trustee, a holder of record of
such Capital Securities may to the fullest extent permitted by law institute legal proceedings directly against the Company to enforce such Institutional Trustee’s rights under this Indenture without first instituting any legal proceedings
against such Institutional Trustee or any other Person. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay interest (or premium, if any) or
principal on the Debt Securities on the date such interest (or premium, if any) or principal is otherwise due and payable (or in the case of redemption, on the redemption date), the Company acknowledges that a holder of record of Capital Securities
of the Trust may directly institute a proceeding against the Company for enforcement of payment to such holder directly of the principal of (or premium, if any) or interest on the Debt Securities having an aggregate principal amount equal to the
aggregate Liquidation Amount of the Capital Securities of such holder on or after the respective due date specified in the Debt Securities. 
  
 ARTICLE XV 
  
 SUBORDINATION OF DEBT SECURITIES 
  
 SECTION 15.01. Agreement to Subordinate. 
  
 The Company covenants and agrees, and each holder of Debt Securities issued hereunder and under any supplemental indenture (the “Additional Provisions”) by such Securityholder’s acceptance thereof
likewise covenants and agrees, that all Debt Securities shall be issued subject to the provisions of this Article XV; and each holder of a Debt Security, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be
bound by such provisions. 
  
 The payment by the Company of the
payments due on all Debt Securities issued hereunder and under any Additional Provisions shall, to the extent and in the manner hereinafter set forth, be subordinated and junior in right of payment to the prior payment in full of all Senior
Indebtedness of the Company, whether outstanding at the date of this Indenture or thereafter incurred. 
  

 39 

 No provision of this Article XV shall prevent the occurrence of any Default or Event of Default
hereunder. 
  
 SECTION 15.02. Default on Senior
Indebtedness. 
  
 In the event and during the continuation of
any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Indebtedness of the Company following any applicable grace period, or in the event that the maturity of any Senior Indebtedness of the
Company has been accelerated because of a default, and such acceleration has not been rescinded or canceled and such Senior Indebtedness has not been paid in full, then, in either case, no payment shall be made by the Company with respect to the
payments due on the Debt Securities. 
  
 In the event that,
notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 15.02, such payment shall, subject to Section 15.06, be held in trust for the benefit of, and
shall be paid over or delivered to, the holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective
interests may appear, but only to the extent that the holders of the Senior Indebtedness (or their representative or representatives or a trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and owing on the
Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of Senior Indebtedness. 
  
 SECTION 15.03. Liquidation; Dissolution; Bankruptcy. 
  
 Upon any payment by the Company or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors
upon any dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due upon all Senior Indebtedness of the Company shall
first be paid in full, or payment thereof provided for in money in accordance with its terms, before any payment is made by the Company on the Debt Securities; and upon any such dissolution or winding-up or liquidation or reorganization, any payment
by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Securityholders or the Trustee would be entitled to receive from the Company, except for the provisions of this
Article XV, shall be paid by the Company, or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Securityholders or by the Trustee under this Indenture if received by them
or it, directly to the holders of Senior Indebtedness of the Company (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders, as calculated by the Company) or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay such Senior
Indebtedness in full, in money or money’s worth, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness, before any payment or distribution is made to the Securityholders. 
  
 In the event that, notwithstanding the foregoing, any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, prohibited by the foregoing, shall be received by the Trustee before all Senior Indebtedness of the Company is paid in full, or provision is made for such
payment in money in accordance with its terms, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness or their representative or representatives, or to
the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all
Senior Indebtedness of the Company remaining unpaid to the extent necessary to pay such Senior Indebtedness in full in money in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the
holders of such Senior Indebtedness. 
  
 For purposes of this
Article XV, the words “cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization
or readjustment, the payment of which is subordinated at least to 
  

 40 

 the extent provided in this Article XV with respect to the Debt Securities to the payment of all Senior Indebtedness of
the Company, that may at the time be outstanding, provided, that (a) such Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or readjustment, and (b) the rights of the holders of such Senior
Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution of the Company
following the conveyance, transfer or other disposition of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article XI of this Indenture shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this Section 15.03 if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article XI of this
Indenture. Nothing in Section 15.02 or in this Section 15.03 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06 of this Indenture. 
  
 SECTION 15.04. Subrogation. 
  

Subject to the payment in full of all Senior Indebtedness of the Company, the Securityholders shall be subrogated to the rights of the holders of such
Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to such Senior Indebtedness until all payments due on the Debt Securities shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Senior Indebtedness of any cash, property or securities to which the Securityholders or the Trustee would be entitled except for the provisions of this Article XV, and no payment over
pursuant to the provisions of this Article XV to or for the benefit of the holders of such Senior Indebtedness by Securityholders or the Trustee, shall, as between the Company, its creditors other than holders of Senior Indebtedness of the Company,
and the holders of the Debt Securities be deemed to be a payment or distribution by the Company to or on account of such Senior Indebtedness. It is understood that the provisions of this Article XV are and are intended solely for the purposes of
defining the relative rights of the holders of the Debt Securities, on the one hand, and the holders of such Senior Indebtedness, on the other hand. 
  
 Nothing contained in this Article XV or elsewhere in this Indenture, any Additional Provisions or in the Debt Securities is intended to or shall impair,
as between the Company, its creditors other than the holders of Senior Indebtedness of the Company, and the holders of the Debt Securities, the obligation of the Company, which is absolute and unconditional, to pay to the holders of the Debt
Securities all payments on the Debt Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the holders of the Debt Securities and creditors of the
Company, other than the holders of Senior Indebtedness of the Company, nor shall anything herein or therein prevent the Trustee or the holder of any Debt Security from exercising all remedies otherwise permitted by applicable law upon default under
this Indenture, subject to the rights, if any, under this Article XV of the holders of such Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. 
  
 Upon any payment or distribution of assets of the Company referred to in this
Article XV, the Trustee, subject to the provisions of Article VI of this Indenture, and the Securityholders shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in which such dissolution,
winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the
Securityholders, for the purposes of ascertaining the Persons entitled to participate in such distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article XV. 
  
 SECTION 15.05. Trustee to Effectuate Subordination. 
  
 Each Securityholder by such Securityholder’s acceptance thereof authorizes and directs the Trustee on such Securityholder’s behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article XV and appoints the Trustee such Securityholder’s attorney-in-fact for any and all such purposes. 
  
 SECTION 15.06. Notice by the Company. 
  
 The Company shall give prompt written notice to a Responsible Officer of the Trustee at the Principal Office of the Trustee of any fact known to the
Company that would prohibit the making of any payment of 
  

 41 

 moneys to or by the Trustee in respect of the Debt Securities pursuant to the provisions of this Article XV.
Notwithstanding the provisions of this Article XV or any other provision of this Indenture or any Additional Provisions, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of
moneys to or by the Trustee in respect of the Debt Securities pursuant to the provisions of this Article XV, unless and until a Responsible Officer of the Trustee at the Principal Office of the Trustee shall have received written notice thereof from
the Company or a holder or holders of Senior Indebtedness or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Article VI of this Indenture, shall be entitled in all respects to
assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided for in this Section 15.06 at least two Business Days prior to the date upon which by the terms hereof any money may
become payable for any purpose (including, without limitation, the payment of the principal of (or premium, if any) or interest on any Debt Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power
and authority to receive such money and to apply the same to the purposes for which they were received, and shall not be affected by any notice to the contrary that may be received by it within two Business Days prior to such date. 
  
 The Trustee, subject to the provisions of Article VI of this Indenture, shall
be entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself or herself to be a holder of Senior Indebtedness of the Company (or a trustee or representative on behalf of such holder) to establish that
such notice has been given by a holder of such Senior Indebtedness or a trustee or representative on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required with respect to the
right of any Person as a holder of such Senior Indebtedness to participate in any payment or distribution pursuant to this Article XV, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the
amount of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article XV, and, if such
evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 
  
 SECTION 15.07. Rights of the Trustee, Holders of Senior Indebtedness. 
  
 The Trustee in its individual capacity shall be entitled to all the rights
set forth in this Article XV in respect of any Senior Indebtedness at any time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture or any Additional Provisions shall deprive the Trustee of any of
its rights as such holder. 
  
 With respect to the holders of
Senior Indebtedness of the Company, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article XV, and no implied covenants or obligations with respect to the holders of
such Senior Indebtedness shall be read into this Indenture or any Additional Provisions against the Trustee. The Trustee shall not owe or be deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and, subject to the provisions
of Article VI of this Indenture, the Trustee shall not be liable to any holder of such Senior Indebtedness if it shall pay over or deliver to Securityholders, the Company or any other Person money or assets to which any holder of such Senior
Indebtedness shall be entitled by virtue of this Article XV or otherwise. 
  
 Nothing in this Article XV shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06. 
  
 SECTION 15.08. Subordination May Not Be Impaired. 
  
 No right of any present or future holder of any Senior Indebtedness of the Company to enforce subordination as herein provided shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of the Company, or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company, with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof that any such holder may have or otherwise be charged with. 
  
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness of the Company may, at any time and from time to
time, without the consent of or notice to the Trustee or the Securityholders, without incurring responsibility to the Securityholders and without impairing or releasing the subordination provided in this Article XV or the obligations hereunder of
the holders of the Debt Securities to the holders of such Senior Indebtedness, do any one or more of the following: (a) change the manner, place or terms of 
  

 42 

 payment or extend the time of payment of, or renew or alter, such Senior Indebtedness, or otherwise amend or supplement
in any manner such Senior Indebtedness or any instrument evidencing the same or any agreement under which such Senior Indebtedness is outstanding; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise
securing such Senior Indebtedness; (c) release any Person liable in any manner for the collection of such Senior Indebtedness; and (d) exercise or refrain from exercising any rights against the Company, and any other Person.

  
 JPMorgan Chase Bank, National Association, in its capacity as
Trustee, hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions herein above set forth. 
  

 43 

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

			
	Southern BancShares (N.C.), Inc.
		
	 By:
	 	 /s/ David A. Bean

	 Name:
	 	 David A. Bean

	 Title:
	 	 Chief Financial Officer

	
	JPMorgan Chase Bank, National Association, as Trustee
		
	 By:
	 	 /s/ Maria D. Calzado

	 Name:
	 	 Maria D. Calzado

	 Title:
	 	 Vice President

  

 44 

 EXHIBIT A 
  
 FORM OF JUNIOR SUBORDINATED DEBT SECURITY 
 DUE 2035 
  
 [FORM OF FACE OF SECURITY]

  
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO A NON U.S. PERSON” IN AN “OFFSHORE
TRANSACTION” PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR
(7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT IN ACCORDANCE WITH THE INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS. 
  
 THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE
SECURITIES ACT. 
  
 THE HOLDER OF THIS SECURITY
BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN
THE ENTITY AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR
PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH
PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF
ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE 
  

 45 

 BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION. 
  
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE COMPANY AND TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE
REQUIRED BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  
 THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS
THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A PRINCIPAL AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS
SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY. 
  
 THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR
ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION. THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF DEPOSITORS AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE COMPANY, IS INELIGIBLE AS COLLATERAL FOR
A LOAN BY THE COMPANY OR ANY OF ITS SUBSIDIARIES AND IS NOT SECURED. 
  

 46 

 Form of Junior Subordinated Debt Security due 2035 
  
 of 
  
 Southern BancShares (N.C.), Inc. 
  
 Southern BancShares (N.C.), Inc., a bank holding company incorporated in Delaware (the “Company”), for value received promises to pay to
JPMorgan Chase Bank, National Association, not in its individual capacity but solely as Institutional Trustee for Southern Capital Trust II, a Delaware statutory trust (the “Holder”), or registered assigns, the principal sum of Twenty
Three Million Seven Hundred Twelve Thousand Dollars on June 15, 2035 and to pay interest on said principal sum from April 28, 2005, or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which
interest has been paid or duly provided for, quarterly (subject to deferral as set forth herein) in arrears on March 15, June 15, September 15 and December 15 of each year commencing June 15, 2005, at the rate of 6.95% per annum (the “Interest
Rate”) until the principal hereof shall have become due and payable, and on any overdue principal and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of
interest at an annual rate equal to the Interest Rate compounded quarterly. The amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months and the amount payable for any partial
period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day months. Notwithstanding anything to the contrary contained herein, if any Interest Payment Date, other than on the Maturity Date, any Redemption
Date or the Special Redemption Date, falls on a day that is not a Business Day, then any interest payable will be paid on, and such Interest Payment Date will be moved to, the next succeeding Business Day, and additional interest will accrue for
each day that such payment is delayed as a result thereof. If the Maturity Date, any Redemption Date or the Special Redemption Date falls on a day that is not a Business Day, then the principal, premium, if any, and/or interest payable on such date
will be paid on the next succeeding Business Day, and no additional interest will accrue in respect of such payment made on such next succeeding Business Day. The interest installment so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Debt Security (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the regular record date
for such interest installment, except that interest and any Deferred Interest payable on the Maturity Date shall be paid to the Person to whom principal is paid. Any such interest installment not punctually paid or duly provided for shall forthwith
cease to be payable to the registered holders on such regular record date and may be paid to the Person in whose name this Debt Security (or one or more Predecessor Debt Securities) is registered at the close of business on a special record date to
be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered holders of the Debt Securities not less than 10 days prior to such special record date, all as more fully provided in the Indenture.
The principal of and interest on this Debt Security shall be payable at the office or agency of the Trustee (or other Paying Agent appointed by the Company) maintained for that purpose in any coin or currency of the United States of America that at
the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered holder at such address as shall appear
in the Debt Security Register or by wire transfer or immediately available funds to an account appropriately designated by the holder hereof. Notwithstanding the foregoing, so long as the holder of this Debt Security is the Institutional Trustee,
payment of the principal of and premium, if any, and interest on this Debt Security shall be made in immediately available funds when due at such place and to such account as may be designated by the Institutional Trustee. All payments in respect of
this Debt Security shall be payable in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts. 
  

 47 

 Upon submission of Notice (as defined in the Indenture) and so long as it is acting in good faith, the
Company shall have the right, from time to time and without causing an Event of Default, to defer payments of interest on the Debt Securities by extending the interest distribution period on the Debt Securities at any time and from time to time
during the term of the Debt Securities, for up to 20 consecutive quarterly periods (each such extended interest distribution period, an “Extension Period”), during which Extension Period no interest shall be due and payable (except any
Additional Interest that may be due and payable). During any Extension Period, interest will continue to accrue on the Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as
“Deferred Interest”) will accrue at an annual rate equal to the Interest Rate, applicable during such Extension Period, compounded quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period,
to the extent permitted by law. No Extension Period may end on a date other than an Interest Payment Date. At the end of any such Extension Period the Company shall pay all Deferred Interest then accrued and unpaid on the Debt Securities;
provided, however, that no Extension Period may extend beyond the Maturity Date, Redemption Date (to the extent redeemable) or Special Redemption Date; and provided, further, however, during any such Extension Period, the
Company may not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock or (ii) make any payment of principal of or premium, if any,
or interest on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Debt Securities or (iii) make any payment under any guarantees of the Company that rank in all
respects pari passu with or junior in respect to the Capital Securities Guarantee (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company (A) in connection with any employment contract, benefit
plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, (B) in connection with a dividend reinvestment or stockholder stock purchase plan or (C) in connection with the issuance of
capital stock of the Company (or securities convertible into or exercisable for such capital stock), as consideration in an acquisition transaction entered into prior to the applicable Extension Period, (b) as a result of any exchange,
reclassification, combination or conversion of any class or series of the Company’s capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company’s capital stock or of any class or series of the
Company’s indebtedness for any class or series of the Company’s capital stock, (c) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock
or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholder’s rights plan, or the issuance of rights, stock or other property under any stockholder’s rights plan, or the redemption or
repurchase of rights pursuant thereto, or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on
which the dividend is being paid or ranks pari passu with or junior to such stock). Prior to the termination of any Extension Period, the Company may further extend such Extension Period; provided, that no Extension Period (including
all previous and further consecutive extensions that are part of such Extension Period) shall exceed 20 consecutive quarterly periods, or extend beyond the Maturity Date. Upon the termination of any Extension Period and upon the payment of all
Deferred Interest, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest or Deferred Interest shall be due and payable during an Extension Period, except at the end thereof, but Deferred Interest shall
accrue upon each installment of interest that would otherwise have been due and payable during such Extension Period until such installment is paid. The Company must give the Trustee notice of its election to begin or extend an Extension Period at
least one Business Day prior to the regular record date applicable to the next succeeding Interest Payment Date on which interest on the Debt Securities would have been payable except for the election to begin such Extension Period. 
  

 48 

 The indebtedness evidenced by this Debt Security is, to the extent provided in the Indenture, subordinate
and junior in right of payment to the prior payment in full of all Senior Indebtedness, and this Debt Security is issued subject to the provisions of the Indenture with respect thereto. Each holder of this Debt Security, by accepting the same, (a)
agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on such holder’s behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination so provided and (c) appoints
the Trustee such holder’s attorney-in-fact for any and all such purposes. Each holder hereof, by such holder’s acceptance hereof, hereby waives all notice of the acceptance of the subordination provisions contained herein and in the
Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. 
  
 The Company waives diligence, presentment, demand for payment, notice of nonpayment, notice of protest, and all other demands and notices. 
  
 This Debt Security shall not be entitled to any benefit under the Indenture
hereinafter referred to and shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by or on behalf of the Trustee. 
  
 The provisions of this Debt Security are continued on the reverse side hereof and such continued provisions shall for all
purposes have the same effect as though fully set forth at this place. 
  

 49 

 IN WITNESS WHEREOF, the Company has duly executed this certificate.  
  

			
	Southern BancShares (N.C.), Inc.
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 Dated:
                    , 2005 
  
 CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Debt Securities referred to in the within-mentioned Indenture. 
  

			
	 JPMorgan Chase Bank, National Association, not in its
 individual capacity but solely as Trustee

		
	 By:
	 	  

	 	 	 Authorized Signatory

  
 Dated:
                    , 2005 
  

 50 

 [FORM OF REVERSE OF SECURITY] 
  
 This Debt Security is one of a duly authorized series of Debt Securities of the Company, all issued or to be issued pursuant
to an Indenture (the “Indenture”), dated as of April 28, 2005, duly executed and delivered between the Company and JPMorgan Chase Bank, National Association, as Trustee (the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Debt Securities (referred to herein as the
“Debt Securities”) of which this Debt Security is a part. The summary of the terms of this Debt Security contained herein does not purport to be complete and is qualified by reference to the Indenture. 
  
 Upon the occurrence and continuation of a Tax Event, an Investment Company
Event or a Capital Treatment Event (each a “Special Event”), this Debt Security may become due and payable, in whole or in part, at any time, within 90 days following the occurrence of such Tax Event, Investment Company Event or Capital
Treatment Event (the “Special Redemption Date”), as the case may be, at the Special Redemption Price. 
  
 The Company shall also have the right to redeem this Debt Security at the option of the Company, in whole or in part, on any March 15, June 15, September
15 or December 15 on or after June 15, 2010 (a “Redemption Date”), at the Redemption Price. 
  
 Any redemption pursuant to the preceding paragraph will be made, subject to the receipt by the Company of prior approval from any regulatory authority
with jurisdiction over the Company if such approval is then required under applicable capital guidelines or policies of such regulatory authority, upon not less than 30 days’ nor more than 60 days’ notice. If the Debt Securities are only
partially redeemed by the Company, the Debt Securities will be redeemed, pro rata or by lot or by any other method
utilized by the Trustee. 
  
 “Redemption Price” means
100% of the principal amount of the Debt Securities being redeemed plus accrued and unpaid interest on such Debt Securities to the Redemption Date. 
  
 “Special Redemption Price” means, with respect to the redemption of any Debt Security following a Special Event, an amount in cash equal to
103.525% of the principal amount of Debt Securities to be redeemed prior to June 15, 2006 and thereafter equal to the percentage of the principal amount of the Debt Securities that is specified below for the Special Redemption Date plus, in each
case, unpaid interest accrued thereon to the Special Redemption Date: 
  

				
	 Special Redemption During the
 12-Month
Period Beginning June 15

	  	Percentage of Principal Amount

	 
	 2006
	  	103.140	%
	 2007
	  	102.355	%
	 2008
	  	101.570	%
	 2009
	  	100.785	%
	 2010 and thereafter
	  	100.000	%

  
 In the event of
redemption of this Debt Security in part only, a new Debt Security or Debt Securities for the unredeemed portion hereof will be issued in the name of the holder hereof upon the cancellation hereof. 
  
 In certain cases where an Event of Default, as defined in the Indenture,
shall have occurred and be continuing, the principal of all of the Debt Securities may be declared, and, in certain cases, shall ipso facto become, due and payable, and upon such declaration of acceleration shall become due and payable, in each
case, in the manner, with the effect and subject to the conditions provided in the Indenture. 
  

 51 

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders
of not less than a majority in aggregate principal amount of the Debt Securities at the time outstanding affected thereby, as specified in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of the Debt Securities; provided, however, that no such supplemental indenture
shall, among other things, without the consent of the holders of each Debt Security then outstanding and affected thereby (i) change the Maturity Date of any Debt Security, or reduce the principal amount thereof or any premium thereon, or reduce the
rate (or manner of calculation of the rate) or extend the time of payment of interest thereon, or reduce (other than as a result of the maturity or earlier redemption of any such Debt Security in accordance with the terms of the Indenture and such
Debt Security) or increase the aggregate principal amount of Debt Securities then outstanding, or change any of the redemption provisions, or make the principal thereof or any interest or premium thereon payable in any coin or currency other than
United States Dollars, or impair or affect the right of any holder of Debt Securities to institute suit for the payment thereof, or (ii) reduce the aforesaid percentage of Debt Securities, the holders of which are required to consent to any such
supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding, on behalf of all of the holders of the Debt Securities, to waive any
past default in the performance of any of the covenants contained in the Indenture, or established pursuant to the Indenture, and its consequences, except (a) a default in payments due in respect of any of the Debt Securities, (b) in respect of
covenants or provisions of the Indenture which cannot be modified or amended without the consent of the holder of each Debt Security affected, or (c) in respect of the covenants of the Company relating to its ownership of Common Securities of the
Trust. Any such consent or waiver by the registered holder of this Debt Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Debt Security and of any
Debt Security issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Debt Security. 
  
 No reference herein to the Indenture and no provision of this Debt Security
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay all payments due on this Debt Security at the time and place and at the rate and in the money herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations herein and
therein set forth, this Debt Security is transferable by the registered holder hereof on the Debt Security Register of the Company, upon surrender of this Debt Security for registration of transfer at the office or agency of the Trustee in Houston,
Texas accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or
more new Debt Securities of authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be made for any such registration of transfer, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 
  
 Prior to due presentment for registration of transfer of this Debt Security, the Company, the Trustee, any Authenticating Agent, any Paying Agent, any
transfer agent and the Debt Security registrar may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Debt Security shall be overdue and notwithstanding any notice of ownership or writing hereon) for the
purpose of receiving payment of the principal of and premium, if any, and interest on this Debt Security and for all other purposes, and neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any transfer agent nor
any Debt Security registrar shall be affected by any notice to the contrary. 
  
 No recourse shall be had for the payment of the principal of or the interest on this Debt Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against
any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
  

 52 

 The Debt Securities are issuable only in registered certificated form without coupons. As provided in the
Indenture and subject to certain limitations herein and therein set forth, Debt Securities are exchangeable for a like aggregate principal amount of Debt Securities of a different authorized denomination, as requested by the holder surrendering the
same. 
  
 All terms used in this Debt Security that are defined in
the Indenture shall have the meanings assigned to them in the Indenture. 
  
 THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THE DEBT SECURITIES, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF. 
  

 53Amended and Restated Revolving Credit Agreement

 Exhibit 4.6 
  

  
 $435,000,000 
  
  
 AMENDED AND RESTATED 
 REVOLVING 
 CREDIT AGREEMENT 
  
 dated as of July 22, 2004 
  
  
 (amending and restating the 
 Credit Agreement, dated as of May 10, 2002) 
  
  
 among 
  
  
 WORTHINGTON INDUSTRIES, INC., 

 
  
 THE LENDERS FROM TIME TO TIME PARTY HERETO, 
  
  
 PNC BANK, NATIONAL ASSOCIATION, 
 as
Issuing Lender, Swingline Lender and Administrative Agent, 
  
  
 and 
  
  
 THE BANK OF NOVA SCOTIA, 
 as Syndication Agent and Sole Bookrunner 
  

  
  
 THE BANK OF NOVA SCOTIA 
  
 and 

 
 PNC CAPITAL MARKETS, INC., 
 as Joint Lead Arrangers 
  

  
 AMENDED AND RESTATED
REVOLVING 
 CREDIT AGREEMENT 
  
 This Amended and Restated Revolving Credit Agreement (this “Agreement”) is dated as of July 22, 2004 and is among
WORTHINGTON INDUSTRIES, INC., an Ohio corporation (the “Borrower”), the banks and other financial institutions from time to time party hereto (the “Lenders”), PNC BANK, NATIONAL ASSOCIATION, as Issuing Lender,
Swingline Lender and Administrative Agent, and THE BANK OF NOVA SCOTIA, as Syndication Agent and Sole Bookrunner. 
  
 W I T N E S S E T H: 
  
 WHEREAS, pursuant to the Five Year Revolving Credit Agreement, dated as of May 10, 2002 (as amended, supplemented or otherwise modified
prior to the date hereof, the “Existing Credit Agreement”), among the Borrower, certain financial institutions and other Persons from time to time party thereto (the “Existing Lenders”) and PNC Bank, National
Association, as Issuing Agent, Swingline Lender and Administrative Agent thereunder, the Existing Lenders were committed to make extensions of credit to the Borrower on the terms and conditions set forth therein and made revolving loans (the
“Existing Revolving Loans”) and swingline loans (the “Existing Swingline Loans” and, together with the Existing Revolving Loans, the “Existing Committed Loans”) to the Borrower; 
  
 WHEREAS, the Borrower desires to, among other things, obtain
the Commitments to make Loans on the terms and conditions set forth herein for the purposes set forth herein; 
  
 WHEREAS, the Borrower has requested that the Existing Credit Agreement be amended and restated in its entirety to become effective and
binding on the Borrower pursuant to the terms of this Agreement, and the Lenders have agreed (subject to the terms of this Agreement) to amend and restate the Existing Credit Agreement in its entirety to read as set forth in this Agreement, and it
has been agreed by the parties to the Existing Credit Agreement that (a) the commitments which the Existing Lenders have agreed to extend to the Borrower under the Existing Credit Agreement shall be extended or advanced upon the amended and restated
terms and conditions contained in this Agreement, and (b) the Existing Committed Loans and other Obligations (as defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement shall be governed by and deemed to be
outstanding under the amended and restated terms and conditions contained in this Agreement, with the intent that the terms of this Agreement shall amend and restate in their entirety the terms of the Existing Credit Agreement (each of which shall
hereafter have no further effect upon the parties thereto, other than for fees and expenses accrued and owing and indemnification provisions arising under the terms of the Existing Credit Agreement on or prior to the date hereof or arising (in the
case of an indemnification) under the terms of the Existing Credit Agreement); and 
  
 WHEREAS, the Borrower desires and the Lenders hereby agree that the Pledged Notes (as defined in the Existing Credit Agreement) and the other Loan Documents securing the Obligations under the
Existing Credit Agreement shall be released as of the date hereof; 
  
 NOW, THEREFORE, the parties hereto hereby agree to amend and restate the Existing Credit Agreement, and the Existing Credit Agreement is hereby amended and restated in its entirety as follows: 
  
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
  
 Section 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
  
 “Absolute Rate Auction” means a solicitation
of Competitive Bids setting forth Competitive Bid Absolute Rates pursuant to Section 2.03 for Competitive Bid Loans. 
  

 “Active Restricted Subsidiary” means a Restricted Subsidiary having a
net worth in excess of $1,000,000. 
  
 “Administrative Agent” means PNC Bank, National Association, in its capacity as administrative agent for the Lenders hereunder and under the other Loan Documents, and its successor or successors in such capacity.

  
 “Administrative Agent’s
Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address and account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.

  
 “Affiliate” means, as to any
Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses,
directly or indirectly, power (i) to vote 10% or more of the securities (on a fully diluted basis) having ordinary voting power for the election of directors or managing general partners or (ii) to direct or cause the direction of the management and
policies of such Person, whether by contract or otherwise. 
  
 “Agent” means the Administrative Agent or the Syndication Agent and any successors and assigns in such capacity, and “Agents” means any two or more of them. 
  
 “Agent-Related Persons” means any Agent,
together with its Affiliates (including in the case of PNC Bank, National Association in its capacity as the Administrative Agent), and the officers, directors, employees, agents and attorneys-in-fact of such Person and its Affiliates. 

 
 “Agreement” means the Existing Credit
Agreement, as amended and restated hereby and as further amended, restated, supplemented or otherwise modified from time to time. 
  
 “Amendment Effective Date” means the date this Agreement becomes effective pursuant to Section 10.17. 
  
 “Anti-Terrorism Laws” means any Laws
relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot Act, the Laws compromising or implementing the Bank Secrecy Act and the Laws administered by the United States Treasury Department’s Office of
Foreign Asset Control (as any of the foregoing Laws may from time to time be amended, renewed, extended or replaced). 
  
 “Applicable Interbank Offered Rate” for any Eurodollar Loan for the Interest Period applicable thereto means: 

 
 (i)          the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate that appears on display page 3750 of the Telerate screen (or any successor
thereto) that displays the average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately
11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period; or 
  
 (ii)         if the rate referenced in clause (i) above does not
appear on such page or service or such page or service shall cease to be available, the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate that appears on such other page or service that displays an
average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 A.M. two Business Days
prior to the first day of such Interest Period; or 
  
 (iii)        if the rates referenced in the preceding clauses (i) and (ii) are not available, the rate per annum determined by the Administrative Agent as the rate
of interest (rounded upwards to the next 1/100th of 1%) at which deposits in Dollars for delivery on the first day of such Interest Period in same day 

  

 
funds in the approximate amount of the Eurodollar Loan being made, continued or converted with a term equivalent to such Interest Period would be offered by
PNC Bank, National Association or one of its Affiliates to major banks in the offshore market for Dollars at their request at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period. 
  
 “Applicable Lending Office” means (i) with
respect to any Lender and for each Class and Type of Loan, the “Lending Office” of such Lender (or of an Affiliate of such Lender) designated for such Class and Type of Loan on Schedule 10.02 or such other office of such Lender (or
of an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrower as the office by which its Loans of such Class and Type are to be made and maintained; provided that any Lender may from
time to time by notice to the Borrower and the Administrative Agent (x) designate separate Eurodollar Lending Offices for loans in different currencies, in which case all references herein to the Applicable Lending Office of such Lender shall, with
respect to its Eurodollar Loans, be deemed to refer to any or all of such offices, as the context may require, and (y) designate separate Competitive Bid Lending Offices for (A) its Competitive Bid LIBOR Loans, (B) its Competitive Bid Absolute Rate
Loans and (C) its Competitive Bid Loans in different currencies, in which case all references herein to the Applicable Lending Office of such Lender shall, with respect to such Loans, be deemed to refer to any or all of such offices, as the context
may require, and (ii) with respect to any Issuing Lender and for each Letter of Credit, the “Lending Office” of such Issuing Lender (or of an Affiliate of such Issuing Lender) designated on Schedule 10.02 or such other office of
such Issuing Lender (or of an Affiliate of such Issuing Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrower as the office by which its Letters of Credit are to be issued and maintained. 
  
 “Applicable Margin” means, for purposes of
calculating (i) the applicable interest rate for any day for any Base Rate Loans or Eurodollar Loans, (ii) the applicable rate for the Facility Fee for any day for purposes of Section 2.12(a) or (iii) the applicable rate for the Utilization
Fee for any day for purposes of Section 2.12(c), the appropriate applicable percentage set forth below corresponding to then current Worthington’s Ratings: 
  

									
	 	  	 Worthington’s
Ratings
 (S&P/Moody’s)
	  	Applicable Percentage
for Facility Fees	  	 Applicable
Percentage for
 Base Rate Loans
	  	Applicable Percentage
for
Eurodollar
Loans
	 Category A:
	  	 A-/A3 or higher
	  	.125%	  	0%	  	.375%
	 	 	 	 	 
	 Category B:
	  	 BBB+/Baa1
	  	.150%	  	0%	  	.475%
	 	 	 	 	 
	 Category C:
	  	 BBB/Baa2
	  	.175%	  	0%	  	.575%
	 	 	 	 	 
	 Category D:
	  	 BBB-/Baa3
	  	.200%	  	0%	  	.675%
	 	 	 	 	 
	 Category E:
	  	 BB+/Ba1 or
 lower or unrated
	  	.300%	  	0%	  	1.20%

  

							
	 	  	Worthington’s
Ratings
(S&P/Moody’s)	  	Applicable Percentage for
Utilization Fee:
Usage
> 33% of
Commitments	  	Applicable Percentage for
Utilization Fee:
Usage > 66% of
Commitments
	 Category A:
	  	 A-/A3 or higher
	  	.125%	  	.250%
	 	 	 	 
	 Category B:
	  	 BBB+/Baa1
	  	.125%	  	.250%
	 	 	 	 
	 Category C:
	  	 BBB/Baa2
	  	.125%	  	.250%
	 	 	 	 
	 Category D:
	  	 BBB-/Baa3
	  	.125%	  	.250%
	 	 	 	 
	 Category E:
	  	 BB+/Ba1 or
lower or unrated
	  	.125%	  	.250%

  
 Initially, the Applicable Margins for Base Rate Loans and Eurodollar Loans and the applicable rate for Facility Fees shall be based upon Worthington’s Ratings specified in the certificate delivered pursuant to Section
4.01(d)(ii) of this Agreement. Thereafter, each change in the Applicable Margins for Base Rate Loans and Eurodollar Loans and the applicable rate for Facility Fees shall be effective during the period commencing on the date of a public
announcement with respect to a change in Worthington’s Ratings and ending on the date immediately preceding the effective date of the next such change, if any. In the event a rating differential of one level exists, Worthington’s Ratings
shall be deemed to be the higher of the two ratings. In the event a rating differential of more than one level exists, Worthington’s Ratings shall be deemed to be one level below the higher rating. 
  
 “Approved Fund” means (i) with respect to
any Lender, an entity (whether a corporation, partnership, limited liability company, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of
its business and is managed by such Lender or an Affiliate of such Lender, (ii) with respect to any Lender that is a fund that invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions
of credit and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor and (iii) any special purpose funding vehicle described in Section 10.06(h). 
  
 “Assignment and Acceptance” means an
Assignment and Acceptance, substantially in the form of Exhibit C hereto, under which an interest of a Lender hereunder is transferred to an Eligible Assignee pursuant to Section 10.06(b). 
  
 “Associate” has the meaning given to it in
Rule 12b-2 under the Exchange Act. 
  
 “Attorney Costs” means all reasonable and actual fees and disbursements of any law firm or other external counsel. 
  
 “Bankruptcy Event” means, with respect to any Person, (i) a court or governmental agency having appropriate jurisdiction
shall enter a decree or order for relief in respect of such Person in an involuntary case under any Debtor Relief Law now or hereafter in effect, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of
such Person or for any substantial part of its property or ordering the winding up or liquidation of its affairs, (ii) an involuntary case under any applicable Debtor Relief Law now or hereafter in effect is commenced against such Person and such
petition remains unstayed and in effect for a period of 60 consecutive days, (iii) such Person shall commence a voluntary case under any applicable Debtor Relief Law now or hereafter in 

  

 
effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person or any substantial part of its property or make any general assignment for the benefit of creditors or (iv) such Person shall admit in writing its
inability to pay its debts generally as they become due or any definitive action shall be taken by such Person in preparation for any of the aforesaid. 
  
 “Base Rate” means, for any day, (a) a rate per annum equal to the higher of (i) the Prime Rate for such day and (ii) the
sum of 1/2 of 1% plus the Federal Funds Open Rate for such day (any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Open Rate shall be effective on the effective date of such change in the Prime Rate or the Federal
Funds Open Rate) or (b) exclusively for purposes of Swingline Loans, any other rate per annum that may be agreed upon between the Swingline Lender and the Borrower. 
  
