Document:

Credit Facility

 Exhibit 10.1 
 EXECUTION VERSION 
  

 

 

 

 CREDIT AGREEMENT 
 dated as of 
 June 17, 2011 

among 
 ENDO
PHARMACEUTICALS HOLDINGS INC. 
 The Lenders Party Hereto 

MORGAN STANLEY SENIOR FUNDING, INC. 
 as Administrative Agent 
 and 

BANK OF AMERICA, N.A. 
 as Syndication Agent 
 and 

CITIBANK, N.A., DEUTSCHE BANK SECURITIES INC. and DNB NOR BANK ASA, NEW YORK 

BRANCH 
 as
Co-Documentation Agents 
  
  

MORGAN STANLEY SENIOR FUNDING, INC. 
 and 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

as Joint Bookrunners and Joint Lead Arrangers 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	ARTICLE I	  	Definitions	  	 	1	  
			
	SECTION 1.01.	  	Defined Terms	  	 	1	  
	SECTION 1.02.	  	Classification of Loans and Borrowings	  	 	39	  
	SECTION 1.03.	  	Terms Generally	  	 	39	  
	SECTION 1.04.	  	Accounting Terms; GAAP; Pro Forma Calculations	  	 	40	  
	SECTION 1.05.	  	Status of Obligations	  	 	41	  
			
	ARTICLE II	  	The Credits	  	 	41	  
			
	SECTION 2.01.	  	Commitments	  	 	41	  
	SECTION 2.02.	  	Loans and Borrowings	  	 	41	  
	SECTION 2.03.	  	Requests for Borrowings	  	 	42	  
	SECTION 2.04.	  	Determination of Dollar Amounts	  	 	43	  
	SECTION 2.05.	  	Swingline Loans	  	 	43	  
	SECTION 2.06.	  	Letters of Credit	  	 	45	  
	SECTION 2.07.	  	Funding of Borrowings	  	 	50	  
	SECTION 2.08.	  	Interest Elections	  	 	51	  
	SECTION 2.09.	  	Termination and Reduction of Commitments	  	 	52	  
	SECTION 2.10.	  	Repayment of Loans; Evidence of Debt	  	 	52	  
	SECTION 2.11.	  	Prepayment of Loans	  	 	55	  
	SECTION 2.12.	  	Fees	  	 	56	  
	SECTION 2.13.	  	Interest	  	 	58	  
	SECTION 2.14.	  	Alternate Rate of Interest	  	 	58	  
	SECTION 2.15.	  	Increased Costs	  	 	59	  
	SECTION 2.16.	  	Break Funding Payments	  	 	60	  
	SECTION 2.17.	  	Taxes	  	 	60	  
	SECTION 2.18.	  	Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs	  	 	62	  
	SECTION 2.19.	  	Mitigation Obligations; Replacement of Lenders	  	 	64	  
	SECTION 2.20.	  	Incremental Credit Extensions	  	 	65	  
	SECTION 2.21.	  	Judgment Currency	  	 	68	  
	SECTION 2.22.	  	Defaulting Lenders	  	 	68	  
	SECTION 2.23.	  	Extensions of Loans and Commitments	  	 	70	  
	SECTION 2.24.	  	Loan Repurchases	  	 	74	  
	SECTION 2.25.	  	Refinancing Amendment	  	 	75	  
	SECTION 2.26.	  	Illegality	  	 	76	  
			
	ARTICLE III	  	Representations and Warranties	  	 	77	  
			
	SECTION 3.01.	  	Organization; Powers; Subsidiaries	  	 	77	  
	SECTION 3.02.	  	Authorization; Enforceability	  	 	77	  
	SECTION 3.03.	  	Governmental Approvals; No Conflicts	  	 	78	  

 Table of Contents 

(continued) 
  

							
	 	  	 	  	Page	 
			
	SECTION 3.04.	  	Financial Condition; No Material Adverse Change	  	 	78	  
	SECTION 3.05.	  	Properties	  	 	78	  
	SECTION 3.06.	  	Litigation, Environmental and Labor Matters	  	 	78	  
	SECTION 3.07.	  	Compliance with Laws and Agreements	  	 	79	  
	SECTION 3.08.	  	Investment Company Status	  	 	79	  
	SECTION 3.09.	  	Taxes	  	 	79	  
	SECTION 3.10.	  	ERISA	  	 	79	  
	SECTION 3.11.	  	Disclosure	  	 	79	  
	SECTION 3.12.	  	Federal Reserve Regulations	  	 	80	  
	SECTION 3.13.	  	Liens	  	 	80	  
	SECTION 3.14.	  	No Default	  	 	80	  
	SECTION 3.15.	  	No Burdensome Restrictions	  	 	80	  
	SECTION 3.16.	  	Security Interest in Collateral	  	 	80	  
	SECTION 3.17.	  	Solvency	  	 	80	  
			
	ARTICLE IV	  	Conditions	  	 	81	  
			
	SECTION 4.01.	  	Effective Date	  	 	81	  
	SECTION 4.02.	  	Each Credit Event	  	 	83	  
			
	ARTICLE V	  	Affirmative Covenants	  	 	84	  
			
	SECTION 5.01.	  	Financial Statements and Other Information	  	 	84	  
	SECTION 5.02.	  	Notices of Material Events	  	 	86	  
	SECTION 5.03.	  	Existence; Conduct of Business	  	 	86	  
	SECTION 5.04.	  	Payment of Obligations	  	 	87	  
	SECTION 5.05.	  	Maintenance of Properties; Insurance	  	 	87	  
	SECTION 5.06.	  	Books and Records; Inspection Rights	  	 	87	  
	SECTION 5.07.	  	Compliance with Laws and Material Contractual Obligations	  	 	87	  
	SECTION 5.08.	  	Use of Proceeds	  	 	88	  
	SECTION 5.09.	  	Subsidiary Guarantors; Pledges; Additional Collateral; Further Assurances	  	 	88	  
	SECTION 5.10.	  	Designation of Subsidiaries	  	 	89	  
	SECTION 5.11.	  	Ratings	  	 	90	  
			
	ARTICLE VI	  	Negative Covenants	  	 	90	  
			
	SECTION 6.01.	  	Indebtedness	  	 	90	  
	SECTION 6.02.	  	Liens	  	 	93	  
	SECTION 6.03.	  	Fundamental Changes and Asset Sales	  	 	95	  
	SECTION 6.04.	  	Investments, Loans, Advances, Guarantees and Acquisitions	  	 	97	  
	SECTION 6.05.	  	Swap Agreements	  	 	99	  
	SECTION 6.06.	  	Transactions with Affiliates	  	 	99	  
	SECTION 6.07.	  	Restricted Payments	  	 	100	  
	SECTION 6.08.	  	Restrictive Agreements	  	 	100	  

  
 ii 

 Table of Contents 

(continued) 
  

							
	 	  	 	  	Page	 
			
	SECTION 6.09.	  	Amendments to Subordinated Indebtedness Documents	  	 	101	  
	SECTION 6.10.	  	Sale and Leaseback Transactions	  	 	101	  
	SECTION 6.11.	  	Capital Expenditures	  	 	101	  
	SECTION 6.12.	  	Financial Covenants	  	 	102	  
			
	ARTICLE VII	  	Events of Default	  	 	103	  
			
	ARTICLE VIII	  	The Administrative Agent	  	 	105	  
			
	ARTICLE IX	  	Miscellaneous	  	 	108	  
			
	SECTION 9.01.	  	Notices	  	 	108	  
	SECTION 9.02.	  	Waivers; Amendments	  	 	109	  
	SECTION 9.03.	  	Expenses; Indemnity; Damage Waiver	  	 	111	  
	SECTION 9.04.	  	Successors and Assigns	  	 	113	  
	SECTION 9.05.	  	Survival	  	 	115	  
	SECTION 9.06.	  	Counterparts; Integration; Effectiveness	  	 	116	  
	SECTION 9.07.	  	Severability	  	 	116	  
	SECTION 9.08.	  	Right of Setoff	  	 	116	  
	SECTION 9.09.	  	Governing Law; Jurisdiction; Consent to Service of Process	  	 	116	  
	SECTION 9.10.	  	WAIVER OF JURY TRIAL	  	 	117	  
	SECTION 9.11.	  	Headings	  	 	117	  
	SECTION 9.12.	  	Confidentiality	  	 	117	  
	SECTION 9.13.	  	Release of Liens and Guarantees	  	 	118	  
	SECTION 9.14.	  	USA PATRIOT Act	  	 	118	  
	SECTION 9.15.	  	Appointment for Perfection	  	 	118	  
	SECTION 9.16.	  	No Fiduciary Relationship	  	 	119	  

  
 iii

 Table of Contents 

(continued) 
  

			
	 	  	Page
		
	SCHEDULES:	  	
		
	Schedule 2.01 – Commitments	  	
	Schedule 2.02 – Mandatory Cost	  	
	Schedule 2.06 – Existing Letters of Credit	  	
	Schedule 3.01 – Subsidiaries	  	
	Schedule 3.06 – Material Litigation	  	
	Schedule 3.07 – Compliance with Laws	  	
	Schedule 6.01 – Existing Indebtedness	  	
	Schedule 6.02 – Existing Liens	  	
	Schedule 6.04 – Existing Investments	  	
	Schedule 6.08 – Existing Restrictions	  	
		
	EXHIBITS:	  	
		
	Exhibit A – Form of Assignment and Assumption	  	
	 Exhibit B – List of Closing Documents
 Exhibit C – Auction Procedures
	  	

  
 iv 

 CREDIT AGREEMENT (this “Agreement”) dated as of June 17, 2011 among
ENDO PHARMACEUTICALS HOLDINGS INC., the LENDERS from time to time party hereto, MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent, BANK OF AMERICA, N.A., as Syndication Agent and CITIBANK, N.A., DEUTSCHE BANK SECURITIES INC. and DNB NOR
BANK ASA, NEW YORK BRANCH as Co-Documentation Agents. 
 The parties hereto agree as follows: 

ARTICLE I 

Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to a Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base
Rate. 
 “Acquisition Consideration” shall mean the sum of the cash purchase price for any Permitted
Acquisition payable at or prior to the closing date of such Permitted Acquisition (and which, for the avoidance of doubt, shall not include any purchase price adjustment, royalty, earnout, contingent payment or any other deferred payment of a
similar nature) plus the aggregate principal amount of Indebtedness assumed on such date in connection with such Permitted Acquisition. 
 “Additional Notes” is defined in Section 6.01(w). 

“Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per
annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the sum of (i) (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate plus, without duplication and (ii) in the case of Loans
by a Lender from its office or branch in the United Kingdom, the Mandatory Cost. 
 “Administrative Agent”
means Morgan Stanley Senior Funding, Inc., in its capacity as administrative agent for the Lenders hereunder. 

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

 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Aggregate Available Revolving Commitment” means, at any time, the aggregate Revolving Commitments then in effect minus
the Revolving Credit Exposure of all the Lenders at such time. 
 “Agreed Currencies” means (i) Dollars,
(ii) euro, (iii) Japanese Yen, (iv) Pounds Sterling and (v) any other Foreign Currency agreed to by the Administrative Agent and each of the Multicurrency Tranche Lenders. 

 “Alternate Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a
Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or
substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and
including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 
 “AMS” means American Medical Systems Holdings, Inc., a Delaware corporation. 
 “AMS Acquisition” means the acquisition by the Borrower, directly or indirectly, of all the issued and outstanding Equity Interests of AMS. 

“AMS Acquisition Agreement” means the Agreement and Plan of Merger dated as of April 10, 2011 by and among the
Borrower, NIKA Merger Sub, Inc. and AMS, together with all exhibits, schedules and disclosure letters thereto. 

“Applicable Lender” is defined in Section 2.06(d). 

“Applicable Percentage” means, (a) with respect to any Multicurrency Tranche Lender in respect of a Multicurrency
Tranche Credit Event, its Multicurrency Tranche Percentage, (b) with respect to any Dollar Tranche Lender in respect of a Dollar Tranche Credit Event, its Dollar Tranche Percentage, (c) with respect to any Term A Lender, a percentage equal
to a fraction the numerator of which is such Lender’s Term A Loan Commitment or, after funding the Term A Loans, the outstanding principal amount of such Lender’s Term A Loans and the denominator of which is the aggregate outstanding
amount of the Term A Loans of all Term A Lenders, and (d) with respect to any Term B Lender, a percentage equal to a fraction the numerator of which is such Lender’s Term B Loan Commitment or, after funding the Term B Loans, the
outstanding principal amount of such Lender’s Term B Loans and the denominator of which is the aggregate outstanding amount of the Term B Loans of all Term B Lenders; provided that in the case of Section 2.22 when a Defaulting
Lender shall exist, any such Defaulting Lender’s Term A Loan Commitment or Term B Loan Commitment, or the outstanding balance of such Lender’s Term A Loans or Term B Loans, as the case may be, shall be disregarded in the calculation.

 “Applicable Pledge Percentage” means 100% but only 65% in the case of a pledge by the Borrower or any
Material Domestic Subsidiary of its Equity Interests in (a) a Foreign Subsidiary or (b) a Foreign Holdco. 

“Applicable Rate” means, for any day, (a) with respect to any Eurocurrency Revolving Loan, any Eurocurrency Term A
Loan, any ABR Revolving Loan, any ABR Term A Loan or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurocurrency Spread for Revolving Loans”,
“Eurocurrency Spread for Term A Loans”, “ABR Spread for Revolving Loans”, “ABR Spread for Term A Loans” or “Commitment Fee Rate”, as the case may be, based upon the Leverage Ratio applicable on such date:

  

													
	 	  	 Leverage

Ratio:
	  	 Commitment

Fee Rate
	  	 Eurocurrency
Spread for
Revolving

Loans
	  	 ABR Spread

for

Revolving

Loans
	  	 Eurocurrency
Spread for

Term A

Loans
	  	 ABR Spread

for Term A

Loans

							
	 Category 1:
	  	£ 2.75x	  	0.375%	  	1.75%	  	0.75%	  	1.75%	  	0.75%
	 Category 2:
	  	 > 2.75x but £

3.25x
	  	0.50%	  	2.00%	  	1.00%	  	2.00%	  	1.00%
	 Category 3:
	  	 > 3.25x but £

3.75x
	  	0.50%	  	2.25%	  	1.25%	  	2.25%	  	1.25%
	 Category 4:
	  	> 3.75x	  	0.50%	  	2.50%	  	1.50%	  	2.50%	  	1.50%

  
 2 

 and (b) with respect to (i) any Eurocurrency Term B Loan, 3.00% per annum and
(ii) any ABR Term B Loan, 2.00% per annum. 
 For purposes of the foregoing clause (a), 

(i) if at any time the Borrower fails to deliver the Financials on or before the date the Financials are due pursuant to
Section 5.01, Category 4 shall be deemed applicable for the period commencing three (3) Business Days after the required date of delivery and ending on the date which is three (3) Business Days after the Financials are actually
delivered, after which the Category shall be determined in accordance with the table above as applicable; 
 (ii)
adjustments, if any, to the Category then in effect shall be effective three (3) Business Days after the Administrative Agent has received the applicable Financials (it being understood and agreed that each change in Category shall apply during
the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change); and 
 (iii) notwithstanding the foregoing, Category 4 shall be deemed to be applicable until the Administrative Agent’s receipt of the applicable Financials for the Borrower’s second full fiscal
quarter ending after the Effective Date and adjustments to the Category then in effect shall thereafter be effected in accordance with the preceding paragraphs. 
 “Approved Fund” has the meaning assigned to such term in Section 9.04. 
 “Asset Sale” means any Disposition of property or series of related Dispositions of property in respect of which either the fair market value of such property or the Disposition
Consideration payable to the Borrower or any of its Restricted Subsidiaries exceeds $100,000. 
 “Assignment and
Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of
Exhibit A or any other form approved by the Administrative Agent. 
 “Auction Manager” has the meaning
assigned to such term in Section 2.24. 
 “Auction Procedures” means the auction procedures with respect
to Purchase Offers set forth in Exhibit C hereto. 

  
 3 

 “Available Revolving Commitment” means, at any time with respect to any
Lender, the Revolving Commitments of such Lender then in effect minus the Revolving Credit Exposure of such Lender at such time; it being understood and agreed that any Lender’s Swingline Exposure shall not be deemed to be a component of
the Revolving Credit Exposure for purposes of calculating the commitment fee under Section 2.12(a). 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the
Maturity Date with respect to the Revolving Commitments (or with respect to any Extended Revolving Commitments, the Maturity Date with respect thereto) and the date of termination of all of the Revolving Commitments. 

“Banking Services” means each and any of the following bank services provided to the Borrower or any Subsidiary by any
Lender or any of its Affiliates: (a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards and (c) treasury management services
(including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 
 “Banking Services Agreement” means any agreement entered into by the Borrower or any Subsidiary in connection with Banking Services. 

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

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith
determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue
of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm
any contracts or agreements made by such Person. 
 “Board” means the Board of Governors of the Federal Reserve
System of the United States of America. 
 “Borrower” means Endo Pharmaceuticals Holdings Inc., a Delaware
corporation. 
 “Borrowing” means (a) Revolving Loans of the same Class, Type and currency made, converted
or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect, (b) Term Loans of the same Class and Type made on the same date and, in the case of Eurocurrency Loans, as to which a
single Interest Period is in effect or (c) a Swingline Loan. 
 “Borrowing Request” means a request by the
Borrower for a Borrowing in accordance with Section 2.03. 

  
 4 

 “Bridge Facility” has the meaning set forth in the Commitment Letter dated
as of April 10, 2011 among the Borrower, Morgan Stanley Senior Funding, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bank of America, N.A. 
 “Bridge Facility Commitment” means the aggregate amount of the commitments to fund the Bridge Facility. 
 “Burdensome Restrictions” means any consensual encumbrance or restriction of the type described in clause (a) or (b) of Section 6.08. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided that, when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in the relevant
Agreed Currency in the London interbank market or the principal financial center of the country of such Agreed Currency (and, if the Borrowings or LC Disbursements which are the subject of a borrowing, drawing, payment, reimbursement or rate
selection are denominated in euro, the term “Business Day” shall also exclude any day on which the TARGET payment system is not open for the settlement of payments in euro). 

“CAM” means the mechanism for the allocation and exchange of interests in the Specified Obligations and collections
thereunder established under Article X. 
 “CAM Exchange” means the exchange of the Lenders’
interests provided for in Article X. 
 “CAM Exchange Date” means the first date on which there shall
occur (a) any event referred to in (h), (i) or (j) of Article VII in respect of the Borrower or (b) an acceleration of Loans pursuant to Article VII. 

“CAM Percentage” means, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be
the aggregate Dollar Amount (determined on the basis of Exchange Rates on the CAM Exchange Date) of the Specified Obligations owed to such Lender immediately prior to the CAM Exchange Date and (b) the denominator of which shall be the Dollar
Amount (as so determined) of the Specified Obligations owed to all the Lenders. 
 “Capital Expenditures”
means, without duplication, any expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries prepared in
accordance with GAAP but excluding (i) expenditures made in connection with any replacement, substitution or restoration of property as a result of any involuntary loss of title, any involuntary loss of, damage to or any destruction of, or any
condemnation or other taking (including by any Governmental Authority) of, any property of the Borrower or any of its Restricted Subsidiaries, (ii) expenditures constituting consideration for any Permitted Acquisitions, (iii) expenditures
constituting interest capitalized during such period, (iv) expenditures that are accounted for as capital expenditures of such Person and that actually are paid for by a third party and for which no Loan Party has provided or is required to
provide or incur, directly or indirectly, any consideration or obligation to such third party or any other person, (v) expenditures made in connection with the Headquarters Transaction and (vi) the purchase price of equipment that is
purchased substantially contemporaneously with the trade in of existing equipment to the extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such equipment for the equipment being traded in at such
time. 

  
 5 

 “Capital Lease Obligations” of any Person means the obligations of such
Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a
balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, however, that, for the avoidance of doubt, any obligations relating to a
lease that was accounted for by such Person as an operating lease as of the Effective Date and any similar lease entered into after the Effective Date by such Person shall be accounted for as obligations relating to an operating lease and not as
Capital Lease Obligations. 
 “Cash Collateralized” shall mean, with respect to any Letter of Credit, as of any
date, that Borrower shall have deposited in the LC Collateral Account, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to 105% of the LC Exposure as of such date plus any accrued and unpaid
interest thereon pursuant to such documentation and arrangements as are reasonably satisfactory to the Administrative Agent. “Cash Collateralize” shall have the correlative meaning. 

“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by
any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by
the issued and outstanding Equity Interests of the Borrower; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the board of directors
of the Borrower nor (ii) appointed by directors so nominated; or (c) the occurrence of a change in control, or other similar provision, as defined in any agreement or instrument evidencing any Material Indebtedness (triggering a default or
mandatory prepayment, which default or mandatory prepayment has not been waived in writing) other than Indebtedness permitted under Section 6.01(q). 
 “Change in Law” means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following:
(a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority, or (c) the
making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof shall be deemed to be a “Change in Law” regardless of
the date enacted, adopted, issued or implemented and (ii) all reports, notes, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, in each case, be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented. 

“Class”, when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising
such Borrowing, are Multicurrency Tranche Revolving Loans, Dollar Tranche Revolving Loans, Term A Loans, Term B Loans, Other Refinancing Term Loans or Swingline Loans and (b) any Commitment, refers to whether such Commitment is a Multicurrency
Tranche Commitment, a Dollar Tranche Commitment, a Term A Loan Commitment, a Term B Loan Commitment or an Other Refinancing Revolving Commitment. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  
 6 

 “Collateral” means any and all property owned, leased or operated by a
Person covered by the Collateral Documents and any and all other property of any Loan Party, now existing or hereafter acquired and wherever located, that may at any time be or become subject to a security interest or Lien in favor of Administrative
Agent, on behalf of itself and the Secured Parties, to secure the Secured Obligations; provided that Collateral shall exclude Excluded Assets. 
 “Collateral Documents” means, collectively, the Security Agreement, the Mortgages and all other agreements, instruments and documents executed in connection with this Agreement that are
intended to create, perfect or evidence Liens to secure the Secured Obligations, and shall also include, without limitation, all other security agreements, pledge agreements, mortgages, deeds of trust, loan agreements, notes, guarantees,
subordination agreements, intercreditor agreements, pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases, financing statements and all other written matter whether heretofore, now, or hereafter executed by the
Borrower or any of its Restricted Subsidiaries and delivered to the Administrative Agent. 
 “Commitment”
means, with respect to each Lender, the sum of such Lender’s Multicurrency Tranche Revolving Commitment, Dollar Tranche Commitment, Term A Loan Commitment, Term B Loan Commitment, Extended Revolving Commitment, Extended Term A Loan Commitment,
Extended Term B Loan Commitment, Incremental Revolving Commitment, Other Refinancing Revolving Commitment, Incremental Term A Loan Commitment and Incremental Term B Loan Commitment. The initial amount of each Lender’s Commitment is set forth on
Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable. 

“Computation Date” is defined in Section 2.04. 

“Consolidated Cash Interest Expense” means, with reference to any period, the Consolidated Interest Expense of the
Borrower and its Restricted Subsidiaries paid or payable in cash and calculated on a consolidated basis for such period but shall exclude, to the extent otherwise included in the calculation of Consolidated Interest Expense for the applicable
period, without duplication, (i) debt issuance costs, debt discount or premium and other financing fees and expenses, (ii) any cash costs associated with breakage in respect of Swap Agreements, (iii) annual agency or trustee fees,
unused line fees and letter of credit fees and expenses and (iv) all non-recurring cash interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations under any agreement governing
Indebtedness. 
 “Consolidated EBITDA” means Consolidated Net Income plus, to the extent deducted from revenues
in determining Consolidated Net Income, (i) Consolidated Interest Expense, (ii) expense for taxes paid or accrued, (iii) depreciation, (iv) amortization, (v) extraordinary, unusual or non-recurring non-cash expenses or
losses incurred other than in the ordinary course of business, (vi) non-cash expenses related to stock based compensation, (vii) fees and expenses directly incurred or paid in connection with (x) the Transactions, the acquisitions of
Qualitest and Penwest, the AMS Acquisition or any other Permitted Acquisition and, to the extent permitted hereunder, Investments (other than Permitted Acquisitions) and Dispositions, to the extent (A) not in excess of $75,000,000 for each such
Permitted Acquisition, Investment or Disposition and (B) the aggregate amount of all such fees and expenses does not exceed $200,000,000 during any fiscal year and (y) to the extent permitted hereunder, issuances or incurrence of
Indebtedness, issuances of Equity Interests or refinancing transactions and modifications of instruments of Indebtedness, (viii) any non-recurring charges, costs, fees and expenses directly incurred or paid directly as a result of discontinued
operations (other than such charges, costs, fees and expenses to the extent constituting losses arising from such discontinued operations), (ix) all settlement payments paid to Governmental Authorities in connection with any investigation (to
the extent in effect on, and disclosed 

  
 7 

 
in the Borrower’s public filings with the SEC, on the Effective Date) of the United States Department of Health and Human Services, Office of Inspector General (OIG) or the United States
Department of Justice, (x) any unrealized losses in respect of Swap Agreements, (xi) any other extraordinary, unusual or non-recurring cash charges or expenses incurred outside of the ordinary course of business to the extent not in excess
of $50,000,000 during any fiscal year, (xii) Milestone Payments and Upfront Payments, (xiii) the amount of cost savings and synergies projected by the Borrower in good faith to be realized as a result of the acquisitions of Qualitest and
Penwest, the AMS Acquisition or any other Permitted Acquisition, in each case within the four consecutive fiscal quarters following the consummation of such acquisition, calculated as though such cost savings and synergies had been realized on the
first day of such period and net of the amount of actual benefits received during such period from such acquisition; provided that (A) a duly completed certificate signed by a Responsible Officer of the Borrower shall be delivered to the
Administrative Agent certifying that such cost savings and synergies are reasonably expected and factually supportable in the good faith judgment of the Borrower, (B) no cost savings or synergies shall be added pursuant to this
clause (xiii) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period and (C) the aggregate amount of cost savings and synergies
added back pursuant to this clause (xiii) shall not exceed 10.0% of Consolidated EBITDA for the four quarter period ending on any date of determination (prior to giving effect to the add back of such items pursuant to this clause (xiii)),
it being understood that the aggregate amount of cost savings and synergies to be added back pursuant to this clause (xiii) from and after the Effective Date for the AMS Acquisition and the acquisitions of Qualitest and Penwest shall not exceed
$22,000,000, $15,500,000 and $10,100,000, respectively, and (xiv) the aggregate amount of all other non-cash charges, expenses or losses reducing Consolidated Net Income during such period, minus, to the extent included in Consolidated
Net Income, (1) interest income, (2) income tax credits and refunds (to the extent not netted from tax expense), (3) any cash payments made during such period in respect of items described in clauses (v), (vi) or (xiv) above
subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were incurred, (4) any non-recurring income or gains directly as a result of discontinued operations, (5) any unrealized income or gains in respect of Swap
Agreements and (6) extraordinary, unusual or non-recurring income or gains realized other than in the ordinary course of business, all calculated for the Borrower and its Restricted Subsidiaries in accordance with GAAP on a consolidated basis.
For the avoidance of doubt, the foregoing additions to, and subtractions from, Consolidated EBITDA shall not give effect to any items attributable to the Unrestricted Subsidiaries. For the purposes of calculating Consolidated EBITDA for any period
of four consecutive fiscal quarters (each, a “Reference Period”), (i) if at any time during such Reference Period the Borrower or any Restricted Subsidiary shall have made any Material Disposition or converted any Restricted
Subsidiary into an Unrestricted Subsidiary, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition
or to such conversion for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period, and (ii) if during such Reference Period the Borrower or any Restricted
Subsidiary shall have made a Material Acquisition or converted any Unrestricted Subsidiary into a Restricted Subsidiary, Consolidated EBITDA for such Reference Period shall be calculated after giving pro forma effect thereto in accordance with
Section 1.04(b) as if such Material Acquisition or such conversion occurred on the first day of such Reference Period. Notwithstanding the foregoing, Consolidated EBITDA for the fiscal quarters ended June 30, 2010, September 30,
2010, December 31, 2010 and March 31, 2011 shall be deemed to be $250,944,000, $243,744,000, $268,834,000 and $257,915,000, respectively. 
 “Consolidated Interest Expense” means, with reference to any period, the interest expense (including without limitation interest expense under Capital Lease Obligations that is treated as
interest in accordance with GAAP) of the Borrower and its Restricted Subsidiaries calculated on a consolidated basis for such period with respect to all outstanding Indebtedness of the Borrower and its

  
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Restricted Subsidiaries allocable to such period in accordance with GAAP (including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of
credit and bankers acceptance financing and net costs and benefits under interest rate Swap Agreements to the extent such net costs and benefits are allocable to such period in accordance with GAAP). In the event that the Borrower or any Restricted
Subsidiary shall have completed a Material Acquisition (other than a Drug Acquisition) or a Material Disposition since the beginning of the relevant period, Consolidated Interest Expense shall be determined for such period on a pro forma basis as if
such acquisition or disposition, and any related incurrence or repayment of Indebtedness, had occurred at the beginning of such period. 
 “Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Borrower and its Restricted Subsidiaries calculated in accordance with GAAP on a
consolidated basis (without duplication) for such period plus the aggregate amount of cash dividends or other cash distributions actually paid to the Borrower or any Restricted Subsidiary by the Unrestricted Subsidiaries during such period;
provided that there shall be excluded any income (or loss) of any Person other than the Borrower or a Restricted Subsidiary, but any such income so excluded may be included in such period or any later period to the extent of any cash
dividends or distributions actually paid in the relevant period to the Borrower or any wholly-owned Restricted Subsidiary of the Borrower. 
 “Consolidated Net Tangible Assets” means the aggregate amount of assets of the Borrower and its Restricted Subsidiaries (less applicable reserves and other properly deductible items)
after deducting therefrom (to the extent otherwise included therein) (a) all current liabilities (other than Borrowings under this Agreement or current maturities of long-term Indebtedness), and (b) all goodwill, trade names, trademarks,
patents, unamortized debt discount and expense and other intangible assets, all computed on a consolidated basis in accordance with GAAP. 
 “Consolidated Senior Debt” means, as of any date of determination, the aggregate principal amount of Consolidated Total Indebtedness outstanding on such date but excluding any
Subordinated Indebtedness. 
 “Consolidated Senior Secured Debt” means, as of any date of determination,
Consolidated Senior Debt that is secured by a Lien on any assets of the Borrower or any of its Restricted Subsidiaries. 

“Consolidated Total Assets” means, as of the date of any determination thereof, total assets of the Borrower and its
Restricted Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date. 
 “Consolidated
Total Indebtedness” means at any time the sum, without duplication, of (a) the aggregate Indebtedness of the Borrower and its Restricted Subsidiaries that is of a type that would be reflected on a consolidated balance sheet of the
Borrower prepared as of such time in accordance with GAAP and (b) Indebtedness of the type referred to in clause (a) hereof of another Person guaranteed by the Borrower or any of its Restricted Subsidiaries; provided that
Consolidated Total Indebtedness shall not include Indebtedness in respect of any letter of credit or bank guaranty, except to the extent of unreimbursed obligations in respect of any drawn letter of credit or bank guaranty. 

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

“Credit Agreement Refinancing Indebtedness” means any (a) Permitted Pari Passu Secured Refinancing Debt,
(b) Permitted Junior Secured Refinancing Debt, (c) Permitted Unsecured 

  
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Refinancing Debt or (d) Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of
existing Indebtedness) in exchange for, or to extend, renew, replace or refinance, in whole or part, existing Loans or Commitments (including any successive Credit Agreement Refinancing Indebtedness) (“Refinanced Debt”);
provided that (i) such exchanging, extending, renewing, replacing or refinancing Indebtedness (including, if such Indebtedness includes any Other Refinancing Revolving Commitments, the unused portion of such Other Refinancing Revolving
Commitments) is in an original aggregate principal amount not greater than the aggregate principal amount of the Refinanced Debt (and, in the case of Refinanced Debt consisting, in whole or in part, of unused Revolving Commitments, Incremental
Revolving Commitments, Extended Revolving Commitments or Other Refinancing Revolving Commitments, the amount thereof) except by an amount equal to unpaid accrued interest and premium (including tender premium) thereon plus reasonable upfront fees
and OID on such exchanging, extending, renewing, replacing or refinancing Indebtedness, plus other reasonable and customary fees and expenses in connection with such exchange, modification, refinancing, refunding, renewal, replacement or extension,
(ii) such Indebtedness has a later maturity than, and, except in the case of Other Refinancing Revolving Commitments, a Weighted Average Life to Maturity equal to or greater than, the Refinanced Debt, (iii) the terms and conditions of such
Indebtedness (except as otherwise provided in clause (ii) above and with respect to pricing, premiums and optional prepayment or redemption terms) are substantially identical to, or (taken as a whole) are no more favorable to the lenders or
holders providing such Indebtedness, than those applicable to the Loans or Commitments being refinanced (except for covenants or other provisions applicable only to periods after the latest Maturity Date at the time of incurrence of such
Indebtedness) (provided that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence of such Indebtedness, providing a reasonably detailed description of the material
terms and conditions of such Indebtedness or drafts of the documentation relating thereto, and evidence reasonably satisfactory to the Administrative Agent that the board of directors of the Borrower has determined in good faith that such terms and
conditions satisfy the requirement of this clause (iii) shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent notifies the Borrower within such five (5) Business Day period
that it disagrees with such determination (including a description of the basis upon which it disagrees)) and (iv) such Refinanced Debt shall be repaid, defeased or satisfied and discharged, and all accrued interest, fees and premiums (if any)
in connection therewith shall be paid, on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained. 
 “Credit Event” means a Borrowing, the issuance of a Letter of Credit, an LC Disbursement or any of the foregoing. 
 “Credit Exposure” means, as to any Lender at any time, the sum of (a) such Lender’s Revolving Credit Exposure at such time, plus (b) an amount equal to the aggregate
principal amount of its Term Loans outstanding at such time. 
 “Credit Party” means the Administrative Agent,
the Issuing Bank, the Swingline Lender or any other Lender. 
 “Default” means any event or condition which
constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that (a) has failed, within three (3) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans,
(ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender
notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith 

  
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determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit
Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on
such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it
commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized signatory of such Lender that it will comply with its
obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 

“Designated Representative” means, with respect to any series of Permitted Pari Passu Secured Refinancing Debt or
Permitted Junior Secured Refinancing Debt, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the
case may be, and each of their successors in such capacities. 
 “Disposition” means a sale, transfer, lease,
disposition or Exclusive License. 
 “Disposition Consideration” means (a) for any Disposition (other than
an Exclusive License), the aggregate fair market value of any assets sold, transferred, leased or otherwise disposed of and (b) for any Exclusive License, the aggregate cash payment paid to the Borrower or any Restricted Subsidiary on or prior
to the consummation of the Exclusive License (and which, for the avoidance of doubt, shall not include any royalty, earnout, contingent payment or any other deferred payment that may be payable thereafter). 

“Disqualified Equity Interest” means, with respect to any Person, any Equity Interest in such Person that by its terms
(or by the terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the happening of any event or condition: 

(a) matures or is mandatorily redeemable (other than solely for Equity Interests in such Person that do not constitute Disqualified
Equity Interests and cash in lieu of fractional shares of such Equity Interests), whether pursuant to a sinking fund obligation or otherwise; 
 (b) is convertible or exchangeable at the option of the holder thereof for Indebtedness or Equity Interests (other than solely for Equity Interests in such Person that do not constitute Disqualified
Equity Interests and cash in lieu of fractional shares of such Equity Interests); or 
 (c) is or may be redeemable (other
than solely for Equity Interests in such Person that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests) or is or may be required to be repurchased by such Person or any of its Affiliates,
in whole or in part, at the option of the holder thereof; 
 in each case, on or prior to the date that occurs 91 days after the Maturity Date
(or if any Extended Term Loans or Extended Revolving Commitments are outstanding, the last Maturity Date applicable thereto). 

  
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 “Dollar Amount” of any currency at any date shall mean (i) the amount
of such currency if such currency is Dollars or (ii) the equivalent in such currency of Dollars if such currency is a Foreign Currency, calculated on the basis of the Exchange Rate for such currency, on or as of the most recent Computation Date
provided for in Section 2.04. 
 “Dollar Tranche Commitment” means, with respect to each Dollar Tranche
Lender, the commitment, if any, of such Dollar Tranche Lender to make Dollar Tranche Revolving Loans and to acquire participations in Dollar Tranche Letters of Credit and Swingline Loans hereunder, as such commitment may be (a) reduced or
terminated from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 9.04. The initial amount of each Dollar Tranche Lender’s Dollar Tranche Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption (or other documentation contemplated by this Agreement) pursuant to which
such Dollar Tranche Lender shall have assumed its Dollar Tranche Commitment, as applicable. The aggregate principal amount of the Dollar Tranche Commitments on the Effective Date is $48,500,000. 

“Dollar Tranche Credit Event” means a Dollar Tranche Revolving Borrowing, the issuance of a Dollar Tranche Letter of
Credit, an LC Disbursement with respect to a Dollar Tranche Letter of Credit or any of the foregoing. 
 “Dollar Tranche
LC Exposure” means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding Dollar Tranche Letters of Credit at such time plus (b) the aggregate Dollar Amount of all LC Disbursements in respect of Dollar
Tranche Letters of Credit that have not yet been reimbursed by or on behalf of the Borrower at such time. The Dollar Tranche LC Exposure of any Dollar Tranche Lender at any time shall be its Dollar Tranche Percentage of the total Dollar Tranche LC
Exposure at such time. 
 “Dollar Tranche Lender” means a Lender with a Dollar Tranche Commitment or holding
Dollar Tranche Revolving Loans. 
 “Dollar Tranche Letter of Credit” means any letter of credit issued under
the Dollar Tranche Commitments pursuant to this Agreement. 
 “Dollar Tranche Percentage” the percentage equal
to a fraction the numerator of which is such Lender’s Dollar Tranche Commitment and the denominator of which is the aggregate Dollar Tranche Commitments of all Dollar Tranche Lenders (if the Dollar Tranche Commitments have terminated or
expired, the Dollar Tranche Percentages shall be determined based upon the Dollar Tranche Commitments most recently in effect, giving effect to any assignments); provided that in the case of Section 2.22 when a Defaulting Lender shall
exist, any such Defaulting Lender’s Dollar Tranche Commitment shall be disregarded in the calculation. 
 “Dollar
Tranche Revolving Borrowing” means a Borrowing comprised of Dollar Tranche Revolving Loans. 
 “Dollar Tranche
Revolving Credit Exposure” means, with respect to any Dollar Tranche Lender at any time, and without duplication, the sum of the outstanding principal amount of such Dollar Tranche Lender’s Dollar Tranche Revolving Loans and its Dollar
Tranche LC Exposure and its Swingline Exposure at such time. 

  
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 “Dollar Tranche Revolving Loan” means a Loan made by a Dollar Tranche
Lender pursuant to Section 2.01(a). Each Dollar Tranche Revolving Loan shall be a Eurocurrency Revolving Loan denominated in Dollars or an ABR Revolving Loan denominated in Dollars. 

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

“Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction located in the United States of
America. 
 “Drug Acquisition” means any acquisition (including any license or any acquisition of any license)
solely or primarily of all or any portion of the rights in respect of one or more drugs or pharmaceutical products, whether in development or on market (including related intellectual property), but not of Equity Interests in any Person or any
operating business unit. 
 “Effective Date” means the date on which the conditions specified in
Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
 “Effective Date
Representations” has the meaning assigned to such term in Section 4.01(j). 
 “Environmental
Laws” means all laws, rules, regulations, codes, ordinances, or binding orders, decrees, judgments, injunctions, notices or agreements issued, promulgated or entered into by any Governmental Authority, relating to pollution or protection of
the environment, including management or reclamation of natural resources, and the management, Release or threatened Release of any Hazardous Material or to occupational health and safety matters, as such occupational health and safety matters
relate to exposure or handling of Hazardous Materials. 
 “Environmental Liability” means any liability,
contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Restricted Subsidiary directly or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous
Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing; provided that “Equity
Interests” shall not include Indebtedness for borrowed money which is convertible into Equity Interests. 

“Equivalent Amount” of any currency with respect to any amount of Dollars at any date shall mean the equivalent in such
currency of such amount of Dollars, calculated on the basis of the Exchange Rate for such other currency at 11:00 a.m., London time, on the date on or as of which such amount is to be determined. 

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

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

  
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 “ERISA Event” means (a) any “reportable event”, as defined
in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan other than the PBGC premiums due but not
delinquent under Section 4007 of ERISA; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Multiemployer Plan; or
(g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “EU” means the European Union. 
 “euro” and/or
“EUR” means the single currency of the participating member states of the EU. 

“Eurocurrency”, when used in reference to a currency means an Agreed Currency and when used in reference to any Loan or
Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Eurocurrency Payment Office” of the Administrative Agent shall mean, for each Foreign Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such
currency as specified from time to time by the Administrative Agent to the Borrower and each Lender. 
 “Event of
Default” has the meaning assigned to such term in Article VII. 
 “Exchange Rate” means, on any day,
with respect to any Foreign Currency, the rate at which such Foreign Currency may be exchanged into Dollars, as set forth at approximately 11:00 a.m., Local Time, on such date on the Reuters World Currency Page for such Foreign Currency. In the
event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be
reasonably selected by the Administrative Agent or, in the event no such service is selected, such Exchange Rate shall instead be calculated on the basis of the arithmetical mean of the buy and sell spot rates of exchange of the Administrative Agent
for such Foreign Currency on the London market at 11:00 a.m., Local Time, on such date for the purchase of Dollars with such Foreign Currency, for delivery two Business Days later; provided, that if at the time of any such determination, for
any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the Borrower, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest
error. 
 “Excluded Accounts” has the meaning assigned to such term in the Security Agreement. 

  
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 “Excluded Assets” means (a) motor vehicles and other equipment subject
to a certificate of title statute, (b) leasehold interests in real property, (c) assets subject to a Lien securing Capital Lease Obligations, Synthetic Lease Obligations or purchase money debt obligations, in each case permitted hereunder,
if the contract or other agreement in which such Lien is granted prohibits the creation of any other Lien on such assets (other than to the extent that any such prohibition would be rendered ineffective pursuant to the UCC of any relevant
jurisdiction or any other applicable law); provided that such asset (i) will be an Excluded Asset only to the extent and for so long as the consequences specified above will result and (ii) will cease to be an Excluded Asset and
will become subject to the Lien granted under the Security Agreement, immediately and automatically, at such time as such consequences will no longer result, (d) any fee-owned real property with an appraised value of less than $20,000,000,
(e) any lease, license, contract, property right or agreement to which any Loan Party is a party or any of its rights or interests thereunder if and only for so long as the grant of a Lien hereunder is prohibited by any law, rule or regulation
or will constitute or result in a breach, termination or default, or requires any consent not obtained, under any such lease, license, contract, property right or agreement (other than to the extent that any such applicable law, rule, regulation or
term would be rendered ineffective pursuant to the UCC of any relevant jurisdiction or any other applicable law); provided that such lease, license, contract, property right or agreement will be an Excluded Asset only to the extent and for so
long as the consequences specified above will result and will cease to be an Excluded Asset and will become subject to the Lien granted under the Security Agreement, immediately and automatically, at such time as such consequences will no longer
result, (f) any Excluded Equity Interests, (g) any applications for trademarks or service marks filed in the United States Patent and Trademark Office (“PTO”), or any successor office thereto pursuant to 15 U.S.C.
§1051 Section 1(b) unless and until evidence of use of the mark in interstate commerce is submitted to the PTO pursuant to 15 U.S.C. §1051 Section 1(c) or Section 1(d) and (h) any Excluded Accounts. 

“Excluded Equity Interests” means (a) any portion of the issued and outstanding Equity Interests of a Pledge
Subsidiary not required to be subject to a perfected lien in favor of the Administrative Agent in accordance with Section 5.09(b), (b) Equity Interests in entities where a Loan Party holds 50% or less of the outstanding Equity Interests of
such entity, to the extent a pledge of such Equity Interests is prohibited by the organizational documents, or agreements with the other equity holders, of such entity, (c) Equity Interests in Unrestricted Subsidiaries, to the extent a pledge
of such Equity Interests is prohibited by the organizational documents, or agreements with other equity holders, of such entity, (d) Equity Interests in any Foreign Subsidiary that is not a Material Foreign Subsidiary, (e) any Equity
Interests of a Domestic Subsidiary which is a Subsidiary of a Foreign Subsidiary and (f) any Equity Interests of any Foreign Subsidiary that (A) would violate applicable law (including corporate benefit, financial assistance, fraudulent
preference, thin capitalization rules and similar laws or regulations which limit the ability to provide collateral security on local assets or properties) or (B) would reasonably be expected to (i) violate or conflict with any fiduciary
duties of officers or directors of such Foreign Subsidiary or (ii) result in a risk of personal or criminal liability of any officer or director of such Foreign Subsidiary (it being understood and agreed that the Grantors shall use their
commercially reasonable efforts to avoid or mitigate such limitations, and any such limitation shall be no more than the minimum required by applicable law). 
 “Excluded Taxes” means, with respect to any payments made to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of
any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its
principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the
Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any 

  
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withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable
to such Foreign Lender’s failure to comply with Section 2.17(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.17(a), (d) any Taxes attributable to such Person’s failure to comply with Section 2.17(f), (e) any Taxes imposed as a result of
such Person’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction by a final and nonappealable judgment) and (f) any United States federal withholding tax that is imposed pursuant to FATCA.

 “Exclusive License” means any license with a term greater than five (5) years and made on an exclusive
basis. “Exclusively License” shall have the correlative meaning. 
 “Existing Credit
Agreement” means that certain Credit Agreement, dated as of November 30, 2010, by and among the Borrower, the lenders from time to time parties thereto and JPMorgan Chase Bank, N.A. as administrative agent thereunder, as amended,
restated, supplemented or otherwise modified prior to the Effective Date. 
 “Existing Letters of Credit” has
the meaning assigned to such term in Section 2.06(a). 
 “Existing Target Credit Agreement” means that
certain Credit Agreement, dated as of April 15, 2011, by and among AMS, the lenders from time to time parties thereto and JPMorgan Chase Bank, N.A. as administrative agent thereunder, as amended, restated, supplemented or otherwise modified
prior to the Effective Date. 
 “Existing Target 2036 Notes” means the 3.25% Convertible Senior Subordinated
Notes Due 2036 issued by AMS. 
 “Existing Target 2041 Notes” means the 4.00% Convertible Senior Subordinated
Notes Due 2041 issued by AMS. 
 “Existing Target Notes” means the Existing Target 2036 Notes and the Existing
Target 2041 Notes. 
 “Extended Commitments” means the Extended Term A Loan Commitment, the Extended Term B
Loan Commitment and the Extended Revolving Commitment. 
 “Extended Loans” means the Extended Term A Loans, the
Extended Term B Loans and the Extended Revolving Loans. 
 “Extended Revolving Commitment” shall have the
meaning given to such term in Section 2.23(a)(ii). 
 “Extended Term A Loan Commitment” means the
commitment of any Lender, established pursuant to Section 2.23, to make Extended Term A Loans to the Borrower. 

“Extended Term A Loans” shall have the meaning given to such term in Section 2.23(a)(iii). 

“Extended Term B Loan Commitment” means the commitment of any Lender, established pursuant to Section 2.23,
to make Extended Term B Loans to the Borrower. 

  
 16 

 “Extended Term B Loans” shall have the meaning given to such term in
Section 2.23(a)(iv). 
 “Extended Revolving Loans” means Revolving Loans made by one or more Lenders to
the Borrower pursuant to Section 2.23. 
 “Extending Revolving Lender” shall have the meaning given to
such term in Section 2.23(a)(ii). 
 “Extending Term A Lender” shall have the meaning given to such term
in Section 2.23(a)(iii). 
 “Extending Term B Lender” shall have the meaning given to such term in
Section 2.23(a)(iv). 
 “Extension” shall have the meaning given to such term in Section 2.23(a).

 “Extension Amendment” shall mean any amendment entered into pursuant to Section 2.23(c). 

“Extension Offer” shall have the meaning given to such term in Section 2.23(a). 

“FATCA” means Sections 1471 through 1474 of the Code and any current or future regulations promulgated or official
interpretations thereunder. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower. 

“Financials” means the annual or quarterly financial statements, and accompanying certificates and other documents, of
the Borrower and its Subsidiaries required to be delivered pursuant to Section 5.01(a) or 5.01(b). 
 “First Lien
Intercreditor Agreement” means a “pari passu” intercreditor agreement among the Administrative Agent and one or more Designated Representatives for holders of Permitted Pari Passu Secured Refinancing Debt in form and substance
reasonably satisfactory to the Administrative Agent. 
 “First Tier Foreign Subsidiary” means each Foreign
Subsidiary with respect to which any one or more of the Borrower and its Domestic Subsidiaries directly owns or Controls more than 50% of such Foreign Subsidiary’s issued and outstanding Equity Interests. 

“Foreign Currencies” means Agreed Currencies other than Dollars. 

  
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 “Foreign Currency LC Exposure” means, at any time, the sum of (a) the
Dollar Amount of the aggregate undrawn and unexpired amount of all outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect of Foreign Currency Letters of
Credit that have not yet been reimbursed at such time. 
 “Foreign Currency Letter of Credit” means a
Multicurrency Tranche Letter of Credit denominated in a Foreign Currency. 
 “Foreign Holdco” means any
Domestic Subsidiary that (i) has assets substantially all of which consist of stock of a controlled foreign corporation (as defined in Section 957 of the Code), (ii) does not conduct any business or operations (other than
(a) ownership and acquisition of such corporations, (b) performance of obligations under, and in connection with, the Loan Documents, (c) actions required to maintain its existence and (d) activities incidental to its maintenance
and continuance of the foregoing activities) and (iii) does not have any assets and liabilities (other than ownership of such corporations and bank accounts and immaterial liabilities incidental to such ownership and its existence). 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the
Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

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

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

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

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to
support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the
lesser of (a) the stated or determinable amount of the primary payment obligation in respect of which such Guarantee is made and (b) the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument
embodying such Guarantee, unless such primary payment obligation and the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of the Guarantee shall be such guaranteeing
Person’s maximum reasonably possible liability in respect thereof as reasonably determined by the Borrower in good faith. 

  
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 “Hazardous Materials” means all explosive or radioactive substances or
wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other
substances or wastes of similar nature regulated pursuant to any Environmental Law. 
 “Headquarters
Transaction” means the lease (whether operating lease or capital lease) of a new corporate headquarters for the Borrower to be located in or around southeastern Pennsylvania and expected to close by December 31, 2012. 

“Immaterial Asset Sale” means any Disposition of property or series of related Dispositions of in respect of which the
fair market value of such property and the Disposition Consideration payable to the Borrower or any of its Restricted Subsidiaries is equal to or less than $100,000. 
 “Incremental Amendment” means an Incremental Amendment among the Borrower, the Administrative Agent and one or more Incremental Term Lenders and/or Incremental Revolving Lenders entered
into pursuant to Section 2.20. 
 “Incremental Amount” means, at any time, the excess, if any, of
(a) $500,000,000 over (b) the aggregate amount of (x) all Incremental Term Loan Commitments and Incremental Revolving Commitments established prior to such time pursuant to Section 2.20 and (y) the aggregate principal
amount of any Additional Notes outstanding at such time. 
 “Incremental Commitments” means the Incremental
Term A Loan Commitment, the Incremental Term B Loan Commitment and the Incremental Revolving Commitment. 
 “Incremental
Loans” means the Incremental Term Loans and the Incremental Revolving Loans. 
 “Incremental Revolving
Commitment” means any increased or incremental Revolving Commitment provided pursuant to Section 2.20. 

“Incremental Revolving Lender” means a Lender with a Revolving Commitment or an outstanding Revolving Loan as a result
of an Incremental Revolving Commitment. 
 “Incremental Revolving Loans” means additional Revolving Loans made
by one or more Lenders to the Borrower pursuant to Section 2.20. 
 “Incremental Term A Lender” shall mean
a Lender with an Incremental Term A Loan Commitment or an outstanding Incremental Term A Loan. 
 “Incremental Term A
Loan Commitment” means the commitment of any Lender, established pursuant to Section 2.20, to make Incremental Term A Loans to the Borrower. 
 “Incremental Term A Loans” means Term A Loans made by one or more Lenders to the Borrower pursuant to Section 2.20. Incremental Term A Loans may be made in the form of additional
Term A Loans or, to the extent permitted by Section 2.20 and provided for in the relevant Incremental Amendment, Other Term A Loans. 
 “Incremental Term B Lender” shall mean a Lender with an Incremental Term B Loan Commitment or an outstanding Incremental Term B Loan. 

  
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 “Incremental Term B Loan Commitment” means the commitment of any Lender,
established pursuant to Section 2.20, to make Incremental Term B Loans to the Borrower. 
 “Incremental Term B
Loans” means Term B Loans made by one or more Lenders to the Borrower pursuant to Section 2.20. Incremental Term B Loans may be made in the form of additional Term B Loans or, to the extent permitted by Section 2.20 and provided
for in the relevant Incremental Amendment, Other Term B Loans. 
 “Incremental Term Lender” means any
Incremental Term A Lender or any Incremental Term B Lender. 
 “Incremental Term Loans” means the Incremental
Term A Loans and the Incremental Term B Loans. 
 “Indebtedness” of any Person means, without duplication,
(a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention
agreements relating to property acquired by such Person (excluding trade accounts payable incurred in the ordinary course of business), (d) all obligations of such Person in respect of the deferred purchase price of property or services
(including payments or other arrangements representing acquisition consideration, in each case entered into in connection with an acquisition, but excluding (i) accounts payable not more than 60 days overdue incurred in the ordinary course of
business, (ii) deferred compensation and (iii) any purchase price adjustment, royalty, earnout, contingent payment or deferred payment of a similar nature incurred in connection with an acquisition), (e) all Capital Lease Obligations
and Synthetic Lease Obligations of such Person, (f) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (g) all obligations, contingent or otherwise, of such
Person in respect of bankers’ acceptances, (h) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by
such Person, whether or not the Indebtedness secured thereby has been assumed; provided that, if such Person has not assumed or otherwise become liable in respect of such Indebtedness, such obligations shall be deemed to be in an amount equal
to the lesser of (i) the amount of such Indebtedness and (ii) fair market value of such property at the time of determination (in the Borrower’s good faith estimate), (i) all Guarantees by such Person of Indebtedness of others
and (j) all Disqualified Equity Interests. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a
result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Taxes” means Taxes imposed on or with respect to any payments made by or on account of any obligation of
the Borrower hereunder other than (i) Excluded Taxes and (ii) Other Taxes. 
 “Information Memorandum” means
collectively the Confidential Information Memoranda dated May 2011 relating to the Borrower and the Transactions. 

“Interest Coverage Ratio” has the meaning assigned to such term in Section 6.12(b). 

“Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance
with Section 2.08. 