 “Base Rate Loan” means a Committed Loan (Syndicated or Swingline) which bears interest at
the Base Rate pursuant to the applicable Notice of Syndicated Loan, Swingline Loan Request, Notice of Extension/Conversion or the provisions of Article III. 
  
 “Blocked Person” means any Person (i) that is listed in the annex to, or is otherwise
subject to the provisions of, Executive Order No. 13224; (ii) owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; (iii) with which
any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; (iv) that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224; (v) that is
named as a “specially designated national” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of
such list; or (vi) who is affiliated or associated with a person or entity listed above. 
  
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America. 
  
 “Borrower” means Worthington Industries, Inc., an Ohio corporation, and its successors.

  
 “Borrower’s 2003 Form
10-K” means the Borrower’s annual report on Form 10-K for the fiscal year ended May 31, 2003, as filed with the Securities and Exchange Commission pursuant to the Exchange Act. 
  
 “Borrower’s Latest Form 10-Q” means the
Borrower’s quarterly report on Form 10-Q for the quarter ended February 29, 2004, as filed with the Securities and Exchange Commission pursuant to the Exchange Act. 
  
 “Borrowing” has the meaning set forth in Section 1.04. 
  
 “Business Day” means any day except a
Saturday, Sunday or other day on which commercial banks are authorized or required to close, under the laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located, except that: 
  
 (i)         when used in Section 2.06 with respect to any action taken by or with respect to any Issuing Lender, or to the issuance of, drawing under, or reimbursement obligation arising
in respect of, a Letter of Credit or a notice by the Borrower with respect to any such issuance, drawing or reimbursement obligation, the term “Business Day” shall not include any day on which commercial banks are authorized or required to
close, under the laws of, or in fact closed in, the jurisdiction where such Issuing Lender’s Applicable Lending Office is located; and 
  
 (ii)        if such day relates to a borrowing of, a payment or prepayment of
principal of or interest on, or the Interest Period for, a Eurodollar Loan, or a notice by the Borrower with respect to any such borrowing, payment, prepayment or Interest Period, such day shall also be a day on which commercial banks are open for
international business (including dealings in Dollar deposits) in London. 
  

 “Capital Lease” of any Person means any lease of property (whether real,
personal or mixed) by such Person as lessee which would, in accordance with GAAP, be required to be accounted for as a capital lease on the balance sheet of such Person. 
  
 “Capital Lease Obligations” means, with respect to any Person, all obligations of such
Person as lessee under Capital Leases, in each case taken at the amount thereof accounted for as liabilities in accordance with GAAP. 
  
 “Capitalization” means Consolidated Indebtedness plus Consolidated Net Worth. 
  
 “Cash Collateralize” means to pledge and
deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Lenders and the Lenders, as collateral for the LC Obligations, cash or deposit balances pursuant to documentation in form and substance satisfactory to the
Administrative Agent and the Issuing Lenders (which documents are hereby consented to by the Lenders). Derivates of such term have a corresponding meaning. 
  
 “Cash Equivalents” means: 
  
 (iii)          securities issued or directly and fully guaranteed or
insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof) having maturities of not more than twelve months from the
date of acquisition; 
  
 (iv)          Dollar-denominated certificates of deposit of (A) any Lender, (B) any United States commercial bank of recognized standing having capital and surplus in excess of $500,000,000
or (C) any bank whose (or whose parent company’s) short-term commercial paper rating from S&P is at least A-1 or the equivalent thereof or from Moody’s is at least P-1 or the equivalent thereof (any such bank being an “Approved
Lender”), in each case with maturities of not more than 270 days from the date of acquisition; 
  
 (v)         commercial paper and variable or fixed rate notes issued by any
Approved Lender (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation not an Affiliate of the Borrower rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent
thereof) or better by Moody’s and maturing within six months of the date of acquisition; 
  
 (vi)         repurchase agreements with a bank or trust company (including
any of the Lenders) or recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States of America in which the Borrower or one or more of its Subsidiaries
shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations; and 
  
 (vii)         Investments, classified in accordance with GAAP as current assets, in money market investment programs registered under the Investment Company Act of 1940, as amended, which are
administered by reputable financial institutions having capital of at least $500,000,000 and the portfolios of which are limited to Investments of the character described in the foregoing clauses (i) through (iv). 
  
 “Change of Control” means, with respect to
any Person, an event or series of events by which: 
  
 (viii)        any “person” or “group” (within the meaning of Section 13(d) and 14(d) of the Exchange Act) (other than John H. McConnell, John P. McConnell,
their Affiliates, their Associates (as defined in Rule 12b-2 under the Exchange Act), or a group which the foregoing are a principal participant, or any profit sharing, employee stock ownership or other employee benefit plan of the Borrower or any
Subsidiary of the Borrower or any trustee or fiduciary with respect to any such plan when acting in such capacity) has become the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person shall be
deemed to have “beneficial ownership” of all securities that any such Person 

  

 
has the right to acquire, whether such right is exercisable immediately or only after the passage of time), by way of merger, consolidation or otherwise, of
30% or more of the Equity Interests of such Person on a fully-diluted basis after giving effect to the conversion and exercise of all outstanding Equity Equivalents (whether or not such Equity Equivalents are then currently convertible or
exercisable); or 
  
 (ix)         during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of such Person cease to be composed of individuals (A)
who were members of that board or equivalent governing body on the first day of such period, (B) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (ii)(A) above
constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (C) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in
clauses (ii)(A) and (B) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body. 
  
 “Class” has the meaning set forth in Section 1.04. 
  
 “Closing Date” means May 10, 2002.

  
 “Code” means the Internal
Revenue Code of 1986, as amended, and any successor statute thereto, as interpreted by the rules and regulations issued thereunder, in each case as in effect from time to time. 
  
 “Commitment” means (i) with respect to each Lender, its Revolving Commitment, (ii) with
respect to each Issuing Lender, its LC Commitment and (iii) with respect to the Swingline Lender, the Swingline Commitment, in each case in the respective amount set forth on Schedule 1.01A or in the applicable Assignment and Acceptance as
its Commitment of the applicable Class, as any such amount may be increased or decreased from time to time pursuant to this Agreement. 
  
 “Committed Loan” means a Syndicated Loan or a Swingline Loan. 
  
 “Competitive Bid” has the meaning set forth
in Section 2.03(d). 
  
 “Competitive Bid Absolute Rate” has the meaning set forth in Section 2.03(d)(ii)(D). 
  
 “Competitive Bid Absolute Rate Loan” means a Competitive Bid Loan made by a Lender pursuant to an Absolute Rate Auction.

  
 “Competitive Bid LIBOR Loan”
means a Competitive Bid Loan made by a Lender pursuant to a LIBOR Auction (including such a Loan bearing interest at the Base Rate pursuant to Article III). 
  
 “Competitive Bid Loan” means a Competitive Bid LIBOR Loan or a Competitive Bid Absolute
Rate Loan. 
  
 “Competitive Bid
Margin” has the meaning set forth in Section 2.03(d)(ii)(C). 
  
 “Competitive Bid Note” means a promissory note, substantially in the form of Exhibit B-2 hereto, evidencing the obligation of the Borrower to repay outstanding Competitive Bid Loans, as such
note may be amended, modified, supplemented, extended, renewed or replaced from time to time. 
  
 “Competitive Bid Quote” has the meaning set forth in Section 2.03(b)(iv). 
  
 “Competitive Bid Request” has the meaning set forth in Section 2.03(b). 
  
 “Consolidated EBITDA” means for any period
the sum of (i) Consolidated Net Income for such period plus (ii) an amount which, in the determination of Consolidated Net Income for such period, has been deducted for (A) Consolidated Interest Expense, (B) provisions for Federal, state, local and
foreign income, value 

  

 
added and similar taxes and (C) depreciation, amortization (including, without limitation, amortization of goodwill and other intangibles) and other non-cash
expense, all determined in accordance with GAAP, minus (iii) an amount which, in the determination of Consolidated Net Income for such period, has been added for (A) interest income and (B) any non-cash income or non-cash gains, all as determined in
accordance with GAAP. If the Borrower or any Subsidiary makes a material acquisition or divestiture, in either case to the extent permitted pursuant to this Agreement, during any period for which Consolidated EBITDA is measured, then for purposes of
determining the Leverage Ratio, Consolidated EBITDA shall be adjusted for the period of time prior to the date of such acquisition or divesture by adding the historical financial results for such period of the Person or assets acquired (without
taking account of cost savings or others synergies unless approved by the Required Lenders) or deleting that portion of the financial results of the Borrower and its Consolidated Subsidiaries for such period attributable to the Person or assets
divested, all as reasonably determined by the Borrower and certified to the Administrative Agent and the Lenders. 
  
 “Consolidated Indebtedness” means at any date the Indebtedness of the Borrower and its Subsidiaries, determined on a
consolidated basis as of such date. 
  
 “Consolidated Interest Expense” means, for any period, the total interest expense, whether paid or accrued and whether or not capitalized (including, without limitation, amortization of debt issuance costs and original
issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments under Capital Lease Obligations and the implied interest component of Synthetic Lease Obligations
(regardless of whether accounted for as interest expense under GAAP), all commissions, discounts and other fees and charges owed with respect to letters of credit, bankers’ acceptances and asset securities and other similar off balance street
transactions and net costs in respect of Derivatives Obligations constituting interest rate swaps, collars, caps or other arrangements requiring payments contingent upon interest rates of the Borrower and its Restricted Subsidiaries), determined on
a consolidated basis for such period. 
  
 “Consolidated Net Income” means, for any period, the net income (or net loss) after taxes of the Borrower and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided
that there shall be excluded from the calculation of Consolidated Net Income (i) the income (or loss) of any Person in which any other Person (other than the Borrower or any of its Wholly-Owned Subsidiaries) has an ownership interest, except to the
extent that any such income is actually received by the Borrower or such Wholly-Owned Subsidiary in the form of dividends or other distributions during such period and (ii) the income of any Subsidiary of the Borrower to the extent that the
declaration or payment of dividends or similar distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to that Subsidiary. 
  
 “Consolidated Net Tangible Assets” means, as of any date of determination, the sum of the amounts that would appear on a consolidated balance sheet of the Borrower and its Subsidiaries for the total assets (less accumulated
depletion, depreciation or amortization, allowances for doubtful receivables, other applicable reserves and other properly deductible items) of the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, after
deducting therefrom, to the extent included in total assets, in each case as determined on a consolidated basis in accordance with GAAP (without duplication): (i) the aggregate amount of liabilities of the Borrower and its Subsidiaries which may
properly be classified as current liabilities (including taxes accrued as estimated); (ii) current Indebtedness and current maturities of long-term Indebtedness; (iii) minority interests in the Borrower’s subsidiaries held by Persons other than
the Borrower or a wholly-owned Subsidiary of the Borrower; and (iv) unamortized debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, licenses, organization or
developmental expenses and other intangible items. 
  
 “Consolidated Net Worth” means at any time the consolidated stockholders’ equity of the Borrower and its Subsidiaries calculated on a consolidated basis in accordance with GAAP as of such time. 
  
 “Consolidated Subsidiary” means with respect
to any Person at any date any Subsidiary of such Person or other entity the accounts of which would be consolidated with those of such Person in its consolidated financial statements if such statements were prepared as of such date in accordance
with GAAP. 
  

 “Contractual Obligation” means, as to any Person, any provision of any
material security issued by such Person or of any material agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
  
 “Controlling Person” means, with respect any Person, the beneficial owner of a percentage
of the voting power of the Equity Interests of any such Person sufficient to approve an action of any such Person which requires a simple majority of the owners of such Equity Interest to vote to approve any such action; provided that any
such Person is a Consolidated Subsidiary of such Controlling Person. 
  
 “Credit Exposure” has the meaning set forth in the definition of “Required Lenders” in this Section 1.01. 
  
 “Credit Extension” means a Borrowing, a Competitive Bid Loan or the issuance, renewal or
extension of a Letter of Credit or the purchase by a Lender of a Participation Interest. 
  
 “Creditor” means each Lender, each Issuing Lender, each Agent and each Indemnitee and their respective successors and assigns, and “Creditors” means any two or more of
such Creditors. 
  
 “Debtor Relief
Laws” means the Bankruptcy Reform Act of 1978, as amended, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar
debtor relief laws of the United States of America or other applicable jurisdiction from time to time affecting the rights of creditors generally. 
  
 “Default” means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse
of time or both would, unless cured or waived, become an Event of Default. 
  
 “Defaulting Lender” means at any time any Lender that, within one Business Day of when due, (i) has failed to make a Loan or purchase a Participation Interest in a Swingline Loan or LC Obligation
required pursuant to the terms of this Agreement, (ii) other than as set forth in clause (i) above, has failed to pay to any Agent or any Lender an amount owed by such Lender pursuant to the terms of this Agreement or any other Loan Document
or (iii) has been deemed insolvent or has become subject to a Bankruptcy Event. 
  
 “Derivatives Agreement” means (i) 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 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 (ii) 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. 
  
 “Derivatives Obligations” of any Person
means all obligations (including, without limitation, any amounts which accrue after the commencement of any Bankruptcy Event with respect to such Person, whether or not allowed or allowable as a claim under any applicable Debtor Relief Laws) of
such Person in respect of any Derivatives Agreement, excluding any amounts which such Person is entitled to set-off against its obligations under applicable law. 
  
 “Disposition” or “Dispose” means the sale, transfer, license or other
disposition (including any Sale/Leaseback Transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes, accounts receivable or payment intangible or any rights or
claims associated therewith. 
  
 “Dollars” and the sign “$” means lawful money of the United States of America. 
  

 “Eligible Assignee” means (i) any Lender, (ii) any Affiliate of a
Lender, (iii) any Approved Fund and (iv) any other Person (other than a natural Person) approved by (A) the Administrative Agent, (B) in the case of any assignment of a Revolving Commitment, the Issuing Lenders and the Swingline Lender and (C)
unless (x) such Person is taking delivery of an assignment in connection with physical settlement of a credit derivatives transaction or (y) an Event of Default has occurred and is continuing at the time any assignment is effected pursuant to
Section 10.06(b), the Borrower (each such approval not to be unreasonably withheld or delayed and any such approval required of the Borrower to be deemed given by the Borrower if no objection from the Borrower is received by the assigning
Lender and the Administrative Agent within two Business Days after notice of such proposed assignment has been provided by the assigning Lender to the Borrower); provided that the Borrower and its Affiliates shall not qualify as Eligible
Assignees. 
  
 “Environmental
Laws” means any current or future legal requirement of any Governmental Authority pertaining to (i) the protection of health, safety, and the environment, (ii) the conservation, management or use of natural resources and wildlife, (iii) the
protection or use of surface water and groundwater or (iv) the management, manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, release, threatened release, abatement, removal, remediation or handling of,
or exposure to, any hazardous or toxic substance or material and includes, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986,
42 USC 9601 et seq., Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976 and Hazardous and Solid Waste Amendment of 1984, 42 USC 6901 et seq., Federal Water Pollution Control Act, as amended by the Clean Water
Act of 1977, 33 USC 1251 et seq., Clean Air Act of 1966, as amended, 42 USC 7401 et seq., Toxic Substances Control Act of 1976, 15 USC 2601 et seq., Hazardous Materials Transportation Act, 49 USC App. 1801 et seq., Occupational Safety and Health Act
of 1970, as amended, 29 USC 651 et seq., Oil Pollution Act of 1990, 33 USC 2701 et seq., Emergency Planning and Community Right-to-Know Act of 1986, 42 USC 11001 et seq., National Environmental Policy Act of 1969, 42 USC 4321 et seq., Safe Drinking
Water Act of 1974, as amended, 42 USC 300(f) et seq., any analogous implementing or successor law, and any amendment, rule, regulation, order or directive issued thereunder. 
  
 “Equity Equivalents” means with respect to any Person any rights, warrants, options,
convertible securities, exchangeable securities, indebtedness or other rights, in each case exercisable for or convertible or exchangeable into, directly or indirectly, Equity Interests of such Person or securities exercisable for or convertible or
exchangeable into Equity Interests of such Person, whether at the time of issuance or upon the passage of time or the occurrence of some future event. 
  
 “Equity Interests” means all shares of capital stock, partnership interests (whether general or limited), limited
liability company membership interests, beneficial interests in a trust and any other interest or participation that confers on a Person the right to receive a share of profits or losses, or distributions of assets, of an issuing Person, but
excluding any debt securities convertible into such Equity Interests. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto, as interpreted by the rules and regulations issued thereunder, in each case as in
effect from time to time. 
  
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower 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). 
  
 “ERISA
Event” means: (i) a Reportable Event with respect to a Pension Plan; (ii) a withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as
defined in Section 4001(a)(2) of ERISA); (iii) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (iv) the filing of a notice of intent to
terminate, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (v) an event or condition which might reasonably
be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (vi) the imposition of any liability under Title IV of ERISA, 

  

 
other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate. 
  
 “Eurodollar Rate” means, for each Interest
Period for each Eurodollar Loan comprising the same Group, the quotient obtained (rounded upward, if necessary, to the next higher 1/100th of 1%) by dividing (i) the Applicable Interbank Offered Rate for Dollars for such Interest Period by (ii) 1.00 minus the Eurodollar Reserve Percentage. 
  
 “Eurodollar Reserve Percentage” means for any day that percentage (expressed as a decimal)
which is in effect on such day, as prescribed by the Board (or any other entity succeeding to the functions currently performed thereby) for determining the maximum reserve requirement for a member bank of the Federal Reserve System in New York City
with deposits exceeding five billion Dollars in respect of “Eurodollar liabilities” (or in respect of any other category of liabilities which includes deposits by reference to which the interest rate on Eurodollar Loans is determined or
any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents), whether or not a Lender has any Eurodollar liabilities subject to such reserve requirement at that
time. Eurodollar Loans shall be deemed to constitute Eurodollar liabilities and as such shall be deemed subject to reserve requirements without benefits of credits for prorations, exceptions or offsets that may be available from time to time to a
Lender. The Eurodollar Rate shall be adjusted automatically on and as of the effective date of any change in the Eurodollar Reserve Percentage. 
  
 “Eurodollar Loan” means a Syndicated Loan which bears interest at a Eurodollar Rate pursuant to the applicable Notice of
Syndicated Loan or Notice of Extension/Conversion. 
  
 “Event of Default” has the meaning set forth in Section 8.01. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, together with the rules and regulations promulgated thereunder.

  
 “Executive Order No. 13224”
means the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 
  
 “Existing Committed Loans” is defined in the first recital. 
  
 “Existing Credit Agreement” is defined in
the first recital. 
  
 “Existing
Lenders” is defined in the first recital. 
  
 “Existing Letters of Credit” means the letters of credit issued for the account of the Borrower and any Restricted Subsidiary before the Amendment Effective Date and described by date of issuance,
letter of credit number, undrawn amount, name of beneficiary and date of expiry on Schedule 7.01 hereto, without giving effect to any extension of the term thereof. 
  
 “Existing Revolving Loans” is defined in the first recital. 
  
 “Existing Swingline Loans” is defined in the
first recital. 
  
 “Facility
Fee” has the meaning set forth in Section 2.12(a). 
  
 “Failed Loan” has the meaning set forth in Section 2.04(e). 
  
 “Federal Funds Open Rate” means the rate per annum determined by the Administrative Agent in accordance with its usual
procedures (which determination shall be conclusive absent manifest error) to be the “open” rate for federal funds transactions as of the opening of business for federal funds transactions among members of the Federal Reserve System
arranged by federal funds brokers on such day, as quoted by Garvin Guybutler, any successor entity thereto or any other broker selected by the Administrative Agent, as set forth on the applicable Telerate display page; provided that if such day
is not a Business Day, the Federal Funds Open Rate for 

  

 
such day shall be the “open” rate on the immediately preceding Business Day, or if no such rate shall be quoted by a federal funds broker at
such time, such other rate as determined by the Administrative Agent in accordance with its usual procedures. 
  
 “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 (i) 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 (ii) 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 quoted to the Administrative Agent on such day on such transactions as determined by the Administrative
Agent. 
  
 “Fixed Rate Loan”
means Eurodollar Loans or Competitive Bid Loans (excluding Competitive Bid LIBOR Loans bearing interest at the Base Rate) or any combination of the foregoing. 
  

“Foreign Subsidiary” means with respect to any Person any Subsidiary of such Person that is organized outside the
United States and conducts substantially all of its business outside the United States. 
  
 “GAAP” means at any time generally accepted accounting principles as then in effect in the United States, applied on a basis consistent (except for changes with which the
Borrower’s independent public accountants have concurred) with the most recent audited consolidated financial statements of the Borrower and its Consolidated Subsidiaries previously delivered to the Lenders. 
  
 “Governmental Authority” means any federal,
state, local, provincial or foreign government, authority, agency, central bank, quasi-governmental or regulatory authority, court or other body or entity, and any arbitrator with authority to bind a party at law. 
  
 “Group of Loans” means at any time a group
of Loans consisting of (i) all Loans which are Base Rate Loans at such time or (ii) all Loans which are Eurodollar Loans having the same Interest Period at such time; provided that if a Committed Loan of any particular Lender is converted to
or made as a Base Rate Loan pursuant to Article III, such Loan shall be included in the same Group of Loans from time to time as it would have been had it not been so converted or made. 
  
 “Guaranty Obligation” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for
the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial
statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part);
provided that the term “Guaranty Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guaranty” used as a verb has a corresponding meaning. The amount of any
Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger) of the Indebtedness in respect of which such Guaranty
Obligation is made. 
  
 “ICC” has
the meaning set forth in Section 2.06(n). 
  
 “Indebtedness” of any Person means at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such person evidenced by bond, debentures, notes or other similar
instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (iv) all obligations of such Person as lessee that are
capitalized in accordance with GAAP, (v) all Guaranty Obligations, (vi) all contingent or non-contingent obligations of such Person to reimburse any bank or other Person in respect of amounts paid or payable (currently or in the future, on a
contingent or non-contingent basis) under a letter of credit or similar instrument, (vii) all obligations of 

  

 
such Person under conditional sale or other title retention agreements relating to property purchased by such Person to the extent of the value of such
property (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business) and (viii) proceeds paid to such Person from asset securitization, synthetic sale/leaseback and other
similar off balance sheet transactions. 
  
 “Indemnified Liabilities” has the meaning set forth in Section 10.05. 
  
 “Indemnitee” has the meaning set forth in Section 10.05. 
  
 “Interest Payment Date” means (i) as to Base
Rate Loans, the last day of each fiscal quarter of the Borrower and the Maturity Date and (ii) as to Eurodollar Loans, the last day of each applicable Interest Period and the Maturity Date, and, where the applicable Interest Period for a Eurodollar
Loan is greater than three months, also the date three months from the beginning of the Interest Period and each three months thereafter. 
  
 “Interest Period” means: 
  
 (x)          with respect to each Eurodollar Loan, a period commencing
on the date of borrowing specified in the applicable Notice of Borrowing or on the date specified in the applicable Notice of Extension/Conversion and ending one, two, three or six months thereafter, as the Borrower may elect in the applicable
notice; provided that: 
  
 (A)        any Interest Period (except an Interest Period determined pursuant to clause (i)(C) below) which would otherwise end on a day which 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 in 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 (C) below, end on the last Business Day of a calendar
month; 
  
 (C)        any Interest Period which would otherwise end after the Maturity Date shall end on the Maturity Date; 
  
 (xi)         with respect to each Competitive
Bid LIBOR Loan, the period commencing on the date of borrowing specified in the applicable Notice of Borrowing and ending one, two, three or six months thereafter as the Borrower may elect in accordance with Section 2.03, provided
that: 
  
 (A)        any Interest Period (except an Interest Period determined pursuant to clause (ii)(C) below) which would otherwise end on a day which 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 in 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 (ii)(C) below, end on the last Business Day in a
calendar month; and 
  
 (C)        any Interest Period which would otherwise end after the Maturity Date shall end on such Maturity Date; and 
  
 (xii)        with respect to each Competitive Bid
Absolute Rate Loan, the period commencing on the date of borrowing specified in the applicable Notice of Borrowing and ending such number of days thereafter (but not less than seven) as the Borrower may elect in accordance with Section 2.03;
provided that: 
  

 (A)         any Interest
Period (except an Interest Period determined pursuant to clause (iii)(B) below) which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day; and 
  
 (B)         any Interest Period which would otherwise end after the Maturity Date shall end on such Maturity Date. 
  
 “Investment” in any Person means (i) the acquisition (whether for cash, property, services,
assumption of Indebtedness, securities or otherwise) of all or substantially all of the assets, shares of Capital Stock, bonds, notes, debentures, time deposits or other securities of such other Person, (ii) any deposit with, or advance, loan or
other extension of credit to or for the benefit of such Person (other than deposits made in connection with the purchase of equipment or inventory in the ordinary course of business) or (iii) any other capital contribution to or investment in such
Person, including by way of Guaranty Obligations of any obligation of such Person, any support for a letter of credit issued on behalf of such Person incurred for the benefit of such Person or in the case of any Restricted Subsidiary of the
Borrower, any release, cancellation, compromise or forgiveness in whole or in part of any Indebtedness owing by such Restricted Subsidiary. 
  
 “Issuing Lender” means (i) PNC Bank, National Association, in its capacity as issuer of Letters of Credit under
Section 2.06(b), and its successor or successors in such capacity and (ii) any other Lender which the Borrower shall have designated as an “Issuing Lender” by notice to the Administrative Agent. 
  
 “Issuing Lender Fees” has the meaning set
forth in Section 2.12(b)(iii). 
  
 “Law” means any international, foreign, Federal, state or local statute, treaty, rule, guideline, regulation, ordinance, code, or administrative or judicial precedent or authority, 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. 
  
 “LC Commitment” means the commitment of an Issuing Lender to issue Letters of Credit in an aggregate face amount at any one time outstanding (together with the amounts of any
unreimbursed drawings thereon and all LC Commitments of other Issuing Lenders) of up to the LC Committed Amount. 
  
 “LC Committed Amount” has the meaning set forth in Section 2.06(b). 
  
 “LC Disbursement” means a payment or
disbursement made by an Issuing Lender pursuant to a Letter of Credit. 
  
 “LC Documents” means, with respect to any Letter of Credit, such Letter of Credit, any amendments thereto, any documents delivered in connection therewith, any application therefor and any agreements,
instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (i) the rights and obligations of the parties concerned or at risk or (ii) any collateral security for
such obligations. 
  
 “LC
Obligations” means at any time, the sum of (i) the maximum amount which is, or at any time thereafter may become, available to be drawn under Letters of Credit then outstanding, assuming compliance with all requirements for drawings
referred to in such Letters of Credit plus (ii) the aggregate amount of all LC Disbursements not yet reimbursed by the Borrower as provided in Section 2.06(h) to the applicable Issuing Lenders in respect of drawings under Letters of Credit,
including any portion of any such obligation to which a Lender has become subrogated pursuant to Section 2.06(i). 
  
 “Lender” means each bank or other lending institution listed on Schedule 1.01A, each Eligible Assignee that
becomes a Lender pursuant to Section 10.06(b) and their respective successors and shall include, as the context may require, each Issuing Lender and/or the Swingline Lender, in each case in such capacity. 
  

 “Letter of Credit” means any letter of credit issued hereunder by an
Issuing Lender on or after the Closing Date. 
  
 “Letter of Credit Fee” has the meaning set forth in Section 2.12(b)(i). 
  
 “Letter of Credit Request” has the meaning set forth in Section 2.06(c). 
  
 “Leverage Ratio” means on any date the ratio of (i) Consolidated Indebtedness as of such date to (ii) Consolidated
EBITDA. 
  
 “LIBOR Auction” means
a solicitation of Competitive Bid Quotes setting forth Competitive Bid Margins based on the Applicable Interbank Offered Rate pursuant to Section 2.03. 
  

“Lien” means, with respect to any asset, any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing lease
having substantially the same economic effect as any of the foregoing, and the filing of any financing statement under the Uniform Commercial Code or comparable Laws of any jurisdiction), including the interest of a purchaser of accounts receivable,
chattel paper, payment intangibles or promissory notes. Solely for the avoidance of doubt, the filing of a Uniform Commercial Code financing statement that is a protective lease filing in respect of an operating lease that does not constitute a
security interest in the leased property or otherwise give rise to a Lien does not constitute a Lien solely on account of being filed in a public office. 
  
 “Loan” means a Committed Loan or a Competitive Bid Loan, and “Loans” means Committed Loans or
Competitive Bid Loans or both. 
  
 “Loan
Documents” means this Agreement and the Notes, in each case as the same may be amended, restated, modified or supplemented from time to time. 
  
 “Material Adverse Change” has the meaning set forth in Section 5.02(c). 
  
 “Material Adverse Effect” means an effect on
the business, financial condition, assets or liabilities of the Borrower and its Restricted Subsidiaries, considered on a consolidated basis, which, when combined on a cumulative basis with other changes in the business, financial condition, assets
and liabilities of the Borrower and its Consolidated Subsidiaries, considered on a consolidated basis: (i) would have a material adverse effect on the ability of the Borrower to perform its obligations under the Loan Documents or (ii) would result
in a material adverse change in the financial condition of the Borrower and its Restricted Subsidiaries, considered on a consolidated basis. 
  
 “Maturity Date” means May 9, 2007 or such later date to which the Maturity Date for any Loans or Lender may be extended
pursuant to Section 2.11(d) or, if any such day is not a Business Day, the next preceding Business Day. 
  
 “Moody’s” means Moody’s Investors Service, Inc., a Delaware corporation, and its successors or, absent any such
successor, such nationally recognized statistical rating organization as the Borrower and the Administrative Agent may select. 
  
 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA to which the
Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding three calendar years, has made or been obligated to make contributions. 
  
 “Note” means a Revolving Note, a Competitive Bid Note or a Swingline Note and
“Notes” means all of them, collectively. 
  
 “Notice of Borrowing” means a Notice of Syndicated Loan or a Notice of Competitive Bid Borrowing. 
  
 “Notice of Competitive Bid Borrowing” has the meaning set forth in Section 2.03(f). 
  

 “Notice of Extension/Conversion” has the meaning set forth in Section
2.08. 
  
 “Notice of Syndicated
Loan” has the meaning set forth in Section 2.02(a). 
  
 “Obligations” means, without duplication: 
  
 (xiii)         all principal of and interest (including, without limitation,
any interest which accrues after the commencement of any Bankruptcy Event, whether or not allowed or allowable as a claim under any applicable Debtor Relief Law) on any Loan or LC Obligation under, or any Note issued pursuant to, this Agreement or
any other Loan Document; 
  
 (xiv)         all fees, expenses, indemnification obligations and other amounts of whatever nature now or hereafter payable by the Borrower (including, without limitation, any amounts which
accrue after the commencement of any Bankruptcy Event, whether or not allowed or allowable as a claim under any applicable Debtor Relief Law) pursuant to this Agreement or any other Loan Document; 
  
 (xv)         all expenses of the Agents as to which one or more of the Agents have a right to reimbursement under Section 10.04 of this Agreement; and 
  
 (xvi)         all Indemnified Liabilities and other amounts paid by any Indemnitee as to which such Indemnitee has the right to payment or reimbursement under Section 10.05 of this
Agreement or under any other similar provision of any other Loan Document; 
  
 together in each case with all renewals, modifications, consolidations or extensions thereof. 
  
 “Operating Lease” means, as applied to any Person, a lease (including a lease which may be terminated by the lessee at
any time) of any property (whether real, personal or mixed) by such Person as lessee which is not a Capital Lease. 
  
 “Organization Documents” means: (i) with respect to any corporation, the certificate or articles of incorporation and the
bylaws; (ii) with respect to any limited liability company, the articles of formation and operating agreement; and (iii) with respect to 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. 
  
 “Other Taxes”
has the meaning set forth in Section 3.01(b). 
  
 “Participation Interest” means a Credit Extension by a Lender by way of a purchase of a participation interest in Letters of Credit or LC Obligations as provided in Section 2.06(a) or (e), in Swingline Loans
as provided in Section 2.01(b)(vi) or in any Loans as provided in Section 2.14. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any entity succeeding to any or all of its functions under ERISA.

  
 “Pension Plan” means an
“employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the
Borrower or any ERISA Affiliate contributes or has an obligation to contribute, in which in the case of a multiple employer plan (as described in Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding five plan
years. 
  
 “Permit” means any
license, permit, franchise, right or privilege, certificate of authority or order, or any waiver of the foregoing, issued or issuable by any Governmental Authority. 
  
 “Permitted Liens” means: 
  

 (xvii)        Liens securing the
payment of taxes and special assessments, either not yet due or the validity of which is being contested by the Person being charged in good faith by appropriate proceedings, and as to which it has set aside on its books adequate reserves to the
extent required by GAAP; 
  
 (xviii)        deposits or Liens securing property under workers’ compensation, unemployment insurance and social security laws, or to secure the performance of bids, tenders, contracts (other
than for the repayment of borrowed money) or leases, or to secure statutory obligations or surety or appeal bonds, or to secure indemnity, performance or other similar bonds in the ordinary course of business; 
  
 (xix)         Liens imposed by law, such as carriers’, warehousemen’s or mechanics’ liens and liens of landlords or mortgagees of landlords arising by operation of law on property
located on leased premises, incurred by it in good faith in the ordinary course of business; 
  
 (xx)         Liens incurred in connection with the lease or acquisition of
fixed or capital assets limited to the specific assets acquired with such lease or financing or Capital Lease Obligation (subject to the acquisition of such assets and incurrence of such debt being otherwise permitted by the terms of this
Agreement); 
  
 (xxi)         Liens existing on the date of this Agreement securing Indebtedness outstanding on the date of this Agreement in aggregate principal amount not exceeding $27,400,000; 
  
 (xxii)         any Lien existing on any asset of any Person at the time such Person becomes a Subsidiary of the Borrower and not created in contemplation of such event; 
  
 (xxiii)         any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into Borrower or a Subsidiary and not created in contemplation of such
event; 
  
 (xxiv)         any Lien existing on any asset prior to the acquisition thereof by Borrower or a Subsidiary and not created in contemplation of such event; 
  
 (xxv)         any Lien arising out of the refinancing, extension, renewal or refunding of any Indebtedness secured by any Lien permitted by any of the foregoing clauses (iv), (v), (vi), (vii)
or (viii) of this definition; provided that such Indebtedness is not increased and is not secured by any additional assets; 
  
 (xxvi)         Liens incidental to the conduct of the business of the
Borrower or its Subsidiaries or the ownership of their respective assets which (i) do not secure Indebtedness or Derivative Obligations, (ii) do not secure any obligation, or related series of obligations, in an amount exceeding $20,000,000 and
(iii) do not in the aggregate materially detract from the value of its assets or materially impair the use thereof in the operation of the business of the Borrower or its Subsidiaries; 
  
 (xxvii)         Liens on cash and Cash
Equivalents securing Derivative Obligations; provided that the aggregate amount of Cash Equivalents subject to such Liens may at no time exceed $20,000,000; 
  
 (xxviii)        any attachment Lien being contested
in good faith and by proceedings promptly initiated and diligently conducted, unless the attachment giving rise thereto will not, within sixty days after the entry thereof, have been discharged or fully bonded or will not have been discharged within
sixty days after the termination of any such bond; 
  
 (xxix)         any judgment Lien, unless the judgment it secures will not, within sixty days after the entry thereof, have been discharged or execution thereof stayed
pending appeal, or will not have been discharged within sixty days after the expiration of any such stay; 
  

 (xxx)         easements,
rights-of-way, zoning restrictions and other restrictions, charges or encumbrances not materially interfering with the ordinary conduct of the business; 
  
 (xxxi)        any Lien on property of a Subsidiary securing Indebtedness of such
Subsidiary owing to Borrower or a Restricted Subsidiary; 
  
 (xxxii)        Liens to banks arising from the issuance of letters of credit issued by such banks (“issuing banks”) on the following: (a) any and all shipping
documents, warehouse receipts, policies or certificates of insurance and other document accompanying or relative to drafts drawn under any credit, and any draft drawn thereunder (whether or not such documents, goods or other property be released to
or upon the order of the Borrower or any Subsidiary under a security agreement or trust or bailee receipt or otherwise), and the proceeds of each and all of the foregoing; (b) the balance of every deposit account, now or at any time hereafter
existing, of the Borrower or any Subsidiary with the issuing banks, and any other claims of the Borrower or any Subsidiary against the issuing banks; and all property claims and demands and all rights and interests therein of the Borrower or any
Subsidiary and all evidences thereof and all proceeds thereof which have been or at any time will be delivered to or otherwise come into the issuing bank’s possession, custody or control, or into the possession, custody or control of any bailee
for the issuing bank or of any of its agents or correspondents for the account of the issuing bank, for any purpose, whether or not the express purpose of being used by the issuing bank as collateral security or for the safekeeping or for any other
or different purpose, the issuing bank being deemed to have possession or control of all of such property actually in transit to or from or set apart for the issuing bank, any bailee for the issuing bank or any of its correspondents for others
acting in its behalf, it being understood that the receipt at any time by the issuing bank, or any of its bailees, agents or correspondents, or other security, of whatever nature, including cash, will not be deemed a waiver of any of the issuing
bank’s rights or power hereunder; (c) all property shipped under or pursuant to or in connection with any credit or drafts drawn thereunder or in any way related thereto, and all proceeds thereof; (d) all additions to and substitutions for any
of the property enumerated above in this subsection; and 
  
 (xxxiii)    any Lien on accounts of the Borrower or any Subsidiary (which accounts arise in the ordinary course of business) in connection with the sale or purported sale of accounts to an
Unrestricted Subsidiary or a bankruptcy-remote entity that purchases receivables in the ordinary course of its business. 
  
 “Person” means an individual, a corporation, a partnership, an association, a limited liability company, a trust or an
unincorporated association or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
  
 “Prime Rate” means for any day the rate of interest publicly announced by PNC Bank, National Association (or such other
principal office of the Administrative Agent as communicated in writing to the Borrower and the Lenders) from time to time as its Prime Rate for Dollars loaned in the United States. It is a rate set by PNC Bank, National Association based upon a
variety of factors, including PNC Bank, National Association’s 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 the interest rate resulting from a change in the Prime Rate shall take effect at the opening of business on the day specified in the public announcement of such change. 
  
 “Real Property” means, with respect to any
Person, all of the right, title and interest of such Person in and to land, improvements and fixtures, including leaseholds. 
  
 “Refunded Swingline Loan” has the meaning set forth in Section 2.01(b)(iii). 
  
 “Register” has the meaning set forth in
Section 10.06(d). 
  
 “Regulation
D, O, T, U or X” means Regulation D, O, T, U or X, respectively, of the Board as amended, or any successor regulation, in each case together with all interpretations of staff opinions issued in connection therewith. 
  

 “Remaining Lender” has the meaning set forth in Section
2.11(d)(i). 
  
 “Replacement
Date” has the meaning set forth in Section 2.11(c). 
  
 “Replacement Lender” has the meaning set forth in Section 2.11(c). 
  
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30-day
notice period has been waived. 
  
 “Required Lenders” means Revolving Lenders whose aggregate Credit Exposure (as hereinafter defined) constitutes more than 50% of the Credit Exposure of all Revolving Lenders at such time. For purposes of the preceding
sentence, the term “Credit Exposure” as applied to each Lender shall mean (i) at any time prior to the termination of the Commitments, the Revolving Commitment Percentage of such Lender multiplied by the Revolving Committed Amount,
and (ii) at any time after the termination of the Commitments, the sum of (A) the principal amount of the outstanding Revolving Loans of such Lender plus (B) the principal amount such Lender’s Participation Interests in all LC Obligations and
Swingline Loans. For purposes of the foregoing, (i) the interest of any Lender holding a Loan in which any other Lender has a Participation Interest pursuant to Section 10.06(e) shall be calculated net of all such Participation Interests of
other Lenders and (ii) the Participation Interest of any Lender pursuant to Section 10.06(e) in a Loan held by any other Lender shall be counted as if such Lender holding a Participation Interest under Section 10.06(e) held directly a
proportionate part of the related Loan. 
  
 “Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer or assistant treasurer of the Borrower. Any document delivered hereunder that is signed by a Responsible Officer of the
Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of the Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the
Borrower. 
  
 “Restricted
Payment” means (i) any dividend or other distribution, direct or indirect, on account of any class of Equity Interests or Equity Equivalents of the Borrower or any Subsidiary, now or hereafter outstanding, (ii) any redemption, retirement,
sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any class of Equity Interests or Equity Equivalents of the Borrower or any Subsidiary, now or hereafter outstanding or (iii) any payment made to retire,
or to obtain the surrender of, any Equity Interests or Equity Equivalents of or now or hereafter outstanding. 
  
 “Restricted Subsidiary” means with respect to any Person at any date any Subsidiary of such Person or other entity the
accounts of which would be consolidated with those of such Person in its consolidated financial statements if such statements were prepared as of such date in accordance with GAAP, excluding, with respect to the Borrower at any date, all
Unrestricted Subsidiaries designated as such pursuant to Section 7.07. 
  
 “Revolving Borrowing” means a Syndicated Loan comprised of Revolving Loans and identified as such in the Notice of Borrowing with respect thereto. 
  
 “Revolving Commitment” means, with respect
to any Lender, the commitment of such Lender, in an aggregate principal amount at any time outstanding of up to such Lender’s Revolving Commitment Percentage of the Revolving Committed Amount, (i) to make Revolving Loans in accordance with the
provisions of Section 2.01(a), (ii) to purchase Participation Interests in Swingline Loans in accordance with the provisions of Section 2.01(b) and (iii) to purchase Participation Interests in Letters of Credit in accordance with the
provisions of Section 2.06(e). 
  
 “Revolving Committed Amount” means, (a) prior to the Amendment Effective Date, $235,000,000, and (b) as of and after the Amendment Effective Date, $435,000,000, or such greater or lesser amount to which the Revolving
Committed Amount may be adjusted pursuant to Section 2.11. 
  
 “Revolving Commitment Percentage” means, for each Lender, the percentage identified as its Revolving Commitment Percentage on Schedule 1.01A hereto, as such percentage may be modified in
connection with any assignment made in accordance with the provisions of Section 10.06(b). 
  

 “Revolving Lender” means each Lender identified in the Schedule
1.01A as having a Revolving Commitment and each Eligible Assignee which acquires a Revolving Commitment or Revolving Loan pursuant to Section 10.06(b) and their respective successors. 
  
 “Revolving Loan” means a Committed Loan made
under Section 2.01(a). 
  
 “Revolving Note” means a promissory note, substantially in the form of Exhibit B-1 hereto, evidencing the obligation of the Borrower to repay outstanding Revolving Loans, as such Note may be amended, modified,
supplemented, extended, renewed or replaced from time to time. 
  
 “Revolving Outstandings” means at any date the aggregate outstanding principal amount of all Revolving Loans and Swingline Loans plus the aggregate outstanding amount of all LC Obligations.

  
 “Sale/Leaseback Transaction”
means any direct or indirect arrangement with any Person or to which any such Person is a party providing for the leasing to the Borrower or any of its Subsidiaries of any property, whether owned by the Borrower or any of its Subsidiaries as of the
Closing Date or later acquired, which has been or is to be sold or transferred by the Borrower or any of its Subsidiaries to such Person or to any other Person from whom funds have been, or are to be, advanced by such Person on the security of such
property. 
  
 “Sarbanes-Oxley
Act” means the United States Sarbanes-Oxley Act of 2002. 
  
 “S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc., a New York corporation, and its successor or, absent any such successor, such nationally recognized
statistical rating organization as the Borrower and the Administrative Agent may select. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and any successor statute thereto, together with the rules and regulations promulgated thereunder. 
  
 “Standby Letter of Credit” has the meaning
set forth in Section 2.06(b). 
  
 “Subsidiary” means with respect to any Person any corporation, partnership, limited liability company, association or other business entity of which (i) if a corporation, more than 50% of the total voting power of stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of
that Person or a combination thereof, or (ii) if a partnership, limited liability company, association or business entity other than a corporation, more than 50% of the partnership or other similar ownership interests thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have more than 50% ownership interest in a partnership, limited
liability company, association or other business entity if such Person or Persons shall be allocated more than 50% of partnership, association or other business entity gains or losses or shall be or control the managing director, manager or a
general partner of such partnership, association or other business entity. Notwithstanding the foregoing, any Person that is not included as a “Consolidated Subsidiary” under GAAP shall not be a Subsidiary hereunder. 
  
 “Swingline Commitment” means the agreement
of the Swingline Lender to make Loans pursuant to Section 2.01(b). 
  
 “Swingline Committed Amount” means the lesser of (i) $30,000,000 or (ii) an amount which, when added to the aggregate principal amount of all other Loans then outstanding under this Agreement, does
not exceed $435,000,000. 
  
 “Swingline
Lender” means PNC Bank, National Association, in its capacity as the Swingline Lender under Section 2.01(b), and its successor or successors in such capacity. 
  
 “Swingline Loan” means a Base Rate Loan made by the Swingline Lender in Dollars pursuant to
Section 2.01(b), and “Swingline Loans” means any two or more of such Base Rate Loans. 
  

 “Swingline Loan Request” has the meaning set forth in Section
2.02(b). 
  
 “Swingline Note”
means a promissory note, substantially in the form of Exhibit B-3 hereto, evidencing the obligation of the Borrower to repay outstanding Swingline Loans, as such Note may be amended, modified, supplemented, extended, renewed or replaced from
time to time. 
  
 “Swingline Termination
Date” means the earlier of (i) May 9, 2007 (or, if such day is not a Business Day, the next preceding Business Day) or such earlier date upon which the Revolving Commitments shall have been terminated in their entirety in accordance with
this Agreement and (ii) the date on which the Swingline Commitment is terminated in its entirety in accordance with the Agreement. 
  
 “Syndicated Loan” means a Committed Loan made by a Lender pursuant to Section 2.01(a); provided that if any
such Loan or Loans (or portions thereof) are combined or subdivided pursuant to a Notice of Extension/Conversion, the term “Syndicated Loan” shall refer to the combined principal amount resulting from such combination or to each of
the separate principal amounts resulting from such subdivision, as the case may be. 
  
 “Syndication Agent” means The Bank of Nova Scotia, in its capacity as syndication agent for the Lenders hereunder and under the other Loan Documents, and its successor or
successors in such capacity. 
  
 “Synthetic Lease Obligation” means the monetary obligation of a Person under (i) a so-called synthetic, off-balance sheet or tax retention lease or (ii) an agreement for the use or possession of property creating
obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such person (without regard to accounting treatment). 
  
 “Taxes” has the meaning set forth in
Section 3.01. 
  
 “Trade Letter of
Credit” has the meaning set forth in Section 2.06(b). 
  
 “Type” has the meaning set forth in Section 1.04. 
  
 “UCP” has the meaning set forth in Section 2.06(n). 
  
 “United States” means the United States of America, including the states and the District
of Columbia, but excluding its territories and possessions. 
  
 “Unrestricted Subsidiary” means any Subsidiary which would otherwise be a Consolidated Subsidiary, but which has been designated as an Unrestricted Subsidiary by the Borrower pursuant to the
provisions of Section 7.07. 
  
 “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed,
extended, amended or replaced. 
  
 “Worthington’s Ratings” means the ratings from Moody’s and S&P with respect to the senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person.

  
 “Wholly-Owned Subsidiary”
means, with respect to any Person at any date, any Subsidiary of such Person all of the shares of capital stock or other ownership interests of which (except directors’ qualifying shares) are at the time directly or indirectly owned by such
Person. 
  
 Section 1.02 Computation of Time
Periods and Other Definitional Provisions. For purposes of computation of periods of time hereunder, the word “from” means “from and including” and the words “to” and “until” each mean “to
but excluding”. All references to time herein shall be references to Eastern Standard time or Eastern Daylight time, as the case may be, unless specified otherwise. References in this Agreement to Articles, Sections, Schedules, Appendices or
Exhibits shall be to Articles, Sections, Schedules, Appendices or Exhibits of or 

  

 
to this Agreement unless otherwise specifically provided. The definitions in Section 1.01 shall apply equally to both the singular and plural forms of
the terms defined. 
  
 Section 1.03
Accounting Terms and Determinations. Except as otherwise expressly provided herein, all accounting terms used herein shall be interpreted, and all financial statements and certificates and reports as to financial matters
required to be delivered to the Lenders hereunder shall be prepared, in accordance with GAAP applied on a consistent basis. All financial statements delivered to the Lenders hereunder shall be accompanied by a statement from the Borrower that GAAP
has not changed since the most recent financial statements delivered by the Borrower to the Lenders or, if GAAP has changed, describing such changes in detail and explaining how such changes affect the financial statements. All calculations made for
the purposes of determining compliance with this Agreement shall (except as otherwise expressly provided herein) be made by application of GAAP applied on a basis consistent with the most recent annual or quarterly financial statements delivered
pursuant to Section 6.01 (or, prior to the delivery of the first financial statements pursuant to Section 6.01, consistent with the financial statements described in Section 5.02(a)). Any change in GAAP that effects the
calculation of financial covenants will result in an adjustment in the affected covenant so that it is no more or less restrictive than on the Closing Date. 
  
 Section 1.04 Classes and Types of Borrowings. The term “Borrowing” denotes the aggregation of
Loans of one or more Lenders to be made to the Borrower pursuant to Article II on the same date, all of which Loans are of the same Class and Type (subject to Article III) and, except in the case of Base Rate Loans, have the same
initial Interest Period. Loans hereunder are distinguished by “Class” and “Type”. The “Class” of a Loan (or of a Commitment to make such a Loan or of a Borrowing comprised of such Loans) refers to whether such
Loan is a Committed Loan (Syndicated or Swingline) or a Competitive Bid Loan. The “Type” of a Loan refers (i) in the case of Committed Loans, to whether such Loan is a Base Rate Loan or a Eurodollar Loan and (ii) in the case of
Competitive Bid Loan, to whether such Loan is a Competitive Bid Absolute Rate Loan or a Competitive Bid LIBOR Loan. Identification of a Loan (or a Borrowing) by both Class and Type (e.g., a “Committed Eurodollar Loan”) indicates that such
Loan is a Loan of both such Class and such Type (e.g., both a Committed Loan and a Eurodollar Loan) or that such Borrowing is comprised of such Loans. In addition, Borrowings are classified by reference to the provisions of Article II under
which participation therein is determined (i.e., a “Committed Loan” is a Syndicated Loan under Section 2.01(a) in which all Lenders participate in proportion to their Commitments or a Swingline Borrowing under Section 2.01(b)
funded by the Swingline Lender, while a “Competitive Bid Borrowing” is a Borrowing under Section 2.03 in which the Lender participants are determined on the basis of their respective bids in accordance therewith). 
  
 ARTICLE II 
 THE CREDIT FACILITIES 
  
 Section 2.01 Commitments to Lend. 
  
 (a)        Syndicated Loans. Each Revolving Lender severally agrees, on the terms
and conditions set forth in this Agreement, to the continuation and reallocation (as the case may be) of Existing Revolving Loans and to make Revolving Loans to the Borrower pursuant to this subsection 2.01(a) from time to time prior to the
Maturity Date in amounts such that the aggregate of its Revolving Outstandings shall not exceed (after giving effect to all Revolving Loans and Competitive Bid Loans repaid, all reimbursements of LC Disbursements made, and all Refunded Swingline
Loans paid, concurrently with the making of any Revolving Loans) its Revolving Commitment; provided that immediately after giving effect to each such Revolving Loan, the aggregate of the Revolving Outstandings plus the aggregate principal
amount of all Competitive Bid Loans shall not exceed the aggregate amount of the Revolving Commitments. Each Revolving Borrowing (other than a Borrowing to be used to repay Refunded Swingline Loans which shall be in an aggregate amount equal to such
Refunded Swingline Loans) shall be in an aggregate principal amount of $5,000,000 or any larger multiple of $1,000,000 (except that any such Borrowing may be in the aggregate amount of the unused Revolving Commitments) and shall be made from the
several Revolving Lenders ratably in proportion to their respective Revolving Commitments. Within the foregoing limits, the Borrower may borrow under this subsection 2.01(a), repay, or, to the extent permitted by Section 2.10, prepay,
Revolving Loans and reborrow under this subsection 2.01(a). 
  

 (b)        Swingline Loans.

  
 (i)         The Swingline Lender agrees, on the terms and subject to the conditions set forth herein, to the continuation of Existing Swingline Loans and to make a portion of the Revolving
Commitments available to the Borrower from time to time prior to the Swingline Termination Date by making Swingline Loans to the Borrower in Dollars (each such loan, a “Swingline Loan” and collectively, the “Swingline
Loans”); provided that (i) the aggregate principal amount of the Swingline Loans outstanding at any one time shall not exceed the Swingline Committed Amount, (ii) with regard to each Lender individually (other than the Swingline
Lender in its capacity as such), the principal amount of such Lender’s outstanding Revolving Loans plus its Participation Interests in outstanding Swingline Loans plus its Participation Interests in outstanding LC Obligations shall not at any
time exceed such Lender’s Revolving Commitment Percentage of the Revolving Committed Amount, (iii) with regard to the Revolving Lenders collectively, the aggregate of the Revolving Outstandings shall not exceed the Revolving Committed Amount,
and (iv) the Swingline Committed Amount shall not exceed the aggregate of the Revolving Commitments then in effect. Each of the parties hereto acknowledges and agrees that the Existing Swingline Loans shall continue as Swingline Loans for all
purposes under this Agreement and the Loan Documents. Swingline Loans may be repaid and reborrowed in accordance with the provisions hereof prior to the Swingline Termination Date. Swingline Loans may be made notwithstanding the fact that such
Swingline Loans, when aggregated with the Swingline Lender’s other Revolving Outstandings, exceeds its Revolving Commitment. The proceeds of a Swingline Borrowing may not be used, in whole or in part, to refund any prior Swingline Borrowing.

  
 (ii)         The principal amount of all Swingline Loans shall be due and payable on the earliest of (A) the maturity date agreed to by the Swingline Lender and the Borrower with respect to such
Swingline Loan (which maturity date shall not be a date more than 10 Business Days from the date of advance thereof), (B) the Swingline Termination Date, (C) the occurrence of a Bankruptcy Event with respect to the Borrower or (D) the acceleration
of any Loan or the termination of the Revolving Commitments pursuant to Section 8.02. 
  
 (iii)        With respect to any Swingline Loans that have not been voluntarily
prepaid by the Borrower or paid by the Borrower when due under clause (ii) above, the Swingline Lender (by request to the Administrative Agent) or Administrative Agent at any time may, and shall at any time Swingline Loans have been
outstanding for more than 10 Business Days, on one Business Day’s notice, require each Revolving Lender, including the Swingline Lender, and each such Lender hereby agrees, subject to the provisions of this Section 2.01(b), to make a
Revolving Loan (which shall be initially funded as a Base Rate Loan) in an amount equal to such Lender’s Revolving Commitment Percentage of the amount of the Swingline Loans (“Refunded Swingline Loans”) outstanding on the date
notice is given. 
  
 (iv)        In the case of Revolving Loans made by Lenders other than the Swingline Lender under clause (iii) above, each such Revolving Lender shall make the amount of its Revolving Loan
available to the Administrative Agent, in Dollars in same day funds, at the Administrative Agent’s Office, not later than 1:00 P.M. on the Business Day next succeeding the date such notice is given. The proceeds of such Revolving Loans shall be
immediately delivered to the Swingline Lender (and not to the Borrower) and applied to repay the Refunded Swingline Loans. On the day such Revolving Loans are made, the Swingline Lender’s Revolving Commitment Percentage of the Refunded
Swingline Loans shall be deemed to be paid with the proceeds of a Revolving Loan made by the Swingline Lender and such portion of the Swingline Loans deemed to be so paid shall no longer be outstanding as Swingline Loans and shall instead be
outstanding as Revolving Loans. The Borrower authorizes the Administrative Agent and the Swingline Lender to charge the Borrower’s account with the Administrative Agent (up to the amount available in such account) in order to pay immediately to
the Swingline Lender the amount of such Refunded Swingline Loans to the extent amounts received from the Revolving Lenders, including amounts deemed to be received from the Swingline Lender, are not sufficient to repay in full such Refunded
Swingline Loans. If any portion of any such amount paid (or deemed to be paid) to the Swingline Lender should be recovered by or on behalf of any Borrower from the Swingline Lender in bankruptcy, by assignment for the benefit of 

  

 
creditors or otherwise, the loss of the amount so recovered shall be ratably shared among all Revolving Lenders in the manner contemplated by Section
2.14. 
  
 (v)          A copy of each notice given by the Swingline Lender pursuant to this Section 2.01(b) shall be promptly delivered by the Swingline Lender to the Administrative Agent and
the Borrower. Upon the making of a Revolving Loan by a Revolving Lender pursuant to this Section 2.01(b), the amount so funded shall no longer be owed in respect of its Participation Interest in the related Refunded Swingline Loans.

  
 (vi)         If as a result of any Bankruptcy Event, Revolving Loans are not made pursuant to this Section 2.01(b) sufficient to repay any amounts owed to the Swingline Lender as a result
of a nonpayment of outstanding Swingline Loans, each Revolving Lender agrees to purchase, and shall be deemed to have purchased, a participation in such outstanding Swingline Loans in an amount equal to its Revolving Commitment Percentage of the
unpaid amount together with accrued interest thereon. Upon one Business Day’s notice from the Swingline Lender, each Revolving Lender shall deliver to the Swingline Lender an amount in Dollars equal to its respective Participation Interest in
such Swingline Loans in same day funds at the office of the Swingline Lender specified on Schedule 10.02. In order to evidence such Participation Interest each Revolving Lender agrees to enter into a participation agreement at the request of
the Swingline Lender in form and substance reasonably satisfactory to all parties. In the event any Revolving Lender fails to make available to the Swingline Lender the amount of such Revolving Lender’s Participation Interest as provided in
this Section 2.01(b)(vi), the Swingline Lender shall be entitled to recover such amount on demand from such Revolving Lender together with interest at the customary rate set by the Swingline Lender for correction of errors among banks in New
York City for one Business Day and thereafter at the Base Rate plus the then Applicable Margin for Base Rate Loans. 
  
 (vii)        Each Revolving Lender’s obligation to make Revolving Loans
pursuant to clause (iv) above and to purchase Participation Interests in outstanding Swingline Loans pursuant to clause (vi) above shall be absolute and unconditional and shall not be affected by any circumstance, including (without
limitation) (i) any set-off, counterclaim, recoupment, defense or other right which such Revolving Lender or any other Person may have against the Swingline Lender or the Borrower, (ii) the occurrence or continuance of a Default or an Event of
Default or the termination or reduction in the amount of the Revolving Commitments after any such Swingline Loans were made, (iii) any adverse change in the condition (financial or otherwise) of the Borrower or any other Person, (iv) any breach of
this Agreement or any other Loan Document by the Borrower or any other Lender, (v) whether any condition specified in Article IV is then satisfied or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of
the forgoing; provided that no Revolving Lender shall be obligated following the occurrence and during the continuance of any Default or Event of Default to make any payment to the Swingline Lender under this subsection (b) with
respect to a Swingline Loan made by the Swingline Lender at a time when it had actual knowledge that a Default or Event of Default had occurred and was continuing. If such Lender does not pay such amount forthwith upon the Swingline Lender’s
demand therefor, and until such time as such Lender makes the required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid Participation Interest for all purposes of the Loan
Documents other than those provisions requiring the other Lenders to purchase a participation therein. Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, and any other amounts due
to it hereunder to the Swingline Lender to fund Swingline Loans in the amount of the Participation Interest in Swingline Loans that such Lender failed to purchase pursuant to this Section 2.01(b)(vii) until such amount has been purchased (as
a result of such assignment or otherwise). 
  
 Section 2.02 Notice of Committed Loan. 
  
 (a)        Syndicated Loans. The Borrower shall give the Administrative Agent notice of each Syndicated Loan substantially in the form of Exhibit A-1 hereto
(a “Notice of Syndicated Loan”) not later than 11:00 A.M. on (i) the date of each Syndicated Base Rate Borrowing and (ii) the third Business Day before each Syndicated Eurodollar Borrowing. Each such notice shall be irrevocable and
shall specify: 
  

 (A)        the date of such
Borrowing, which shall be a Business Day; 
  
 (B)        the aggregate amount of such Borrowing; 
  
 (C)        whether the Loans comprising such Borrowing are to bear interest
initially at the Base Rate or the Eurodollar Rate; and 
  
 (D)        in the case of a Eurodollar Borrowing, the duration of the initial Interest Period applicable thereto, subject to the provisions of the definition of Interest Period
and to Section 2.07(a). 
  
 (b)        Swingline Borrowings. The Borrower shall request a Swingline Loan by written notice (or telephone notice promptly confirmed in writing) substantially in the form of Exhibit
A-5 hereto (a “Swingline Loan Request”) to the Swingline Lender and the Administrative Agent not later than 2:00 P.M. on the Business Day of the requested Swingline Loan. Each such notice shall be irrevocable and shall specify
(i) that a Swingline Loan is requested, (ii) the date of the requested Swingline Loan (which shall be a Business Day) and (iii) the principal amount of the Swingline Loan requested. Each Swingline Loan shall be made in Dollars as a Base Rate Loan
and, subject to Section 2.01(b)(ii), shall have such maturity date as agreed to by the Swingline Lender and the Borrower upon receipt by the Swingline Lender of the Swingline Loan Request from the Borrower. 
  
 Section 2.03 Competitive Bid
Borrowings. 
  
 (a)        Competitive Bid Option. In addition to Committed Loans pursuant to Section 2.01, the Borrower may, so long as Worthington’s Ratings are at least BBB/Baa2 from
Moody’s and S&P, respectively, and as set forth in this Section 2.03, request the Lenders to make offers to make Competitive Bid Loans to the Borrower from time to time prior to the Maturity Date. The Lenders may, but shall have no
obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 2.03. After giving effect to any borrowing of Competitive Bid Loans, (i) the aggregate
Revolving Outstandings plus the aggregate principal amount of all Competitive Bid Loans shall not exceed the aggregate amount of the Revolving Commitments and (ii) there shall not be more than five different Interest Periods in effect with respect
to Competitive Bid Loans at any time. 
  
 (b)        Competitive Bid Request. When the Borrower wishes to request offers to make Competitive Bid Loans under this Section 2.03, it shall transmit to the Administrative Agent
by telephone call followed promptly by facsimile transmission (a “Competitive Bid Request”) substantially in the form of Exhibit A-2 hereto so as to be received by the Administrative Agent at the Administrative Agent’s
Office not later than 12:00 Noon on (x) the fourth Business Day before the date of Borrowing proposed therein, in the case of a LIBOR Auction or (y) the Business Day next preceding the date of Borrowing proposed therein, in the case of an Absolute
Rate Auction, or, in any such case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Competitive Bid Request for the first LIBOR
Auction or Absolute Rate Auction for which such change is to be effective. Each such Competitive Bid Request shall specify: 
  
 (i)        the proposed date of Borrowing, which shall be a Business Day;

  
 (ii)        the aggregate amount of such Borrowing, which shall be $5,000,000 in aggregate principal amount (or any larger multiple of $1,000,000); 
  
 (iii)         the duration of the Interest Period applicable thereto, subject to the provisions of the definition of Interest Period; and 
  
 (iv)        whether the Competitive Bid Borrowing
quote requested (each, a “Competitive Bid Quote”) are to set forth a Competitive Bid Margin or a Competitive Bid Absolute Rate. 
  

 The Borrower may request offers to make Competitive Bid Loans for more than one Interest
Period in a single Competitive Bid Request. No more than two Competitive Bid Requests shall be given within five Business Days (or such other number of days as the Borrower and the Administrative Agent may agree) of any other Competitive Bid
Request. 
  
 (c)        Delivery of Competitive Bids Requests. The Administrative Agent shall promptly notify each Revolving Lender of each Competitive Bid Request received by it from the Borrower
and the contents of such Competitive Bid Requests, which notice shall constitute an invitation by the Borrower to each Revolving Lender to submit Competitive Bids offering to make the Competitive Bid Loans to which such Competitive Bid Request
relates in accordance with this Section 2.03. 
  
 (d)        Submission and Contents of Competitive Bids. (i) Each Lender may submit a competitive bid (a “Competitive Bid”) containing an offer or
offers to make Competitive Bid Loans in response to any invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this subsection 2.03(d) and must be submitted to the Administrative Agent by telex or facsimile
at the Administrative Agent’s office not later than (x) 10:00 A.M. on the third Business Day before the proposed date of Borrowing, in the case of a LIBOR Auction or (y) 10:00 A.M. on the proposed date of Borrowing, in the case of an Absolute
Rate Auction, or, in any such case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Competitive Bid Request for the first LIBOR
Auction or Absolute Rate Auction for which such change is to be effective; provided that Competitive Bids submitted by the Administrative Agent (or any affiliate of the Administrative Agent) in the capacity of a Lender may be submitted, and
may only be submitted, if the Administrative Agent or such affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than 30 minutes before the deadline for the other Lenders. Subject to Articles III and
IV, any Competitive Bid so made shall not be revocable except with the written consent of the Administrative Agent given on the instructions of the Borrower. 
  
 (ii)         Each Competitive Bid shall be
substantially in the form of Exhibit A-3 hereto and shall in any case specify: 
  
 (A)        the proposed date of Borrowing; 
  
 (B)        the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than or less than the Commitment of the quoting Lender,
(x) must be in the principal amount of $5,000,000 (or any larger multiple of $1,000,000), (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to an aggregate limitation as to the
principal amount of Competitive Bid Loans for which offers being made by such quoting Lender may be accepted; 
  
 (C)        in the case of a LIBOR Auction, the margin above or below the
Applicable Interbank Offered Rate (the “Competitive Bid Margin”) offered for each such Competitive Bid Loan, expressed as a percentage (specified to the nearest 1/1,00th of 1%) to be added to or subtracted from such base rate; 
  
 (D)        in the case of an Absolute Rate Auction, the rate of interest per
annum (specified to the nearest 1/100th of 1%) (the “Competitive Bid Absolute Rate”) offered for
each such Competitive Bid Loan; and 
  
 (E)        the identity of the quoting Lender. 
  
 A Competitive Bid may set forth up to three separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. 
  
 (iii)        Any Competitive Bid shall be disregarded if it: 
  

 (A)        is not substantially
in conformity with Exhibit A-3 hereto or does not specify all of the information required by subsection 2.03(d)(ii) above; 
  
 (B)        contains qualifying, conditional or similar language; 
  
 (C)        proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids; or 
  
 (D)        arrives after the time set forth in
subsection 2.03(d)(i). 
  
 (e)        Notice to the Borrower. The Administrative Agent shall promptly notify the Borrower, but using its best efforts in no event later than 11:00 A.M. of the terms of (i) any
Competitive Bid submitted by a Lender that is in accordance with subsection 2.03(d) and (ii) any Competitive Bid that amends, modifies or is otherwise inconsistent with a previous Competitive Bid submitted by such Lender with respect to the
same Competitive Bid Request. Any such subsequent Competitive Bid shall be disregarded by the Administrative Agent unless such subsequent Competitive Bid is submitted solely to correct a manifest error in such former Competitive Bid. The
Administrative Agent’s notice to the Borrower shall specify (A) the aggregate principal amount of Competitive Bid Loans for which offers have been received for each Interest Period specified in the related Competitive Bid Request, (B) the
respective principal amounts and Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be, so offered and (C) if applicable, limitations on the aggregate principal amount of Competitive Bid Loans for which offers in any single
Competitive Bid may be accepted. 
  
 (f)        Acceptance and Notice by the Borrower. The Borrower shall notify the Administrative Agent of its acceptance or non-acceptance of the offers notified to it pursuant to
subsection 2.03(e) at the Administrative Agent’s Office not later than 11:00 A.M. on (x) the third Business Day before the proposed date of Borrowing, in the case of a LIBOR Auction in Dollars or (y) the proposed date of Borrowing, in
the case of an Absolute Rate Auction, or, in any such case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Competitive Bid Request
for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective. In the case of acceptance, such notice (a “Notice of Competitive Bid Borrowing”) shall specify the aggregate principal amount of offers
for each Interest Period that are accepted. The Borrower may accept any Competitive Bid in whole or in part; provided that: 
  
 (i)        the aggregate principal amount of each Competitive Bid Borrowing may
not exceed the applicable amount set forth in the related Competitive Bid Request; 
  
 (ii)        the aggregate principal amount of each Competitive Bid Borrowing must be in the amount of $5,000,000 (or any larger multiple of $1,000,000);

  
 (iii)        acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be; and 
  
 (iv)        the Borrower may not accept any offer that is described in subsection 2.03(d)(iii) or that otherwise fails to comply with the requirements of this Agreement. 
  
 (g)        Allocation by Administrative Agent. If offers are made by two or more Lenders with the same Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be, for
a greater aggregate principal amount than the amount in respect of which such offers are accepted for the related Interest Period, the principal amount of Competitive Bid Loans in respect of which such offers are accepted shall be allocated by the
Administrative Agent among such Lenders as nearly as possible (in multiples of $1,000,000) in proportion to the aggregate principal amounts of such offers. Determinations by the Administrative Agent of the amounts of Competitive Bid Loans shall be
conclusive in the absence of manifest error. After each Absolute Rate Auction and LIBOR Auction pursuant to this Section 2.03, the Administrative Agent shall notify each Lender that submitted a Competitive Bid in such auction of the range of
bids submitted (without the bidder’s name) and accepted for each 

  

 
Competitive Bid Loan and the aggregate principal amount of each Competitive Bid Borrowing resulting from such auction. 
  
 Section 2.04 Notice to Lenders; Funding of
Loans. 
  
 (a)        Notice to Lenders. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly notify each Lender of such Lender’s ratable share (if any) of the
Borrowing referred to therein, and such Notice of Borrowing shall not thereafter be revocable by the Borrower. 
  
 (b)        Funding of Loans. 
  
 (i)         On the date of each Borrowing, each Lender participating therein shall make available its share of such Borrowing not later than 2:00 P.M., in Federal or other funds immediately
available, to the Administrative Agent at the Administrative Agent’s Office. Unless the Administrative Agent determines that any applicable condition specified in Article IV has not been satisfied, the Administrative Agent will make the funds
so received from the Lenders available to the Borrower in the Borrower’s account established at the Administrative Agent’s Office; provided that if on the date of any Syndicated Loan there are outstanding Swingline Loans or LC
Disbursements, then the funds so received shall be applied, first, to the payment of such LC Disbursements, second, to the repayment of such Swingline Loans and third, to the Borrower as provided above. 
  
 (ii)        Not later than 3:00 P.M. on the date of each Swingline Borrowing, the Swingline Lender shall, unless the Administrative Agent shall have notified the Swingline Lender that any applicable
condition specified in Article IV has not been satisfied, make available the amount of such Swingline Borrowing, in Federal or other immediately available funds, to the Borrower in the Borrower’s account established at the Swingline
Lender’s address referred to in Schedule 10.02. 
  
 (c)        Funding by the Administrative Agent in Anticipation of Amounts Due from the Lenders. Unless the Administrative Agent shall have received notice from a
Lender prior to the date of any Borrowing (except in the case of a Base Rate Borrowing, in which case prior to the time 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 to the Administrative Agent on the date of such Borrowing in accordance with Section 2.04(b) above, and the Administrative Agent may, in reliance
upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such share available to the Administrative Agent, such Lender and the Borrower severally agree to
repay to the Administrative Agent forthwith on demand such corresponding amount, together with interest thereon for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent
at (i) a rate per annum equal to the higher of the Federal Funds Open Rate (if such Borrowing is in Dollars) or the rate then applicable to such Loan in accordance with Section 2.07, in the case of the Borrower, and (ii) the Federal Funds
Rate, in the case of such Lender. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Loan included in such Borrowing for purposes of this Agreement. 

 
 (d)        Obligations of Lenders Several. The failure of any Lender to make a Loan required to be made by it as part of any Borrowing hereunder shall not relieve any other Lender of its
obligation, if any, hereunder to make any Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on such date of Borrowing. 
  