  
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 “Interest Payment Date” means (a) with respect to any ABR Loan (other
than a Swingline Loan), the last day of each March, June, September and December and the Maturity Date, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and,
in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such
Interest Period and the Maturity Date and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Maturity Date. 
 “Interest Period” means with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar
month that is one, two, three or six months thereafter (or, if acceptable to all Lenders, nine or twelve months thereafter), as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business
Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall
end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last
calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case
of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
 “Issuing Bank” means (a) solely with respect to standby Letters of Credit, Morgan Stanley Bank, N.A. and (b) each other Lender designated by the Borrower as an “Issuing
Bank” hereunder that has agreed to such designation (and is reasonably acceptable to the Administrative Agent), each in its capacity as the issuer of one or more Letters of Credit hereunder, and its successors in such capacity as provided in
Section 2.06(i), in each case so long as such Person shall remain an Issuing Bank hereunder; provided that, solely with respect to the Existing Letters of Credit issued by Royal Bank of Canada, Royal Bank of Canada shall be deemed to be
an Issuing Bank (and each reference in this Agreement to the “Issuing Bank” solely when made in respect of the Existing Letters of Credit issued by Royal Bank of Canada, shall be deemed to refer to Royal Bank of Canada). All references
contained in this Agreement and the other Loan Documents to the “Issuing Bank” shall be deemed to apply equally to each of the institutions referred to in the foregoing sentence of this definition in their respective capacities as issuers
of any and all Letters of Credit issued by each such institution. The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank”
shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “Japanese Yen”
means the lawful currency of Japan. 
 “JV Subsidiary” means any Subsidiary that is not a wholly owned
Subsidiary and that is a joint venture with a third party unaffiliated with the Borrower or any other Subsidiary. 
 “LC
Collateral Account” has the meaning assigned to such term in Section 2.06(j). 
 “LC
Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 
 “LC
Exposure” means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time plus (b) the aggregate Dollar Amount of all LC Disbursements that have not yet been
reimbursed by or on behalf of the Borrower at such time. The LC 

  
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Exposure of any Multicurrency Tranche Lender at any time shall be its Multicurrency Tranche Percentage of the total Multicurrency Tranche LC Exposure at such time and the LC Exposure of any
Dollar Tranche Lender at any time shall be its Dollar Tranche Percentage of the total Dollar Tranche LC Exposure at such time. 

“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender
hereunder pursuant to Section 2.20, Section 2.25 or pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the
term “Lenders” includes the Swingline Lender. 
 “Letter of Credit” means any Multicurrency Tranche
Letter of Credit or Dollar Tranche Letter of Credit. 
 “Leverage Ratio” has the meaning assigned to such term
in Section 6.12(a). 
 “LIBO Rate” means, for any Interest Period (a) with respect to any Term B Loan
that is a Eurocurrency Borrowing, the greater of (i) 1.00% per annum and (ii) the rate appearing on, in the case of Dollars, Reuters Screen LIBOR01 Page and, in the case of any Foreign Currency, the appropriate page of such service
which displays British Bankers Association Interest Settlement Rates for deposits in such Foreign Currency (or, in each case, on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate
quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in the relevant Agreed Currency
in the London interbank market) at approximately 11:00 a.m., London time, two (2) Business Days prior to (or, in the case of Loans denominated in Pounds Sterling, on the date of) the commencement of such Interest Period, as the rate for
deposits in the relevant Agreed Currency with a maturity comparable to such Interest Period (the “Eurocurrency Base Rate”) and (b) with respect to any other Eurocurrency Borrowing, the Eurocurrency Base Rate. In the event that
the Eurocurrency Base Rate is not available at such time for any reason, then the “Eurocurrency Base Rate” with respect to such Eurocurrency Borrowing for such Interest Period shall be the rate at which deposits in the relevant
Agreed Currency in an Equivalent Amount of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at
approximately 11:00 a.m., London time, two (2) Business Days prior to (or, in the case of Loans denominated in Pounds Sterling, on the date of) the commencement of such Interest Period. 

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

“Liquidity” means, at any time the same is to be determined, the sum of (a) unencumbered cash and Permitted
Investments held by the Borrower and its Restricted Subsidiaries, plus (b) the Aggregate Available Revolving Commitment hereunder at such time. 
 “Loan Documents” means this Agreement, any promissory notes issued pursuant to Section 2.10(e) of this Agreement, any Letter of Credit applications, the Collateral Documents, the
Subsidiary Guaranty, any Incremental Amendment, Extension Amendment or Refinancing Amendment, any intercreditor agreements and subordination agreements, and all other agreements, instruments, documents and certificates identified in
Section 4.01 executed and delivered to, or in favor of, the 

  
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Administrative Agent, individually or for the benefit of the Secured Parties, or any Lenders and including all other pledges, powers of attorney, consents, assignments, contracts, notices, letter
of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Administrative Agent, individually or for the benefit of the
Secured Parties, or any Lender in connection with the Agreement or the transactions contemplated thereby. Any reference in the Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and
all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. 

“Loan Parties” means, collectively, the Borrower and the Subsidiary Guarantors. 

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

“Local Time” means (i) New York City time in the case of a Loan, Borrowing or LC Disbursement denominated in
Dollars and (ii) local time in the case of a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency (it being understood that such local time shall mean London, England time unless otherwise notified by the Administrative Agent).

 “Majority in Interest”, when used in reference to Lenders of any Class, means, at any time (i) in the
case of the Revolving Lenders, Lenders having Revolving Credit Exposures and unused Revolving Commitments representing more than 50% of the sum of the aggregate Revolving Credit Exposures and the unused aggregate Revolving Commitments at such time,
(ii) in the case of the Term A Lenders, Lenders holding outstanding Term A Loans representing more than 50% of all Term A Loans outstanding at such time, and (iii) in the case of the Term B Lenders, Lenders holding outstanding Term B Loans
representing more than 50% of all Term B Loans outstanding at such time. 
 “Mandatory Cost” is described in
Schedule 2.02. 
 “Material Acquisition” means any Permitted Acquisition (other than a Drug Acquisition)
that involves the payment of Acquisition Consideration by the Borrower and its Restricted Subsidiaries in excess of $25,000,000. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, property or condition (financial or otherwise) of the Borrower and the Subsidiaries taken as a
whole or (b) the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder. 

“Material Disposition” means any Disposition of property or series of related Dispositions of property that involves
payment of Disposition Consideration to the Borrower or any of its Restricted Subsidiaries in excess of $25,000,000. 

“Material Domestic Subsidiary” means each Domestic Subsidiary (other than Unrestricted Subsidiaries) (i) which, as
of the most recent fiscal quarter of the Borrower, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 5.01, contributed greater than five percent (5%) of
the Borrower’s Consolidated EBITDA for such period or (ii) which contributed greater than five percent (5%) of the Borrower’s Consolidated Total Assets as of such date; provided that, if at any time the aggregate amount of
Consolidated EBITDA or Consolidated Total Assets attributable to all Domestic Subsidiaries that are not Material Domestic Subsidiaries exceeds ten percent (10%) of Consolidated EBITDA of the Borrower and its Restricted

  
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Subsidiaries for any such period or ten percent (10%) of Consolidated Total Assets of the Borrower and its Restricted Subsidiaries as of the end of any such fiscal quarter, the Borrower (or,
in the event the Borrower has failed to do so within forty-five (45) days, the Administrative Agent) shall designate sufficient Domestic Subsidiaries (other than Unrestricted Subsidiaries) as “Material Domestic Subsidiaries” to
eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Domestic Subsidiaries. 
 “Material Foreign Subsidiary” means each Foreign Subsidiary (i) which, as of the most recent fiscal quarter of the Borrower, for the period of four consecutive fiscal quarters then
ended, for which financial statements have been delivered pursuant to Section 5.01, contributed greater than five percent (5%) of the Borrower’s Consolidated EBITDA for such period or (ii) which contributed greater than five
percent (5%) of the Borrower’s Consolidated Total Assets as of such date; provided that, if at any time the aggregate amount of Consolidated EBITDA or Consolidated Total Assets attributable to all Foreign Subsidiaries that are not Material
Foreign Subsidiaries exceeds ten percent (10%) of the Borrower’s Consolidated EBITDA for any such period or ten percent (10%) of the Borrower’s Consolidated Total Assets as of the end of any such fiscal quarter, the Borrower (or,
in the event the Borrower has failed to do so within forty-five (45) days, the Administrative Agent) shall designate sufficient Foreign Subsidiaries as “Material Foreign Subsidiaries” to eliminate such excess, and such designated
Subsidiaries shall for all purposes of this Agreement constitute Material Foreign Subsidiaries. 
 “Material
Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Restricted Subsidiaries in an aggregate principal amount
exceeding $100,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate
amount (giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
 “Material Restricted Subsidiary” means each Material Subsidiary that is a Restricted Subsidiary. 
 “Material Subsidiary” means each Material Domestic Subsidiary and each Material Foreign Subsidiary. 
 “Maturity Date” means (i) with respect to the Term A Loans that have not been extended pursuant to Section 2.23, June 17, 2016, (ii) with respect to the Term B
Loans that have not been extended pursuant to Section 2.23, June 17, 2018, (iii) with respect to the portion of the Revolving Commitments of the Revolving Lenders that have not been extended pursuant to
Section 2.23, June 17, 2016 and (iv) with respect to any other tranche of Term Loans or Revolving Commitments (including any Extended Term Loans, Extended Revolving Commitments, Incremental Revolving Commitments and Other
Refinancing Revolving Commitments), the maturity dates specified therefor in the applicable Incremental Amendment, Extension Amendment or Refinancing Amendment; provided that if any such day is not a Business Day, the Maturity Date shall be
the Business Day immediately succeeding such day. 
 “Milestone Payments” means payments made under contractual
arrangements existing during the period of twelve months ending on the Effective Date or contractual arrangements arising thereafter, in each case in connection with any Permitted Acquisition to sellers (or licensors) of the assets or Equity
Interests acquired (or licensed) therein based on the achievement of specified revenue, profit or other performance targets (financial or otherwise). 

  
 24 

 “Minimum Extension Condition” shall have the meaning given to such term in
Section 2.23(b). 
 “Minimum Tranche Amount” shall have the meaning given to such term in
Section 2.23(b). 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage” means each mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the
Administrative Agent, for the benefit of the Administrative Agent and the Secured Parties, on real property of a Loan Party, including any amendment, restatement, modification or supplement thereto. 

“Mortgage Instruments” means such title reports, title insurance, flood certifications and flood insurance, opinions of
counsel, surveys, appraisals and environmental reports and other similar information and related certifications as are requested by, and in form and substance reasonably acceptable to, the Administrative Agent from time to time. 

“Multicurrency Tranche Commitment” means, with respect to each Multicurrency Tranche Lender, the commitment, if any, of
such Multicurrency Tranche Lender to make Multicurrency Tranche Revolving Loans and to acquire participations in Multicurrency Tranche Letters of Credit hereunder, as such commitment may be (a) reduced or terminated from time to time pursuant
to Section 2.09, (b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each
Multicurrency Tranche Lender’s Multicurrency Tranche Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption (or other documentation contemplated by this Agreement) pursuant to which such Multicurrency Tranche
Lender shall have assumed its Multicurrency Tranche Commitment, as applicable. The aggregate principal amount of the Multicurrency Tranche Commitments on the Effective Date is $451,500,000. 

“Multicurrency Tranche Credit Event” means a Multicurrency Tranche Revolving Borrowing, the issuance of a Multicurrency
Letter of Credit, an LC Disbursement with respect to a Multicurrency Tranche Letter of Credit or any of the foregoing. 

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

“Multicurrency Tranche Lender” means a Lender with a Multicurrency Tranche Commitment or holding Multicurrency Tranche
Revolving Loans. 
 “Multicurrency Tranche Letter of Credit” means any letter of credit issued under the
Multicurrency Tranche Commitments pursuant to this Agreement. 
 “Multicurrency Tranche Percentage” the
percentage equal to a fraction the numerator of which is such Lender’s Multicurrency Tranche Commitment and the denominator of which is the aggregate Multicurrency Tranche Commitments of all Multicurrency Tranche Lenders (if the Multicurrency
Tranche Commitments have terminated or expired, the Multicurrency Tranche Percentages 

  
 25 

 
shall be determined based upon the Multicurrency Tranche Commitments most recently in effect, giving effect to any assignments); provided that in the case of Section 2.22 when a
Defaulting Lender shall exist, any such Defaulting Lender’s Multicurrency Tranche Commitment shall be disregarded in the calculation. 
 “Multicurrency Tranche Revolving Borrowing” means a Borrowing comprised of Multicurrency Tranche Revolving Loans. 
 “Multicurrency Tranche Revolving Credit Exposure” means, with respect to any Multicurrency Tranche Lender at any time, and without duplication, the sum of the outstanding principal amount
of such Multicurrency Tranche Lender’s Multicurrency Tranche Revolving Loans and its Multicurrency Tranche LC Exposure at such time. 
 “Multicurrency Tranche Revolving Loan” means a Loan made by a Multicurrency Tranche Lender pursuant to Section 2.01(b). Each Multicurrency Tranche Revolving Loan shall be a
Eurocurrency Loan denominated in an Agreed Currency or an ABR Loan denominated in Dollars. 
 “Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “Net Proceeds”
means, with respect to any event, (a) the cash proceeds received in respect of such event including (i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal
pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the
case of a condemnation or similar event, condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event,
(ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a Sale and Leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required to be made as a result of
such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event and (iii) the amount of all taxes paid (or reasonably estimated to be payable) and the amount of
any reserves established to fund contingent liabilities reasonably estimated to be payable, in each case that are directly attributable to such event (as determined reasonably and in good faith by a Financial Officer), provided that on the
date on which such reserve is no longer required to be maintained, the remaining amount of such reserve shall then be deemed to be Net Proceeds. 
 “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and
other obligations and indebtedness (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities
of any of the Borrower and its Subsidiaries to any of the Lenders, the Administrative Agent, the Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or
several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of
any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof. 
 “Other Refinancing Commitments” means the Other Refinancing Revolving Commitments and the Other Refinancing Term Commitments. 

  
 26 

 “Other Refinancing Loans” means the Other Refinancing Revolving Loans and
the Other Refinancing Term Loans. 
 “Other Refinancing Revolving Commitments” means one or more Classes of
revolving credit commitments hereunder or extended Revolving Commitments that result from a Refinancing Amendment. 

“Other Refinancing Revolving Loans” means the Revolving Loans made pursuant to any Other Refinancing Revolving
Commitment. 
 “Other Refinancing Term Commitments” means one or more Classes of term loan commitments
hereunder that result from a Refinancing Amendment. 
 “Other Refinancing Term Loans” means one or more Classes
of Term Loans that result from a Refinancing Amendment. 
 “Other Taxes” means any and all present or future
stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan
Document. 
 “Other Term A Loans” has the meaning set forth in Section 2.20(a). 

“Other Term B Loans” has the meaning set forth in Section 2.20(a). 

“Other Term Loans” means Other Term A Loans and Other Term B Loans. 

“Overnight Foreign Currency Rate” means, for any amount payable in a Foreign Currency, the rate of interest per annum as
determined by the Administrative Agent at which overnight or weekend deposits in the relevant currency (or if such amount due remains unpaid for more than three (3) Business Days, then for such other period of time as the Administrative Agent
may elect) for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for the relevant currency as determined above and in
an amount comparable to the unpaid principal amount of the related Credit Event, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to, the Administrative Agent by any relevant correspondent bank in
respect of such amount in such relevant currency. 
 “Parent” means, with respect to any Lender, any Person as
to which such Lender is directly or indirectly, a subsidiary. 
 “Participant” has the meaning set forth in
Section 9.04. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions. 
 “Penwest” means Penwest Pharmaceuticals Co., a
Washington corporation. 
 “Permitted Acquisition” means the purchase or other acquisition by the Borrower or
any Restricted Subsidiary of Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line (including rights in respect of any drug or

  
 27 

 
other pharmaceutical product) or line of business of), any Person, or any Exclusive License of rights to a drug or other product line, in a single transaction or a series of related transactions
if (a) (i) in the case of any purchase or other acquisition of Equity Interests in a Person, such Person (including each subsidiary of such Person to the extent such subsidiary was wholly-owned by such Person immediately prior to the purchase
or acquisition), upon the consummation of such purchase or acquisition, will be a wholly-owned Restricted Subsidiary (including as a result of a merger or consolidation between the Borrower or any Restricted Subsidiary and such Person, with, in the
case of a merger or consolidation involving the Borrower, the Borrower being the surviving entity) or (ii) in the case of any purchase, license or other acquisition of other assets, such assets will be owned and/or licensed by the Borrower or a
wholly-owned Restricted Subsidiary; (b) the business of such Person, or the business conducted with such assets, as the case may be, constitutes a business permitted by Section 6.03(b); (c) at the time of and immediately after giving
effect (including pro forma effect) to any such purchase, license or other acquisition, (i) no Default shall have occurred and be continuing, (ii) the Borrower shall be in compliance with the covenants set forth in Section 6.12 on a
pro forma basis in accordance with Section 1.04(b) (without any pro forma adjustment to Consolidated EBITDA for any Drug Acquisition), (iii) if the Acquisition Consideration with respect thereto exceeds $50,000,000, the Borrower shall have
delivered to the Administrative Agent a certificate of a Financial Officer, in form and substance reasonably satisfactory to the Administrative Agent, certifying that all the requirements set forth in this definition have been satisfied with respect
to such purchase or other acquisition, together, except in the case of a Drug Acquisition, with reasonably detailed calculations demonstrating satisfaction of the requirements set forth in clause (c)(ii) above and (d) below, as applicable; and
(d) after giving effect (on a pro forma basis in accordance with Section 1.04(b), but without any pro forma adjustment to Consolidated EBITDA for any Drug Acquisition) to any such purchase, license or other acquisition, the Leverage Ratio
shall not exceed the maximum permitted Leverage Ratio set forth for the current period in Section 6.12(a) (assuming that the maximum permitted Leverage Ratio permitted at the time was in fact 0.25 to 1 less than the ratio set forth in
Section 6.12(a) for such period). 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.04 and
Liens for unpaid utility charges; 
 (b) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than forty-five (45) days or are being contested in compliance with
Section 5.04; 
 (c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations or employment laws or to secure other public, statutory or regulatory obligations; 

(d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e)
judgment Liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII or securing appeal or surety bonds related to such judgments; 

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

  
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 (g) banker’s liens, rights of setoff or similar rights and remedies as
to deposit accounts or other funds maintained with depository institutions; provided that such deposit accounts or funds are not established or deposited for the purpose of providing collateral for any Indebtedness; and 

(h) Liens arising by virtue of Uniform Commercial Code financing statement filings (or similar filings under applicable
law) regarding operating leases entered into by the Borrower and the Restricted Subsidiaries in the ordinary course of business. 
 “Permitted Exchange” shall mean an exchange of real property of the Borrower or any Restricted Subsidiary which qualifies as a like kind exchange pursuant to and in compliance with
Section 1031 of the Code. 
 “Permitted Foreign Loan” means a loan made by the Borrower or a Loan Party to
any wholly-owned (other than on account of directors’ qualifying shares) Restricted Subsidiary that is a Foreign Subsidiary after the date hereof that satisfies the following requirements: (a) the proceeds of such loan are used, directly
or indirectly, to finance an acquisition permitted under clause (b) or (p) of Section 6.04; (b) such loan is evidenced by a promissory note of such Permitted Foreign Entity; and (c) such promissory note is delivered and
pledged to the Administrative Agent pursuant to the Security Agreement, and is accompanied by a certificate of a responsible officer of the issuer representing that such promissory note constitutes a valid and binding obligation of such issuer.

 “Permitted Indebtedness” means Indebtedness (including Subordinated Indebtedness) of the Borrower or its
Restricted Subsidiaries and any Permitted Refinancing Indebtedness in respect of any such Indebtedness; provided that (i) both immediately prior to and after giving effect (including pro forma effect) thereto, no Default or Event of
Default shall exist or result therefrom, (ii) such Indebtedness matures after, and does not require any scheduled amortization or other scheduled payments of principal prior to, the date that is 91 days after the Maturity Date of the Term B
Loans (or if any Extended Term Loans or Extended Revolving Commitments are outstanding, the last Maturity Date applicable thereto) (it being understood that any provision requiring an offer to purchase such Indebtedness as a result of a change of
control or asset sale shall not violate the foregoing restriction), (iii) such Indebtedness is not guaranteed by any Restricted Subsidiary of the Borrower other than the Subsidiary Guarantors (which guarantees, if such Indebtedness is
subordinated, shall be expressly subordinated to the Secured Obligations on terms not less favorable to the Lenders than the subordination terms of such Subordinated Indebtedness) and (iv) the aggregate principal amount of Indebtedness
permitted to be issued or incurred under this definition during such time as the Leverage Ratio equals or exceeds the maximum permitted Leverage Ratio set forth for the current period in Section 6.12(a) (assuming that the maximum permitted
Leverage Ratio permitted at the time was in fact 0.25 to 1 less than the ratio set forth in Section 6.12(a) for such period) (whether prior to or after giving effect (including pro forma effect) thereto), shall be limited to the greater of
(x) together with the aggregate amount of all Indebtedness incurred pursuant to Section 6.01(t), $500,000,000 and (y) 10% of Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending as of the last day of
the most recent fiscal quarter for which Financials have been delivered at any time (it being understood and agreed that, for the avoidance of doubt, Indebtedness incurred during such time when the Leverage Ratio is less than the maximum permitted
Leverage Ratio set forth for the current period in Section 6.12(a) (assuming that the maximum permitted Leverage Ratio permitted at the time was in fact 0.25 to 1 less than the ratio set forth in Section 6.12(a) for such period) (whether
prior to or after giving effect (including pro forma effect) thereto) shall be excluded from the limitation in this clause (iv)). 

  
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 “Permitted Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof; 

(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of
acquisition, the highest credit rating obtainable from S&P or from Moody’s; 
 (c) investments in certificates of
deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 

(d) fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause
(a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 
 (e)
money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least
$5,000,000,000; 
 (f) in the case of any Foreign Subsidiary, other short-term investments that are analogous to the foregoing,
are of comparable credit quality and are customarily used by companies in the jurisdiction of such Foreign Subsidiary for cash management purposes; 
 (g) investments in auction rate securities to the extent held by the Borrower or any Restricted Subsidiary on the Effective Date; and 

(h) any other cash equivalent investments permitted by the Borrower’s investment policy as such policy is in effect and as disclosed
to the Administrative Agent prior to the Effective Date and as such policy may be amended, restated, supplemented or otherwise modified from time to time with the consent of the Administrative Agent. 

“Permitted Junior Secured Refinancing Debt” means any secured Indebtedness incurred by the Borrower in the form of one
or more series of second-lien secured notes or second-lien secured loans; provided that (i) such Indebtedness is secured by all or a portion of the Collateral on a second-priority basis with the Obligations and is not secured by any property or
assets of the Borrower or any Subsidiary other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness does not mature or have scheduled amortization or scheduled payments
of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase upon a change of control, asset sale or casualty event and customary acceleration rights after an
event of default, in each case subject to and after giving effect to such offers and rights under this Agreement) prior to the latest Maturity Date at the time such Indebtedness is incurred, (iv) the security agreements relating to such
Indebtedness are substantially the same as the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (v) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary
Guarantors and (vi) a Designated Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of a Second Lien Intercreditor Agreement; provided that if such Indebtedness
is the initial Permitted Junior Secured 

  
 30 

 
Refinancing Debt incurred by the Borrower, then the Borrower, the Subsidiary Guarantors, the Administrative Agent and the Designated Representative for such Indebtedness shall have executed and
delivered a Second Lien Intercreditor Agreement. Permitted Junior Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor. 
 “Permitted Pari Passu Secured Refinancing Debt” means any secured Indebtedness incurred by the Borrower in the form of one or more series of senior secured notes or loans; provided that
(i) such Indebtedness is secured by all or a portion of the Collateral on a pari passu basis (but without regard to the control of remedies) with the Obligations and is not secured by any property or assets of the Borrower or any Subsidiary
other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness does not mature or have scheduled amortization or scheduled payments of principal and is not subject to
mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase upon a change of control, asset sale or casualty event and customary acceleration rights after an event of default, in each case
subject to and after giving effect to such offers and rights under this Agreement) prior to the latest Maturity Date at the time such Indebtedness is incurred, (iv) the security agreements relating to such Indebtedness are substantially the
same as the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (v) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Guarantors and (vi) a Designated
Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of a First Lien Intercreditor Agreement; provided that if such Indebtedness is the initial Permitted Pari Passu
Secured Refinancing Debt incurred by the Borrower, then the Borrower, the Subsidiary Guarantors, the Administrative Agent and the Designated Representative for such Indebtedness shall have executed and delivered a First Lien Intercreditor Agreement.
Permitted Pari Passu Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor. 

“Permitted Refinancing Indebtedness” means any Indebtedness issued in exchange for, or the net proceeds of which are
used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), other Indebtedness; provided that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so refinanced (plus unpaid accrued interest and premium (including tender premium) thereon, any committed or undrawn amounts and underwriting
discounts, fees, commissions and expenses, associated with such Permitted Refinancing Indebtedness), (b) the final maturity date of such Permitted Refinancing Indebtedness is no earlier than the date that is 91 days after the Maturity Date of
the Term B Loans (or if any Extended Term Loans or Extended Revolving Commitments are outstanding, the last Maturity Date applicable thereto) (it being understood that, in each case, any provision requiring an offer to purchase such Indebtedness as
a result of a change of control or asset sale shall not violate the foregoing restriction), (c) if the Indebtedness (including any Guarantee thereof) being Refinanced is by its terms subordinated in right of payment to the Secured Obligations,
such Permitted Refinancing Indebtedness (including any Guarantee thereof) shall be subordinated in right of payment to the Secured Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the
Indebtedness being Refinanced, taken as a whole (as determined in good faith by the board of directors of the Borrower), (d) such Permitted Refinancing Indebtedness contains mandatory redemption (or similar provisions), covenants and events of
default and is benefited by guarantees, if any, which are customary for Indebtedness of such type (reasonably determined in good faith by the board of directors of the Borrower), (e) no Permitted Refinancing Indebtedness shall have obligors or
contingent obligors that were not obligors or contingent obligors (or that would not have been required to become obligors or contingent obligors) in respect of the Indebtedness being Refinanced and (f) if the Indebtedness being Refinanced is
secured, such Permitted Refinancing Indebtedness may be secured on terms no less favorable, taken as a whole, to the Secured Parties than those contained in the documentation (including any intercreditor agreement) governing the Indebtedness being
Refinanced (reasonably determined in good faith by the board of directors of the Borrower). 

  
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 “Permitted Unsecured Refinancing Debt” means any unsecured Indebtedness
incurred by the Borrower in the form of one or more series of unsecured notes or loans; provided that (i) such Indebtedness is not secured by any property or assets of the Borrower or any Subsidiary, (ii) such Indebtedness constitutes
Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness does not mature or have scheduled amortization prior to the latest Maturity Date at the time such Indebtedness is incurred (other than customary offers to repurchase upon a
change of control or asset sale and customary acceleration rights after an event of default, in each case subject to and after giving effect to such offers and rights under this Agreement), and (iv) such Indebtedness is not guaranteed by any
Subsidiaries other than the Subsidiary Guarantors. Permitted Unsecured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV
of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA. 
 “Pledge Subsidiary” means (i) each Domestic Subsidiary and
(ii) each First Tier Foreign Subsidiary which is a Material Foreign Subsidiary. 
 “Pounds Sterling” means
the lawful currency of the United Kingdom. 
 “Prepayment Event” means: 

(a) any Asset Sale described in Section 6.03(a)(xvii) (other than the Net Proceeds which, together with the aggregate amount of Net
Proceeds received from all such sales, transfers or other dispositions occurring in the same fiscal year of the Borrower, do not exceed $25,000,000); or 
 (b) any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of the Borrower or any Restricted Subsidiary
with a fair market value immediately prior to such event greater than $25,000,000; or 
 (c) the incurrence by the Borrower or
any Restricted Subsidiary of any Indebtedness (other than Loans), other than Indebtedness permitted under Section 6.01 or permitted by the Required Lenders pursuant to Section 9.02. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by Morgan Stanley Senior Funding,
Inc. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Purchase Offer” has the meaning assigned to such term in Section 2.24. 

“Qualitest” means Generics International (US Parent), Inc. (doing business as Qualitest Pharmaceuticals), a Delaware
corporation. 

  
 32 

 “Refinanced Debt” has the meaning assigned to such term in the definition
of “Credit Agreement Refinancing Indebtedness”. 
 “Refinancing Amendment” means an amendment to this
Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Borrower executed by each of (a) the Borrower, (b) the Administrative Agent, (c) the Issuing Bank (in the case of Other Refinancing Revolving
Commitments or Other Refinancing Revolving Loans) and (d) each Refinancing Lender and Lender that agrees to provide any portion of the Credit Agreement Refinancing Indebtedness being incurred pursuant thereto, in accordance with
Section 2.25. 
 “Refinancing Lender” means, at any time, any bank, other financial institution or
institutional investor that, in any case, is not an existing Lender and that agrees to provide any portion of any Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with Section 2.25; provided that each
Refinancing Lender (other than any Person that is a Lender, an Affiliate of a Lender or an Approved Fund of a Lender at such time) shall be subject to the approval of the Administrative Agent and the Issuing Bank (in the case of Other Refinancing
Revolving Commitments or Other Refinancing Revolving Loans) (such approval not to be unreasonably withheld or delayed), in each case to the extent any such consent would be required from the Administrative Agent and the Issuing Bank (in the case of
Other Refinancing Revolving Commitments or Other Refinancing Revolving Loans) under Section 9.04(b)(i) for an assignment of Loans or Commitments to such Refinancing Lender. 

“Related Indemnified Person” of an indemnified person means (a) any controlling person or controlled affiliate of
such indemnified person, (b) the respective directors, officers, or employees of such indemnified person or any of its controlling persons or controlled affiliates and (c) the respective agents of such indemnified person or any of its
controlling persons or controlled affiliates, in the case of this clause (c), acting at the instructions of such indemnified person, controlling person or such controlled affiliate; provided that each reference to a controlled affiliate or
controlling person in this sentence pertains to a controlled affiliate or controlling person involved in the negotiation or syndication of this Credit Agreement and the Loans. 
 “Register” has the meaning set forth in Section 9.04. 

“Registered Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other private
placement transaction under the Securities Act, substantially identical notes (having the same Guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC. 

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

“Release” means any release, spill, emission, discharge, leaking, pumping, injection, deposit, disposal, dispersal,
leaching or migration of Hazardous Materials into the environment (including, without limitation, ambient air, surface water, groundwater and surface or subsurface strata). 
 “Repricing Transaction” shall mean the prepayment, refinancing, substitution or replacement of all or a portion of the Term B Loans with the incurrence by the Borrower of any debt
financing (including any Incremental Term Loans) having an effective interest cost or weighted average yield (with the comparative determinations to be made by the Administrative Agent consistent with generally accepted financial practices, after
giving effect to, among other factors, margin, interest rate 

  
 33 

 
floors, upfront or similar fees or original issue discount shared with all providers of such financing, but excluding the effect of any arrangement, structuring, syndication or other fees payable
in connection therewith that are not shared with all providers of such financing, and without taking into account any fluctuations in the Eurodollar Rate) that is less than the effective interest cost (as determined by the Administrative Agent on
the same basis) of such Term B Loans, including as may be effected through any amendment to this Agreement relating to the interest rate for, or weighted average yield of, such Term B Loans. 

“Required Lenders” means, at any time, Lenders having Credit Exposures and unused Commitments representing more than 50%
of the sum of the total Credit Exposures and unused Commitments at such time. 
 “Responsible Officer” means
the chief executive officer, president, an executive vice president or senior vice president or a Financial Officer of the Borrower. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Restricted
Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in
the Borrower or any Restricted Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Borrower or any Restricted Subsidiary. 
 “Restricted Subsidiary” means any Subsidiary of the Borrower other than an Unrestricted Subsidiary. 
 “Revolving Commitment” means a Dollar Tranche Commitment or a Multicurrency Tranche Commitment and “Revolving Commitments” means both the Dollar Tranche Commitments and the
Multicurrency Tranche Commitments. 
 “Revolving Credit Exposure” means, with respect to any Lender at any
time, the sum of the outstanding principal amount of such Lender’s Multicurrency Tranche Revolving Loans and Dollar Tranche Revolving Loans and its LC Exposure and Swingline Exposure at such time. 

“Revolving Lender” means, as of any date of determination, each Lender that has a Revolving Commitment or, if the
Revolving Commitments have terminated or expired, a Lender with Revolving Credit Exposure. 
 “Revolving Loan”
means any Multicurrency Tranche Revolving Loan or Dollar Tranche Revolving Loan. 
 “S&P” means
Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business. 

“Sale and Leaseback Transaction” means any sale or other transfer of any property or asset by any Person with the intent
to lease such property or asset as lessee. 
 “SEC” means the United States Securities and Exchange Commission.

 “Second Lien Intercreditor Agreement” means a “junior lien” intercreditor agreement among the
Administrative Agent and one or more Designated Representatives for holders of Permitted Junior Secured Refinancing Debt in form and substance reasonably satisfactory to the Administrative Agent. 

  
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 “Secured Obligations” means all Obligations, together with (i) all
Swap Obligations owing to any Person that is a Lender or an Affiliate of a Lender or was a Lender or an Affiliate of a Lender at the time the applicable Swap Agreement was entered into and (ii) Banking Services Obligations owing to one or more
Lenders or their respective Affiliates. 
 “Secured Parties” means the holders of the Secured Obligations from
time to time and shall include (i) each Lender and the Issuing Bank in respect of its Loans and LC Exposure respectively, (ii) the Administrative Agent, the Issuing Bank and the Lenders in respect of all other present and future
obligations and liabilities of the Borrower and each Restricted Subsidiary of every type and description arising under or in connection with this Agreement or any other Loan Document, (iii) with respect to any Swap Agreement, each Person that
is a Lender or an Affiliate of a Lender or was a Lender or an Affiliate of a Lender at the time such Swap Agreement was entered into with such Person by the Borrower or any Restricted Subsidiary, (iv) each Lender and Affiliate of such Lender in
respect of Banking Services Agreements entered into with such Person by the Borrower or any Restricted Subsidiary, (v) each indemnified party under Section 9.03 in respect of the obligations and liabilities of the Borrower to such Person
hereunder and under the other Loan Documents, and (vi) their respective successors and (in the case of a Lender, permitted) transferees and assigns. 
 “Securities Act” means the United States Securities Act of 1933, as amended from time to time and any successor statute. 

“Security Agreement” means that certain Pledge and Security Agreement (including any and all supplements thereto), dated
as of the date hereof, between the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement entered into, after the date of this Agreement by any
other Loan Party (as required by this Agreement or any other Loan Document), or any other Person. 
 “Senior
Notes” has the meaning assigned to such term in Section 4.01(g) and shall include any Registered Equivalent Notes in respect thereof. 
 “Senior Secured Leverage Ratio” means the ratio of (a) Consolidated Senior Secured Debt minus the aggregate amount (not to exceed $250,000,000) of unrestricted and
unencumbered (other than pursuant to the Collateral Documents or Liens permitted by clauses (b), (t) or (u) of Section 6.02) cash and Permitted Investments to (b) Consolidated EBITDA for the period of four (4) consecutive
fiscal quarters ending as of the most recently completed fiscal quarter of the Borrower, all calculated for the Borrower and its Restricted Subsidiaries on a consolidated basis. 

“Specified Obligations” means Obligations consisting of the principal of and interest on outstanding Revolving Loans,
reimbursement obligations in respect of LC Disbursements and any interest with respect thereto, and fees. 
 “Specified
Representations” means the representations and warranties set forth in Sections 3.01 (but limited to the first sentence thereof), 3.02, 3.08, 3.12, 3.16 and 3.17. 
 “Statutory Reserve Rate” means, with respect to any currency, a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one
minus the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any central

  
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bank, monetary authority, the Board, the Financial Services Authority, the European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to
fund loans in such currency, expressed in the case of each such requirement as a decimal. Such reserve, liquid asset, fees or similar requirements shall, in the case of Dollar denominated Loans, include those imposed pursuant to Regulation D of the
Board. Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset, fee or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any
applicable law, rule or regulation, including Regulation D of the Board. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement. 

“Subordinated Indebtedness” means any Indebtedness of the Borrower or any Restricted Subsidiary the payment of which is
subordinated to payment of the obligations under the Loan Documents, and includes the 2008 Subordinated Convertible Notes. 

“Subordinated Indebtedness Documents” means any document, agreement or instrument evidencing any Subordinated
Indebtedness or entered into in connection with any Subordinated Indebtedness, and includes the 2008 Subordinated Convertible Notes Indenture. 
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the
accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited
liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of
the general partnership interests are, as of such date, owned, Controlled or held. 
 “Subsidiary” means any
subsidiary of the Borrower. 
 “Subsidiary Guarantor” means each Material Domestic Subsidiary that is party to
the Subsidiary Guaranty. The Subsidiary Guarantors on the Effective Date are identified as such in Schedule 3.01 hereto. 

“Subsidiary Guaranty” means that certain Guaranty dated as of the Effective Date (including any and all supplements
thereto) and executed by each Subsidiary Guarantor. 
 “Swap Agreement” means any agreement with respect to any
swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of the Borrower or the Restricted Subsidiaries shall be a Swap Agreement. 
 “Swap Obligations” means any and all obligations of the Borrower or any Restricted Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or
acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements with a Lender or an Affiliate of a Lender or Person that was a Lender or an Affiliate of a Lender at the
time such Swap Agreement was entered into, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction. 

  
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 “Swingline Exposure” means, at any time, the aggregate principal amount of
all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its Dollar Tranche Percentage of the total Swingline Exposure at such time. 

“Swingline Lender” means Morgan Stanley Senior Funding, Inc., in its capacity as lender of Swingline Loans hereunder.

 “Swingline Loan” means a Loan made pursuant to Section 2.05. 

“Syndication Agent” means Bank of America, N.A., in its capacity as syndication agent for the credit facility evidenced
by this Agreement. 
 “Synthetic Lease” means, as to any Person, any lease (including leases that may be
terminated by the lessee at any time) of real or personal property, or a combination thereof, (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee is deemed to own the property so leased for
U.S. federal income tax purposes, other than any such lease under which such Person is the lessor. 
 “Synthetic Lease
Obligations” means, as to any Person, an amount equal to the capitalized amount of the remaining lease payments under any Synthetic Lease (determined, in the case of a Synthetic Lease providing for an option to purchase the leased property,
as if such purchase were required at the end of the term thereof) that would appear on a balance sheet of such Person prepared in accordance with GAAP if such payment obligations were accounted for as Capital Lease Obligations. For purposes of
Section 6.02, a Synthetic Lease Obligation shall be deemed to be secured by a Lien on the property being leased and such property shall be deemed to be owned by the lessee. 

“TARGET” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if
such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in euro. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed
by any Governmental Authority. 
 “Term A Lender” means, as of any date of determination, each Lender having a
Term A Loan Commitment or that holds Term A Loans. 
 “Term A Loan Commitment” means (a) as to any Term A
Lender, the aggregate commitment of such Term A Lender to make Term A Loans as set forth on Schedule 2.01 or in the most recent Assignment and Assumption or other documentation contemplated hereby executed by such Term A Lender and
(b) as to all Term A Lenders, the aggregate commitment of all Term A Lenders to make Term A Loans, which aggregate commitment shall be $1,500,000,000 on the date of this Agreement. After funding the Term A Loans, each reference to a Term A
Lender’s Term A Loan Commitment shall refer to that Term A Lender’s Applicable Percentage of the Term A Loans. 

“Term A Loans” means the term loans made by the Term A Lenders to the Borrower pursuant to Section 2.01(c), any
Incremental Term A Loan (including any Other Term A Loan), any Other Refinancing Term Loan or any Extended Term A Loan. 

“Term B Lender” means, as of any date of determination, each Lender having a Term B Loan Commitment or that holds Term B
Loans. 

  
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 “Term B Loan Commitment” means (a) as to any Term B Lender, the
aggregate commitment of such Term B Lender to make Term B Loans as set forth on Schedule 2.01 or in the most recent Assignment and Assumption or other documentation contemplated hereby executed by such Term B Lender and (b) as to all
Term B Lenders, the aggregate commitment of all Term B Lenders to make Term B Loans, which aggregate commitment shall be $700,000,000 on the date of this Agreement. After funding the Term B Loans, each reference to a Term B Lender’s Term B Loan
Commitment shall refer to that Term B Lender’s Applicable Percentage of the Term B Loans. 
 “Term B
Loans” means the term loans made by the Term B Lenders to the Borrower pursuant to Section 2.01(d), any Incremental Term B Loan (including any Other Term B Loan), any Other Refinancing Term Loan or any Extended Term B Loan. 

“Term Lender” means any Term A Lender, any Term B Lender, any Incremental Term Lender or any Extending Term Lender.

 “Term Loan Commitment” means a Term A Loan Commitment or a Term B Loan Commitment. 

“Term Loan” means a Term A Loan or a Term B Loan. 

“Tranche” means a category of Commitments and extensions of credit thereunder. For purposes hereof, each of the
following comprises a separate Tranche: (a) Multicurrency Tranche Commitments, Multicurrency Tranche Revolving Loans and Multicurrency Tranche Letters of Credit, (b) Dollar Tranche Commitments, Dollar Tranche Revolving Loans, Dollar
Tranche Letters of Credit and Swingline Loans, (c) Term A Loan Commitments and Term A Loans and (d) Term B Loan Commitments and Term B Loans 
 “Transactions” means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the
use of the proceeds thereof, the issuance of Letters of Credit hereunder, the consummation of the AMS Acquisition and the issuance of the Senior Notes and/or the borrowing of loans under the Bridge Facility. 

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

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the
laws of which are required to be applied in connection with the issue of perfection of security interests. 

“Unliquidated Obligations” means, at any time, any Secured Obligations (or portion thereof) that are contingent in
nature or unliquidated at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including any guarantee) that
is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations. 
 “Unrestricted Subsidiary” means (a) each JV Subsidiary, (b) HealthTronics, Inc., (c) after the Effective Date, any additional Subsidiaries of the Borrower designated by the
board of directors of the Borrower as an “Unrestricted Subsidiary” pursuant to Section 5.10, and (d) any Subsidiary of any of the foregoing. 

  
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 “Upfront Payments” means any upfront or similar payments made during the
period of twelve months ending on the Effective Date or arising thereafter in connection with any drug or pharmaceutical product research and development or collaboration arrangements or the closing of any Drug Acquisition. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “2008 Subordinated
Convertible Notes” means the 1.75% convertible senior subordinated notes due April 15, 2015, issued by the Borrower under the 2008 Subordinated Convertible Notes Indenture. 

“2008 Subordinated Convertible Notes Indenture” means the Indenture dated as of April 15, 2008, between the
Borrower and The Bank of New York, as trustee, under which the 2008 Subordinated Convertible Notes are outstanding. 

“2010 Senior Notes” means the 7.00% senior notes due November 23, 2020, issued by the Borrower under the 2010
Senior Notes Indenture and any Registered Equivalent Notes issued in exchange therefor. 
 “2010 Senior Notes
Indenture” means the Indenture dated as of November 23, 2010, between the Borrower and Wells Fargo Bank, National Association, as trustee, under which the 2010 Senior Notes are outstanding. 

SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a “Dollar Tranche Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Dollar Tranche Revolving Loan”). Borrowings also may be
classified and referred to by Class (e.g., a “Dollar Tranche Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Dollar Tranche Eurocurrency Revolving
Borrowing”). 
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “law” shall be construed as referring to all statutes,
rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any

  
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statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws),
(c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental
Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and
not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations. (a) Except as otherwise expressly provided herein, all terms of an
accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to
eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any
provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used
herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein, (ii) without giving effect to any treatment of
Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness
in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof and (iii) for the avoidance of doubt, except as provided in the definition of
“Consolidated Net Income”, without giving effect to the financial condition, results and performance of the Unrestricted Subsidiaries. 
 (b) All pro forma computations required to be made hereunder giving effect to any Material Acquisition, Material Disposition, Permitted Acquisition, designation of any Subsidiary as an Unrestricted
Subsidiary, or issuance, incurrence or assumption of Indebtedness shall be calculated after giving pro forma effect thereto immediately after giving effect to such acquisition, disposition, designation or issuance, incurrence or assumption of
Indebtedness (and to any other such transaction consummated since the first day of the period for which such pro forma computation is being made and on or prior to the date of such computation) as if such transaction had occurred on the first day of
the period of four consecutive fiscal quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial
statements, ending on March 31, 2011), and, to the extent applicable, the historical earnings and cash flows associated with the assets acquired or disposed of, any related incurrence or reduction of Indebtedness. If any Indebtedness bears a
floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any
Swap Agreement applicable to such Indebtedness). 

  
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 SECTION 1.05. Status of Obligations. The Secured Obligations are hereby designated as
“Designated Senior Debt” for purposes of the 2008 Subordinated Convertible Notes and the 2008 Subordinated Convertible Notes Indenture. In the event that the Borrower or any other Loan Party shall at any time issue or have outstanding any
other Subordinated Indebtedness, the Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Secured Obligations to constitute senior indebtedness (however denominated) in respect of such
Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated
Indebtedness. Without limiting the foregoing, the Secured Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect of any indenture or
other agreement or instrument under which such other Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that the Lenders may
have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. 
 ARTICLE II 
 The Credits 

SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, (a) each Dollar Tranche Lender agrees to
make Dollar Tranche Revolving Loans to the Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Dollar Tranche Revolving Credit Exposure exceeding
such Lender’s Dollar Tranche Commitment or (ii) the sum of the total Dollar Tranche Revolving Credit Exposures exceeding the aggregate Dollar Tranche Commitments, (b) each Multicurrency Tranche Lender agrees to make Multicurrency
Tranche Revolving Loans to the Borrower in Agreed Currencies from time to time during the Availability Period in an aggregate principal amount that will not result in (i) subject to Sections 2.04 and 2.11(b), the Dollar Amount of such
Lender’s Multicurrency Tranche Revolving Credit Exposure exceeding such Lender’s Multicurrency Tranche Commitment or (ii) subject to Sections 2.04 and 2.11(b), the sum of the Dollar Amount of the total Multicurrency Tranche Revolving
Credit Exposures exceeding the aggregate Multicurrency Tranche Commitments, (c) each Term A Lender with a Term A Loan Commitment agrees to make a Term A Loan to the Borrower in Dollars on the Effective Date, in an amount equal to such
Lender’s Term A Loan Commitment by making immediately available funds available to the Administrative Agent’s designated account, not later than the time specified by the Administrative Agent and (d) each Term B Lender with a Term B
Loan Commitment agrees to make a Term B Loan to the Borrower in Dollars on the Effective Date, in an amount equal to such Lender’s Term B Loan Commitment by making immediately available funds available to the Administrative Agent’s
designated account, not later than the time specified by the Administrative Agent. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Dollar Tranche Revolving Loans and
Multicurrency Tranche Revolving Loans. Amounts repaid or prepaid in respect of Term Loans may not be reborrowed. 
 SECTION
2.02. Loans and Borrowings. (a) Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the relevant Lenders ratably in accordance with their respective
Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender
shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05. The Term Loans shall amortize as set forth in Section 2.10.

  
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 (b) Subject to Section 2.14, each Dollar Tranche Revolving Borrowing,
each Multicurrency Tranche Revolving Borrowing and each Term Loan Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance herewith; provided that each ABR Loan shall only be made in
Dollars. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of
Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms
of this Agreement. 
 (c) At the commencement of each Interest Period for any Eurocurrency Revolving Borrowing,
such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 (or, if such Borrowing is denominated in a Foreign Currency, 500,000 units of such currency other than Japanese Yen and ¥50,000,000 in the case of Japanese
Yen) and not less than $2,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 2,000,000 units of such currency other than Japanese Yen and ¥200,000,000 in the case of Japanese Yen). At the time that each ABR Revolving Borrowing
is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance
of the aggregate Dollar Tranche Commitments or the aggregate Multicurrency Tranche Commitments, as the case may be, or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan
shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of
eight (8) Eurocurrency Revolving Borrowings outstanding. 
 (d) Notwithstanding any other provision of this
Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date of the Revolving Commitments (or if any Extended
Revolving Commitments, Incremental Revolving Commitments or Other Refinancing Revolving Commitments are outstanding, the last Maturity Date applicable thereto). 
 SECTION 2.03. Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request (a) by irrevocable written notice (via a written Borrowing
Request in a form approved by the Administrative Agent and signed by the Borrower, promptly followed by telephonic confirmation of such request) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time, three (3) Business
Days (in the case of a Eurocurrency Borrowing denominated in Dollars) or by irrevocable written notice (via a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower) not later than three (3) Business
Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each case before the date of the proposed Borrowing or (b) by telephone in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one
(1) Business Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later
than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing
Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

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

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing and, if such Borrowing is a Revolving
Borrowing, whether such Borrowing is to be a Dollar Tranche Revolving Borrowing or Multicurrency Tranche Revolving Borrowing; 
 (iv) in the case of a Eurocurrency Borrowing, the Agreed Currency and initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest
Period”; and 
 (v) the location and number of the Borrower’s account to which funds are to be
disbursed, which shall comply with the requirements of Section 2.07. 
 If no election as to the Type of Revolving Borrowing is specified,
then, in the case of a Borrowing denominated in Dollars, the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the Borrower shall be
deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of
such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04. Determination of Dollar Amounts.
The Administrative Agent will determine the Dollar Amount of: 
 (a) each Multicurrency Tranche Eurocurrency
Borrowing as of the date two (2) Business Days prior to the date of such Borrowing or, if applicable, the date of conversion/continuation of any Borrowing as a Multicurrency Tranche Eurocurrency Borrowing, 

(b) the LC Exposure as of the date of each request for the issuance, amendment, renewal or extension of any Letter of
Credit, and 
 (c) all outstanding Credit Events on and as of the last Business Day of each calendar quarter and,
during the continuation of an Event of Default, on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the Required Lenders. 
 Each day upon or as of which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as a “Computation
Date” with respect to each Credit Event for which a Dollar Amount is determined on or as of such day. 
 SECTION 2.05.
Swingline Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans in Dollars to the Borrower from time to time during the Availability Period, in an aggregate principal amount
at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $50,000,000 or (ii) the Dollar Amount of the total Dollar Tranche Revolving Credit Exposures exceeding the
aggregate Dollar Tranche Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth
herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 

  
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 (b) To request a Swingline Loan, the Borrower shall notify the
Administrative Agent of such request by telephone (confirmed by telecopy), not later than 2:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall
be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the
Borrower by means of a credit to the general deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to
the Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan. 
 (c) The
Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Dollar Tranche Lenders to acquire participations on such Business Day in all or a portion of the
Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Dollar Tranche Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Dollar
Tranche Lender, specifying in such notice such Lender’s Dollar Tranche Percentage of such Swingline Loan or Loans. Each Dollar Tranche Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the
Administrative Agent, for the account of the Swingline Lender, such Dollar Tranche Lender’s Dollar Tranche Percentage of such Swingline Loan or Loans. Each Dollar Tranche Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph in an amount equal to its Dollar Tranche Percentage thereof is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance
of a Default or reduction or termination of the Dollar Tranche Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Dollar Tranche Lender shall comply with its obligation
under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment
obligations of the Dollar Tranche Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Dollar Tranche Lenders. The Administrative Agent shall notify the Borrower of any
participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline
Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any
such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Dollar Tranche Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may
appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The
purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 
 (d) Extensions. If the Maturity Date shall have occurred in respect of any Tranche of Revolving Commitments at a time when another Tranche or Tranches of Revolving Commitments is or are in effect
with a longer Maturity Date, then on the earliest occurring Maturity Date all then-outstanding Swingline Loans shall be repaid in full (and there shall be no adjustment to the 

  
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participations in such Swingline Loans as a result of the occurrence of such Maturity Date); provided, however, that if on the occurrence of such earliest Maturity Date (after giving effect to
any repayments of Revolving Loans and any reallocation of Letter of Credit participations as contemplated in Section 2.06(k)), there shall exist sufficient unutilized Extending Revolving Commitments so that the respective outstanding Swingline
Loans could be incurred pursuant to such Extended Revolving Commitments which will remain in effect after the occurrence of such Maturity Date, then there shall be an automatic adjustment on such date of the risk participations of each Revolving
Lender that is an Extending Revolving Lender and such outstanding Swingline Loans shall be deemed to have been incurred solely pursuant to the relevant Extended Revolving Commitments and such Swingline Loans shall not be so required to be repaid in
full on such earliest Maturity Date. 
 SECTION 2.06. Letters of Credit. (a) General. Subject to the terms
and conditions set forth herein, the Borrower may request the issuance of Multicurrency Tranche Letters of Credit denominated in Agreed Currencies and Dollar Tranche Letters of Credit denominated in Dollars, in each case for its own account, in a
form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period. The letters of credit identified on Schedule 2.06 (the “Existing Letters of
Credit”) shall be deemed to be “Letters of Credit” issued on the Effective Date for all purposes of the Loan Documents. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and
conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall
control. 
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the
issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the
Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of, but not less than five (5) Business Days prior to, the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a
Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire
(which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the Agreed Currency applicable thereto, whether such Letter of Credit is a Multicurrency Tranche Letter of Credit or a Dollar Tranche Letter of
Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. The Borrower also shall submit a letter of credit application on the Issuing
Bank’s standard form and related documents in connection with any request for a Letter of Credit and in connection with any request for a Letter of Credit to be amended, renewed, modified or extended. A Letter of Credit shall be issued,
amended, renewed or extended only (A) if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or
extension (i) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the LC Exposure shall not exceed $50,000,000, (ii) subject to Sections 2.04 and 2.11(b), the sum of the Dollar Amount of the total Multicurrency Tranche Revolving
Credit Exposures shall not exceed the aggregate Multicurrency Tranche Commitments and (iii) the sum of the total Dollar Tranche Revolving Credit Exposures shall not exceed the aggregate Dollar Tranche Commitments and (B) in accordance with
the Issuing Bank’s usual and customary practices from time to time. 
 (c) Expiration Date. Each
Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal
or extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date of the Revolving Commitments (or if 

  
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any Extended Revolving Commitments, Incremental Revolving Commitments or Other Refinancing Revolving Commitments are outstanding, the last Maturity Date applicable thereto); provided that
any Letter of Credit may contain customary automatic renewal provisions agreed upon by the Borrower and the Issuing Bank pursuant to which the expiration date of such Letter of Credit (an “Auto Renewal Letter of Credit”) shall
automatically be extended for consecutive periods of up to twelve (12) months (but not to a date later than the date set forth in clause (ii) above) (it being understood and agreed that the Existing Letters of Credit issued by Royal Bank
of Canada will not be so renewed to the extent that Royal Bank of Canada has not already agreed to the renewal of such Letters of Credit prior to the Effective Date); provided that any such Auto-Renewal Letter of Credit must permit the Issuing Bank
to prevent any such renewal at least once in each twelve month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day in each such twelve month period to be
agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Bank, the Borrower shall not be required to make a specific request to the Issuing Bank for any such renewal. Once an Auto-Renewal Letter of Credit has
been issued, the Lenders shall be deemed to have authorized (but may not require) the Issuing Bank to permit the renewal of such Letter of Credit at any time to an expiry date not later than such Maturity Date. 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) and without any further action on the part of the Issuing Bank or any Revolving Lender in respect of the Tranche under which such Letter of Credit is issued (each such Revolving Lender, an “Applicable Lender”), the
Issuing Bank hereby grants to each Applicable Lender, and each Applicable Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Applicable Lender’s Applicable Percentage of the aggregate Dollar
Amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Applicable Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing
Bank, such Applicable Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required
to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever. 
 (e) Reimbursement. If the Issuing
Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent in Dollars the Dollar Amount equal to such LC Disbursement, calculated as of the date the
Issuing Bank made such LC Disbursement (or if the Issuing Bank shall so elect in its sole discretion by notice to the Borrower, in such other Agreed Currency which was paid by the Issuing Bank pursuant to such LC Disbursement in an amount equal to
such LC Disbursement) not later than 12:00 noon, Local Time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not
been received by the Borrower prior to such time on such date, then not later than 12:00 noon, Local Time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on
the day of receipt; provided that, if such LC Disbursement is not less than the Dollar Amount of $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that
such payment be financed with an ABR Revolving Borrowing or Swingline Loan in an 

  
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equivalent Dollar Amount of such LC Disbursement and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR
Revolving Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Applicable Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and
such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Applicable Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as
provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Applicable Lenders), and the Administrative Agent shall promptly pay to the
Issuing Bank the amounts so received by it from the Applicable Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the
Issuing Bank or, to the extent that Applicable Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by an Applicable Lender
pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its
obligation to reimburse such LC Disbursement. If the Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject the Administrative Agent, the Issuing Bank or any Multicurrency Tranche Lender to
any stamp duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in Dollars, the Borrower shall, at its option, either (x) pay the amount of any such tax requested by the
Administrative Agent, the Issuing Bank or the relevant Multicurrency Tranche Lender or (y) reimburse each LC Disbursement made in such Foreign Currency in Dollars, in an amount equal to the Equivalent Amount, calculated using the applicable
exchange rates, on the date such LC Disbursement is made, of such LC Disbursement. 
 (f) Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this
Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented
under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft
or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a
legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Revolving Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any
liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any
error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the
extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to
exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful

  
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misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In
furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank
may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if
such documents are not in strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement
Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the
Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the
Borrower of its obligation to reimburse the Issuing Bank and the Applicable Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid
amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans (or
in the case such LC Disbursement is denominated in a Foreign Currency, at the Overnight Foreign Currency Rate for such Agreed Currency plus the then effective Applicable Rate with respect to Eurocurrency Revolving Loans); provided
that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank,
except that interest accrued on and after the date of payment by any Applicable Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Applicable Lender to the extent of such payment.