 (e)        Failed Loans. If any Lender shall fail to make any Loan (a “Failed Loan”) which such Lender is otherwise obligated hereunder to make to the Borrower on the
date of Borrowing thereof, and the Administrative Agent shall not have received notice from the Borrower or such Lender that any condition precedent to the making of the Failed Loan has not been satisfied, then, until such Lender shall have made or
be deemed to have made (pursuant to the last sentence of this subsection (e)) the Failed Loan in full or the Administrative Agent shall have received notice from the Borrower or such Lender that any condition precedent to the making of the
Failed Loan was not satisfied at the time the Failed Loan was to have been made, whenever the Administrative 

  

 
Agent shall receive any amount from the Borrower for the account of such Lender, (i) the amount so received (up to the amount of such Failed Loan) will, upon
receipt by the Administrative Agent, be deemed to have been paid to the Lender in satisfaction of the obligation for which paid, without actual disbursement of such amount to the Lender, (ii) the Lender will be deemed to have made the same amount
available to the Administrative Agent for disbursement as a Loan to the Borrower (up to the amount of such Failed Loan) and (iii) the Administrative Agent will disburse such amount (up to the amount of the Failed Loan) to the Borrower or, if the
Administrative Agent has previously made such amount available to the Borrower on behalf of such Lender pursuant to the provisions hereof, reimburse itself (up to the amount of the amount made available to the Borrower); provided that the
Administrative Agent shall have no obligation to disburse any such amount to the Borrower or otherwise apply it or deem it applied as provided herein unless the Administrative Agent shall have determined in its sole discretion that to so disburse
such amount will not violate any law, rule, regulation or requirement applicable to the Administrative Agent. Upon any such disbursement by the Administrative Agent, such Lender shall be deemed to have made a Base Rate Loan of the same Class as the
Failed Loan to the Borrower in satisfaction, to the extent thereof, of such Lender’s obligation to make the Failed Loan. 
  
 Section 2.05 Evidence of Loans. 
  
 (a)        Lender Accounts. Each Lender shall maintain
in accordance with its usual practice an account or accounts evidencing the indebtedness owed by the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and
paid to such Lender from time to time under this Agreement. 
  
 (b)        Administrative Agent Records. The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder, the
Class and Type of each Loan made and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any
sum received by the Agent hereunder from the Borrower and each Lender’s share thereof. 
  
 (c)        Evidence of Debt. The entries made in the accounts maintained pursuant to subsections (a) and (b) of this Section
2.05 shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any
manner affect the obligations of the Borrower to repay the Loans in accordance with their terms. 
  
 (d)        Notes. Notwithstanding any other provision of this Agreement, if any Lender shall request and receive a Note or Notes as provided
in Section 10.06 or otherwise, then the Loans of such Lender shall be evidenced by Notes of the applicable Class, in each case, substantially in the form of Exhibit B-1 or B-2, as applicable, and payable to the order of such
Lender for the account of its Applicable Lending Office in an amount equal to the aggregate unpaid principal amount of such Lender’s Revolving Loans or Competitive Bid Loans, as applicable. If requested by the Swingline Lender, the Swingline
Loans shall be evidenced by a single Swingline Note, substantially in the form of Exhibit B-3, and payable to the order of the Swingline Lender in an amount equal to the aggregate unpaid principal amount of the Swingline Loans. 
  
 (e)        Notes for Loans of Different Types. Each Lender may, by notice to the Borrower and the Administrative Agent, request that its Loans of a particular Type be evidenced by
separate Notes in an amount equal to the aggregate unpaid principal amount of such Loans. Each such Note shall be in substantially the form of Exhibit B-1 or B-2 hereto with appropriate modifications to reflect the fact that it
evidences solely Loans of the relevant Type. Each reference in this Agreement to such Lender’s “Note” of a particular Class shall be deemed to refer to and include any or all of such Notes, as the context may require. 
  
 (f)        Note
Endorsements. Each Lender having one or more Notes shall record the date, amount, Class and Type of each Loan made by it and the date and amount of each payment of principal made by the Borrower with respect thereto, and may, if such Lender
so elects in connection with any transfer or enforcement of any Note, endorse on the reverse side or on the schedule, if any, forming a part thereof appropriate notations to evidence the foregoing information with respect to each outstanding Loan
evidenced thereby; provided that the 

  

 
failure of any Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower hereunder or under any such Note. Each
Lender is hereby irrevocably authorized by the Borrower so to endorse each of its Notes and to attach to and make a part of each of its Notes a continuation of any such schedule as and when required. 
  
 Section 2.06 Letters of Credit.

  
 (a)        Letters of Credit. Each Issuing Lender agrees, on the terms and conditions set forth in this Agreement, to issue Letters of Credit from time to time before the Maturity Date
for the account, and upon the request, of the Borrower and in support of (i) trade obligations of the Borrower and/or its Subsidiaries, which shall be payable at sight (each such letter of credit, a “Trade Letter of Credit” and,
collectively, the “Trade Letters of Credit”) and (ii) such other obligations of the Borrower that are acceptable to the Lenders (each such letter of credit, a “Standby Letter of Credit” and, collectively, the
“Standby Letters of Credit”); provided that immediately after each Letter of Credit is issued, (i) the aggregate amount of the LC Obligations shall not exceed $50,000,000 (the “LC Committed Amount”), (ii) the
aggregate of the Revolving Outstandings shall not exceed the aggregate amount of the Revolving Commitments and (iii) with respect to each individual Revolving Lender, the aggregate outstanding principal amount of the Revolving Lender’s
Revolving Loans plus its Participation Interest in outstanding LC Obligations plus its (other than the Swingline Lender’s in its capacity as such) Participation Interests in outstanding Swingline Loans shall not exceed such Revolving
Lender’s Revolving Commitment Percentage of the Revolving Committed Amount. 
  
 (b)        Method of Issuance of Letters of Credit; Amendment of Letters of Credit. The Borrower shall give the applicable Issuing Lender
notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-6 hereto and, to the extent required by the Issuing Lender, the Issuing Lender’s then current application for a letter of credit (collectively, a
“Letter of Credit Request”) of the requested issuance or amendment of a Letter of Credit prior to 1:00 P.M. on the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least
three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable Issuing Lender in any particular instance). In the case of
a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the Issuing Lender: (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 Issuing Lender may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify
in form and detail satisfactory to the Issuing Lender: (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the
Issuing Lender may require. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible
beyond the fifth Business Day before the Maturity Date. 
  
 Promptly after receipt of any Letter of Credit Request, the Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the
Borrower and, if not, the Issuing Lender will provide the Administrative Agent with a copy thereof. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance
with the terms hereof, then, subject to the terms and conditions thereof, the Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each
case in accordance with the Issuing Lender’s usual and customary business practices. 
  
 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 Issuing Lender will also
deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 
  

 (c)        Conditions to Issuance of
Letters of Credit. The issuance by an Issuing Lender of each Letter of Credit shall, in addition to the conditions precedent set forth in Section 4.02, be subject to the conditions precedent that (i) such Letter of Credit shall be
satisfactory in form and substance to the applicable Issuing Lender, (ii) the Borrower shall have executed and delivered such other instruments and agreements relating to such Letter of Credit as the Issuing Lender shall have reasonably requested,
(iii) the Issuing Lender shall have confirmed with the Administrative Agent on the date of (and after giving effect to) such issuance that (A) the aggregate amount of all LC Obligations will not exceed the LC Committed Amount and (B) the aggregate
Revolving Outstandings will not exceed the aggregate amount of the Revolving Commitments and (iv) the Issuing Lender shall not have been notified by the Administrative Agent that any condition specified in Section 4.02(b) or (c) is not
satisfied on the date such Letter of Credit is to be issued. Notwithstanding any other provision of this Section 2.06, no Issuing Lender shall be under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any
Governmental Authority shall by its terms purport to enjoin or restrain the Issuing Lender from issuing such Letter of Credit, or any requirement of Law applicable to such Issuing Lender or any request or directive (whether or not having a force of
Law) from any Governmental Authority with jurisdiction over such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon
such Issuing Lender with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Issuing
Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Issuing Lender in good faith deems material to it; or (ii) the issuance of such Letter of Credit shall violate any applicable general policies
of such Issuing Lender. 
  
 (d)        Purchase and Sale of Letter of Credit Participations. Upon the issuance by an Issuing Lender of a Letter of Credit, such Issuing Lender shall be deemed, without further action
by any party hereto, to have sold to each Revolving Lender, and each Revolving Lender shall be deemed, without further action by any party hereto, to have purchased from such Issuing Lender, without recourse or warranty, an undivided participation
interest in such Letter of Credit and the related LC Obligations in the proportion its Revolving Commitment Percentage bears to the Revolving Committed Amount (although any fronting fee payable under Section 2.12 shall be payable directly to
the Administrative Agent for the account of the applicable Issuing Lender, and the Lenders (other than such Issuing Lender) shall have no right to receive any portion of any such fronting fee) and any security therefor or guaranty pertaining
thereto. Upon any change in the Revolving Commitments pursuant to Section 10.06, there shall be an automatic adjustment to the Participation Interests in all outstanding Letters of Credit and all LC Obligations to reflect the adjusted
Revolving Commitments of the assigning and assignee Lenders or of all Lenders having Revolving Commitments, as the case may be. 
  
 (e)        Drawings under Letters of Credit. Upon receipt from the beneficiary of
any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If the Issuing Lender determines
that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower and the Administrative Agent as to the
amount to be paid as a result of such drawing and the payment date. 
  
 (f)        Duties of Issuing Lenders to Revolving Lenders; Reliance. In determining whether to pay under any Letter of Credit, the relevant Issuing Lender shall
not have any obligation relative to the Revolving Lenders participating in such Letter of Credit or the related LC Obligations other than to determine that any document or documents required to be delivered under such Letter of Credit have been
delivered and that they substantially comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by an Issuing Lender under or in connection with any Letter of Credit shall not create for the Issuing
Lender any resulting liability if taken or omitted in the absence of gross negligence or willful misconduct. Each Issuing Lender shall be entitled (but not obligated) to rely, and shall be fully protected in relying, on the representation and
warranty by the Borrower set forth in the last sentence of Section 4.02 to establish whether the conditions specified in paragraphs (b) and (c) of Section 4.02 are met in connection with any issuance or extension of a
Letter of Credit. Each Issuing Lender shall be entitled to rely, and shall be fully protected in relying, upon advice and statements of legal counsel, independent accountants and other experts selected by such Issuing Lender and upon any Letter of
Credit, draft, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopier, telex or teletype message, statement, order or other document believed by it in good faith to be genuine and correct and to 

  

 
have been signed, sent or made by the proper Person or Persons, and 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 unless the beneficiary and the Borrower shall have notified such Issuing Lender that such documents do not comply with the terms and conditions of the Letter of Credit.
Each Issuing Lender shall be fully justified in refusing to take any action requested of it under this Section 2.06 in respect of any Letter of Credit unless it shall first have received such advice or concurrence of the Required Revolving
Lenders as it reasonably deems appropriate or it shall first be indemnified to its reasonable satisfaction by the Revolving Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take, or
omitting or continuing to omit, any such action. Notwithstanding any other provision of this Section 2.06, each Issuing Lender shall in all cases be fully protected in acting, or in refraining from acting, under this Section 2.06 in
respect of any Letter of Credit in accordance with a request of the Required Revolving Lenders, and such request and any action taken or failure to act pursuant hereto shall be binding upon all Revolving Lenders and all future holders of
participations in such Letter of Credit. 
  
 (g)        Reimbursement Obligations. The Borrower shall be irrevocably and unconditionally obligated forthwith to reimburse each Issuing Lender for any amounts paid by such Issuing
Lender in accordance with Section 2.06(e) and (f) of this Agreement upon any drawing under any Letter of Credit, together with any and all reasonable charges and expenses which the Issuing Lender may pay or incur relative to such drawing and
interest on the amount drawn at the rate applicable to Revolving Base Rate Loans for each day from and including the date such amount is drawn to but excluding the date such reimbursement payment is due and payable. Such reimbursement payment shall
be due and payable (i) at or before 1:00 P.M. on the date the Issuing Lender notifies the Borrower of such drawing, if such notice is given at or before 10:00 A.M. on such date or (ii) at or before 10:00 A.M. on the next succeeding Business Day if
such notice is given after 10:00 A.M. on the immediately preceding Business Day; provided that no payment otherwise required by this sentence to be made by the Borrower at or before 1:00 P.M. on any day shall be overdue hereunder if
arrangements for such payment satisfactory to the Issuing Lender, in its reasonable discretion, shall have been made by the Borrower at or before 1:00 P.M. on such day and such payment is actually made at or before 3:00 P.M. on such day. In
addition, the Borrower agrees to pay to the Issuing Lender interest, payable on demand, on any and all amounts not paid by the Borrower to the Issuing Lender when due under this subsection (g), for each day from and including the date when
such amount becomes due to but excluding the date such amount is paid in full, whether before or after judgment, at a rate per annum equal to the sum of 2% plus the rate applicable to Revolving Base Rate Loans for such day. Subject to the
satisfaction of all applicable conditions set forth in Article IV, the Borrower may, at its option, utilize the Swingline Commitment or the Revolving Commitments, or make other arrangements for payment satisfactory to the Issuing Lender, for
the reimbursement of all LC Disbursements as required by this subsection (g). Each reimbursement payment to be made by the Borrower pursuant to this subsection (g) shall be made to the Issuing Lender in Federal or other funds
immediately available to it at its address referred to Schedule 10.02. 
  
 (h)        Obligations of Revolving Lenders to Reimburse Issuing Lender for Unpaid LC Disbursements. If the Borrower shall not have reimbursed an Issuing Lender in
full for any LC Disbursement as required pursuant to subsection (g) of this Section 2.06, the Issuing Lender shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify each Revolving Lender
(other than the relevant Issuing Lender) of (x) the date of drawing under the related Letter of Credit, (y) the amount of the unreimbursed LC Disbursement and (z) such Revolving Lender’s pro-rata share of the LC Disbursement). Upon receipt of
notice from the Administrative Agent pursuant to this clause (h), each such Revolving Lender shall promptly and unconditionally pay to the Administrative Agent, for the account of such Issuing Lender, such Revolving Lender’s pro-rata
share of the amount of each LC Disbursement which is the subject of such notice (determined by the proportion its Revolving Commitment Percentage bears to the aggregate Revolving Committed Amount) in Dollars in Federal or other immediately available
funds; provided that no Revolving Lender shall be obligated to pay to the Administrative Agent its pro-rata share of such unreimbursed amount for any wrongful payment made by the relevant Issuing Lender under a Letter of Credit as a result of
acts or omissions constituting willful misconduct or gross negligence by such Issuing Lender. Such payment from the Revolving Lender shall be due (i) at or before 1:00 P.M. on the date the Administrative Agent so notifies a Revolving Lender, if such
notice is given at or before 10:00 A.M. on such date or (ii) at or before 10:00 A.M. on the next succeeding Business Day, together with interest on such amount for each day from and including the date of such drawing to but excluding the day such
payment is due from such Revolving Lender at the Federal Funds Rate for such day (which funds the Administrative Agent shall promptly remit to the applicable Issuing Lender). The failure of any Revolving Lender to make available to the
Administrative Agent for the account of an Issuing Lender its pro-rata share of any unreimbursed LC 

  

 
Disbursement shall not relieve any other Revolving Lender of its obligation hereunder to make available to the Administrative Agent for the account of such
Issuing Lender its pro-rata share of any payment made under any Letter of Credit on the date required, as specified above, but no such Lender shall be responsible for the failure of any other Lender to make available to the Administrative Agent for
the account of the Issuing Lender such other Lender’s pro-rata share of any such payment. Upon payment in full of all amounts payable by a Lender under this subsection (h), such Lender shall be subrogated to the rights of the Issuing
Lender against the Borrower to the extent of such Lender’s pro-rata share of the related LC Obligation so paid (including interest accrued thereon). If any Revolving Lender fails to pay any amount required to be paid by it pursuant to this
subsection (h) on the date on which such payment is due, interest shall accrue on such Lender’s obligation to make such payment, for each day from and including the date such payment became due to but excluding the date such Lender makes
such payment, whether before or after judgment, at a rate per annum equal to (i) for each day from the date such payment is due to the third succeeding Business Day, inclusive, the Federal Funds Rate for such day as determined by the relevant
Issuing Lender and (ii) for each day thereafter, the sum of 2% plus the rate applicable to its Revolving Base Rate Loans for such day. Any payment made by any Lender after 3:00 P.M. on any Business Day shall be deemed for purposes of the preceding
sentence to have been made on the next succeeding Business Day. 
  
 (i)        Funds Received from the Borrower in Respect of Drawn Letters of Credit. Whenever an Issuing Lender receives a payment of an LC Obligation as to which
the Administrative Agent has received for the account of such Issuing Lender any payments from the Lenders pursuant to subsection (i) above, such Issuing Lender shall pay the amount of such payment to the Administrative Agent, and the
Administrative Agent shall promptly pay to each Lender which has paid its pro-rata share thereof, in Dollars in Federal or other immediately available funds, an amount equal to such Lender’s pro-rata share of the principal amount thereof and
interest thereon for each day after relevant date of payment at the Federal Funds Rate. 
  
 (j)         Obligations in Respect of Letters of Credit Unconditional. The obligations of the Borrower under Section 2.06(g) above
shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including, without limitation, the following circumstances: 
  
 (i)          any lack of validity or enforceability of this Agreement or any Letter of Credit or any document related hereto or thereto; 
  
 (ii)         any amendment or waiver of or any consent to departure from all or any of the provisions of this Agreement or any Letter of Credit or any document related hereto or thereto;

  
 (iii)        the use which may be made of the Letter of Credit by, or any acts or omission of, a beneficiary of a Letter of Credit (or any Person for whom the beneficiary may be acting); 

 
 (iv)        the existence of any claim, set-off, defense or other rights that the Borrower may have at any time against a beneficiary of a Letter of Credit (or any Person for whom the beneficiary may
be acting), any Issuing Lender or any other Person, whether in connection with this Agreement or any Letter of Credit or any document related hereto or thereto or any unrelated transaction; 
  
 (v)         any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate
in any respect whatsoever; provided that the relevant Issuing Lender’s determination that documents presented under such Letter of Credit comply with the terms thereof shall not have constituted gross negligence or willful misconduct of
such Issuing Lender; 
  
 (vi)        payment under a Letter of Credit against presentation to an Issuing Lender of a draft or certificate that does not comply with the terms of such Letter of Credit; provided that the
relevant Issuing Lender’s determination that documents presented under such Letter of Credit comply with the terms thereof shall not have constituted gross negligence or willful misconduct of such Issuing Lender; or 
  

 (vii)        any other act or
omission to act or delay of any kind by any Issuing Lender or any other Person or any other event or circumstance whatsoever that might, but for the provisions of this subsection (vii), constitute a legal or equitable discharge of the
Borrower’s obligations hereunder. 
  
 (k)        Designation of Subsidiaries as Account Parties. Notwithstanding anything to the contrary set forth in this Agreement, a Letter of Credit issued hereunder may contain a
statement to the effect that such Letter of Credit is issued for the account of a Subsidiary of the Borrower; provided that notwithstanding such statement, the Borrower shall be the actual account party for all purposes of this Agreement for
such Letter of Credit and such statement shall not affect the Borrower’s reimbursement obligations hereunder with respect to such Letter of Credit. 
  
 (l)        Modification and Extension. The issuance of any supplement, modification,
amendment, renewal, or extensions to any Letter of Credit shall, for purposes hereof, be treated in all respects the same as a Credit Extension hereunder. 
  
 (m)        International Standby Practices; Uniform Customs and Practices. Unless
otherwise expressly agreed by the Issuing Lender and the Borrower when a Letter of Credit is issued, (i) the rules of 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) shall apply to each Standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits (collectively, the “UCP”), as most
recently published by the International Chamber of Commerce (the “ICC”) at the time of issuance shall apply to each Trade Letter of Credit. 
  
 (n)        Responsibility of Issuing Lenders. It is expressly understood and agreed
that the obligations of the Issuing Lenders hereunder to the Revolving Lenders are only those expressly set forth in this Agreement and that the Issuing Lender shall be entitled to assume that the conditions precedent set forth in Section
4.02 have been satisfied unless it shall have acquired actual knowledge that any such condition precedent has not been satisfied; provided that nothing set forth in this Section 2.06 shall be deemed to prejudice the right of any
Revolving Lender to recover from the Issuing Lender any amounts made available by such Revolving Lender to the Issuing Lender pursuant to this Section 2.06 in the event that it is determined by a court of competent jurisdiction that the
payment with respect to a Letter of Credit constituted gross negligence or willful misconduct on the part of the Issuing Lender. 
  
 (o)        Conflict with LC Documents. In the event of any conflict between this
Agreement and any LC Document, this Agreement shall govern. 
  
 (p)        Indemnification of Issuing Lenders. 
  
 (i)         In addition to its other obligations under this Agreement, the
Borrower hereby agrees to protect, indemnify, pay and save each Issuing Lender harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable and actual attorneys’ fees)
that such Issuing Lender may incur or be subject to as a consequence, direct or indirect, of (A) the issuance of any Letter of Credit or (B) the failure of such Issuing Lender to honor a drawing under a Letter of Credit as a result of any act or
omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority (all such acts or omissions, herein called “Government Acts”). 
  
 (ii)        As between the Borrower and each Issuing Lender, the Borrower shall assume all risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. The Issuing Lender
shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any Letter of Credit, even if it should in fact
prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or
benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason; (C) failure of the beneficiary 

  

 
of a Letter of Credit to comply fully with conditions required in order to draw upon a Letter of Credit; (D) errors, omissions, interruptions or delays in
transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any documents
required in order to make a drawing under a Letter of Credit or of the proceeds thereof; and (G) any consequences arising from causes beyond the control of the Issuing Lender, including, without limitation, any Government Acts. None of the above
shall affect, impair, or prevent the vesting of the Issuing Lender’s rights or powers hereunder. 
  
 (iii)        In furtherance and extension and not in limitation of the specific
provisions hereinabove set forth, any action taken or omitted by an Issuing Lender, under or in connection with any Letter of Credit or the related certificates, if taken or omitted in good faith, shall not put the Issuing Lender under any resulting
liability to the Borrower. It is the intention of the parties that this Agreement shall be construed and applied to protect and indemnify the Issuing Lenders against any and all risks involved in the issuance of any Letter of Credit, all of which
risks are hereby assumed by the Borrower, including, without limitation, any and all risks of the acts or omissions, whether rightful or wrongful, of any present or future Government Acts. The Issuing Lenders shall not, in any way, be liable for any
failure by the Issuing Lenders or anyone else to pay any drawing under any Letter of Credit as a result of any Government Acts or any other cause beyond the control of the Issuing Lenders. 
  
 (iv)        Nothing in this subsection (p) is intended to limit the reimbursement obligation of the Borrower contained in this Section 2.06. The obligations of the Borrower under this
subsection (p) shall survive the termination of this Agreement. No act or omission of any current or prior beneficiary of a Letter of Credit shall in any way affect or impair the rights of any Issuing Lender to enforce any right, power or
benefit under this Agreement. 
  
 (v)        Notwithstanding anything to the contrary contained in this subsection (p), the Borrower shall have no obligation to indemnify any Issuing Lender in respect of any liability incurred
by the Issuing Lender arising solely out of the gross negligence or willful misconduct of the Issuing Lender, as determined by a court of competent jurisdiction. Nothing in this Agreement shall relieve any Issuing Lender of any liability to the
Borrower in respect of any action taken by the Issuing Lender which action constitutes gross negligence or willful misconduct of the Issuing Lender or a violation of the UCP or Uniform Commercial Code, as applicable, as determined by a court of
competent jurisdiction. 
  
 (q)        Cash Collateral. If the Borrower is required pursuant to the terms of this Agreement or any other Loan Document to Cash Collateralize any LC Obligations, the Borrower shall
deposit in an account with the Administrative Agent an amount in cash equal to 100% of the amount of such LC Obligations. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the LC Obligations. The
Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. The Administrative Agent will, at the request of the Borrower, invest amounts deposited in such account in Cash
Equivalents; provided that (i) the Administrative Agent shall not be required to make any investment that, in its sole judgment, would require or cause the Administrative Agent to be in, or would result in any, violation of any Law, (ii) such
Cash Equivalents shall be subjected to a first priority perfected security interest in favor of the Administrative Agent and (iii) if an Event of Default shall have occurred and be continuing, the selection of such Cash Equivalents shall be in the
sole discretion of the Administrative Agent. The Borrower shall indemnify the Administrative Agent for any losses relating to such investments in Cash Equivalents. Other than any interest or profits earned on such investments, such deposits shall
not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Lender immediately for drawings under Letters of
Credit and, if the maturity of the Loans has been accelerated, to satisfy the LC Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of an Event of Default, such amount (to the extent not applied as
aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. Any moneys remaining in such account after the Obligations have been indefeasibly paid in full in cash shall be returned
to the Borrower. 
  

 (r)        Resignation of an Issuing
Lender. (a) An Issuing Lender may resign at any time by giving 60 days’ notice to the Administrative Agent, the Lenders and the Borrower. Upon any such resignation, the Borrower shall (within 60 days after such notice of resignation)
either appoint a successor, or terminate the unutilized LC Commitment of such Issuing Lender; provided that, if the Borrower elects to terminate such unutilized LC Commitment, the Borrower may at any time thereafter that the Revolving Credit
Commitments are in effect reinstate such LC Commitment in connection with the appointment of another Issuing Lender. Subject to subsection (s) below, upon the acceptance of any appointment as an Issuing Lender hereunder by a successor Issuing
Lender, such successor shall succeed to and become vested with all the interests, rights and obligations of the retiring Issuing Lender, and the retiring Issuing Lender shall be discharged from its obligations to issue Letters of Credit hereunder.
The acceptance of any appointment as Issuing Lender hereunder by a successor Issuing Lender shall be evidenced by an agreement entered into by such successor, in a form reasonably satisfactory to the Borrower and the Administrative Agent, and, from
and after the effective date of such agreement, (i) such successor shall be a party hereto and have all the rights and obligations of an Issuing Lender under this Agreement and the other Loan Documents and (ii) references herein and in the other
Loan Documents to the “Issuing Lender” shall be deemed to refer to such successor or to any previous Issuing Lender, or to such successor and all previous Issuing Lenders, as the context shall require. 
  
 (s)        Rights with Respect to Outstanding Letter of Credit. After the resignation of an Issuing Lender hereunder, the retiring Issuing Lender shall remain a party hereto and shall
continue to have all the rights and obligations of an Issuing Lender under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue Letters of Credit.

  
 Section 2.07 Interest.

  
 (a)        Rate Options Applicable to Loans. Each Committed Loan shall be comprised of Base Rate Loans or (except in the case of Swingline Loans which shall be made and maintained as
Base Rate Loans) Eurodollar Loans, as the Borrower may request pursuant to Section 2.02 or 2.03, as applicable. Borrowings of more than one Type may be outstanding at the same time; provided that the Borrower may not request any
Borrowing that, if made, would result in an aggregate of more than five separate Groups of Eurodollar Loans being outstanding hereunder at any one time. For this purpose, Loans having different Interest Periods, regardless of whether commencing on
the same date, shall be considered separate Groups. 
  
 (b)        Base Rate Loans. Each Loan of a Class which is made as, or converted into, a Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from
the date such Loan is made as, or converted into, a Base Rate Loan until it becomes due or is converted into a Loan of any other Type or repaid in full, at a rate per annum equal to the Applicable Margin for Base Rate Loans of such Class for such
day plus the Base Rate for such day. Such interest shall be payable quarterly in arrears on each Interest Payment Date and, with respect to the principal amount of any Base Rate Loan converted to a Eurodollar Loan, on the date such Base Rate Loan is
so converted. Any overdue principal of or interest on any Base Rate Loan of any Class shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans of
the same Class for such day. 
  
 (c)        Eurodollar Loans. Each Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a rate
per annum equal to the sum of the Applicable Margin for Eurodollar Loans for such day plus the Eurodollar Rate; provided that if any Eurodollar Loan or any portion thereof shall, as a result of the definition of Interest Period, have an
Interest Period of less than one month, such portion shall bear interest during such Interest Period at the rate applicable to Base Rate Loans during such period. Such interest shall be payable for each Interest Period on each Interest Payment Date.
Any overdue principal amount of or interest on any Eurodollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Applicable Margin for Eurodollar Loans for such
day plus the Eurodollar Rate applicable to such Loan at the date such payment was due and (ii) the sum of 2% plus the Applicable Margin for Eurodollar Loans for such day plus the quotient obtained (rounded upward, if necessary, to the nearest
1/100th of 1%) by dividing (x) the Applicable Interbank Offered Rate for one day (or if such amount due remains
unpaid more than three Business Days, then for such other period of time not longer than six months as the Administrative Agent may select) deposits in Dollars in an amount approximately equal to 

  

 
such overdue payment by (y) 1.00 minus the Eurodollar Reserve Percentage (or, if the circumstances described in Section 3.02 shall exist, at a rate
per annum equal to the sum of 2% plus the rate applicable to Revolving Base Rate Loans for such day). 
  
 (d)        Competitive Bid Loans. Subject to Article III, the unpaid
principal amount of each Competitive Bid LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Eurodollar Rate for such Interest Period
(determined in accordance with Section 2.07(c) as if the related Competitive Bid LIBOR Borrowing were a Eurodollar Borrowing) plus (or minus) the Competitive Bid Margin quoted by the Lender making such Loan. The unpaid principal amount of
each Competitive Bid Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Competitive Bid Absolute Rate quoted by the Lender making such
Loan. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any
Competitive Bid Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Base Rate for such day. 
  

(e)        Determination and Notice of Interest Rates. The Administrative Agent
shall determine each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be
conclusive in the absence of manifest error. Any notice with respect to Eurodollar Loans shall, without the necessity of the Administrative Agent so stating in such notice, be subject to adjustments in the Applicable Margin applicable to such Loans
after the beginning of the Interest Period applicable thereto. When during an Interest Period any event occurs that causes an adjustment in the Applicable Margin applicable to Loans to which such Interest Period is applicable, the Administrative
Agent shall give prompt notice to the Borrower and the Lenders of such event and the adjusted rate of interest so determined for such Loans, and its determination thereof shall be conclusive in the absence of manifest error. 
  
 (f)        Default Interest. Upon the occurrence and during the continuance of an Event of Default and regardless of whether or not any judgment has been entered thereon, the principal
amount of and, to the extent permitted by law, interest on the Loans and any other amounts owing herein or under the other Loan Documents shall bear interest, payable on demand, at a per annum rate equal to (i) in the case of principal of any Loan,
the rate otherwise applicable to such Loan during such period pursuant to this Section 2.07 plus 2.00% (without duplication of any amount owing in respect of Base Rate Loans under the third sentence of Section 2.07(b), in respect of
Eurodollar Loans under the third sentence of Section 2.07(c) or in respect of any Competitive Bid Loan under the fourth sentence of Section 2.07(d)), (ii) in the case of interest on any Loan the Base Rate plus the Applicable Margin for
Loans of such Class on such day plus 2.00% and (iii) in the case of any other amount, the Base Rate plus the Applicable Margin for Revolving Base Rate Loans plus 2.00%. 
  
 Section 2.08 Extension and Conversion. 
  
 (a)        Continuation Conversion Options. The Loans included in each Syndicated Loan shall bear interest initially at the type of rate specified by the Borrower in the applicable
Notice of Syndicated Loan. Thereafter, the Borrower shall have the option, on any Business Day, to elect to change or continue the type of interest rate borne by each Group of Syndicated Loans (subject in each case to the provisions of Article
III and subsection 2.08(d)), as follows: 
  
 (i)         if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to Eurodollar Loans as of any Business Day; and 
  
 (ii)        if such Loans are Eurodollar Loans, the Borrower may elect to convert such Loans to Base Rate Loans or elect to continue such Loans as Eurodollar Loans for an additional Interest Period,
subject to Section 3.05 in the case of any such conversion or continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans. 
  

 Each such election shall be made by delivering a notice, substantially in the form of
Exhibit A-4 hereto (a “Notice of Extension/Conversion”) to the Administrative Agent not later than 12:00 Noon on the third Business Day before the conversion or continuation selected in such notice is to be effective. A
Notice of Extension/Conversion may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans, provided that (i) such portion is allocated ratably among the Loans comprising such Group and
(ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each $5,000,000 or any larger multiple of $1,000,000. 
  

(b)        Contents of Notice of Extension/Conversion. Each Notice of Extension/
Conversion shall specify: 
  
 (i)          the Group of Loans (or portion thereof) to which such notice applies; 
  
 (ii)         the date on which the conversion or continuation selected in
such notice is to be effective, which shall comply with the applicable clause of subsection 2.08(a) above; 
  
 (iii)        if the Loans comprising such Group are to be converted, the new type
of Loans and, if the Loans being converted are to be Eurodollar Loans, the duration of the next succeeding Interest Period applicable thereto; and 
  
 (iv)        if such Loans are to be continued as Eurodollar Loans for an
additional Interest Period, the duration of such additional Interest Period. 
  
 Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of the term “Interest Period”. 
  
 (c)        Notification to Lenders. Upon receipt of a Notice of Extension/Conversion from the Borrower pursuant to subsection 2.08(a) above, the Administrative Agent shall
promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If no Notice of Extension/Conversion is timely received prior to the end of an Interest Period for any Group of Eurodollar Loans,
the Borrower shall be deemed to have elected that such Group be converted to Base Rate Loans as of the last day of such Interest Period. 
  
 (d)        Limitation on Conversion/Continuation Options. The Borrower shall not be
entitled to elect to convert any Syndicated Loans to, or continue any Syndicated Loans for an additional Interest Period as, Eurodollar Loans if (i) the aggregate principal amount of any Group of Eurodollar Loans created or continued as a result of
such election would be less than $5,000,000 or (ii) a Default shall have occurred and be continuing when the Borrower delivers notice of such election to the Administrative Agent. 
  
 (e)        Certain Mandatory Conversions and Prepayments of
Eurodollar Loans. On the date in which the aggregate unpaid principal amount of Eurodollar Loans comprising any Group of Loans shall be reduced, by payment or prepayment or otherwise, to less than $5,000,000, such Loans shall, on the last
day of the then current Interest Period therefor, automatically be converted into Base Rate Syndicated Loans. Upon the occurrence and during the continuance of any Event of Default, (i) each Eurodollar Loan shall automatically, on the last day of
the then current Interest Period therefor, be converted into a Syndicated Base Rate Loan and (ii) the obligation of the Lenders to make, or to continue or convert Syndicated Loans into, Eurodollar Loans shall be suspended.

  
 (f)        Accrued Interest. Accrued interest on a Loan (or portion thereof) being extended or converted shall be paid by the Borrower (i) with respect to any Base Rate Loan being
converted to a Eurodollar Loan, on the last day of the first fiscal quarter of the Borrower ending on or after the date of conversion and (ii) otherwise, on the date of extension or conversion. 
  
 Section 2.09 Scheduled Termination of
Commitments; Mandatory Prepayments. The Commitments shall terminate on the Maturity Date, and any Loans then outstanding (together with accrued interest thereon) shall be due and payable on the Maturity Date. If on any date the
aggregate of all Revolving Outstandings 

  

 
plus the aggregate principal amount of Competitive Bid Loans exceeds the aggregate amount of the Revolving Commitments or the aggregate amount of all LC
Obligations exceeds the LC Committed Amount, the Borrower shall, within five Business Days, prepay outstanding Loans (as selected by the Borrower and notified to the Revolving Lenders through the Administrative Agent not less than three Business
Days prior to the date of such payment) and/or Cash Collateralize outstanding Letters of Credit to the extent necessary to eliminate any such excess. 
  
 Section 2.10 Optional Prepayments. 
  

(a)        Subject in the case of any Fixed Rate Loan to Section 3.05, the Borrower may
(i) with notice by 12:00 Noon on the date of such prepayment, prepay any Group of Base Rate Loans, any Swingline Borrowing or any Competitive Bid Borrowing bearing interest at the Base Rate pursuant to Section 3.02, in each case in whole at
any time, or from time to time in part in an aggregate principal amount of $5,000,000 or any larger multiple of $1,000,000, or (ii) upon at least three Business Days’ notice to the Administrative Agent, prepay any Group of Eurodollar Loans in
whole at any time, or from time to time in part in an aggregate principal amount of $5,000,000 or any larger multiple of $1,000,000, by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. Each
such optional prepayment shall be applied to prepay ratably the Loans of the several Lenders included in such Group or Borrowing. 
  
 (b)        Except as provided in subsection 2.10(a) above, the Borrower may not prepay all
or any portion of the principal amount of any Competitive Bid Loan prior to the maturity thereof. 
  
 (c)        Upon receipt of a notice of prepayment pursuant to this Section, the Administrative Agent shall promptly notify each Lender of the contents
thereof and of such Lender’s ratable share (if any) of such prepayment and such notice shall not thereafter be revocable by the Borrower. 
  
 Section 2.11 Adjustment of Commitments. 
  
 (a)        Optional Termination or Reduction of Revolving
Committed Amount. The Borrower may from time to time terminate in full or permanently reduce the Revolving Committed Amount upon five Business Days’ prior written or telecopied notice to the Administrative Agent; provided that
(i) no such termination or reduction shall be made which would cause the Revolving Outstandings plus the aggregate principal amount of Competitive Bid Loans (after giving effect to any concurrent repayment of Revolving Loans, Competitive Bid Loans
or Swingline Loans or Cash Collateralization of LC Obligations) to exceed the Revolving Committed Amount as so reduced, and (ii) any such partial reduction shall be in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000
in excess thereof (or, if less, the full remaining amount of the then applicable Revolving Committed Amount). The Administrative Agent shall promptly notify each affected Lender of the receipt by the Administrative Agent of any notice from the
Borrower pursuant to this Section 2.11(a). Any partial reduction of the Revolving Committed Amount pursuant to this Section 2.11(a) shall be applied to the Revolving Commitments of the Lenders pro-rata based upon their respective
Revolving Commitment Percentages. The Borrower shall pay to the Administrative Agent for the account of the Lenders in accordance with the terms of Section 2.12, on the date of each termination or reduction of the Revolving Committed Amount,
any fees accrued through the date of such termination or reduction on the amount of the Revolving Committed Amount so terminated or reduced. 
  
 (b)        Automatic Termination at Maturity. The Revolving Commitments of the
Lenders and the LC Commitments of the Issuing Lenders shall terminate automatically on the Maturity Date. The Swingline Commitment of the Swingline Lender shall terminate automatically on the Swingline Termination Date. 
  
 (c)        Optional Replacement of Lenders, Non-Pro-Rata Termination of Commitments. If (i) any Lender has demanded compensation or indemnification pursuant to Section 3.01 or
Section 3.04, (ii) the obligation of any Lender to make Eurodollar Loans has been suspended pursuant to Section 3.02, (iii) any Lender is a Defaulting Lender or (iv) any Lender has failed to consent to a proposed amendment, waiver,
discharge or termination which pursuant to the terms of Section 10.01 or any other provision of any Loan Document requires the consent of all of the Lenders and with respect to which the Required Lenders shall have granted their consent, the

  

 
Borrower shall have the right, if no Default or Event of Default then exists, to (i) remove such Lender by terminating such Lender’s Commitment in full
or (ii) replace such Lender by causing such Lender to assign its Commitment (without payment of any assignment fee) to one or more existing Lenders or Eligible Assignees (each a “Replacement Lender”) pursuant to Section
10.06; provided that if the Borrower elects to exercise such right with respect to any Lender pursuant to clause (i) or (ii) above, it shall be obligated to remove or replace, as the case may be, all Lenders that have made
similar requests for compensation pursuant to Section 3.01 or 3.04 or whose obligation to make Eurodollar Loans has been similarly suspended. The replacement of a Lender pursuant to this Section 2.11(c) shall be effective on the
tenth Business Day (the “Replacement Date”) following the date of notice of such replacement to the Lenders through the Administrative Agent, subject to the satisfaction of the following conditions: 
  
 (i)         each Replacement Lender, and each Lender subject to replacement, shall have satisfied the conditions to an Assignment and Acceptance set forth in Section 10.06(b) and, in
connection therewith, the Replacement Lender(s) shall pay: 
  
 (A)        to each Lender subject to replacement an amount equal in the aggregate to the sum of (x) the principal amount of, and all accrued but unpaid interest on, its
outstanding Loans, (y) all LC Disbursements that have been funded by (and not reimbursed to) it under Section 2.06, together with all accrued but unpaid interest with respect thereto, and (z) all accrued but unpaid fees owing to it pursuant
to Section 2.12; and 
  
 (B)        to the Issuing Lenders an amount equal to the aggregate amount owing by the replaced Lenders to the Issuing Lenders as reimbursement pursuant to Section 2.06, to the extent such
amount was not theretofore funded by such replaced Lenders; and 
  
 (ii)        the Borrower shall have paid to the Administrative Agent for the account of each replaced Lender an amount equal to all obligations owing to
such replaced Lenders by the Borrower pursuant to this Agreement and the other Loan Documents (other than those obligations of the Borrower referred to in clause (i)(A) above). 
  
 In the case of the removal of a Lender pursuant to this Section 2.11(c), upon (i) payment by the
Borrower to the Administrative Agent for the account of the Lender subject to such removal of an amount equal to the sum of (A) the aggregate principal amount of all Loans and LC Obligations held by such Lender and (B) all accrued interest, fees and
other amounts owing to such Lender hereunder, including, without limitation, all amounts payable by the Borrower to such Lender under Article III or Sections 10.04 and 10.05, and (ii) provision by the Borrower to the Swingline
Lender and each Issuing Lender of appropriate assurances and indemnities (which may include letters of credit) as each may reasonably require with respect to any continuing obligation of such removed Lender to purchase Participation Interests in any
LC Obligations or Swingline Loans then outstanding, such Lender shall cease to constitute a Lender hereunder; provided that the provisions of this Agreement (including, without limitation, the provisions of Article III and Sections
10.04 and 10.05) shall continue to govern the rights and obligations of a removed Lender with respect to any Loans made, any Letters of Credit issued or any other actions taken by such removed Lender while it was a Lender. 
  
 (d)        Optional Extensions of Commitments. 
  
 (i)         If the Borrower shall request, by notice to the Administrative
Agent not less than 30 days prior to the Maturity Date then in effect, that the availability period for Revolving Loans be extended until the first anniversary of such Maturity Date, then the Administrative Agent shall promptly notify each Revolving
Lender of such request, and each Revolving Lender shall notify the Borrower and the Administrative Agent not more than 15 Business Days after the date on which the Administrative Agent shall have received the Borrower’s request (which date
shall be set forth in the notice of such request given by the Administrative Agent) of its election so to extend (in such case, each a “Remaining Lender”) or not extend the availability period for Revolving Loans. Any Lender which
shall not timely notify the Administrative Agent of such election shall be deemed to have elected not to extend such availability period. 
  

 (ii)         If one or more
Lenders shall timely notify the Administrative Agent pursuant to clause (d)(i) of this Section 2.11 of its election not to extend the availability period for Revolving Loans or shall be deemed to have elected not to extend the
availability period for Revolving Loans by virtue of having not timely notified the Administrative Agent of its election to extend such availability period, then the Administrative Agent shall so advise the Borrower and the Remaining Lenders, and
the Remaining Lenders or any of them shall have the right (but not the obligation), upon notice to the Administrative Agent not later than 10 Business Days immediately preceding the applicable Maturity Date, to increase their respective Revolving
Commitments by an amount equal in the aggregate to the Revolving Commitments of the Lenders who have, or have been deemed to have, elected not to extend the availability period for Revolving Loans. Each Lender electing to increase its Revolving
Commitment hereunder shall specify in its notice to the Administrative Agent the amount by which it is willing to increase its Revolving Commitment. Each increase in the Revolving Commitment of a Lender hereunder shall be evidenced by a written
instrument executed by such Lender, the Administrative Agent and the Borrower and shall take effect on the Maturity Date in effect for the Lenders who have, or have been deemed to have, elected not to extend the availability period for Revolving
Loans. 
  
 (iii)        If the aggregate Revolving Commitments of the Lenders prior to any adjustment under this Section 2.10 shall exceed the aggregate Revolving Commitments of the Remaining Lenders that
have agreed to increase their Revolving Commitments pursuant to subsection (d)(ii) of this Section 2.11, the Borrower may, with the approval of the Administrative Agent, such approval not to be unreasonably withheld, designate one or
more Eligible Assignees willing to extend Revolving Commitments until the first anniversary of the Maturity Date in effect for the Lenders who have, or have been deemed to have, elected not to extend the availability period for Revolving Loans in an
aggregate amount not greater than such excess. Any such Eligible Assignee shall, on or prior to the Maturity Date in effect for the Lenders who have, or have been deemed to have, elected not to extend the availability period for Revolving Loans,
execute and deliver to the Borrower, the Administrative Agent and each Remaining Lender an instrument, satisfactory to the Borrower and the Administrative Agent, setting forth the amount of its Revolving Commitment and containing its agreement to
become, and to perform all the obligations of, a Lender hereunder. The Revolving Commitment of such Eligible Assignee shall become effective, and such Eligible Assignee shall become a Lender hereunder, on the Maturity Date then in effect for the
Lenders who have, or have been deemed to have, elected not to extend the availability period for Revolving Loans. 
  
 (iv)        The Borrower shall deliver to each Eligible Assignee and each Lender
who has increased its Revolving Commitment pursuant to Section 2.10(d)(ii), on the Maturity Date in effect for the Lenders who have, or have been deemed to have, elected not to extend the availability period for Revolving Loans, a Revolving
Note evidencing the Borrower’s obligation to pay Revolving Loans made by such Eligible Assignee or such Lender pursuant to this Agreement. 
  
 (v)         If some or all of the Lenders shall have elected to extend the
availability period for Revolving Loans as provided in this Section 2.11(d), then (A) the availability period with respect to the Revolving Commitments of such Lenders and any which becomes a Lender hereunder shall continue until the first
anniversary of the Maturity Date in effect prior to such election and, as to such Lenders, the term “Maturity Date”, as used herein, shall mean such first anniversary; (B) the Revolving Commitments of the Lenders who have, or have been
deemed to have, elected not to extend the availability period for Revolving Loans shall continue in effect until the Maturity Date in effect prior to such extension and shall then terminate, and, as to such Lenders, the term “Maturity
Date”, as used herein, shall continue to mean such Maturity Date and the Borrower shall repay all such Revolving Loans on such date; and (C) on the Maturity Date in effect prior to such extension, each Lender who has, or has been deemed to
have, elected not to extend the availability period for Revolving Loans Lender shall cease to be a Lender hereunder upon payment in full of all Revolving Loans, accrued interest, fees, costs and expenses due to such Lender hereunder; provided
that the provisions of this Agreement (including, without limitation, the provisions of Article III and Sections 10.04 and 10.05) shall continue to govern the rights and obligations of such Lender with respect to any Loans made,
any Letters of Credit issued or any other actions taken by such Lender while it was a Lender. 
  

 (vi)        If some or all of
the Lenders shall have elected to extend the availability period for Revolving Loans as provided in this Section 2.11(d), the availability period for Swingline Loans shall, automatically without action on the part of the Borrower, continue
until the date to which the Maturity Date has been extended, and the term “Swingline Termination Date”, as used herein, shall mean such date. The foregoing notwithstanding (i) in the event that the Swingline Lender is also a Lender who has
not extended its Revolving Commitment hereunder, the Borrower’s right to so extend the Swingline Termination Date shall be subject to the appointment of a successor Swingline Lender hereunder; and (ii) to the extent the Swingline Lender’s
Revolving Commitment has been reduced in connection with any such extension or there has been the appointment of a successor Swingline Lender whose Revolving Commitment is less than the Swingline Commitment existing immediately preceding such
appointment, then the Swingline Termination Date may only be extended with respect to such lesser amount. 
  
 Section 2.12 Fees. 
  
 (a)        Facility Fee. The Borrower shall pay to the Administrative Agent for the
account of each Revolving Lender a fee (the “Facility Fee”) on such Lender’s Revolving Commitment Percentage of the daily Revolving Committed Amount, computed at a per annum rate for each day at a rate equal to the Applicable
Margin then in effect. The Facility Fee shall continue to accrue from the Closing Date and shall be due and payable in arrears on last Business Day of each March, June, September and December (and any date that the Revolving Committed Amount is
reduced as provided in Section 2.10(a) or (b) and the Maturity Date) for the calendar quarter or portion thereof ending on each such date, beginning with the first of such dates to occur after the Closing Date and continuing after the
Amendment Effective Date. 
  
 (b)
        Letter of Credit Fees. 
  
 (i)           Letter of Credit Fees. The Borrower shall
pay to the Administrative Agent for the account of each Lender a fee (the “Letter of Credit Fee”) on such Lender’s Revolving Commitment Percentage of the average daily maximum amount available to be drawn under each such Letter
of Credit computed at a per annum rate for each day from the date of issuance to the date of expiration equal to the Applicable Margin in respect of Eurodollar Revolving Loans in effect from time to time. The Letter of Credit Fee will be payable
quarterly in arrears on the last Business Day of each March, June, September and December for the immediately preceding quarter (or portion thereof), beginning with the first of such dates to occur after the date of issuance of such Letter of Credit
and on the Maturity Date. If there is a change in the Applicable Margins during any period, the actual amount of each Letter of Credit shall be computed and multiplied by the Applicable Margins separately for each period during which such Applicable
Margins are in effect. 
  
 (ii)        Fronting Fees. The Borrower shall pay directly to each Issuing Lender for its own account a fronting fee in the amount (A) with respect to each Trade Letter of Credit, equal
to .125% of the amount of such Trade Letter of Credit, due and payable upon the issuance thereof and (B) with respect to each Standby Letter of Credit, equal to .125% per annum on the daily maximum amount available to be drawn thereunder, due and
payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date after the issuance of such letter of credit and on the Maturity Date. 
  
 (iii)        Issuing Lender Fees. In addition to the Letter of Credit Fee payable pursuant to clause (i) above and any fronting fees payable pursuant to clause (ii) above,
the Borrower promises to pay to the Issuing Lender for its own account without sharing by the other Lenders the letter of credit fronting and negotiation fees agreed to by the Borrower and the Issuing Lender from time to time and the customary
charges from time to time of the Issuing Lender with respect to the issuance, amendment, transfer, administration, cancellation and conversion of, and drawings under, such Letters of Credit (collectively, the “Issuing Lender Fees”).

  
 (c)        Utilization Fee. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender a fee (the “Utilization Fee”) on such
Lender’s Revolving Commitment Percentage of the 

  

 
actual daily aggregate Revolving Outstandings with respect to each day on which the principal amount of all Loans and LC Obligations then outstanding exceeds
33% or 66%, as the case may be, of the aggregate Revolving Commitments (each such day a “Utilization Fee Day”). Such fee shall be computed with respect to each Utilization Fee Day at a rate equal to the Applicable Margin then in
effect, and shall accrue with respect to each Utilization Fee Day occurring on and after the Closing Date to the later to occur of (i) the Maturity Date and (ii) the date on which all Loans and LC Obligations and interest thereon are paid in full
and the commitments hereunder are terminated and, to the extent accrued during such period, shall be due and payable, quarterly in arrears, on the last Business Day of each March, June, September and December, beginning on the first of such dates to
occur after the Closing Date and continuing after the Amendment Effective Date. 
  
 (d)        Agency Fees. The Borrower shall pay an agency fee to the Administrative Agent’s own account, in amounts and at times
specified in the letter agreement dated May 8, 2002 between the Borrower and the Administrative Agent. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
  
 Section 2.13 Pro-Rata Treatment.
Except to the extent otherwise provided herein: 
  
 (a)        Loans. Each Syndicated Loan, each payment or prepayment of principal of or interest on any Syndicated Loan, each payment of fees (other than the Issuing Lender Fees retained
by the Issuing Lender for its own account and the fees retained by the Agents for their own account), each reduction of the Revolving Committed Amount and each conversion or continuation of any Syndicated Loan, shall be allocated pro-rata among the
relevant Lenders in accordance with the respective Revolving Commitment Percentages, of such Lenders (or, if the Commitments of such Lenders have expired or been terminated, in accordance with the respective principal amounts of the outstanding
Loans of the applicable Class and Participation Interests of such Lenders); provided that in the event any amount paid to any Lender pursuant to this subsection (a) is rescinded or must otherwise be returned by the Administrative
Agent, each Lender shall, upon the request of the Administrative Agent, repay to the Administrative Agent the amount so paid to such Lender, with interest for the period commencing on the date such payment is returned by the Administrative Agent
until the date the Administrative Agent receives such repayment at a rate per annum equal to, during the period to but excluding the date two Business Days after such request, the Federal Funds Rate, and thereafter, the Base Rate plus two percent
(2%) per annum. 
  
 (b)        Letters of Credit. Each payment of LC Obligations shall be allocated to each Revolving Lender pro-rata in accordance with its Revolving Commitment Percentage; provided
that if any Revolving Lender shall have failed to pay its applicable pro-rata share of any LC Disbursement, then any amount to which such Revolving Lender would otherwise be entitled pursuant to this subsection (b) shall instead be payable to
the Issuing Lender; provided further that in the event any amount paid to any Revolving Lender pursuant to this subsection (b) is rescinded or must otherwise be returned by the Issuing Lender, each Revolving Lender shall, upon
the request of the Issuing Lender, repay to the Administrative Agent for the account of the Issuing Lender the amount so paid to such Revolving Lender, with interest for the period commencing on the date such payment is returned by the Issuing
Lender until the date the Issuing Lender receives such repayment at a rate per annum equal to, during the period to but excluding the date two Business Days after such request, the Federal Funds Rate, and thereafter, the Base Rate plus two percent
(2%) per annum. 
  
 Section 2.14
Sharing of Payments. The Lenders agree among themselves that, except to the extent otherwise provided herein, if any Lender shall obtain payment in respect of any Loan, unreimbursed LC Disbursements or any other obligation
owing to such Lender under this Agreement through the exercise of a right of setoff, banker’s lien or counterclaim, or pursuant to a secured claim under Section 506 of the Bankruptcy Code or other security or interest arising from, or in lieu
of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, in excess of its pro-rata share of such payment as provided for in this Agreement, such Lender
shall promptly pay in cash or purchase from the other Lenders a participation in such Loans, unreimbursed LC Disbursements, and other obligations in such amounts, and make such other adjustments from time to time, as shall be equitable to the end
that all Lenders share such payment in accordance with their respective ratable shares as provided for in this Agreement; provided that nothing in this Section 2.14 shall impair the right of any Lender to exercise any right of set-off
or counterclaim it may have for payment of indebtedness of the Borrower other than its indebtedness hereunder. The Lenders further 

  

 
agree among themselves that if payment to a Lender obtained by such Lender through the exercise of a right of setoff, banker’s lien, counterclaim or
other event as aforesaid shall be rescinded or must otherwise be restored, each Lender which shall have shared the benefit of such payment shall, by payment in cash or a repurchase of a participation theretofore sold, return its share of that
benefit (together with its share of any accrued interest payable with respect thereto) to each Lender whose payment shall have been rescinded or otherwise restored. The Borrower agrees that any Lender so purchasing such a participation may, to the
fullest extent permitted by law, exercise all rights of payment, including setoff, banker’s lien or counterclaim, with respect to such participation as fully as if such Lender were a holder of such Loan, LC Obligation or other obligation in the
amount of such participation. Except as otherwise expressly provided in this Agreement, if any Lender or the Administrative Agent shall fail to remit to the Administrative Agent or any other Lender an amount payable by such Lender or the
Administrative Agent to the Administrative Agent or such other Lender pursuant to this Agreement on the date when such amount is due, such payments shall be made together with interest thereon if paid within two Business Days of the date when such
amount is due at a per annum rate equal to the Federal Funds Rate and thereafter at a per annum rate equal to the Base Rate until the date such amount is paid to the Administrative Agent or such other Lender. If under any applicable bankruptcy,
insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff to which this Section 2.14 applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner
consistent with the rights of the Lenders under this Section 2.14 to share in the benefits of any recovery on such secured claim. 
  
 Section 2.15 Payments; Computations. 
  
 (a)        Payments by the Borrower. Each payment of
principal of and interest on Loans, LC Obligations and fees hereunder (other than fees payable directly to the Issuing Lenders or the Agents) shall be paid not later than 2:00 P.M. on the date when due, in funds immediately available to the
Administrative Agent at the Administrative Agent’s Office. Each such payment shall be made irrespective of any set-off, counterclaim or defense to payment which might in the absence of this provision be asserted by the Borrower or any Affiliate
against any Agent or any Lender. Except as otherwise provided herein, payments received after 2:00 P.M. shall be deemed to have been received on the next Business Day. The Borrower shall, at the time it makes any payments under this Agreement,
specify to the Administrative Agent the Loan, Letters of Credit, fees or other amounts payable by the Borrower hereunder to which such payment is to be applied (and if it fails so to specify or if such application would be inconsistent with the
terms hereof, the Administrative Agent shall, subject to Section 2.13, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute such payments in like
funds to the applicable Lenders on the date of receipt thereof, if such payment is received prior to 2:00 P.M.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever
any payment hereunder shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next succeeding Business Day unless (in the case of Eurodollar Loans) such Business Day falls in another calendar month,
in which case the date for payment thereof shall be the next preceding Business Day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time. The Borrower hereby
authorizes and directs the Administrative Agent to debit any account maintained by the Borrower with the Administrative Agent to pay when due any amounts required to be paid from time to time under this Agreement. 
  
 (b)        Distributions by the Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date, and the Administrative Agent may, in reliance upon
such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrower shall not have so made such payment, each Lender shall repay to the Administrative
Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the
Federal Funds Rate. 
  
 (c)        Computations. Except for Base Rate Loans, in which case interest shall be computed on the basis of a 365 or 366 day year as the case may be (unless the Base Rate is determined
by reference to the Federal Funds Rate), all computations of interest and fees hereunder shall be made on the basis of the actual number of days 

  

 
elapsed over a year of 360 days. Interest shall accrue from and include the date of borrowing (or continuation or conversion) but excluding the date of
payment. 
  
 ARTICLE III 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
  
 Section 3.01 Taxes. 
  

(a)        Payments Net of Certain Taxes. Any and all payments by the Borrower to
or for the account of any Lender or any Agent hereunder or under any other Loan Document shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings, and
all liabilities with respect thereto, excluding, in the case of each Lender (or its Applicable Lending Office) and each Agent, taxes imposed on its income, and franchise taxes imposed on it, by: (i) the jurisdiction under the laws of which such
Lender (or its Applicable Lending Office) or such Agent (as the case may be) is incorporated or organized or any political subdivision thereof, (ii) the jurisdiction in which its principal executive office is located or (iii) reason of any
connection between it and the jurisdiction imposing such tax other than a connection arising from its having executed, delivered or performed its obligations under, or received payment under or enforced, this Agreement (all such non-excluded taxes,
duties, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If the Borrower or the Administrative Agent shall be required by law to deduct or withhold any Taxes from or in
respect of any sum payable under this Agreement or any other Loan Document to any Lender or any other Agent, (i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions and
withholdings applicable to additional sums payable under this Section 3.01) such Lender or such Agent receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions
and withholdings, (iii) the Borrower shall pay the full amount deducted or withheld to the relevant taxation Governmental Authority or other authority in accordance with applicable law and (iv) the Borrower shall furnish to the Administrative Agent,
at the office of the Administrative Agent specified in Schedule 10.02, the original or a certified copy of a receipt evidencing payment thereof. 
  
 (b)        Other Taxes. In addition, the Borrower agrees to pay any and all present
or future stamp or documentary, excise or property taxes or similar levies (including mortgage recording taxes) which arise from any payment made under this Agreement or any other Loan Document or from the execution or delivery of, or otherwise with
respect to, this Agreement or any other Loan Document (hereinafter referred to as “Other Taxes”). 
  
 (c)        Additional Taxes. If the Borrower fails to pay Taxes or Other Taxes in
accordance with the provisions of Sections 3.01(a) or (b), the Borrower agrees to indemnify each Lender and each Agent for the full amount of Taxes and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any
jurisdiction on amounts payable under this Section 3.01) paid by such Lender or such Agent (as the case may be) and any liability (including penalties, interest and expenses) arising from such failure or with respect thereto. 
  
 (d)        Tax
Forms and Certificates. Each Lender (or its Applicable Lending Office) organized under the laws of a jurisdiction outside the United States (a “Non-U.S. Lender”), on or prior to the date of its execution and delivery of this
Agreement in the case of each Lender listed on the signature pages hereof and on or prior to the date on which it becomes a Lender in the case of each other Lender, and, to the extent it is legally entitled to do so, from time to time thereafter as
required by law, shall provide the Borrower and the Administrative Agent with (i) two duly completed copies of Internal Revenue Service Form W-8BEN or W-8ECI, as appropriate, or any successor form prescribed by the Internal Revenue Service,
certifying that such Lender is entitled to benefits under an income tax treaty to which the United States is a party which reduces or eliminates the rate of withholding tax on payments of interest or certifying that the income receivable pursuant to
this Agreement is effectively connected with the conduct of a trade or business in the United States or (ii) in the case of a Non-U.S. Lender that is not legally entitled to deliver either form listed in the previous clause (i), (x) a certificate of
a duly authorized officer of such Non-U.S. Lender to the effect that such Non-U.S. Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the
meaning of Section 881(c)(3)(B) of the Code, or (C) a controlled foreign corporation receiving interest from a related person within the 

  

 
meaning of Section 881(c)(3)(C) of the Code (such certificate, an “Exemption Certificate”) and (y) two duly completed copies of Internal
Revenue Service Form W-8BEN or applicable successor form. 
  
 (e)        Failure to Provide Tax Forms and Certificates. For any period with respect to which a Lender (or its Applicable Lending Office) has failed to provide
the Borrower and the Administrative Agent with the appropriate form pursuant to Section 3.01(d) (unless such failure is due to a change in treaty, law or regulation occurring subsequent to the date on which a form originally was required to
be provided), such Lender shall not be entitled to indemnification under Section 3.01(a) or 3.01(b) with respect to Taxes imposed by the United States; provided that should a Lender, which is otherwise exempt from withholding
tax, become subject to Taxes because of its failure to deliver a form required to be delivered hereunder, the Borrower shall take such steps as such Lender shall reasonably request to assist such Lender to recover such Taxes. 
  
 (f)        Obligations in Respect of Non-U.S. Lenders. The Borrower shall not be required to indemnify any Non-U.S. Lender or to pay any additional amounts to any Non-U.S. Lender, in
respect of United States Federal withholding tax pursuant to subsections (a) or (b) above to the extent that the obligation to withhold amounts with respect to United States Federal withholding tax existed on the date such
Non-U.S. Lender became a party to this Agreement (or, in the case of a participant, on the date such participant acquired its participation interest) or, with respect to payments to a new Applicable Lending Office, the date such Non-U.S. Lender
designated such new Applicable Lending Office with respect to a Loan; provided that this subsection (f) shall not apply (i) to any participant or new Applicable Lending Office that becomes a participant or new Applicable Lending Office
as a result of an assignment, participation, transfer or designation made at the request of the Borrower and (ii) to the extent the indemnity payment or additional amounts any participant, or any Lender acting through a new Applicable Lending
Office, would be entitled to receive (without regard to this subsection (f)) do not exceed the indemnity payment or additional amounts that the Person making the assignment, participation or transfer to such participant, or Lender (or
participant) making the designation of such new Applicable Lending Office, would have been entitled to receive in the absence of such assignment, participation, transfer or designation. 
  
 (g)        Mitigation. If the Borrower is required to
pay additional amounts to or for the account of any Lender (or its Applicable Lending Office) pursuant to this Section 3.01, then such Lender will agree to use reasonable efforts to change the jurisdiction of its Applicable Lending Office so
as to eliminate or reduce any such additional payment which may thereafter accrue if such change, in the judgment of such Lender, is not otherwise disadvantageous to such Lender. 
  
 (h)        Tax Receipts. Within thirty days after the
date of any payment of Taxes, the Borrower shall furnish to the Agent the original or a certified copy of a receipt evidencing such payment (to the extent one is so provided). 
  
 Section 3.02 Illegality. If, on or after the date of this Agreement, the
adoption of any applicable Law, or any change in any applicable Law, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Lender (or its Applicable Lending Office) with any request or directive (whether or not having the force of Law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for any
Lender (or its Applicable Lending Office) to make, maintain or fund any of its Eurodollar Loans and such Lender shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof to the other Lenders and the
Borrower, whereupon until such Lender notifies the Borrower and the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make Eurodollar Loans, or to convert outstanding Loans
into Eurodollar Loans, shall be suspended. Before giving any notice to the Administrative Agent pursuant to this Section 3.02, such Lender shall designate a different Applicable Lending Office if such designation will avoid the need for
giving such notice and will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. If such notice is given, each Eurodollar Loan of such Lender then outstanding shall be converted to a Base Rate Loan either (i) on the last
day of the then current Interest Period applicable to such Eurodollar Loan if such Lender may lawfully continue to maintain and fund such Loan to such day or (ii) immediately if such Lender shall determine that it may not lawfully continue to
maintain and fund such Loan to such day. 
  

 Section 3.03 Basis for Determining Interest Rate Inadequate or
Unfair. If on or prior to the first day of any Interest Period for any Eurodollar Loan or Competitive Bid LIBOR Loan: 
  
 (i)          the Administrative Agent determines (which determination
shall be conclusive) that by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the applicable Eurodollar Rate for such Interest Period; or 
  
 (ii)         in the case of Eurodollar Loans, Lenders having 50% or more of the aggregate amount of the Commitments advise the Administrative Agent that the Applicable Interbank Offered Rate as
determined by the Administrative Agent will not adequately and fairly reflect the cost to such Lenders of funding their Eurodollar Loans for such Interest Period; 
  
 the Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders, whereupon
until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Lenders to make Eurodollar Loans, or to continue or convert outstanding Loans as or into
Eurodollar Loans, shall be suspended and (ii) each outstanding Eurodollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at
least two Business Days before the date of any Fixed Rate Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, (i) if such Fixed Rate Borrowing is a Syndicated Loan, such Borrowing shall
instead be made as a Base Rate Borrowing in the same aggregate principal amount as the requested Borrowing and (ii) if such affected Borrowing is a Competitive Bid LIBOR Borrowing, the Competitive Bid LIBOR Loans comprising such Borrowing shall be
made in the same aggregate principal amount as the requested Borrowing and shall bear interest for each day from and including the first day to but excluding the last day of the Interest Period applicable thereto at the rate applicable to Revolving
Base Rate Loans for such day. 
  
 Section 3.04
Increased Costs and Reduced Return. (a) If on or after (x) the date hereof, in the case of any Committed Loan or Letter of Credit or any obligation to make Committed Loans or issue or participate in any Letter of Credit or
(y) the date of any related Competitive Bid, the adoption of or any change in any applicable Law or in the interpretation or application thereof applicable to any Lender (or its Applicable Lending Office), or compliance by any Lender (or its
Applicable Lending Office) with any request or directive (whether or not having the force of Law) from any central bank or other Governmental Authority: 
  
 (i)          shall subject such Lender (or its Applicable Lending
Office) to any tax of any kind whatsoever with respect to any Letter of Credit, any Eurodollar Loans made by it or any of its Notes or its obligation to make Eurodollar Loans or to participate in Letters of Credit, or change the basis of taxation of
payments to such Lender (or its Applicable Lending Office) in respect thereof (except for (A) Taxes and Other Taxes covered by Section 3.01 (including Taxes imposed solely by reason of any failure of such Lender to comply with its obligations
under Section 3.01(d)) and (B) changes in taxes measured by or imposed upon the overall net income, or franchise tax (imposed in lieu of such net income tax), of such Lender or its Applicable Lending Office, branch or any affiliate thereof));

  
 (ii)         shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the
account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender (or its Applicable Lending Office) which is not otherwise included in the determination of the Eurodollar Rate hereunder;
or 
  
 (iii)        shall impose on such Lender (or its Applicable Lending Office) any other condition (excluding any tax of any kind whatsoever); 
  
 and the result of any of the foregoing is to increase the
cost to such Lender (or its Applicable Lending Office) of making, converting into, continuing or maintaining any Fixed Rate Loans or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then,
in any such case, upon notice to the Borrower from such Lender, through the Administrative Agent, in accordance herewith, the 

  

 
Borrower shall be obligated to promptly pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender on an after-tax basis
(after taking into account applicable deductions and credits in respect of the amount indemnified) for such increased cost or reduced amount receivable. 
  
 (b)        If any Lender shall have determined that the adoption or the becoming effective of, or
any change in, or any change by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof in the interpretation or administration of, any applicable Law, regarding capital adequacy, or
compliance by such Lender, or its parent corporation, with any request or directive regarding capital adequacy (whether or not having the force of Law) of any such authority, central bank or comparable agency, has or would have the effect of
reducing the rate of return on such Lender’s (or parent corporation’s) capital or assets as a consequence of its commitments or obligations hereunder to a level below that which such Lender, or its parent corporation, could have achieved
but for such adoption, effectiveness, change or compliance (taking into consideration such Lender’s (or parent corporation’s) policies with respect to capital adequacy), then, upon notice from such Lender to the Borrower, the Borrower
shall be obligated to pay to such Lender such additional amount or amounts as will compensate such Lender on an after-tax basis (after taking into account applicable deductions and credits in respect of the amount indemnified) for such reduction.
Each determination by any such Lender of amounts owing under this Section 3.04 shall, absent manifest error, be conclusive and binding on the parties hereto; provided that the Borrower shall not be required to compensate any Lender
pursuant to subsection (a) above or this subsection (b) for any additional costs or reductions suffered more than 180 days prior to the date such Lender notifies the Borrower of the circumstances giving rise to such additional costs or
reductions and of such Lender’s intentions to claim compensation therefor, and provided further that, if the change in Law or in the interpretation or administration thereof giving rise to such additional costs or reductions is
retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 
  
 (c)        A certificate of each Lender setting forth such amount or amounts as shall be necessary
to compensate such Lender or its holding company as specified in subsection (a) or (b) above, as the case may be, shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay each Lender or
the Issuing Lender the amount shown as due on any such certificate delivered by it within 10 Business Days after receipt of the same. 
  
 (d)        Promptly after any Lender becomes aware of any circumstance that will, in its sole
judgment, result in a request for increased compensation pursuant to this Section 3.04, such Lender shall notify the Borrower thereof. Failure on the part of any Lender so to notify the Borrower or to demand compensation for any increased
costs or reduction in amounts received or receivable or reduction in return on capital with respect to any period shall not constitute a waiver of such Lender’s right to demand compensation with respect to such period or any other period. The
protection of this Section 3.04 shall be available to each Lender regardless of any possible contention of the invalidity or inapplicability of the law, rule, regulation, guideline or other change or condition which shall have occurred or
been imposed. 
  
 Section 3.05
Funding Losses. The Borrower shall indemnify each Lender against any loss or reasonable expense (including any loss of anticipated profits) which such Lender may sustain or incur as a consequence of (i) any failure by the
Borrower to fulfill on the date of any Borrowing hereunder the applicable conditions set forth in Article IV, so long as any such failure is not solely due to the failure of the Agent or any Lender to comply with its obligations hereunder in
all material respects, (ii) any failure by the Borrower to borrow or to refinance, convert or continue any Loan hereunder after irrevocable notice of such Borrowing, refinancing, conversion or continuation has been given pursuant to Section
2.02 or 2.08, so long as any such failure is not solely due to the failure of the Agent or any Lender to comply with its obligations hereunder in all material respects, (iii) any payment, prepayment or conversion of a Fixed Rate Loan,
whether voluntary or involuntary, pursuant to any other provision of this Agreement or otherwise made on a date other than the last day of the Interest Period applicable thereto, so long as any such payment, prepayment or conversion is not solely
due to the failure of the Agent or any Lender to comply with its obligations hereunder in all material respects, (iv) any default in payment or prepayment of the principal amount of any Loan or any part thereof or interest accrued thereon, as and
when due and payable (at the due date thereof, by irrevocable notice of prepayment or otherwise), or (v) the occurrence of any Event of Default, including, in each such case, any loss or reasonable expense sustained or incurred or to be sustained or
incurred in liquidating or employing deposits from third parties acquired to effect or maintain such 

  

 
Loan or any part thereof as a Fixed Rate Loan. Such loss or reasonable expense shall include an amount equal to the excess, if any, as reasonably determined
by such Lender, of (i) its cost of obtaining the funds for the Loan being paid, prepaid, converted or not borrowed (based on the applicable Eurodollar Rate), for the period from the date of such payment, prepayment, conversion or failure to borrow,
convert or continue to the last day of the Interest Period for such Loan (or, in the case of a failure to borrow, the Interest Period for such Loan which would have commenced on the date of such failure to borrow, convert or continue) over (ii) the
amount of interest (as reasonably determined by such Lender) that would be realized by such Lender in reemploying the funds so paid, prepaid, converted or not borrowed, converted or continued for such period or Interest Period, as the case may be. A
certificate of any Lender setting forth any amount or amounts which such Lender is entitled to receive pursuant to this Section 3.05 shall be delivered to the Borrower and shall be conclusive absent manifest error. 
  