 (i) Replacement of Issuing Bank. The Issuing Bank may be replaced at any time by written agreement
among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall
become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have
all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to
any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all
the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

(j) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the
Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, a Majority in Interest of the Revolving Lenders) demanding the deposit of cash collateral pursuant to this
paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “LC Collateral Account”), an amount in cash equal to 105%

  
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of the Dollar Amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that (i) the portions of such amount attributable to undrawn Foreign
Currency Letters of Credit or LC Disbursements in a Foreign Currency that the Borrower is not late in reimbursing shall be deposited in the applicable Foreign Currencies in the actual amounts of such undrawn Letters of Credit and LC Disbursements
and (ii) the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with
respect to the Borrower described in clause (h) or (i) of Article VII. For the purposes of this paragraph, the Foreign Currency LC Exposure shall be calculated using the applicable Exchange Rate on the date notice demanding cash
collateralization is delivered to the Borrower. The Borrower also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.11(b). Such deposit shall be held by the Administrative Agent as collateral
for the payment and performance of the Secured Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Borrower hereby grants the Administrative Agent,
for the ratable benefit of the Secured Parties, a security interest in the LC Collateral Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative
Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or,
if the maturity of the Loans has been accelerated (but subject to the consent of a Majority in Interest of the Revolving Lenders), be applied to satisfy other Secured Obligations. If the Borrower is required to provide an amount of cash collateral
hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived. If the
Borrower is required to provide an amount of cash collateral hereunder pursuant to Section 2.11(b), such amount (to the extent not applied as aforesaid) shall be returned to the Borrower as and to the extent that, after giving effect to such
return, the aggregate Revolving Credit Exposures would not exceed the aggregate Revolving Commitments and no Default shall have occurred and be continuing. 
 (k) Extensions. If the Maturity Date in respect of any Tranche of Revolving Commitments occurs prior to the expiration of any Letter of Credit, then (i) if one or more other tranches of
Revolving Commitments in respect of which the Maturity Date shall not have occurred are then in effect, such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Lenders to
purchase participations therein and to make Revolving Loans and payments in respect thereof pursuant to Section 2.06(e)) under (and ratably participated in by Revolving Lenders pursuant to) the Revolving Commitments in respect of such
non-terminating tranches up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Revolving Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so
reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Borrower shall cash collateralize any such Letter of Credit in accordance with Section 2.06(j). Except to the extent of reallocations of
participations pursuant to clause (i) of the immediately preceding sentence, the occurrence of a Maturity Date with respect to a given tranche of Revolving Commitments shall have no effect upon (and shall not diminish) the percentage
participations of the Revolving Lenders in any Letter of Credit issued before such Maturity Date. 
 (l)
Issuing Bank Agreements. Each Issuing Bank agrees that, unless otherwise requested by the Administrative Agent, each Issuing Bank shall report in writing to the 

  
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Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth by day) in respect of Letters of Credit during the immediately preceding week, including all
issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business Day on which such Issuing Bank expects to issue, amend, renew or extend any Letter of
Credit, the date of such issuance, amendment, renewal or extension, and the currency and aggregate face amount of the Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment,
renewal or extension occurred (and whether the amount thereof changed), it being understood that such Issuing Bank shall not permit any issuance, renewal, extension or amendment resulting in an increase in the amount of any Letter of Credit to occur
without first obtaining written confirmation from the Administrative Agent that it is then permitted under this Agreement, (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the date of such LC Disbursement and the
amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount and currency of such LC
Disbursement and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request, as to the Letters of Credit issued by such Issuing Bank. 

SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date
thereof by wire transfer of immediately available funds (i) in the case of Loans denominated in Dollars, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to
the Lenders and (ii) in the case of each Loan denominated in a Foreign Currency, by 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency and at such Eurocurrency Payment Office for
such currency; provided that Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to (x) an
account of the Borrower maintained with the Administrative Agent in New York City or Chicago and designated by the Borrower in the applicable Borrowing Request, in the case of Loans denominated in Dollars and (y) an account of the Borrower in
the relevant jurisdiction and designated by the Borrower in the applicable Borrowing Request, in the case of Loans denominated in a Foreign Currency; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as
provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank. 
 (b) Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent
may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender
has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with
interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign
Currency) or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

  
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 SECTION 2.08. Interest Elections. (a) Each Borrowing initially shall be of the
Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a
different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the
affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not
apply to Swingline Borrowings, which may not be converted or continued. 
 (b) To make an election pursuant to
this Section, the Borrower shall notify the Administrative Agent of such election (by telephone or irrevocable written notice in the case of a Borrowing denominated in Dollars or by irrevocable written notice (via an Interest Election Request in a
form approved by the Administrative Agent and signed by the Borrower) in the case of a Borrowing denominated in a Foreign Currency) by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a
Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to
(i) change the currency of any Borrowing, (ii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not available under the Class of
Commitments pursuant to which such Borrowing was made. 
 (c) Each telephonic and written Interest Election
Request shall specify the following information in compliance with Section 2.02: 
 (i) the Borrowing to
which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
 (ii) the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing and, if such Borrowing is a
Revolving Borrowing, whether the resulting Borrowing is to be a Dollar Tranche Borrowing or a Multicurrency Tranche Borrowing; and 
 (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period and Agreed Currency to be applicable thereto after giving effect to such election, which Interest Period shall be a period
contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a Eurocurrency
Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

  
 51 

 (e) If the Borrower fails to deliver a timely Interest
Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period (i) in the case of a Borrowing
denominated in Dollars, such Borrowing shall be converted to an ABR Borrowing and (ii) in the case of a Borrowing denominated in a Foreign Currency in respect of which the Borrower shall have failed to deliver an Interest Election Request prior
to the third (3rd) Business Day preceding the end of
such Interest Period, such Borrowing shall automatically continue as a Eurocurrency Borrowing in the same Agreed Currency with an Interest Period of one month unless such Eurocurrency Borrowing is or was repaid in accordance with Section 2.11.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing
(i) no outstanding Borrowing may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing shall be converted to an ABR Borrowing (and any such Eurocurrency Borrowing denominated in a
Foreign Currency shall be redenominated in Dollars at the time of such conversion) at the end of the Interest Period applicable thereto. 
 SECTION 2.09. Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitments shall terminate at 3:00 p.m. (New York City time) on the Effective
Date and (ii) the Revolving Commitment of each Revolving Lender shall automatically and permanently terminate on the Maturity Date applicable to such Revolving Lender. 

(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided
that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $5,000,000 and not less than $10,000,000, (ii) the Borrower shall not terminate or reduce the Dollar Tranche Commitments if,
after giving effect to any concurrent prepayment of the Dollar Tranche Revolving Loans in accordance with Section 2.11, the Dollar Amount of the sum of the total Dollar Tranche Revolving Credit Exposures would exceed the aggregate Dollar
Tranche Commitments and (iii) the Borrower shall not terminate or reduce the Multicurrency Tranche Commitments if, after giving effect to any concurrent prepayment of the Multicurrency Tranche Revolving Loans in accordance with
Section 2.11, the Dollar Amount of the sum of the total Multicurrency Tranche Revolving Credit Exposures would exceed the aggregate Multicurrency Tranche Commitments. 

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments of any Class
under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments of any Class delivered by the
Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or one or more other events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or
prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable
Lenders in accordance with their respective Commitments of such Class. 
 SECTION 2.10. Repayment of Loans; Evidence of
Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date applicable thereto in the
currency of such Loan and (ii) to the Swingline Lender the then unpaid principal amount of each 

  
 52 

 
Swingline Loan on the earlier of the latest Maturity Date with respect to any Revolving Commitments and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two
(2) Business Days after such Swingline Loan is made; provided that on each date that a Dollar Tranche Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding. The Borrower shall repay Term A Loans on
each date set forth below in the aggregate principal amount set forth opposite such date (as adjusted from time to time pursuant to Sections 2.11(a) and 2.11(d)): 
  

					
	 Date
	  	Amount	 
		
	 September 30, 2011
	  	$	14,062,500	  
	 December 31, 2011
	  	$	14,062,500	  
	 March 31, 2012
	  	$	14,062,500	  
	 June 30, 2012
	  	$	14,062,500	  
	 September 30, 2012
	  	$	28,125,000	  
	 December 31, 2012
	  	$	28,125,000	  
	 March 31, 2013
	  	$	28,125,000	  
	 June 30, 2013
	  	$	28,125,000	  
	 September 30, 2013
	  	$	37,500,000	  
	 December 31, 2013
	  	$	37,500,000	  
	 March 31, 2014
	  	$	37,500,000	  
	 June 30, 2014
	  	$	37,500,000	  
	 September 30, 2014
	  	$	37,500,000	  
	 December 31, 2014
	  	$	37,500,000	  
	 March 31, 2015
	  	$	37,500,000	  
	 June 30, 2015
	  	$	37,500,000	  
	 September 30, 2015
	  	$	56,250,000	  
	 December 31, 2015
	  	$	56,250,000	  
	 March 31, 2016
	  	$	56,250,000	  

 To the extent not previously repaid,
all unpaid Term A Loans shall be paid in full in Dollars by the Borrower on the Maturity Date; provided that, to the extent specified in the applicable Extension Offer, amortization payments with respect to Extended Term A Loans for periods
prior to the then current Maturity Date for Term A Loans may be reduced (but not increased) and amortization payments required with respect to Extended Term A Loans for periods after the Maturity Date for Term A Loans shall be as specified in the
applicable Extension Offer. 
 The Borrower shall repay Term B Loans on each date set forth below in the aggregate principal amount set forth
opposite such date (as adjusted from time to time pursuant to Sections 2.11(a) and 2.11(d)): 
  

					
	 Date
	  	Amount	 
		
	 September 30, 2011
	  	$	1,750,000	  
	 December 31, 2011
	  	$	1,750,000	  
	 March 31, 2012
	  	$	1,750,000	  
	 June 30, 2012
	  	$	1,750,000	  
	 September 30, 2012
	  	$	1,750,000	  
	 December 31, 2012
	  	$	1,750,000	  
	 March 31, 2013
	  	$	1,750,000	  
	 June 30, 2013
	  	$	1,750,000	  

  
 53 

					
	 September 30, 2013
	  	$	1,750,000	  
	 December 31, 2013
	  	$	1,750,000	  
	 March 31, 2014
	  	$	1,750,000	  
	 June 30, 2014
	  	$	1,750,000	  
	 September 30, 2014
	  	$	1,750,000	  
	 December 31, 2014
	  	$	1,750,000	  
	 March 31, 2015
	  	$	1,750,000	  
	 June 30, 2015
	  	$	1,750,000	  
	 September 30, 2015
	  	$	1,750,000	  
	 December 31, 2015
	  	$	1,750,000	  
	 March 31, 2016
	  	$	1,750,000	  
	 June 30, 2016
	  	$	1,750,000	  
	 September 30, 2016
	  	$	1,750,000	  
	 December 31, 2016
	  	$	1,750,000	  
	 March 31, 2017
	  	$	1,750,000	  
	 June 30, 2017
	  	$	1,750,000	  
	 September 30, 2017
	  	$	1,750,000	  
	 December 31, 2017
	  	$	1,750,000	  
	 March 31, 2018
	  	$	1,750,000	  

 To the extent not previously repaid,
all unpaid Term B Loans shall be paid in full in Dollars by the Borrower on the Maturity Date; provided that, to the extent specified in the applicable Extension Offer, amortization payments with respect to Extended Term B Loans for periods
prior to the then current Maturity Date for Term B Loans may be reduced (but not increased) and amortization payments required with respect to Extended Term B Loans for periods after the Maturity Date for Term B Loans shall be as specified in the
applicable Extension Offer. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made
hereunder, the Class, Agreed Currency and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations
recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms
of this Agreement. 
 (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.
Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein
(or, if such promissory note is a registered note, to such payee and its registered assigns). 

  
 54 

 SECTION 2.11. Prepayment of Loans. 

(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
without premium or penalty but subject to break funding payments required by Section 2.16 and any fees owing pursuant to Section 2.12(d), subject to prior notice in accordance with the provisions of this Section 2.11(a). The Borrower
shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Revolving
Borrowing, not later than 11:00 a.m., Local Time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day
before the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the
principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such
notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the
contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be
applied ratably to the Revolving Loans included in the prepaid Revolving Borrowing, each voluntary prepayment of a Term Loan Borrowing shall be applied as directed by the Borrower and each mandatory prepayment of a Term Loan Borrowing shall be
applied in accordance with Section 2.11(d). Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16. 

(b) If at any time, (i) solely as a result of fluctuations in currency exchange rates, the sum of the aggregate
principal Dollar Amount of all of the Multicurrency Tranche Revolving Credit Exposures (so calculated) exceeds 105% of the aggregate Multicurrency Tranche Commitments or (ii) for any other reason, the sum of the aggregate principal Dollar
Amount of all of the Revolving Credit Exposures of any Class (calculated, with respect to those Credit Events denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Credit Event) exceeds the aggregate
Commitments of such Class, the Borrower shall in each case immediately repay the applicable Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate
principal amount sufficient to cause the aggregate Dollar Amount of all Revolving Credit Exposures (so calculated) of each Class to be less than or equal to the aggregate Commitments of such Class. 

(c) In the event and on each occasion that any Net Proceeds are received by or on behalf of the Borrower or any of its
Restricted Subsidiaries in respect of any Prepayment Event, the Borrower shall, within five (5) Business Days after such Net Proceeds are received, prepay the Obligations as set forth in Section 2.11(d) below in an aggregate amount equal
to 100% of such Net Proceeds; provided that, in the case of any event described in clause (a) or (b) of the definition of the term “Prepayment Event”, if the Borrower shall deliver to the Administrative Agent a
certificate of a Financial Officer to the effect that the Borrower or its relevant Restricted Subsidiaries intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within 270 days after receipt of such
Net Proceeds, to acquire (or replace or rebuild) real property, equipment or other 

  
 55 

 
tangible assets (excluding inventory) to be used in the business of the Borrower and/or its Restricted Subsidiaries, and certifying that no Event of Default has occurred and is continuing, then
no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such certificate; provided further that to the extent of any such Net Proceeds therefrom that have not been so applied by the end of
such 270 day period (or committed to be applied by the end of the 270 day period and applied within 90 days after the end of such 270 day period), at which time a prepayment shall be required in an amount equal to such Net Proceeds that have not
been so applied. 
 (d) Subject to Section 2.11(e) below, all such amounts pursuant to Section 2.11(c)
shall be applied (i) first, to prepay the next eight scheduled principal payments in respect of each of the Term A Loans and the Term B Loans on a pro rata basis in the order of maturity and (ii) second, to prepay the
remaining scheduled principal payments in respect of the Term A Loans and Term B Loans on a pro rata basis. 

(e) As long as Term A Loans are outstanding, the Borrower shall notify the Administrative Agent in writing of any
mandatory prepayment of Term Loans required to be made pursuant to Section 2.11(c) at least three (3) Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably
detailed calculation of the amount of such prepayment. The Administrative Agent will promptly notify each Term Lender of the contents of any such prepayment notice and of such Term Lender’s ratable portion of such prepayment (based on such
Lender’s Applicable Percentage in respect of the Term Loans). As long as Term A Loans are outstanding, any Term B Lender (a “Declining Term B Lender,” and any Term B Lender which is not a Declining Term B Lender, an
“Accepting Term B Lender”) may elect, by delivering written notice to the Administrative Agent and the Borrower no later than 5:00 p.m. one (1) Business Day after the date of such Term B Lender’s receipt of notice from the
Administrative Agent regarding such prepayment, that any mandatory prepayment otherwise required to be made with respect to the Term B Loans held by such Term B Lender pursuant to Section 2.11(c) not be made (the aggregate amount of such
prepayments declined by the Declining Term B Lenders, the “Declined Prepayment Amount”). If a Term B Lender fails to deliver notice setting forth such rejection of a prepayment to the Administrative Agent within the time frame
specified above or such notice fails to specify the principal amount of the Term B Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term B Loans. In the event that the Declined
Prepayment Amount is greater than $0, the Administrative Agent will promptly notify each Term A Lender and Accepting Term B Lender of the amount of such Declined Prepayment Amount and of such Term A Lender’s and Accepting Term B Lender’s
ratable portion of such Declined Prepayment Amount (based on such Lender’s Applicable Percentage in respect of the Term A Loans and Term B Loans (excluding the Applicable Percentage of Declining Term B Lenders), as applicable). Any such
Accepting Term B Lender may elect, by delivering, not less than one (1) Business Day prior to the proposed prepayment date, a written notice, that such Accepting Term B Lender’s ratable portion of such Declined Prepayment Amount not be
applied to repay such Accepting Term B Lender’s Term Loans, in which case the portion of such Declined Prepayment Amount which would otherwise have been applied to such Term Loans of the Declining Term Lenders shall instead be retained by the
Borrower. For the avoidance of doubt, the Borrower may, at its option, apply any amounts retained in accordance with the immediately preceding sentence to prepay loans in accordance with Section 2.11(a) above. 

SECTION 2.12. Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a
commitment fee, which shall accrue at the Applicable Rate on the daily amount of the Available Revolving Commitment of such Revolving Lender during the period from and including the Effective Date to but excluding the date on which the last of the
Revolving Commitments (or Extended Revolving Commitments) terminates. Accrued commitment fees shall be 

  
 56 

 
payable in arrears on the last day of March, June, September and December of each year and on the date on which the last of the Revolving Commitments terminate, commencing on the first such date
to occur after the date hereof; provided that any commitment fees accruing after the date on which such Revolving Commitments terminate shall be payable on demand. All commitment fees shall be computed on the basis of a year of 360 days and
shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue
at the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans on the average daily Dollar Amount of such Revolving Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which the last of such Revolving Lender’s Revolving Commitment terminates and the date on which such Revolving Lender ceases to
have any LC Exposure and (ii) to the Issuing Bank for its own account a fronting fee, which shall accrue at the rate per annum separately agreed upon by the Borrower and the Issuing Bank on the average daily Dollar Amount of the LC Exposure
(excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by the Issuing Bank during the period from and including the Effective Date to but excluding the later of the date of termination
of the last of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer,
presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Unless otherwise specified above, participation fees and fronting fees accrued through and including the last day of March, June, September and December
of each year shall be payable on the third
(3rd) Business Day following such last day,
commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the last of the Revolving Commitments terminate and any such fees accruing after the date on which the such
Revolving Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. All participation fees and fronting fees shall be computed on
the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

 (d) In the event that prior to the date that is six (6) months after the Effective Date (i) the
Borrower prepays, refinances, substitutes or replaces any Term B Loans in connection with a Repricing Transaction, (ii) the Borrower effects any amendment of this Agreement resulting in a Repricing Transaction or (iii) a Term B Lender is
replaced as a result of the mandatory assignment of its portion of the applicable Loan pursuant to Section 9.02(e) following the failure of such Lender to consent to an amendment hereof that would result in a Repricing Transaction, then the
Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Lenders, (I) in the case of clause (i), a prepayment premium of 1.00% of the aggregate principal amount of the initial Term B Loans so prepaid,
refinanced, substituted or replaced, (II) in the case of clause (ii), a fee equal to 1.00% of the aggregate principal amount of the applicable Term B Loans outstanding immediately prior to such amendment and (III) in the case of clause (iii), a fee
equal to 1.00% of the aggregate principal amount of Term B Loans of such replaced Lender outstanding immediately prior to the applicable mandatory assignment. 

  
 57 

 (e) All fees payable hereunder shall be paid on the dates due, in Dollars
and immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the applicable Revolving Lenders. Fees paid shall
not be refundable under any circumstances. 
 SECTION 2.13. Interest. (a) The Loans comprising each ABR Borrowing
(including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b)
The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the
Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of
any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this
Section. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such
Loan and, in the case of Revolving Loans, upon termination of the applicable Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of
any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or
prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest computed by
reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and (ii) for Borrowings denominated in Pounds Sterling,
interest shall be computed on the basis of a year of 365 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or
LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.14. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by a Majority in Interest of the Lenders of any Class that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and
fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 

  
 58 

 
then the Administrative Agent shall give notice thereof to the Borrower and the applicable Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative
Agent notifies the Borrower and the applicable Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a
Eurocurrency Borrowing shall be ineffective and any such Eurocurrency Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto, and (ii) if any Borrowing Request requests a Eurocurrency Borrowing in
Dollars, such Borrowing shall be made as an ABR Borrowing (and if any Borrowing Request requests a Eurocurrency Revolving Borrowing denominated in a Foreign Currency, such Borrowing Request shall be ineffective); provided that if the
circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 
 SECTION 2.15. Increased Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; 
 (ii)
impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; or 

(iii) subject the Administrative Agent, any Lender or the Issuing Bank to any Taxes (other than (A) Indemnified
Taxes, (B) Other Taxes and (C) Excluded Taxes (including any change in the rate of Excluded Taxes)) with respect to this Agreement, or any Loan made by it or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to the Administrative Agent or such Lender of making or maintaining any Loan or of
maintaining its obligation to make any such Loan (including, without limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency) or to increase the cost to the
Administrative Agent, such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit (including, without limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing
denominated in any other Agreed Currency) or to reduce the amount of any sum received or receivable by the Administrative Agent, such Lender or the Issuing Bank hereunder, whether of principal, interest or otherwise (including, without limitation,
pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency), then the Borrower will pay to the Administrative Agent, such Lender or the Issuing Bank, as the case may be,
such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered. 

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

  
 59 

 
Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any
such reduction suffered. 
 (c) A certificate of a Lender or the Issuing Bank setting forth, in reasonable
detail, the basis and calculation of the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

(d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased
costs or reductions incurred more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the
Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to
include the period of retroactive effect thereof. 
 SECTION 2.16. Break Funding Payments. In the event of (a) the
payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the
conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto
(regardless of whether such notice may be revoked under Section 2.11(a) and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result
of a request by the Borrower pursuant to Section 2.19 or the CAM Exchange, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender
shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that
would have been applicable to such Loan (but not the Applicable Rate applicable thereto), for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or
continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at
the commencement of such period, for deposits in the relevant currency of a comparable amount and period from other banks in the eurocurrency market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to
receive pursuant to this Section, and setting forth in reasonable detail the calculations used by such Lender to determine such amount or amounts, shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall
pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts under this
Section 2.16 incurred more than 180 days prior to the date that such Lender notifies the Borrower of such amount and of such Lender’s intention to claim compensation therefor. 

SECTION 2.17. Taxes. (a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free
and clear of and without deduction for any Indemnified Taxes; 

  
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provided that if the Borrower shall be required to deduct any Indemnified Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all
required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or Issuing Bank (as the case may be) 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 (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) In addition, the Borrower shall pay any Other Taxes imposed on or incurred by the Administrative Agent, a Lender or
the Issuing Bank to the relevant Governmental Authority in accordance with applicable law. 
 (c) The Borrower
shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or the
Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate setting forth in reasonable detail the basis for and calculation of such payment or liability delivered to the Borrower by a Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or the
Issuing Bank, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is
a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time(s) and in the manner(s) prescribed by applicable law or reasonably requested by the Borrower, such properly
completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate. 

(f) Each Lender and Administrative Agent that is a United States Person, as defined in section 7701(a)(30) of the Code
(other than Persons that are corporations or otherwise exempt from United States backup withholding Tax), shall deliver at the time(s) and in the manner(s) prescribed by applicable law or reasonably requested by the Borrower, to the Borrowers and
the Administrative Agent (as applicable), a properly completed and duly executed United States Internal Revenue Form W-9 or any successor form, certifying that such Person is exempt from United States backup withholding Tax on payments made
hereunder. 
 (g) If a Lender or the Administrative Agent shall become aware that it is entitled to claim a
refund from a Governmental Authority in respect of Indemnified Taxes or Other Taxes paid by the Borrower pursuant to this Section 2.17, such Lender or Administrative Agent, as applicable, shall promptly notify the Borrower of the availability
of such refund claim and, if the Lender or the Administrative Agent, as applicable, determines in its sole discretion that making a claim for refund 

  
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will not have an adverse effect on its Taxes or business operations, shall, within 60 days after receipt of a request by the Borrower, make a claim to such Governmental Authority for such refund.
If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional
amounts pursuant to this Section 2.17, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.17 with respect to the Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided,
that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative
Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its
tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. 
 (h) Each Lender shall severally indemnify the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes, only to the extent that the Borrower has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so) and the Borrower for any Excluded Taxes, in each case attributable to such Lender that are paid or payable by the Administrative Agent or
the Borrower in connection with any Loan Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes or Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. The indemnity under this Section 2.17(h) shall be paid within ten (10) days after the Administrative Agent or the Borrower (as applicable) delivers to the applicable Lender a certificate stating the amount of Taxes or Excluded
Taxes so paid or payable by the Administrative Agent or the Borrower (as applicable). Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 

SECTION 2.18. Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs. 

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or
reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to (i) in the case of payments denominated in Dollars, 12:00 noon, New York City time and (ii) in the case of payments
denominated in a Foreign Currency, 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency, in each case on the date when due, in immediately available funds, without set-off or
counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made (i) in the same currency in which the applicable Credit Event was made (or where such currency has been converted to euro, in euro) and (ii) to the Administrative Agent at its offices at 1 Pierrepont Plaza, Brooklyn, NY
11201, Attention of: Stephen Giacolone (Telecopy No. (212) 507-6680) or such other office as the Administrative Agent may hereafter designate in writing as such to the other parties hereto, or, in the case of a Credit Event denominated in a
Foreign Currency, the Administrative Agent’s Eurocurrency Payment Office for such currency, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections
2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments denominated in the same currency received by it for the account of

  
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any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended
to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit
Event in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the Credit Event was made (the “Original Currency”) no
longer exists or the Borrower is not able to make payment to the Administrative Agent for the account of the applicable Lenders in such Original Currency, then all payments to be made by the Borrower hereunder in such currency shall instead be made
when due in Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrower takes all risks of the imposition of any such currency control or exchange
regulations. 
 (b) Any proceeds of Collateral received by the Administrative Agent (i) not constituting
(A) a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied on a pro rata basis among the relevant Lenders under the Class of Loans being prepaid as specified by the Borrower) or
(B) a mandatory prepayment (which shall be applied in accordance with Section 2.11) or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, such funds
shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the Administrative Agent and the Issuing Bank from the Borrower, second, to pay any fees or expense reimbursements
then due to the Lenders from the Borrower, third, to pay interest then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and any other amounts owing with respect to Banking
Services Obligations and Swap Obligations ratably, fifth, to pay an amount to the Administrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate
amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations, and sixth, to the payment of any other Secured Obligation due to any Secured Party by the Borrower. Notwithstanding anything to the contrary contained
in this Agreement, unless so directed by the Borrower, or unless a Default is in existence, none of the Administrative Agent or any Lender shall apply any payment which it receives to any Eurocurrency Loan of a Class, except (a) on the
expiration date of the Interest Period applicable to any such Eurocurrency Loan or (b) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any event, the Borrower shall pay the break funding
payment required in accordance with Section 2.16. The Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such received proceeds and payments to any portion of the
Secured Obligations. 
 (c) At the election of the Administrative Agent, all payments of principal, interest, LC
Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums due and payable under the Loan Documents, may be paid from the proceeds of
Borrowings made hereunder pursuant to Section 2.03. 
 (d) If any Lender shall, by exercising any right of
set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the
aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at
face value) participations 

  
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in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed
to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or
participations in LC Disbursements and Swingline Loans to any assignee or participant, other than, except as provided in Section 2.24, to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall
apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of
set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

(e) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is
due to the Administrative Agent for the account of the relevant Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to the relevant Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the relevant
Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such
amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency). 
 (f) Subject to Section 2.22, if any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), then the
Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent,
the Swingline Lender or the Issuing Bank to satisfy such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for,
and application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 2.15, if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or if any Lender delivers a notice pursuant to Section 2.26,
then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment
of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

  
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 (b) If (i) any Lender requests compensation under Section 2.15, or
(ii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or if any Lender delivers a notice pursuant to Section 2.26, or
(iii) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and
subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld,
(ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it
hereunder (including any amounts under Section 2.16), from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such
assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to
make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

SECTION 2.20. Incremental Credit Extensions. 

(a) The Borrower may, by written notice to the Administrative Agent (whereupon the Administrative Agent shall promptly
deliver a copy to each of the Lenders) from time to time after the Effective Date, request Incremental Term A Loan Commitments, Incremental Term B Loan Commitments and/or Incremental Revolving Commitments, as applicable, in an aggregate amount not
to exceed the Incremental Amount from one or more Incremental Term A Lenders, Incremental Term B Lenders and/or Incremental Revolving Lenders (which, in each case, may include any existing Lender) willing to provide such Incremental Term A Loans,
Incremental Term B Loans and/or Incremental Revolving Commitments, as the case may be, in their own discretion. Such notice shall set forth (i) the amount of the Incremental Term A Loan Commitments, Incremental Term B Loan Commitments and/or
Incremental Revolving Commitments being requested (which shall be in minimum increments of $10,000,000 and a minimum amount of $25,000,000 or equal to the remaining Incremental Amount), (ii) the date on which such Incremental Term A Loan
Commitments, Incremental Term B Loan Commitments and/or Incremental Revolving Commitments are requested to become effective (the “Increased Amount Date”), (iii) in the case of Incremental Revolving Commitments, whether such
Incremental Revolving Commitments are to be Dollar Tranche Commitments or Multicurrency Tranche Commitments, (iv) in the case of Incremental Term A Loan Commitments, whether such Incremental Term A Loan Commitments are to be Term A Loan
Commitments or commitments to make term loans with interest rates and/or amortization and/or maturity and/or other terms different from the Term A Loans (“Other Term A Loans”), and (v) in the case of Incremental Term B Loan
Commitments, whether such Incremental Term B Loan Commitments are to be Term B Loan Commitments or commitments to make term loans with interest rates and/or amortization and/or maturity and/or other terms different from the Term B Loans
(“Other Term B Loans”), 

  
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 (b) The Borrower and each Incremental Term A Lender shall execute and
deliver to the Administrative Agent an Incremental Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Term A Loan Commitment of such Incremental Term A Lender. Each Incremental
Amendment providing for Incremental Term A Loans shall specify the terms of the applicable Incremental Term A Loans; provided that (i) except as to pricing, amortization, mandatory prepayments and final maturity date (which shall,
subject to clause (ii), (iii) and (iv) of this proviso, be determined by the Borrower and the Incremental Term Lenders in their sole discretion), the Other Term A Loans shall have (x) the same terms as the Term A Loans or
(y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Other Term A Loans shall be no earlier than the Maturity Date of the Term A Loans, (iii) the Weighted Average
Life to Maturity of any Other Term A Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term A Loans and (iv) the prepayment provisions of any Other Term A Loans shall not be more favorable than the prepayment
provisions applicable to the Term A Loans; provided, further, if issued prior to June 17, 2012, the all-in yield in respect of any Other Term A Loan (which shall be deemed to include all upfront or similar fees or original issue
discount payable by the Borrower to all Lenders providing such Other Term A Loan in the initial primary syndication thereof (exclusive of customary arranger and underwriting fees)) and LIBO Rate and Alternate Base Rate floors, if any) shall be no
more than fifty (50) basis points (0.50%) higher than the all-in yield applicable to the Term A Loans (which shall be deemed to include all upfront or similar fees or original issue discount payable by the Borrower to all Term A Lenders in the
initial primary syndication thereof (exclusive of customary arranger and underwriting fees), or if the all-in yield in respect of any Other Term A Loan does so exceed such all-in yield applicable to the Term A Loans, the Applicable Rate with respect
to the Term A Loans shall be increased so that the all-in yield in respect of such Other Term A Loans (which shall be deemed to include all upfront or similar fees or original issue discount payable by the Borrower to all Lenders providing such
Other Term A Loans in the initial primary syndication thereof (exclusive of customary arranger and underwriting fees) and LIBO Rate and Alternate Base Rate floors, if any)), is no more than fifty (50) basis points (0.50%) higher than the all-in
yield for the Term A Loans (which shall be deemed to include all upfront or similar fees or original issue discount payable by the Borrower to all Term A Lenders in the initial primary syndication thereof (exclusive of customary arranger and
underwriting fees)). The Incremental Term A Loans shall rank pari passu or junior in right of payment and of security with the Term A Loans; provided that, if such Incremental Term A Loans rank junior in right of security with the
Term A Loans, such Incremental Term Loans will be established as a separate Tranche from the Term A Loans. In the case of any second lien Incremental Term A Loans, such Indebtedness shall be subject to the terms of a customary intercreditor
agreement satisfactory in form and substance to the Administrative Agent. 
 (c) The Borrower and each
Incremental Term B Lender shall execute and deliver to the Administrative Agent an Incremental Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Term B Loan Commitment of such
Incremental Term B Lender. Each Incremental Amendment providing for Incremental Term B Loans shall specify the terms of the applicable Incremental Term B Loans; provided that (i) except as to pricing, amortization, mandatory prepayments
and final maturity date (which shall, subject to clause (ii), (iii) and (iv) of this proviso, be determined by the Borrower and the Incremental Term Lenders in their sole discretion), the Other Term B Loans shall have (x) the
same terms as the Term B Loans or (y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Other Term B Loans shall be no earlier than the Maturity Date of the Term B Loans,
(iii) the Weighted Average Life to Maturity of any Other Term B Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term B Loans and (iv) the prepayment provisions of any Other Term B Loans shall not be
more favorable than the prepayment provisions applicable to the Term B Loans; provided, further, if issued prior to 

  
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June 17, 2012, the all-in yield in respect of any Other Term B Loan (which shall be deemed to include all upfront or similar fees or original issue discount payable by the Borrower to all
Lenders providing such Other Term B Loan in the initial primary syndication thereof (exclusive of customary arranger and underwriting fees)) and LIBO Rate and Alternate Base Rate floors, if any) shall be no more than fifty (50) basis points
(0.50%) higher than the all-in yield applicable to the Term B Loans (which shall be deemed to include all upfront or similar fees or original issue discount payable by the Borrower to all Term B Lenders in the initial primary syndication thereof
(exclusive of customary arranger and underwriting fees), or if the all-in yield in respect of any Other Term B Loan does so exceed such all-in yield applicable to the Term B Loans, the Applicable Rate with respect to the Term B Loans shall be
increased so that the all-in yield in respect of such Other Term B Loans (which shall be deemed to include all upfront or similar fees or original issue discount payable by the Borrower to all Lenders providing such Other Term B Loans in the initial
primary syndication thereof (exclusive of customary arranger and underwriting fees) and LIBO Rate and Alternate Base Rate floors, if any)), is no more than fifty (50) basis points (0.50%) higher than the all-in yield for the Term B Loans (which
shall be deemed to include all upfront or similar fees or original issue discount payable by the Borrower to all Term B Lenders in the initial primary syndication thereof (exclusive of customary arranger and underwriting fees)). The Incremental Term
B Loans shall rank pari passu or junior in right of payment and of security with the Term B Loans; provided that, if such Incremental Term B Loans rank junior in right of security with the Term B Loans, such Incremental Term Loans
will be established as a separate Tranche from the Term B Loans. In the case of any second lien Incremental Term B Loans, such Indebtedness shall be subject to the terms of a customary intercreditor agreement. 

(d) The Borrower and each Incremental Revolving Lender shall execute and deliver to the Administrative Agent an
Incremental Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Revolving Commitment of such Incremental Revolving Lender. Any Incremental Revolving Commitment established hereunder
shall have terms identical to the Revolving Commitments existing on the Effective Date, it being understood that the Borrower and the Administrative Agent may make (without the consent of or notice to any other party) any amendment to reflect such
increase in the Revolving Commitments. 
 (e) Notwithstanding the foregoing, no Incremental Term Loan Commitment
or Incremental Revolving Commitment shall become effective under this Section 2.20 unless (i) both at the time of any such request and upon the effectiveness of any Incremental Amendment, (A) no Default or Event of Default shall exist
and (B) the representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (other than to the extent qualified by materiality or “Material Adverse Effect”, in which case,
such representations and warranties shall be true and correct) and at the time that any such Incremental Term Loan or Incremental Revolving Commitment is made (and after giving effect thereto) (A) no Default or Event of Default shall exist and
(B) the representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (other than to the extent qualified by materiality or “Material Adverse Effect”, in which case, such
representations and warranties shall be true and correct), (ii) on a pro forma basis as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered to the Administrative Agent pursuant to
clauses (a) or (b) of Section 5.01 as if (x) in the case of any Incremental Term Loans, such Incremental Term Loans had been outstanding on the last day of such fiscal quarter of the Borrower for testing compliance therewith or
(y) in the case any Incremental Revolving Commitments, all Revolving Loans available to the Borrower, including any such Incremental Revolving Commitment, had been outstanding on the last day of such fiscal quarter of the Borrower for testing
compliance therewith, (A) the Borrower shall be in compliance with the covenants set forth in Section 6.12 and (B) the Senior Secured Leverage Ratio shall be no greater than 3.5 to 1.0 and (iii) the Administrative Agent

  
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shall have received documents and legal opinions consistent with those delivered on the Effective Date as to such matters as are reasonably requested by the Administrative Agent. The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Amendment, this Agreement shall be amended to the
extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan Commitments and/or Incremental Revolving Commitments evidenced thereby. Any such deemed amendment may be memorialized in writing by the
Administrative Agent with the Borrower’s consent and furnished to the other parties hereto. 
 (f) The
Incremental Amendment may, without the consent of any Agents or Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the
Borrower, to effect the provisions of this Section 2.20. The Borrower will use the proceeds of the Incremental Term Loans and Incremental Revolving Loans for general corporate purposes of the Borrower and its Subsidiaries. Incremental Term
Loans and Incremental Revolving Commitments may be made by any existing Lender (but each existing Lender will not have an obligation to make a portion of any Incremental Term Loan or Incremental Revolving Commitments) or by any other bank or other
financial institution; provided that any bank or financial institution other than the existing Lenders providing Incremental Revolving Commitments shall be reasonably satisfactory to the Administrative Agent and the Borrower. No Lender shall
be obligated to provide any Incremental Term Loans or Incremental Revolving Commitments, unless it so agrees. 

(g) This Section 2.20 shall supersede any provisions in Section 2.18 or 9.02 to the contrary. 

SECTION 2.21. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from
the Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used
shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s main New York City office on the Business Day preceding
that on which final, non-appealable judgment is given. The obligations of the Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in a currency other than the specified currency,
be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency such Lender or the Administrative Agent (as the case
may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified currency so purchased is less than the sum originally due to such Lender or the
Administrative Agent, as the case may be, in the specified currency, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the
Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Lender or the Administrative Agent, as the case may be, in the specified currency
and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under Section 2.18, such Lender or the Administrative Agent, as the case may be, agrees to remit such
excess to the Borrower. 
 SECTION 2.22. Defaulting Lenders. Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a); 

  
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 (b) the Commitment and Revolving Credit Exposure of such Defaulting Lender
shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided that this clause
(b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby under Section 9.02; 

(c) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) so long as no Default has occurred and is continuing: all or any part of the Swingline Exposure of such Defaulting
Lender shall be reallocated among the non-Defaulting Dollar Tranche Lenders in accordance with their respective Dollar Tranche Percentages but only to the extent (A) the sum of all non-Defaulting Lenders’ Dollar Tranche Revolving Credit
Exposures plus such Defaulting Lender’s Swingline Exposure does not exceed the total of all non-Defaulting Dollar Tranche Lenders’ Dollar Tranche Commitments and (B) each non-Defaulting Lender’s Dollar Tranche Revolving Credit
Exposure does not exceed such non-Defaulting Lender’s Dollar Tranche Commitment; and all or any part of the Dollar Tranche LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Dollar Tranche Lenders in accordance
with their respective Dollar Tranche Percentages but only to the extent (C) the sum of all non-Defaulting Lenders’ Dollar Tranche Revolving Credit Exposures plus such Defaulting Lender’s Dollar Tranche LC Tranche Exposure does not
exceed the total of all non-Defaulting Dollar Tranche Lenders’ Dollar Tranche Commitments and (D) each non-Defaulting Lender’s Dollar Tranche Revolving Credit Exposure does not exceed such non-Defaulting Lender’s Dollar Tranche
Commitment; and all or any part of the Multicurrency Tranche LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Multicurrency Tranche Lenders in accordance with their respective Multicurrency Tranche Percentages but
only to the extent (E) the sum of all non-Defaulting Lenders’ Multicurrency Tranche Revolving Credit Exposures plus such Defaulting Lender’s Multicurrency Tranche LC Tranche Exposure does not exceed the total of all non-Defaulting
Multicurrency Tranche Lenders’ Multicurrency Tranche Commitments and (F) each non-Defaulting Lender’s Multicurrency Tranche Revolving Credit Exposure does not exceed such non-Defaulting Lender’s Multicurrency Tranche Commitment;

 (ii) if the reallocations described in clause (i) above cannot, or can only partially, be effected, the
Borrower shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit of the Issuing Bank only the
Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so
long as such LC Exposure is outstanding; 
 (iii) if the Borrower cash collateralizes any portion of such
Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during
the period such Defaulting Lender’s LC Exposure is cash collateralized; 

  
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 (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated
pursuant to clause (ii) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and 

(v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized
pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting
Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 
 (d) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter
of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the
Borrower in accordance with Section 2.22(c), and participating interests in any such newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with
Section 2.22(c)(i) (and such Defaulting Lender shall not participate therein). 
 If (i) a Bankruptcy Event with
respect to a Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its
obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of
Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, reasonably satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease
any risk to it in respect of such Lender hereunder. 
 In the event that the Administrative Agent, the Borrower, the Issuing
Bank and the Swingline Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the
inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Dollar Tranche Revolving Loans (other than Swingline Loans) and/or Multicurrency Tranche Revolving Loans of the other Lenders as the
Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage. 
 SECTION 2.23. Extensions of Loans and Commitments. 
 (a)
Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Term A Lenders of Term A Loans with a like Maturity Date, all Term
B Lenders of Term B Loans with a like Maturity Date, all Incremental Term Lenders of Incremental Term Loans with a like Maturity Date, all Lenders of Other Term Loans with a like Maturity Date, all Lenders of Other Refinancing Term Loans with a like
Maturity Date, all Incremental Revolving Lenders of Incremental Revolving Commitments with a like Maturity Date, all Revolving Lenders with Revolving Commitments with a like Maturity Date or all Lenders with Other Refinancing Revolving Commitments
with a like Maturity Date, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Loans or the aggregate amount of the Commitments with the same Maturity Date, as the case may be) and on the same
terms to each such Lender, the Borrower may from time to time 

  
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offer to extend the maturity date for any Term A Loans, Term B Loans, Incremental Term Loans, Other Term Loans, Other Refinancing Term Loans, Revolving Commitments, Incremental Revolving
Commitments and/or Other Refinancing Revolving Commitments and otherwise modify the terms of such Loans and/or Commitments pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate or fees payable in respect of
such Loans and/or Commitments (and related outstandings) and/or modifying the amortization schedule in respect of such Lender’s Loans) (each, an “Extension”, and each group of Loans or Commitments, as applicable, in each case
as so extended, as well as the original Loans and Commitments (in each case not so extended), being a Tranche; any Extended Term A Loans, Extended Term B Loans, Extended Incremental Term Loans or Extended Other Term Loans shall constitute a separate
Tranche of Term Loans from the Tranche of Term Loans from which they were converted, and any Extended Revolving Commitments shall constitute a separate Tranche of Revolving Commitments from the Tranche of Revolving Commitments from which they were
converted), so long as the following terms are satisfied: 
 (i) no Default or Event of Default shall have
occurred and be continuing at the time an Extension Offer is delivered to the Lenders or at the time of the Extension; 
 (ii) except as to interest rates, fees and final maturity (which shall, subject to the requirements of this Section 2.23, be determined by Borrower and set forth in the relevant Extension Offer), the
Revolving Commitment, the Incremental Revolving Commitment or Other Refinancing Revolving Commitment of any Revolving Lender (an “Extending Revolving Lender”) extended pursuant to an Extension (an “Extended Revolving
Commitment”), and the related outstandings, shall be a Revolving Commitment, Incremental Revolving Commitment or Other Refinancing Revolving Commitment (or related outstandings, as the case may be) with the same terms as the original
Revolving Commitments, the Incremental Revolving Commitments or Other Refinancing Revolving Commitments (and related outstandings); provided that (x) subject to the provisions of Sections 2.05(d) and 2.06(k) to the extent dealing with Letters
of Credit and Swingline Loans which mature or expire after a Maturity Date when there exist Extended Revolving Commitments with a longer Maturity Date, all Letters of Credit and Swingline Loans shall be participated in on a pro rata basis by all
Lenders with Revolving Commitments, Incremental Revolving Commitments or Other Refinancing Revolving Commitments in accordance with their pro rata share of the aggregate Revolving Commitment, Incremental Revolving Commitment or Other Refinancing
Revolving Commitment (and except as provided in Sections 2.05(d) and 2.06(k), without giving effect to changes thereto on an earlier Maturity Date with respect to Swingline Loans and Letters of Credit theretofore incurred or issued) and all
borrowings under Revolving Commitments, Incremental Revolving Commitments or Other Refinancing Revolving Commitments and repayments thereunder shall be made on a pro rata basis (except for (A) payments of interest and fees at different rates on
Extended Revolving Commitments (and related outstandings) and (B) repayments required upon the Maturity Date for the non-extending Revolving Commitments, Incremental Revolving Commitments or Other Refinancing Revolving Commitments) and
(y) at no time shall there be Revolving Commitments, Incremental Revolving Commitments or Other Refinancing Revolving Commitments hereunder (including Extended Revolving Commitments and any original Revolving Commitments) which have more than
three different Maturity Dates; 
 (iii) except as to interest rates, fees, amortization, final maturity date,
premium, required prepayment dates and participation in prepayments (which shall, subject to the succeeding clauses (v), (vi) and (vii), be determined by the Borrower and set forth in the relevant Extension Offer), the Term A Loans of any Term
A Lender (an “Extending Term A Lender”) extended pursuant to any Extension (“Extended Term A Loans”) shall have the same terms as the Tranche of Term A Loans subject to such Extension Offer; 

  
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 (iv) except as to interest rates, fees, amortization, final maturity date,
premium, required prepayment dates and participation in prepayments (which shall, subject to the succeeding clauses (v), (vi) and (vii), be determined by the Borrower and set forth in the relevant Extension Offer), the Term B Loans of any Term
B Lender (an “Extending Term B Lender”) extended pursuant to any Extension (“Extended Term B Loans”) shall have the same terms as the Tranche of Term B Loans subject to such Extension Offer; 

(v) the final maturity date for any Extended Term A Loans shall be no earlier than the then latest Maturity Date for Term
A Loans hereunder and the amortization schedule applicable to Extended Term A Loans pursuant to Section 2.10(a) for periods prior to the applicable Maturity Date may not be increased; the final maturity date for any Extended Term B Loans shall
be no earlier than the then latest Maturity Date for Term B Loans hereunder and the amortization schedule applicable to Extended Term B Loans pursuant to Section 2.10(a) for periods prior to the applicable Maturity Date may not be increased;

 (vi) the Weighted Average Life to Maturity of any Extended Term A Loans shall be no shorter than the remaining
Weighted Average Life to Maturity of the Term A Loans extended thereby; the Weighted Average Life to Maturity of any Extended Term B Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term B Loans extended thereby;

 (vii) any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not
greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder, in each case as specified in the respective Extension Offer; 
 (viii) if the aggregate principal amount of applicable Term Loans (calculated on the face amount thereof), Revolving Commitments, Incremental Revolving Commitments or Other Refinancing Revolving
Commitments, as the case may be, in respect of which applicable Term Lenders or Revolving Lenders, as the case may be, shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of applicable Term Loans,
Revolving Commitments, Incremental Revolving Commitments or Other Refinancing Revolving Commitments, as the case may be, offered to be extended by the Borrower pursuant to such Extension Offer, then the applicable Term Loans, Revolving Loans,
Incremental Revolving Loans or Other Refinancing Loans, as the case may be, of the applicable Term Lenders or Revolving Lenders, as the case may be, shall be extended ratably up to such maximum amount based on the respective principal amounts (but
not to exceed actual holdings of record) with respect to which such Term Lenders or Revolving Lenders, as the case may be, have accepted such Extension Offer; 
 (ix) all documentation in respect of such Extension shall be consistent with the foregoing, 
 (x) the Extension shall not become effective unless, on the proposed effective date of the Extension, (x) the Borrower shall deliver to the Administrative Agent one or more legal opinions reasonably
satisfactory to the Administrative Agent and a certificate of an authorized officer of each Loan Party dated the applicable date of the Extension and executed by an authorized officer of such Loan Party certifying and attaching the resolutions
adopted by such Loan Party approving or consenting to such extension and (y) the conditions set forth in Section 4.02 shall be satisfied (with all references in such Section to any credit event being deemed to be references to the
Extension on the applicable date of the Extension) and the Administrative Agent shall have received a certificate to that effect dated the applicable date of the Extension and executed by a financial officer of the Borrower; 

  
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 (xi) any applicable Minimum Extension Condition shall be satisfied unless
waived by the Borrower; and 
 (xii) the Minimum Tranche Amount shall be satisfied unless waived by the
Administrative Agent. 
 (b) With respect to all Extensions consummated by the Borrower pursuant to this
Section 2.23, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of Sections 2.11 and (ii) no Extension Offer is required to be in any minimum amount or any minimum increment;
provided that (A) the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the relevant
Extension Offer in Borrower’s sole discretion and may be waived by Borrower) of Term A Loans, Term B Loans, Other Refinancing Term Loans or Revolving Commitments, Incremental Revolving Commitments or Other Refinancing Revolving Commitments (as
applicable) of any or all applicable Tranches be tendered and (B) no Tranche of Extended Loans shall be in an amount of less than $100,000,000 (the “Minimum Tranche Amount”), unless such Minimum Tranche Amount is waived by the
Administrative Agent. Subject to compliance with the terms of this Section 2.23, the Administrative Agent, the Issuing Bank and the Lenders hereby consent to the Extensions and the other transactions contemplated by this Section 2.23
(including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans and/or Extended Revolving Commitments on such terms as may be set forth in the relevant Extension Offer) and hereby waive the
requirements of any provision of this Agreement (including, without limitation, Sections 2.11 and 2.18) or any other Loan Document that may otherwise prohibit any such Extension or any other transaction contemplated by this Section 2.23.

 (c) No consent of any Lender, the Issuing Bank or the Administrative Agent shall be required to effectuate any
Extension, other than the consent of each Lender agreeing to such Extension with respect to one or more of its Term A Loans, Term B Loans, Other Refinancing Term Loans, Revolving Commitments, Incremental Revolving Commitments and/or Other
Refinancing Revolving Commitments (or a portion thereof); provided that the consent of the Issuing Bank shall be required to effect an Extension of Revolving Commitments. All Extended Term Loans, Extended Revolving Commitments and all obligations in
respect thereof shall be Secured Obligations under this Agreement and the other Loan Documents that are secured by all or a portion of the Collateral on a pari passu or junior lien basis with all other applicable Obligations under this
Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents with the Borrower as may be necessary in order to establish new
Tranches or sub-tranches in respect of Revolving Commitments or Term Loans so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the
establishment of such new Tranches or subtranches, in each case on terms consistent with this Section 2.23. Without limiting the foregoing, in connection with any Extensions the respective Loan Parties shall (at their expense) amend (and the
Administrative Agent is hereby directed to amend) any Mortgage that has a maturity date prior to the then latest Maturity Date so that such maturity date is extended to the then latest Maturity Date (or such later date as may be advised by local
counsel to the Administrative Agent). 

  
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 (d) In connection with any Extension, the Borrower shall provide the
Administrative Agent at least ten (10) days (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the
Administrative Agent, in each case acting reasonably to accomplish the purposes of this Section 2.23. 
 (e)
Notwithstanding anything to the contrary contained herein, no Lender shall be required to accept an Extension Offer. 
 SECTION
2.24. Loan Repurchases. 
 (a) Subject to the terms and conditions set forth or referred to below, the
Borrower may from time to time, at its discretion, conduct modified Dutch auctions in order to purchase its Term Loans of one or more Classes (as determined by the Borrower) (each, a “Purchase Offer”), each such Purchase Offer to be
managed exclusively by the Administrative Agent (in such capacity, the “Auction Manager”), so long as the following conditions are satisfied: 
 (i) each Purchase Offer shall be conducted in accordance with the procedures, terms and conditions set forth in this Section 2.24 and the Auction Procedures; 

(ii) no Default or Event of Default shall have occurred and be continuing on the date of the delivery of each Auction
Notice and at the time of purchase of any Term Loans in connection with any Purchase Offer; 
 (iii) the
principal amount (calculated on the face amount thereof) of each and all Classes of Term Loans that the Borrower offers to purchase in any such Purchase Offer shall be no less than U.S. $25,000,000 (unless another amount is agreed to by the
Administrative Agent) (across all such Classes); 
 (iv) after giving effect to any purchase of Term Loans of the
applicable Class or Classes pursuant to this Section 2.24, Liquidity shall not be less than $200,000,000; 
 (v) the aggregate principal amount (calculated on the face amount thereof) of all Term Loans of the applicable Class or Classes so purchased by the applicable Borrower shall automatically be cancelled and
retired by such Borrower on the settlement date of the relevant purchase (and may not be resold), and in no event shall such Borrower be entitled to any vote hereunder in connection with such Term Loans; 

(vi) no more than one Purchase Offer with respect to any Class may be ongoing at any one time; 

(vii) the Borrower represents and warrants that no Loan Party shall have any material non-public information with respect
to the Loan Parties or their Subsidiaries, or with respect to the Loans or the securities of any such Person, that (A) has not been previously disclosed in writing to the Administrative Agent and the Lenders (other than because such Lender does
not wish to receive such material non-public information) prior to such time and (B) could reasonably be expected to have a material effect upon, or otherwise be material to, a Lender’s decision to participate in the Purchase Offer;

  
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 (viii) at the time of each purchase of Term Loans through a Purchase Offer,
the Borrower shall have delivered to the Auction Manager an officer’s certificate of a Responsible Officer certifying as to compliance with the preceding clause (vii); 

(ix) any Purchase Offer with respect to any Class shall be offered to all Term Lenders holding Term Loans of such Class on
a pro rata basis; and 
 (x) no purchase of any Term Loans shall be made from the proceeds of any Revolving Loan
or Swingline Loan. 
 (b) The Borrower must terminate any Purchase Offer if it fails to satisfy one or more of
the conditions set forth above which are required to be met at the time which otherwise would have been the time of purchase of Term Loans pursuant to such Purchase Offer. If the Borrower commences any Purchase Offer (and all relevant requirements
set forth above which are required to be satisfied at the time of the commencement of such Purchase Offer have in fact been satisfied), and if at such time of commencement the Borrower reasonably believes that all required conditions set forth above
which are required to be satisfied at the time of the consummation of such Purchase Offer shall be satisfied, then the Borrower shall have no liability to any Term Loan Lender for any termination of such Purchase Offer as a result of its failure to
satisfy one or more of the conditions set forth above which are required to be met at the time which otherwise would have been the time of consummation of such Purchase Offer, and any such failure shall not result in any Default or Event of Default
hereunder. With respect to all purchases of Term Loans of any Class or Classes made by the Borrower pursuant to this Section 2.24, (x) the Borrower shall pay on the settlement date of each such purchase all accrued and unpaid interest
(except to the extent otherwise set forth in the relevant offering documents), if any, on the purchased Term Loans of the applicable Class or Classes up to the settlement date of such purchase and (y) such purchases (and the payments made by
the Borrower and the cancellation of the purchased Loans, in each case in connection therewith) shall not constitute voluntary or mandatory payments or prepayments for purposes of Section 2.11 hereof. 