 Section 3.06 Base Rate Loans Substituted for
Affected Fixed Rate Loans. If (i) the obligation of any Lender to make, or to continue or convert outstanding Loans as or to, Eurodollar Loans has been suspended pursuant to Section 3.02 or (ii) any Lender has demanded
compensation under Section 3.01 or 3.04 with respect to its Eurodollar Loans, and in any such case the Borrower shall, by at least five Business Days’ prior notice to such Lender through the Administrative Agent, have elected that
the provisions of this Section 3.06 shall apply to such Lender, then, unless and until such Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer exist, all Loans which would
otherwise be made by such Lender as (or continued as or converted to) Eurodollar Loans shall instead be Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Eurodollar Loans of the other Lenders). If
such Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer exist, the principal amount of each such Base Rate Loan shall be converted into a Eurodollar Loan on the first day of the
next succeeding Interest Period applicable to the related Eurodollar Loans of the other Lenders. 
  
 ARTICLE IV 
 CONDITIONS 
  
 Section 4.01 Conditions to
Effectiveness. The amendment and restatement of the Existing Credit Agreement and the obligation of each Lender to continue Existing Committed Loans and make a Loan or issue a Letter of Credit on the Amendment Effective Date are
subject to the satisfaction of the following conditions: 
  
 (a)        Executed Loan Documents. Receipt by the Administrative Agent of duly executed copies of: (i) this Agreement; and (ii) the Notes, if any, each of which
shall be in full force and effect. 
  
 (b)        Legal Matters. All legal matters incident to this Agreement and the borrowings hereunder shall be satisfactory to the Agents and to Mayer, Brown, Rowe & Maw LLP, counsel
for the Agents. 
  
 (c)        Organization Documents. The Administrative Agent shall have received: (i) a copy of the Organization Documents of the Borrower, certified as of a recent date by the Secretary
of State of its respective state of organization, and a certificate as to the good standing of the Borrower, from such Secretary of State, as of a recent date; (ii) a certificate of the Secretary or Assistant Secretary of the Borrower dated the
Amendment Effective Date and certifying (A) that the Organization Documents of the Borrower have not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (i) above;
(B) that attached thereto is a true and complete copy of the code of regulations of the Borrower as in effect on the Amendment Effective Date and at all times since a date prior to the date of the resolutions described in clause (C) below,
(C) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors of the Borrower authorizing the execution, delivery and performance of the Loan Documents and the borrowings hereunder, and that such
resolutions have not been modified, rescinded or amended and are in full force and effect; and (D) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on
behalf of the Borrower; (iii) a certificate of another officer of the Borrower as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above; and (iv) such other
documents as the Administrative Agent, the Syndication Agent or Mayer, Brown, Rowe & Maw LLP, counsel for the Agents, may reasonably request. 
  

 (d)         Officer’s
Certificate. The Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by a Responsible Officer of the Borrower, (i) confirming compliance with the conditions precedent set forth in
paragraphs (b), (c) and (d) of Section 4.02 and (ii) certifying the current Worthington’s Ratings. 
  
 (e)         Opinions of Counsel. On the Amendment Effective Date, the Administrative
Agent shall have received a favorable written opinion of Vorys, Sater, Seymour and Pease LLP, special counsel to the Borrower or, as appropriate or customary, of in-house counsel of the Borrower, addressed to the Administrative Agent and each
Lender, dated the Amendment Effective Date, substantially in the form of Exhibit D hereto and covering such additional matters incident to the transactions contemplated hereby as the Administrative Agent, the Syndication Agent or the Required
Lenders may reasonably request. 
  
 (f)         Financial Statements. The Administrative Agent and each Lender shall have received and be satisfied with the (i) the audited consolidated financial statements of the Borrower
for the fiscal year ending May 31, 2003, audited by KPMG, or other nationally recognized independent public accountants, and containing an opinion of such firm that such financial statements present fairly, in all material respects, the financial
position and results of operations of the Borrower and its Consolidated Subsidiaries and are prepared in conformity with GAAP, and (ii) unaudited, consolidated, interim financial statements of the Borrower and its Consolidated Subsidiaries for the
fiscal quarter ending February 29, 2004. 
  
 (g)         Consents. All necessary governmental (domestic or foreign), regulatory and third party approvals, if any, in connection with the transactions contemplated by this Agreement
and the other Loan Documents shall have been obtained and remain in full force and effect, in each case without any action being taken by any competent authority which could restrain or prevent such transaction or impose, in the reasonable judgment
of the Administrative Agent, materially adverse conditions upon the consummation of such transactions. 
  
 (h)         Payment of Fees. All costs, fees and expenses due to the Agents and the
Lenders on or before the Amendment Effective Date shall have been paid. 
  
 (i)         Counsel Fees. The Administrative Agent shall have received full payment from the Borrower of the reasonable and actual fees and expenses of Mayer,
Brown, Rowe & Maw LLP described in Section 10.04 which are billed through the Amendment Effective Date. 
  
 All corporate and legal proceedings and instruments and agreements relating to the transactions contemplated by this Agreement or in any
other document delivered in connection herewith or therewith shall be reasonably satisfactory in form and substance to the Agents and their counsel, and the Agents shall have received all information and copies of all documents and papers, including
records of corporate proceedings, governmental approvals, good standing certificates and bring-down telegrams, if any, which the Agents reasonably may have requested in connection therewith, such documents and papers where appropriate to be
certified by proper corporate or Governmental Authorities. The documents referred to in this Section 4.01 shall be delivered to the Administrative Agent no later than the Amendment Effective Date. The certificates and opinions referred to in
this Section shall be dated the Amendment Effective Date. 
  
 Promptly upon the satisfaction of each of the conditions contained in this Section 4.01, the Administrative Agent shall notify the Borrower and the Lenders of the Amendment Effective Date, and such notice shall
be conclusive and binding on all parties hereto. 
  
 Section 4.02 Conditions to All Credit Extensions. The obligation of any Lender to make a Loan on the occasion of any Borrowing, and the obligation of any Issuing Lender to issue (or renew or extend the term of)
any Letter of Credit, is subject to the satisfaction of the following conditions: 
  
 (a)         Notice. The Borrower shall have delivered (i) in the case of any Revolving Loan, to the Administrative Agent, an appropriate
Notice of Borrowing, duly executed and completed, by the time specified in Section 2.02 or 2.03, (ii) in the case of any Letter of Credit, to the Issuing Lender, an appropriate Letter of Credit Request duly executed and completed in
accordance with the provisions of Section 2.06, and (iii) in the case of any 

  

 
Swingline Loan, to the Swingline Lender, a Swingline Loan Request, duly executed and completed, by the time specified in Section 2.02. 
  
 (b)        
Representations and Warranties. The representations and warranties made by the Borrower in any Loan Document are true and correct in all material respects at and as if made as of such date except to the extent they expressly relate to
an earlier date. 
  
 (c)         No Default. No Default or Event of Default shall exist or be continuing either prior to or after giving effect thereto. 
  
 (d)        
Availability. Immediately after giving effect to the making of a Loan (and the application of the proceeds thereof) or to the issuance of a Letter of Credit, as the case may be, (i) the Revolving Outstandings plus the aggregate
principal amount of Competitive Bid Loans shall not exceed the Revolving Committed Amount, (ii) the sum of LC Obligations outstanding shall not exceed the LC Committed Amount, and (iii) the sum of Swingline Loans outstanding shall not exceed the
Swingline Committed Amount. 
  
 The delivery of
each Notice of Borrowing, Swingline Loan Request, notice requesting an extension of the availability period for Revolving Loans pursuant to Section 2.11(d) and each request for a Letter of Credit shall constitute a representation and warranty
by the Borrower of the correctness of the matters specified in subsections (b) and (c) above. 
  
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
  
 The Borrower represents and warrants to the Agents and the
Lenders that: 
  
 Section 5.01
Organization. The Borrower and each of its Active Restricted Subsidiaries is a corporation duly organized and in good standing under the laws of the state of its incorporation, is duly qualified in all jurisdictions where
required by the conduct of its business or ownership of its assets, except where the failure to so qualify would not have a Material Adverse Effect, and has the power and authority to own and operate its assets and to conduct its business as is now
done. 
  
 Section 5.02 Financial
Condition. 
  
 (a)         Audited Financial Statements. The consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of May 31, 2003 and the related consolidated statements of
income and cash flows for the fiscal year then ended, reported on by KPMG and set forth in the Borrower’s 2003 Form 10-K, a copy of which has been delivered to each of the Lenders, fairly present, in conformity with GAAP, the consolidated
financial position of the Borrower and its Consolidated Subsidiaries as of such date and their consolidated results of operations and cash flows for such fiscal year. 
  
 (b)         Interim Financial Statements. The
unaudited consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of February 29, 2004 and the related unaudited consolidated statements of income and cash flows for the nine months then ended, set forth in the
Borrower’s Latest Form 10-Q, a copy of which has been delivered to each of the Lenders, fairly present, in conformity with GAAP applied on a basis consistent with the financial statements referred to in subsection (a) of this Section
5.02, the consolidated financial position of the Borrower and its Consolidated Subsidiaries as of such date and their consolidated results of operations and cash flows for such nine-month period (subject to normal year-end audit adjustments).

  
 (c)         Material Adverse Change. Since May 31, 2003, except as reflected in the financial statements through February 29, 2004 or the Borrower’s latest filing with the SEC prior
to the Amendment Effective Date, there has been no change in the business, assets, financial condition or operations of the Borrower and its Consolidated Subsidiaries, considered as a whole, that would materially and adversely affect the
Borrower’s ability to perform any of its respective obligations under this Agreement or the other Loan Documents (a “Material Adverse 

  

 
Change”), and no event or development has occurred which could reasonably be expected to result in a Material Adverse Effect. 
  
 (d)        
Post-Closing Financial Statements. The financial statements delivered to the Lenders pursuant to Section 6.01(a)(i), (a)(iii), (b) and (c), if any, (i) have been prepared in accordance with GAAP (except as
may otherwise be permitted under Section 6.01(a), (b) and (c)) and (ii) present fairly (on the basis disclosed in the footnotes to such financial statements, if any) the consolidated financial condition, results of operations
and cash flows of the Borrower and its Consolidated Subsidiaries as of the respective dates thereof and for the respective periods covered thereby. 
  
 Section 5.03 Litigation, Etc. As of the date hereof, there are no actions, suits, proceedings or governmental
investigations pending, or, to its knowledge, threatened against the Borrower or any of its Subsidiaries which, in the reasonable judgment of the Borrower, would result in a Material Adverse Effect. 
  
 Section 5.04 Taxes. The Borrower
and its Restricted Subsidiaries have filed all United States Federal income tax returns and all other material tax returns which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment
received by the Borrower or any Restricted Subsidiary. The charges, accruals and reserves on the books of the Borrower and its Restricted Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate.

  
 Section 5.05
Authority. The Borrower has full power and authority to enter into the transactions provided for in this Agreement. The documents to be executed by it in connection with this Agreement, when executed and delivered by it will
constitute the legal, valid and binding obligations of it enforceable in accordance with their respective terms except as such enforceability may be limited by applicable bankruptcy, reorganization, insolvency, moratorium or similar laws in effect
from time to time affecting the rights of creditors generally and except as such enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

 
 Section 5.06 Other Defaults.
There does not now exist any material default or violation by the Borrower or any Restricted Subsidiary of or under any of the terms, conditions or obligations of: (i) its Articles or Certificate of Incorporation and Regulations or Bylaws, as
applicable, (ii) any indenture, mortgage, deed of trust, franchise, permit, contract, agreement, or other instrument to which it is a party or by which it is bound or (iii) any law, regulation, ruling, order, injunction, decree, condition or other
requirement applicable to or imposed upon it by any law or by any governmental authority, court or agency; and the transactions contemplated by this Agreement and the other Loan Documents will not result in any such default or violation. As used
herein, a material default or violation will mean one which would result in a Material Adverse Effect. 
  
 Section 5.07 Licenses, Etc. The Borrower and each of its Restricted Subsidiaries has obtained any and all licenses,
permits, franchises, or other governmental authorizations necessary for the ownership of its properties and the conduct of its business, except where failure to obtain any such item would not cause a Material Adverse Effect. 
  
 Section 5.08 ERISA. The Borrower
and each of its Subsidiaries is in compliance with the applicable provisions of ERISA, the related applicable provisions of the Code and other Federal and state laws and the regulations and published interpretations thereunder, to the extent
necessary to avoid a Material Adverse Effect. 
  
 Section 5.09 Environmental Matters. The Borrower and its Subsidiaries are in material compliance with Environmental Laws and neither the Borrower nor any of its Subsidiaries are subject to any liability or
obligation under any Environmental Laws which would have a Material Adverse Effect. 
  
 Section 5.10 Ownership of Property; Liens. The Borrower and each Restricted Subsidiary has good record and marketable title in fee simple to, or valid leasehold
interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as would not, individually or in the aggregate, have a Material Adverse Effect. As of the Amendment Effective Date, the
property of the Borrower and its Restricted Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.02. 
  

 Section 5.11 Insurance. The properties of the Borrower and
its Restricted Subsidiaries are insured with responsible insurance companies against loss or damage from hazards and the Borrower and its Restricted Subsidiaries maintain public liability insurance, all in amounts reasonably consistent with the
Borrower’s current practices. 
  
 Section
5.12 Subsidiaries. Schedule 5.12 sets forth a complete and accurate list as of the Amendment Effective Date of all Restricted Subsidiaries of the Borrower. Schedule 5.12 sets forth as of the Amendment Effective
Date the jurisdiction of formation of each such Restricted Subsidiary, and for each Restricted Subsidiary which is not a Wholly-Owned Subsidiary of the Borrower, the number of authorized shares of each class of Equity Interests of each such
Restricted Subsidiary, the number of outstanding shares of each class of Equity Interests, the number and percentage of outstanding shares of each class of Equity Interests of each such Restricted Subsidiary owned (directly or indirectly) by any
Person and the number and effect, if exercised, of all Equity Equivalents with respect to Capital Stock of each such Restricted Subsidiary. 
  
 Section 5.13 Margin Regulation; Investment Company Act; Public Utility Holding Company Act. (a) None of the
Borrower and its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying “margin stock” within the meaning of Regulation U. No part of the
Letters of Credit or proceeds of the Loans will be used, directly, or indirectly, for the purpose of purchasing or carrying any “margin stock” within the meaning of Regulation U. If requested by any Lender or the Administrative Agent, the
Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form U-1 referred to in Regulation U. No indebtedness being reduced or retired out of the proceeds of the
Loans was or will be incurred for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U or any “margin security” within the meaning of Regulation T. “Margin stock” within the meaning of
Regulation U does not constitute more than 25% of the value of the consolidated assets of the Borrower and its Consolidated Subsidiaries. None of the transactions contemplated by this Agreement (including the direct or indirect use of the proceeds
of the Loans) will violate or result in a violation of the Securities Act, as amended, the Exchange Act or regulations issued pursuant thereto, or Regulation T, U or X. 
  
 (b)         None of the Borrower and its Subsidiaries is subject to
regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act or the Investment Company Act of 1940, each as amended. In addition, none of the Borrower and its Subsidiaries is (i) an “investment company” registered
or required to be registered under the Investment Company Act of 1940, as amended, (ii) controlled by such a company, or (iii) a “holding company”, a “subsidiary company” of a “holding company”, or an
“affiliate” of a “holding company” or of a “subsidiary” of a “holding company”, within the meaning of the Public Utility Holding Company Act of 1934, as amended. 
  
 (c)         No
director, executive officer or principal holder of any Equity Interest of the Borrower or any of its Subsidiaries is a director, executive officer or principal shareholder of any Lender. For the purposes hereof, the terms “director”,
“executive officer” and “principal shareholder” (when used with reference to any Lender) have the respective meanings assigned thereto in Regulation O. 
  
 Section 5.14 Disclosure. No statement, information, report, representation, or
warranty made by the Borrower in any Loan Document or furnished to the Agents or any Lender by or on behalf of the Borrower as required by any Loan Document contains any untrue statement of a material fact or omits any material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading in any material respect. 
  
 Section 5.15 Anti-Terrorism Laws. 
  
 (a) None of the Borrower nor or any Subsidiary or Affiliate of the Borrower is in violation of any
Anti-Terrorism Law or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 
  

 (b)         None of the Borrower nor or any
Subsidiary or Affiliate of the Borrower or, to the knowledge of the Borrower, their respective agents acting or benefiting in any capacity in connection with the Loans, Letters of Credit or other transactions hereunder, is a Blocked Person.

  
 (c)         None of the Borrower nor, to the knowledge of the Borrower, any of its agents acting in any capacity in connection with the Loans, Letters of Credit or other transactions hereunder (i)
conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in
property blocked pursuant to the Executive Order No. 13224. 
  
 ARTICLE VI 
 AFFIRMATIVE COVENANTS 
  
 The Borrower agrees that so long as any Lender has any Commitment hereunder, any Obligation or other amount
payable hereunder or under any Note or other Loan Document or any LC Obligation remains unpaid or any Letter of Credit remains in effect: 
  
 Section 6.01 Information. The Borrower will furnish, or cause to be furnished, to the Administrative Agent and
each of the Lenders: 
  
 (a)         Certain SEC Filings and Shareholder Reports. As soon as available, and in any event within 14 days of the filing or distribution thereof, (i) copies of all periodic reports
on Forms 10-K and 10-Q, (ii) copies of all current reports on Form 8-K, and (iii) its annual reports to its shareholders (in all cases as filed with the Securities and Exchange Commission). 
  
 (b)        
Annual Financial Statements. If the Borrower is not required to file 10-K filings with the Securities and Exchange Commission or does not file the same within 75 days after the end of each fiscal year, as soon as available, and in any
event within 75 days after the end of each fiscal year of the Borrower, a consolidated balance sheet and income statement of the Borrower and its Consolidated Subsidiaries, as of the end of such fiscal year, and the related consolidated statements
of operations and retained earnings and cash flows for such fiscal year, setting forth in comparative form consolidated figures for the preceding fiscal year, all such financial statements to be in reasonable form and detail and audited by
independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent and accompanied by an opinion of such accountants (which shall not be subject to any qualifications or exceptions as to the
scope of the audit nor to any qualifications or exceptions not reasonably acceptable to the Required Lenders) to the effect that such consolidated financial statements have been prepared in accordance with GAAP and present fairly in accordance with
GAAP the consolidated financial position and consolidated results of operations and cash flows of the Borrower and its Consolidated Subsidiaries in accordance with GAAP consistently applied (except for changes with which such accountants concur).

  
 (c)         Quarterly Financial Statements. If the Borrower is not required to file 10-Q filings with the Securities and Exchange Commission or does not file the same within 45 days
after the end of each fiscal year, as soon as available, and in any event within 45 days after the end of each of the first three fiscal quarters in each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Consolidated
Subsidiaries as of the end of such fiscal quarter, together with related consolidated statements of operations and retained earnings and cash flows for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in
comparative form consolidated figures for the corresponding periods of the preceding fiscal year, all such financial statements to be in form and detail and reasonably acceptable to the Administrative Agent, and accompanied by a certificate of the
chief financial officer of the Borrower to the effect that such quarterly financial statements have been prepared in accordance with GAAP and present fairly in accordance with GAAP in all material respects the consolidated financial position and
consolidated results of operations and cash flows of the Borrower and its Consolidated Subsidiaries in accordance with GAAP consistently applied, subject to changes resulting from normal year-end audit adjustments and the absence of footnotes
required by GAAP. 
  

 (d)         Officer’s
Certificate. At the time of delivery of the financial statements provided for in Sections 6.01(a), 6.01(b) and 6.01(c) above, a certificate of the chief financial officer of the Borrower (i) demonstrating compliance with
the financial covenants contained in Section 7.13 by calculation thereof as of the end of the fiscal period covered by such financial statements, (ii) stating that no Default or Event of Default exists, or if any Default or Event of Default
does exist, specifying the nature and extent thereof and what action the Borrower proposes to take with respect thereto, and (iii) stating whether, since the date of the most recent financial statements delivered hereunder, there has been any
material change in the GAAP applied in the preparation of the financial statements of the Borrower and its Consolidated Subsidiaries, and, if so, describing such change. 
  
 (e)         Reports. Promptly after the same are
available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the
Borrower may file or be required to file with the Securities and Exchange Commission under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto.

  
 (f)         Notices. Prompt notice of: (i) the occurrence of any Default or Event of Default; (ii) breach or non-performance of, or any default under, a material Contractual Obligation
of the Borrower or any Subsidiary; (iii) any dispute, litigation, investigation, proceeding or suspension between the Borrower or any Subsidiary and any Governmental Authority; (iv) the commencement of, or any material development in, any litigation
or proceeding affecting the Borrower or any Subsidiary, including pursuant to any applicable Environmental Law; (v) the occurrence of any ERISA Event; (vi) any material change in accounting policies or financial reporting practice by the Borrower or
any Restricted Subsidiary; and (vii) of any public announcement by Moody’s or S&P of any change or possible change in Worthington’s Ratings; provided that in the case of the events set forth in sub clauses (ii) through
(v), of this clause (f), any such event has had, or the Borrower reasonably expects such event will have, a Material Adverse Effect. Each notice pursuant to this Section 6.01(f) shall (i) be accompanied by a statement of a
Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto and (ii) describe with particularity any and all provisions of
this Agreement or other Loan Document that have been breached. 
  
 (g)         Other Information. With reasonable promptness upon request therefor, such other information regarding the business, properties or financial condition
of the Borrower or any Restricted Subsidiary as the Administrative Agent or the Required Lenders may reasonably request. 
  
 Section 6.02 Books and Records. The Borrower will, and will cause each of its Restricted Subsidiaries to,
maintain proper books of account and other records and enter therein complete and accurate entries and records of all of its transactions and give representatives of the Agents, at the Lenders’ expense, reasonable access thereto at all
reasonable times, including permission to examine, copy and make abstracts from any of such books and records and such other information as it may from time to time reasonably request. In addition, it will be available to the Lenders, or cause its
officers to be available from time to time upon reasonable notice to discuss the status of the Loans, its business and any statements, records or documents furnished or made available to the Lenders in connection with this Agreement. 
  
 Section 6.03 Payment of Obligations. The
Borrower will, and will cause each of its Restricted Subsidiaries to, pay and discharge as the same shall become due and payable, all its obligations and liabilities the non-payment of which could reasonably be expected to have a Material Adverse
Effect, including: (i) material taxes, assessments, charges, levies and other similar material liabilities imposed upon it, its income, profits, property or business, except those which currently are being contested in good faith by appropriate
proceedings and for which it has set aside reserves or made other adequate provision with respect thereto; and (ii) all lawful claims which, if unpaid, would by law become a Lien upon its property which is not a Permitted Lien. 
  
 Section 6.04 Compliance with
Laws. The Borrower will, and will cause each of its Restricted Subsidiaries to, comply in all material respects with all laws and regulations applicable to each of them and to the operation of their respective businesses, including
without limitation those relating to environmental and health matters, and do all things necessary to maintain, renew and keep in full force and effect all rights, permits, licenses, 

  

 
certificates, satisfactory clearances and franchises necessary to enable them to continue their respective businesses, to the extent its failure to comply
with or do any of the foregoing could result in a Material Adverse Effect. 
  
 Section 6.05 Environmental Violations. The Borrower will promptly notify the Administrative Agent of any violation by it or any of its Subsidiaries of any Environmental Law; to the extent
such violation would, in the reasonable judgment of the Borrower, have a Material Adverse Effect. 
  
 Section 6.06 ERISA Compliance. To the extent necessary to prevent a Material Adverse Effect, the Borrower will, and will cause each of its Subsidiaries to, comply in
all material respects with the applicable provisions of ERISA, the applicable related provisions of the Code and other Federal and state laws. 
  
 Section 6.07 Maintenance of Properties. The Borrower will, and will cause each of its Restricted Subsidiaries
to, (i) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted, and (ii) make all necessary repairs thereto and
renewals and replacements thereof, except in each case where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
  
 Section 6.08 Maintenance of Insurance. The Borrower will, and will cause each of its Restricted Subsidiaries
to, maintain insurance with responsible insurance companies against loss or damage from hazards and the Borrower and its Restricted Subsidiaries will maintain public liability insurance, all in amounts reasonably consistent with the Borrower’s
current practice. 
  
 Section 6.09
Use of Proceeds. The Borrower will use the proceeds of the Credit Extensions for working capital and other general corporate purposes, including, without limitation, capital expenditures or acquisitions, not in contravention
of any Law or of any Loan Document. 
  
 Section
6.10 Tax Shelter Regulations. In the event that the Borrower intends to treat the Loans and/or the Letters of Credit and related transactions as being a “reportable transaction” (within the meaning of Treasury
Regulation Section 1.6011-4), the Borrower will promptly (i) notify the Administrative Agent thereof, and (ii) deliver to the Administrative Agent a duly completed copy of IRS Form 8886 or any successor form.  
  
 ARTICLE VII 
 NEGATIVE COVENANTS 
  
 The Borrower agrees that so long as any Lender has any Commitment hereunder, any Obligation or other amount payable hereunder or under any Note or other Loan Document or any LC Obligation remains unpaid or any Letter
of Credit remains unexpired: 
  
 Section 7.01
Limitation on Indebtedness of Restricted Subsidiaries. The Borrower will not, and will not cause or permit any Restricted Subsidiary to, directly or indirectly, incur, create, assume or permit to exist any
Indebtedness except: 
  
 (i)          Indebtedness of a Person existing at the time such Person becomes a Subsidiary of the Borrower (including any Indebtedness of a Person existing at the time such Person is merged
with or into or consolidated with a Subsidiary of the Borrower, or at the time of a sale, lease or other disposition of all or substantially all of the properties of a Person to a Subsidiary of the Borrower); provided that such Indebtedness
was not incurred in connection with, or in anticipation of, such event; 
  
 (ii)         Indebtedness owing to the Borrower, any Restricted Subsidiary or Worthington Receivables Corporation (or any replacement or substitute
thereof); 
  
 (iii)        Indebtedness existing as of the Amendment Effective Date evidenced by Existing Letters of Credit and other letters of credit issued from time to time after the Amendment Effective Date
for the benefit of the Borrower or any Restricted Subsidiary other than pursuant to Section 2.06 of this Agreement; provided that the sum of (A) the maximum amount which is, or at any time thereafter may 

  

 
become, available to be drawn under such Existing Letters of Credit or other letters of credit then outstanding and (B) the aggregate amount of all payments
or disbursements not yet reimbursed by the Borrower or any Restricted Subsidiary to the applicable letter of credit issuer in respect of drawings under such Existing Letters of Credit or other letters of credit, shall not exceed $20,000,000 in the
aggregate at any time; and 
  
 (iv)        other Indebtedness of the Restricted Subsidiaries in an aggregate principal amount at any time outstanding not in excess of 10% of Consolidated Net Tangible Assets. 
  
 Section 7.02 Restriction on
Liens. The Borrower will not, and will not cause or permit any Restricted Subsidiary to, incur, create, assume, become or be liable in any way, or suffer to exist any mortgage, pledge, lien, charge, or other encumbrance of any nature
whatsoever on any of its assets, now or hereafter owned, other than Permitted Liens. 
  
 Section 7.03 Investments. The Borrower will not, and will not cause or permit any Restricted Subsidiary to, make or acquire, any Investment in any Person, except the
following (such Investments described below being herein referred to as “Permitted Investments”): 
  
 (i)            Investments other than those permitted by
subsections (i) through (xii) existing on the date hereof and listed on Schedule 7.03; 
  
 (ii)           Investments held by the Borrower or such Restricted
Subsidiary in the form of Cash Equivalents; 
  
 (iii)          advances to officers, directors and employees of the Borrower and Subsidiaries for travel, entertainment, relocation and analogous ordinary business
purposes, in each case only to the extent that the making or incurrence of any such advance or obligation to any director or executive officer (or equivalent thereof) would not be in violation of Section 402 of the Sarbanes-Oxley Act; 
  
 (iv)          Investments of the Borrower in any Restricted Subsidiary or of any Restricted Subsidiary in the Borrower or another Restricted Subsidiary; 
  
 (v)          Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the sale or lease of goods or services in the ordinary
course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss; 
  
 (vi)          Guaranty Obligations permitted by Section 7.01; 
  
 (vii)         Investments permitted by Section 7.04; 
  
 (viii)        Investments consisting of capital expenditures or inventory for use by or in the business of the Borrower or a Restricted Subsidiary; 
  
 (ix)          Investments in any Person of which the Borrower or any Restricted Subsidiary is, or becomes as a result of such Investment, the Controlling Person, or Investments in any assets
which are acquired by the Borrower or a Restricted Subsidiary; provided that as at the end of the immediately preceding fiscal quarter prior to and after giving effect to any such Investment, the Borrower is in pro forma compliance with the
financial covenants set forth in Section 7.13; 
  
 (x)          Investments (including Investments made in connection with the acquisition of assets) in any Person of which the Borrower or any Restricted Subsidiary is
not the Controlling Person; provided that as at the end of the immediately preceding fiscal quarter prior to and after giving effect to any such Investment, the Borrower is in pro forma compliance with the financial covenants set forth in
Section  

  

 
7.13; provided further that the initial amount (determined at the time made) of such Investments which are made after the Closing Date shall
not exceed $100,000,000 in the aggregate; 
  
 (xi)          Investments in the nature of seller financing or other consideration received in a Disposition permitted under Section 7.05; 
  
 (xii)         additional Investments not exceeding $25,000,000 in the aggregate in any fiscal year of the Borrower. 
  
 Section 7.04 Merger. The Borrower will not, and will not cause or permit any Restricted
Subsidiary to, merge or consolidate with or into any other Person except: (i) any Restricted Subsidiary or any other Person may merge or consolidate with the Borrower; provided that (a) the Borrower is the surviving entity of such merger or
consolidation and (b) such surviving entity has the majority of its property and assets within the continental limits of the United States of America; or (ii) the Borrower may merge or consolidate with any Restricted Subsidiary; provided that
(a) such Restricted Subsidiary is the surviving entity of such merger or consolidation, (b) such surviving entity is organized and existing under the laws of a state of the United States, (c) such surviving entity has the majority of its property
and assets within the continental limits of the United States of America and (d) such surviving entity assumes in writing all of the obligations and liabilities of the Borrower under the Loan Documents; or (iii) any Restricted Subsidiary may merge
or consolidate with any other Person; provided that the surviving entity of such merger or consolidation is a Restricted Subsidiary after such merger or consolidation; or (iv) any merger may be consummated in furtherance of a Disposition not
prohibited under Section 7.05; or (v) any Foreign Subsidiary may merge or consolidated into any Foreign Subsidiary; provided that with respect to any merger or consolidation described in subsections (i) through (v) above,
immediately prior to and after giving effect to any such transaction, no condition or event exists which constitutes a Default or an Event of Default shall have occurred and be continuing. 
  
 Section 7.05 Dispositions. The
Borrower will not, and will not cause or permit any Restricted Subsidiary to, make any Disposition or enter into any agreement to make any Disposition of all or substantially all of the assets of the Borrower and its Subsidiaries on a consolidated
basis. 
  
 Section 7.06
ERISA. The Borrower will not, and will not cause or permit any Subsidiary to, at any time engage in a transaction which could be subject to Section 4069 or 4212(c) of ERISA, or permit any Plan to (i) engage in any non-exempt
“prohibited transaction” (as defined in Section 4975 of the Code); (ii) fail to comply with ERISA or any other related applicable Laws; or (iii) incur any material “accumulated funding deficiency” (as defined in Section 302 of
ERISA), which, with respect to each event listed above, could be reasonably expected to have a Material Adverse Effect. 
  
 Section 7.07 Designation of Restricted and Unrestricted Subsidiaries. (a) Schedule 7.07 sets forth a
complete and accurate list of the Borrower’s Unrestricted Subsidiaries as of the Amendment Effective Date. From and after the Amendment Effective Date, the Borrower may designate any Restricted Subsidiary as an Unrestricted Subsidiary;
provided that: (i) immediately prior to and after giving effect to such change in designation no Default or an Event of Default would exist and (ii) the designation of the Subsidiary as an Unrestricted Subsidiary would not have a Material
Adverse Effect; provided further that Borrower may not designate any Restricted Subsidiaries as Unrestricted Subsidiaries if the aggregate operating income of the Restricted Subsidiaries so designated at that time would account for more than
30% of the consolidated operating income of the Borrower and its Consolidated Subsidiaries for the most recently completed four fiscal quarters. Thereafter for purposes of such calculation operating income (including operating income from prior
fiscal quarters) of Unrestricted Subsidiaries will be excluded from the consolidated operating income of the Borrower and its Consolidated Subsidiaries. 
  
 (b)         From and after the Closing Date, the Borrower shall not designate any Unrestricted
Subsidiary which otherwise meets the definition of a Restricted Subsidiary, as a Restricted Subsidiary, unless if, and only if, immediately after giving effect to such change in designation: (i) any and all outstanding Indebtedness of such
Subsidiary could then have been incurred in compliance with Section 7.01 and (ii) immediately prior to and after giving effect to such change in designation no Default or an Event of Default would exist; provided that if 

  

 
Borrower has designated a Subsidiary which was previously treated as a Restricted Subsidiary as an Unrestricted Subsidiary during the term of this Agreement,
Borrower may not again designate such Subsidiary as a Restricted Subsidiary without the consent of the Required Lenders. 
  
 (c)         Any change in designation pursuant to this Section 7.07 will be made by the
Borrower giving written notice to the Administrative Agent on or prior to the date for such change in designation, specifying such date and the name of the Subsidiary whose designation is to be so changed, which notice will be accompanied by an
officer’s certificate certifying that the conditions required for such change in designation will not be violated. The Administrative Agent will promptly provide a copy of such change in designation to the Lenders. Notwithstanding the
foregoing, if due to an acquisition or other event, in either case to the extent permitted by this Agreement, which would cause a Person which was not previously a Consolidated Subsidiary to become a Consolidated Subsidiary, Borrower may immediately
elect to have such Person not become a Consolidated Subsidiary, but instead to be designated as an Unrestricted Subsidiary. 
  
 Section 7.08 Change in Nature of Business. The Borrower will not, and will not cause or permit any Restricted
Subsidiary to, make any change in its business which would cause the type of business primarily conducted by the Borrower and its Restricted Subsidiaries, considered on a consolidated basis, to be materially different from the type of business
primarily being conducted on the Amendment Effective Date. 
  
 Section 7.09 Transactions with Affiliates. The Borrower will not, and will not cause or permit any Restricted Subsidiary to, enter into any material transaction, including, without
limitation, any purchase, sale, lease or exchange of property or the rendering of any service with any Affiliate of the Borrower (other than a Restricted Subsidiary), other than arm’s-length transactions with Affiliates that are otherwise
permitted hereunder. 
  
 Section 7.10
Burdensome Agreements. The Borrower will not, and will not cause or permit any Restricted Subsidiary to, enter into any Contractual Obligation that materially limits the ability of any Restricted Subsidiary to make
Restricted Payments to the Borrower or to otherwise generally transfer property to the Borrower. 
  
 Section 7.11 Use of Proceeds. The Borrower will not, and will not cause or permit any Restricted Subsidiary to, use the proceeds of any Credit Extension, whether
directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Board) or to extend credit to others for the purpose of purchasing or carrying margin stock or
to refund indebtedness originally incurred for such purpose. 
  