(c) The Administrative Agent and the Lenders hereby consent to the Purchase Offers and the other transactions effected
pursuant to and in accordance with the terms of this Section 2.24 (provided that, notwithstanding anything to the contrary contained herein, no Lender shall have an obligation to participate in any such Purchase Offer). For the avoidance
of doubt, it is understood and agreed that the provisions of Section 2.16, Section 2.18 and Section 9.04 will not apply to the purchases of Term Loans pursuant to Purchase Offers made pursuant to and in accordance with the provisions
of this Section 2.24. The Auction Manager acting in its capacity as such hereunder shall be entitled to the benefits of the provisions of Article VIII and Section 9.03 to the same extent as if each reference therein to the
“Administrative Agent” were a reference to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction Manager in order to enable it to perform its responsibilities and
duties in connection with each Purchase Offer. 
 (d) This Section 2.24 shall supersede any provisions in
Section 2.18 or 9.02 to the contrary. 
 SECTION 2.25. Refinancing Amendment. At any time after the Effective Date,
the Borrower may obtain, from any Lender or any Refinancing Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Loans or Commitments then outstanding under this Agreement (which for purposes of this
Section 2.25 will be deemed to include any then outstanding Other Refinancing Loans, Other Refinancing Commitments, Incremental Loans, Incremental Commitments, Extended Loans or Extended Commitments), in the form of Other Refinancing Loans or
Other 

  
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Refinancing Commitments in each case pursuant to a Refinancing Amendment; provided that such Credit Agreement Refinancing Indebtedness (i) will rank pari passu or junior in right of payment
and of security with the other Loans and Commitments hereunder, (ii) will have such pricing, premiums and optional prepayment or redemption terms as may be agreed by the Borrower and the Lenders thereof; (iii) will have a later maturity
date than, and will have a Weighted Average Life to Maturity equal to or greater than, the Loans or Commitments being refinanced and (iv) will have terms and conditions that are substantially identical to, or (taken as a whole) are no more
favorable to the lenders or holders providing such Credit Agreement Refinancing Indebtedness than those applicable to the Loans or Commitments being refinanced; provided, further, that the terms and conditions applicable to such Credit Agreement
Refinancing Indebtedness may provide for any additional or different financial or other covenants or other provisions that are agreed between the Borrower and the Lenders thereof and applicable only during periods after the latest Maturity Date that
is in effect on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained. Any Other Refinancing Loans or Other Refinancing Commitments, as applicable, may participate on a pro rata basis or on a less than pro rata
basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments hereunder, as specified in the applicable Refinancing Amendment. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the
date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of legal opinions, board resolutions, officers’ certificates and/or
reaffirmation agreements consistent with those delivered on the Effective Date under Section 4.01 (other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably
satisfactory to the Administrative Agent). Each Credit Agreement Refinancing Indebtedness incurred under this Section 2.25 shall be in an aggregate principal amount that is not less than $100,000,000. The Administrative Agent shall promptly
notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the
extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Other Refinancing Loans and/or
Other Refinancing Commitments). Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and the Borrower, to effect the provisions of this Section 2.25. This Section 2.25 shall supersede any provisions in Section 2.18 or 9.02 to the contrary. 

SECTION 2.26. Illegality. If any Lender determines that any law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, (i) any obligation of such Lender to make or continue Eurocurrency Loans or to convert ABR Loans to Eurocurrency Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or
maintaining ABR Loans the interest rate on which is determined by reference to the Adjusted LIBO Rate component of the Alternate Base Rate, the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be
determined by the Administrative Agent without reference to the Adjusted LIBO Rate component of the Alternate Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurocurrency Loans of such Lender to ABR Loans
(the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative 

  
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Agent without reference to the Adjusted LIBO Rate component of the Alternate Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain
such Eurocurrency Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Loan and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the
LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the Adjusted LIBO Rate component thereof until the Administrative is advised in writing by
such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBO Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 ARTICLE III 
 Representations and Warranties 
 The Borrower represents and warrants to
the Lenders that: 
 SECTION 3.01. Organization; Powers; Subsidiaries. Each of the Borrower and its Material Restricted
Subsidiaries is duly organized, validly existing and (to the extent the concept is applicable in such jurisdiction) in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its
business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and (to the extent the concept is applicable
in such jurisdiction) is in good standing in, every jurisdiction where such qualification is required. Schedule 3.01 hereto identifies each Subsidiary (other than Subsidiaries in respect of which the Borrower and its Subsidiaries own less
than 50% of the Equity Interests thereof) as of the Effective Date, noting whether such Subsidiary is a Material Subsidiary, whether such Subsidiary is an Unrestricted Subsidiary, the jurisdiction of its incorporation or organization, as the case
may be, the percentage of issued and outstanding shares of each class of its capital stock or other equity interests owned by the Borrower and the other Subsidiaries and, if such percentage is not 100% (excluding directors’ qualifying shares as
required by law), a description of each class issued and outstanding. All of the outstanding shares of capital stock and other equity interests of each Material Restricted Subsidiary are validly issued and outstanding and fully paid and
nonassessable and all such shares and other equity interests indicated on Schedule 3.01 as owned by the Borrower or another Material Restricted Subsidiary are owned, beneficially and of record, by the Borrower or any Material Restricted
Subsidiary free and clear of all Liens, other than Liens created under the Loan Documents and Liens permitted by Section 6.02. As of the Effective Date, there are no outstanding commitments or other obligations of any Material Restricted
Subsidiary to issue, and no options, warrants or other rights of any Person to acquire, any shares of any class of capital stock or other equity interests of any Material Restricted Subsidiary. 

SECTION 3.02. Authorization; Enforceability. The Transactions are within each Loan Party’s corporate or other organizational
powers and have been duly authorized by all necessary corporate or other organizational actions and, if required, actions by equity holders. The Loan Documents to which each Loan Party is a party have been duly executed and delivered by such Loan
Party and constitute a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

  
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 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for filings necessary to perfect Liens created
pursuant to the Loan Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its Material Restricted Subsidiaries or any order of any Governmental
Authority, (c) will not violate in any material respect or result in a default under any indenture, material agreement or other material instrument binding upon the Borrower or any of its Material Restricted Subsidiaries or its assets, or give
rise to a right thereunder to require any payment to be made by the Borrower or any of its Material Restricted Subsidiaries and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Material
Restricted Subsidiaries, other than Liens created under the Loan Documents. 
 SECTION 3.04. Financial Condition; No Material
Adverse Change. (a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2010
reported on by Deloitte & Touche LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2011, certified by its chief financial officer. Such financial
statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end
audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above. 
 (b) Since December 31, 2010, there has been no material adverse change in the business, assets, operations or condition, financial or otherwise, of the Borrower and its Subsidiaries, taken as a
whole. 
 SECTION 3.05. Properties. (a) Each of the Borrower and its Material Restricted Subsidiaries has good title
to, or (to the knowledge of the Borrower) valid leasehold interests in, all its real and personal property (excluding intellectual property, which is considered in Section 3.05(b)) material to its business, except for minor defects in title
that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 
 (b) Each of the Borrower and its Restricted Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property necessary to its business, and the use
thereof by the Borrower and its Restricted Subsidiaries does not (to the knowledge of the Borrower) infringe upon the rights of any other Person, except for any such infringements (or ownership or license issues) that, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.06. Litigation,
Environmental and Labor Matters. (a) Except as set forth in Schedule 3.06 hereto and the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2010 and the Borrower’s Quarterly Report on Form 10-Q for
the period ending March 31, 2011, there are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the
Borrower or any of its Subsidiaries (i) that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions. 

(b) Except with respect to matters that, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply 

  
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with any permit, license or other approval required under any Environmental Law, (ii) is subject to any Environmental Liability or (iii) has received notice of any claim with respect to
any Environmental Liability. 
 (c) There are no strikes, lockouts or slowdowns against the Borrower or any of
its Subsidiaries pending or, to their knowledge, threatened that have resulted in, or could reasonably be expected to result in, a Material Adverse Effect. The hours worked by and payments made to employees of the Borrower and its Subsidiaries have
not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law relating to such matters that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect. All material
payments due from the Borrower or any of its Subsidiaries, or for which any claim may be made against the Borrower or any of its Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or
accrued as liabilities on the books of the Borrower or such Subsidiary except to the extent that the failure to do so has not resulted in, and could not reasonably be expected to result in, a Material Adverse Effect. The consummation of the
Transactions will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement under which the Borrower or any of its Material Restricted Subsidiaries is bound. 

SECTION 3.07. Compliance with Laws and Agreements. Except as set forth in Schedule 3.07 hereto, each of the Borrower and
its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to
do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION
3.08. Investment Company Status. Neither the Borrower nor any of its Restricted Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

SECTION 3.09. Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all federal Tax returns and
all other material Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for
which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, in each case, when taken together with
all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.11. Disclosure. All written or formally presented information, including the Information Memorandum, other than any projections and information of a general economic or general industry
nature, furnished by or on behalf of, the Borrower or any Subsidiary to the Administrative Agent, any of its Affiliates or any Lender pursuant to or in connection with this Agreement or any other Loan Document, taken as a whole together with all
other written information so delivered on or prior to any date of determination (including this Agreement) and all information contained in regular or periodic reports filed by or on behalf of the Borrower with the SEC on or prior to such date is
(or will when furnished be) complete and correct in all material respects and does not (or will not when furnished) contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements contained
therein not materially misleading in light of the circumstances under which such statements are made; provided that, with respect to forecasts or projected financial information, the 

  
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Borrower represents only that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time so furnished and, if furnished prior to the Effective
Date, as of the Effective Date (it being understood by the Administrative Agent and the Lenders that any such projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower or its
Subsidiaries, that no assurances can be given that such projections will be realized and that actual results may differ materially from such projections). 
 SECTION 3.12. Federal Reserve Regulations. No part of the proceeds of any Loan have been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of the
Regulations of the Board, including Regulations T, U and X. 
 SECTION 3.13. Liens. There are no Liens on any of the real
or personal properties of the Borrower or any Restricted Subsidiary except for Liens permitted by Section 6.02. 
 SECTION
3.14. No Default. No Default or Event of Default has occurred and is continuing. 
 SECTION 3.15. No Burdensome
Restrictions. The Borrower is not subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.08. 
 SECTION 3.16. Security Interest in Collateral. The Collateral Documents, upon execution and delivery thereof by the parties thereto, will create in favor of the Administrative Agent, for the
benefit of the Secured Parties, a valid and enforceable security interest in the Collateral covered thereby and (i) when the Collateral constituting certificated securities (as defined in the UCC) is delivered to the Administrative Agent,
together with instruments of transfer duly endorsed in blank, the Liens under the Collateral Documents will constitute a fully perfected security interest in all right, title and interest of the pledgors thereunder in such Collateral, prior and
superior in right to any other Person, and (ii) when financing statements in appropriate form are filed in the applicable filing offices, the security interest created under the Collateral Documents will constitute a fully perfected security
interest in all right, title and interest of the Loan Parties in the remaining Collateral to the extent perfection can be obtained by filing UCC financing statements, prior and superior to the rights of any other Person, except for Liens permitted
by Section 6.02. 
 SECTION 3.17. Solvency. Immediately after the consummation of the Transactions and immediately
following the making of each Loan or the issuance of each Letter of Credit made or issued and after giving effect to the application of the proceeds of such Loans, (a) the fair value of the assets of the Borrower and its Restricted Subsidiaries
on a consolidated basis will exceed their consolidated debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Borrower and its Restricted Subsidiaries on a consolidated basis
will be greater than the amount that will be required to pay the probable liability on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower
and its Restricted Subsidiaries on a consolidated basis will not have incurred any debts and liabilities, subordinated, contingent or otherwise, that they do not believe that they will be able to pay as such debts and liabilities become absolute and
matured; and (d) the Borrower and its Restricted Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to be
conducted following the Effective Date. 

  
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 ARTICLE IV 
 Conditions 
 SECTION 4.01. Effective Date. The obligations of the
Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder on the Effective Date shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with
Section 9.02): 
 (a) The Administrative Agent (or its counsel) shall have received from (i) each party
hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this
Agreement) that such party has signed a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and the other documents and instruments described in the list of closing documents attached as Exhibit B.

 (b) The Administrative Agent shall have received favorable written opinions (addressed to the Administrative
Agent and the Lenders and dated the Effective Date) of (i) Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Loan Parties and (ii) Perkins Coie LLP, local counsel in Washington, covering such matters relating to the Loan
Parties, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsels to deliver such opinions. 

(c) The Lenders shall have received (i) unaudited interim consolidated financial statements of the Borrower and AMS
for each quarterly period ended subsequent to December 31, 2010 and more than 45 days prior to the Effective Date and (ii) quarterly financial statement projections for the fiscal year of the Borrower ending December 31, 2011 and
annual financial statement projections through and including the Borrower’s 2018 fiscal year (in each case, giving effect to the AMS Acquisition). 
 (d) The Administrative Agent shall have received (i) such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good
standing of the initial Loan Parties, the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its
counsel and as further described in the list of closing documents attached as Exhibit B and (ii) to the extent requested by any of the Lenders, all documentation and other information required by bank regulatory authorities under
applicable “know-your-customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent reasonably requested prior to the Effective Date. 

(e) The Administrative Agent shall have received a customary payoff letter confirming that all Indebtedness under the
Existing Credit Agreement and the Existing Target Credit Agreement shall have been fully repaid (except to the extent being so repaid with the initial Loans and to the extent that outstanding letters of credit are continued hereunder) and all
commitments thereunder shall have been terminated and cancelled and any and all liens thereunder shall have been terminated and released, in each case prior to or concurrently with the initial funding of the Loans. 

(f) The AMS Acquisition shall have been consummated pursuant to the AMS Acquisition Agreement, substantially concurrently
with the initial funding of Loans hereunder, and no 

  
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provision thereof shall have been amended or waived in a manner materially adverse to the Lenders without the prior written consent of Morgan Stanley Senior Funding, Inc. and Bank of America,
N.A. (it being understood and agreed that (i) any cash increase to the purchase price, (ii) any decrease to the purchase price in excess of 10% of the aggregate purchase price unless the Borrower shall have reduced the Term A Loan
Commitment, the Term B Loan Commitment and the Bridge Facility Commitment on a ratable basis (after giving effect to any concurrent ratable reduction with cash consideration paid) in an aggregate amount equal to such decrease in purchase price, and
(iii) any change in the definition of “Material Adverse Effect” in the AMS Acquisition Agreement shall be deemed to be materially adverse to the Lenders). 

(g) The Borrower shall have received no less than $900,000,000 in aggregate gross cash proceeds form the issuance by the
Borrower of senior unsecured notes (which may, for the avoidance of doubt, include equity-linked debt securities) (the “Senior Notes”) in a public offering or a Rule 144A or other private placement or the borrowing of the initial
loans under the Bridge Facility. 
 (h) The Lenders shall have received a pro forma consolidated balance sheet of
the Borrower as of March 30, 2011 and a pro forma statement of operations for the 12-month period ending on such date, in each case adjusted to give effect to the consummation of the AMS Acquisition and the financings contemplated hereby as if
such transactions had occurred on such date or on the first day of such period, as applicable. 
 (i) The
Administrative Agent and the Lenders shall have received a written certification from an officer of the Borrower that, after giving effect to the AMS Acquisition and any incurrence of indebtedness in connection therewith, the Borrower and its
Restricted Subsidiaries, on a consolidated basis, are solvent as described in Section 3.17. 
 (j) (i) The
Specified Representations shall be true and correct giving effect to the Transactions, (ii) such of the representations and warranties made by AMS in the AMS Acquisition Agreement as are material to the interests of the Lenders, but only to the
extent that the Borrower (or any of its Affiliates) has the right to terminate its (or their) obligations (or to refuse to consummate the AMS Acquisition) under the AMS Acquisition Agreement as a result of a breach of such representations in the AMS
Acquisition Agreement, shall be true and correct and (iii) such of the representations and warranties made by the Borrower (or any of its Affiliates) in the AMS Acquisition Agreement as are material to the interests of the Lenders, but only to
the extent that AMS (or its Affiliates) has the right to terminate its (or their) obligations (or to refuse to consummate the AMS Acquisition) under the AMS Acquisition Agreement as a result of a breach of such representations, shall be true and
correct (all of the representations and warranties described in this clause (j), collectively, the “Effective Date Representations”). 
 (k) The Administrative Agent shall have received: (i) UCC financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s sole discretion, to perfect the
Administrative Agent’s security interest in the Collateral; (ii) all certificates evidencing any certificated Equity Interests pledged to the Administrative Agent pursuant to the Security Agreement, together with duly executed in blank,
undated stock powers attached thereto; and (iii) duly executed confirmatory grants of security interest in the form required by the Security Agreement as are necessary, in the Administrative Agent’s sole discretion, to perfect the
Administrative Agent’s security interest in the United States registered intellectual property of the Loan Parties (it being understood that subsequent recordings in the PTO or the United States Copyright Office, as appropriate, and the taking
of actions and making of filings necessary under the applicable law to obtain the equivalent of perfection may be necessary to perfect a security 

  
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interest in such Intellectual Property acquired by the Loan Parties after the Effective Date); provided that notwithstanding the foregoing or anything else to the contrary contained in
this Agreement or the other Loan Documents, to the extent that any Collateral (other than the grant and perfection of security interests in (x) the Equity Interests in Domestic Subsidiaries held by the Borrower and the Subsidiary Guarantors
(including those acquired in the AMS Acquisition) unless arrangements reasonably satisfactory to the Administrative Agent for timely post-closing delivery thereof shall have been made, (y) any promissory notes and other evidence of Indebtedness
held by the Borrower and the Subsidiary Guarantors (including those acquired in the AMS Acquisition) unless arrangements reasonably satisfactory to the Administrative Agent for timely post-closing delivery thereof shall have been made and
(z) other assets in which a lien or security interest may be perfected by the filing of a financing statement under the UCC) is not delivered on the Effective Date after the Borrower’s use of commercially reasonable efforts to do so or
without undue delay, burden or expense, then the delivery of such Collateral shall not constitute a condition precedent to the effectiveness of this Agreement but shall be accomplished after the Effective Date pursuant to arrangements and timing to
be mutually agreed by the Borrower and the Administrative Agent. 
 (l) The Administrative Agent and the Lenders
shall have received all fees with respect to the Revolving Loans and Term Loans and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced at least one day prior to the Effective Date, reimbursement or
payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
 For purpose of determining compliance with
the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 4.01 to be consented to or
approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Effective Date specifying its objection thereto. The Administrative Agent shall notify
the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not
become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City time, on the October 10, 2011 (and, in the event such conditions are not so satisfied or
waived, the Commitments shall terminate at such time). 
 SECTION 4.02. Each Credit Event. The obligation of each Lender
to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit (other than on the Effective Date), is subject to the satisfaction of the following conditions: 

(a) The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all
material respects (other than to the extent qualified by materiality or “Material Adverse Effect” , in which case, such representations and warranties shall be true and correct) on and as of the date of such Borrowing or the date of
issuance, amendment, renewal or extension of such Letter of Credit, as applicable, except in the case of any such representation and warranty that expressly relates to an earlier date, in which case such representation and warranty shall be true and
correct in all material respects, other than to the extent qualified by materiality or “Material Adverse Effect”, in which case such representation and warranty shall be true and correct on and as of such earlier date. 

  
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 (b) At the time of and immediately after giving effect to such Borrowing or
the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 
 Each
Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit made after the Effective Date shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in
paragraphs (a) and (b) of this Section. 
 ARTICLE V 

Affirmative Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have
expired, terminated or been Cash Collateralized and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 
 SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent, on behalf of each Lender: 

(a) within ninety (90) days after the end of each fiscal year of the Borrower (or, if earlier, by the date that the
Annual Report on Form 10-K of the Borrower for such fiscal year would be required to be filed under the rules and regulations of the SEC, giving effect to any automatic extension available thereunder for the filing of such form), (i) an audited
consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows for the Borrower and its consolidated Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous fiscal year, with such audited balance sheet and related consolidated financial statements reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing (without a
“going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial
condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied and (ii) a consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows for the Borrower and its consolidated Restricted Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year certified by one of
the Borrower’s Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Restricted Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied; 
 (b) within forty-five (45) days after the end of each of the first three fiscal
quarters of each fiscal year of the Borrower (or, if earlier, by the date that the Quarterly Report on Form 10-Q of the Borrower for such fiscal quarter would be required to be filed under the rules and regulations of the SEC, giving effect to any
automatic extension available thereunder for the filing of such form),(i) a consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows for the Borrower and its consolidated Subsidiaries as of the end of
and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous
fiscal year and (ii) a consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows for the Borrower 

  
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and its consolidated Restricted Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, in each case all certified by one of its Financial Officers as presenting fairly in all material respects the
financial condition and results of operations of the Borrower and its consolidated Subsidiaries (or the Borrower and its consolidated Restricted Subsidiaries, as applicable) on a consolidated basis in accordance with GAAP consistently applied,
subject to normal year-end audit adjustments and the absence of footnotes; 
 (c) concurrently with any delivery
of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.12 (including compliance on a consolidated basis without giving effect to the
Unrestricted Subsidiaries) and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred,
specifying the effect of such change on the financial statements accompanying such certificate; 
 (d)
concurrently with the delivery of the certificate of a Financial Officer of the Borrower under clause (c) above, updated versions of the exhibits to the Security Agreement (provided that if there have been no changes to any such exhibits since
the previous updating required thereby, the Borrower shall indicate that there has been “no change” to the applicable exhibit(s)); 
 (e) concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained
knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines); 

(f) as soon as available, but in any event not more than ninety (90) days after the end of each fiscal year of the
Borrower, a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Borrower for each month of the fiscal year following such fiscal year in form reasonably satisfactory to
the Administrative Agent (without giving effect to any Unrestricted Subsidiaries); 
 (g) promptly after the same
become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Restricted Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of the
SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be; and 
 (h) promptly after any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower or any Restricted Subsidiary, or compliance with the
terms of any Loan Document, as may be reasonably requested by the Administrative Agent or by any Lender through the Administrative Agent. 

Information required to be delivered pursuant to Sections 5.01(a), 5.01(b) and 5.01(g) shall be deemed to have been delivered if such information, or one
or more annual, quarterly or other periodic reports containing such information, shall have been posted by the Administrative Agent on an IntraLinks or similar site to which the Lenders have been granted access or shall be available on the website
of the SEC 

  
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at http://www.sec.gov; provided that, for the avoidance of doubt, the Borrower shall be required to provide copies of the compliance certificates required by clause (c) of this
Section 5.01 to the Administrative Agent. Information required to be delivered pursuant to this Section may also be delivered by electronic communications pursuant to procedures approved by the Administrative Agent. In the event any financial
statements delivered under clause (a) or (b) above shall be restated, the Borrower shall deliver, promptly after such restated financial statements become available, revised compliance certificates required by clause (c) of this
Section 5.01 with respect to the periods covered thereby that give effect to such restatement, signed by a Financial Officer of the Borrower. 
 SECTION 5.02. Notices of Material Events. The Borrower will, upon knowledge thereof by a Responsible Officer, furnish to the Administrative Agent prompt written notice of the following: 

(a) the occurrence of any Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority
against or affecting the Borrower or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect; 
 (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; and 

(d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth the
details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Information required to be delivered pursuant to clause (b) of this Section shall be deemed to have been delivered if
such information, or one or more annual or quarterly or other periodic reports containing such information, shall have been posted by the Administrative Agent on an IntraLinks or similar site to which the Lenders have been granted access or shall be
available on the website of the SEC at http://www.sec.gov. Information required to be delivered pursuant to this Section may also be delivered by electronic communications pursuant to procedures approved by the Administrative Agent. 

SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each of its Material Restricted Subsidiaries to,
do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, privileges, franchises, governmental authorizations and intellectual property
rights material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted; provided that (i) the foregoing shall not prohibit any merger,
consolidation, liquidation or dissolution permitted under Section 6.03 and (ii) neither the Borrower nor any of its Material Restricted Subsidiaries shall be required to preserve any right, license, permit, privilege, franchise, patent,
copyright, trademark or trade name if the Borrower or such Material Restricted Subsidiary shall determine that the preservation thereof is no longer desirable in the conduct of business of the Borrower or such Material Restricted Subsidiary, as the
case may be, and that the loss thereof is not disadvantageous in any material respect to the Borrower, such Material Restricted Subsidiary or the Lenders. 

  
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 SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of its
Restricted Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is
being contested in good faith by appropriate proceedings, (b) the Borrower or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending
such contest could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.05. Maintenance of
Properties; Insurance. The Borrower will, and will cause each of its Material Restricted Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear
excepted, and (b) maintain with financially sound and reputable carriers (i) insurance in such amounts (with no greater risk retention) and against such risks and such other hazards, as is customarily maintained by companies of established
repute engaged in the same or similar businesses operating in the same or similar locations and (ii) all insurance required pursuant to the Collateral Documents. The Borrower will furnish to the Lenders, upon request of the Administrative
Agent, information in reasonable detail as to the insurance so maintained. The Borrower shall deliver to the Administrative Agent endorsements (x) to all “All Risk” physical damage insurance policies on all of the Loan Parties’
tangible personal property and assets and business interruption insurance policies naming the Administrative Agent as lender loss payee, and (y) to all general liability and other liability policies naming the Administrative Agent an additional
insured. In the event the Borrower or any of its Material Restricted Subsidiaries at any time or times hereafter shall fail to obtain or maintain any of the policies or insurance required herein or to pay any premium in whole or in part relating
thereto, then the Administrative Agent, without waiving or releasing any obligations or resulting Default hereunder, may at any time or times thereafter (but shall be under no obligation to do so) obtain and maintain such policies of insurance and
pay such premiums and take any other action with respect thereto which the Administrative Agent deems advisable. All sums so disbursed by the Administrative Agent shall constitute part of the Obligations, payable as provided in this Agreement.

 SECTION 5.06. Books and Records; Inspection Rights. The Borrower will, and will cause each of its Material Restricted
Subsidiaries to, keep proper books of record and account in which full, true and correct entries in conformity with GAAP and applicable law are made of all material financial dealings and transactions in relation to its business and activities. The
Borrower will, and will cause each of its Material Restricted Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender (pursuant to a request made through the Administrative Agent), at reasonable times upon
reasonable prior notice (but not more than once annually if no Event of Default shall exist), to visit and inspect its properties, to examine and make extracts from its books and records, including examination of its environmental assessment reports
and Phase I or Phase II studies, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. The Borrower acknowledges that the Administrative
Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain reports pertaining to the Borrower and its Material Restricted Subsidiaries’ assets for internal use by the Administrative Agent and the
Lenders. 
 SECTION 5.07. Compliance with Laws and Material Contractual Obligations. The Borrower will, and will cause
each of its Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including without limitation Environmental Laws) and (ii) perform in all material respects
its obligations under material agreements to which it is a party, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 5.08. Use of Proceeds. The proceeds of the Term Loans funded on the Effective
Date will be used solely to finance a portion of the AMS Acquisition (including the refinancing of loans under the Existing Target Credit Agreement and the Existing Target Notes) and refinance the loans under the Existing Credit Agreement. The
proceeds of the Revolving Loans will be used for general corporate purposes (including financing the AMS Acquisition and Permitted Acquisitions) of the Borrower and its Restricted Subsidiaries. No part of the proceeds of any Loan will be used,
whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 
 SECTION 5.09. Subsidiary Guarantors; Pledges; Additional Collateral; Further Assurances. 
 (a) As promptly as possible but in any event within forty-five (45) days (or such later date as may be agreed upon by the Administrative Agent) after any Person becomes a Material Domestic Subsidiary
or any Subsidiary qualifies independently as, or is designated by the Borrower as a Material Domestic Subsidiary, the Borrower shall provide the Administrative Agent with written notice thereof setting forth information in reasonable detail
describing the material assets of such Person and shall cause each such Material Domestic Subsidiary to deliver to the Administrative Agent a joinder to the Subsidiary Guaranty and the Security Agreement (in each case in the form contemplated
thereby) pursuant to which such Subsidiary agrees to be bound by the terms and provisions thereof, the Subsidiary Guaranty and the Security Agreement to be accompanied by appropriate corporate resolutions, other corporate documentation and legal
opinions as may be reasonably requested by, and in form and substance reasonably satisfactory to, the Administrative Agent and its counsel. 
 (b) The Borrower will cause, and will cause each other Loan Party to cause, all of its owned property (whether real, personal, tangible, intangible, or mixed but excluding Excluded Assets) to be subject
at all times to perfected Liens in favor of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations in accordance with the terms and conditions of the Collateral Documents on a first priority basis, subject
to no other Liens other than Liens permitted by Section 6.02 (and provided further that such perfection with respect to intellectual property shall be limited to the United States). Without limiting the generality of the foregoing, the Borrower
(i) will cause the Applicable Pledge Percentage of the issued and outstanding Equity Interests of each Pledge Subsidiary directly owned by the Borrower or any other Loan Party (other than Excluded Assets) to be subject at all times to a first
priority, perfected Lien in favor of the Administrative Agent to secure the Secured Obligations in accordance with the terms and conditions of the Collateral Documents or such other pledge and security documents as the Administrative Agent shall
reasonably request and (ii) will, and will cause each Subsidiary Guarantor to, deliver Mortgages and Mortgage Instruments with respect to real property (excluding Excluded Assets) owned by the Borrower or such Subsidiary Guarantor to the
extent, and within such time period as is, reasonably required by the Administrative Agent. Notwithstanding the foregoing, (i) no such Mortgages and Mortgage Instruments are required to be delivered hereunder until 90 days after the Effective
Date or such later date as the Administrative Agent may agree in the exercise of its reasonable discretion with respect thereto and (ii) no such pledge agreement in respect of the Equity Interests of a Foreign Subsidiary shall be required
hereunder (A) until 90 days after the Effective Date or such later date as the Administrative Agent may agree in the exercise of its reasonable discretion with respect thereto, and (B) to the extent the Administrative Agent or its counsel
determines that such pledge would not provide material credit support for the benefit of the Secured Parties pursuant to legally valid, binding and enforceable pledge agreements. 

(c) Without limiting the foregoing, the Borrower will, and will cause each other Loan Party to, execute and deliver, or
cause to be executed and delivered, to the Administrative Agent such 

  
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documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements, fixture filings, Mortgages, deeds of
trust and other documents and such other actions or deliveries of the type required by Section 4.01, as applicable), which may be required by law or which the Administrative Agent may, from time to time, reasonably request to carry out the
terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all at the expense of the Borrower (except that such perfection
with respect to intellectual property shall be limited to the United States). 
 (d) If any assets (including any
real property or improvements thereto or any interest therein) are acquired by a Loan Party after the Effective Date (other than Excluded Assets and assets constituting Collateral under the Security Agreement that become subject to the Lien in favor
of the Administrative Agent upon acquisition thereof), the Borrower will notify the Administrative Agent thereof, and, if requested by the Administrative Agent, the Borrower will cause such assets to be subjected to a Lien securing the Secured
Obligations and will take, and cause the other Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions described in paragraph (c) of this
Section, all at the expense of the Borrower. 
 (e) concurrently with the designation of any Subsidiary as a
guarantor under any other Material Indebtedness of the Borrower after the Effective Date, the Borrower shall cause each such Subsidiary to deliver to the Administrative Agent a duly executed copy of the Subsidiary Guaranty (or supplement thereto)
pursuant to which such Subsidiary agrees to be bound by the terms and provisions of the Subsidiary Guaranty, and such Subsidiary Guaranty (or supplement thereto) shall be accompanied by appropriate officer’s certificates, resolutions,
organizational documents and legal opinions of counsel as the Administrative Agent may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

SECTION 5.10. Designation of Subsidiaries. The Borrower may, at any time from and after the Effective Date, designate any
Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after such designation, no Default or Event of Default shall have occurred and be
continuing, (ii) immediately after giving effect to such designation, the Borrower shall be in compliance with the covenants set forth in Section 6.12 on a pro forma basis in accordance with Section 1.04(b) (and as a condition
precedent to the effectiveness of any such designation, the Borrower shall deliver to the Administrative Agent a certificate setting forth in reasonable detail the calculations demonstrating such compliance), (iii) no Restricted Subsidiary may
be designated as an Unrestricted Subsidiary if it was previously designated as an Unrestricted Subsidiary pursuant to this Section 5.10 and (iv) if a Restricted Subsidiary is being designated as an Unrestricted Subsidiary hereunder, such
Restricted Subsidiary, together with all other Unrestricted Subsidiaries as of such date of designation (the “Designation Date”), must not have contributed greater than ten percent (10%) of the Borrower’s Consolidated
EBITDA (calculated inclusive of all Unrestricted Subsidiaries), as of the most recently ended fiscal quarter of the Borrower, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant
to Section 5.01. The designation of any Restricted Subsidiary as an Unrestricted Subsidiary after the Effective Date shall constitute an Investment by the applicable Loan Party therein at the date of designation in an amount equal to the fair
market value of the applicable Loan Party’s investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or
Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the applicable Loan Party in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value at the date of such
designation of such Loan Party’s Investment in such Subsidiary. Notwithstanding the foregoing, the Borrower shall not be permitted to be an Unrestricted Subsidiary. 

  
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 SECTION 5.11. Ratings. Until the Term B Loans are paid in full and terminated in
accordance with this Agreement, the Borrower shall use commercially reasonable efforts to cause (x) S&P and Moody’s to continue to issue ratings for the Term Loans, (y) Moody’s to continue to issue a corporate family rating
(or the equivalent thereof) of the Borrower and (z) S&P to continue to issue a corporate credit rating (or the equivalent thereof) of the Borrower (it being understood, in each case, that such obligation shall not require the Borrower to
maintain a specific rating). 
 ARTICLE VI 
 Negative Covenants 
 Until the Commitments have expired or terminated and
the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired, terminated or been Cash Collateralized and all LC Disbursements shall have been reimbursed, the Borrower
covenants and agrees with the Lenders that: 
 SECTION 6.01. Indebtedness. The Borrower will not, and will not permit any
Restricted Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except: 
 (a) the Secured
Obligations; 
 (b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and any
refinancing, extensions, renewals or replacements of any such Indebtedness that does not increase the outstanding principal amount thereof (other than with respect to unpaid accrued interest and premium thereon, any committed or undrawn amounts and
underwriting discounts, fees, commissions and expenses, associated with such Indebtedness); 
 (c) Indebtedness
under the 2008 Subordinated Convertible Notes, the 2010 Senior Notes and any Permitted Refinancing Indebtedness in respect thereof; 
 (d) Indebtedness of the Borrower to any Subsidiary and of any Restricted Subsidiary to the Borrower or any other Subsidiary; provided that Indebtedness of any Restricted Subsidiary that is not a
Loan Party to any Loan Party shall be subject to the limitations set forth in Section 6.04(d); 
 (e)
Guarantees by the Borrower or any Restricted Subsidiary of Indebtedness or other obligations of the Borrower or any Subsidiary; provided that the aggregate amount of Indebtedness and other payment obligations (other than in respect of any
overdrafts and related liabilities arising in the ordinary course of business from treasury, depository and cash management services or in connection with any automated clearing-house transfer of funds) of Subsidiaries that are not Loan Parties that
is Guaranteed by any Loan Party shall be subject to the limitations set forth in Section 6.04(d); 
 (f)
Indebtedness of the Borrower or any Restricted Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations, Synthetic Lease Obligations and any Indebtedness assumed
in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition 

  
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thereof, and any Permitted Refinancing Indebtedness in respect thereof; provided that (i) such Indebtedness is incurred prior to or within 180 days after such acquisition or the
completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness incurred under this clause (f) shall not exceed, on a pro forma basis in accordance with Section 1.04(b), immediately after giving
effect to the issuance or incurrence of such Indebtedness the greater of (x) $125,000,000 and (y) 10% of Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending as of the last day of the most recent fiscal
quarter for which Financials have been delivered; 
 (g) Indebtedness of the Borrower or any Restricted
Subsidiary as an account party in respect of trade letters of credit; 
 (h) Indebtedness owed in respect of any
Banking Services and any other netting services, overdrafts and related liabilities arising from treasury, depository and cash management services or in connection with any automated clearing-house transfers of funds; 

(i) Indebtedness under bid bonds, performance bonds, surety bonds and similar obligations, in each case, incurred by the
Borrower or any of its Restricted Subsidiaries in the ordinary course of business, including guarantees or obligations with respect to letters of credit supporting such bid bonds, performance bonds, surety bonds and similar obligations; 

(j) Swap Agreements permitted under Section 6.05; 

(k) Indebtedness of Foreign Subsidiaries, and guarantees thereof by Foreign Subsidiaries, in respect of local lines of
credit, letters of credit, bank guarantees and similar extensions of credit, in an aggregate principal amount not to exceed, on a pro forma basis in accordance with Section 1.04(a), immediately after giving effect to the issuance or incurrence
of such Indebtedness the greater of (x) $200,000,000 and (y) 20% of Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending as of the last day of the most recent fiscal quarter for which Financials have been
delivered; 
 (l) Guarantees of Indebtedness of directors, officers, employees, agents and advisors of the
Borrower or any of its Restricted Subsidiaries in respect of expenses of such Persons in connection with relocations and other ordinary course of business purposes, if the aggregate amount of Indebtedness so guaranteed, when added to the aggregate
amount of unreimbursed payments theretofore made in respect of such guarantees and the amount of loans and advances then outstanding under Section 6.04(u), shall not at any time exceed $20,000,000; 

(m) Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar
obligations, or from guaranties, surety bonds or performance bonds securing the performance of the Borrower or any of its Restricted Subsidiaries pursuant to such agreements, in connection with Permitted Acquisitions or permitted Dispositions;

 (n) Indebtedness representing installment insurance premiums owing in the ordinary course of business;

 (o) Indebtedness representing deferred compensation, severance, pension, and health and welfare retirement
benefits or the equivalent to current and former employees of the Borrower and its Restricted Subsidiaries incurred in the ordinary course of business or existing on the Effective Date; 

  
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 (p) unsecured Indebtedness arising out of judgments not constituting an
Event of Default; 
 (q) Indebtedness of any Person that becomes a Restricted Subsidiary (or of any Person not
previously a Subsidiary that is merged or consolidated with or into a Restricted Subsidiary in a transaction permitted hereunder) after the date hereof, or Indebtedness of any Person that is assumed by any Restricted Subsidiary in connection with an
acquisition of assets by such Restricted Subsidiary in a Permitted Acquisition, and any refinancing, renewal, extension or replacement in respect thereof; provided that (A) such Indebtedness exists at the time such Person becomes a
Restricted Subsidiary (or is so merged or consolidated) or such assets are acquired and is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary (or such merger or consolidation) or such assets being
acquired and (B) neither the Borrower nor any Restricted Subsidiary (other than such Person or the Restricted Subsidiary with which such Person is merged or consolidated or that so assumes such Person’s Indebtedness) shall Guarantee or
otherwise become liable for the payment of such Indebtedness; 
 (r) Permitted Indebtedness; 

(s) Indebtedness under the Senior Notes or the Bridge Facility and any Permitted Refinancing Indebtedness in respect
thereof; 
 (t) other Indebtedness of the Borrower and its Subsidiaries in an aggregate outstanding principal
amount not in excess of $250,000,000; 
 (u) Indebtedness incurred in connection with the Headquarters
Transaction in an aggregate outstanding principal amount not in excess of $90,000,000; 
 (v) (i) Permitted
Pari Passu Secured Refinancing Debt, (ii) Permitted Junior Secured Refinancing Debt and (iii) Permitted Unsecured Refinancing Debt, and any Permitted Refinancing Indebtedness in respect thereof; and 

(w) Indebtedness of the Borrower in respect of one or more series of senior unsecured notes or senior secured notes that
will be secured by all or a portion of the Collateral on a pari passu or junior basis with the Senior Obligations, that are issued or made in lieu of Incremental Revolving Loans, Incremental Term A Loans and/or Incremental Term B Loans and Permitted
Refinancing Indebtedness in respect thereof (the “Additional Notes”); provided that (A) such Additional Notes are not scheduled to mature prior to the date that is 91 days after the Maturity Date, (B) the aggregate
principal amount of all Additional Notes issued pursuant to this clause (w) shall not exceed (x) the Incremental Amount less (y) the aggregate principal amount of all Incremental Revolving Loans, Incremental Term A Loans and
Incremental Term B Loans made after the Effective Date, (C) such Additional Notes shall not be subject to any Guarantee by any Restricted Subsidiary other than a Loan Party, (D) in the case of Additional Notes that are secured, the
obligations in respect thereof shall not be secured by any Lien on any asset of the Borrower or any of its Restricted Subsidiaries other than any asset constituting Collateral, (E) at the time of the incurrence of such Indebtedness and after
giving effect thereto on a pro forma basis in accordance with Section 1.04(b), the Borrower will be in compliance with the covenants set forth in Section 6.12, (F) at the time of any such incurrence of Indebtedness and after giving
effect thereto on a on a pro forma basis in accordance with Section 1.04(b), the Senior Secured Leverage Ratio is less than or equal to 3.5 to 1.0, (G) if such Additional Notes are secured, the security agreements relating to such
Additional Notes shall be substantially the same as the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (H) no Default or Event of Default shall have occurred and be continuing or would
exist 

  
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immediately after giving effect to such incurrence and (I) if such Additional Notes are secured, such Additional Notes shall be subject to an intercreditor agreement in form and substance
reasonably acceptable to the Administrative Agent. 
 For purposes of determining compliance with any Dollar-denominated restriction on the
incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case
of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension,
replacement, refunding, refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding,
refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being
extended, replaced, refunded, refinanced, renewed or defeased, plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in connection with such refinancing. 

The accrual of interest, the accretion of accreted value and the payment of interest in the form of additional Indebtedness shall not be deemed to be an
incurrence of Indebtedness for purposes of this Section 6.01. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be
shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP. 
 SECTION 6.02. Liens. The
Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts
receivable) or rights in respect of any thereof, except: 
 (a) Liens created pursuant to any Loan Document;

 (b) Permitted Encumbrances; 

(c) any Lien on any property or asset of the Borrower or any Restricted Subsidiary existing on the date hereof and set
forth in Schedule 6.02 and any modifications, renewals and extensions thereof and any Lien granted as a replacement or substitute therefor; provided that (i) such Lien shall not apply to any other property or asset of the Borrower
or any Restricted Subsidiary other than improvements thereon or proceeds from the disposition of such asset and (ii) such Lien shall secure only those obligations which it secures on the date hereof and any refinancing, extensions, renewals or
replacements thereof that do not increase the outstanding principal amount thereof (other than as permitted by Section 6.01); 
 (d) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Restricted Subsidiary or existing on any property or asset of any Person that becomes a Restricted
Subsidiary after the date hereof prior to the time such Person becomes a Restricted Subsidiary and any modifications, replacements, renewals or extensions thereof; provided that (i) such Lien is not created in contemplation of or in
connection with such acquisition or such Person becoming a Restricted Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary and (iii) such Lien shall
secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as the case may be, and any refinancing, extensions, renewals or replacements thereof that do not increase the
outstanding principal amount thereof (other than as permitted by Section 6.01); 

  
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 (e) Liens on fixed or capital assets acquired, constructed or improved by
the Borrower or any Restricted Subsidiary; provided that (i) such Liens secure Indebtedness permitted by clause (f) of Section 6.01 and any Permitted Refinancing Indebtedness in respect thereof, (ii) such Liens and the
Indebtedness secured thereby are initially incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring,
constructing or improving such fixed or capital assets and (iv) such Liens shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary other than improvements thereon or proceeds from the disposition of such
property or assets; 
 (f) in connection with the sale or transfer of any assets in a transaction permitted under
Section 6.03, customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof; 
 (g) in the case of any joint venture, any put and call arrangements related to its Equity Interests set forth in its organizational documents or any related joint venture or similar agreement; 

(h) any interest or title of a lessor under any lease or sublease entered into by the Borrower or any Restricted
Subsidiary in the ordinary course of its business and other statutory and common law landlords’ liens under leases; 
 (i) any interest or title of a licensor under any license or sublicense entered into by the Borrower or any Restricted Subsidiary as a licensee or sublicensee (A) existing on the date hereof or
(B) in the ordinary course of its business; 
 (j) licenses, sublicenses, leases or subleases granted to
other Persons permitted under Section 6.03; 
 (k) Liens on earnest money deposits of cash or cash
equivalents made in connection with any Permitted Acquisition or other Investment permitted pursuant to Section 6.04; 
 (l) Liens in the nature of the right of setoff in favor of counterparties to contractual agreements with the Loan Parties in the ordinary course of business; 

(m) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods
entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business in accordance with the past practices of the Borrower or such Restricted Subsidiary; 

(n) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods in the ordinary course of business; 
 (o) Liens on the assets and
equity interests of Foreign Subsidiaries customarily granted in connection with financing transactions in the respective jurisdictions of such Subsidiaries and any Permitted Refinancing Indebtedness in respect thereof; provided that such
Liens shall secure only Indebtedness or other obligations of such Foreign Subsidiaries permitted hereunder; 

  
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 (p) Liens on insurance policies and the proceeds thereof securing
Indebtedness permitted by Section 6.01(n); 
 (q) Dispositions and other sales of assets permitted under
Section 6.03; 
 (r) Liens on deposits or other amounts held in escrow (i) in connection with the
Nebido Contingent Cash Consideration Agreement, dated as of February 23, 2009, by and between the Borrower and American Stock & Transfer Trust Company, as paying agent, and (ii) to secure contractual payments (contingent or
otherwise) payable by the Borrower or its Restricted Subsidiaries to a seller after the consummation of a Permitted Acquisition; 
 (s) Liens on the real property (including any improvements thereto and fixtures thereon) leased by the Borrower and/or the Restricted Subsidiaries pursuant to, and securing Indebtedness incurred in
connection with, the Headquarters Transaction; 
 (t) Liens securing Permitted Indebtedness so long as
any such Liens on the Collateral shall be subordinated to the Liens granted under the Loan Documents pursuant to the terms of subordination and intercreditor agreements reasonably satisfactory to the Administrative Agent; 

(u) Liens securing Permitted Pari Passu Secured Refinancing Debt and Permitted Junior Secured Refinancing Debt; and any
Permitted Refinancing Indebtedness in respect thereof; and 
 (v) Liens on assets of the Borrower and its
Restricted Subsidiaries not otherwise permitted above so long as the aggregate amount of obligations subject to such Liens does not immediately after giving effect to the incurrence of such obligations exceed the greater of (x) $50,000,000 and
(y) 10% of Consolidated Net Tangible Assets at the end of the most recent fiscal quarter of the Borrower for which Financials have been delivered (or, prior to the first delivery of any such financial statements, as of the end of the fiscal
quarter of the Borrower ended March 31, 2011). 
 SECTION 6.03. Fundamental Changes and Asset Sales. (a) The
Borrower will not, and will not permit any Restricted Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease, Exclusively License or otherwise dispose
of (in one transaction or in a series of transactions) any of its assets (including pursuant to a Sale and Leaseback Transaction), or any of the Equity Interests of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or
liquidate or dissolve, except that: 
 (i) any Person may merge into or consolidate with the Borrower in a
transaction in which the Borrower is the surviving corporation; 
 (ii) any Person (other than the Borrower) may
merge into or consolidate with any Restricted Subsidiary in a transaction in which the surviving entity is such Restricted Subsidiary (provided that any such merger, consolidation or liquidation involving a Subsidiary Guarantor must result in such
Subsidiary Guarantor as the surviving entity); 
 (iii) any Restricted Subsidiary may merge into or consolidate
with any Person in a transaction permitted under clauses (xiv), (xv) and (xvii) hereunder in which the surviving entity is not a Subsidiary; 
 (iv) any Restricted Subsidiary may dispose of any or all of its assets (upon voluntary liquidation, dissolution or otherwise) to the Borrower or any other Loan Party; 

  
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 (v) any Restricted Subsidiary may liquidate or dissolve if the Borrower
determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; 
 (vi) sales, transfers and other dispositions of inventory, used, worn out, obsolete or surplus property, cash and Permitted Investments in the ordinary course of business and the assignment, cancellation,
abandonment or other disposition of intellectual property that is, in the reasonable judgment of the Borrower, no longer economically practicable to maintain or useful in the conduct of the business of the Borrower and the Restricted Subsidiaries,
taken as a whole; 
 (vii) Dispositions to the Borrower or any Restricted Subsidiary; provided that
(i) any such Disposition made by a Loan Party to a Restricted Subsidiary that is not a Loan Party shall be made in compliance with Section 6.04 and (ii) Equity Interests in a Domestic Subsidiary may not be transferred to a Foreign
Subsidiary; 
 (viii) the discount or sale, in each case without recourse and in the ordinary course of business,
of past due receivables arising in the ordinary course of business, but only in connection with the compromise or collection thereof consistent with customary industry practice (and not as part of any bulk sale or financing of receivables);

 (ix) leases, subleases, non-Exclusive Licenses or sublicenses of property to other Persons in the ordinary
course of business not materially interfering with the business of the Borrower and the Restricted Subsidiaries taken as a whole; 
 (x) Liens incurred in compliance with Section 6.02; 
 (xi)
Investments permitted by Section 6.04; 
 (xii) subject to Section 2.11(c), dispositions of property as
a result of a casualty event involving such property or any disposition of real property to a Governmental Authority as a result of a condemnation of such real property; 

(xiii) Permitted Exchanges; 
 (xiv) Dispositions of investments in joint ventures, to the extent required by, or made pursuant to buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and
similar binding arrangements; provided that the consideration received shall be in an amount at least equal to the fair market value thereof (determined in good faith by the board of directors of the Borrower); 

(xv) sales or other Dispositions of non-core assets acquired in a Permitted Acquisition; provided that such sales
shall be consummated within 360 days of such Permitted Acquisition; and provided further that (i) the consideration received for such assets shall be in an amount at least equal to the fair market value thereof (determined in good faith
by the board of directors of Borrower) and (ii) no less than 75% thereof shall be paid in cash; 
 (xvi) any
Immaterial Asset Sale; and 
 (xvii) Dispositions of assets that are not permitted by any other clause of this
Section 6.03; provided that the Disposition Consideration of all assets sold, transferred, leased or otherwise disposed of, and of all assets Exclusively Licensed in reliance on this clause (xvii) shall

  
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not at the time of and immediately after giving effect to any such transaction exceed in any fiscal year 10% of Consolidated Total Assets at the end of the immediately preceding fiscal year of
the Borrower. 
 (b) The Borrower will not, and will not permit any of its Restricted Subsidiaries to, engage to
any material extent in any business other than businesses of the type conducted by the Borrower and its Restricted Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto or similar or complementary thereto
or reasonable extensions thereof (including, but not limited to the business of diagnostics, medical devices, delivery technologies and biotechnology). 
 (c) The Borrower will not, nor will it permit any of its Restricted Subsidiaries to, change its fiscal year from the basis in effect on the Effective Date. 

SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit any of its
Restricted Subsidiaries to, (i) purchase, hold or acquire (including pursuant to any merger or consolidation with any Person that was not a wholly owned Restricted Subsidiary prior to such merger) any capital stock, evidences of indebtedness or
other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in,
any other Person, or (ii) purchase or otherwise acquire (in one transaction or a series of transactions) substantially all the assets of any Person or any assets of any other Person constituting a business unit, division, product line
(including rights in respect of any drug or other pharmaceutical product) or line of business of such Person, or (iii) acquire an exclusive long-term license of rights to a drug or other product line of any Person (each, an
“Investment”) except: 
 (a) cash and Permitted Investments; 

(b) Permitted Acquisitions and the AMS Acquisition; 

(c) Investments by the Borrower and its Restricted Subsidiaries existing on the date hereof and set forth on Schedule
6.04 and any modification, replacement, renewal or extension thereof to the extent not involving any additional Investment; 
 (d) Investments made by the Borrower in or to any Restricted Subsidiary and made by any Restricted Subsidiary in or to the Borrower or any other Restricted Subsidiary and Guarantees by the Borrower or any
Restricted Subsidiary of obligations of any other Restricted Subsidiary; provided that the amount of any Investment by a Loan Party to a Restricted Subsidiary which is not a Loan Party made after the Effective Date or constituting a Guarantee
of obligations of any Restricted Subsidiary that is not a Loan Party made after the Effective Date shall not exceed, together with the aggregate amount of all other Investments made pursuant to this proviso, and Section 6.04(w) below,
$900,000,000 at any time outstanding; 
 (e) Guarantees constituting Indebtedness permitted by Section 6.01;

 (f) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent
accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; 
 (g)
Investments made as a result of the receipt of non-cash consideration from a Disposition, of any asset in compliance with Section 6.03; 

  
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 (h) Investments in the form of Swap Agreements permitted by
Section 6.05; 
 (i) payroll, travel and similar advances to directors, officers and employees of the
Borrower or any Restricted Subsidiary that are made in the ordinary course of business; 
 (j) extensions of
trade credit in the ordinary course of business; 
 (k) Investments to the extent the consideration paid therefor
consists of Equity Interests (other than Disqualified Equity Interests) of the Borrower; 
 (l) Investments of
any Person in existence at the time such Person becomes a Restricted Subsidiary; provided such Investment was not made in connection with or anticipation of such Person becoming a Restricted Subsidiary and any modification, replacement,
renewal or extension thereof; 
 (m) transfers of rights with respect to one or more products or technologies
under development to joint ventures with third parties or to other entities where the Borrower or a Restricted Subsidiary retains rights to acquire such joint ventures or other entities or otherwise repurchase such products or technologies;

 (n) any customary upfront milestone, marketing or other funding payment in the ordinary course of business to
another Person in connection with obtaining a right to receive royalty or other payments in the future; 
 (o)
transfers of intellectual property to Foreign Subsidiaries, the Equity Interests of which are directly owned by or on behalf of any Loan Party and are pledged to the Administrative Agent pursuant to the Collateral Documents (including any local law
governed pledge agreement requested by the Administrative Agent); 
 (p) Exclusive Licenses from a Foreign
Subsidiary to the Borrower or a Domestic Subsidiary of rights to a drug or other pharmaceutical products, diagnostics, delivery technologies, medical devices or biotechnology businesses acquired by such Foreign Subsidiary in an acquisition permitted
by Section 6.03; 
 (q) Investments in joint ventures (including JV Subsidiaries) and acquisitions of Equity
Interests that would constitute Permitted Acquisitions but for the fact that Persons in which such Equity Interests are acquired do not become wholly owned Subsidiaries of the Borrower; provided that the sum of the aggregate amount of such
Investments, plus the aggregate consideration paid in all such acquisitions, made under this clause (q) after the Effective Date shall not exceed $100,000,000 at any time outstanding; 

(r) Permitted Foreign Loans; 
 (s) Investment in Light Sciences Oncology LLC in an amount not to exceed $12,000,000 at any time outstanding; 
 (t) Investments consisting of Liens made in accordance with Section 6.02; 
 (u) loans or advances to directors and employees of the Borrower or any Restricted Subsidiary made in the ordinary course of business; provided that the aggregate amount of such loans and advances
outstanding, when aggregated with the Guarantees then outstanding under Section 6.01(l), at any time shall not exceed $20,000,000; 

  
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 (v) any Investment in an aggregate amount, when aggregated with the
aggregate amount of Restricted Payments made pursuant to Section 6.07(g), not to exceed at anytime the aggregate amount of net cash proceeds received from sales or issuances of Equity Interests of the Borrower (other than Disqualified Equity
Interests) after the Effective Date; and 
 (w) any other Investment so long as the aggregate amount of all such
Investments made after the Effective Date, when aggregated with the aggregate amount of Investments made after the Effective Date pursuant to Section 6.04(d) above, does not exceed $900,000,000 at any time outstanding. For purposes of clause
(q) and this clause (w), the aggregate consideration payable for any Investment (other than a Milestone Payment) shall be the cash amount paid on or prior to the consummation of such Investment and shall not include any purchase price
adjustment, royalty, earnout, contingent payment or any other deferred payment of a similar nature that may be payable in connection therewith. 

For purposes of covenant compliance with this Section 6.04, the amount of any Investment shall be the amount actually invested, without adjustment
for subsequent increases or decreases in the value of such Investment, less any amount paid, repaid, returned, distributed or otherwise received in cash in respect of such Investment. 

SECTION 6.05. Swap Agreements. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into any
Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Restricted Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its Restricted
Subsidiaries but without giving effect to the 2008 Subordinated Convertible Notes, the Existing Target Notes and any other Indebtedness convertible into Equity Interests in the Borrower), and (b) Swap Agreements entered into in order to
effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Restricted
Subsidiary. 
 SECTION 6.06. Transactions with Affiliates. The Borrower will not, and will not permit any of its
Restricted Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates (other than the
Borrower or any Restricted Subsidiary), except (a) transactions that are on terms and conditions not materially less favorable to the Borrower or such Restricted Subsidiary than it would obtain on an arm’s-length basis from a Person that
is not an Affiliate, (b) any Restricted Payment permitted by Section 6.07, (c) customary fees and indemnifications paid to directors of the Borrower and its Restricted Subsidiaries, (d) transactions undertaken in good faith for
the purpose of improving the consolidated tax efficiency of the Borrower and the Restricted Subsidiaries, (e) compensation and indemnification of, and other employment agreements and arrangements, employee benefit plans, and stock incentive
plans with directors, officers and employees of the Borrower or any Restricted Subsidiary entered in the ordinary course of business, (f) Intellectual Property licenses to Loan Parties in existence on the Effective Date, (g) loans and
advances and other transactions to the extent permitted by Sections 6.01 and 6.04, (h) leases or subleases of property in the ordinary course of business not materially interfering with the business of the Borrower and the Restricted
Subsidiaries taken as a whole, (i) transactions between or among the Borrower and/or any Restricted Subsidiary and any entity that becomes a Restricted Subsidiary as a result of such transaction and (j) transactions in the ordinary course
of business (substantially consistent with past practice prior to the Effective Date) between or among the Borrower and/or any Restricted Subsidiary and Healthtronics, Inc. or any Unrestricted Subsidiary owned, directly or indirectly, by
Healthtronics, Inc. 

  
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 SECTION 6.07. Restricted Payments. The Borrower will not, and will not permit any of
its Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) the Borrower may declare and pay dividends or make other Restricted Payments with respect to its Equity
Interests payable solely in additional Equity Interests of the Borrower (other than Disqualified Equity Interests), (b) the Borrower may repurchase Equity Interests upon the exercise of stock options if such Equity Interests represent a portion
of the exercise price of such options, (c) the Borrower may make cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity
Interests in the Borrower, (d) Restricted Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, (e) the Borrower may make Restricted Payments pursuant to and in accordance with stock incentive plans or
other employee benefit plans for directors, officers or employees of the Borrower and its Subsidiaries, (f) so long as no Default or Event of Default has occurred and is continuing or would arise after giving effect (including pro forma effect)
thereto, the Borrower may purchase Equity Interests from present or former officers, directors or employees of the Borrower or any Subsidiary upon the death, disability, retirement or termination of employment or service of such officer, director or
employee, in an aggregate amount not exceeding $10,000,000 in any fiscal year of the Borrower, (g) so long as no Default or Event of Default shall have occurred and be continuing or would occur as a result thereof, Borrower may make Restricted
Payments in an aggregate amount not to exceed, when aggregated with the aggregate amount of Investments made pursuant to Section 6.04(v), the aggregate amount of net cash proceeds received from sales or issuances of Equity Interests of the
Borrower (other than Disqualified Equity Interests) after the Effective Date, (h) the Borrower and its Restricted Subsidiaries may make Restricted Payments with respect to the 2008 Subordinated Convertible Notes, the Existing Target Notes and
any other Permitted Indebtedness that may be converted to Equity Interests of the Borrower by its terms and any derivative transactions entered into in connection therewith, (i) the payment of any dividend or distribution, or the consummation
of any irrevocable redemption, within 60 days after the date of declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at such date of declaration or redemption notice such dividend, distribution or
redemption, as the case may be, would have complied with this Section 6.07 and (j) the Borrower and its Restricted Subsidiaries may make any other Restricted Payment so long as no Event of Default has occurred and is continuing prior to
making such Restricted Payment or would arise after giving effect (including pro forma effect in accordance with Section 1.04(b)) thereto and immediately after giving effect to such Restricted Payment the aggregate amount of all such Restricted
Payments made under this clause will not exceed (i) the sum of (x) the Applicable Amount plus (y) 50% of cumulative Consolidated Net Income calculated separately for each fiscal quarter ending after June 30, 2011 at any time, if
the Leverage Ratio after giving effect (including pro forma effect in accordance with Section 1.04(b)) to such Restricted Payment is less than or equal to 2.0 to 1.0, (ii) the Applicable Amount at any time, if the Leverage Ratio after
giving effect (including pro forma effect in accordance with Section 1.04(b)) to such Restricted Payment is greater than 2.0 to 1.0 and less than or equal to 3.0 to 1.0 or (iii) $200,000,000 during any fiscal year (up to a maximum of the
Applicable Amount in the aggregate during the term of this Agreement), if the Leverage Ratio after giving effect (including pro forma effect in accordance with Section 1.04(b)) to such Restricted Payment is greater than 3.0 to 1.0. As used in
this Section 6.07, “Applicable Amount” means the greater of (i) $500,000,000 and (ii) 7.5% of Consolidated Total Assets as of the end of the most recent fiscal quarter of the Borrower for which Financials have been delivered
(or, prior to the first delivery of any such financial statements, as of the end of the fiscal quarter of the Borrower ended March 31, 2011). 
 SECTION 6.08. Restrictive Agreements. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or
other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or 

  
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any Restricted Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Restricted Subsidiary to pay dividends or other
distributions with respect to holders of its Equity Interests or to make or repay loans or advances to the Borrower or any other Restricted Subsidiary or to Guarantee Indebtedness of the Borrower or any other Restricted Subsidiary; provided
that (i) the foregoing shall not apply to (A) restrictions and conditions imposed by law or by any Loan Document, (B) restrictions and conditions existing on the date hereof identified on Schedule 6.08 and any amendments or
modifications thereof that do not materially expanding the scope of any such restriction or condition taken as a whole, (C) restrictions and conditions imposed by agreements relating to Indebtedness of any Restricted Subsidiary in existence at
the time such Restricted Subsidiary became a Restricted Subsidiary and any amendments or modifications thereof that do not materially expand the scope of any such restriction or condition taken as a whole, provided that such restrictions and
conditions apply only to such Restricted Subsidiary, (D) customary restrictions and conditions contained in agreements relating to the sale of a Restricted Subsidiary pending such sale, provided such restrictions and conditions apply
only to the Restricted Subsidiary that is to be sold and such sale is permitted hereunder, (E) restrictions imposed by any amendment or refinancings that are otherwise permitted by the Loan Documents or the contracts, instruments or obligations
referred to in clauses (A), (B), (C), (J) or (K) of this Section 6.08, provided that such amendments or refinancings do not materially expand the scope of any such restriction or condition, (F) [Reserved], (G) any
restriction arising under or in connection with any agreement or instrument governing Equity Interests of any JV Subsidiary that is formed or acquired after the Effective Date, (H) customary restrictions and conditions contained in any
agreement relating to the Disposition of any property permitted by Section 6.03 pending the consummation of such Disposition, (I) restrictions in the transfers of assets encumbered by a Lien permitted by Section 6.02,
(J) restrictions or conditions set forth in the 2008 Subordinated Convertible Notes, the 2010 Senior Notes, the Existing Target Notes, the Senior Notes and the Bridge Facility (K) restrictions or conditions set forth in any agreement
governing Indebtedness permitted by Section 6.01 (including any Permitted Pari Passu Secured Refinancing Debt, any Permitted Junior Secured Refinancing Debt and any Permitted Unsecured Refinancing Debt); provided that such restrictions
and conditions are customary for such Indebtedness and are no more restrictive, taken as a whole, than the comparable restrictions and conditions set forth in this Agreement as determined in the good faith judgment of the board of directors of the
Borrower, (L) customary provisions restricting assignment of any agreement entered into in the ordinary course of business and (M) restrictions on cash or other deposits (including escrowed funds) or net worth imposed under contracts
entered into in the ordinary course of business; and (ii) clause (a) of the foregoing shall not apply to (1) restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such
restrictions or conditions apply only to the property or assets securing such Indebtedness and (2) customary provisions in leases, subleases, licenses, sublicenses and other agreements entered into in the ordinary course of business.

 SECTION 6.09. Amendments to Subordinated Indebtedness Documents. None of the Borrower or any Restricted Subsidiary
will amend, modify or waive any of its rights under any agreement or instrument governing or evidencing any Subordinated Indebtedness to the extent such amendment, modification or waiver could reasonably be expected to be adverse in any material
respect to the Lenders. 
 SECTION 6.10. Sale and Leaseback Transactions. None of the Borrower or any Restricted
Subsidiary will enter into any Sale and Leaseback Transaction unless (a) the sale or transfer of the property thereunder is permitted by Section 6.03, (b) any Capital Lease Obligations and Synthetic Lease Obligations arising in
connection therewith are permitted by Section 6.01 and (c) any Liens arising in connection therewith (including Liens deemed to arise in connection with any such Capital Lease Obligations and Synthetic Lease Obligations) are permitted by
Section 6.02. 
 SECTION 6.11. Capital Expenditures. The Borrower will not, nor will it permit any Restricted
Subsidiary to expend, or be committed to expend (in the aggregate for the Borrower and its 

  
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Restricted Subsidiaries) for Capital Expenditures during any fiscal year of the Borrower, an amount in excess of the greater of (x) $125,000,000 and (y) 10% of Consolidated EBITDA for
the period of four (4) consecutive fiscal quarters ending as of the last day of the immediately preceding fiscal year of the Borrower so long as Financials for such period have been delivered; provided, however, that (i) if the
aggregate amount of Capital Expenditures made in any fiscal year shall be less than the maximum amount of Capital Expenditures permitted under this Section 6.11 for such fiscal year (without giving effect to any carryover), then an amount of
such shortfall may be added and carried over to the amount of Capital Expenditures permitted under this Section 6.11 for the immediately succeeding fiscal year only and (ii) to the extent that the maximum amount of Capital Expenditures
permitted under this Section 6.11 has been utilized for any fiscal year (including, without limitation, any carryover), not more than $10,000,000 of Capital Expenditures availability in the immediately succeeding fiscal year may be utilized
solely in the last fiscal quarter of the then current fiscal year and not thereafter. 
 SECTION 6.12. Financial
Covenants. 
 (a) Maximum Leverage Ratio. The Borrower will not permit the ratio (the
“Leverage Ratio”), determined as of the end of each of its fiscal quarters ending on and after the Effective Date of (i) Consolidated Total Indebtedness minus the aggregate amount (not to exceed $250,000,000) of
unrestricted and unencumbered (other than pursuant to the Collateral Documents or Liens permitted by clauses (b), (t) or (u) of Section 6.02) cash and Permitted Investments to (ii) Consolidated EBITDA for the period of four
(4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Restricted Subsidiaries on a consolidated basis, to be greater than the applicable “Maximum Leverage Ratio” set forth
below: 
  

			
	 Fiscal Quarter Ending
	  	Maximum Leverage Ratio
		
	 June 30, 2011
	  	4.75 to 1
	 September 30, 2011
	  	4.75 to 1
	 December 31, 2011
	  	4.50 to 1
	 March 31, 2012
	  	4.25 to 1
	 June 30, 2012
	  	4.00 to 1
	 September 30, 2012
	  	3.75 to 1
	 December 31, 2012
	  	3.50 to 1
	 March 31, 2013
	  	3.50 to 1
	 June 30, 2013
	  	3.25 to 1
	 September 30, 2013
	  	3.25 to 1
	 December 31, 2013 and the end of each fiscal quarter thereafter
	  	3.00 to 1

(b) Minimum Interest Coverage Ratio. The Borrower will not permit the ratio (the “Interest Coverage
Ratio”), determined as of the end of each of its fiscal quarters ending on and after the Effective Date, of (i) Consolidated EBITDA to (ii) Consolidated Cash Interest Expense, in each case for the period of four
(4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Restricted Subsidiaries on a consolidated basis, to be less than 3.50 to 1.0. 

  
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 ARTICLE VII 
 Events of Default 
 If any of the following events (“Events of
Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan or any
reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred
to in clause (a) of this Article VII) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days;

 (c) any representation or warranty made or deemed made by or on behalf of the Borrower or any other Loan Party
in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in
connection with this Agreement or any other Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made; 

(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02,
5.03 (with respect to the Borrower’s existence), 5.08 or 5.09 or in Article VI; 
 (e) the Borrower or any
Subsidiary Guarantor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document (other
than those specified in clause (n) below), and such failure shall continue unremedied for a period of thirty (30) days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any
Lender); 
 (f) the Borrower or any Restricted Subsidiary shall fail to make any payment (whether of principal or
interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 
 (g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits, after the expiration of any applicable grace period
provided in the applicable agreement or instrument under which such Indebtedness was created, the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to
require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer
of the property or assets securing such Indebtedness; 
 (h) an involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Material Restricted Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the 

  
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appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Restricted Subsidiary or for a substantial part of its assets, and,
in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) the Borrower or any Material Restricted Subsidiary shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely
and appropriate manner, any proceeding or petition described in clause (h) of this Article VII, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower
or any Material Restricted Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of
creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (j) the Borrower or
any Material Restricted Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $100,000,000 shall be rendered against the Borrower, any Restricted Subsidiary or any combination thereof and the
same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or
any Restricted Subsidiary to enforce any such judgment; provided, that any such amount shall be calculated after deducting from the sum so payable any amount of such judgment or order that is covered by a valid and binding policy of insurance
in favor of the Borrower or such Restricted Subsidiary (but only if the applicable insurer shall have been advised of such judgment and of the intent of the Borrower or such Restricted Subsidiary to make a claim in respect of any amount payable by
it in connection therewith and such insurer shall not have disputed coverage); 
 (l) an ERISA Event shall have
occurred that, in the reasonable opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 

(m) a Change in Control shall occur; 

(n) the occurrence of any “default”, as defined in any Loan Document (other than this Agreement), which default
continues beyond any period of grace therein provided; 
 (o) any material provision of any Loan Document for any
reason ceases to be valid, binding and enforceable in accordance with its terms (or the Borrower or any Restricted Subsidiary shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction
based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms); or 

(p) any Collateral Document shall for any reason fail to create a valid and perfected first priority security interest in
any material portion of the Collateral purported to be covered thereby, except as permitted by the terms of any Loan Document or as a result of the gross negligence or willful misconduct of the Administrative Agent so long as not resulting from the
breach or non-compliance with any Loan Document by any Loan Party; 

  
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 then, and in every such event (other than an event with respect to the Borrower described in clause
(h) or (i) of this Article VII), and at any time thereafter during the continuance of such event, the Administrative Agent may, and (x) with respect to clause (i) below, at the request of a Majority in Interest of Revolving
Lenders, shall, and (y) with respect to clause (ii) below, at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the
Revolving Commitments, and thereupon the Revolving Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Secured Obligations accrued hereunder and under the
other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in
clause (h) or (i) of this Article VII, the Revolving Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Secured Obligations accrued
hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence and during the
continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all
remedies provided under the UCC. 
 ARTICLE VIII 
 The Administrative Agent 
 Each of the Lenders and the Issuing Bank hereby
irrevocably appoints Morgan Stanley Senior Funding, Inc. as its administrative agent and authorizes Morgan Stanley Senior Funding, Inc. to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers
as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto, and Morgan Stanley Senior Funding, Inc. hereby accepts such appointment. 

The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other
Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other
Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or
obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default
has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that
the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except
as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated
to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the

  
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consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the
absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and
the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report
or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral or (vi) the
satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected
by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and
any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of
the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may
resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the right (with the consent of the Borrower (such consent not to be unreasonably withheld or delayed),
provided that no consent of the Borrower shall be required if a Default has occurred and is continuing) to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank
with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article VIII and Section 9.03 shall continue in effect for
the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 

  
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 Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 None of the
Lenders, if any, identified in this Agreement as a Syndication Agent or Co-Documentation Agent shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such.
Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities as
Syndication Agent or Co-Documentation Agent, as applicable, as it makes with respect to the Administrative Agent in the preceding paragraph. 
 The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act
for, any other Lender. The Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant
to the terms of this Agreement. 
 In its capacity, the Administrative Agent is a “representative” of the Secured
Parties within the meaning of the term “secured party” as defined in the New York Uniform Commercial Code. Each Lender authorizes the Administrative Agent to enter into each of the Collateral Documents to which it is a party and to take
all action contemplated by such documents. Each Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood
and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Collateral Documents. In the event that any Collateral is hereafter pledged by any Person as
collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and
perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties. The Lenders hereby authorize the Administrative Agent to release any Lien granted to or held by the Administrative Agent upon any Collateral
(i) as described in Section 9.02(d); (ii) as permitted by, but only in accordance with, the terms of the applicable Loan Document; or (iii) if approved, authorized or ratified in writing by the Required Lenders, unless such
release is required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of
Collateral pursuant hereto. 
 The Borrower, on its behalf and on behalf of its Subsidiaries, and each Lender, on its behalf and
on the behalf of its affiliated Secured Parties, hereby irrevocably constitute the Administrative Agent as the holder of an irrevocable power of attorney (fondé de pouvoir within the meaning of Article 2692 of the Civil Code of
Québec) in order to hold hypothecs and security granted by the Borrower or any Subsidiary on property pursuant to the laws of the Province of Quebec to secure obligations of the Borrower or any Subsidiary under any bond, debenture or similar
title of indebtedness issued by the Borrower or any Subsidiary in connection with this Agreement, and agree that the Administrative Agent may act as the bondholder and mandatary with respect to any bond, debenture or similar title of indebtedness
that may be issued by the Borrower or any Subsidiary and pledged in favor of the Secured Parties in connection with this Agreement. Notwithstanding the provisions of Section 32 of the An Act

  
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respecting the special powers of legal persons (Quebec), Morgan Stanley Senior Funding, Inc., as Administrative Agent may acquire and be the holder of any bond issued by the Borrower or any
Subsidiary in connection with this Agreement (i.e., the fondé de pouvoir may acquire and hold the first bond issued under any deed of hypothec by the Borrower or any Subsidiary). 

The Administrative Agent is hereby authorized to execute and deliver any documents necessary or appropriate to create and perfect the
rights of pledge for the benefit of the Secured Parties including a right of pledge with respect to the entitlements to profits, the balance left after winding up and the voting rights of the Borrower as ultimate parent of any subsidiary of the
Borrower which is organized under the laws of the Netherlands and the Equity Interests of which are pledged in connection herewith (a “Dutch Pledge”). Without prejudice to the provisions of this Agreement and the other Loan
Documents, the parties hereto acknowledge and agree with the creation of parallel debt obligations of the Borrower or any relevant Subsidiary as will be described in any Dutch Pledge (the “Parallel Debt”), including that any payment
received by the Administrative Agent in respect of the Parallel Debt will - conditionally upon such payment not subsequently being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency, preference,
liquidation or similar laws of general application - be deemed a satisfaction of a pro rata portion of the corresponding amounts of the Obligations, and any payment to the Secured Parties in satisfaction of the Obligations shall - conditionally upon
such payment not subsequently being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar laws of general application - be deemed as satisfaction of the corresponding
amount of the Parallel Debt. The parties hereto acknowledge and agree that, for purposes of a Dutch Pledge, any resignation by the Administrative Agent is not effective until its rights under the Parallel Debt are assigned to the successor
Administrative Agent. 
 The parties hereto acknowledge and agree for the purposes of taking and ensuring the continuing
validity of German law governed pledges (Pfandrechte) with the creation of parallel debt obligations of the Borrower as will be further described in a separate German law governed parallel debt undertaking. The Administrative Agent shall
(i) hold such parallel debt undertaking as fiduciary agent (Treuhaender) and (ii) administer and hold as fiduciary agent (Treuhaender) any pledge created under a German law governed Collateral Document which is created in
favor of any Secured Party or transferred to any Secured Party due to its accessory nature (Akzessorietaet), in each case in its own name and for the account of the Secured Parties. Each Lender, on its own behalf and on behalf of its
affiliated Secured Parties, hereby authorizes the Administrative Agent to enter as its agent in its name and on its behalf into any German law governed Collateral Document, to accept as its agent in its name and on its behalf any pledge under such
Collateral Document and to agree to and execute as agent in its name and on its behalf any amendments, supplements and other alterations to any such Collateral Document and to release any such Collateral Document and any pledge created under any
such Collateral Document in accordance with the provisions herein and/or the provisions in any such Collateral Document. 

ARTICLE IX 

Miscellaneous 
 SECTION 9.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

(i) if to the Borrower, to it at 100 Endo Boulevard, Chadds Ford, Pennsylvania 19317, Attention of Treasurer (Telecopy
No. 610-558-9684; Telephone No. 610-558-9800); 

  
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 (ii) if to the Administrative Agent, to it at Morgan Stanley Senior Funding,
Inc., 1 Pierrepont Plaza, Brooklyn, NY, 11201, Attention of: Stephen Giacolone (Telecopy No. (212) 507-6680) or such other office or person as the Administrative Agent may hereafter designate in writing as such to the other parties hereto;

 (iii) if to the Issuing Bank, to it at Morgan Stanley Senior Funding, Inc., Morgan Stanley Senior Funding,
Inc., 1 Pierrepont Plaza, Brooklyn, NY, 11201, Attention of: Stephen Giacolone (Telecopy No. (212) 507-6680) or such other office or person as the Issuing Bank may hereafter designate in writing as such to the other parties hereto; 

(iv) if to the Swingline Lender, to it at Morgan Stanley Senior Funding, Inc., Morgan Stanley Senior Funding, Inc., 1
Pierrepont Plaza, Brooklyn, NY, 11201, Attention of: Stephen Giacolone (Telecopy No. (212) 507-6680) or such other office or person as the Swingline Lender may hereafter designate in writing as such to the other parties hereto; and 

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

 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be
limited to particular notices or communications. 
 (c) Any party hereto may change its address or telecopy
number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the
date of receipt. 
 SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, the
Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under the other
Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the
making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.

 (b) Except as provided in Section 2.20 with respect to an Incremental Amendment, Section 2.23 with
respect to an Extension Amendment and Section 2.25 with respect to a Refinancing Amendment, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into
by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required 

  
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Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan
or LC Disbursement or reduce the rate of interest thereon or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby; provided that (x) any amendment to the financial covenant definitions
in this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (ii) even if the effect of such amendment would be to reduce the rate of interest on any Loan or any L/C Disbursement or to reduce any fee
payable hereunder and (y) that only the consent of the Required Lenders shall be necessary to reduce or waive any obligation of the Borrower to pay interest or fees at the applicable default rate set forth in Section 2.13(c),
(iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement (other than any reduction of the amount of, or any extension of the payment date for, the mandatory prepayments required under
Section 2.11, in each case which shall only require the approval of the Required Lenders), or any interest thereon (other than interest payable at the applicable default rate of interest set forth in Section 2.13(c)), or any fees payable
hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change Section 2.18(b) or
(d) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the definitions of “Required Lenders” or
“Majority in Interest” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written
consent of each Lender (it being understood that, solely with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Amendment, Incremental Term Loans may be included in the determination of Required Lenders on
substantially the same basis as the Commitments and the Revolving Loans are included on the Effective Date), (vi) release all or substantially all of the Subsidiary Guarantors from their obligations under the Subsidiary Guaranty without the
written consent of each Lender, (vii) except as provided in clause (d) of this Section or in any Collateral Document, release all or substantially all of the Collateral, without the written consent of each Lender, or (viii) change any
provisions of any Loan Document in a manner that by its terms adversely affects the rights in respect of payments due to Lenders holding Loans of any Class differently than those holding Loans of any other Class without the written consent of
Lenders representing a Majority in Interest of each affected Class; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline
Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be. 
 (c) Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the
Borrower (x) to add one or more credit facilities (in addition to the Incremental Term Loans pursuant to an Incremental Amendment) to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued
interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Loans, the Term Loans, Incremental Term Loans and the accrued interest and fees in respect thereof and
(y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and Lenders. 
 (d) The Lenders hereby irrevocably authorize the Administrative Agent to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the termination of all
the Commitments, payment and satisfaction in full in cash of all Secured Obligations (other than Unliquidated Obligations), and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to the Administrative Agent,
(ii) constituting property being sold 

  
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or disposed of if the Borrower certifies to the Administrative Agent that the Disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely
conclusively on any such certificate, without further inquiry), (iii) constituting property leased to the Borrower or any Subsidiary under a lease which has expired or been terminated in a transaction permitted under this Agreement, or
(iv) as required to effect any Disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Any such release shall not in any manner discharge, affect, or impair
the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to
constitute part of the Collateral. 
 (e) If, in connection with any proposed amendment, waiver or consent
requiring the consent of “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is
necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such
replacement, (i) another bank or other entity (which is reasonably satisfactory to the Borrower and the Administrative Agent) shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender
pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause
(b) of Section 9.04, and (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by
the Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, (2) an amount, if any, equal to the payment which would have been due to such
Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender and (3) any amounts owing to such Lender pursuant to
Section 2.12(d). 
 (f) Notwithstanding anything to the contrary herein the Administrative Agent may, with
the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency. 

SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication and distribution (including, without
limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all documented out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and
disbursements of any counsel (other than in-house counsel) for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and any other Loan Document,
including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or
Letters of Credit; provided, however, that in no event shall the Borrower be required to reimburse the Lenders for more than one counsel to the 

  
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Administrative Agent (and up to one local counsel in each applicable jurisdiction and regulatory counsel) and one counsel for all of the other Lenders (and up to one local counsel in each
applicable jurisdiction and regulatory counsel), unless a Lender or its counsel determines that it would create actual or potential conflicts of interest to not have individual counsel, in which case each Lender may have its own counsel which shall
be reimbursed in accordance with the foregoing. 
 (b) Except in respect of Indemnified Taxes or Other Taxes
otherwise covered by Section 2.17(c), the Borrower shall indemnify the Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee (but excluding any
Excluded Taxes), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, the performance by the
parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by
the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release
of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee or any of its Related Indemnified Persons. 
 (c) To the extent that the Borrower
fails to pay any amount required to be paid by it to the Administrative Agent, the Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, and each
Revolving Lender severally agrees to pay to the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of
such unpaid amount (it being understood that the Borrower’s failure to pay any such amount shall not relieve the Borrower of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity as such. 

(d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet) other than damages that are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any of its Related Indemnified Persons, or (ii) on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

  
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 (e) All amounts due under this Section shall be payable not later than
fifteen (15) days after written demand therefor. 
 SECTION 9.04. Successors and Assigns. (a) The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees
(other than the Borrower and its Affiliates, except to the extent permitted in Section 2.24) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time
owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 
 (A) the
Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received written notice
thereof); provided, further, that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;

 (B) the Administrative Agent; provided that no consent of the Administrative Agent shall be required
for an assignment of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and 
 (C) the Issuing Bank; provided that no consent of the Issuing Bank shall be required for an assignment of all or any portion of a Term Loan. 

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

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of
the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the applicable Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 (in the case of Revolving Commitments and Revolving Loans) or $1,000,000 (in the case of a Term Loan) unless each of the Borrower
and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement, provided 

  
 113

 
that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or
Loans; 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire
in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its affiliates and their Related Parties or their respective securities)
will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws; and 

(E) without the prior written consent of the Administrative Agent, no assignment shall be made to a prospective assignee
that bears a relationship to the Borrower described in Section 108(e)(4) of the Code. 
 For the purposes of this
Section 9.04(b), the term “Approved Fund” has the following meaning: 
 “Approved Fund”
means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall
be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease
to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

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

  
 114

 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written
consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the
assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the Administrative Agent shall have no obligation to accept such
Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement
unless it has been recorded in the Register as provided in this paragraph. 
 (c) (i) Any Lender may, without the consent of the
Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to one or more banks or other entities excluding the Borrower and its Affiliates (a “Participant”) in all or a portion of such
Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged,
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Borrower, the Administrative Agent, the Issuing Bank 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 (D) without the prior written consent of the Administrative Agent, no participation shall be sold to a prospective participant that
bears a relationship to the Borrower described in Section 108(e)(4) of the Code. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation
sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of
Section 2.17 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.17(e) as though it were a Lender. 

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 9.04 shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents
and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have 

  
 115

 
been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of
any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any
credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is outstanding and
unpaid (except for Unliquidated Obligations) or any Letter of Credit is outstanding (unless such Letter of Credit has been Cash Collateralized) and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16,
2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the
Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 
 SECTION 9.06.
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof
and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this
Agreement. 
 SECTION 9.07. Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity
of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION
9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the
Borrower or any Subsidiary Guarantor against any of and all of the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations may be
unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any 

  
 116

 
appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect
any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any
jurisdiction. 
 (c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph
(b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.12. Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies under
this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing

  
 117

 
provisions substantially the same as those of this Section 9.12, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or
obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the prior written consent of the Borrower or
(h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 9.12 or (ii) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential
basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to
the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.13. Release of Liens and Guarantees. A Subsidiary Guarantor shall automatically be released from its obligations under
the Loan Documents upon the consummation of any transaction permitted by this Agreement as a result of which such Subsidiary Guarantor ceases to be a Restricted Subsidiary; provided that, if so required by this Agreement, the Required Lenders
shall have consented to such transaction and the terms of such consent shall not have provided otherwise. Upon any Disposition (other than any lease or license) by any Loan Party (other than to the Borrower or any Subsidiary) of any Collateral in a
transaction permitted under this Agreement, or upon the effectiveness of any written consent to the release of the security interest created under any Collateral Document in any Collateral pursuant to Section 9.02, the security interests in
such Collateral created by the Collateral Documents shall be automatically released. In connection with any termination or release pursuant to this Section, the Administrative Agent shall execute and deliver to any Loan Party, at such Loan
Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release in accordance with Section 9.02; provided, however, that (i) the Administrative Agent shall not be required to
execute any such document on terms which, in the Administrative Agent’s reasonable opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without
recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the Borrower or any Subsidiary in respect of) all interests retained by the Borrower or
any Subsidiary, including (without limitation) the proceeds of the sale, all of which shall continue to constitute part of the Collateral. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by
the Administrative Agent. 
 SECTION 9.14. USA PATRIOT Act. Each Lender that is subject to the requirements of the USA
PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies each Loan Party that pursuant to the requirements of the Act, it is required to obtain, verify and record information that
identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Act. 

SECTION 9.15. Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting
Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. Should any Lender (other than the Administrative
Agent) obtain 

  
 118

 
possession of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to
the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 
 SECTION 9.16. No Fiduciary Relationship. The Borrower, on behalf of itself and its Subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby and any
communications in connection therewith, the Borrower, its Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent, the Lenders and their Affiliates, on the other hand, have had, and will continue to have, a business
relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Administrative Agent, the Lenders or their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or
communications. 
 ARTICLE X 
 COLLECTION ALLOCATION MECHANISM EXCHANGE 
 (a) On the CAM Exchange
Date, (i) the Commitments shall automatically and without further act be terminated as provided in Article VII, (ii) the principal amount of each Revolving Loan and LC Disbursement denominated in a Foreign Currency shall automatically and
without any further action required, be converted into Dollars determined using the Exchange Rates calculated as of the CAM Exchange Date, equal to the Dollar Amount of such amount and on and after such date all amounts accruing and owed to any
Revolving Lender in respect of such Obligations shall accrue and be payable in Dollars at the rates otherwise applicable hereunder and (iii) the Revolving Lenders shall automatically and without further act be deemed to have exchanged interests
in the Specified Obligations such that, in lieu of the interests of each Revolving Lender in the particular Specified Obligations that it shall own as of such date and prior to the CAM Exchange, such Revolving Lender shall own an interest equal to
such Revolving Lender’s CAM Percentage in all the Specified Obligations. Each Revolving Lender, each Person acquiring a participation from any Revolving Lender as contemplated by Section 9.04, and the Borrower hereby consents and agrees to
the CAM Exchange. Each of the Borrower and the Revolving Lenders agrees from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative Agent shall reasonably
request to evidence and confirm the respective interests and obligations of the Revolving Lenders after giving effect to the CAM Exchange, and each Revolving Lender agrees to surrender any promissory notes originally received by it hereunder to the
Administrative Agent against delivery of any promissory notes so executed and delivered; provided that the failure of the Borrower to execute or deliver or of any Revolving Lender to accept any such promissory note, instrument or document shall not
affect the validity or effectiveness of the CAM Exchange. 
 (b) As a result of the CAM Exchange, on and after
the CAM Exchange Date, (i) each payment received by the Administrative Agent pursuant to any Loan Document in respect of the Specified Obligations shall be distributed to the Revolving Lenders pro rata in accordance with their respective CAM
Percentages (to be redetermined as of each such date of payment or distribution to the extent required by paragraph (c) below) and (ii) Section 2.17(e) shall not apply with respect to any Taxes required to be withheld or deducted by
the Borrower from or in respect of payments hereunder to any Revolving Lender or the Administrative Agent that exceed the Taxes the Borrower would have been required to withhold or deduct from or in respect of payments to such Revolving Lender or
the Administrative Agent had such CAM Exchange not occurred. 

  
 119

 (c) In the event that, on or after the CAM Exchange Date, the aggregate
amount of the Specified Obligations shall change as a result of the making of an LC Disbursement by the Issuing Bank that is not reimbursed by the Borrower, then (i) each Revolving Lender (determined without giving effect to the CAM Exchange)
shall, in accordance with Section 2.06(d), promptly purchase from the Issuing Bank the Dollar equivalent of a participation in such LC Disbursement in the amount of such Revolving Lender’s Applicable Percentage of such LC Disbursement
(without giving effect to the CAM Exchange), (ii) the Administrative Agent shall redetermine the CAM Percentages after giving effect to such LC Disbursement and the purchase of participations therein by the applicable Revolving Lenders, and
(iii) in the event distributions shall have been made in accordance with clause (i) of paragraph (b) above, the Revolving Lenders shall make such payments to one another in Dollars as shall be necessary in order that the amounts
received by them shall be equal to the amounts they would have received had each LC Disbursement been outstanding immediately prior to the CAM Exchange. Each such redetermination shall be binding on each of the Borrower and Revolving Lenders and
their successors and assigns and shall be conclusive absent manifest error. 
 [Signature Pages Follow] 

  
 120

 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. 
  

			
	ENDO PHARMACEUTICALS HOLDINGS INC., as the Borrower
		
	By	 	  

		 	Name:
		 	Title:

  
 Signature Page
to Credit Agreement 
 Endo Pharmaceuticals Holdings Inc. 

 
			
	MORGAN STANLEY SENIOR FUNDING, INC., individually as a Lender, as the Swingline Lender, and as Administrative Agent
		
	By	 	  

		 	Name:
		 	Title:

  
 Signature Page
to Credit Agreement 
 Endo Pharmaceuticals Holdings Inc. 

 
			
	BANK OF AMERICA, N.A., as a Lender and as Syndication Agent
		
	By	 	  

		 	Name:
		 	Title:

  
 Signature Page
to Credit Agreement 
 Endo Pharmaceuticals Holdings Inc. 

 
			
	[OTHER AGENTS AND LENDERS], as a Lender
		
	By	 	  

		 	Name:
		 	Title:

  
 Signature Page
to Credit Agreement 
 Endo Pharmaceuticals Holdings Inc. 

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

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

 

					
	1.	  	Assignor:	  	  

			
	2.	  	Assignee:	  	  

		  		  	[and is an Affiliate/Approved Fund of [identify
Lender]1]
			
	3.	  	Borrower(s):	  	 Endo Pharmaceuticals Holdings Inc.

			
	4.	  	Administrative Agent:	  	Morgan Stanley Senior Funding, Inc. as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Credit Agreement dated as of June 17, 2011 among Endo Pharmaceuticals Holdings Inc., the Lenders parties thereto, Morgan Stanley Senior Funding, Inc., as Administrative Agent,
and the other parties thereto

  

	1 	Select as applicable. 

 6. Assigned Interest: 
  

													
	 Facility Assigned2
	  	Aggregate Amount of
Commitment/Loans for
all Lenders	 	  	Amount of
Commitment/
Loans Assigned	 	  	Percentage Assigned
of
Commitment/Loans3	 
		  	$	            	  	  	$	            	  	  	 	            	% 
		  	$	 	  	  	$	 	  	  	 	            	% 
		  	$	 	  	  	$	 	  	  	 	            	% 

 Effective Date:
                         , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND
WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption
are hereby agreed to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

			
	Consented to and Accepted:
	
	MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent
		
	By:	 	  

		 	Title:
	
	MORGAN STANLEY BANK, N.A., as Issuing Bank
		
	By:	 	  

		 	Title:

  

	2	 Fill in the
appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g., “Revolving Commitment”, “Term Loan Commitment”, etc.). 

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

  
 2 

			
	Consented to:
	
	[ENDO PHARMACEUTICALS HOLDINGS
INC.]1
		
	By:	 	  

		 	Title:

  

	1 	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

 ANNEX I 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

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

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the
Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to
be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee, and (vi) it does not bear a relationship to the Borrower described in Section 108(e)(4) of the Code; and (b) agrees that
(i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

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

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

 EXHIBIT B 
 LIST OF CLOSING DOCUMENTS 
 ENDO PHARMACEUTICALS HOLDINGS INC. 

CREDIT FACILITIES 
 June 17, 2011 
 LIST OF CLOSING DOCUMENTS5 

A.        LOAN DOCUMENTS 

 

	1.	Credit Agreement (the “Credit Agreement”) by and among Endo Pharmaceuticals Holdings Inc., a Delaware corporation (the “Borrower”),
the institutions from time to time parties thereto as Lenders (the “Lenders”) and Morgan Stanley Senior Funding, Inc., in its capacity as Administrative Agent for itself and the other Lenders (the “Administrative
Agent”). 

 SCHEDULES 
  

					
	Schedule 2.01	  	—	  	Commitments
	Schedule 2.02	  	—	  	Mandatory Cost
	Schedule 2.06	  	—	  	Existing Letters of Credit
	Schedule 3.01	  	—	  	Subsidiaries
	Schedule 3.06	  	—	  	Material Litigation
	Schedule 3.07	  	—	  	Compliance with Laws
	Schedule 6.01	  	—	  	Existing Indebtedness
	Schedule 6.02	  	—	  	Existing Liens
	Schedule 6.04	  	—	  	Existing Investments
	Schedule 6.08	  	—	  	Existing Restrictions
	  
 EXHIBITS

 

	Exhibit A	  	—	  	Form of Assignment and Assumption
	Exhibit B	  	—	  	List of Closing Documents
	Exhibit C	  	—	  	Auction Procedures

  

	2.	Notes executed by the Borrower in favor of each of the Lenders, if any, which has requested a note pursuant to Section 2.10(e) of the Credit Agreement.

  

	3.	Guaranty executed by the initial Subsidiary Guarantors (collectively with the Borrower, the “Loan Parties”) in favor of the Administrative Agent.

  

	5 	Each capitalized term used herein and not defined herein shall have the meaning assigned to such term in the above-defined Credit Agreement. Items appearing in
bold and italics shall be prepared and/or provided by the Borrower and/or Borrower’s counsel. 

	4.	Pledge and Security Agreement executed by the Loan Parties, together with, pledged instruments and allonges, stock certificates, stock powers executed in blank,
pledge instructions and acknowledgments, as appropriate. 

  

					
	Exhibit A	  	—	  	Legal and Prior Names; Principal Place of Business and Chief Executive Office
	Exhibit B	  	—	  	Patents, Copyrights and Trademarks Protected under Federal Law
	Exhibit C	  	—	  	List of Instruments, Pledged Securities and other Investment Property
	Exhibit D	  	—	  	UCC Financing Statement Filing Locations
	Exhibit E	  	—	  	Commercial Tort Claims
	Exhibit F	  	—	  	FEIN; State Organization Number; Jurisdiction of Incorporation
	Exhibit G	  	—	  	Deposit Accounts; Securities Accounts
	Exhibit H	  	—	  	Form of Non-Disturbance Agreement

  

	5.	Confirmatory Grant of Security Interest in United States Patents made by certain of the Loan Parties in favor of the Administrative Agent for the benefit of the Secured
Parties. 

  

					
	Schedule A	  	—	  	Registered Patents; Patent Applications; Other Patents

  

	6.	Confirmatory Grant of Security Interest in United States Trademarks made by certain of the Loan Parties in favor of the Administrative Agent for the benefit of the
Secured Parties. 

  

					
	Schedule A	  	—	  	Registered Trademarks; Trademark and Service Mark Applications; Other Trademarks

 

	7.	Confirmatory Grant of Security Interest in United States Copyrights made by certain of the Loan Parties in favor of the Administrative Agent for the benefit of the
Secured Parties. 

  

					
	Schedule A	  	—	  	Registered Copyrights; Copyright Applications; Other Copyrights

  

	8.	Certificates of Insurance listing the Administrative Agent as (x) lender loss payee for the property, casualty and business interruption insurance policies
of the Initial Loan Parties, together with long-form lender loss payable endorsements, as appropriate, and (y) additional insured with respect to the liability insurance of the Loan Parties, together with additional insured
endorsements. 

 B.        UCC DOCUMENTS 

 

	9.	UCC, tax lien and name variation search reports naming each Loan Party from the appropriate offices in relevant jurisdictions. 

 

	10.	UCC financing statements naming each Loan Party as debtor and the Administrative Agent as secured party as filed with the appropriate offices in applicable
jurisdictions. 

 C.        CORPORATE DOCUMENTS 

 

	11.	 Certificate of the Secretary or an Assistant Secretary of each Loan Party certifying (i) that there have been no changes in the Certificate
of Incorporation or other charter document of such Loan Party, as attached thereto and as certified as of a recent date by the Secretary of 

	 	 
State of the jurisdiction of its organization, since the date of the certification thereof by such secretary of state, (ii) the By-Laws or other applicable organizational document, as
attached thereto, of such Loan Party as in effect on the date of such certification, (iii) resolutions of the Board of Directors or other governing body of such Loan Party authorizing the execution, delivery and performance of each Loan
Document to which it is a party, and (iv) the names and true signatures of the incumbent officers of each Loan Party authorized to sign the Loan Documents to which it is a party, and (in the case of the Borrower) authorized to request a
Borrowing or the issuance of a Letter of Credit under the Credit Agreement. 

  

	12.	Good Standing Certificate for each Loan Party from the Secretary of State of the jurisdiction of its organization. 

D.        OPINIONS 

 

	13.	Opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Loan Parties. 

 

	14.	Opinion of Perkins Coie LLP, Washington counsel for the Loan Parties. 

E.        ACQUISITION DOCUMENTS 

 

	15.	Executed copy of the AMS Acquisition Agreement. 

  

	16.	Payoff documentation providing evidence satisfactory to the Administrative Agent that all material Indebtedness for borrowed money (other than Loans under the
Credit Agreement and Indebtedness expressly contemplated by the AMS Acquisition Agreement) of AMS and its subsidiaries has been terminated and cancelled (along with all of the agreements, documents and instruments delivered in connection therewith)
and all Indebtedness owing thereunder has been repaid and any and all liens thereunder have been terminated. 

  

	17.	A Certificate signed by a Financial Officer of the Borrower certifying that, after giving effect to the AMS Acquisition and any incurrence of indebtedness in
connection therewith, the Borrower and its Restricted Subsidiaries, on a consolidated basis, are solvent as described in Section 3.17 of the Credit Agreement. 

F.        CLOSING CERTIFICATES AND MISCELLANEOUS 

 

	18.	A Certificate signed by a Financial Officer of the Borrower certifying: 

(A) that no provisions of the AMS Acquisition Agreement shall have been amended or waived in a manner materially adverse to the
Lenders; and 
 (B) that the Specified Representations are true and correct after giving effect to the
Transactions. 
  

	19.	Payoff documentation providing evidence satisfactory to the Administrative Agent that the Existing Credit Agreement has been terminated and cancelled (along with all of
the agreements, documents and instruments delivered in connection therewith) and all Indebtedness owing thereunder has been repaid (except to the extent being so repaid by the initial Loans) and any and all liens thereunder have been terminated.

 EXHIBIT C 
 AUCTION PROCEDURES 
 This Exhibit C is intended to summarize certain basic terms of the
modified Dutch auction (an “Auction”) procedures pursuant to and in accordance with the terms and conditions of Section 2.24 of the Credit Agreement, of which this Exhibit C is a part. It is not intended to be a
definitive statement of all of the terms and conditions of an Auction, the definitive terms and conditions for which shall be set forth in the applicable offering document. None of the Administrative Agent, the Auction Manager, or any of their
respective affiliates or any officers, directors, employees, agents or attorneys-in-fact of such Persons (together with the Administrative Agent and its affiliates, the “Agent-Related Person”) makes any recommendation pursuant to any
offering document as to whether or not any Lender should sell its Term Loans to the Borrower pursuant to any offering documents, nor shall the decision by the Administrative Agent, the Auction Manager or any other Agent-Related Person (or any of
their affiliates) in its respective capacity as a Lender to sell its Term Loans to the Borrower be deemed to constitute such a recommendation. Each Lender should make its own decision on whether to sell any of its Term Loans and, if it decides to do
so, the principal amount of and price to be sought for such Term Loans. In addition, each Lender should consult its own attorney, business advisor or tax advisor as to legal, business, tax and related matters concerning each Auction and the relevant
offering documents. Capitalized terms not otherwise defined in this Exhibit C have the meanings assigned to them in the Credit Agreement. 
 Notice Procedures. In connection with each Auction, the Borrower will provide notification to the Auction Manager (for distribution to the Lenders of the Term Loans (each, an “Auction
Notice”). Each Auction Notice shall contain (i) the maximum principal amount (calculated on the face amount thereof) of Term Loans of each applicable Class that the Borrower offers to purchase in such Auction (the “Auction
Amount”), which shall be no less than $25,000,000 (unless another amount is agreed to by the Administrative Agent); (ii) the range of discounts to par (the “Discount Range”), expressed as a range of prices per $1,000
(in increments of $5), at which the Borrower would be willing to purchase Term Loans of each applicable Class in such Auction; and (iii) the date on which such Auction will conclude, on which date Return Bids (as defined below) will be due by
1:00 p.m. (New York time) (as such date and time may be extended by the Auction Manager, such time the “Expiration Time”). Such Expiration Time may be extended for a period not exceeding three (3) Business Days upon notice
by the Borrower to the Auction Manager received not less than 24 hours before the original Expiration Time; provided that only one extension per offer shall be permitted. An Auction shall be regarded as a “failed auction” in the
event that either (x) the Borrower withdraws such Auction in accordance with the terms hereof or (y) the Expiration Time occurs with no Qualifying Bids (as defined below) having been received. In the event of a failed auction, the Borrower
shall not be permitted to deliver a new Auction Notice prior to the date occurring three (3) Business Days after such withdrawal or Expiration Time, as the case may be. Notwithstanding anything to the contrary contained herein, the Borrower
shall not initiate any Auction by delivering an Auction Notice to the Auction Manager until after the conclusion (whether successful or failed) of the previous Auction (if any), whether such conclusion occurs by withdrawal of such previous Auction
or the occurrence of the Expiration Time of such previous Auction. 
 Reply Procedures. In connection with any Auction,
each Lender of Term Loans of each applicable Class wishing to participate in such Auction shall, prior to the Expiration Time, provide the Auction Manager with a notice of participation, in the form included in the respective offering document
(each, a “Return Bid”) which shall specify (i) a discount to par that must be expressed as a price per $1,000 (in increments of $5) in principal amount of Term Loans of each applicable Class (the “Reply Price”)
within the Discount Range and (ii) the principal amount of Term Loans of each applicable Class, in an amount not less than $1,000,000 or an integral multiple of $1,000 in excess thereof, that such

 
Lender offers for sale at its Reply Price (the “Reply Amount”). A Lender may submit a Reply Amount that is less than the minimum amount and incremental amount requirements
described above only if the Reply Amount comprises the entire amount of the Term Loans of each applicable Class held by such Lender. Lenders may only submit one Return Bid per Auction but each Return Bid may contain up to three (3) component
bids, each of which may result in a separate Qualifying Bid and each of which will not be contingent on any other component bid submitted by such Lender resulting in a Qualifying Bid. In addition to the Return Bid, the participating Lender must
execute and deliver, to be held by the Auction Manager, an assignment and acceptance in the form included in the offering document (each, an “Auction Assignment and Assumption”). The Borrower will not purchase any Term Loans of any
applicable Class at a price that is outside of the applicable Discount Range, nor will any Return Bids (including any component bids specified therein) submitted at a price that is outside such applicable Discount Range be considered in any
calculation of the Applicable Threshold Price. 
 Acceptance Procedures. Based on the Reply Prices and Reply Amounts
received by the Auction Manager, the Auction Manager, in consultation with the Borrower, will calculate the lowest purchase price (the “Applicable Threshold Price”) for such Auction within the Discount Range for such Auction that
will allow the Borrower to complete the Auction by purchasing the full Auction Amount (or such lesser amount of Term Loans for which the Borrower has received Qualifying Bids). The Borrower shall purchase Term Loans of each applicable Class from
each Lender whose Return Bid is within the Discount Range and contains a Reply Price that is equal to or less than the Applicable Threshold Price (each, a “Qualifying Bid”). All Term Loans included in Qualifying Bids (including
multiple component Qualifying Bids contained in a single Return Bid) received at a Reply Price lower than the Applicable Threshold Price will be purchased at such applicable Reply Prices and shall not be subject to proration. 

Proration Procedures. All Term Loans of each applicable Class offered in Return Bids (or, if applicable, any component thereof)
constituting Qualifying Bids at the Applicable Threshold Price will be purchased at the Applicable Threshold Price; provided that if the aggregate principal amount (calculated on the face amount thereof) of all Term Loans of any applicable
Class for which Qualifying Bids have been submitted in any given Auction at the Applicable Threshold Price would exceed the remaining portion of the Auction Amount (after deducting all Term Loans of such Class to be purchased at prices below the
Applicable Threshold Price), the Borrower shall purchase the Term Loans of such Class for which the Qualifying Bids submitted were at the Applicable Threshold Price ratably based on the respective principal amounts offered and in an aggregate amount
equal to the amount necessary to complete the purchase of the Auction Amount. No Return Bids or any component thereof will be accepted above the Applicable Threshold Price. 
 Notification Procedures. The Auction Manager will calculate the Applicable Threshold Price and post the Applicable Threshold Price and proration factor onto an internet or intranet site (including
an IntraLinks, SyndTrak or other electronic workspace) in accordance with the Auction Manager’s standard dissemination practices by 4:00 p.m. New York time on the same Business Day as the date the Return Bids were due (as such due date may
be extended in accordance with this Exhibit C). The Auction Manager will insert the principal amount of Term Loans of each applicable Class to be assigned and the applicable settlement date into each applicable Auction Assignment and
Assumption received in connection with a Qualifying Bid. Upon the request of the submitting Lender, the Auction Manager will promptly return any Auction Assignment and Assumption received in connection with a Return Bid that is not a Qualifying Bid.

 Auction Assignment and Assumption. Each Auction Notice and Auction Assignment and
Assumption shall contain the following representations and warranties by the Borrower: 
 The conditions set forth in
Section 2.24 of the Credit Agreement have each been satisfied on and as of the date hereof, except to the extent that such conditions refer to conditions that must be satisfied as of a future date, in which case the Borrower must
terminate any Auction if it fails to satisfy one of more of the conditions which are required to be met at the time which otherwise would have been the time of purchase of Term Loans of any applicable Class pursuant to an Auction. 