 Section 7.12 Governance Documents. The Borrower will not amend or change its Articles of Incorporation or code of regulations in any manner which is materially adverse to the Lenders.

  
 Section 7.13 Financial
Covenants. 
  
 (a)         Leverage Ratio. The Borrower will not permit the Leverage Ratio for any period of four consecutive fiscal quarters of the Borrower, in each case taken as a single accounting
period, ending on a date set forth below to be greater than the ratio set forth opposite such date: 
  

				
	 Fiscal Quarter Ended

	  	Ratio

	 May 31, 2004 through February 28, 2005
	  	·	     3.25 to 1.0
	 May 31, 2005 and Thereafter
	  	·	     3.00 to 1.0

  
 (b)         Consolidated Indebtedness to Capitalization. The Borrower will not permit the ratio of the Borrower’s Consolidated Indebtedness to the Borrower’s Capitalization,
calculated as of the end of each fiscal quarter of the Borrower, to be greater than 55%. 
  
 Section 7.14 Anti-Terrorism Laws. The Borrower will not, and will not cause or permit any Subsidiary to, (i) conduct any business or engage in any transaction or
dealing with any Blocked Person, including the making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) 

  

 
deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13225, or (iii)
engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224, the USA Patriot Act or any other
Anti-Terrorism Law. 
  
 ARTICLE VIII 
 DEFAULTS 
  
 Section 8.01 Events of Default. An Event of Default shall exist upon the occurrence of any of the following
specified events or conditions (each an “Event of Default”): 
  
 (a)        Payment. The Borrower shall fail to pay: (i) as and when due (whether by scheduled maturity, mandatory prepayment, acceleration or otherwise) any amount
of principal of any Loan, any amount of interest on any Competitive Bid Loan or any LC Obligation; (ii) within 5 days of when due (whether by scheduled maturity, mandatory prepayment, acceleration or otherwise) any interest on any Committed Loan or
LC Obligation, any commitment facility, utilization or other fee due hereunder; or (iii) within 5 days after the same become due, any other amount payable hereunder or under any other Loan Document. 
  
 (b)        Representation and Warranties. Any representation, warranty or statement made or deemed to be made by the Borrower herein, in any of the other Loan Documents or in any
statement or certificate delivered or required to be delivered pursuant hereto or thereto shall prove untrue in any material respect on the date as of which it was made or deemed to have been made. 
  
 (c)        Covenants. The Borrower shall default in the due performance or observance by it of any other term, covenant or agreement contained in this Agreement and such default shall
continue unremedied for a period of at least 30 days after the earlier of an executive officer of the Borrower becoming aware of such default or notice thereof given by the Administrative Agent. 
  
 (d)        Bankruptcy, etc. with respect to the Borrower and Active Restricted Subsidiaries. A Bankruptcy Event shall occur with respect to the Borrower or any of its Active Restricted
Subsidiaries. 
  
 (e)        Bankruptcy, etc. with respect to Unrestricted Subsidiaries. A Bankruptcy Event shall occur with respect to any of the Borrower’s Unrestricted Subsidiaries and such event
would reasonably be expected to have a Material Adverse Effect. 
  
 (f)        Cross-Default. A default by the Borrower or any of its Subsidiaries with respect to any evidence of Indebtedness in excess of $5,000,000 by it for
borrowed money (other than to the Lenders pursuant to this Agreement), if the effect of such default is to accelerate the maturity of such Indebtedness or to permit the holder thereof to cause such Indebtedness to become due prior to the stated
maturity thereof, or if any Indebtedness of it in excess of $5,000,000 for borrowed money (other than to the Lenders pursuant to this Agreement) is not paid when due and payable, whether at the due date thereof or a date fixed for prepayment or
otherwise (after the expiration of any applicable grace period). 
  
 (g)        Judgments. Unless adequately insured or bonded, the entry of a final judgment for the payment of money involving more than $10,000,000 against the
Borrower or any of its Subsidiaries and the failure by the Borrower or any of its Subsidiaries: (i) to discharge the same, or cause it to be discharged, within thirty days from the date of the order, decree or process under which or pursuant to
which such judgment was entered or (ii) to secure a stay of execution pending appeal of such judgment; or the entry of one or more final non-monetary judgments or orders against the Borrower or any of its Subsidiaries which, singly or in the
aggregate, does or could reasonably be expected to cause a Material Adverse Effect. 
  
 (h)        Ownership. There shall occur a Change of Control of the Borrower. 
  
 Section 8.02 Acceleration; Remedies. Upon the occurrence of an Event of Default,
and at any time thereafter unless and until such Event of Default has been waived in writing by the Required Lenders (or all 

  

 
Lenders as may be required pursuant to Section 10.01), the Administrative Agent shall, upon the request and direction of the Required Lenders, by
written notice to the Borrower, take any of the following actions without prejudice to the rights of the Agents or any Lender to enforce its claims against the Borrower except as otherwise specifically provided for herein: 
  
 (a)        Termination of Commitments. Declare the Commitments terminated whereupon the Commitments shall be immediately terminated. 
  
 (b)        Acceleration of Loans. Declare the unpaid principal of and any accrued interest in respect of all Loans, any reimbursement obligations arising from drawings under Letters of
Credit and any and all other indebtedness or obligations of any and every kind owing by the Borrower to any of the Lenders hereunder to be due whereupon the same shall be immediately due and payable without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrower. 
  
 (c)        Cash Collateral. Direct the Borrower to pay (and the Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event of Default
under Section 8.01(d) or (e), it will immediately pay) to the Administrative Agent additional cash, to be held by the Administrative Agent, for the benefit of the Lenders, in a cash collateral account as additional security for the LC
Obligations in respect of subsequent drawings under all then outstanding Letters of Credit in an amount equal to the maximum aggregate amount which may be drawn under all Letters of Credits then outstanding. 
  
 (d)        Enforcement of Rights. Enforce any and all rights and interests created and existing under the Loan Documents, including, without limitation, delivery of a Notice of
Acceleration (as defined in the Trust Agreement), and all rights of set-off, or applicable Law. 
  
 Notwithstanding the foregoing, if an Event of Default specified in Section 8.01(d) or (e) shall occur, then the Commitments shall automatically terminate and all Loans, all reimbursement
obligations under Letters of Credit, all accrued interest in respect thereof and all accrued and unpaid fees and other indebtedness or obligations owing to the Lenders hereunder and under the other Loan Documents shall immediately become due and
payable without the giving of any notice or other action by the Administrative Agent or the Lenders, which notice or other action is expressly waived by the Borrower. 
  
 Notwithstanding the fact that enforcement powers reside primarily with the Administrative Agent, each Lender
has, to the extent permitted by law, a separate right of payment and shall be considered a separate “creditor” holding a separate “claim” within the meaning of Section 101(5) of any Debtor Relief Law or any other insolvency
statute. 
  
 In case any one or more of the
covenants and/or agreements set forth in this Agreement or any other Loan Document shall have been breached by the Borrower, then the Administrative Agent may proceed to protect and enforce the Lenders’ rights either by suit in equity and/or by
action at law, including an action for damages as a result of any such breach and/or an action for specific performance of any such covenant or agreement contained in this Agreement or such other Loan Document. Without limitation of the foregoing,
the Borrower agrees that failure to comply with any of the covenants contained herein will cause irreparable harm and that specific performance shall be available in the event of any breach thereof. 
  
 ARTICLE IX 
 AGENCY PROVISIONS 
  
 Section 9.01 Appointment; Authorization. 
  
 (a)        Appointment. Each Lender hereby designates and appoints PNC Bank, National Association as Administrative Agent and The Bank of
Nova Scotia as Syndication Agent of such Lender to act as specified herein and in the other Loan Documents, and each such Lender hereby authorizes the Agents, as the agents for such Lender, to take such action on its behalf under the provisions of
this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated by the terms hereof and 

  

 
of the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere
herein and in the other Loan Documents, the Agents shall not have any duties or responsibilities, except those expressly set forth herein and therein, or any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the other Loan Documents, or shall otherwise exist against the Agents. In performing its functions and duties under this Agreement and the other Loan
Documents, each Agent shall act solely as an agent of the Lenders and does not assume and shall not be deemed to have assumed any obligation or relationship of agency or trust with or for the Borrower. Without limiting the generality of the
foregoing two sentences, the use of the term “agent” herein and in the other Loan Documents with reference to any 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. The provisions of this Article IX (other than
Section 9.09) are solely for the benefit of the Agents and the Lenders and the Borrower shall not have any rights as a third party beneficiary of the provisions hereof (other than Section 9.09). 
  
 (b)        Certain Other Agents. The Bank of Nova Scotia, in its capacity as Syndication Agent, shall have no duties or obligations whatsoever under this Agreement or any of the other
Loan Documents. 
  
 Section 9.02
Delegation of Duties. An Agent may execute any of its duties hereunder or under the other Loan Documents by or through 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. An Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it in the absence of gross negligence or willful misconduct. 

 
 Section 9.03 Exculpatory
Provisions. No Agent-Related Person shall be (i) liable for any action lawfully taken or omitted to be taken by any of them under or in connection herewith or in connection with any of the other Loan Documents or the transactions
contemplated hereby or thereby (except for its own gross negligence or willful misconduct in connection with its duties expressly set forth herein) or (ii) responsible in any manner to any of the Lenders or participants for any recitals, statements,
representations or warranties made by the Borrower contained herein or in any of the other Loan Documents or in any certificate, report, document, financial statement or other written or oral statement referred to or provided for in, or received by
an Agent under or in connection herewith or in connection with the other Loan Documents, or enforceability or sufficiency therefor of any of the other Loan Documents, or for any failure of the Borrower to perform its obligations hereunder or
thereunder or be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained herein or therein or as to the use of the proceeds of the Loans or the use of the
Letters of Credit or of the existence or possible existence of any Default or Event of Default or to inspect the properties, books or records of the Borrower. 
  
 Section 9.04 Reliance on Communications. The Agents shall be entitled to rely,
and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex, teletype or e-mail message, statement, order 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 upon advice and statements of legal counsel (including, without limitation, counsel to the Borrower, independent accountants and other
experts selected by the Agents). The Agents may deem and treat each Lender as the owner of its interests hereunder for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative
Agent in accordance with Section 10.06(b). The Agents shall be fully justified in failing or refusing to take any action under this Agreement or under any of the other Loan Documents unless it shall first receive such advice or concurrence of
the Required Lenders as it deems appropriate or 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
Agents shall in all cases be fully protected in acting, or in refraining from acting, hereunder or under any of the other Loan Documents in accordance with a request of the Required Lenders (or to the extent specifically provided in Section
10.01, all the Lenders) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders (including their successors and assigns). Where this Agreement expressly permits or prohibits an action unless
the Required Lenders otherwise determine, any Agent shall, and in all other instances an Agent may, but shall not be required to, initiate any solicitation for the consent or vote of the Lenders. 
  

 Section 9.05 Notice of Default. An Agent shall not be deemed
to have knowledge or notice of the occurrence of any Default or Event of Default hereunder, unless such Agent has received written notice from a Lender or the Borrower referring to the Agreement, describing such Default or Event of Default and
stating that such notice is a “notice of default”. If the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect
to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided 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 or it shall deem advisable or in the best interest of the Lenders, except to the extent that this Agreement expressly requires that such action be
taken, or not taken, only with the consent or upon the authorization of the Required Lenders, or all of the Lenders, as the case may be. 
  
 Section 9.06 Credit Decision; Disclosure of Information by Administrative Agent. Each Lender expressly
acknowledges that no Agent-Related Person has made any representations or warranties to it and that no act by any Agent hereinafter taken, including any consent to and acceptance of any assignment or review of the affairs of the Borrower or any
Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether any Agent-Related Person has disclosed material information in its possession. Each Lender
represents to the Agents that it has, independently and without reliance upon any Agent-Related Person or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into
the business, assets, operations, property, financial and other condition, prospects and creditworthiness of the Borrower, and all requirements of Law pertaining to the transaction contemplated by the Loan Documents, and made its own decision to
make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person 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 analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to
the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent
hereunder, the Agents shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, assets, property, financial or other conditions, prospects or creditworthiness of the
Borrower or its Affiliates which may come into the possession of any Agent-Related Person. 
  
 Section 9.07 Indemnification. Whether or not the transactions contemplated hereby are consummated, the Lenders agree to indemnify each Agent-Related Person (to the
extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Commitments (or if the Commitments have expired or been terminated, in accordance with the respective
principal amounts of outstanding Loans and Participation Interests of the Lenders), from and against any and all Indemnified Liabilities which may at any time (including, without limitation, at any time following payment in full of the Obligations)
be imposed on, incurred by or asserted against an Agent in its capacity as such in any way relating to or arising out of this Agreement or the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions
contemplated hereby or thereby or any action taken or omitted by an Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified
Liabilities resulting from such Person’s gross negligence or willful misconduct; provided further that no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful
misconduct for purposes of this Section 9.07. If any indemnity furnished to an Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not
commence, to do the acts indemnified against until such additional indemnity is furnished. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket
expenses (including Attorney Costs) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise)
of, or legal advice in respect of rights or responsibilities under, this Agreement, any other 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 agreements in this Section 9.07 shall survive the payment of the Obligations and all other obligations and amounts payable hereunder and under the other Loan Documents. 
  

 Section 9.08 Agents in Their Individual Capacity. Each Agent
and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire Equity Interests in, and generally engage in any kind of banking, trust, financial advisory, underwriting and other business with the
Borrower as though such Agent were not an Agent hereunder or under another Loan Document. The Lenders acknowledge that, pursuant to any such activities, an Agent or its Affiliates may receive information regarding the Borrower or its Affiliates
(including information that may be subject to confidentiality obligations in favor of the Borrower or such Affiliate) and acknowledge that no Agent shall be under any obligation to provide such information to them. With respect to the Loans made and
Letters of Credit issued and all obligations owing to it, an Agent shall have the same rights and powers under this Agreement as any Lender and may exercise the same as though it was not an Agent, and the terms “Lender” and
“Lenders” shall include each Agent in its individual capacity. 
  
 Section 9.09 Successor Agents. Any Agent may, at any time, resign upon 30 days’ written notice to the Lenders. If an Agent resigns under a Loan Document, the Required Lenders shall
appoint from among the Lenders a successor Agent, which successor Agent shall be subject to the consent of 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 or delayed). If no successor Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment prior to the effective date of the resignation of the resigning Agent, then the resigning Agent shall have the
right, after consulting with the Lenders and the Borrower, to appoint a successor Agents; provided that such successor is a Lender hereunder or a commercial bank organized under the laws of the United States of America or of any State thereof
and has a combined capital and surplus of at least $500,000,000. If no successor Agent is appointed prior to the effective date of the resignation of the resigning Agent, the Administrative Agent may appoint, after consulting with the Lenders and
the Borrower, a successor Agent from among the Lenders. Upon the acceptance of any appointment as an Agent hereunder by a successor, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations as an Agent, as appropriate, under this Agreement and the other Loan Documents and the provisions of this Section 9.09 shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was an Agent under this Agreement. If no successor Administrative Agent has accepted appointment as Administrative Agent within sixty days after the retiring Administrative
Agent’s giving notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless become effective and the Lenders shall perform all duties of the Administrative Agent hereunder until such time, if any, as the
Required Lenders appoint a successor Administrative Agent as provided for above. 
  
 Section 9.10 Certain Other Agents. None of the Lenders identified on the facing page or signature pages of this Agreement as a “syndication agent”,
“documentation agent”, “co-agent”, “joint lead arranger”, “book runner” or “lead manager” shall have any right, power, obligation, liability, responsibility or duty under the Agreement other than
those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or any such Person so identified shall have or be deemed to have any fiduciary relationship to any Lender or the Borrower. Each Lender acknowledges that it
has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 
  
 Section 9.11 Agents’ Fees; Arranger Fee. The Borrower shall pay to the
Administrative Agent for its own account fees in the amounts and at the times previously agreed upon between the Borrower and the Administrative Agent with respect to this Agreement, the other Loan Documents and the transactions contemplated hereby
and thereby. 
  
 Section 9.12 No
Reliance on Agents’ Customer Identification Program. Each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on any Agent-Related Person to carry out such
Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations
contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with Borrower, its
Subsidiaries, its Affiliates or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (i) any identity verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices,
or (v) other procedures required under the CIP Regulations or such other Laws. 
  

 ARTICLE X 
 MISCELLANEOUS 
  
 Section 10.01 Amendments, Waivers and Consents. Neither this Agreement nor any other Loan Document nor any of the terms hereof or thereof may be amended, changed, waived, discharged or terminated except, in the
case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower, the Administrative Agent, and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing
entered into by the Borrower and the Agents party thereto, as applicable; provided that the foregoing shall not restrict the ability of the Required Lenders to waive any Event of Default prior to the time the Administrative Agent shall have
declared, or the Required Lenders shall have requested the Administrative Agent to declare, the Loans immediately due and payable pursuant to Article VIII; provided further that: 
  
 (i)         no such amendment, change, waiver, discharge or termination shall, without the consent of each Lender affected thereby: 
  
 (A)        extend the final maturity of any Loan or
the time of payment of any reimbursement obligation, or any portion thereof, arising from drawings under Letters of Credit; provided that this clause (A) shall not restrict the ability of the Required Lenders to waive any Event of
Default (other than an Event of Default the waiver of which would effectively result in any such extension or waiver), prior to the time the Administrative Agent shall have declared, or the Required Lenders shall have requested the Administrative
Agent to declare, the Loans immediately due and payable pursuant to Article VIII; 
  
 (B)        reduce the rate, or extend the time of payment, of interest or change
the manner of computation of any financial covenant used in determining the Applicable Margin that could result in the reduction of the rate of interest on any Loan (other than as a result of waiving the applicability of any post-default increase in
interest rates) thereon or fees hereunder; 
  
 (C)        reduce or waive the principal amount of any Loan or any LC Disbursement; 
  
 (D)        increase the Commitment of a Lender over the amount thereof in effect
(it being understood and agreed that a waiver of any Default or Event of Default or a mandatory reduction in the Commitments shall not constitute a change in the terms of any Commitment of any Lender); 
  
 (E)        release the Borrower from its Obligations under the Loan Documents; 
  
 (F)        amend, modify or waive any provision of this Section 10.01 or
reduce any percentage specified in, or otherwise modify, the definition of Required Lenders; 
  
 (G)        consent to the assignment or transfer by the Borrower of any of its
rights and obligations under (or in respect of) the Loan Documents to which it is a party, except as permitted thereby; or 
  
 (H)        amend, modify or waive any provision of Section 2.13 or
Section 2.14; 
  
 (ii)        no provision of Article IX may be amended without the consent of the Administrative Agent, no provision of Section 2.06 may be amended without the consent of each Issuing
Lender and no provision of Section 2.02(d) may be amended without the consent of the Swingline Lender. 
  
 Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above, (i) each Lender is
entitled to vote as such Lender sees fit on any bankruptcy 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 (ii) the Required Lenders may consent to allow the Borrower to use cash
collateral in the context of a bankruptcy or insolvency proceeding. 
  
 Section 10.02 Notices and Other Communications; Facsimile Copies. 
  
 (a)        General. Unless otherwise expressly provided herein, all notices and
other communications provided for hereunder shall be in writing (including by facsimile transmission) and mailed, faxed or delivered, to the address, facsimile number or (subject to subsection (c) below) electronic mail address specified for
notices on Schedule 10.02; or, in the case of the Borrower, the Administrative Agent, any Issuing Lender or the Swingline Lender, to such other address as shall be designated by such party in a notice to the other parties, and in the case of
any other party, to such other address as shall be designated by such party in a notice to the Borrower, the Administrative Agent, any Issuing Lender and the Swingline Lender. All such notices and other communications shall be deemed to be given or
made upon the earlier to occur of (i) actual receipt by the intended recipient and (ii) (A) if delivered by hand or by courier, when signed for by the intended recipient; (B) if delivered by mail, four Business Days after deposit in the mails,
postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of subsection (c) below), when delivered;
provided that notices and other communications to the Administrative Agent, any Issuing Lender and the Swingline Lender pursuant to Article II shall not be effective until actually received by such Person. Any notice or other
communication permitted to be given, made or confirmed by telephone hereunder shall be given, made or confirmed by means of a telephone call to the intended recipient at the number specified on Schedule 10.02, it being understood and agreed
that a voicemail message shall in no event be effective as a notice, communication or confirmation hereunder. 
  
 (b)        Effectiveness of Facsimile Documents and Signatures. Loan Documents may
be transmitted and/or signed by facsimile. The effectiveness of any such documents and signatures shall, subject to requirements of Law, have the same force and effect as manually-signed originals and shall be binding on the Borrower, the Agents and
the Lenders. The Administrative Agent may also require that any such documents and signatures be confirmed by a manually-signed original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of
any facsimile document or signature. 
  
 (c)        Limited Use of Electronic Mail. Electronic mail and internet and intranet websites may be used only to distribute routine communications, such as financial statements and
other information, and to distribute Loan Documents for execution by the parties thereto, and may not be used for any other purpose. 
  
 (d)        Reliance by Administrative Agent and Lenders. The Administrative Agent
and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of the 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. The Borrower shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower, except for such losses resulting from the Administrative Agent’s or Lender’s gross negligence or willful misconduct. All
telephonic notices to and other communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 
  
 Section 10.03 No Waiver; Cumulative Remedies. No failure or delay on the part of
an Agent or any Lender in exercising any right, power or privilege hereunder or under any other Loan Document and no course of dealing between the Agents or any Lender and the Borrower shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder or thereunder. The rights and remedies
provided herein are cumulative and not exclusive of any rights or remedies which the Agents or any Lender would otherwise have. No notice to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in
similar or other circumstances or constitute a waiver of the rights of the Agents or the Lenders to any other or further action in any circumstances without notice or demand. 
  

 Section 10.04 Attorney Costs, Expenses and Taxes. The Borrower
agrees (i) to pay or reimburse the Administrative Agent for all costs and expenses incurred in connection with the preparation, negotiation and execution of this Agreement and the other Loan Documents and any amendment, waiver, consent or other
modification of the provisions hereof and thereof (whether or not the transactions contemplated hereby or thereby are consummated), and the consummation and administration of the transactions contemplated hereby and thereby, including all Attorney
Costs, and (ii) to pay or reimburse the Administrative Agent and each Lender for all costs and expenses incurred in connection with the enforcement, attempted enforcement, or preservation of any rights or remedies under this Agreement or the other
Loan Documents (including all such costs and expenses incurred during any “workout” or restructuring in respect of the Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Law), including all
Attorney Costs. The foregoing costs and expenses shall include all search, filing, recording, title insurance and appraisal charges and fees and taxes related thereto, and other reasonable and actual out-of-pocket expenses incurred by the
Administrative Agent and the reasonable and actual cost of independent public accountants and other outside experts retained by the Administrative Agent or any Lender. The agreements in this Section 10.04 shall survive the termination of the
Commitments and repayment of all the other Obligations. 
  
 Section 10.05 Indemnification. Whether or not the transactions contemplated hereby are consummated, the Borrower agrees to indemnify, save and hold harmless each Agent-Related Person, each Lender and their respective
Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the “Indemnitees”) from and against: (i) any and all claims, demands, actions or causes of action that are asserted against any
Indemnitee by any Person (other than the Administrative Agent or any Lender) relating directly or indirectly to a claim, demand, action or cause of action that such Person asserts or may assert against the Borrower, any Affiliate of the Borrower or
any of their respective officers or directors; (ii) any and all claims, demands, actions or causes of action that may at any time (including at any time following repayment of the Obligations and the resignation or removal of any Agent or the
replacement of any Lender) be asserted or imposed against any Indemnitee, arising out of or relating to, the Loan Documents, any predecessor loan documents, the Commitments, the use of or contemplated use of the proceeds of any Credit Extension, or
the relationship of the Borrower, any Agent and the Lenders under this Agreement or any other Loan Document; (iii) any administrative or investigative proceeding by any Governmental Authority arising out of or related to a claim, demand, action or
cause of action described in clause (i) or (ii) above; and (iv) any and all liabilities (including liabilities under indemnities), losses, costs or expenses (including Attorney Costs) that any Indemnitee suffers or incurs as a result
of the assertion of any foregoing claim, demand, action, cause of action or proceeding, or as a result of the preparation of any defense in connection with any foregoing claim, demand, action, cause of action or proceeding, in all cases, and whether
or not an Indemnitee is a party to such claim, demand, action, cause of action, or Proceeding (all the foregoing, collectively; the “Indemnified Liabilities”); provided that no Indemnitee shall be entitled to indemnification
for any claim caused by its own gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 10.05 applies, such indemnity shall be effective whether or not
such investigation, litigation or proceeding is brought by the Borrower, its directors, shareholders or creditors or an Indemnitee or any other Person or any Indemnitee is otherwise a party thereto and whether or not the transactions contemplated
hereby are consummated. The Borrower agrees not to assert any claim against any Agent, any Lender, any other Creditor, any of their Affiliates or any of their respective directors, officers, employees, attorneys, agents and advisers, on any theory
of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Loan Documents, any of the transactions contemplated herein or therein or the actual or proposed use of the proceeds of the Loans or
of the Letters of Credit. Without prejudice to the survival of any other agreement of the Borrower hereunder and under the other Loan Documents, the agreements and obligations of the Borrower contained in this Section 10.05 shall survive the
repayment of the Loans, LC Obligations and other obligations under the Loan Documents and the termination of the Commitments hereunder. 
  
 Section 10.06 Successors and Assigns. 
  
 (a)        Generally. This Agreement shall be binding
upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto; provided that the Borrower may not assign or transfer any of its interests and obligations without the prior written consent
of either the Required Lenders or the Lenders, as the terms set forth in Section 10.01 may require; 
  

 (b)        Assignments. Any Lender
may assign all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Loans, its Notes, its Commitments and any Participation Interest in Letters of Credit and Swingline Loans held by
it); provided that: 
  
 (i)          each such assignment shall be to an Eligible Assignee; 
  
 (ii)         except in the case of an assignment to another Lender, an
Affiliate of an existing Lender or any Approved Fund the aggregate amount of the Revolving Commitment of the assigning Lender subject to such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is
delivered to the Administrative Agent) shall not, without the consent of the Borrower and the Administrative Agent, be less than $5,000,000 and an integral multiple of $1,000,000 (or such lesser amount as shall equal the assigning Lender’s
entire Revolving Commitment); 
  
 (iii)        each such assignment by a Lender shall be of a constant, and not varying, percentage of all rights and obligations in respect of a particular Class of Commitments under this Agreement and
the other Loan Documents; 
  
 (iv)        the parties to such assignment shall execute and deliver to the Administrative Agent and with respect to the assignment of all or a portion of the Revolving Committed Amount the Issuing
Lenders for their consent not to be unreasonably withheld an Assignment and Acceptance in the form of Exhibit C, together with any Note subject to such assignment and a processing fee of $3,500, payable or agreed between the assigning Lender
and the assignee. Not later than the date any such executed Assignment and Acceptance is delivered to the Administrative Agent, the Administrative Agent shall provide the Borrower with notice of any such assignment. 
  
 (c)        Assignment and Acceptance. By executing and delivering an Assignment and Acceptance in accordance with this Section 10.06, the assigning Lender thereunder and the
assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear
of any adverse claim and the assignee warrants that it is an Eligible Assignee; (ii) except as set forth in clause (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this Agreement, any of the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto, or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement, any of the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto or the financial condition of the Borrower or the performance or observance by the Borrower
or any Subsidiary of any of its obligations under this Agreement, any of the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (iii) such assignee represents and warrants that it is legally authorized to
enter into such assignment agreement; (iv) such assignee confirms that it has received a copy of this Agreement, the other Loan Documents, together with copies of the most recent financial statements delivered pursuant to Section 6.01 and
such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v) such assignee will independently and without reliance upon the Administrative Agent, any
Issuing Lender, the Swingline Lender, such assigning Lender 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
this Agreement and the other Loan Documents; (vi) such assignee appoints and authorizes the Administrative Agent to take such action on its behalf and to exercise such powers under this Agreement or any other Loan Document as are delegated to the
Administrative Agent by the terms hereof or thereof, together with such powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this
Agreement and the other Loan Documents are required to be performed by it as a Lender. Upon execution, delivery, and acceptance of such Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of such assignment,
have the obligations, rights, and benefits of a Lender hereunder and the assigning Lender shall, to the extent of such assignment, relinquish its rights and be released from its obligations under this Agreement. Upon the consummation of any
assignment pursuant to this Section 10.06, the assignor, the Administrative Agent and the Borrower shall make appropriate arrangements so that, if required, new Notes are issued to the assignor and the assignee. If the assignee is not a
United States person 

  

 
under Section 7701(a)(30) of the Code, it shall deliver to the Borrower and the Administrative Agent certification as to exemption from deduction or
withholding of Taxes in accordance with Section 3.01. 
  
 (d)        Register. The Borrower hereby designates the Administrative Agent to serve as the Borrower’s agent, solely for purposes of this subsection
10.06(d), to (i) maintain a register (the ”Register”) on which the Administrative Agent will record the Commitments from time to time of each Lender, the Loans made by each Lender and each repayment in respect of the principal
amount of the Loans of each Lender and to (ii) retain a copy of each Assignment and Acceptance delivered to the Administrative Agent pursuant to this Section 10.06. Failure to make any such recordation, or any error in such recordation, shall
not affect the Borrower’s obligation in respect of such Loans. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent, the Issuing Lenders and the Lenders shall treat each
Person in whose name a Loan and the Note evidencing the same is registered as the owner thereof for all purposes of this Agreement, notwithstanding notice or any provision herein to the contrary. With respect to any Lender, the assignment or other
transfer of the Commitments of such Lender and the rights to the principal of, and interest on, any Loan made and any Note issued pursuant to this Agreement shall not be effective until such assignment or other transfer is recorded on the Register
and, except to the extent provided in this subsection 10.06(d), otherwise complies with this Section 10.06, and prior to such recordation all amounts owing to the transferring Lender with respect to such Commitments, Loans and Notes
shall remain owing to the transferring Lender. The registration of assignment or other transfer of all or part of any Commitments, Loans and Notes for a Lender shall be recorded by the Administrative Agent on the Register only upon the acceptance by
the Administrative Agent of a properly executed and delivered Assignment and Acceptance and payment of the administrative fee referred to in Section 10.06(b)(iv). The Register shall be available at the offices where kept by the Administrative
Agent for inspection by the Borrower and any Lender at any reasonable time upon reasonable prior notice to the Administrative Agent, and the Administrative Agent shall provide a copy of the Register to any Lender requesting a copy thereof, but in no
event more frequently then once per calendar quarter. 
  
 (e)        Participations. Each Lender may, without the consent of the Borrower, the Issuing Lenders, the Swingline Lender or any Agent, sell participations to one or more Persons in all
or a portion of its rights, obligations or rights and obligations under this Agreement (including all or a portion of its Commitment or the Loans owing to it and any Notice and participation in Letters of Credit and Swingline Loans held by it);
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the participant shall be
entitled to the benefit of the right of setoff contained in Section 10.08 and the yield protection provisions contained in Sections 3.01, 3.04 and 3.05 and to the same extent that the Lender from which such participant
acquired its participation would be entitled to the benefits of such yield protections; provided that the Borrower shall not be required to reimburse any participant pursuant to Sections 3.01, 3.04 or 3.05 in an amount
which exceeds the amount that would have been payable thereunder to such Lender had such Lender not sold such participation and (iv) the Borrower, the Agents, the Issuing Lenders, 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 Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrower relating to the Obligations owing to such
Lender and to approve any amendment, modification or waiver of any provision of this Agreement (other than amendments, modifications or waivers decreasing the amount of principal of or the rate at which interest is payable on such Loans or Notes,
extending any scheduled principal payment date or date fixed for the payment of interest on such Loans or Notes or extending its Commitment). 
  
 (f)        Other Assignments. Any Lender may at any time (i) assign all or
any portion of its rights under this Agreement and any Notes to a Federal Reserve Bank, (ii) pledge or assign a security interest in all or any portion of its interest and rights under this Agreement (including all or any portion of its Notes, if
any) to secure obligations of such Lender and (iii) grant to an SPC referred to in subsection (h) below identified as such in writing from time to time by such Lender to the Administrative Agent the Borrower the option to provide to the
Borrower all or any part of any Loans that such Lender would otherwise be obligated to make to the Borrower pursuant to the Agreement; provided that no such assignment, option, pledge or security interest shall release a Lender from any of
its obligations hereunder or substitute any such Federal Reserve Bank or other person to which such option, pledge or assignment has been made for such Lender as a party hereto. 
  

 (g)        Information. Any Lender
may furnish any information concerning the Borrower or any of its Subsidiaries in the possession of such Lender from time to time to assignees and participants (including prospective assignees and participants), subject, however, to the provisions
of Section 10.07. 
  
 (h)        Other Funding Vehicles. Notwithstanding anything to the contrary contained herein, any Lender, (a “Granting Lender”) may grant to a special purpose funding
vehicle (an “SPC”) the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by
any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, (iii) no SPC shall have any
voting rights pursuant to Section 10.01 and (iv) with respect to notices, payments and other matters hereunder, the Borrower, the Administrative Agent and the Lenders shall not be obligated to deal with an SPC, but may limit their
communications and other dealings relevant to such SPC to the applicable Granting Lender. The funding of a Loan by an SPC hereunder shall utilize the Revolving Commitment of the Granting Lender to the same extent that, and as if, such Loan were
funded by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender
provides such indemnity or makes such payment. Notwithstanding anything to the contrary contained in this Agreement, any SPC may disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency,
commercial paper dealer or provider of any surety or guarantee to such SPC. This subsection (h) may not be amended without the prior written consent of each Granting Lender, all or any part of whose Loan is being funded by an SPC at the time
of such amendment. 
  
 Section 10.07
Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates’
directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential); (ii) to the extent requested by any regulatory authority; (iii) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; (iv) to any other party to this Agreement;
(v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder; (vi) subject to an agreement containing provisions substantially the same as those of
this Section 10.07, to (A) any Eligible Assignee of or participant in, or any prospective Eligible Assignee of or participant in, any of its rights or obligations under this Agreement or (B) 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; (vii) with the consent of the Borrower; (viii)
to the extent such information (A) becomes publicly available other than as a result of a breach of this Section 10.07 or (B) becomes available to an Agent or any Lender on a nonconfidential basis from a source other than the Borrower; or
(ix) to the National Association of Insurance Commissioners or any other similar organization or any nationally recognized rating agency that requires access to information about a Lender’s or its Affiliates’ investment portfolio in
connection with ratings issued with respect to such Lender or its Affiliates. For the purposes of this Section 10.07, “Information” means all information received from the Borrower relating to the Borrower or its business,
other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that in the case of information received from the Borrower after the date
hereof, such information is clearly identified in writing at the time of delivery as confidential. 
  
 Section 10.08 Set-off. In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of any such rights, upon the
occurrence and during the continuance of an Event of Default, each Lender (and each of its Affiliates) is authorized at any time and from time to time, without presentment, demand, protest or other notice of any kind (all of such rights being hereby
expressly waived), to set-off and to appropriate and apply any and all deposits (general or specific) and any other indebtedness at any time held or owing by such Lender (including, without limitation, branches, agencies or Affiliates of such Lender
wherever located) to or for the credit or the account of the Borrower against obligations and liabilities of the Borrower to the Lenders hereunder, under the Notes, under the other Loan Documents or otherwise, irrespective of whether the
Administrative Agent or the Lenders shall have made any demand hereunder and although such obligations, liabilities or claims, or any of them, may be contingent or unmatured, and any such set-off shall be 

  

 
deemed to have been made immediately upon the occurrence of an Event of Default even though such charge is made or entered on the books of such Lender
subsequent thereto. The Borrower hereby agrees that to the extent permitted by Law any Person purchasing a participation in the Loans, Commitments and LC Obligations hereunder pursuant to Section 2.01(b), 2.06(a) or (e),
2.14 or 10.06(e) may exercise all rights of set-off with respect to its participation interest as fully as if such Person were a Lender hereunder and any such set-off shall reduce the amount owed by the Borrower to the Lender (but
without duplication). 
  
 Section 10.09
Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest
permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if
it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by
applicable Law, (i) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread in equal or unequal
parts the total amount of interest throughout the contemplated term of the Obligations. 
  