The representations and warranties of the Borrower contained in Article III of the Credit Agreement or any other Loan
Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (other than any representation or warranty that is qualified by materiality or
reference to Material Adverse Effect, which shall be true and correct in all respects) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be
true and correct as of such earlier date, and except that for purposes hereof, the representations and warranties contained in Section 3.04(a) of the Credit Agreement shall be deemed to refer to the most recent statements furnished
pursuant to clauses (a) and (b) of Section 5.01 of the Credit Agreement. 
 Additional Procedures.
Once initiated by an Auction Notice, the Borrower may withdraw an Auction only in the event that, (i) as of such time, no Qualifying Bid has been received by the Auction Manager or (ii) the Borrower has failed to meet a condition set forth
in Section 2.24 of the Credit Agreement. Furthermore, in connection with any Auction, upon submission by a Lender of a Return Bid, such Lender will not have any withdrawal rights. Any Return Bid (including any component bid thereof)
delivered to the Auction Manager may not be modified, revoked, terminated or cancelled by a Lender. However, an Auction may become void if the conditions to the purchase of Term Loans of any applicable Class by the Borrower required by the terms and
conditions of Section 2.24 of the Credit Agreement are not met. The purchase price in respect of each Qualifying Bid for which purchase by the Borrower is required in accordance with the foregoing provisions shall be paid directly by the
Borrower to the respective assigning Lender on a settlement date as determined jointly by the Borrower and the Auction Manager (which shall be not later than ten (10) Business Days after the date Return Bids are due). The Borrower shall execute
each applicable Auction Assignment and Assumption received in connection with a Qualifying Bid. All questions as to the form of documents and validity and eligibility of Term Loans of each applicable Class that are the subject of an Auction will be
determined by the Auction Manager, in consultation with the Borrower, and their determination will be final and binding so long as such determination is not inconsistent with the terms of Section 2.24 of the Credit Agreement or this
Exhibit C. The Auction Manager’s interpretation of the terms and conditions of the offering document, in consultation with the Borrower, will be final and binding so long as such interpretation is not inconsistent with the terms of
Section 2.24 of the Credit Agreement or this Exhibit C. None of the Administrative Agent, the Auction Manager, any other Agent-Related Person or any of their respective affiliates assumes any responsibility for the accuracy or
completeness of the information concerning the Borrower, the Loan Parties, or any of their affiliates (whether contained in an offering document or otherwise) or for any failure to disclose events that may have occurred and may affect the
significance or accuracy of such information. This Exhibit C shall not require the Borrower to initiate any Auction.Indenture, dated as of June 17, 2011

 Exhibit 4.1 
 EXECUTION VERSION 
  

 
  

MGM RESORTS INTERNATIONAL 
 as Issuer 
 The SUBSIDIARY GUARANTORS Party Hereto 

as Guarantors 

AND 
 U.S.
BANK NATIONAL ASSOCIATION 
 as Trustee 
 INDENTURE 
 Dated as of June 17, 2011 

4.25% Convertible Senior Notes due 2015 (Emerging Corporate Series) 

 
  

 

 TABLE OF CONTENTS 

 

									
	  	 	  	  	 	  	Page	 
	
	ARTICLE 1 DEFINITIONS	  
		 	 Section 1.01.
	  	Definitions	  	 	1	  
	
	ARTICLE 2 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	  
				
		 	 Section 2.01.
	  	Designation and Amount	  	 	11	  
		 	 Section 2.02.
	  	Form of Notes	  	 	12	  
		 	 Section 2.03.
	  	Date and Denomination of Notes; Payments of Interest	  	 	12	  
		 	 Section 2.04.
	  	[Reserved]	  	 	14	  
		 	 Section 2.05.
	  	Execution, Authentication and Delivery of Notes	  	 	14	  
		 	 Section 2.06.
	  	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	14	  
		 	 Section 2.07.
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	20	  
		 	 Section 2.08.
	  	Temporary Notes	  	 	21	  
		 	 Section 2.09.
	  	Cancellation of Notes Paid, Etc	  	 	21	  
		 	 Section 2.10.
	  	CUSIP Numbers	  	 	22	  
		 	 Section 2.11.
	  	[Reserved]	  	 	22	  
		 	 Section 2.12.
	  	Exchange for Exchange Notes	  	 	22	  
	
	 ARTICLE 3 MANDATORY DISPOSITION
	   

				
		 	 Section 3.01.
	  	Mandatory Disposition of Notes Pursuant to Gaming Laws	  	 	23	  
	
	 ARTICLE 4 SATISFACTION AND DISCHARGE
	   

				
		 	 Section 4.01.
	  	Satisfaction and Discharge	  	 	24	  
	
	ARTICLE 5 PARTICULAR COVENANTS OF THE COMPANY	  
				
		 	 Section 5.01.
	  	Payment of Principal, Interest and Additional Interest	  	 	24	  
		 	 Section 5.02.
	  	Maintenance of Office or Agency	  	 	24	  
		 	 Section 5.03.
	  	Appointments to Fill Vacancies in Trustee’s Office	  	 	25	  
		 	 Section 5.04.
	  	Provisions as to Paying Agent	  	 	25	  
		 	 Section 5.05.
	  	Existence	  	 	26	  
		 	 Section 5.06.
	  	Rule 144A Information Requirement and Annual Reports	  	 	26	  
		 	 Section 5.07.
	  	Stay, Extension and Usury Laws	  	 	27	  
		 	 Section 5.08.
	  	Compliance Certificate; Statements as to Defaults	  	 	27	  
		 	 Section 5.09.
	  	Guarantee	  	 	28	  
		 	 Section 5.10.
	  	Further Instruments and Acts	  	 	28	  
	
	ARTICLE 6 LISTS OF NOTEHOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE	  
				
		 	 Section 6.01.
	  	Lists of Noteholders	  	 	28	  
		 	 Section 6.02.
	  	Preservation and Disclosure of Lists	  	 	29	  
		 	 Section 6.03.
	  	Reports by Trustee	  	 	29	  

  
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	 	 	 	  	 	  	Page	 
	
	ARTICLE 7 DEFAULTS AND REMEDIES	  
				
		 	 Section 7.01.
	  	Events of Default	  	 	29	  
		 	 Section 7.02.
	  	Acceleration	  	 	31	  
		 	 Section 7.03.
	  	Additional Interest	  	 	32	  
		 	 Section 7.04.
	  	Payments of Notes on Default; Suit Therefor	  	 	32	  
		 	 Section 7.05.
	  	Application of Monies Collected by Trustee	  	 	34	  
		 	 Section 7.06.
	  	Proceedings by Noteholders	  	 	34	  
		 	 Section 7.07.
	  	Proceedings by Trustee	  	 	35	  
		 	 Section 7.08.
	  	Remedies Cumulative and Continuing	  	 	35	  
		 	 Section 7.09.
	  	Direction of Proceedings and Waiver of Defaults by Majority of Noteholders	  	 	35	  
		 	 Section 7.10.
	  	Notice of Defaults	  	 	36	  
		 	 Section 7.11.
	  	Undertaking to Pay Costs	  	 	36	  
	
	ARTICLE 8 CONCERNING THE TRUSTEE	  
				
		 	 Section 8.01.
	  	Duties and Responsibilities of Trustee	  	 	37	  
		 	 Section 8.02.
	  	Reliance on Documents, Opinions, Etc	  	 	38	  
		 	 Section 8.03.
	  	No Responsibility for Recitals, Etc	  	 	39	  
		 	 Section 8.04.
	  	Trustee, Paying Agents, Conversion Agents or Registrar May Own Notes	  	 	39	  
		 	 Section 8.05.
	  	Monies to Be Held in Trust	  	 	40	  
		 	 Section 8.06.
	  	Compensation and Expenses of Trustee	  	 	40	  
		 	 Section 8.07.
	  	Officers’ Certificate as Evidence	  	 	40	  
		 	 Section 8.08.
	  	Conflicting Interests of Trustee	  	 	41	  
		 	 Section 8.09.
	  	Eligibility of Trustee	  	 	41	  
		 	 Section 8.10.
	  	Resignation or Removal of Trustee	  	 	41	  
		 	 Section 8.11.
	  	Acceptance by Successor Trustee	  	 	42	  
		 	 Section 8.12.
	  	Succession by Merger, Etc	  	 	42	  
		 	 Section 8.13.
	  	Limitation on Rights of Trustee as Creditor	  	 	43	  
		 	 Section 8.14.
	  	Trustee’s Application for Instructions from the Company	  	 	43	  
		 	 Section 8.15.
	  	Reports by Trustee to Gaming Authorities	  	 	43	  
	
	ARTICLE 9 CONCERNING THE NOTEHOLDERS	  
				
		 	 Section 9.01.
	  	Action by Noteholders	  	 	44	  
		 	 Section 9.02.
	  	Proof of Execution by Noteholders	  	 	44	  
		 	 Section 9.03.
	  	Who Are Deemed Absolute Owners	  	 	45	  
		 	 Section 9.04.
	  	Company-Owned Notes Disregarded	  	 	45	  
		 	 Section 9.05.
	  	Revocation of Consents; Future Noteholders Bound	  	 	45	  
	
	ARTICLE 10 NOTEHOLDERS’ MEETINGS	  
				
		 	 Section 10.01.
	  	Purpose of Meetings	  	 	46	  
		 	 Section 10.02.
	  	Call of Meetings by Trustee	  	 	46	  
		 	 Section 10.03.
	  	Call of Meetings by Company or Noteholders	  	 	46	  
		 	 Section 10.04.
	  	Qualifications for Voting	  	 	46	  
		 	 Section 10.05.
	  	Regulations	  	 	47	  
		 	 Section 10.06.
	  	Voting	  	 	47	  

  
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	 	 	 	  	 	  	Page	 
				
		 	 Section 10.07.
	  	No Delay of Rights by Meeting	  	 	47	  
	
	ARTICLE 11 SUPPLEMENTAL INDENTURES	  
				
		 	 Section 11.01.
	  	Supplemental Indentures Without Consent of Noteholders	  	 	48	  
		 	 Section 11.02.
	  	Supplemental Indentures With Consent of Noteholders	  	 	48	  
		 	 Section 11.03.
	  	Effect of Supplemental Indentures	  	 	50	  
		 	 Section 11.04.
	  	Notation on Notes	  	 	50	  
		 	 Section 11.05.
	  	Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee	  	 	50	  
	
	ARTICLE 12 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	  
				
		 	 Section 12.01.
	  	Conditions to Consolidation, Merger, Sale, Conveyance and Lease	  	 	50	  
		 	 Section 12.02.
	  	Successor Corporation to Be Substituted	  	 	51	  
		 	 Section 12.03.
	  	Opinion of Counsel to Be Given to Trustee	  	 	51	  
	
	ARTICLE 13 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  
				
		 	 Section 13.01.
	  	Indenture and Notes Solely Corporate Obligations	  	 	51	  
	
	ARTICLE 14 [RESERVED]	  
	
	ARTICLE 15 CONVERSION OF NOTES	  
				
		 	 Section 15.01.
	  	Conversion Privilege	  	 	52	  
		 	 Section 15.02.
	  	Conversion Procedure	  	 	52	  
		 	 Section 15.03.
	  	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes	  	 	54	  
		 	 Section 15.04.
	  	Adjustment of Conversion Rate	  	 	56	  
		 	 Section 15.05.
	  	Shares to Be Fully Paid	  	 	64	  
		 	 Section 15.06.
	  	Effect of Reclassification, Consolidation, Merger or Sale	  	 	64	  
		 	 Section 15.07.
	  	Certain Covenants	  	 	66	  
		 	 Section 15.08.
	  	Responsibility of Trustee	  	 	66	  
		 	 Section 15.09.
	  	Notice to Noteholders Prior to Certain Actions	  	 	67	  
		 	 Section 15.10.
	  	Stockholder Rights Plans	  	 	67	  
		 	 Section 15.11.
	  	Extension of Conversion Settlement Date	  	 	68	  
	
	ARTICLE 16 REPURCHASE OF NOTES UPON A FUNDAMENTAL CHANGE	  
				
		 	 Section 16.01.
	  	[Reserved]	  	 	68	  
		 	 Section 16.02.
	  	Repurchase at Option of Noteholders upon a Fundamental Change	  	 	68	  
		 	 Section 16.03.
	  	Withdrawal of Fundamental Change Repurchase Notice	  	 	71	  
		 	 Section 16.04.
	  	Deposit of Fundamental Change Repurchase Price	  	 	71	  
	
	ARTICLE 17 GUARANTEES	  
				
		 	 Section 17.01.
	  	Guarantee	  	 	72	  
		 	 Section 17.02.
	  	Execution and Delivery of Guarantee	  	 	73	  

  
 iii

									
	 	 	 	  	 	  	Page	 
				
		 	 Section 17.03.
	  	Limitation of Subsidiary Guarantor’s Liability	  	 	73	  
		 	 Section 17.04.
	  	Contribution	  	 	74	  
		 	 Section 17.05.
	  	Rights Under the Guarantee	  	 	74	  
		 	 Section 17.06.
	  	Primary Obligations	  	 	74	  
		 	 Section 17.07.
	  	Waivers	  	 	75	  
		 	 Section 17.08.
	  	Releases	  	 	75	  
		 	 Section 17.09.
	  	No Election	  	 	75	  
		 	 Section 17.10.
	  	Financial Condition of the Company	  	 	75	  
		 	 Section 17.11.
	  	Consolidation, Merger, Etc,	  	 	76	  
	
	ARTICLE 18 MISCELLANEOUS PROVISIONS	  
				
		 	 Section 18.01.
	  	Provisions Binding on Company’s Successors	  	 	76	  
		 	 Section 18.02.
	  	Official Acts by Successor Corporation	  	 	76	  
		 	 Section 18.03.
	  	Addresses for Notices, Etc	  	 	77	  
		 	 Section 18.04.
	  	Governing Law	  	 	77	  
		 	 Section 18.05.
	  	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	77	  
		 	 Section 18.06.
	  	Legal Holidays	  	 	78	  
		 	 Section 18.07.
	  	No Security Interest Created	  	 	78	  
		 	 Section 18.08.
	  	Benefits of Indenture	  	 	78	  
		 	 Section 18.09.
	  	Table of Contents, Headings, Etc	  	 	78	  
		 	 Section 18.10.
	  	Authenticating Agent	  	 	78	  
		 	 Section 18.11.
	  	Execution in Counterparts	  	 	79	  
		 	 Section 18.12.
	  	Severability	  	 	79	  
		 	 Section 18.13.
	  	Waiver of Jury Trial	  	 	79	  
		 	 Section 18.14.
	  	Force Majeure	  	 	79	  
			
	 EXHIBITS
	  		  			
			
	 Exhibit A
	  	Form of Note	  	 	1	  
	 Exhibit B
	  	Form of Notice of Conversion	  	 	1	  
	 Exhibit C
	  	Form of Fundamental Change Repurchase Notice	  	 	1	  
	 Exhibit D
	  	Form of Assignment and Transfer	  	 	1	  
	 Exhibit E
	  	Form of Notice of Exchange	  	 	1	  
	 Exhibit F
	  	Form of Joinder Agreement	  	 	1	  

  
 iv 

 INDENTURE dated as of June 17, 2011 among MGM Resorts International, a Delaware
corporation, as issuer (the “Company”), the Subsidiary Guarantors party hereto, as guarantors (the “Subsidiary Guarantors”), and U.S. Bank National Association, as trustee (the “Trustee”).

 W I T N E S S E T H: 
 WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issue of its 4.25% Convertible Senior Notes due 2015 (Emerging Corporate Series) (hereinafter sometimes called the
“Notes”), initially in an aggregate principal amount not to exceed $300,000,000, and each of the Subsidiary Guarantors has duly authorized the guarantee of the Notes; and 

WHEREAS, in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, each of the
Company and the Subsidiary Guarantors has duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, the Form
of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice, the Form of Assignment and Transfer and the Form of Notice of Exchange to be borne by the Notes
are to be substantially in the forms hereinafter provided for; and 
 WHEREAS, all acts and things necessary to make the Notes,
when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, the valid, binding and legal obligations of the Company and to make the guarantees set forth herein the valid, binding and legal
obligations of each of the Subsidiary Guarantors, and to constitute valid agreements according to their respective terms, have been done and performed, and the execution of this Indenture and the issue hereunder of the Notes have in all respects
been duly authorized. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the Notes by the holders thereof, each of the Company and the Subsidiary Guarantors covenants and agrees with the Trustee for the equal and proportionate benefit of the respective
holders from time to time of the Notes (except as otherwise provided below), as follows: 
 ARTICLE 1 

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 other terms used in this Indenture that are defined in the
Trust Indenture Act or that are by reference therein defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the meanings assigned to such terms in said Trust Indenture Act
and in said Securities Act as in force at the date of the execution of this Indenture. The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular. 

  
 1 

 “Additional Interest” means all amounts, if any, payable pursuant to
Sections 5.06(d), 5.06(e) and 7.03, as applicable, hereof; provided, however, that in no event shall Additional Interest accrue at a rate exceeding 0.50% per annum in the aggregate during the period beginning on, and including,
the date that is six months after the date of the last original issuance of the Initial Notes through the date that is 365 days after the date of the last original issuance of the Initial Notes. 

“Affected Notes” shall have the meaning specified in Section 15.11(c). 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

“Board of Directors” means, with respect to any Person, the board of directors of such Person or a committee of such
board duly authorized to act for it hereunder (or if such Person is not a corporation, the governing body, partners, managers or others that controls the management or policies of such Person or a committee thereof duly authorized to act for it
hereunder). 
 “Board Resolution” means, with respect to any Person, a copy of a resolution certified by the
Secretary or an Assistant Secretary of such Person 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 each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which the banking
institutions in New York City are authorized or obligated by law or executive order to close or be closed. 
 “Capital
Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

“close of business” means 5:00 p.m. (New York City time). 

“Closing Date” means June 17, 2011. 
 “Commission” means the Securities and Exchange Commission. 

“Common Equity” of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the
election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.

 “Common Stock” means, subject to Section 15.06, shares of common stock of the Company, par value $0.01
per share, at the date of this Indenture or shares of any class or classes resulting from any reclassification or reclassifications thereof and that have no preference in respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or 

  
 2 

 
winding up of the Company and that are not subject to redemption by the Company; provided that if at any time there shall be more than one such resulting class, the shares of each such
class then so issuable shall be substantially in the proportion that the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such
reclassifications. 
 “Company” means MGM Resorts International, a Delaware corporation, and subject to the
provisions of Article 12, shall include its successors and assigns. 
 “Company Order” means a written request
or order signed in the name of the Company (i) by its Chairman, a Vice Chairman, its President or a Vice President and (ii) by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary and delivered to the Trustee;
provided, however, that such written request or order may be signed by any two of the officers or directors listed in clause (i) above in lieu of being signed by one of such officers or directors listed in such clause (i) and one of
the officers listed in clause (ii) above. 
 “Continuing Director” means a director who either was a
member of the Board of Directors of the Company on April 20, 2010 or who becomes a member of the Board of Directors of the Company subsequent to that date and whose election, appointment or nomination for election by the stockholders of the
Company is duly approved by a majority of the Continuing Directors on the Board of Directors of the Company at the time of such approval, either by a specific vote or by approval of the proxy statement issued by the Company on behalf of the entire
Board of Directors of the Company in which such individual is named as nominee for director. 
 “Conversion
Agent” shall have the meaning specified in Section 5.02. 
 “Conversion Date” shall have the
meaning specified in Section 15.02(c). 
 “Conversion Obligation” shall have the meaning specified in
Section 15.01. 
 “Conversion Price” means as of any date, $1,000, divided by the Conversion Rate
as of such date. 
 “Conversion Rate” shall have the meaning specified in Section 15.01. 

“Corporate Trust Office” means the office of the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof is located at 60 Livingston Avenue, St. Paul, MN 55107-1419, or such other address as the Trustee may designate from time to time by notice to the Noteholders and the Company, or the principal corporate
trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Noteholders and the Company). 
 Credit Facility” means the Sixth Amended and Restated Loan Agreement, dated as of March 16, 2010, among the Company, as Borrower, and MGM Grand Detroit, LLC, a Delaware limited liability
company, as Co-Borrower, the Lenders therein named, and Bank of America, N.A., as Administrative Agent (and their successors and assigns from time to time party thereto). 
 “Credit Facility Default” shall have the meaning specified in Section 15.11(a). 

  
 3 

 “Custodian” means the Trustee, as custodian for the Depositary, with
respect to any Global Notes, or any successor entity thereto. 
 “Default” means any event that is, or after
notice or passage of time, or both, would be, an Event of Default. 
 “Defaulted Interest” means any interest
on any Note that is payable, but is not punctually paid or duly provided for, on the applicable Interest Payment Date. 

“Depositary” means, with respect to any Global Notes the Person specified in Section 2.06 as the Depositary with
respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor. 

“Disqualified Holder” shall have the meaning specified in Section 3.01(a). 

“Distributed Property” shall have the meaning specified in Section 15.04(c). 

“Effective Date” shall have the meaning specified in Section 15.03(a). 

“Emerging Corporate” means Emerging Corporate Limited, a British Virgin Islands company which, on the date of this
Indenture, is, directly or indirectly, wholly owned by Ms. Pansy Catalina Chiu King Ho. 
 “Event of
Default” shall have the meaning specified in Section 7.01. 
 “Ex-Dividend Date” means, with
respect to any issuance, dividend or distribution in which the holders of Common Stock (or other security) have the right to receive any cash, securities or other property, the first date on which the shares of the Common Stock (or other security)
trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Exchange Notes” means any “Additional Notes” (as defined in the Existing Indenture) issued or to be issued in
accordance with the provisions of the Existing Indenture in exchange for any Notes pursuant to Section 2.12 of this Indenture. 
 “Existing Indenture” means the Indenture, dated as of April 20, 2010, by and among the Company, certain of its subsidiaries, as guarantors, and US Bank National Association, as
trustee, relating to the Company’s 4.25% Convertible Senior Notes due 2015, as amended from time to time. 

“Existing Senior Notes” means (i) the Company’s 6.75% senior notes due 2012, (ii) the Company’s
6.75% senior notes due 2013, (iii) the Company’s 7.625% senior subordinated debentures due 2013, (iv) the Company’s 13% senior secured notes due 2013, (v) the Company’s 10.375% senior secured notes due 2014,
(vi) the Company’s 5.875% senior notes due 2014, (vii) the Company’s 6.625% senior notes due 2015, (viii) the Company’s 6.875% senior notes due 2016, (ix) the Company’s 7.50% senior notes due 2016,
(x) the Company’s 10% senior notes due 2016, (xi) the Company’s 7.625% senior notes due 2017, (xii) the Company’s 11.125% senior secured notes due 2017, (xiii) the Company’s 11.375%

  
 4 

 
senior notes due 2018, (xiv) the Company’s 9% senior secured notes due 2020, (xv) the Company’s 4.25% convertible senior notes due 2015 issued pursuant to the Existing
Indenture and (xvi) the Mandalay Notes. 
 “Expiration Date” shall have the meaning specified in
Section 15.04(e). 
 “Expiration Time” shall have the meaning specified in Section 15.04(e).

 “Extended Settlement Date” shall have the meaning specified in Section 15.11(c). 

“Fiscal Year” means a fiscal year of the Company. 

“Fundamental Change” means the occurrence after the original issuance of the Notes of any of the following events:

 (a) any “person” or “group” (within the meaning of Section 13(d) of the Exchange Act)
other than the Company, its Subsidiaries or the employee benefit plans of the Company or any such Subsidiary, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or
indirect ultimate “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting power of the Company’s Common Equity; provided, however,
that in the case of the Tracinda Entities such triggering percentage ownership level shall be 55% rather than 50% and shall be calculated without considering (i) any shares of Common Stock purchased directly by any Tracinda Entity from the
Company in a primary offering on arms’ length terms at any time and from time to time following the Closing Date or (ii) any shares of Common Stock underlying any convertible or exchangeable securities purchased by any Tracinda Entity
directly from the Company in a primary offering on arms’ length terms at any time and from time to time following the Closing Date to the extent a Tracinda Entity is the beneficial owner of such underlying shares; 

(b) consummation of any binding share exchange, exchange offer, tender offer, consolidation or merger of the Company
pursuant to which the Common Stock will be converted into cash, securities or other property or any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company
and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s Subsidiaries (any such exchange, offer, consolidation, merger, transaction or series of transactions being referred to herein as an
“event”); provided, however, that any such event where the holders of more than 50% of the outstanding shares of Common Stock immediately prior to such event, own, directly or indirectly, more than 50% of all classes of
common equity of the continuing or surviving person or transferee or the parent thereof immediately after such event shall not be a Fundamental Change; 
 (c) the first day on which Continuing Directors cease to constitute at least a majority of the Board of Directors of the Company; 

(d) the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or

 (e) the Common Stock (or other common stock into which the Notes are then convertible) ceases to be listed on
at least one U. S. national securities exchange, 

  
 5 

 provided, however, in the case of an event described in clause (b) above, if at least 90% of the
consideration, excluding cash payments for fractional shares, in the transaction or event constituting the Fundamental Change consists of shares of Publicly Traded Securities, and as a result of the transaction or event, the Notes become convertible
into such Publicly Traded Securities, excluding cash payments for fractional shares, such event shall not be a Fundamental Change. 
 For purposes of this definition, whether a “person” is a “beneficial owner” shall be determined in accordance with Rule 13d-3 under the Exchange Act and
“person” includes any syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act. 
 From and after the effective time of any transaction in which the Common Stock is replaced by the securities of another entity, should one occur, following completion of any related Make-Whole Fundamental
Change Period and any related Fundamental Change Purchase Date, references to the Company in the definition of “Fundamental Change” above will apply to such other entity instead. A filing that would otherwise constitute a Fundamental
Change under clause (a) above will not constitute a Fundamental Change if (x) the filing occurs in connection with a transaction in which the Company’s Common Stock is replaced by the securities of another entity and (y) no such
filing is made or is in effect with respect to common equity representing more than 50% of the voting power of such other entity. 
 “Fundamental Change Company Notice” shall have the meaning specified in Section 16.02(b). 
 “Fundamental Change Expiration Time” shall have the meaning specified in Section 16.02(b)(ix). 
 “Fundamental Change Repurchase Date” shall have the meaning specified in Section 16.02(a). 
 “Fundamental Change Repurchase Notice” shall have the meaning specified in Section 16.02(a)(i). 
 “Fundamental Change Repurchase Price” shall have the meaning specified in Section 16.02(a). 
 “Funding Guarantor” shall have the meaning specified in Section 17.04. 
 “Gaming Authority” means the Nevada Gaming Commission, the Nevada State Gaming Control Board, the Michigan Gaming Control Board, the Detroit City Council, the Mississippi Gaming
Commission, the Illinois Gaming Board or any similar commission or agency which has, or may at any time after the date of this Indenture have, jurisdiction over the gaming activities of the Company or any of the Subsidiary Guarantors. 

“Gaming Facility” means any gaming or pari-mutuel wagering establishment and any related building, restaurant, hotel,
theater, parking facilities, retail shops, land, golf courses and other recreation and entertainment facilities, and vessel, barge, ship and equipment. 
 “Gaming Law Redemption Date” shall have the meaning specified in Section 3.01(a)(2). 

  
 6 

 “Gaming Laws” means the gaming laws of a jurisdiction or jurisdictions to
which the Company or a Subsidiary of the Company is, or may at any time after the date of this Indenture be, subject. 

“Gaming Licenses” means any license, permit, franchise or other authorization from any governmental authority required
on the date of this Indenture or at any time thereafter to own, lease, operate or otherwise conduct the gaming business of the Company and its Subsidiaries. 
 “Global Note” means a global security representing the Notes registered in the name of the Depositary. 
 “Guarantee” shall have the meaning specified in Section 17.01. 
 “Guaranteed Obligations” shall have the meaning specified in Section 17.01. 
 “Illinois Subsidiary” means Nevada Landing Partnership, an Illinois partnership. 
 “Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 

“Initial Notes” means the Notes in an aggregate principal amount not to exceed $300,000,000 sold to Emerging Corporate.

 “Interest Payment Date” means each April 15 and October 15 of each year, beginning on
October 15, 2011; provided, however, that if any Interest Payment Date falls on a date that is not a Business Day, such payment of interest (or principal in the case of the Maturity Date) will be postponed until the next
succeeding Business Day, and no interest or other amount will be paid as a result of such postponement. 
 “Interest
Record Date,” with respect to any Interest Payment Date, means the April 1 or October 1 (whether or not such day is a Business Day) immediately preceding the relevant Interest Payment Date, respectively. 

“Issue Date” means the date hereof. 
 “Last Reported Sale Price” of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if
more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. securities exchange on which the Common Stock is listed for trading. The Last Reported
Sale Price will be determined without reference to after-hours or extended market trading. If the Common Stock is not listed for trading on a U.S. securities exchange on the relevant date, then the “Last Reported Sale Price” of the Common
Stock will be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or similar organization. If the Common Stock is not so quoted, the “Last Reported Sale
Price” of the Common Stock will be determined by a U.S. nationally recognized independent investment banking firm selected by the Company for this purpose. 
 “Make-Whole Conversion Rate Adjustment” shall have the meaning specified in Section 15.03(a). 

  
 7 

 “Make-Whole Fundamental Change” means any transaction or event that
constitutes a Fundamental Change under clause (a), (b), (d) or (e) of the definition thereof (in the case of any Fundamental Change described in clause (b) of the definition thereof, determined without regard to the
proviso in such clause (b)). For the avoidance of doubt, a transaction or event does not constitute a Fundamental Change if at least 90% of the consideration, excluding cash payments for fractional shares, in the transaction or event
constituting the Fundamental Change consists of shares of Publicly Traded Securities, and as a result of the transaction or event, the Notes become convertible into such Publicly Traded Securities, excluding cash payments for fractional shares.

 “Make-Whole Fundamental Change Period” shall have the meaning specified in Section 15.03(a).

 “Mandalay” means Mandalay Resort Group, a Nevada corporation. 

“Mandalay Notes” means (i) Mandalay’s 6.375% Senior Notes due 2011; (ii) Mandalay’s Floating Rate
Convertible Senior Debentures due 2033; (iii) Mandalay’s 7.0% Debentures due 2036; and (iv) Mandalay’s 6.7% Debentures due 2096. 
 “Market Disruption Event” means (a) a failure by the primary exchange or quotation system on which the Common Stock trades or is quoted, as the case may be, to open for trading
during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Trading Day for the Common Stock of an aggregate one-half hour period, of any suspension or limitation imposed on trading (by
reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options, contracts or future contracts relating to the Common Stock. 

“Maturity Date” means April 15, 2015. 
 “Maximum Extension Date” shall have the meaning specified in Section 15.11(a). 
 “Merger Event” shall have the meaning specified in Section 15.06. 
 “Note” or “Notes” means any note or notes, as the case may be, authenticated and delivered under this Indenture. 

“Noteholder” or “holder,” as applied to any Note, or other similar terms (but excluding the term
“beneficial holder”), means any person in whose name at the time a particular Note is registered on the Note Register. 
 “Note Register” shall have the meaning specified in Section 2.06(a). 
 “Note Registrar” shall have the meaning specified in Section 2.06(a). 
 “Notice of Conversion” shall have the meaning specified in Section 15.02(b). 
 “Offering Memorandum” means the final offering memorandum dated April 15, 2010 relating to the offering and sale of the Notes. 

“Officer” means, with respect to the Company, (i) the Chairman of the Board, any Vice Chairman of the Board, the
Chief Executive Officer, the President, any Vice President or the Chief 

  
 8 

 
Financial Officer, and (ii) the Treasurer or any Assistant Treasurer, or the Secretary or any Assistant Secretary. 
 “Officers’ Certificate” means a certificate signed by two officers of the Company, one of whom must be the principal executive officer, the principal financial officer or the
principal accounting officer of the Company. Each Officers’ Certificate (other than certificates provided pursuant to TIA Section 314(a)(4)) shall include the statements provided for in TIA Section 314(e). 

“opening of business” means 9:00 a.m. (New York City time). 

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the
Company, or other counsel acceptable to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 18.05 if and to the extent required by the provisions of such Section. 

“outstanding,” when used with reference to Notes, means, subject to the provisions of Section 9.04, as of any
particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 
 (a) Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 
 (b) Notes that have been paid
pursuant to Section 2.07 or Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.07 unless proof satisfactory to the Trustee is presented that any
such Notes are held by protected purchasers in due course; 
 (c) Notes that have become due and payable, whether
at the Maturity Date, any Fundamental Change Repurchase Date, any Gaming Law Redemption Date, upon conversion or otherwise, for which the Company has deposited with the Trustee or delivered to Noteholders, as applicable, cash or cash and shares of
Common Stock sufficient to pay all of the outstanding Notes and all other sums due payable under this Indenture by the Company; and 
 (d) Notes converted pursuant to Article 15. 
 “Paying Agent”
shall have the meaning specified in Section 5.02. 
 “Person” means an individual, a corporation, a
limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.07 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note that it replaces. 
 “Publicly Traded Securities” means
shares of common stock that are traded on a national securities exchange or that will be so traded when issued or exchanged in connection with a Fundamental Change described in clause (b) of the definition thereof. 

  
 9 

 “Record Date” shall have the meaning specified in Section 15.04(f).

 “Reference Debt” means, as of any date, the Existing Senior Notes, the Credit Facility and any equivalent
indebtedness of the Company (other than the Notes) existing on such date. 
 “Reference Property” shall have
the meaning specified in Section 15.06(b). 
 “Resale Restriction Termination Date” shall have the meaning
specified in Section 2.06(d). 
 “Responsible Officer” means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee, who shall have direct responsibility
for the administration of this Indenture or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject. 

“Restricted Securities” shall have the meaning specified in Section 2.06(d). 

“Rule 144A” means Rule 144A as promulgated under the Securities Act. 

“Scheduled Trading Day” means any day that is scheduled to be a Trading Day. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Settlement Date” shall have the meaning specified in Section 15.02(c). 

“Settlement Extension” shall have the meaning specified in Section 15.11(a). 

“Spin-Off” shall have the meaning specified in Section 15.04(c). 

“Stock Price” means (a) in the case of a Make-Whole Fundamental Change described in clause (b) of the
definition of Fundamental Change in which holders of Common Stock receive solely cash consideration in connection with such Make-Whole Fundamental Change, the amount of cash paid per share of the Common Stock and (b) in the case of all other
Make-Whole Fundamental Changes, the average of the Last Reported Sale Prices per share of Common Stock over the period of five consecutive Trading Days ending on, and including, the Trading Day immediately preceding the Effective Date of such
Make-Whole Fundamental Change. The Board of Directors of the Company will make appropriate adjustments, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an
adjustment to the Conversion Rate where the Ex-Dividend Date of the event occurs, during such five consecutive Trading Day period. 
 “Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital
Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled,
directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 

  
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 “Subsidiary Guarantor” means (i) each Subsidiary of the Company
identified as a Subsidiary Guarantor on the signature pages hereof and (ii) each other Wholly-Owned Subsidiary that becomes a Subsidiary Guarantor in accordance with Section 5.09 or by executing a supplemental indenture in which such
Wholly-Owned Subsidiary agrees to be bound by the terms of this Indenture as a Subsidiary Guarantor, together with their permitted successors and assigns; provided that if the Guarantee of a Subsidiary Guarantor is withdrawn or cancelled
pursuant to Section 5.09(b), such Subsidiary Guarantor shall cease to be a Subsidiary Guarantor hereunder; provided further that until such time as the Illinois Subsidiary receives required approval from the Illinois Gaming Board to act
as a Subsidiary Guarantor of the Notes, the Illinois Subsidiary shall not be a Subsidiary Guarantor hereunder. 

“Successor Company” shall have the meaning specified in Section 12.01(a). 

“Tracinda Entity” means Tracinda Corporation, a Nevada corporation, or any of its Affiliates. 

“Trading Day” means a day during which trading in the Common Stock generally occurs on the primary exchange or quotation
system on which Common Stock then trades or is quoted and there is no Market Disruption Event. If the Common Stock (or other security for which a Last Reported Sale Price must be determined) is not so traded or quoted, “Trading Day”
means “Business Day.” 
 “transfer” shall have the meaning specified in Section 2.06(d).

 “Trigger Event” shall have the meaning specified in Section 15.04(c). 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of
this Indenture, except as provided in Section 11.03 and Section 15.06; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall
mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended. 
 “Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or
include each Person who is then a Trustee hereunder. 
 “Valuation Period” shall have the meaning specified in
Section 15.04(c). 
 “Weighted Average Consideration” shall have the meaning specified in
Section 15.06(c)(ii). 
 “Wholly-Owned Subsidiary” shall have the meaning specified in
Section 5.09(a). 
 ARTICLE 2 
 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION 
 AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount. The Notes shall be designated as the “4.25% Convertible Senior Notes due 2015
(Emerging Corporate Series).” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $300,000,000, except for Notes authenticated and delivered upon registration or transfer
of, or in exchange for, or in lieu 

  
 11 

 
of other Notes pursuant to Section 2.06, Section 2.07, Section 2.08, Section 11.04, Section 15.02 and Section 16.04 hereof. 

Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall
be substantially in the respective forms set forth in Exhibit A, which are incorporated in and made a part of this Indenture. 

Any Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with
the provisions of this Indenture as may be required by the Custodian, the Depositary, any regulatory body or as may be required for the Notes to be tradable on any other market developed for trading of securities pursuant to Rule 144A or required to
comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any
usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 

Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the
Officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation
made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions
to which any particular Notes are subject. 
 A Global Note shall represent such principal amount of the outstanding Notes as
shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from
time to time be increased or reduced to reflect repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented
thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the holder of such Notes in accordance with this Indenture. Payment of principal (including any Fundamental Change
Repurchase Price), accrued and unpaid interest and Additional Interest, if any, on a Global Note shall be made to the holder of such Note on the date of payment, unless a record date or other means of determining holders eligible to receive payment
is provided for herein. 
 The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute,
and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 2.03. Date and Denomination of Notes; Payments of Interest. The Notes shall be issuable in registered form without
coupons in minimum denominations of $1,000 principal amount and in integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of
Note attached as Exhibit A hereto. Interest (including Additional Interest, if any) on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Interest
Record Date with respect to any Interest Payment Date 

  
 12 

 
shall be entitled to receive the interest payable on such Interest Payment Date. Interest (including Additional Interest, if any) shall be payable at the office or agency of the Company
maintained by the Company for such purposes in The Borough of Manhattan, New York City, which shall initially be the office of the Paying Agent. The Company shall pay interest (including Additional Interest, if any) (a) on any Notes in
certificated form (i) to holders having an aggregate principal amount of $5,000,000 or less, by check mailed to the address of the Person entitled thereto as it appears in the Note Register and (ii) to holders having an aggregate principal
amount of more than $5,000,000, either by check mailed to the Person entitled thereto as it appears in the Note Register or, upon application by any such holder to the Note Registrar not later than the relevant Interest Record Date, by wire transfer
in immediately available funds to the account of the Person entitled thereto either within the United States or outside the United States through a domestic United States correspondent bank relationship that the holder has, which application shall
remain in effect until such holder notifies the Note Registrar to the contrary in writing, or (b) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. 

Any Defaulted Interest shall forthwith cease to be payable to the Noteholder on the relevant Interest Record Date by virtue of its having
been such Noteholder, and such Defaulted Interest shall be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective Predecessor Notes) 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 Note and the date of the proposed
payment (which shall be not less than twenty-five days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to
the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or 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 Company shall fix a special record date for the payment of such Defaulted Interest which shall be not more than fifteen days and not 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 (unless the Trustee shall consent to an earlier date). The Company shall promptly notify the Trustee of
such special record date and the Trustee, 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
holder at its address as it appears in the Note 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 so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause (2) of
this Section 2.03. 
 (2) The Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system.

 Section 2.04. [Reserved] 

  
 13 

 Section 2.05. Execution, Authentication and Delivery of Notes. The Notes shall
be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chief Executive Officer, President, Treasurer, Assistant Treasurer, Secretary, Assistant Secretary or any of its Executive or Senior Vice Presidents.

 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed
by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, which order shall set forth the number of separate Note certificates, the principal amount of each of the Notes to be
authenticated, the date on which the original issue of Notes is to be authenticated, the registered holders of the said Notes and delivery instructions, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes,
without any further action by the Company hereunder. 
 Only such Notes as shall bear thereon a certificate of authentication
substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed manually or by facsimile by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 18.10),
shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note 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 Notes shall cease to be such officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed
of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who signed such Notes had not ceased to be such officer of the Company; and any Note may be signed on behalf of the Company by such
persons as, at the actual date of the execution of such Note, 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. 

Section 2.06. Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. 

(a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other
office or agency of the Company designated pursuant to Section 5.02 being herein sometimes collectively referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby appointed “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-registrars in accordance with Section 5.02. 

Upon surrender for registration of transfer of any Note to the Note Registrar or any co-registrar, and satisfaction of the requirements
for such transfer set forth in this Section 2.06, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a
like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. 
 Notes may be
exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by the Company pursuant to Section 5.02. Whenever any Notes
are so surrendered for 

  
 14 

 
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the holder making the exchange is entitled to receive, bearing registration numbers not
contemporaneously outstanding. 
 All Notes presented or surrendered for registration of transfer or for exchange, repurchase or
conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed by the
holder thereof or its attorney-in-fact duly authorized in writing. 
 No service charge shall be charged to the Noteholder for
any exchange or registration of transfer of Notes, but the Company or the Trustee may require payment of a sum sufficient to cover any tax, assessments or other governmental charges that may be imposed in connection therewith as a result of the name
of the holder of the new Notes issued upon such exchange or registration of transfer of Notes being different from the name of the holder of the old Notes presented or surrendered for such exchange or registration of transfer. 

None of the Company, the Trustee, the Note Registrar or any co-registrar shall be required to exchange or register a transfer of
(i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not
withdrawn) in accordance with Article 16 hereof. 
 All Notes issued upon any registration of transfer or exchange of Notes in
accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

(b) The Notes shall initially be represented by one or more certificates in definitive form registered in the names of the holders
thereof. Transfers of such Notes shall be effected only through records maintained with the Note Registrar in accordance with Section 2.06(a) upon satisfaction of the requirements set forth in Section 2.06(a). 

(c) [Reserved] 

(d) Every Note that bears or is required under this Section 2.06(d) to bear the legend set forth in this Section 2.06(d)
(together with any Common Stock issued upon conversion of the Notes and required to bear the legend set forth in Section 2.06(e), collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set
forth in this Section 2.06(d) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the holder of each such Restricted Security, by such
holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in Section 2.06(d) and Section 2.06(e), the term “transfer” encompasses any sale, pledge, transfer or other disposition
whatsoever of any Restricted Security. 
 Until the date (the “Resale Restriction Termination Date”), which is
the later of (1) the date that is one year after the last date of original issuance of the Initial Notes (or such other date as permitted by Rule 144 under the Securities Act or any successor provision thereto), and (2) such later date, if
any, as may be required by applicable laws, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution thereof, other than Common Stock issued upon conversion thereof which shall bear the legend set forth in
Section 2.06(e), if applicable) shall bear a 

  
 15 

 
legend in substantially the following form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and
that continues to be effective at the time of such transfer, pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with
notice thereof to the Trustee): 
 THE SALE OF THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, OR OF A BENEFICIAL OWNERSHIP HEREIN, THE
ACQUIRER: (I) REPRESENTS THAT IT, AND ANY ACCOUNT FOR WHICH IT IS ACTING, IS A “QUALIFIED INSTITUTIONAL BUYER” OR AN “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 144A OR 501 (AS APPLICABLE) UNDER THE SECURITIES ACT) AND
THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT; AND (II) AGREES (1) THAT IT WILL NOT WITHIN THE LATER OF (X) ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF NOTES AND (Y) 90 DAYS AFTER IT CEASES TO
BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF MGM RESORTS INTERNATIONAL (THE “COMPANY”), OFFER, RESELL, PLEDGE OR OTHERWISE TRANSFER THE NOTES EVIDENCED HEREBY, THE COMMON STOCK ISSUABLE UPON CONVERSION OF
SUCH NOTES OR ANY BENEFICIAL OWNERSHIP HEREIN, EXCEPT: (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144, IF AVAILABLE; AND (2) THAT IT WILL,
PRIOR TO ANY TRANSFER OF THIS NOTE WITHIN THE LATER OF (X) SIX MONTHS (OR, IF THE COMPANY HAS NOT SATISFIED THE CURRENT PUBLIC INFORMATION REQUIREMENTS OF RULE 144, ONE YEAR) AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF NOTES AND (Y) 90
DAYS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 ADOPTED UNDER THE SECURITIES ACT) OF THE COMPANY, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY REQUIRE AND MAY
RELY UPON TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. IN ANY EVENT, NO AFFILIATE OF THE
COMPANY MAY RESELL THIS NOTE OTHER THAN UNDER A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT OR 

  
 16 

 
PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IN A TRANSACTION THAT RESULTS IN SUCH NOTE NO LONGER BEING “RESTRICTED SECURITIES” (AS DEFINED UNDER
RULE 144). NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER AND TRANSFEREE OF THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE WILL BE
DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING OF THIS NOTE AND THE COMMON STOCK ISSUABLE, UPON CONVERSION OF THIS NOTE THAT (A) ITS PURCHASE AND HOLDING OF THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE IS NOT
MADE ON BEHALF OF OR WITH “PLAN ASSETS” OF ANY PLAN SUBJECT TO TITLE I OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR LAW OR (B) ITS PURCHASE AND HOLDING OF THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS
NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR LAW. 
 No transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the completed Form of Assignment and Transfer has been
checked, in the form set forth on the reverse of the Note and attached hereto as Exhibit D. 
 Upon surrender of any Note (or
security issued in exchange or substitution therefor) as to which such restrictions on transfer shall have expired in accordance with their terms for exchange to the Note Registrar in accordance with the provisions of this Section 2.06, the
Company shall use its reasonable best efforts to exchange such Note at the holder’s option, for either (i) a new Note or Notes in definitive form, of like tenor and aggregate principal amount, which shall not bear the restrictive legend
required by this Section 2.06(d), or (ii) a beneficial interest of like tenor and aggregate principal amount in a Global Note which shall not bear the restrictive legend required by this Section 2.06(d); provided that Notes may
only be exchanged for beneficial interests in Global Notes so long as the Notes are then eligible for book-entry settlement with the Depositary. 
 The Company shall notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Common Stock
issued upon conversion of the Notes has been declared effective under the Securities Act. 
 The transfer and exchange of
beneficial interests in a Global Note that does not involve the issuance of a definitive Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer
set forth herein) and the procedures of the Depositary therefor. Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.06(d)), a Global Note may not be transferred as a whole or in part
except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary. 
 The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The
Depository Trust Company to act as Depositary with respect to any Global Notes. Any Global Note to be issued hereunder shall initially be issued to the Depositary, 

  
 17 

 
registered in the name of Cede & Co., as the nominee of the Depositary, and initially deposited with the Trustee as custodian for the Depositary. 

If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or unable to continue as depositary for any
Global Notes issued hereunder and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days or
(iii) an Event of Default in respect of the Notes has occurred and is continuing, the Company will execute, and the Trustee, upon receipt of an Officers’ Certificate and a Company Order for the authentication and delivery of Notes, will
authenticate and deliver Notes in definitive form to each such beneficial owner of the related Notes (or a portion thereof) in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, and
upon delivery of the Global Note to the Trustee such Global Note shall be canceled. 
 Definitive Notes issued in exchange for
all or a part of any Global Notes pursuant to this Section 2.06(d) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such definitive Notes to the Persons in whose names such definitive Notes are so registered. 
 At such time as all interests in a Global Note have been converted, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with its
standing procedures. At any time prior to such cancellation, if any interest in a Global Note is exchanged for definitive Notes, converted, canceled, repurchased or transferred to a transferee who receives definitive Notes therefor or any definitive
Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or the
Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None of the Company, the Trustee nor any
agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any
records relating to such beneficial ownership interests. 
 (e) Until the Resale Restriction Termination Date, any stock
certificate representing Common Stock issued upon conversion of such Note shall bear a legend in substantially the following form (unless the Note or such Common Stock has been transferred pursuant to a registration statement that has become or been
declared effective under the Securities Act and that continues to be effective at the time of such transfer or pursuant to the exemption from registration provided by Rule 144 under the Securities Act or any similar provision then in force under the
Securities Act, or such Common Stock has been issued upon conversion of Notes that have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at
the time of such transfer or pursuant to the exemption from registration provided by Rule 144 under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer agent for the Common
Stock): 
 THE SALE OF THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND ACCORDINGLY, THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE FOLLOWING 

  
 18 

 
SENTENCE. BY ITS ACQUISITION HEREOF, OR OF A BENEFICIAL OWNERSHIP HEREIN, THE ACQUIRER: (I) REPRESENTS THAT IT, AND ANY ACCOUNT FOR WHICH IT IS ACTING, IS A “QUALIFIED INSTITUTIONAL
BUYER” OR AN “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 144A OR 501 (AS APPLICABLE) UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT; AND (II) AGREES (1) THAT IT
WILL NOT WITHIN THE LATER OF (X) ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF NOTES, UPON THE CONVERSION OF WHICH THIS SECURITY IS ISSUED, AND (Y) 90 DAYS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE
SECURITIES ACT) OF MGM RESORTS INTERNATIONAL (THE “COMPANY”), OFFER, RESELL, PLEDGE OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY OR ANY BENEFICIAL OWNERSHIP HEREIN, EXCEPT: (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF;
(B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT IS
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144, IF AVAILABLE; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY WITHIN THE LATER OF (X) SIX MONTHS (OR, IF THE COMPANY HAS
NOT SATISFIED THE CURRENT PUBLIC INFORMATION REQUIREMENTS OF RULE 144, ONE YEAR) AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF NOTES, UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED, AND (Y) 90 DAYS AFTER IT CEASES TO BE AN AFFILIATE
(WITHIN THE MEANING OF RULE 144 ADOPTED UNDER THE SECURITIES ACT) OF THE COMPANY, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY REQUIRE AND MAY RELY UPON TO CONFIRM THAT SUCH TRANSFER IS
BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. IN ANY EVENT, NO AFFILIATE OF THE COMPANY MAY RESELL THIS SECURITY OTHER THAN
UNDER A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IN A TRANSACTION THAT RESULTS IN SUCH SECURITY NO LONGER BEING “RESTRICTED
SECURITIES” (AS DEFINED UNDER RULE 144). NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER AND TRANSFEREE OF THIS SECURITY WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING OF THIS SECURITY THAT (A) ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT MADE 

  
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ON BEHALF OF OR WITH “PLAN ASSETS” OF ANY PLAN SUBJECT TO TITLE I OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR LAW OR (B) ITS PURCHASE AND HOLDING OF THIS SECURITY
WLL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTON 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR LAW. 
 Any such Common Stock as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of the certificates representing such shares of Common Stock for
exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by
this Section 2.06(e). 
 (f) Any Note or Common Stock issued upon the conversion or exchange of a Note that is purchased or
owned by the Company or any Affiliate thereof may not be resold by the Company or such Affiliate unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction
that results in such Notes or Common Stock, as the case may be, no longer being “restricted securities” (as defined under Rule 144). During the period of one year after the date of the last original issuance of the Initial Notes the
Company shall not, and shall not permit any of its “affiliates” (as defined under Rule 144) to, resell any of the Notes that have been reacquired by any of them, except pursuant to an offering that is registered under the Securities Act.

 (g) Notwithstanding any provision of this Section 2.06 to the contrary, in the event Rule 144 as promulgated under the
Securities Act (or any successor rule) is amended to change the one-year holding period thereunder (or the corresponding period under any successor rule), from and after receipt by the Trustee of the Officers’ Certificate and Opinion of Counsel
provided for in this Section 2.06(g), (i) each reference in Section 2.06(d) to “one year” and in the restrictive legend set forth in such paragraph to “ONE YEAR” shall be deemed for all purposes hereof to be
references to such changed period, (ii) each reference in Section 2.06(e) to “one year” and in the restrictive legend set forth in such paragraph to “ONE YEAR” shall be deemed for all purposes hereof to be references to
such changed period and (iii) all corresponding references in the Notes (including the definition of Resale Restriction Termination Date) and the restrictive legends thereon shall be deemed for all purposes hereof to be references to such
changed period, provided that such changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the then-applicable federal securities laws. The provisions of this Section 2.06(g) will
not be effective until such time as the Opinion of Counsel and Officers’ Certificate have been received by the Trustee hereunder. This Section 2.06(g) shall apply to successive amendments to Rule 144 (or any successor rule) changing the
holding period thereunder. 
 Section 2.07. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall
become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a number
not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to
the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof. 

  
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 The Trustee or such authenticating agent may authenticate any such substituted Note and
deliver the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. Upon the issuance of any substitute Note, the Company or the Trustee may require the payment by
the holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Note that has matured or is about to mature or has been tendered
for repurchase upon a Fundamental Change or is about to be converted into shares of Common Stock shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize
the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee
and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, including, without
limitation, if a Note is replaced and subsequently presented or claimed for payment and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence
of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 
 Every substitute Note
issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note
shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent
permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment or conversion or repurchase of mutilated, destroyed, lost or stolen Notes 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 or conversion of negotiable instruments or other securities without their
surrender. 
 Section 2.08. Temporary Notes. Pending the preparation of Notes in certificated form, the Company may
execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized
denomination, and substantially in the form of the Notes in certificated form but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be
executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Notes in certificated form. Without unreasonable delay the Company
will execute and deliver to the Trustee or such authenticating agent Notes in certificated form (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each
office or agency maintained by the Company pursuant to Section 5.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Notes in certificated
form. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this
Indenture as Notes in certificated form authenticated and delivered hereunder. 
 Section 2.09. Cancellation of Notes
Paid, Etc. All Notes surrendered for the purpose of payment, repurchase, conversion, exchange or registration of transfer, shall, if surrendered to the Company or any Paying Agent or any Note Registrar or any Conversion Agent, be surrendered to
the 

  
 21 

 
Trustee and promptly canceled by it, or, if surrendered to the Trustee, shall be promptly canceled by it, and no Notes shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such disposition to the Company, at the Company’s written request.
If the Company shall acquire any of the Notes, such acquisition shall not operate as satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation. 

Section 2.10. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use),
and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Noteholders as a convenience to them; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. Until such
time as the restrictive legend is removed from the Notes pursuant to Section 2.06(d), any CUSIP number for the Notes will be a restricted CUSIP number. 
 Section 2.11. [Reserved] 
 Section 2.12. Exchange for Exchange
Notes. 
 (a) Upon surrender of any Note for exchange to the Note Registrar in accordance with the provisions of this
Section 2.12, the Company shall use its reasonable best efforts to exchange such Note pursuant to Section 3(a)(9) of the Securities Act, at the holder’s option, for either (i) Exchange Notes in definitive form of like tenor and
aggregate principal amount, or (ii) a beneficial interest of like tenor and aggregate principal amount in a “Global Note” (as defined in the Existing Indenture) representing Exchange Notes; provided that the holder of such Note
is not then an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company; and provided further that no such exchange shall be effected prior to: 

(i) in the case of any Note held by Emerging Corporate, one year after the last date of original issuance of the Notes;
and 
 (ii) in the case of any Note held by any other Person, the earlier of (A) the date such Note has been
sold in a transaction complying with the requirements of Rule 144 under the Securities Act, if applicable, and (B) one year after the last date of original issuance of the Notes. 

(b) In order to exchange any Notes, the holder thereof must give written notice to the Company, substantially in the form of Exhibit E,
of its election to exchange such Notes for Exchange Notes or a beneficial interest in a “Global Note” (as defined in the Existing Indenture) representing Exchange Notes and the principal amount of the Notes to be exchanged, and the Company
shall use its reasonable best efforts to cause the exchange of such Notes for Exchange Notes or a beneficial interest in a “Global Note” (as defined in the Existing Indenture) representing Exchange Notes in accordance with the election of
the holder and this Section 2.12. 
 (c) Upon the valid issuance of Exchange Notes pursuant to the Existing Indenture in
connection with an exchange of any Notes, such Notes shall be cancelled without further action necessary on the part of the Company, the holder or Trustee. The holder of such Notes shall not receive any cash payment for accrued and unpaid interest
or Additional Interest, if any, on such Notes unless such exchange occurs after 5:00 p.m., New York City time, on an Interest Record Date and before the Interest 

  
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Payment Date to which such Interest Record Date relates. Except in such case, the issuance of the relevant Exchange Notes in exchange for Notes in accordance with this Section 2.12 shall be
deemed to satisfy the Company’s obligation to pay accrued and unpaid interest and Additional Interest, if any, on such Notes to, but not including, the date of such exchange, and the holder of such exchanged Notes shall instead be entitled to
the full interest payment payable pursuant to the terms of such Exchange Notes on the next interest payment date under the Exchange Notes. 
 ARTICLE 3 
 MANDATORY DISPOSITION 

Section 3.01. Mandatory Disposition of Notes Pursuant to Gaming Laws. 

(a) Each Noteholder or beneficial owner, by accepting or otherwise acquiring an interest in the Notes, shall be deemed to have agreed that
if the Gaming Authority of any jurisdiction in which the Company or any of its Subsidiaries conducts or proposes to conduct gaming activities requires that a Person who is a Noteholder or beneficial owner must be licensed, qualified or found
suitable under the applicable Gaming Laws, such Noteholder or beneficial owner, as the case may be, shall apply for a license, qualification or a finding of suitability within the required time period in accordance with such Gaming Laws. If such
Person fails to apply or become licensed or qualified or is found unsuitable (a “Disqualified Holder”), then the Company shall have the right, at its option, notwithstanding any other provision of this Indenture: 

(1) to require such Person to dispose of its Notes or beneficial interest therein within 30 calendar days of receipt of
notice of the Company’s election or such earlier date as may be requested or prescribed by such Gaming Authority; or 
 (2) to redeem such Notes, which redemption date may be less than 30 calendar days following the notice of redemption if so requested or prescribed by the Gaming Authority (the “Gaming Law
Redemption Date”), at a redemption price equal to: 
 (i) the lesser of: 

(A) the Person’s cost, plus accrued and unpaid interest, if any, to the earlier of the Gaming Law Redemption Date or
the date of the finding of unsuitability or failure to comply; and 
 (B) 100% of the principal amount thereof,
plus accrued and unpaid interest to the earlier of the Gaming Law Redemption Date or the date of the finding of unsuitability or failure to comply; or 
 (ii) such other amount as may be required by applicable Gaming Laws or by order of the applicable Gaming Authority. 
 (b) The Company shall notify the Trustee in writing of any such Disqualified Holder status or redemption as soon as practicable. The Company shall not be responsible for any costs or expenses any such
holder or beneficial owner may incur in connection with its application for a license, qualification or a finding of suitability. Notwithstanding any other provision of this Indenture, immediately upon the imposition of a requirement to dispose of
Notes by a Gaming Authority, such Person shall, to the extent required by applicable Gaming Laws, have no further right (i) to exercise, directly or indirectly, through any trustee, nominee or any other person or entity, any right conferred by
such Notes or (ii) to receive any interest, dividends or any other distributions or payments with respect to 

  
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such Notes or any remuneration in any form with respect to such Notes from the Company or the Trustee, except the redemption price. Additionally, to the extent required by applicable Gaming Laws,
Notes held by a Disqualified Holder shall, so long as held by such Person, be disregarded for the purposes of providing notices, directions, waivers, or other actions and determining the sufficiency of such notices, directions, waivers or actions.

 ARTICLE 4 
 SATISFACTION AND DISCHARGE 
 Section 4.01. Satisfaction and Discharge.
This Indenture shall upon request of the Company contained in an Officers’ Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and (y) Notes
for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 5.04(d)) have been delivered to the
Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered to Noteholders, as applicable, after the Notes have become due and payable, whether at the Maturity Date, any Gaming Law Redemption Date, any Fundamental
Change Repurchase Date, upon conversion or otherwise, cash sufficient to pay all of the outstanding Notes (or in the case of conversions, shares of Common Stock and cash for payments in lieu of fractional shares sufficient to satisfy the Conversion
Obligation) and all other sums due payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee 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. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 8.06 shall survive.

 ARTICLE 5 
 PARTICULAR COVENANTS OF THE COMPANY 
 Section 5.01. Payment of Principal,
Interest and Additional Interest. The Company covenants and agrees that it will cause to be paid the principal of (including the Fundamental Change Repurchase Price), and accrued and unpaid interest and Additional Interest, if any, on each of
the Notes at the places, at the respective times and in the manner provided herein and in the Notes. 
 Section 5.02.
Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, New York City, an office or agency where the Notes in certificated form may be surrendered for registration of transfer or exchange or for presentation
for payment or repurchase (“Paying Agent”) or for conversion (“Conversion Agent”). Except for the surrender or presentation of Notes in certificated form as described in the preceding sentence, the Corporate Trust
Office will be the office where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency maintained in the Borough of Manhattan, New York City. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office. 
 The Company may also from time to time
designate co-registrars, one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission
shall in any 

  
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manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, New York City, to facilitate the surrender or presentation of Notes in certificated form.
The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include any
such additional or other offices or agencies, as applicable. 
 The Company hereby initially designates the Trustee as the
Paying Agent, Note Registrar, Custodian and Conversion Agent. 
 Section 5.03. 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 8.10, a Trustee, so that there shall at all times be a Trustee hereunder.

 Section 5.04. Provisions as to Paying Agent. 

(a) If the Company shall appoint a Paying Agent other than the Trustee, the Company 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 provisions of this Section 5.04: 
 (i) that it will hold all sums held by it as such agent for the payment of the principal of and accrued and unpaid interest and Additional Interest, if any, on the Notes in trust for the benefit of the
holders of the Notes; 
 (ii) that it will give the Trustee prompt notice of any failure by the Company to make
any payment of the principal of and accrued and unpaid interest and Additional Interest, if any, on the Notes when the same shall be due and payable; and 
 (iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust. 

The Company shall, on or before each due date of the principal of (including the Fundamental Change Repurchase Price), or accrued and
unpaid interest or Additional Interest, if any, on the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price), or accrued and unpaid interest or Additional Interest, if any,
and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00
a.m., New York City time, on such date. 
 (b) If the Company shall act as its own Paying Agent, it will, on or before each due
date of the principal of (including the Fundamental Change Repurchase Price), accrued and unpaid interest and Additional Interest, if any, on the Notes, set aside, segregate and hold in trust for the benefit of the holders of the Notes a sum
sufficient to pay such principal (including the Fundamental Change Repurchase Price), accrued and unpaid interest and Additional Interest, if any, so becoming due and will promptly notify the Trustee in writing of any failure to take such action and
of any failure by the Company to make any payment of the principal of (including the Fundamental Change Repurchase Price), accrued and unpaid interest and Additional Interest, if any, on the Notes when the same shall become due and payable.

 (c) Anything in this Section 5.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture, or for any other 

  
 25 

 
reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying Agent hereunder as required by this Section 5.04, such sums to be held by the Trustee upon
the trusts herein contained, and upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability with respect to such sums. 

(d) Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of
(including the Fundamental Change Repurchase Price), accrued and unpaid interest and Additional Interest, if any, on any Note and remaining unclaimed for two years after such principal (including the Fundamental Change Repurchase Price), interest or
Additional Interest has become due and payable shall be paid to the Company on request of the Company contained in an Officers’ Certificate, or (if then held by the Company) shall be discharged from such trust; and the holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in The Borough of Manhattan, New York City, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty days
from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

Section 5.05. Existence. Subject to Article 12, the Company will do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence. 
 Section 5.06. Rule 144A Information Requirement and Annual
Reports. 
 (a) At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so
long as any of the Notes or any shares of Common Stock issuable upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly furnish to the Trustee
and shall, upon written request, provide to any holder, beneficial owner or prospective purchaser of such Notes or any shares of Common Stock issued upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant to Rule 144A under the Securities Act. The Company shall take such further action as any holder or beneficial owner of such Notes or such Common Stock
may reasonably request to the extent required from time to time to enable such holder or beneficial holder to sell such Notes or shares of Common Stock in accordance with Rule 144A under the Securities Act, as such rule may be amended from time to
time. 
 (b) The Company shall deliver to the Trustee within fifteen days after the same is required to be filed with the
Commission, copies of the quarterly and annual reports and of the information, documents and other reports, if any, that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (giving effect to
any grace period provided by Rule 12b-25 under the Exchange Act), and the Company shall otherwise comply with the requirements of Trust Indenture Act Section 314(a). Any such report, information or document that the Company files with the
Commission through the Commission’s EDGAR database shall be deemed furnished to the Trustee for purposes of this Section 5.06(a) at the time of such filing through the EDGAR database. 

  
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 (c) Delivery of the reports, information and documents described in clause (b) above to
the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officers’ Certificate). 
 (d) If, at any time during the six-month period beginning on, and including, the date that is six months after the date of the last original issuance of the Initial Notes the Company fails to timely file
any document or report that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than current reports on Form 8-K), or the Notes are not otherwise freely tradable by
holders other than the Company’s Affiliates (as a result of restrictions pursuant to U.S. securities law or the terms of this Indenture or the Notes), the Company shall pay Additional Interest on the Notes. Such Additional Interest will accrue
on the Notes at an annual rate of 0.50% per annum of the principal amount of Notes outstanding for each day during such period for which the Company’s failure to file continues. 

(e) If, at any time after the 365th day after the date of the last original issuance of the Initial Notes the Notes are not freely
tradable pursuant to Rule 144 without volume restrictions by holders other than the Company’s Affiliates (without restrictions pursuant to U.S. securities law or the terms of this Indenture or the Notes), the Company shall pay Additional
Interest on the Notes. Such Additional Interest will accrue on the Notes at an annual rate of 0.50% per annum of the principal amount of Notes outstanding for each day after the 365th day after the date of the last original issuance of the
Initial Notes until the Notes are freely tradable pursuant to Rule 144 without volume restrictions by holders other than the Company’s Affiliates (without restrictions pursuant to U.S. securities law or the terms of this Indenture or the
Notes). 
 (f) Additional Interest payable in accordance with Section 5.06(d) or (e) will be payable in arrears on
each Interest Payment Date following accrual in the same manner as regular interest on the Notes. 
 Section 5.07. Stay,
Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law
or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or
the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 5.08. Compliance Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each Fiscal Year (beginning with the Fiscal Year
ending on December 31, 2011) an Officers’ Certificate stating whether or not the signer thereof has knowledge of any failure by the Company to comply with all conditions and covenants then required to be performed under this Indenture and,
if so, specifying each such failure and the nature thereof. 
 In addition, the Company shall deliver to the Trustee, as soon as
possible, and in any event within thirty days after the Company becomes aware of the occurrence of any Event of Default or Default, an Officers’ Certificate setting forth the details of such Event of Default or Default, its status and the
action that the Company proposes to take with respect thereto. 

  
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 Section 5.09. Guarantee. 

(a) The Company shall (i) cause each Subsidiary of the Company that is a guarantor of Reference Debt to become, on the Issue Date or,
if such Subsidiary was not a guarantor of Reference Debt as of the Issue Date but thereafter becomes a guarantor of Reference Debt (whether or not such Subsidiary is acquired or created after the Issue Date) and is wholly-owned, directly or
indirectly, by the Company (a “Wholly-Owned Subsidiary”), at the time such Wholly-Owned Subsidiary guarantees any Reference Debt, a guarantor of the obligations of the Company under this Indenture and the Notes by executing this
Indenture (directly, by supplemental indenture or by a joinder agreement, a form of which is attached hereto as Exhibit E) as a Subsidiary Guarantor or by executing a Guarantee in substantially the form of Article 17 hereof; provided
that the provision of a Guarantee by a Wholly-Owned Subsidiary after the Issue Date shall be subject to compliance with any applicable Gaming Laws and the Company agrees that (subject to Section 5.09(b)) it shall not have any such
Wholly-Owned Subsidiary become a guarantor of Reference Debt unless it is permitted to give such Guarantee under applicable Gaming Laws); and (ii) deliver to the Trustee an Opinion of Counsel that such Guarantee is the valid, binding and
enforceable obligation of such Subsidiary Guarantor, subject to customary exceptions for bankruptcy, fraudulent transfer and equitable principles. 
 (b) The actions set forth in Section 5.09(a) hereof shall be taken within 10 days of the time on which any Person is required to become a Subsidiary Guarantor pursuant to such Section 5.09(a),
provided that if such Person is not permitted to give a Guarantee under applicable Gaming Laws, then, such 10-day period shall be extended as long as necessary for the Company to, and the Company shall continue to use reasonable best efforts
to, obtain the requisite consents for such Guarantee from the applicable Gaming Authority. If any Subsidiary Guarantor no longer guarantees any Reference Debt at any time, then such Subsidiary Guarantor shall be released from its obligations under
its Guarantee, and the Trustee shall execute any documents reasonably required in order to evidence the release of such Subsidiary Guarantor from its obligations under its Guarantee upon delivery by the Company to the Trustee of an Officers’
Certificate or an Opinion of Counsel to the effect that such conditions to release such Guarantee have been satisfied. 
 (c)
The Company will not permit any Wholly-Owned Subsidiary to guarantee any Reference Debt (whether or not such Subsidiary is acquired or created after the Issue Date) without making effective provision for such Wholly-Owned Subsidiary to become a
Subsidiary Guarantor under this Indenture. 
 Section 5.10. Further Instruments and Acts. Upon request of the
Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

ARTICLE 6 
 LISTS
OF NOTEHOLDERS AND REPORTS BY 
 THE COMPANY AND THE TRUSTEE 

Section 6.01. Lists of Noteholders. The Company covenants and agrees that it will furnish or cause to be furnished to the
Trustee, semi-annually, not more than fifteen days after each April 1 and October 1 in each year, beginning with October 1, 2011, and at such other times as the Trustee may request in writing, within thirty days after receipt by the
Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and
addresses of the Noteholders as of a date not more than fifteen days (or such other date as the Trustee may 

  
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reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note
Registrar. 
 Section 6.02. 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
Noteholders contained in the most recent list furnished to it as provided in Section 6.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in
Section 6.01 upon receipt of a new list so furnished. 
 (b) The rights of Noteholders to communicate with other
Noteholders with respect to their rights under this Indenture or under the Notes and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 

(c) Every holder of a Note, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Noteholders made pursuant to the Trust Indenture Act. 

Section 6.03. Reports by Trustee. 
 (a) The Trustee shall transmit to holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each April 15 following the date of this Indenture, deliver to holders a brief report, dated as of such
April 15, that complies with the provisions of such Section 313(a). 
 (b) A copy of each such report shall, at the
time of such transmission to Noteholders, be filed by the Trustee with each stock exchange and automated quotation system upon which the Notes are listed and with the Company. The Company will notify the Trustee in writing within a reasonable time
when the Notes are listed on any stock exchange or automated quotation system and when any such listing is discontinued. 

ARTICLE 7 

DEFAULTS AND REMEDIES 
 Section 7.01. Events of Default. Each of the following shall be an “Event of Default”: 
 (a) default in the payment in respect of the principal of any Note at its maturity, upon required repurchase, upon declaration of acceleration or otherwise; 

(b) default in the payment of any interest (including any Additional Interest) upon any Note when it becomes due and payable, and
continuance of such default for a period of 30 days; 
 (c) default in the performance, or breach, of any covenant or agreement
by the Company or any Subsidiary Guarantor in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (a), (b), (f) or (g) of this Section 7.01), and
continuance of such default or breach for a period of 60 days after written notice thereof has 

  
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been given to the Company by the Trustee or to the Company and the Trustee by the holders of at least 25% in aggregate principal amount of the outstanding Notes; 

(d) a default or defaults under any bonds, debentures, notes or other evidences of indebtedness (other than the Notes) by the Company or
any Subsidiary Guarantors having, individually or in the aggregate, a principal or similar amount outstanding of at least $250.0 million, whether such indebtedness now exists or shall hereafter be created, which default or defaults shall have
resulted in the acceleration of the maturity of such indebtedness prior to its express maturity or shall constitute a failure to pay at least $250.0 million of such indebtedness when due and payable after the expiration of any applicable grace
period with respect thereto; 
 (e) the entry against the Company or any Subsidiary Guarantors of a final judgment or final
judgments for the payment of money in an aggregate amount in excess of $100.0 million, by a court or courts of competent jurisdiction, which judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive
days after written notice thereof has been given to the Company by the Trustee or to the Trustee and the Company by the holders of at least 25% in aggregate principal amount of the Notes then outstanding; 

(f) the failure to comply with the obligations to convert the Notes into Common Stock upon exercise of a holder’s conversion right;
provided, however, that any Settlement Extension permitted under the terms of this Indenture shall not constitute such a failure; 
 (g) the failure to timely issue a Fundamental Change Company Notice in accordance with Section 16.02(b); 
 (h) the Guarantee of any Subsidiary Guarantors shall for any reason cease to be in full force and effect or be declared null and void, in each case for a period of 15 calendar days after such Subsidiary
Guarantor receives, or the Company receives, notice of such cessation or declaration or any responsible officer of any such Subsidiary Guarantor denies that it has any further liability under its Guarantee or gives notice to such effect, other than
by reason of the termination of this Indenture or the release of any such Guarantee in accordance with the terms of this Indenture; or 
 (i) (i) the Company or any Subsidiary Guarantor, pursuant to or within the meaning of any Bankruptcy Law: 
 (a) commences a voluntary case, 
 (b) consents to the entry of an
order for relief against it in an involuntary case, 
 (c) consents to the appointment of a custodian of it or
for all or substantially all of its property, 
 (d) makes a general assignment for the benefit of its creditors,
or 
 (e) generally is not paying its debts as they become due; or 

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

  
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 (a) is for relief against the Company or any Subsidiary Guarantor in an
involuntary case; 
 (b) appoints a Custodian of the Company or any Subsidiary Guarantor for all or substantially
all of the property of the Company or any Subsidiary Guarantor; or 
 (c) orders the liquidation of the Company
or any Subsidiary Guarantor and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 7.02. Acceleration. In case one or more Events of Default shall have occurred and be continuing (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body),
then, and in each and every such case (other than an Event of Default specified in Section 7.01(i) with respect to the Company (and not solely with respect to a Subsidiary Guarantor of the Company), unless the principal of all of the Notes
shall have already become due and payable (or waived), either the Trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding, by notice in writing to the Company (and to the Trustee if given by Noteholders),
may declare 100% of the principal of and accrued and unpaid interest and accrued and unpaid Additional Interest, if any, on all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall automatically
be immediately due and payable, anything in this Indenture or in the Notes contained to the contrary notwithstanding. 
 If an
Event of Default specified in Section 7.01(i) with respect to the Company (and not solely with respect to a Subsidiary Guarantor of the Company) occurs and is continuing, the principal of all the Notes and accrued and unpaid interest and
accrued and unpaid Additional Interest, if any, shall be immediately due and payable. This provision, however, is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable, and before
any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest and
accrued and unpaid Additional Interest, if any, upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest and accrued and
unpaid Additional Interest, if any (to the extent that payment of such interest is enforceable under applicable law), and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 8.06,
and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all Events of Defaults under this Indenture, other than the nonpayment of principal of and accrued and unpaid
interest and accrued and unpaid Additional Interest, if any, on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 7.07, then and in every such case the holders of a majority in
aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes (other than a Default or an Event of Default resulting from a
failure to repurchase any Notes when required upon a Fundamental Change or a failure to deliver, upon conversion, shares of Common Stock due upon conversion) and rescind and annul such declaration and its consequences (other than a declaration or
consequences, as the case may be, resulting from a failure to repurchase any Notes when required upon a Fundamental Change or a failure to deliver, upon conversion, shares of Common Stock due upon conversion) and such Default (other than a Default
resulting from a failure to repurchase any Notes when required upon a Fundamental Change or a failure to deliver, upon conversion, shares of Common Stock due upon conversion) shall cease to exist, and any Event of Default arising therefrom (other
than a Default resulting from a failure to repurchase any Notes when required upon a Fundamental 

  
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Change or a failure to deliver, upon conversion, shares of Common Stock due upon conversion) shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or
rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. 
 Notwithstanding any other provision of this Indenture or the Notes, no Settlement Extension through the Maximum Extension Date as permitted under Section 15.11 shall constitute an Event of Default.
Further, for so long as a Credit Facility Default shall continue following the Maximum Extension Date in respect of any Affected Notes and delivery of the Conversion Obligation in respect of such Affected Notes would, as a result, constitute a
breach of the Credit Facility, the Notes shall not be subject to acceleration pursuant to this Section 7.02 unless the aggregate principal amount of Notes that has been tendered for conversion at any such time exceeds $50 million. 

Section 7.03. Additional Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary (except as
provided in Section 5.06(d) or 5.06(e)), if the Company so elects, the sole remedy of Noteholders for an Event of Default relating to any obligation to file reports as required under Section 5.06(a) or (b) shall, for the first 365
days after the occurrence of such an Event of Default (which will be the 60th day after written notice is provided to the Company in accordance with Section 7.01(c)), consist exclusively of the right to receive Additional Interest on the Notes
at an annual rate equal to (x) 0.25% of the outstanding principal amount of the Notes for the first 180 days an Event of Default is continuing in such 365-day period and (y) 0.50% of the outstanding principal amount of the Notes for the
remaining 185 days an Event of Default is continuing in such 365-day period. Additional Interest shall be payable in arrears on each Interest Payment Date following the occurrence of such Event of Default in the same manner as regular interest on
the Notes. The Company may elect to pay Additional Interest as the sole remedy under this Section 7.03 by giving notice to the holders, the Trustee and Paying Agent of such election, and make the notice available on the website of the Company,
on or before the close of business on the 5th Business Day after the date on which such Event of Default otherwise would occur. If the Company fails to timely give such notice or pay Additional Interest, the Notes will be immediately subject to
acceleration as provided in Section 7.02. On the 366th day after such Event of Default (if such violation is not cured or waived prior to such 366th day), the Notes will be subject to acceleration as provided in Section 7.02. This
Section 7.03 shall not affect the rights of the Noteholders in the event of the occurrence of any other Event of Default. In the event the Company does not elect to pay Additional Interest upon an Event of Default in accordance with this
Section, the Notes will be subject to acceleration as provided in Section 7.02. Whenever in this Indenture there is mentioned, in any context, the payment of interest on, or in respect of, any Note, such mention shall be deemed to include
mention of the payment of “Additional Interest” provided for in this Section 7.03 and Sections 5.06(d) and 5.06(e) to the extent that, in such context, Additional Interest is, was or would be payable in respect thereof pursuant to the
provisions of such sections, and express mention of the payment of Additional Interest (if applicable) in any provision shall not be construed as excluding Additional Interest in those provisions where such express mention is not made. For the
avoidance of doubt, Additional Interest payable under this Section 7.03 is in addition to, and not in lieu of, Additional Interest payable under Section 5.06; provided, however, that in no event shall Additional Interest
accrue at a rate exceeding 0.50% per annum in the aggregate during the period beginning on, and including, the date that is six months after the date of the last original issuance of the Initial Notes, through the date that is 365 days after
the date of the last original issuance of the Initial Notes. 
 Section 7.04. Payments of Notes on Default; Suit
Therefor. If an Event of Default under clause (a) or (b) of Section 7.01 shall have occurred and be continuing, the Company shall, upon demand of the Trustee, pay to it, for the benefit of the holders of the Notes, the whole
amount then due and payable on the Notes for principal and interest and Additional Interest, if any, with interest on any 

  
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overdue principal, interest and Additional Interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts
due to the Trustee under Section 8.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums
so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the monies adjudged or decreed to be payable in the manner provided by law out
of the property of the Company or any other obligor upon the Notes, wherever situated. 
 In the event there shall be pending
proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under any Bankruptcy Law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon
the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand pursuant to the provisions of this Section 7.04, 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 accrued and unpaid interest and accrued and unpaid Additional Interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other
actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Noteholders
allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and
to distribute the same after the deduction of any amounts due the Trustee under Section 8.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the
Noteholders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Noteholders, to pay to the Trustee any amount due it for reasonable
compensation, expenses, advances and disbursements, including agent’s and counsel fees, and including any other amounts due to the Trustee under Section 8.06 hereof, incurred by it up to the date of such distribution. To the extent that
such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all
distributions, dividends, monies, securities and other property that the holders of the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Noteholder or the rights of any Noteholder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such proceeding.

 All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee
without the possession of any of the Notes, 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, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the holders of the Notes. 

  
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 In any proceedings brought by the Trustee (and in 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 Notes, and it shall not be necessary to make any holders of the Notes parties to any such
proceedings. 
 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 waiver or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Noteholders, and the Trustee shall,
subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Noteholders, and the Trustee shall continue as though no such
proceeding had been instituted. 
 Section 7.05. Application of Monies Collected by Trustee. Any monies collected by
the Trustee pursuant to this Article 7 with respect to the Notes shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon the
payment, if only partially paid, and upon surrender thereof, if fully paid: 
 First, to the payment of all
amounts due the Trustee under Section 8.06; 
 Second, in case the principal of the outstanding Notes shall
not have become due and be unpaid, to the payment of interest on the Notes, including Additional Interest, if any, in default in the order of the date due of the installments of such interest, with interest (to the extent that such interest has been
collected by the Trustee) upon the overdue installments of interest at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto; 

Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to
the payment of the whole amount including the payment of the Fundamental Change Repurchase Price then owing and unpaid upon the Notes for principal and interest, including Additional Interest, if any, with interest on the overdue principal and (to
the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon
the Notes, then to the payment of such principal and interest without preference or priority of principal over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any Note over any
other Note, ratably to the aggregate of such principal and accrued and unpaid interest, and Additional Interest, if any; and 
 Fourth, to the payment of the remainder, if any, to the Company. 

Section 7.06. Proceedings by Noteholders. No holder of any Note shall have any right by virtue of or by availing itself of
any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for
any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided; (ii) the holders of not less than 25% in
aggregate principal amount of the Notes then outstanding shall have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holders shall have offered to the Trustee such
security or indemnity reasonably satisfactory to it against any loss, liability or expense to be incurred therein or thereby; (iv) the Trustee for sixty days after its receipt of such notice, request and

  
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offer of security or indemnity, shall have neglected or refused to institute any such action, suit or proceeding and (v) no direction that, in the opinion of the Trustee, is inconsistent
with such written request shall have been given to the Trustee by the holders of a majority in principal amount of the Notes outstanding within such sixty-day period pursuant to Section 7.09; it being understood and intended, and being
expressly covenanted by the taker and holder of every Note with every other taker and holder and the Trustee that no one or more Noteholders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture
to affect, disturb or prejudice the rights of any other Noteholder, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the
equal, ratable and common benefit of all Noteholders (except as otherwise provided herein). For the protection and enforcement of this Section 7.06, each and every Noteholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity. 
 Notwithstanding any other provision of this Indenture, except for restrictions imposed by Gaming
Laws or Gaming Authorities on payments by entities holding Gaming Licenses, and any provision of any Note (except as provided in clause (ii) below), the right of any Noteholder (i) to receive payment of the principal of (including the
Fundamental Change Repurchase Price upon repurchase pursuant to Section 16.02), and accrued and unpaid interest and accrued and unpaid Additional Interest, if any, on such Note, on or after the respective due dates expressed or provided for in
such Note or in this Indenture; (ii) to receive the Conversion Obligation upon conversion (subject to Section 15.11); or (iii) to institute suit for the enforcement of any such payment on or after such respective dates against the
Company shall not be impaired or affected without the consent of such Noteholder. 
 Anything in this Indenture or the Notes to
the contrary notwithstanding, the holder of any Note, without the consent of either the Trustee or the holder of any other Note, in its own behalf and for its own benefit, may enforce, and may institute and maintain any proceeding suitable to
enforce, its rights of conversion as provided herein. 
 Section 7.07. Proceedings by Trustee. In case of an Event
of Default 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 are necessary 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 7.08. Remedies Cumulative and
Continuing. Except as provided in the second paragraph of Section 2.07 and Section 7.04, all powers and remedies given by this Article 7 to the Trustee or to the Noteholders shall, to the extent permitted by law (including Gaming
Laws), be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants
and agreements contained in this Indenture, and no delay or omission of the Trustee or of any holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be
construed to be a waiver of any such Default or any acquiescence therein; and, subject to the provisions of Section 7.06, every power and remedy given by this Article 7 or by law to the Trustee or to the Noteholders may be exercised from time
to time, and as often as shall be deemed expedient, by the Trustee or by the Noteholders. 
 Section 7.09. Direction of
Proceedings and Waiver of Defaults by Majority of Noteholders. The holders of a majority in aggregate principal amount of the Notes at the time outstanding 

  
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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 Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law (including Gaming Laws) or with this Indenture, and (b) the Trustee may take any other action deemed proper by the
Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal liability. The holders of a
majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences except (i) a default in the payment of
accrued and unpaid interest or accrued and unpaid Additional Interest, if any, on, or the principal (including any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section 7.01,
(ii) a failure by the Company to redeem any Notes when required; (iii) a failure by the Company to deliver shares of Common Stock upon conversion of the Notes or (iv) a default in respect of a covenant or provision hereof which under
Article 11 cannot be modified or amended without the consent of each holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the holders of the Notes shall be restored to their former positions and rights hereunder;
but no 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 7.09, said
Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereon. 
 Section 7.10. Notice of Defaults. The Trustee shall, within ninety days after the occurrence
and continuance of a Default of which a Responsible Officer has actual knowledge, mail to all Noteholders as the names and addresses of such holders appear upon the Note Register, notice of all Defaults known to a Responsible Officer, unless such
Defaults shall have been cured or waived before the giving of such notice; and provided that, except in the case of a Default in the payment of the principal of, accrued and unpaid interest or accrued and unpaid Additional Interest, if any,
on any of the Notes, including without limiting the generality of the foregoing any Default in the payment of any Fundamental Change Repurchase Price, then in any such event the Trustee shall be protected in withholding such notice if and so long as
a committee of Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Noteholders. 
 Section 7.11. Undertaking to Pay Costs. All parties to this Indenture agree, and each holder of any Note by its 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; provided that the provisions of this Section 7.11 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Noteholder, or group
of Noteholders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding, or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of accrued and unpaid interest or
accrued and unpaid Additional Interest, if any, on any Note (including, but not limited to, the Fundamental Change Repurchase Price with respect to the Notes being repurchased as provided in this Indenture) on or after the due date expressed or
provided for in such Note or to any suit for the enforcement of the right to convert any Note in accordance with the provisions of Article 15. 

  
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 ARTICLE 8 
 CONCERNING THE TRUSTEE 
 Section 8.01. Duties and Responsibilities of
Trustee. The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture. In case an Event of Default 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; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the
rights or powers under this Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee reasonable indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities that
might be incurred by it in compliance with such request or direction. 
 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 and after the curing or waiving of all Events of Default that may have occurred: 

(i) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and,
after it has been qualified thereunder, the Trust Indenture Act, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations
shall be read into this Indenture and the Trust Indenture Act against the Trustee; and 
 (ii) in the absence of
bad faith and willful misconduct 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 that by any provisions 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 to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein); 

(b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer 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 holders of not less than a majority in principal amount of the Notes at the time outstanding 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; 

  
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 (d) whether or not therein provided, every provision of this Indenture relating to the
conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section; 
 (e) the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any
Paying Agent or any records maintained by any co-registrar with respect to the Notes; 
 (f) if any party fails to deliver a
notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless any
Responsible Officer of the Trustee had actual knowledge of such event; 
 (g) in the absence of written investment direction
from the Company, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred
as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written
investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; 

(h) in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent or transfer agent
hereunder, the rights and protections afforded to the Trustee pursuant to this Article 8 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent or transfer agent; 

(i) 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; and 

(j) the Trustee shall cooperate and comply with any order or directive of a Gaming Authority in connection with this Indenture or the
Notes, including that the Trustee submit an application for any license, finding of suitability or other approval pursuant to any Gaming Laws (unless the Trustee shall have submitted its resignation) and will cooperate fully and completely in any
proceeding related to such application; provided the Company agrees to prepare (or cause the Subsidiary Guarantors to prepare) all documentation in connection with any such order, directive, application and proceeding and to reimburse the
Trustee for all costs and expenses incurred by it in connection therewith. 
 Section 8.02. Reliance on Documents,
Opinions, Etc. Except as otherwise provided in Section 8.01: 
 (a) the Trustee may conclusively rely and shall be
fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, Note, coupon 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 

  
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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 and require an opinion of counsel and any advice of such counsel or Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken 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 Noteholders pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred
therein or thereby; 
 (e) 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, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense
of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
 (f) the Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any
agent, custodian, nominee or attorney appointed by it with due care hereunder; and 
 (g) the permissive rights of the Trustee
enumerated herein shall not be construed as duties. 
 In no event shall the Trustee be liable for any consequential loss or
damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action other than any such loss or damage caused by the
Trustee’s willful misconduct or gross negligence. The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, 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 a Responsible Officer of the Trustee by the Company or by any holder of the Notes. 

Section 8.03. No Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the
Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

 Section 8.04. Trustee, Paying Agents, Conversion Agents or Registrar May Own Notes. The Trustee, any Paying
Agent, any Conversion Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent or Note Registrar.

  
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 Section 8.05. Monies to Be Held in Trust. All monies received by the Trustee
shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder except as may be agreed from time to time by the Company and the Trustee. 
 Section 8.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation for
all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the
Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder
(including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its negligence or
willful misconduct. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them
harmless against, any loss, claim, damage, liability or expense incurred without negligence or willful misconduct on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be,
and arising out of or in connection with the acceptance or administration of this trust or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations of
the Company under this Section 8.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all
money or property held or collected by the Trustee, except, subject to the effect of Section 7.05, funds held in trust herewith for the benefit of the holders of particular Notes. The Trustee’s right to receive payment of any amounts due
under this Section 8.06 shall not be subordinate to any other liability or indebtedness of the Company (even though the Notes may be so subordinated). The obligation of the Company under this Section 8.06 shall survive the satisfaction and
discharge of this Indenture and the earlier resignation or removal or the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this
Section 8.06 shall extend to the officers, directors, agents and employees of the Trustee and shall survive the termination of this Indenture and the resignation or removal of the Trustee. 

Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any
authenticating agent incur expenses or render services after an Event of Default specified in Section 7.01(g) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy,
insolvency or similar laws. 
 Section 8.07. Officers’ Certificate as Evidence. Except as otherwise provided in
Section 8.01, 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 and 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 Officers’ Certificate, in the absence of negligence, willful misconduct and 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. 

  
 40 

 Section 8.08. Conflicting Interests of Trustee. After qualification of this
Indenture under the Trust Indenture Act, if the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either (a) eliminate such interest within ninety days, (b) apply to the
Commission for permission to continue as Trustee or (c) resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 

Section 8.09. Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or
examining authority, then for the purposes of this Section, 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 the
Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 8.10. Resignation or Removal of Trustee. Subject to compliance with applicable Gaming Laws: 

(a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof to the
Noteholders at their addresses as they shall appear on the Note Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of
Directors of the Company, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within sixty days after the
mailing of such notice of resignation to the Noteholders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the Noteholders, petition any court of competent jurisdiction for the appointment of a successor trustee, or
any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, subject to the provisions of Section 7.11, on behalf of himself and all others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) In case at any time any of the following shall occur: 
 (i) the
Trustee shall fail to comply with Section 8.08 within a reasonable time after written request therefor by the Company or by any Noteholder who has been a bona fide holder of a Note or Notes for at least six months, or 

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.09 and shall fail to
resign after written request therefor by the Company or by any such Noteholder, or 
 (iii) the Trustee shall
become incapable of acting, or shall be adjudged a 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 by a Board Resolution remove the Trustee and
appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors of the Company, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the

  
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successor trustee, or, subject to the provisions of Section 7.11, any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, on behalf of himself 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) The holders of a majority in aggregate principal amount of the Notes at the time
outstanding, as determined in accordance with Section 9.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such
nomination the Company objects thereto, in which case the Trustee so removed or any Noteholder, upon the terms and conditions and otherwise as in Section 8.10(a) provided, may petition any court of competent jurisdiction for an appointment of a
successor trustee. 
 (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of
the provisions of this Section 8.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.11. 
 Section 8.11. Acceptance by Successor Trustee. Subject to compliance with applicable Gaming Laws, any successor trustee appointed as provided in Section 8.10 shall execute, acknowledge
and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written request of the Company or of
the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 8.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of
the trustee so ceasing to act. 
 Upon request of any such successor trustee, the Company shall execute any and all instruments
in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which the Notes are hereby made subordinate on all money
or property held or collected by such trustee as such, except for funds held in trust for the benefit of holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 8.06. 

No successor trustee shall accept appointment as provided in this Section 8.11 unless at the time of such acceptance such successor
trustee shall be qualified under the provisions of Section 8.08 and be eligible under the provisions of Section 8.09. 

Upon acceptance of appointment by a successor trustee as provided in this Section 8.11, each of the Company and the successor
trustee, at the written direction and at the expense of the Company, shall mail or cause to be mailed notice of the succession of such trustee hereunder to the Noteholders at their addresses as they shall appear on the Note Register. If the Company
fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company. 

Section 8.12. Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the
corporate trust business of the 

  
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Trustee (including the administration of this Indenture), shall be the successor to 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 in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee, such corporation or other entity shall be qualified under the provisions of
Section 8.08 and eligible under the provisions of Section 8.09. 
 In case at the time such successor to the Trustee
shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent
appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee
may authenticate such Notes either in the name of any predecessor trustee 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 Notes 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 to authenticate Notes in the name of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or consolidation. 
 Section 8.13. Limitation on Rights
of Trustee as Creditor. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), after qualification under the Trust Indenture Act, the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of the claims against the Company (or any such other obligor). 
 Section 8.14.
Trustee’s Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that
affects the rights of the holders of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such
action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such
application (which date shall not be less than three Business Days after the date any officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have
consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such
application specifying the action to be taken or omitted. 
 Section 8.15. Reports by Trustee to Gaming Authorities.

 (a) The Trustee shall provide any Gaming Authority upon its or the Company’s request with (in the case of any Gaming
Authority, to the address set forth in such request or as otherwise directed in such request, and in the case of the Company, as provided in Section 18.03 of this Indenture): 

(i) copies of all notices, reports and other written communications which the Trustee gives to Noteholders; 

(ii) a list of Noteholders promptly after the original issuance of the Notes, eight months and two months prior to the
expiration date of each then-current Gaming License held by the Company or its Subsidiaries, and upon demand; 

  
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 (iii) notice of any Event of Default or of any Default, any acceleration of
the indebtedness evidenced hereby, the institution of any legal actions or proceedings before any court or governmental authority in respect of this Indenture or the Notes and any rescission, annulment or waiver in respect of an Event of Default;

 (iv) notice of the removal or resignation of the Trustee within five Business Days thereof; 

(v) notice of any transfer or assignment of rights under this Indenture (but no transfers or assignments of the Notes)
within five Business Days thereof; and 
 (vi) a copy of any amendment to the Notes or this Indenture within five
Business Days of the effectiveness thereof. 
 The notice specified in clause (iii) above shall be in writing and, except
as set forth below, shall be given within five Business Days after the Trustee has transmitted the notice required by Section 7.10 hereof. In the case of any notice in respect of any Event of Default, such Notice shall be accompanied by a copy
of any notice from the Noteholders, or a representative thereof or the Trustee, to the Company and, if accompanied by any such notice to the Company, shall be given simultaneously with the giving of any such notice to the Company. In the case of any
legal actions or proceedings, such notice shall be accompanied by a copy of the complaint or other initial pleading or document. 
 The Company shall advise the Trustee in writing of the expiration date of any then-current Gaming License held by the Company or its Subsidiaries at least nine months prior to the expiration thereof and
the Trustee until so advised may assume that such Gaming License has not expired. 
 (b) The Trustee shall cooperate with the
Company and any Gaming Authority in providing information and documentation relating to the Notes or the Noteholders to such Gaming Authority pursuant to applicable Gaming Laws. 

ARTICLE 9 

CONCERNING THE NOTEHOLDERS 
 Section 9.01. Action by Noteholders. Whenever in this Indenture it is provided that the holders of a specified percentage in aggregate principal amount of the Notes 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 Noteholders in person or by agent or proxy appointed in writing, or (b) by the record of the Noteholders voting in favor thereof at any meeting of
Noteholders duly called and held in accordance with the provisions of Article 10, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Noteholders. Whenever the Company or the Trustee solicits the
taking of any action by the holders of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Noteholders entitled to take such action. The record date
if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action. 

Section 9.02. Proof of Execution by Noteholders. Subject to the provisions of Section 8.01, Section 8.02 and
Section 10.05, proof of the execution of any instrument by a Noteholder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as 

  
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may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar.
The record of any Noteholders’ meeting shall be proved in the manner provided in Section 10.06. 
 Section 9.03.
Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and
may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of
receiving payment of or on account of the principal of and (subject to Section 2.03) accrued and unpaid interest and accrued and unpaid Additional Interest, if any, on such Note, for conversion of such Note and for all other purposes; and
neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments so made to any holder for the time being, or upon its order, shall be valid
and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder
of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such holder’s right to exchange such
beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture. 
 Section 9.04.
Company-Owned Notes Disregarded. In determining whether the holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the
Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company 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, waiver or other action only Notes that a Responsible Officer knows are so owned shall be so disregarded. Notes so owned that
have been pledged in good faith may be regarded as outstanding for the purposes of this Section 9.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the
pledgee is not the Company or a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company. 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. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or
for the account of any of the above described Persons; and, subject to Section 8.01, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes
not listed therein are outstanding for the purpose of any such determination. 
 Section 9.05. Revocation of Consents;
Future Noteholders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 9.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Notes specified in
this Indenture in connection with such action, any holder of a Note that is shown by the evidence to be included in the Notes the holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust
Office and upon proof of holding as provided in Section 9.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken by the holder of any Note shall be conclusive and binding upon such holder and upon all
future holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of 

  
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whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of transfer thereof. 

ARTICLE 10 

NOTEHOLDERS’ MEETINGS 
 Section 10.01. Purpose of Meetings. A meeting of Noteholders may be called at any time and from time to time pursuant to the provisions of this Article 10 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 permitted under this
Indenture, or to consent to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Noteholders pursuant to any of the provisions of Article 7; 

(b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 8; 

(c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 11.02; 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 the Notes under any other provision of this Indenture or under applicable law. 
 Section 10.02. Call of
Meetings by Trustee. The Trustee may at any time call a meeting of Noteholders to take any action specified in Section 10.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the
Noteholders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 9.01, shall be mailed to holders of such Notes
at their addresses as they shall appear on the Note Register. Such notice shall also be mailed to the Company. Such notices shall be mailed not less than twenty nor more than ninety days prior to the date fixed for the meeting. 

Any meeting of Noteholders shall be valid without notice if the holders of all Notes then outstanding are present in person or by proxy
or if notice is waived before or after the meeting by the holders of all Notes outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice. 

Section 10.03. Call of Meetings by Company or Noteholders. 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 Notes then outstanding (for the avoidance of doubt, excluding those Notes identified in Section 9.04), shall have requested the Trustee to call a meeting of Noteholders, 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 twenty days after receipt of such request, then the Company or such
Noteholders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 10.01, by mailing notice thereof as provided in Section 10.02. 

Section 10.04. Qualifications for Voting. To be entitled to vote at any meeting of Noteholders a Person shall (a) be a
holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a holder of one or more 

  
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Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Noteholders 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. 
 Section 10.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Noteholders, in
regard to proof of the holding of Notes 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 think fit. 
 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 Noteholders as provided in Section 10.03, in which case the Company or the Noteholders 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 vote of the holders of a majority in principal amount of the Notes represented at the meeting and entitled to vote at the
meeting. 
 Subject to the provisions of Section 9.04, at any meeting of Noteholders each Noteholder or proxyholder shall
be entitled to one vote for each $1,000 principal amount of Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note 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 Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other
Noteholders. Any meeting of Noteholders duly called pursuant to the provisions of Section 10.02 or Section 10.03 may be adjourned from time to time by the holders of a majority of the aggregate principal amount of Notes represented at the
meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

Section 10.06. Voting. The vote upon any resolution submitted to any meeting of Noteholders shall be by written ballot on
which shall be subscribed the signatures of the Noteholders or of their representatives by proxy and the outstanding principal amount of the Notes 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 duplicate of all votes cast at the meeting. A record in duplicate of
the proceedings of each meeting of Noteholders 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 10.02. The record shall show the principal amount of the Notes 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 10.07. No Delay of Rights by Meeting. Nothing
contained in this Article 10 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Noteholders or 

  
 47 

 
any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the
Noteholders under any of the provisions of this Indenture or of the Notes. 
 ARTICLE 11 

SUPPLEMENTAL INDENTURES 
 Section 11.01. Supplemental Indentures Without Consent of Noteholders. The Company and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture
or indentures supplemental hereto for one or more of the following purposes: 
 (a) to cure any ambiguity, omission, defect or
inconsistency in this Indenture or the Notes in a manner that does not adversely affect the rights of any Noteholder; 
 (b) to
conform the terms of the Indenture or the Notes to the Existing Indenture (as it may be amended from time to time in accordance with Section 11.01 of the Existing Indenture); 

(c) to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to Article 12;

 (d) to add guarantees with respect to the Notes; 
 (e) to secure the Notes; 
 (f) to add to the covenants of the Company such further
covenants, restrictions or conditions for the benefit of the Noteholders or surrender any right or power conferred upon the Company; 
 (g) to make any change that does not adversely affect the rights of any holder; 

(h) to appoint a successor Trustee with respect to the Notes; or 

(i) to comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture
Act. 
 Upon the written request of the Company, 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 that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by
the provisions of this Section 11.01 may be executed by the Company and the Trustee without the consent of the holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 11.02. 

The terms of any document entered into pursuant to this Section 11.01 shall be subject to the prior approval, if required, of any
applicable Gaming Authority. 
 Section 11.02. Supplemental Indentures With Consent of Noteholders. With the consent
(evidenced as provided in Article 9) of the holders of at least a majority in aggregate principal 

  
 48 

 
amount of the Notes at the time outstanding (determined in accordance with Article 9 and including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors of the Company, and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the holders of the Notes or
waiving any past default; provided, however, that no such supplemental indenture shall: 
 (a) reduce the
percentage in aggregate principal amount of Notes outstanding necessary to modify or amend this Indenture or to waive any past Default or Event of Default; 
 (b) reduce the rate or extend the stated time for payment of interest, including Additional Interest, on any Note; 
 (c) reduce the principal of, or extend the Maturity Date of, any Note; 
 (d) make
any change that impairs or otherwise adversely affects the conversion rights of any Notes; 
 (e) reduce the Fundamental Change
Repurchase Price of any Note or amend or modify in any manner adverse to the holders of the Notes the Company’s obligation to pay such price, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise;

 (f) make any Note payable in a currency other than that stated in the Note; 

(g) change the ranking of the Notes; 
 (h) impair the right of any holder to receive payment of principal of and interest, including Additional Interest, if any, on such holder’s Notes on or after the due dates therefor or to institute
suit for the enforcement of any payment on or with respect to such holder’s Note; 
 (i) except as expressly permitted by
this Indenture, modify the Guarantee obligations of any Subsidiary Guarantor; or 
 (j) make any change in this Article 11 that
requires each holder’s consent or in the waiver provisions in Section 7.01 or Section 7.09, 
 in each case without the consent
of each holder of an outstanding Note affected. 
 Upon the written request of the Company, and upon the filing with the Trustee
of evidence of the consent of Noteholders as aforesaid and subject to Section 11.05, 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. 

It shall not be necessary for the consent of the Noteholders under this Section 11.02 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. After an amendment under this Indenture becomes effective, the Company shall mail to the holders a notice briefly describing such amendment and
make such notice 

  
 49 

 
available on the website of the Company. However, the failure to give such notice to all the holders, or any defect in the notice, will not impair or affect the validity of the amendment.

 Section 11.03. Effect of Supplemental Indentures. Any supplemental indenture executed pursuant to the provisions
of this Article 11 shall comply with the Trust Indenture Act, as then in effect; provided that this Section 11.03 shall not require such supplemental indenture to be qualified under the Trust Indenture Act prior to the time such
qualification is in fact required under the terms of the Trust Indenture Act or this Indenture has been qualified under the Trust Indenture Act, nor shall any such qualification constitute any admission or acknowledgment by any party to such
supplemental indenture that any such qualification is required prior to the time such qualification is in fact required under the terms of the Trust Indenture Act or this Indenture has been qualified under the Trust Indenture Act. Upon the execution
of any supplemental indenture pursuant to the provisions of this Article 11, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company and the Noteholders 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 11.04. Notation on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 11 may, at the Company’s
expense, bear a notation as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes 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, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to
Section 18.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. 

Section 11.05. Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee. In addition to the documents
required by Section 18.05, the Trustee shall 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 11 and
is permitted or authorized by the Indenture. 
 ARTICLE 12 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 
 Section 12.01. Conditions to Consolidation, Merger, Sale, Conveyance and Lease. Subject to the provisions of Section 12.02, the Company shall not consolidate with, merge with or into, or
convey, transfer or lease all or substantially all of its properties and assets to another Person, unless: 
 (a) the resulting,
surviving or transferee Person (the “Successor Company”), if not the Company, shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the
Successor Company (if not the Company) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under the Notes and this Indenture; and

 (b) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing
under this Indenture. 

  
 50 

 Upon any such consolidation, merger, conveyance, transfer or lease the Successor Company (if
not the Company) shall succeed to, and may exercise every right and power of, the Company under this Indenture. 
 For purposes
of this Section 12.01, the conveyance, transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of the Company to another Person, which properties and assets, if held by the Company instead of such
Subsidiaries, would constitute all or substantially all of the properties and assets of the Company, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company to another Person. 

Section 12.02. Successor Corporation to Be Substituted. In case of any such consolidation, merger, conveyance, transfer or
lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of, accrued and unpaid interest and
accrued and unpaid Additional Interest, if any, on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Company, such Successor Company shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first part. Such Successor Company
thereupon may cause to be signed, and may issue in its own name any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company
instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that such Successor Company
thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance
with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation, merger, conveyance or transfer (but not in the case of a lease), the Person named as the
“Company” in the first paragraph of this Indenture or any successor that shall thereafter have become such in the manner prescribed in this Article 12 may be dissolved, wound up and liquidated at any time thereafter and, except in the case
of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture. 
 In case of any such consolidation, merger, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be
appropriate. 
 Section 12.03. Opinion of Counsel to Be Given to Trustee. The Company shall not effect any merger,
consolidation, conveyance, transfer or lease referred to in Section 12.01 unless the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, conveyance, transfer
or lease and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 12. 

ARTICLE 13 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, 
 OFFICERS AND DIRECTORS 
 Section 13.01. Indenture and Notes Solely
Corporate Obligations. No recourse for the payment of the principal of or accrued and unpaid interest and accrued and unpaid Additional Interest, if 

  
 51 

 
any, on any Note, nor 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 Note, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, officer or director or Subsidiary, as such, past, present or future, of
the Company or of any successor corporation or entity, either directly or through the Company or any successor corporation or entity, 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 issuance of the Notes. 

ARTICLE 14 

[RESERVED] 

ARTICLE 15 

CONVERSION OF NOTES 
 Section 15.01. Conversion Privilege. Upon compliance with the provisions of this Article 15, subject to the provisions of Section 15.11, a Noteholder shall have the right, at such
holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note prior to the close of business on the third Scheduled Trading Day immediately preceding the
Maturity Date at an initial conversion rate (the “Conversion Rate”) of 53.8307 shares of Common Stock (subject to adjustment as provided in Section 15.04 of this Indenture) per $1,000 principal amount of Notes (together with
any cash in lieu of fractional shares pursuant to Section 15.02(j), the “Conversion Obligation”). 

Section 15.02. Conversion Procedure. 
 (a) Subject to this Section 15.02, upon any conversion of any Note, the Company shall deliver to converting Noteholders, in respect of each $1,000 principal amount of Notes being converted, a number
of shares of Common Stock equal to the then-applicable Conversion Rate. 
 (b) Before any holder of a Note shall be entitled to
convert the same as set forth above, such holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to the amount of interest and Additional Interest, if
any, payable on the next Interest Payment Date to which such holder is not entitled as set forth in Section 15.02(h) and, if required, all transfer or similar taxes, if any, and (ii) in the case of a Note issued in certificated form,
(1) complete and manually sign and deliver an irrevocable notice to the Conversion Agent in the form on the reverse of such certificated Note (or a facsimile thereof) (Exhibit B hereto) (a “Notice of Conversion”) at the office
of the Conversion Agent and shall state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such holder wishes the certificate or certificates for the shares of Common Stock to be
delivered upon conversion to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, pay
funds equal to interest payable on the next Interest Payment Date to which such holder is not entitled as set forth in Section 15.02(h), (4) if required, furnish appropriate endorsements and transfer documents, and (5) if required,
pay all transfer or similar taxes, if any as set forth in Section 15.02(e). The Trustee (and if different, the relevant Conversion Agent) shall notify the Company of any conversion pursuant to this Article 15 on the date of such conversion. No
Notice of Conversion with respect to any Notes may be surrendered by a holder thereof if such holder has also delivered a Fundamental Change Repurchase 

  
 52 

 
Notice to the Company in respect of such Notes and not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 16.03, unless the Company defaults in the
payment of the Fundamental Change Repurchase Price. 
 If more than one Note shall be surrendered for conversion at one time by
the same holder, the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 

(c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the holder has complied with the requirements set forth in clause (b) of this Section 15.02 unless such Conversion Date occurs on or following December 12, 2014, in which case the converting Noteholder shall be
treated as a stockholder of record of the Common Stock of the Company as of the close of business on the Maturity Date. The Company shall deliver the Common Stock, together with any cash in lieu of fractional shares pursuant to Section 15.02(j)
due in respect of its Conversion Obligation on a date (the “Settlement Date”) determined as follows: (i) for conversions that occur prior to December 12, 2014, on the third Trading Day immediately following the relevant
Conversion Date, and (ii) for conversions that occur on or after December 12, 2014, on the Maturity Date; provided that if calculating any adjustment to the Conversion Rate in accordance with Section 15.04 cannot be
accomplished prior to such Settlement Date, the Company shall deliver the additional shares of Common Stock resulting from that adjustment on the third Trading Day after the earliest Trading Day on which such calculation can be made. 

(d) In case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and
deliver to or upon the written order of the holder of the Note so surrendered, without charge to such holder, a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note.