 Section 10.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of
which shall constitute one and the same instrument. It shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Delivery of an executed counterpart by facsimile shall be effective as an
original executed counterpart and shall be deemed a representation that the original executed counterpart will be delivered. 
  
 Section 10.11 Integration. This Agreement, together with the other Loan Documents, comprises the complete and
integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement and those of any other
Loan Document, the provisions of this Agreement shall control; provided that the inclusion of supplemental rights or remedies in favor of the Administrative Agent or the Lenders in any other Loan Document shall not be deemed a conflict with
this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, put rather in accordance with the fair meaning thereof. 
  
 Section 10.12 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 the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that
the Administrative 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 shall remain
unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 
  
 Section 10.13 Severability. Any provision of this Agreement and the other Loan Documents to which the Borrower is a party that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions thereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
  
 Section 10.14 Headings. The headings and captions of the sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning or construction of any
provision of this Agreement. 
  
 Section 10.15
Governing Law; Submission to Jurisdiction. 
  
 (a)        THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND OTHER THAN AS EXPRESSLY SET FORTH IN SUCH OTHER LOAN 

  

 
DOCUMENTS) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH
LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF CREDIT, OR IF NO SUCH LAWS OR RULES ARE DESIGNATED, THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 500 AND, AS TO MATTERS NOT GOVERNED BY SUCH UNIFORM CUSTOMS, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. Any legal action or proceeding with respect to this Agreement or any other Loan Document may be brought in the courts
of the State of New York in New York County, or of the United States for the Southern District of New York or the Western District of North Carolina, and, by execution and delivery of this Agreement, the Borrower hereby irrevocably accepts for
itself and in respect of its property, generally and unconditional, the nonexclusive jurisdiction of such courts. The Borrower irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying
of the venue of any such proceeding brought in such court and any claim that any such proceeding brought in any such court has been brought in an inconvenient forum. 
  
 (b)        The Borrower hereby irrevocably appoints C.T. Corporation
System its authorized agent to accept and acknowledge service of any and all process which may be served in any suit, action or proceeding of the nature referred to in this Section 10.15 and consents to process being served in any such suit,
action or proceeding upon C.T. Corporation System (with a copy thereof being mailed by overnight courier to the Borrower’s address referred to in Schedule 10.02) in any manner or by the mailing of a copy thereof by registered or
certified mail, postage prepaid, return receipt requested, to the Borrower’s address referred to in Schedule 10.02. The Borrower agrees that such service (i) shall be deemed in every respect effective service of process upon it in any
such suit, action or proceeding and (ii) shall, to the fullest extent permitted by law, be taken and held to be valid personal service upon and personal delivery to it. Nothing in this Section 10.15 shall affect the right of any Lender to
serve process in any manner permitted by law or limit the right of any Lender to bring proceedings against the Borrower in the courts of any jurisdiction or jurisdictions. 
  
 Section 10.16 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY
EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10.16 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO
TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  
 Section 10.17 Binding Effect. This Agreement shall become effective at such time when it shall have been executed by the Borrower, each Lender and the Administrative Agent, and the conditions set forth in
Section 4.01 have been satisfied by the Borrower or waived by the Lenders, and thereafter this Agreement shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent and each Lender and their respective successors
and assigns. 
  
 Section 10.18
Conflict. To the extent that there is a conflict or inconsistency between any provision hereof, on the one hand, and any provision of any other Loan Document, on the other hand, this Agreement shall control. 
  

 Section 10.19 Certification From Lenders and Participants.
Each Lender and each assignee or participant of a Lender that is not incorporated under the Laws of the United States of America or a state thereof (and is not excepted from the certification requirement contained in Section 313 of the USA Patriot
Act and the applicable regulations because it is both (i) an affiliate of a depository institution or foreign bank that maintains a physical presence in the United States or foreign country, and (ii) subject to supervision by a banking authority
regulating such affiliated depository institution or foreign bank) shall deliver to the Administrative Agent the certification or, if applicable, recertification, certifying that such Person is not a “shell” and certifying to other matters
as required by Section 313 of the USA Patriot Act and the applicable regulations (i) within 10 days after the Amendment Effective Date, and (ii) at such other times as are required under the USA Patriot Act. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their respective authorized officers as of the day and year first above written. 
  

											
	 BORROWER:
	 	 	 	 WORTHINGTON INDUSTRIES, INC.

				
	 	 	 	 	 By:
	 	 /s/ Randal I. Rombeiro

	 	 	 	 	 	 	 	 	 Name:
	 	 Randal I. Rombeiro

	 	 	 	 	 	 	 	 	 Title:
	 	 Treasurer

			
	 	 	 	 	 PNC BANK, NATIONAL ASSOCIATION,
 as Administrative Agent

				
	 	 	 	 	 By:
	 	 /s/ David B. Gookin

	 	 	 	 	 	 	 	 	 Name:
	 	 David B. Gookin

	 	 	 	 	 	 	 	 	 Title:
	 	 Managing Director

			
	 	 	 	 	 PNC BANK, NATIONAL ASSOCIATION,
 as Swingline Lender

				
	 	 	 	 	 By:
	 	 /s/ David B. Gookin

	 	 	 	 	 	 	 	 	 Name:
	 	 David B. Gookin

	 	 	 	 	 	 	 	 	 Title:
	 	 Managing Director

			
	 	 	 	 	 PNC BANK, NATIONAL ASSOCIATION,
 as a Lender

				
	 	 	 	 	 By:
	 	 /s/ David B. Gookin

	 	 	 	 	 	 	 	 	 Name: David B. Gookin

	 	 	 	 	 	 	 	 	 Title:    Managing Director

  

					
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as a Lender

		
	 By:
	 	 /s/ C. Jeffrey Searon

	 	 	 Name: 
	 	 C. Jeffrey Searon

	 	 	 Title:
	 	 M.D.

  

			
	 THE BANK OF NOVA SCOTIA,
 as a Lender

		
	 By:
	 	 /s/ Nadine Bell

	 Name:
	 	     Nadine Bell

	 Title:
	 	     Senior Manager

  

			
	 THE BANK OF NOVA SCOTIA,
 as Syndication Agent

		
	 By:
	 	 /s/ Nadine Bell

	 Name:
	 	 Nadine Bell

	 Title:
	 	 Senior Manager

  

							
	 CREDIT SUISSE FIRST BOSTON CAYMAN ISLANDS BRANCH,
 as a Lender

			
	 By:
	 	 /s/ Bill O’Daly
	 	 /s/ Cassandra Droogan

	 	 	 Name: 
	 	 Bill O’Daly
	 	   Cassandra Droogan

	 	 	 Title:
	 	 Director
	 	     Associate

  

					
	 FIFTH THIRD BANK (CENTRAL OHIO),
 as a Lender

		
	 By:
	 	 /s/ Christopher D. Jones

	 	 	 Name: 
	 	 Christopher D. Jones

	 	 	 Title:
	 	 Vice President

  

					
	 U.S. BANK NATIONAL ASSOCIATIONS, as
 a Lender

		
	 By:
	 	 /s/ R. H. Friend

	 	 	 Name: 
	 	 R. H. Friend

	 	 	 Title:
	 	 Vice President

  

					
	 CIBC, INC., as a Lender

		
	 By:
	 	 /s/ Gerald Girardi

	 	 	 Name: 
	 	 Gerald Girardi

	 	 	 Title:
	 	 Executive Director

	 	 	 CIBC World Markets Corp., as Agent

	
	 COMERICA BANK, as a Lender

		
	 By:
	 	 /s/ Ryan Oliver

	 	 	 Name:
	 	 Ryan Oliver

	 	 	 Title:
	 	 Assistant Vice President

	
	 CITIZENS BANK OF PENNSYLVANIA, as a
 Lender

		
	 By:
	 	 /s/ Dwayne R. Finney

	 	 	 Name:
	 	 Dwayne R. Finney

	 	 	 Title:
	 	 Vice President

	
	 THE NORTHERN TRUST COMPANY, as a
 Lender

		
	 By:
	 	 /s/ Laurie Kieta

	 	 	 Name:
	 	 Laurie Kieta

	 	 	 Title:
	 	 Vice President

	
	 THE HUNTINGTON NATIONAL BANK,
 as a Lender

		
	 By:
	 	 /s/ Rick J. Zarnoch

	 	 	 Name:
	 	 Rick J. Zarnoch

	 	 	 Title:
	 	 Vice President

	
	 JPMORGAN CHASE BANK,
 as a Lender

		
	 By:
	 	 /s/ James H. Ramage

	 	 	 Name:
	 	 James H. Ramage

	 	 	 Title:
	 	 Managing Director

  

					
	 NATIONAL CITY BANK, as a Lender

		
	 By:
	 	 /s/ Michael Kelley

	 	 	 Name: 
	 	 Michael Kelley

	 	 	 Title:
	 	 Vice President

	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as a Lender

		
	 By:
	 	 /s/ Steven M. Buehler

	 	 	 Name:
	 	 Steven M. Buehler

	 	 	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Scott Miller

	 	 	 Name:
	 	 Scott Miller

	 	 	 Title:
	 	 Vice President

	
	 MELLON BANK, NA, as a Lender

		
	 By:
	 	 /s/ William M. Feathers

	 	 	 Name:
	 	 William M. Feathers

	 	 	 Title:
	 	 Vice President

  
 Exhibits:

  

					
	 Exhibit A-1
	 	-	  	 Form of Notice of Syndicated Loan

	 Exhibit A-2
	 	-	  	 Form of Competitive Bid Request

	 Exhibit A-3
	 	-	  	 Form of Competitive Bid

	 Exhibit A-4
	 	-	  	 Form of Notice of Extension/Conversion

	 Exhibit A-5
	 	-	  	 Form of Swingline Loan Request

	 Exhibit A-6
	 	-	  	 Form of Letter of Credit Request

			
	 Exhibit B-1
	 	-	  	 Form of Revolving Note

	 Exhibit B-2
	 	-	  	 Form of Competitive Bid Note

	 Exhibit B-3
	 	-	  	 Form of Swingline Note

			
	 Exhibit C
	 	-	  	 Form of Assignment and Acceptance

  

 Exhibit A-1 - Form of Notice of Syndicated Loan 
  
 ______________, ____ 
  
 PNC Bank, National Association 
   as Administrative Agent  
 [ADDRESS] 
 Attn:
[                                    ] 
  
 Dear
[                            ]: 
  
 Reference is made to that certain Amended and Restated Revolving Credit Agreement, dated as of July 22, 2004
(as amended, restated, supplemented or otherwise modified, the “Credit Agreement”), among Worthington Industries, Inc., an Ohio corporation (the “Borrower”), the lending institutions party thereto from time to time, PNC Bank,
National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and The Bank of Nova Scotia, as Syndication Agent and Sole Bookrunner. Terms defined in the Credit Agreement and not otherwise defined herein have, as used herein,
the respective meanings provided for therein. This notice constitutes a Notice of Syndicated Borrowing pursuant to Section 2.02(a) of the Credit Agreement. 
  

	 	 •
	 	 The date of the Borrowing will be
                            ,
            .1 

  

	 	 •
	 	 The aggregate principal amount of the Borrowing will be $             .2 

  

	 	 •
	 	 The Borrowing will consist of [Base Rate] [Eurodollar] Loans. 

  

	 	 •
	 	 The initial Interest Period for the Loans comprising such Borrowing will be
                    .3 

  
 The
Syndicated Borrowing requested herein complies with the proviso to the first sentence of Section 2.01 of the Credit Agreement. 
  

			
	 WORTHINGTON INDUSTRIES, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

 1              Must be a Business Day. 
 2              Must be an aggregate principal amount of $5,000,000 or any larger multiple of $1,000,000. 
 3              Applicable only in the case of a Eurodollar Borrowing. Insert “one month”, “two months”, “three months” or “six
months” (subject to the provisions of the definition of Interest Period and to Section 2.07(a) of the Credit Agreement). 
  

 Exhibit A-2 - Form of Competitive Bid Request 
  
 ______________, ___ 
  
 PNC Bank, National Association 
   as Administrative Agent 
 [ADDRESS] 
 Attn:
[                                    ] 
  
 Dear
[                            ]: 
  
 Reference is made to that certain Amended and Restated Revolving Credit Agreement, dated as of July 22, 2004
(as amended, restated, supplemented or otherwise modified, the “Credit Agreement”), among Worthington Industries, Inc., an Ohio corporation (the “Borrower”), the lending institutions party thereto from time to time, PNC Bank,
National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and The Bank of Nova Scotia, as Syndication Agent and Sole Bookrunner. Terms defined in the Credit Agreement and not otherwise defined herein have, as used herein,
the respective meanings provided for therein. This notice shall constitute a Competitive Bid Request under Section 2.03(b) of the Credit Agreement. 
  
 We hereby give notice that we request Competitive Bids for the following proposed Competitive Bid Borrowing(s): 
  
 Date of Borrowing:
                    ,         4 
  
 Aggregate principal amount (with any sublimits set forth below):                     5 
  

							
	Competitive Bid
Loan No.

	  	Interest Period
Requested:6

	  	Maximum
Principal
Amount

	  	Type of Bid

	1	  	_____ months	  	$_____________	  	____________
				
	2	  	_____ months	  	$_____________	  	____________
				
	3	  	_____ months	  	$_____________	  	____________

  

 4                  Must be a Business Day. 
 5                  Must be an aggregate amount of $5,000,000 or a larger multiple of $1,000,000. 
 6                  Insert “one month”, “two months”, “three months” or “six months” in the case of
Competitive Bid LIBOR Loans and Competitive Bid Absolute Rate Loans, in each case subject to the provisions of the definition of Interest Period. 
  

 The Borrower authorizes the Administrative Agent to deliver this Competitive Bid Request
to the Lenders. Response by the Lenders must be in substantially the form of Exhibit A-3 to the Credit Agreement and must be received by the Administrative Agent by the time specified in Section 2.03(d) of the Credit Agreement for
submitting Competitive Bids. 
  

			
	 WORTHINGTON INDUSTRIES, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 Exhibit A-3 - Form of Competitive Bid 
  
                                       
  ,          
  

	 To:
	         PNC Bank, National Association, as Administrative Agent 

  

	 Re:
	         Competitive Bid to Worthington Industries, Inc. 

  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Amended and Restated
Revolving Credit Agreement, dated as of July 22, 2004 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”), among Worthington Industries, Inc., an Ohio corporation (the “Borrower”), the lending
institutions party thereto from time to time, PNC Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and The Bank of Nova Scotia, as Syndication Agent and Sole Bookrunner. Terms defined in the Credit Agreement
and not otherwise defined herein have, as used herein, the respective meanings provided for therein. 
  
 In response to the Competitive Bid Request dated                     ,
    , the undersigned offers the following Competitive Bid: 
  
 1.         Date of
Borrowing:                            7 
  
 ·    In an aggregate principal amount (with any sublimits set forth below) not exceeding
$                            .8 
  

 7                       As specified in the related Competitive Bid Request. 
 8                      Principal amount bid for each Interest Period may not exceed the principal amount requested for such
Interest Period as specified in the related Competitive Bid Request. Specify aggregate limitation if the sum of the individual offers exceeds the amount the Lender is willing to lend. Bids may be greater than or less than the Commitment of the
Lender, but must be made for a principal amount of $5,000,000 or a larger multiple of $1,000,000. 
  

	 	 •
	 	 Comprised of: 

  

											
	 Bid
 Loan No.

	    	 Principal
 Amount
 (Maximum)3

	    	Interest Period4

	    	Absolute
Rate5

	 	 	 
	1	    	$	_________	    	_______months	    	____	%	 	 
	2	    	$	_________	    	_______months	    	____	%	 	 
	3	    	$	_________	    	_______months	    	____	%	 	 

  
 We
understand and agree that the offer(s) set forth above, subject to the satisfaction of the applicable conditions set forth in the Credit Agreement irrevocably obligates us to make the Competitive Bid Loan(s) for which any offer(s) is accepted, in
whole or in part. 
  

			
	 Very truly yours,

	
	 WORTHINGTON INDUSTRIES, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 3               Principal amount bid for each Interest Period may not exceed the principal amount requested for such Interest Period as specified in the related
Competitive Bid Request. Specify aggregate limitation if the sum of the individual offers exceeds the amount the Lender is willing to lend. Bids may be greater than or less than the Revolving Commitment of the Lender, but must be made for a
principal amount of $5,000,000 or a larger multiple of $1,000,000. 
  
 4               Insert “one
month”, “two months”, “three months” or “six months” in the case of Competitive Bid LIBOR Loans and Competitive Bid Absolute Rate Loans, in each case as specified in the related Competitive Bid Request. No more
than three bids are permitted for each Interest Period. 
  
 5               Specify rate of
interest per annum (to the nearest 1/100th of 1%). 
  

 THIS SECTION IS TO BE COMPLETED BY THE BORROWER IF IT 
 WISHES TO ACCEPT ANY OFFERS CONTAINED IN THIS COMPETITIVE BID 
  
 The offers made above are hereby accepted in the amounts set forth below: 
  

			
	 Bid Loan No.

	  	 Principal Amount Accepted

	 	  	 $

	 	  	 $

	 	  	 $

  

			
	 WORTHINGTON INDUSTRIES, INC.

			
		
	 By:
	 	 

			
		
	 Name:
	 	 

			
		
	 Title:
	 	 

			
		
	 Date:
	 	 

  

 Exhibit A-4 - Form of Notice of Extension/Conversion 
  
                                       
  ,          
  
 PNC Bank, National Association 
 as Administrative Agent 
 [ADDRESS] 
 Attn:
[                            ]  
  
 Dear
[                    ]: 
  
 This notice shall constitute a “Notice of Conversion/Continuation” pursuant to Section 2.08(a) of the Amended and Restated
Revolving Credit Agreement, dated as of July 22, 2004 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”), among Worthington Industries, Inc., an Ohio corporation (the “Borrower”), the lending
institutions party thereto from time to time, PNC Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and The Bank of Nova Scotia, as Syndication Agent and Sole Bookrunner. Terms defined in the Credit Agreement
and not otherwise defined herein have, as used herein, the respective meanings provided for therein. 
  
 2.         The Group of Loans (or portion thereof) to which this notice applies is [all or a portion of all Base Rate Loans currently outstanding]
[all or a portion of all Eurodollar Loans currently outstanding having an Interest Period of [_____ months] and ending on the Election Date specified below]. 
  
 ·     The date on which the conversion/continuation selected hereby is to be effective
is                            ,          (the
“Election Date”).9 
  
 ·     The principal amount of the Group of Loans (or portion thereof) to which this notice applies is
$                            ,          .10 
  
 ·     The Group of Loans (or portion thereof) which are to be converted will bear interest based upon the [Base Rate] [Applicable Interbank Offered Rate]. The Group of Loans (or portion thereof) which are to
be continued will bear interest based upon the [Base Rate] [Applicable Interbank Offered Rate]. 
  
 ·     The Interest Period for such Loans will
be                                    .11 

 9                       Must be a Business Day. 
 10                     May apply to a portion of the aggregate principal amount of the relevant Group of Loans; provided that
(i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such notice applies, and the remaining portion to which it does not apply, are each $5,000,000 or any larger multiple of $1,000,000.

 11                     Applicable only in the case of a conversion to, or a continuation of Eurodollar Loans. For Eurodollar Loans,
insert “one month”, “two months”, “three months” or “six months” (subject to the provisions of the definition of Interest Period). 
  

			
	 WORTHINGTON INDUSTRIES, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 Exhibit A-5 = Form of Swingline Loan Request 
  
                                       
  ,          
  
 PNC Bank, National Association 
 as Swingline Lender  
 [ADDRESS] 
 Attn:
[                        ] 
  
 Dear [                    ]: 
  
 Reference is made to that certain Amended and Restated Revolving Credit
Agreement, dated as of July 22, 2004 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”), among Worthington Industries, Inc., an Ohio corporation (the “Borrower”), the lending institutions party
thereto from time to time, PNC Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and The Bank of Nova Scotia, as Syndication Agent and Sole Bookrunner. Terms defined in the Credit Agreement and not otherwise
defined herein have, as used herein, the respective meanings provided for therein. 
  
 The undersigned hereby requests a Swingline Loan: 
  
 1.         On
                             (a Business Day). 
  
 2.         In the
amount of $                            . 
  
 The Swingline Loan requested herein complies with the requirements of the proviso to the first sentence of Section
2.01(b)(i) of the Credit Agreement. 
  

			
	 WORTHINGTON INDUSTRIES, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 Exhibit A-6 - Form of Letter of Credit Request 
  
                                       
  ,          
  
 PNC Bank, National Association 
 as Issuing Lender 
 [ADDRESS] 
 Attn:
[                            ]  
  
 Ladies and Gentlemen: 
  
 This notice shall constitute a “Letter of Credit Request” pursuant to Section 2.06(b) of the Amended and Restated Revolving
Credit Agreement, dated as of July 22, 2004 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”), among Worthington Industries, Inc., an Ohio corporation (the “Borrower”), the lending institutions
party thereto from time to time, PNC Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and The Bank of Nova Scotia, as Syndication Agent and Sole Bookrunner. Terms defined in the Credit Agreement and not
otherwise defined herein have, as used herein, the respective meanings provided for therein. 
  
 The undersigned hereby requests that the Issuing Lender issue a [Standby] [Trade] Letter of Credit on
                                        ,
         12 in the aggregate amount of
$                . 
  
 The beneficiary of the requested [Standby] [Trade] Letter of Credit will be
                    13, and such [Standby] [Trade] Letter of Credit will be in support of
                             14 and will have a stated termination date of
                    15. 
  
 Copies of all documentation
with respect to the supported transaction are attached hereto. 
  

			
	 WORTHINGTON INDUSTRIES, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 12                 Must be a Business Day. 
 13                 Insert
name and address of beneficiary. 
 14                 Insert a description of the obligations, the name of each agreement and/or a description of the
commercial transaction to which this Letter of Credit Request relates. 
 15                 Insert the last date upon which drafts may be presented (which
may not be later than one year after the date of issuance specified above or beyond the fifth Business Day prior to the Maturity Date). 
  

 Exhibit B-1 - Form of Revolving Note 
  

			
	 Principal Sum: $[            ]
	 	Pittsburgh, Pennsylvania
	 	 	July 22, 2004

  
 For
value received, WORTHINGTON INDUSTRIES, INC., an Ohio corporation (the “Borrower”), hereby promises to pay to the order of
[                             ] (the “Lender”) for the account of its Applicable
Lending Office, at the office of PNC Bank, National Association (the “Administrative Agent”) as set forth in that certain Amended and Restated Revolving Credit Agreement, dated as of July 22, 2004 (as amended, restated, supplemented or
otherwise modified, the “Credit Agreement”), among the Borrower, the lending institutions party thereto from time to time, PNC Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and The Bank of Nova
Scotia, as Syndication Agent and Sole Bookrunner, the Principal Sum set forth above (or such lesser amount as shall equal the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower under the Credit Agreement), 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 Revolving Loan, at such office, in like money and funds, for the period
commencing on the date of such Revolving Loan until such Revolving Loan shall be paid in full, at the rates per annum and on the dates provided in the Credit Agreement. If any amount is not paid in full when due hereunder, such unpaid amount shall
bear interest, payable on demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the rates per annum set forth in the Credit Agreement. 
  
 This Note is one of the Revolving Notes referred to in the
Credit Agreement and evidences Revolving Loans made by the Lender thereunder. Capitalized terms used in this Revolving Note and not otherwise defined shall have the respective meanings assigned to them in the Credit Agreement and the terms and
conditions of the Credit Agreement are expressly incorporated herein and made a part hereof. 
  
 The Credit Agreement provides for the acceleration of the maturity of the Revolving Loans evidenced by this Revolving Note upon the occurrence of certain events (and for payment of collection
costs in connection therewith) and for prepayments of Revolving Loans upon the terms and conditions specified therein. In the event this Revolving Note is not paid when due at any stated or accelerated maturity, the Borrower agrees to pay, in
addition to the principal and interest, all costs of collection, including reasonable attorney fees. 
  
 The date, amount, Type, interest rate and duration of Interest Period (if applicable) of each Revolving 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, if the Lender so elects in connection with any transfer or enforcement hereof, appropriate notations to evidence the foregoing information with respect to each Revolving Loan then
outstanding shall be endorsed by the Lender on the schedule attached to and made a part hereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a
payment when due of any amount owing under the Credit Agreement or under this Revolving Note in respect of the Revolving Loans to be evidenced by this Revolving Note, and each such recordation or endorsement shall be prima facie evidence of such
information. 
  
 The Borrower, for itself, its
successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note. 
  
 This Revolving Note and the Revolving Loans evidenced hereby may be transferred in whole or in part only by registration of such transfer
on the Register maintained for such purpose by or on behalf of the Borrower as provided in Section 10.06(d) of the Credit Agreement. 
  

 THIS REVOLVING NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. 
  
 IN WITNESS WHEREOF, the
Borrower has caused this Revolving Note to be executed as of the date first above written. 
  

			
	 WORTHINGTON INDUSTRIES, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
 REVOLVING LOANS
AND PAYMENTS WITH RESPECT THERETO 
  

													
	Date	 	Type of
Loan Made	 	Amount of
Loan Made	 	 End
of
 Interest
 Period
	 	Amount of
Principal or
Interest Paid
This
Date	 	Outstanding
Principal
Balance This
Date	 	Notation
Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

  

 Exhibit B-2 – Form of Competitive Bid Note 
  
 Pittsburgh, Pennsylvania 
                                       
  ,          
  
 FOR VALUE RECEIVED, the undersigned WORTHINGTON INDUSTRIES, INC., an Ohio corporation (the “Borrower”), hereby promises to pay to the order of
                             (the “Lender”), on the last day of the Interest Period
therefor, the principal amount of each Competitive Bid Loan from time to time made by the Lender to the Borrower under that certain Amended and Restated Revolving Credit Agreement, dated as of July 22, 2004 (as amended, restated, supplemented or
otherwise modified, the “Credit Agreement”; the terms defined therein being used herein as therein defined), among the Borrower, the lending institutions party thereto from time to time, PNC Bank, National Association, as Administrative
Agent, Issuing Lender and Swingline Lender, and The Bank of Nova Scotia, as Syndication Agent and Sole Bookrunner. 
  
 The Borrower promises to pay interest on the unpaid principal amount of each Competitive Bid Loan from the date of such Competitive Bid
Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in the
applicable currency in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the
date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Credit Agreement. 
  
 This Note is one of the Competitive Bid Notes referred to in the Credit Agreement, is entitled to the benefits thereof and may be prepaid
in whole or in part subject to the terms and conditions provided therein. Upon the occurrence of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be,
immediately due and payable all as provided in the Credit Agreement. Competitive Bid Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also
attach schedules to this Note and endorse thereon the date, amount and maturity of its Competitive Bid Loans and payments with respect thereto. 
  
 The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest,
demand, dishonor and non-payment of this Note. 
  
 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

			
	 WORTHINGTON INDUSTRIES, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 COMPETITIVE BID LOANS AND PAYMENTS WITH RESPECT THERETO 
  

													
	Date	 	 Type
of
 Loan Made
	 	 Amount of
 Loan Made
	 	 End
of
 Interest
 Period
	 	 Amount of
 Principal or
 Interest Paid
 This Date
	 	 Outstanding
 Principal
 Balance This
 Date
	 	 Notation
 Made By

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

  

 Exhibit B-3 – Form of Swingline Note 
  
 Pittsburgh, Pennsylvania 
 July 22, 2004 
  
 FOR VALUE RECEIVED, the undersigned WORTHINGTON INDUSTRIES, INC., an Ohio corporation (the “Borrower”), hereby promises
to the order of PNC Bank, National Association (the “Swingline Lender”), on the date when due in accordance with the Credit Agreement referred to below, the aggregate principal amount of each Swingline Loan from time to time made by
the Swingline Lender to the Borrower under that certain Amended and Restated Revolving Credit Agreement, dated as July 22, 2004 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein
being used herein as therein defined), among the Borrower, the lending institutions party thereto from time to time, PNC Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and The Bank of Nova Scotia, as
Syndication Agent and Sole Bookrunner. 
  
 The
Borrower promises to pay interest on the unpaid principal amount of each Swingline Loan from the date of such Swingline Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement.

  
 All payments of principal and interest shall
be made to the Swingline Lender in the applicable currency in immediately available funds at its Lending Office. 
  
 If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date
thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Credit Agreement. 
  
 This Note is the Swingline Note referred to in the Credit Agreement, is entitled to the benefits thereof and is subject to optional
prepayment in whole or in part as provided therein. Upon the occurrence of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and
payable all as provided in the Agreement. Swingline Loans made by the Swingline Lender shall be evidenced by one or more loan accounts or records maintained by Swingline Lender in the ordinary course of business. The Swingline Lender may also attach
schedules to this Note and endorse thereon the date, amount and maturity of the Swingline Loans and payments with respect thereto. 
  
 The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest,
demand, dishonor and non-payment of this Note. 
  
 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

			
	 WORTHINGTON INDUSTRIES, INC.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 SWINGLINE LOANS AND PAYMENTS OF PRINCIPAL 
  

							
	 Date
	 	Amount of Loan	 	Amount of Principal Repaid	 	Notation Made By
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  

 Exhibit C - Form of Assignment and Acceptance 
  
 Reference is made to the Amended and Restated Revolving Credit Agreement,
dated as of July 22, 2004 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”), among Worthington Industries, Inc., an Ohio corporation (the “Borrower”), the lending institutions party thereto from
time to time, PNC Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and The Bank of Nova Scotia, as Syndication Agent and Sole Bookrunner. Capitalized terms used but not defined herein shall have the
respective meanings ascribed thereto in the Credit Agreement. 
  
 The “Assignor” and the “Assignee” referred to on Schedule 1 hereto agree as follows: 
  
 3.        The Assignor hereby sells and assigns, without recourse, to the Assignee, and the
Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of the effective date of the assignment as designated in paragraph 4 below (the “Effective Date”), the interests set forth on Schedule 1 hereto
(collectively, the “Assigned Interest”) in the Assignor’s rights and obligations under the Credit Agreement, including, without limitation, (i) the interest set forth on Schedule 1 hereto in the Revolving Commitment Percentage
of the Assignor on the Effective Date, (ii) the Loans owing to the Assignor in connection with the Assigned Interest which are outstanding on the Effective Date and (iii) the Assignor’s participation interests in all Letters of Credit (and the
rights and obligations appurtenant thereto under the LOC Documents) and all Swingline Loans, in each case as of the Effective Date. The purchase of the Assigned Interest shall be at par and periodic payments made with respect to the Assigned
Interest which (i) accrued prior to the Effective Date shall be remitted to the Assignor and (ii) accrue from and after the Effective Date shall be remitted to the Assignee. From and after the Effective Date, the Assignee, if it is not already a
Lender under the Credit Agreement, shall become a “Lender” for all purposes of the Credit Agreement and the other Loan Documents and, to the extent of such assignment, the assigning Lender shall be relieved of its obligations under the
Credit Agreement. 
  
 ·    The Assignor: (i) represents and warrants that it is the legal and beneficial owner of the Assigned Interest
being assigned by it hereunder and that such Assigned Interest is free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in
connection with the Loan Documents or for the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any other instrument or document furnished pursuant thereto; (iii) makes no representation or
warranty and assumes no responsibility with respect to the financial condition of the Borrowers or the performance or observance by the Borrowers of any of their respective obligations under the Loan Documents or any other instrument or document
furnished pursuant thereto; (iv) represents and warrants that under applicable Laws no tax will be required to be withheld by the Administrative Agent or the Borrowers with respect to any payments to be made to the Assignee hereunder or under any
Loan Document, and unless otherwise indicated in the space opposite the Assignee’s signature below, no tax forms described in Section 3.01(d) of the Credit Agreement are required to be delivered by the Assignee and (v) attaches the
Note[s] held by the Assignor and requests that the Administrative Agent exchange such Note[s] for new Note payable to the order of the Assignee in the amount specified on line (j) of Schedule 1, and to the order of
the Assignor in the amount, if any, specified on line (i) of Schedule 1. 
  
 ·    The Assignee: (i) confirms that it has received a copy of the Credit
Agreement, together with copies of the financial statements referred to in Sections 5.01 and 6.01 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Acceptance; (ii) agrees that it will, independently and without reliance upon 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 Credit Agreement; (iii) confirms that it is an Eligible Assignee; (iv) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and
to exercise such powers and discretion under the Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (v) agrees that it will perform in
accordance with their terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender. 
  

 ·    Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this
Assignment and Acceptance (the “Effective Date”) shall be the date of acceptance hereof by the Administrative Agent, unless otherwise specified on Schedule 1. 
  
 ·    Upon such acceptance and recording by the Administrative Agent, as of the Effective Date (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment
and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement.

  
 ·    Upon such acceptance and recording by the Administrative Agent, from and after the Effective Date, the Administrative Agent shall make all payments
under the Credit Agreement and the Note in respect of the interests assigned hereby (including, without limitation, all payments of principal, interest, Commitment Fees and other fees with respect thereto) to the Assignee. The Assignor and Assignee
shall make all appropriate adjustments in payments under the Credit Agreement and the Note for periods prior to the Effective Date directly between themselves. 
  

·    This Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of New York. This Assignment and Acceptance may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Assignment and
Acceptance by telecopier shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. 
  
 ·    This Assignment and Acceptance shall be effective only upon consent of the Administrative Agent (and, if applicable, the Borrower) and delivery to the Administrative Agent of this Assignment and Acceptance, together
with the transfer fee payable pursuant to Section 10.06(b)(iv) of the Credit Agreement in connection herewith and recordation in the Register pursuant to Section 10.06(d) of the Credit Agreement of the terms hereof. 
  
 ·    Attached hereto as Schedule 2 is all contact, address, account and other administrative information relating to the Assignee. 
  
 [Signature Page to Follow] 
  

 IN WITNESS WHEREOF, the Assignor and the Assignee have caused this Assignment and
Acceptance to be executive by their officers thereunto duly authorized as of the date specified thereon. 
  

									
	 	 	 	 	                             ], as Assignor

				
	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 Title:

				
	 Tax forms required by
	 	 	 	 	 	 [                            ], as Assignee

	 Section 3.01(d) of the
	 	 	 	 	 	 
	 Credit Agreement included
	 	 	 	 	 	 
				
	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 Title:

  

			
	 CONSENTED TO:

	
	 PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 PNC BANK, NATIONAL ASSOCIATION, as Issuing Lender

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 WORTHINGTON INDUSTRIES, INC., as Borrower

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 SCHEDULE 1 
 to 
 ASSIGNMENT AND ACCEPTANCE 
  

					
	(a)	  	 Date of Assignment:
	  	 
			
	(b)	  	 Legal Name of Assignor:
	  	 
			
	(c)	  	 Legal Name of Assignee:
	  	 
			
	(d)	  	 Effective Date of Assignment:16
	  	 
			
	(e)	  	 Revolving Commitment Percentage Assigned (expressed as a percentage set forth to at least 8 decimals)
	  	__________%
			
	(f)	  	 Revolving Commitment Percentage of Assignee after giving effect to this Assignment and Acceptance as of the Effective Date (set forth to at least 8
decimals)
	  	__________%
			
	(g)	  	 Revolving Commitment Percentage of Assignor after giving effect to this Assignment and Acceptance as of the Effective Date (set forth to at least 8
decimals)
	  	__________%
			
	(h)	  	 Revolving Commitment Amount as of Effective Date
	  	$_______________
			
	(i)	  	 Principal Amount of Assignor’s Revolving Commitment Percentage as of the Effective Date (the amount set forth in (h) multiplied by the percentage set forth in
(g))
	  	$_______________
			
	(j)	  	 Principal Amount of Assignee’s Revolving Commitment Percentage as of the Effective Date (the amount set forth in (h) multiplied by the percentage set forth in
(f))
	  	$_______________

  

 16 This date should be no earlier than five Business Days
after the delivery of this Assignment and Acceptance to the Administrative Agent. 
  

 SCHEDULE 2 
 to 
 ASSIGNMENT AND ACCEPTANCE 
  
 ADMINISTRATIVE DETAILS 
  

(Assignee to list names of credit contacts, addresses, phone and facsimile numbers, electronic mail addresses and account and payment
information)

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