 (e) If a holder submits a Note for conversion, the Company shall pay all documentary, stamp and other duties, if any, that
may be imposed by the United States or any political subdivision thereof or taxing authority thereof or therein with respect to the issuance of shares of Common Stock upon the conversion. However, the holder shall pay any such tax that is due
because the holder requests any shares of Common Stock to be issued in a name other than the holder’s name. The Conversion Agent may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than
the holder’s name until the Trustee receives a sum sufficient to pay any tax that will be due because the shares are to be issued in a name other than the holder’s name. Nothing herein shall preclude any tax withholding required by law or
regulations. 
 (f) Except as provided in Section 15.04, no adjustment shall be made for dividends on any shares issued
upon the conversion of any Note as provided in this Article. 
 (g) Upon the conversion of an interest in a Global Note, the
Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected
through any Conversion Agent other than the Trustee. 
 (h) Upon conversion, a Noteholder shall not receive any additional cash
payment for accrued and unpaid interest and Additional Interest, if any, except as set forth below, subject to Section 15.11. The Company’s settlement of the Conversion Obligation pursuant to Section 15.02 shall be deemed to satisfy
its obligation to pay the principal amount of the Note and accrued and unpaid interest 

  
 53 

 
and Additional Interest, if any, to, but not including, the Conversion Date. As a result, accrued and unpaid interest and Additional Interest, if any, to, but not including, the Conversion Date
shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. Notwithstanding the preceding sentence, if Notes are converted on or after December 12, 2014, the Noteholder of such Notes shall be entitled to the final
interest payment, including through the Maturity Date, in respect of the Notes converted. In addition, if Notes are converted after the close of business on a Interest Record Date, holders of such Notes as of the close of business on the Interest
Record Date will receive the interest and Additional Interest, if any, payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion of such Notes at any time after the close of business on the applicable Interest
Record Date. Notes surrendered for conversion during the period from the close of business on any Interest Record Date to the opening of business on the corresponding Interest Payment Date must be accompanied by payment of an amount equal to the
interest and Additional Interest, if any, payable on the Notes so converted; provided, however, that no such payment shall be required (1) if the Company has specified a Fundamental Change Repurchase Date that is after a Interest
Record Date but on or prior to the corresponding Interest Payment Date, (2) to the extent of any Defaulted Interest, if any, existing at the time of conversion with respect to such Note (3) if the Notes are surrendered for conversion after
5:00 p.m., New York City time, on the Interest Record Date immediately preceding the Maturity Date. Except as set forth in this Section 15.02(h) and Section 15.11, no payment or adjustment will be made for accrued and unpaid interest
and Additional Interest, if any, on converted Notes. 
 (i) The Person in whose name the certificate for any shares of Common
Stock delivered upon conversion is registered shall be treated as a stockholder of record as of the close of business on the relevant Conversion Date, unless such Conversion Date occurs on or following December 12, 2014, in which case such
Person shall be treated as a stockholder of record of the Common Stock of the Company as of the close of business on the Maturity Date (and, for the avoidance of doubt, shall be entitled to the benefit of any adjustment to the Conversion Rate
pursuant to Section 15.04 through such date); provided, however, if such Conversion Date occurs on any date when the stock transfer books of the Company shall be closed, such occurrence shall not be effective to constitute the
Person or Persons entitled to receive any such shares of Common Stock due upon conversion as the record holder or holders of such shares of Common Stock on such date, but such occurrence shall be effective to constitute the Person or Persons
entitled to receive such shares of Common Stock as the record holder or holders thereof for all purposes at the close of business on the next succeeding day on which such stock transfer books are open. Upon conversion of Notes, such Person shall no
longer be a Noteholder. 
 (j) The Company shall not issue fractional shares of Common Stock upon conversion of Notes. Instead,
the Company shall pay cash in lieu of fractional shares equal to the number of such fractional shares multiplied by the Last Reported Sales Price on the relevant Conversion Date or, in the case of any Conversion Date occurring on or after
December 12, 2014, the third Trading Day preceding the Maturity Date. 
 Section 15.03. Increased Conversion Rate
Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes. 
 (a) Notwithstanding anything
herein to the contrary, the Conversion Rate applicable to each Note that is surrendered for conversion, in accordance with this Article 15, at any time from, and including, the effective date (the “Effective Date”) of a Make-Whole
Fundamental Change until, and including, the close of business on the third Scheduled Trading Day immediately preceding the related Fundamental Change Repurchase Date corresponding to such Make-Whole Fundamental Change, or the fortieth Trading Day
immediately following the Effective Date of such Make-Whole Fundamental 

  
 54 

 
Change (in the case of a Make-Whole Fundamental Change that does not constitute a Fundamental Change by virtue of the parenthetical in the definition of Make-Whole Fundamental Change) (such
period, the “Make-Whole Fundamental Change Period”), shall be increased to an amount equal to the Conversion Rate that would, but for this Section 15.03, otherwise apply to such Note pursuant to this Article 15, plus an
amount equal to the Make-Whole Conversion Rate Adjustment. 
 As used herein, “Make-Whole Conversion Rate
Adjustment” shall mean, with respect to a Make-Whole Fundamental Change, the amount set forth in the following table that corresponds to the Effective Date of such Make-Whole Fundamental Change and the Stock Price for such Make-Whole
Fundamental Change, all as determined by the Company: 
 Make-Whole Conversion Rate Adjustment 

(per $1,000 principal amount of Notes) 
  

																																																					
	 	  	Stock Price	 
	 Effective Date
	  	$14.57	 	  	$16.00	 	  	$17.50	 	  	$20.00	 	  	$22.50	 	  	$25.00	 	  	$30.00	 	  	$35.00	 	  	$40.00	 	  	$45.00	 	  	$50.00	 	  	$60.00	 	  	$75.00	 
	 April 15, 2011
	  	 	14.8034	  	  	 	12.2932	  	  	 	10.3042	  	  	 	7.9607	  	  	 	6.3861	  	  	 	5.2781	  	  	 	3.8510	  	  	 	2.9802	  	  	 	2.4222	  	  	 	2.0084	  	  	 	1.6924	  	  	 	1.2365	  	  	 	0.7987	  
	 April 15, 2012
	  	 	14.8034	  	  	 	11.9121	  	  	 	9.7024	  	  	 	7.1801	  	  	 	5.5613	  	  	 	4.4737	  	  	 	3.1572	  	  	 	2.4046	  	  	 	1.9437	  	  	 	1.6122	  	  	 	1.3593	  	  	 	0.9948	  	  	 	0.6431	  
	 April 15, 2013
	  	 	14.8034	  	  	 	11.3219	  	  	 	8.8126	  	  	 	6.0714	  	  	 	4.4288	  	  	 	3.4075	  	  	 	2.2923	  	  	 	1.7222	  	  	 	1.3926	  	  	 	1.1621	  	  	 	0.9873	  	  	 	0.7333	  	  	 	0.4844	  
	 April 15, 2014
	  	 	14.8034	  	  	 	10.0482	  	  	 	7.1073	  	  	 	4.1490	  	  	 	2.6247	  	  	 	1.8328	  	  	 	1.1535	  	  	 	0.8930	  	  	 	0.7365	  	  	 	0.6239	  	  	 	0.5359	  	  	 	0.4048	  	  	 	0.2738	  
	 April 15, 2015
	  	 	14.8034	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 provided, however,
that: 
 (i) if the actual Stock Price of such Make-Whole Fundamental Change is between two Stock Prices listed
in the table above under the row titled “Stock Price,” or if the actual Effective Date of such Make-Whole Fundamental Change is between two Effective Dates listed in the table above in the column immediately below the title “Effective
Date,” then the Make-Whole Conversion Rate Adjustment for such Make-Whole Fundamental Change shall be determined by the Company by straight-line interpolation between the Make-Whole Conversion Rate Adjustment set forth for such higher and lower
Stock Prices, or for such earlier and later Effective Dates based on a 365 day year, as applicable; 
 (ii) if
the actual Stock Price of such Make-Whole Fundamental Change is greater than $75.00 per share (subject to adjustment in the same manner as the Stock Price as provided in clause (iii) below), or if the actual Stock Price of such Make-Whole
Fundamental Change is less than $14.57 per share (subject to adjustment in the same manner as the Stock Price as provided in clause (iii) below), then the Make-Whole Conversion Rate Adjustment shall be equal to zero and this Section 15.03
shall not require the Company to increase the Conversion Rate with respect to such Make-Whole Fundamental Change; 
 (iii) if an event occurs that requires, pursuant to this Article 15 (other than solely pursuant to this Section 15.03), an adjustment to the Conversion Rate, then, on the date and at the time such
adjustment is so required to be made, each price set forth in the table above under the row titled “Stock Price” shall be deemed to be adjusted so that such Stock Price, at and after such time, shall be equal to the product of
(1) such Stock Price as in effect immediately before such adjustment to such Stock Price and (2) a fraction whose numerator is the Conversion Rate in effect immediately before such adjustment to the Conversion Rate and whose denominator is
the Conversion Rate to be in effect, in accordance with this Article 15, immediately after such adjustment to the Conversion Rate; 

  
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 (iv) each Make-Whole Conversion Rate Adjustment set forth in the table above
shall be adjusted in the same manner in which, at the same time and for the same events for which, the Conversion Rate is to be adjusted pursuant to Section 15.04; and 

(v) in no event will the total number of shares of Common Stock issuable upon conversion of the Notes exceed
68.6341 per $1,000 principal amount of Notes, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 15.04. 
 (b) As soon as practicable after the Company determines the anticipated Effective Date of any proposed Make-Whole Fundamental Change, the Company shall mail to each Noteholder, the Trustee and the
Conversion Agent written notice of, and shall issue a press release indicating, and publicly announce, through a public medium that is customary for such announcements, and publish on the Company’s website, the anticipated Effective Date of
such proposed Make-Whole Fundamental Change and shall use commercially reasonable efforts in time to give such notice fifty Business Days in advance of such anticipated Effective Date, and shall promptly update such notice if such anticipated
Effective Date subsequently changes; provided that the Company shall not be required to give such notice or issue such press release more than fifty Business Days in advance of such anticipated Effective Date. Each such press release notice,
announcement and publication shall also state that in connection with such Make-Whole Fundamental Change, the Company shall increase, in accordance herewith, the Conversion Rate applicable to Notes entitled as provided herein to such increase (along
with a description of how such increase shall be calculated and the time periods during which Notes must be surrendered in order to be entitled to such increase). No later than five Business Days after the actual Effective Date of each Make-Whole
Fundamental Change, the Company shall mail to each Noteholder, the Trustee and the Conversion Agent written notice of, and shall issue a press release indicating, and publicly announce, through a public medium that is customary for such
announcements, and publish on the Company’s website, such Effective Date and the amount by which the Conversion Rate has been so increased. 
 Nothing in this Section 15.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 15.04 in respect of a Make-Whole Fundamental Change. 

Section 15.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company as
follows: 
 (a) If the Company issues solely shares of Common Stock as a dividend or distribution on all or substantially all of
the shares of Common Stock, or if the Company effects a share split or share combination of the Common Stock, the applicable Conversion Rate will be adjusted based on the following formula: 

CR = CR0 × OS  
                       OS0  
 where

  

			
	CR0    =	  	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the Record Date for such dividend or distribution, or
immediately prior to the open of business on the Business Day immediately following the effective date of such share split or share combination, as the case may be;
		  	

	 	

  
 56 

					
	CR	  	=	  	the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following the Record Date for such dividend or distribution, or
immediately after the open of business on the Business Day immediately following the effective date of such share split or share combination, as the case may be;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to such dividend, distribution, share split or share combination, as the case may be; and
			
	OS	  	=	  	the number of shares of Common Stock outstanding immediately after such dividend, distribution, share split or share combination, as the case may be.

Such adjustment shall become effective immediately after the opening of business on the Business Day immediately following the Record Date for such
dividend or distribution, or the effective date for such share split or share combination. If any dividend or distribution of the type described in this Section 15.04(a) is declared but not so paid or made, or the outstanding shares of Common
Stock are not split or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors of the Company determines not to pay such dividend or distribution, or split or combine the
outstanding shares of Common Stock, as the case may be, to the Conversion Rate that would then be in effect if such dividend, distribution, share split or share combination had not been declared or announced. 

(b) If the Company distributes to all or substantially all holders of its Common Stock any rights, options or warrants entitling them for
a period of not more than sixty days from the record date for such distribution to subscribe for or purchase shares of the Common Stock, at a price per share less than the average of the Last Reported Sale Prices of the Common Stock for the ten
consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the declaration date for such distribution, the Conversion Rate shall be increased based on the following formula: 

CR = CR0 × OS0 + X  

                    
OS0 + Y 

where 
  

					
	CR0	  	=	  	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the Record Date for such
distribution;
			
	CR	  	=	  	the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following the Record Date for such distribution;
			
	OS0	  	=	  	the number of shares of the Common Stock that are outstanding immediately prior to the open of business on the Business Day immediately following the Record Date for such
distribution;
			
	X	  	=	  	the total number of shares of the Common Stock issuable pursuant to such rights, options or warrants; and

  
 57 

					
	Y	  	=	  	the number of shares of the Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale
Prices of Common Stock over the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such distribution of such rights, options or warrants.

Such adjustment shall be successively made whenever any such rights, options or warrants are distributed and shall become effective immediately after the
opening of business on the Business Day immediately following the Record Date for such distribution. To the extent that shares of the Common Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Rate shall
be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If
such rights, options or warrants are not so issued, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such Record Date for such distribution had not been fixed. 

For purposes of this Section 15.04(b), in determining whether any rights, options or warrants entitle the holders to subscribe for
or purchase shares of the Common Stock at less than the average of the Last Reported Sale Prices of the Common Stock for each Trading Day in the applicable ten-consecutive-Trading Day period and for the purpose of computing Y in the formula above,
there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the
Board of Directors of the Company. In no event shall the Conversion Rate be decreased pursuant to this Section 15.04(b). 

(c) If the Company shall distribute shares of its Capital Stock, evidences of its indebtedness or other of its assets or property other
than (i) dividends or distributions (including share splits) covered by Section 15.04(a) or Section 15.04(b), (ii) dividends or distributions paid exclusively in cash and covered by Section 15.04(d), and (iii) Spin-Offs
to which the provisions set forth below in this Section 15.04(c) shall apply (any of such shares of Capital Stock, indebtedness, or other asset or property hereinafter in this Section 15.04(c) called the “Distributed
Property”), to all or substantially all holders of its Common Stock, then, in each such case the Conversion Rate shall be increased based on the following formula: 

CR = CR0 ×         SP0        

                    
SP0 - FMV 

where 
  

					
	CR0	  	=	  	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the Record Date for such
distribution;
			
	CR	  	=	  	the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following the Record Date for such distribution.
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the
Ex-Dividend Date for such distribution; and

  
 58 

					
	 FMV
	  	=	  	the fair market value (as determined by the Board of Directors of the Company) of the shares of Capital Stock, evidences of indebtedness, assets or property distributed with respect
to each outstanding share of the Common Stock as of the open of business on the Ex-Dividend Date for such distribution.

 Such adjustment shall become effective immediately prior to the opening of business on the Business Day immediately following the Record Date for such distribution; provided that if “FMV”
as set forth above is equal to or greater than
“SP0” as set forth above, in lieu of the foregoing
adjustment, adequate provision shall be made so that each Noteholder shall have the right to receive on conversion in respect of each $1,000 principal amount of the Notes held by such holder, in addition to the number of shares of Common Stock equal
to the Conversion Rate, the amount and kind of Distributed Property such holder would have received had such holder owned a number of shares of Common Stock equal to the Conversion Rate immediately prior to the Record Date for such distribution. If
such distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. If the Board of Directors of the Company determines
“FMV” for purposes of this Section 15.04(c) by reference to the actual or when issued trading market for any securities, it must in doing so consider the prices in such market over the same period used in computing the Last Reported
Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 
 With respect to an adjustment pursuant to this Section 15.04(c) where there has been a dividend or other distribution on the Common Stock of shares of Capital Stock of any class or series, or similar
equity interest, of or relating to a Subsidiary or other business unit of the Company that are, or when issued will be, traded or quoted on any national or regional securities exchange or market (a “Spin-Off”), the Conversion Rate
will be increased based on the following formula: 
 CR = CR0 × FMV0 + MP0  

                    
MP0 
 where 
  

					
	CR0	  	=	  	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the Record Date for the Spin-Off;
			
	CR	  	=	  	the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following the Record Date for the Spin-Off;
			
	FMV0	  	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common
Stock over the first ten consecutive Trading Day period immediately following, and including, the effective date for the Spin-Off (such period, the “Valuation Period”), and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The adjustment to the Conversion Rate under the preceding paragraph of this Section 15.04(c) shall be made immediately after the opening of business on the day after the last day of the Valuation
Period, but 

  
 59 

 
shall become effective as of the opening of business on the Business Day immediately following the Record Date for the Spin-Off. 

Subject in all respects to Section 15.10, rights, options or warrants distributed by the Company to all holders of its Common Stock
entitling the holders thereof to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified
event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall
be deemed not to have been distributed for purposes of this Section 15.04 (and no adjustment to the Conversion Rate under this Section 15.04 will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and
warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 15.04(c). If any such right, option or warrant, including any such existing rights,
options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets,
then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with respect to new rights, options or warrants with such rights (and a termination or expiration of the existing rights,
options or warrants without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the preceding
sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 15.04 was made, (1) in the case of any such rights, options or warrants
that shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Rate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as
though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights or warrants),
made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate
shall be readjusted as if such rights, options and warrants had not been issued. 
 For purposes of this Section 15.04(c),
Section 15.04(a), and Section 15.04(b), any dividend or distribution to which this Section 15.04(c) is applicable that also includes shares of Common Stock, or rights, options or warrants to subscribe for or purchase shares of Common
Stock to which Section 15.04(b) applies (or both), shall be deemed instead to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of capital stock other than such shares of Common Stock or rights, options
or warrants to which Section 15.04(c) applies (and any Conversion Rate adjustment required by this Section 15.04(c) with respect to such dividend or distribution shall then be made) immediately followed by (2) a dividend or
distribution of such shares of Common Stock or such rights, options or warrants (and any further Conversion Rate adjustment required by Section 15.04(a) and Section 15.04(b) with respect to such dividend or distribution shall then be
made), except (A) the Business Day immediately following the Record Date of such dividend or distribution shall be substituted as “the date of announcement of such distribution of such rights, options or warrants” and “the
Business Day immediately following the Record Date for such distribution” within the meaning of Section 15.04(b) and (B) any shares of Common Stock included in such dividend or distribution shall not be deemed “outstanding
immediately prior to such dividend, distribution, share split or share combination, as the case may be” within the meaning of Section 15.04(a) or “outstanding immediately prior to the open of business on the Business Day immediately
following the Record Date for such distribution” within the meaning of Section 15.04(b). 

  
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 In no event shall the Conversion Rate be decreased pursuant to this Section 15.04(c).

 (d) If any cash dividend or distribution is made to all or substantially all holders of its outstanding Common Stock, the
applicable Conversion Rate shall be increased based on the following formula: 
  

							
		 	 CR = CR0 × 
	  	SP0
	  	
		 	  	SP0 - C	  	

 where 
  

							
	
CR0
	  	 	=	  	  	the applicable Conversion Rate in effect immediately prior to the open of business on the Business Day immediately following the Record Date for such dividend or
distribution;
			
	 CR
	  	 	=	  	  	the applicable Conversion Rate in effect immediately after the open of business on the Business Day immediately following the Record Date for such dividend or
distribution;
			
	
SP0
	  	 	=	  	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the
Ex-Dividend Date for such dividend or distribution; and
			
	 C
	  	 	=	  	  	the amount in cash per share the Company pays or distributes to holders of its Common Stock.

 Such adjustment shall become effective immediately after the opening of business on the Business Day immediately following the Record Date for such dividend or distribution; provided that if
“C” as set forth above is equal to or greater than “SP0” as set forth above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Noteholder shall have the right to receive on the date on which the
relevant cash dividend or distribution is distributed to holders of Common Stock, for each $1,000 principal amount of Notes, the amount of cash such holder would have received had such holder owned a number of shares equal to the Conversion Rate
immediately prior to the Record Date for such dividend or distribution. If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or
distribution had not been declared. 
 For the avoidance of doubt, for purposes of this Section 15.04(d), in the event of
any reclassification of the Common Stock, as a result of which the Notes become convertible into more than one class of Common Stock, if an adjustment to the Conversion Rate is required pursuant to this Section 15.04(d), references in this
Section to one share of Common Stock or Last Reported Sale Prices of one share of Common Stock shall be deemed to refer to a unit or to the price of a unit consisting of the number of shares of each class of Common Stock into which the Notes are
then convertible equal to the numbers of shares of such class issued in respect of one share of Common Stock in such reclassification. The above provisions of this paragraph shall similarly apply to successive reclassifications. 

In no event shall the Conversion Rate be decreased pursuant to this Section 15.04(d). 

  
 61 

 (e) If the Company or any of its Subsidiaries makes a payment in respect of a tender offer
or exchange offer for the Common Stock and if the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive
Trading-Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), the Conversion Rate shall be
increased based on the following formula: 
  

							
		 	 CR = CR0 × 
	  	AC + (SP × OS)	 	
		 	  	OS0 × SP	 	

 where 
  

							
	
CR0
	  	 	=	  	  	the applicable Conversion Rate in effect immediately prior to the open of business on the Trading Day next succeeding the Expiration Date;
			
	 CR
	  	 	=	  	  	the applicable Conversion Rate in effect immediately after the open of business on the Trading Day next succeeding the Expiration Date;
			
	 AC
	  	 	=	  	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors of the Company) paid or payable for shares of Common Stock purchased in such
tender or exchange offer;
			
	
OS0
	  	 	=	  	  	the number of shares of Common Stock outstanding immediately prior to the time (the “Expiration Time”) such tender or exchange offer expires (prior to giving effect
to such tender offer or exchange offer);
			
	 OS
	  	 	=	  	  	the number of shares of Common Stock outstanding immediately after the Expiration Time (after giving effect to such tender offer or exchange offer); and
			
	 SP
	  	 	=	  	  	the average of the Last Reported Sale Prices of Common Stock over the ten consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration
Date.

 Such adjustment under this Section 15.04(e) shall become effective at the opening of business on the Trading Day next
succeeding the Expiration Date. If the Company is obligated to purchase shares pursuant to any such tender or exchange offer, but the Company is permanently prevented by applicable law from effecting any or all or any portion of such purchases or
all such purchases are rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made or had been made only in respect of the purchases that had been
effected. In no event shall the Conversion Rate be decreased pursuant to this Section 15.04(e). 
 (f) The term
“Record Date” shall mean, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other security) have the right to receive any cash, securities or other property or in which
the Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of stockholders entitled to receive such cash, securities or other property
(whether such date is fixed by the Board of Directors of the Company or by statute, contract or otherwise). 

  
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 (g) Except as stated herein, the Company shall not adjust the Conversion Rate for the
issuance of shares of its Common Stock or any securities convertible into or exchangeable for shares of its Common Stock or the right, option or warrant to purchase shares of its Common Stock or such convertible or exchangeable securities.

 (h) Notwithstanding this Section 15.04 or any other provision of this Indenture or the Notes, if any Conversion Rate
adjustment becomes effective, or any Ex-Dividend Date for any issuance, dividend or distribution (relating to a required Conversion Rate adjustment) occurs, during the period beginning on, and including, the open of business on a Conversion Date and
ending on, and including, the close of business on the third Trading Day immediately following the relevant Conversion Date, the Board of Directors of the Company shall make adjustments to the Conversion Rate and the number of shares of Common Stock
issuable upon conversion of the Notes as are necessary or appropriate to effect the intent of this Section 15.04 and the other provisions of this Article 15 and to avoid unjust or inequitable results, as determined in good faith by the Board of
Directors of the Company. Any adjustment made pursuant to this Section 15.04(h) shall apply in lieu of the adjustment or other term that would otherwise be applicable. 
 (i) In addition to those required by clauses (a), (b), (c), (d) and (e) of this Section 15.04, and to the extent permitted by applicable law and subject to the applicable rules of the New
York Stock Exchange, the Company from time to time may increase the Conversion Rate by any amount for a period of at least twenty Business Days if the Board of Directors of the Company determines that such increase would be in the Company’s
best interest. In addition, the Company may also (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with any dividend or distribution
of shares (or rights to acquire shares) or similar event. Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall mail to the holder of each Note at its last address appearing on the Note Register provided for
in Section 2.06 a notice of the increase at least fifteen days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect. 

(j) The Company shall not take any action that would result in adjustment of the Conversion Rate, pursuant to this Article 15, in such a
manner as to result in the reduction of the Conversion Price to less than the par value per share of Common Stock. 
 (k) The
applicable Conversion Rate will not be adjusted: 
 (i) upon the issuance of any shares of the Common Stock
pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of the Common Stock under any plan; 

(ii) upon the issuance of any shares of the Common Stock or options or rights to purchase those shares pursuant to any
present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of the Company’s Subsidiaries; 
 (iii) upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection
and outstanding as of the date the Notes were first issued; 
 (iv) for a change in the par value of the Common
Stock; 

  
 63 

 (v) for accrued and unpaid interest, including Additional Interest, if any;
or 
 (vi) for any transactions described in this Section 15.04 if Noteholders participate (as a result of
holding the Notes, and at the same time as holders of Common Stock participate) in such transactions as if such Noteholders held a number shares of Common Stock equal to the Conversion Rate at the time such adjustment would be required,
multiplied by the principal amount (expressed in thousands) of Notes held by such Noteholder, without having to convert their Notes. 
 (l) All calculations and other determinations under this Article 15 shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000) of a share. 

(m) The Company shall not be required to make an adjustment in the Conversion Rate unless the adjustment would require a change of at
least 1% in the Conversion Rate. However, the Company shall carry forward any adjustments that are less than 1% of the Conversion Rate and make such carried forward adjustment, regardless of whether the aggregate adjustment is less than 1%, upon any
conversion of Notes. 
 (n) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with
the Trustee and any Conversion Agent other than the Trustee an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment, and the Company shall issue
a press release containing such information and make such information available on the Company’s website. Unless and until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed
to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of
such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Rate to the holder of each Note at its last
address appearing on the Note Register provided for in Section 2.06 of this Indenture, within ten days of the effective date of such adjustment. Failure to deliver such notice shall not affect the legality or validity of any such adjustment.

 (o) For purposes of this Section 15.04, the number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company will not pay any dividend or make any distribution on shares of Common
Stock held in the treasury of the Company. 
 Section 15.05. Shares to Be Fully Paid. The Company shall provide,
free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion. 

Section 15.06. Effect of Reclassification, Consolidation, Merger or Sale. Upon the occurrence of (i) any
reclassification or change of the outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a split, subdivision or combination covered by
Section 15.04(a)), (ii) any consolidation, merger, binding share exchange or combination involving the Company, or (iii) any sale or conveyance of all or substantially all of the property and assets of the Company to any other Person,
in each case as a result of 

  
 64 

 
which holders of Common Stock shall be entitled to receive cash, securities or other property or assets with respect to or in exchange for such Common Stock (any such event a “Merger
Event”), then: 
 (a) the Company or the successor or purchasing Person, as the case may be, shall execute with the
Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so comply) permitted under Section 11.01(g)
providing for the conversion and settlement of the Notes as set forth in this Indenture. Such supplemental indenture shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this
Article 15. If, in the case of any Merger Event, the Reference Property includes shares of stock or other securities and assets of a corporation other than the successor or purchasing corporation, as the case may be, in such reclassification,
change, consolidation, merger, combination, sale or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the holders of the Notes as
the Board of Directors of the Company shall reasonably consider necessary by reason of the foregoing, including to the extent required by the Board of Directors of the Company and practicable the provisions providing for the repurchase rights set
forth in Article 16 herein. 
 In the event the Company shall execute a supplemental indenture pursuant to this
Section 15.06, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise the Reference Property after any
such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Noteholders. The Company shall cause notice of the execution of such
supplemental indenture to be mailed to each Noteholder, at its address appearing on the Note Register provided for in this Indenture, within twenty days after execution thereof. Failure to deliver such notice shall not affect the legality or
validity of such supplemental indenture. 
 (b) Notwithstanding the provisions of Section 15.02(a), and subject to the
provisions of Section 15.01 and Section 15.03, at and after the effective time of such Merger Event, (i) the right to convert each $1,000 principal amount of Notes into shares of Common Stock will be changed to a right to convert each
$1,000 principal amount of such Note into the kind and amount of shares of stock, securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate
immediately prior to such transaction would have owned or been entitled to receive (the “Reference Property”), and (ii) the related Conversion Obligation shall be settled as set forth under clause (c) below. The Company
shall not become a party to any Merger Event unless its terms are consistent with this Section 15.06. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into shares of Common Stock as set forth in
Section 15.01 and Section 15.02 prior to the effective date of such Merger Event. 
 (c) With respect to each $1,000
principal amount of Notes surrendered for conversion after the effective date of any such Merger Event, the Company’s Conversion Obligation shall be settled in units of Reference Property, in accordance with Section 15.02(a) as follows:
the Company shall deliver to the converting Noteholder a number of units of Reference Property (each such unit comprised of the kind and amount of shares of stock, securities or other property or assets (including cash or any combination thereof)
that a holder of one share of Common Stock immediately prior to such Merger Event would have owned or been entitled to receive based on the Weighted Average Consideration) equal to (1) the aggregate principal amount of Notes to be converted,
divided by $1,000, multiplied by (2) the then-applicable Conversion Rate; 

  
 65 

 (i) The Company will deliver the cash in lieu of fractional units of
Reference Property as set forth pursuant to Section 15.02(j) (provided that the amount of such cash shall be determined as if references in such Section to “the Last Reported Sale Price of the Common Stock” were instead a
reference to “the Last Reported Sale Price of a unit of Reference Property composed of the kind and amount of shares of stock, securities or other property or assets (including cash or any combination thereof) that a holder of one share of
Common Stock immediately prior to such Merger Event would have owned or been entitled to receive based on the Weighted Average Consideration”). 
 (ii) For purposes of this Section 15.06, the “Weighted Average Consideration” shall mean the weighted average of the types and amounts of consideration received by the holders of the
Common Stock entitled to receive cash, securities or other property or assets with respect to or in exchange for such Common Stock in any Merger Event who affirmatively make such an election. 

(iii) The Company shall notify the holders of the Weighted Average Consideration as soon as practicable after the Weighted
Average Consideration is determined. 
 (d) The above provisions of this Section shall similarly apply to successive Merger
Events. 
 Section 15.07. Certain Covenants. 

(a) The Company covenants that all shares of Common Stock issued upon conversion of Notes will be fully paid and non-assessable by the
Company and free from all taxes, liens and charges with respect to the issue thereof. 
 (b) The Company covenants that, if any
shares of Common Stock to be provided for the purpose of conversion of Notes hereunder require registration with or approval of any governmental authority under any federal or state law before such shares may be validly issued upon conversion, the
Company will, to the extent then permitted by the rules and interpretations of the Commission, secure such registration or approval, as the case may be. 
 (c) The Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated quotation system, the Company will list and keep listed, so long as
the Common Stock shall be so listed on such exchange or automated quotation system, any Common Stock issuable upon conversion of the Notes. 
 Section 15.08. Responsibility of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Noteholder to determine the Conversion
Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to
the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any
shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the
Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities 

  
 66 

 
or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article.
Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to
Section 15.06 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Noteholders upon the conversion of their Notes after any event referred to in such Section 15.06 or to any
adjustment to be made with respect thereto, but, subject to the provisions of Section 8.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying
upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. 

Section 15.09. Notice to Noteholders Prior to Certain Actions. In case: 

(a) the Company shall declare a dividend (or any other distribution) on its Common Stock that would require an adjustment in the
Conversion Rate pursuant to Section 15.04; or 
 (b) the Company shall authorize the granting to all of the holders of its
Common Stock of rights, options or warrants to subscribe for or purchase any share of any class or any other rights, options or warrants; or 
 (c) of any reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding Common Stock, or a change in par value, or from par value to no par value, or
from no par value to par value), or of any consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company is required, or of the sale or transfer of all or substantially all of the assets of the
Company; or 
 (d) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; 

the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at its address appearing on the Note Register, provided for in
Section 2.06 of this Indenture, as promptly as possible but in any event at least twenty days prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such
dividend, distribution or rights, options or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined, or (ii) the date
on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled
to exchange their Common Stock for securities or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. 
 Section 15.10. Stockholder Rights Plans. To the extent that the Company has a stockholder rights plan or other “poison pill” in effect upon conversion of the Notes, each share of
Common Stock issued upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Stock issued upon such conversion shall bear such legends, if any, in each case as may be
provided by the terms of any such stockholder rights plan or poison pill, as the same may be amended from time to time. If, however, prior to the time of conversion, the rights have separated from the shares of Common Stock in accordance with the
provisions of the 

  
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applicable stockholder rights agreement so that the holders of the Notes would not be entitled to receive any rights in respect of Common Stock issuable upon conversion of the Notes, the
Conversion Rate will be adjusted at the time of separation as if the Company has distributed to all holders of Common Stock, shares of Capital Stock of the Company, evidence of indebtedness or assets as provided in Section 15.04(c), subject to
readjustment in the event of the expiration, termination or redemption of such rights. 
 Section 15.11. Extension of
Conversion Settlement Date. 
 (a) Until the earlier of February 21, 2014 or the first date upon which the Credit
Facility is no longer in full force and effect, if at the time that would otherwise constitute a Settlement Date in respect of a given conversion of Notes, any “Default”, as defined in the Credit Facility, exists thereunder (a
“Credit Facility Default”) and the delivery of the relevant Conversion Obligation would, as a result, constitute a breach of the Credit Facility, the Company may defer settlement of such conversion (a “Settlement
Extension”) until the earlier of (a) such time as such settlement would no longer constitute a breach of the Credit Facility, whether due to cure of the applicable Credit Facility Default, termination of the Credit Facility or
otherwise, and (b) the 60th Business Day following the otherwise applicable Settlement Date (the “Maximum Extension Date”). 
 (b) The Company shall promptly notify the Noteholders and the Trustee of any Settlement Extension it elects; provided that the effectiveness of such Settlement Extension shall not depend upon any
such notice having been given. 
 (c) Any Notes (“Affected Notes”) that are not converted upon the otherwise
applicable Settlement Date as a result of a Settlement Extension shall remain outstanding hereunder until such time (the “Extended Settlement Date”) as the Company delivers the Conversion Obligation in respect of such Affected Notes
pursuant to the terms hereof. Each Noteholder of Affected Notes (and its transferees) shall remain a Noteholder hereunder and shall retain all rights as Noteholder of the Affected Notes (including, for the avoidance of doubt, the right to receive
interest in respect of such Affected Notes, which, notwithstanding any other provision of this Indenture or the Notes, shall be payable through and upon the Extended Settlement Date). 

(d) Notwithstanding anything to the contrary herein, the “Conversion Date” as such term is used in this Indenture in respect of
any Affected Notes shall be the Extended Settlement Date for such Affected Notes. 
 (e) Any Make-Whole Conversion Rate
Adjustment that but for a Settlement Extension would have applied to the Conversion Rate in respect of any Affected Notes surrendered for conversion shall be applied to such Conversion Rate in respect of such Affected Notes notwithstanding such
Settlement Extension. 
 (f) No holder of Affected Notes shall be required to make any payment pursuant to Section 15.02(h)
as a result of any Settlement Extension. 
 ARTICLE 16 
 REPURCHASE OF NOTES UPON A FUNDAMENTAL CHANGE 
 Section 16.01. [Reserved]

 Section 16.02. Repurchase at Option of Noteholders upon a Fundamental Change. (a) If there shall occur a
Fundamental Change at any time prior to the Maturity Date, then each Noteholder 

  
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shall have the right, at such holder’s option, to require the Company to repurchase for cash all of such holder’s Notes, or any portion thereof that is an integral multiple of $1,000
principal amount, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than twenty Business Days and not more than thirty-five Business Days after the date of the Fundamental Change
Company Notice (as defined below) at a repurchase price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, including unpaid Additional Interest, if any, thereon to, but excluding, the Fundamental Change
Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date is after an Interest Record Date and on or prior to the related Interest Payment Date, in which case interest accrued to the
Interest Payment Date will be paid to holders of the Notes as of the preceding Interest Record Date and the Fundamental Change Repurchase Price payable to the holder surrendering the Note for repurchase pursuant to this Article 16 shall be equal to
the principal amount of Notes subject to repurchase and will not include any accrued and unpaid interest, including Additional Interest, if any. Repurchases of Notes under this Section 16.02 shall be made, at the option of the holder thereof,
upon: 
 (i) delivery to the Paying Agent by a holder of a duly completed notice (the “Fundamental Change
Repurchase Notice”) in the form set forth on the reverse of the Note and attached as Exhibit C hereto on or prior to the second Scheduled Trading Day immediately preceding the Fundamental Change Repurchase Date; and 

(ii) delivery or book-entry transfer of the Notes to the Paying Agent on or prior to the second Scheduled Trading Day
immediately preceding the Fundamental Change Repurchase Date (together with all necessary endorsements) at the office of the Paying Agent, such delivery being a condition to receipt by the holder of the Fundamental Change Repurchase Price therefor;
provided that such Fundamental Change Repurchase Price shall be so paid pursuant to this Section 16.02 only if the Note so delivered to the Paying Agent shall conform in all respects to the description thereof in the related Fundamental
Change Repurchase Notice. 
 The Fundamental Change Repurchase Notice shall state: 

(A) if certificated, the certificate numbers of Notes to be delivered for repurchase; 

(B) the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof;
and 
 (C) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes
and this Indenture; 
 provided, however, that if the Notes are not in certificated form, the Fundamental Change Repurchase Notice
must comply with appropriate Depositary procedures. 
 Any repurchase by the Company contemplated pursuant to the provisions of
this Section 16.02 shall be consummated by the payment of the Fundamental Change Repurchase Price pursuant to Section 16.04(a). 
 Notwithstanding anything herein to the contrary, any holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 16.02 shall have the right to
withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the second Scheduled Trading Day immediately preceding the Fundamental Change Repurchase Date in accordance with
Section 16.03. 

  
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 The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental
Change Repurchase Notice or written notice of withdrawal thereof. 
 (b) On or before the twentieth calendar day after the
occurrence of the effective date of a Fundamental Change, the Company shall mail or cause to be mailed to all holders of record of the Notes a notice (the “Fundamental Change Company Notice”) of, and issue a press release (and make
the press release available on the Company’s website) in respect of, the occurrence of the effective date of the Fundamental Change and of the repurchase right at the option of the holders arising as a result thereof. Such mailing shall be by
first class mail. The Company shall also deliver a copy of the Fundamental Change Company Notice to the Trustee, the Paying Agent and the Conversion Agent within five Business Days after the effective date of the Fundamental Change. Each Fundamental
Change Company Notice shall specify: 
 (i) the events causing the Fundamental Change; 

(ii) the effective date of the Fundamental Change, and whether the Fundamental Change is a Make-Whole Fundamental Change,
in which case the Effective Date of the Make-Whole Fundamental Change; 
 (iii) the last date on which a holder
may exercise the repurchase right pursuant to this Article 16; 
 (iv) the Fundamental Change Repurchase Price;

 (v) the Fundamental Change Repurchase Date; 

(vi) if applicable, the name and address of the Paying Agent and the Conversion Agent; 

(vii) if applicable, the applicable Conversion Rate, and any adjustments to the applicable Conversion Rate; 

(viii) if applicable, that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a
holder may be converted only if the holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; 
 (ix) that the holder must exercise the repurchase right on or prior to the close of business on the Scheduled Trading Day immediately preceding the Fundamental Change Repurchase Date (the
“Fundamental Change Expiration Time”); 
 (x) that the holder shall have the right to withdraw
any Notes surrendered prior to the Fundamental Change Expiration Time; and 
 (xi) the procedures that holders
must follow to require the Company to repurchase their Notes. 
 No failure of the Company to give the foregoing notices and no
defect therein shall limit the Noteholders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 16.02. 

  
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 (c) Notwithstanding the foregoing, no Notes may be repurchased by the Company at the option
of the holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to the Fundamental Change Repurchase Date (except in the case of an acceleration resulting
from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes). 
 (d) In
connection with any purchase offer, the Company will: 
 (i) comply with the provisions of Rule 13e-4, Rule 14e-1
and any other tender offer rules under the Exchange Act, if required under the Exchange Act, 
 (ii) file a
Schedule TO or any successor or similar schedule, if required under the Exchange Act, and 
 (iii) otherwise
comply with all federal and state securities laws in connection with any offer by the Company to purchase the Notes. 

Notwithstanding anything to the contrary provided in this Indenture, compliance by the Company with Rule 13e-4, Rule 14e-1 and
any other tender offer rule under the Exchange Act in accordance with clause (i) above, to the extent inconsistent with any other provision of this Indenture, will not, standing alone, constitute an Event of Default solely as a result of
compliance by the Company with such rules. 
 Notwithstanding the foregoing the Company shall not be required to repurchase the
Notes in accordance with this Section 16.02 if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 16.02 and purchases all Notes validly tendered and not
withdrawn under such purchase offer. 
 Section 16.03. Withdrawal of Fundamental Change Repurchase Notice

 (a) A Fundamental Change Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the
Corporate Trust Office of the Paying Agent in accordance with this Section 16.03 at any time prior to the close of business on the second Scheduled Trading Day immediately preceding the Fundamental Change Repurchase Date, specifying:

 (i) the certificate number, if any, of the Note in respect of which such notice of withdrawal is being
submitted, or the appropriate Depositary information if the Note in respect of which such notice of withdrawal is being submitted is represented by a Global Note, 

(ii) the principal amount of the Note with respect to which such notice of withdrawal is being submitted, and 

(iii) the principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase
Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 
 provided, however, that if the
Notes are not in certificated form, the withdrawal notice must comply with appropriate procedures of the Depositary. 

Section 16.04. Deposit of Fundamental Change Repurchase Price 

(a) The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting 

  
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as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 5.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an
amount of cash sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for
Notes surrendered for repurchase (and not withdrawn prior to the Fundamental Change Expiration Time) will be made on the later of (i) the Fundamental Change Repurchase Date with respect to such Note (provided the holder has satisfied the
conditions in Section 16.02) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the holder thereof in the manner required by Section 16.02 by
mailing checks for the amount payable to the holders of such Notes entitled thereto as they shall appear in the Note Register, provided, however, that payments to the Depositary shall be made by wire transfer of immediately available
funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price. 

(b) If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the
Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased as a result of the corresponding Fundamental Change, then (i) such Notes will cease to be outstanding, (ii) interest, including
Additional Interest, if any, will cease to accrue on such Notes, and (iii) all other rights of the holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price, and previously accrued but unpaid
interest, including Additional Interest, if any, upon delivery of the Notes), whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent. 

(c) Upon surrender of a Note that is to be repurchased in part pursuant to Section 16.02, the Company shall execute and the Trustee
shall authenticate and deliver to the holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note surrendered. 
 ARTICLE 17 
 GUARANTEES 

Section 17.01. Guarantee. 
 (a) In consideration of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the Subsidiary Guarantors, jointly and severally, hereby unconditionally
guarantees (each such guarantee, together with any future guarantees executed pursuant to Section 5.09 hereof, being a “Guarantee”) to each Noteholder of any Note that is authenticated and delivered by the Trustee and to the
Trustee, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company under this Indenture or the Notes, that: (i) the principal of and interest on the Notes will be paid in full when due,
whether at the Maturity Date or any Interest Payment Date, by acceleration, call for redemption, upon a purchase offer or otherwise, and interest on the overdue principal and interest, if any, of the Notes, if lawful, and all other obligations of
the Company to the Noteholders or the Trustee under this Indenture or the Notes will be promptly paid in full or performed, all in accordance with the terms of this Indenture and the Notes; and (ii) in case of any extension of time of payment
or renewal of any securities or any of such other obligations, they will be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at maturity, by acceleration, call for redemption, upon a purchase offer
or otherwise (collectively, the “Guaranteed Obligations”). Each Guarantee is a guarantee of payment and not of collection. Failing 

  
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payment when due of any amount so guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same before failure to so pay becomes an Event of
Default. 
 (b) Each Subsidiary Guarantor agrees that (i) its obligations with regard to its Guarantee shall be
unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, any amendments to the Indenture or the Notes (other than this Article 17), the absence of any action to enforce the same, the recovery of any
judgment against the Company, any action to enforce the same or any other circumstances that might otherwise constitute a legal or equitable discharge or defense of a Subsidiary Guarantor and (ii) its Guarantee will not be discharged except by
complete performance of the obligations contained in the Notes and this Indenture. Each of the Subsidiary Guarantors hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of
the Company, any right to require a proceeding first against the Company or right to require the prior disposition of the assets of the Company to meet its obligations, protest, notice and all demands whatsoever. Without limiting the generality of
the foregoing, each of the Subsidiary Guarantors hereby waives, to the extent permitted under Nev. Rev. Stat. 40.495, any rights arising out of Nev. Rev. Stat. 40.430. 
 (c) If any Noteholder or the Trustee is required by any court or otherwise to return to either the Company or any Subsidiary Guarantor, or any Custodian, Trustee, or similar official acting in relation to
either the Company or any Subsidiary Guarantor, any amount paid by either the Company or any of the Subsidiary Guarantors to the Trustee or such Noteholder in respect of any Note, any Guarantee, to the extent theretofore discharged, shall be
reinstated in full force and effect with respect to such Note. Each of the Subsidiary Guarantors agrees that it will not be entitled to any right of subrogation in relation to the Noteholders in respect of any obligations guaranteed hereby except as
set forth in Section 17.05 hereof. 
 (d) Each of the Subsidiary Guarantors agrees that (i) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Section 7.02 hereof for the purposes of its Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration as to the Company of the obligations
guaranteed hereby, and (ii) in the event of any declaration of acceleration of those obligations as provided in Section 7.02, those obligations (whether or not due and payable) will forthwith become due and payable by each of the
Subsidiary Guarantors for the purpose of its Guarantee. 
 Section 17.02. Execution and Delivery of Guarantee. To
evidence its Guarantee set forth in Section 17.01, each of the Subsidiary Guarantors shall, and the Company shall cause each of the Subsidiary Guarantors to, execute this Indenture through a duly authorized officer. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantees set
forth in this Indenture on behalf of the Subsidiary Guarantors. 
 Section 17.03. Limitation of Subsidiary
Guarantor’s Liability. Each Subsidiary Guarantor and by its acceptance hereof each Noteholder hereby confirms that it is the intention of all such parties that the guarantee by such Subsidiary Guarantor pursuant to its Guarantee set forth
in this Indenture not constitute a fraudulent transfer or conveyance for purposes of any federal or state law. To effectuate the foregoing intention, the Noteholders and each Subsidiary Guarantor hereby irrevocably agree that the obligations of each
such Subsidiary Guarantor under its Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and after giving effect to any collections from or payments
made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its 

  
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Guarantee set forth in this Indenture or pursuant to Section 17.04, result in the obligations of such Subsidiary Guarantor under such Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under federal or state law. This Section 17.03 is for the benefit of the Noteholders. 

Section 17.04. Contribution. In order to provide for just and equitable contribution among the Subsidiary Guarantors, the
Subsidiary Guarantors agree, inter se, that in the event any payment or distribution is made by any Subsidiary Guarantor in respect of any Note (a “Funding Guarantor”) under its Guarantee, such Funding Guarantor shall
be entitled to a contribution from each other Subsidiary Guarantor in a pro rata amount based on the net worth of each Subsidiary Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that
Funding Guarantor in discharging the Company’s obligations with respect to the Notes or any other Subsidiary Guarantor’s obligations with respect to its Guarantee. 
 Section 17.05. Rights Under the Guarantee. 
 (a) Each of the Subsidiary
Guarantors waives notice of the issuance, sale and purchase of any Note and notice from the Trustee or the Noteholders from time to time of any Note of their acceptance and reliance on the Guarantee of such Subsidiary Guarantor. 

(b) Notwithstanding any payment or payments made by the Subsidiary Guarantors by reason of the Guarantees, the Subsidiary Guarantors
shall not be subrogated to any rights of the Trustee or any Noteholder against the Company until all the Notes shall have been paid or deemed to have been paid within the meaning of this Indenture. Any payment made by the Subsidiary Guarantors by
reason of the Guarantees shall be in all respects subordinated to the full and complete payment or discharge under this Indenture of all obligations guaranteed hereby, and no payment by the Subsidiary Guarantors by reason of the Guarantees shall
give rise to any claim of the Subsidiary Guarantors against the Trustee or any Noteholder. Unless and until the Notes shall have been paid or deemed to have been paid within the meaning of this Indenture, none of the Subsidiary Guarantors will
assign or otherwise transfer any such claim against the Company to any other Person. 
 (c) No set-off, counterclaim, reduction
or diminution of any obligation or any defense of any kind or nature (other than performance by the Subsidiary Guarantors of their obligations hereunder) which any Subsidiary Guarantor may have or assert against the Trustee or any Noteholder shall
be available hereunder to such Subsidiary Guarantor against the Trustee. 
 (d) Each Subsidiary Guarantor agrees to pay all
costs, expenses and fees, including all reasonable attorneys’ fees and expenses, which may be incurred by the Trustee in enforcing or attempting to enforce this Guarantee or protecting the rights of the Trustee or the Noteholders, if any, in
accordance with this Indenture. 
 Section 17.06. Primary Obligations. Each Subsidiary Guarantor agrees that it is
directly liable to each Noteholder hereunder, that the obligations of each Subsidiary Guarantor hereunder are independent of the obligations of the Company or any other guarantor, and that a separate action may be brought against each Subsidiary
Guarantor, whether such action is brought against the Company or any other Subsidiary Guarantor or whether the Company or any other guarantor is joined in such action. Each Subsidiary Guarantor agrees that its liability hereunder shall be immediate
and shall not be contingent upon the exercise or enforcement by the Trustee or the Noteholders of whatever remedies they may have against the Company or any other guarantor. Each Subsidiary Guarantor agrees that any release which may be given by the
Trustee or the Noteholders to the Company or any other guarantor shall not release such Subsidiary Guarantor. Each Subsidiary Guarantor consents and agrees that the Trustee shall be under 

  
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no obligation to marshal any property or assets of the Company or any other guarantor in favor of such Subsidiary Guarantor, or against or in payment of any or all of the Guaranteed Obligations.

 Section 17.07. Waivers.  
 (a) Each Subsidiary Guarantor hereby waives any right to receive, or any claim or defense based on failure to receive: (i) notice of the amount of the Guaranteed Obligations; (ii) notice of any
adverse change in the financial condition of the Company or of any other fact that might increase such Subsidiary Guarantor’s risk hereunder; (iii) notice of a Default or Event of Default; and (iv) all other notices (except if such
notice is specifically required to be given to such Subsidiary Guarantor under this Indenture to which such Subsidiary Guarantor is a party) and demands to which such Subsidiary Guarantor might otherwise be entitled. 

(b) Each Subsidiary Guarantor hereby waives the right by statute or otherwise to require the Trustee or the Noteholders to institute suit
against the Company (or against any other Person) or to exhaust any rights and remedies which the Trustee or the Noteholders have or may have against the Company (or against any other Person). In this regard, each Subsidiary Guarantor agrees that it
is bound to the payment of each and all of the Guaranteed Obligations, whether now existing or hereafter arising, as fully as if such Guaranteed Obligations were directly owing to the guaranteed party by such Subsidiary Guarantor. Each Subsidiary
Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and indefeasibly paid) of the Company or by reason of the
cessation from any cause whatsoever of the liability of the Company in respect thereof. 
 (c) Each Subsidiary Guarantor hereby
waives any claim or defense directly or indirectly arising from or caused by any election of remedies by the Trustee or Noteholders, whether or not such election of remedies directly or indirectly results in impairment or loss of rights or claims of
such Subsidiary Guarantor against the Company or other Persons. 
 Section 17.08. Releases. Each Subsidiary
Guarantor consents and agrees that, without notice to or by such Subsidiary Guarantor and without affecting or impairing the obligations of such Subsidiary Guarantor hereunder, the Trustee may, by action or inaction, compromise or settle, extend the
period of duration or the time for the payment, or discharge the performance of, or may refuse to, or otherwise not enforce, or may, by action or inaction, release all or any one or more parties to, any one or more of the terms and provisions of
this Indenture or may grant other indulgences to the Company in respect thereof, or may, by action or inaction, release or substitute any other guarantor, if any, of the Guaranteed Obligations. 

Section 17.09. No Election. The Trustee shall have the right to seek recourse against each Subsidiary Guarantor to the
fullest extent provided for herein and no election by the Trustee to proceed in one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of Trustee’s right to proceed in any other form of action or
proceeding, or against other parties unless the Trustee has expressly waived such right in writing. 
 Section 17.10.
Financial Condition of the Company. Each Subsidiary Guarantor represents and warrants to the Trustee and Noteholders that it is currently informed of the financial condition of the Company and, of all other circumstances which a diligent
inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations. Each Subsidiary Guarantor further represents and warrants to the Trustee and Noteholders that it has read and understands the terms and conditions of this
Indenture and the Notes. Each Subsidiary Guarantor hereby covenants that it will 

  
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continue to keep itself informed of the Company’s financial condition, the financial condition of other guarantors, if any, and of all other circumstances which bear upon the risk of
nonpayment or nonperformance of the Guaranteed Obligations. 
 Section 17.11. Consolidation, Merger, Etc., Only on
Certain Terms. No Subsidiary Guarantor shall consolidate with, or merge with or into, or convey, transfer or lease its properties and assets substantially in their entirety (computed on a consolidated basis) to any Person, unless: 

(a) the Person formed by or surviving any such consolidation or merger (if other than the Subsidiary Guarantor, another Subsidiary
Guarantor or the Company) assumes, by supplemental indenture hereto, all of the obligations of such Subsidiary Guarantor under its Guarantee and this Indenture; 
 (b) immediately after giving effect to such transaction, no Event of Default or Default shall exist; and 
 (c) if such Person is required to execute a supplemental indenture pursuant to clause (a) above, such Person has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, conveyance, transfer or lease and such assumption of such obligations by such supplemental indenture comply with this provision and that all conditions precedent herein provided for relating to such
transaction have been complied with. 
 Notwithstanding the preceding paragraph, in the event of (a) a sale or other
disposition of all of the assets of any Subsidiary Guarantor, by way of merger, consolidation or otherwise or (b) a sale or other disposition of all of the capital stock of any Subsidiary Guarantor, then the Subsidiary Guarantor (in the event
of a sale or other disposition of all of the capital stock of such Subsidiary Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all of the assets of the Subsidiary Guarantor) will be released and
relieved of any obligations under its Guarantee set forth in this Indenture, except in the event of a sale or other disposition to the Company or any other Subsidiary Guarantor. Upon delivery by the Company to the Trustee of an Officers’
Certificate and Opinion of Counsel to the effect that such sale or other disposition was made by such Subsidiary Guarantor in accordance with the provisions of this Indenture, the Trustee shall execute any documents reasonably required in order to
evidence the release of any such Subsidiary Guarantor from its Guaranteed Obligations under its Guarantee set forth in this Indenture. 
 ARTICLE 18 
 MISCELLANEOUS PROVISIONS 

Section 18.01. Provisions Binding on Company’s 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 18.02. Official Acts by Successor Corporation. 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 or officer of any corporation or other entity that shall at the time be
the lawful successor of the Company. 

  
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 Section 18.03. Addresses for Notices, Etc. Any notice or demand that by any
provision of this Indenture is required or permitted to be given or served by the Trustee or by the Noteholders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to MGM Resorts International at 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, attention of John
M. McManus, Executive Vice President, General Counsel and Secretary, with a copy to Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, NY 10153, attention of Rod Miller. Any notice, direction, request or demand hereunder to or upon the
Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office. 

The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication mailed to a Noteholder shall be mailed to it by first class mail, postage prepaid, at its address
as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. 
 Failure to
mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the
addressee receives it. 
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall
be impracticable to give such notice to holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event to a
holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), pursuant to customary procedures of such Depositary. 

Section 18.04. Governing Law. THIS INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF NEW YORK,
AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK. 
 Section 18.05. Evidence of
Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. (a) Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 (i) 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 
 (ii) an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 (b)
Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

  
 77 

 (i) a statement that each person signing such certificate or opinion has
read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the
nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate or opinion is based; 
 (iii) a statement that, in the opinion of each such person, the person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not
such covenant or condition has been complied with; and 
 (iv) a statement as to whether or not, in the opinion
of each such person, such condition or covenant has been complied with; provided, however, that, with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials.

 Section 18.06. Legal Holidays. In any case where any Interest Payment Date, Fundamental Change Repurchase Date,
Conversion Date or Maturity Date is not be a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no
interest shall accrue for the period from and after such date. 
 Section 18.07. No Security Interest Created.
Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

 Section 18.08. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give
to any Person, other than the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder or the Noteholders, any benefit or any legal or equitable right, remedy or claim under
this Indenture. 
 Section 18.09. 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 18.10. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its
behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.05, Section 2.06, Section 2.07,
Section 2.08, Section 11.04 and Section 16.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all
purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the
Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee
hereunder pursuant to Section 8.09. 
 Any corporation or other entity into which any authenticating agent may be merged or
converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the
corporate trust business of any authenticating agent, shall be the 

  
 78 

 
successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section, without the execution or filing of any paper or any
further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity. 
 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 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, the Trustee may appoint a successor
authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall mail notice of such appointment to all Noteholders as the names and addresses of such holders appear on the Note Register.

 The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the
Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The provisions of
Section 8.02, Section 8.03, Section 8.04, Section 9.03 and this Section 18.10 shall be applicable to any authenticating agent. 
 If an authenticating agent is appointed pursuant to this Section, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form: 

                         
               , 
 as Authenticating Agent, certifies that this is
one of the Notes described in the within-named Indenture. 
  

	
	By:                             
                                         
                    
	Authorized Officer

 Section 18.11.
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 18.12. Severability. In the event any provision of this Indenture or in the Notes shall be invalid, illegal or
unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 
 Section 18.13. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 18.14. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and 

  
 79 

 
hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances. 
 [The remainder of this page is intentionally left blank. Signature on the following
page.] 

  
 80 

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

					
	MGM RESORTS INTERNATIONAL
		
	By:	  	 /s/ William M. Scott IV

		  	Name:	 	William M. Scott IV
		  	Title:	 	Executive Vice President Corporate
		  	Strategy and Special Counsel
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	  	 /s/ Raymond S. Haverstock

		  	Name:	 	Raymond S. Haverstock
		  	Title:	 	Vice President

 [Signature Page to
Convertible Notes Indenture] 

  
 81 

 SUBSIDIARY GUARANTORS 

 

	
	 350 LEASING COMPANY I, LLC, a Nevada limited liability company

	
	 350 LEASING COMPANY II, LLC, a Nevada limited liability company

	
	 450 LEASING COMPANY I, LLC, a Nevada limited liability company

	
	 550 LEASING COMPANY I, LLC, a Nevada limited liability company

	
	 550 LEASING COMPANY II, LLC, a Nevada limited liability company

	
	 AC HOLDING CORP., a Nevada corporation

	
	 AC HOLDING CORP. II, a Nevada corporation

	
	 ARIA RESORT & CASINO, LLC, a Nevada limited liability company

	
	 BEAU RIVAGE RESORTS, INC., a Mississippi corporation

	
	 BELLAGIO, LLC, a Nevada limited liability company

	
	 BUNGALOW, INC., a Mississippi corporation

	
	 CIRCUS CIRCUS CASINOS, INC., a Nevada corporation

	
	 MGM RESORTS MISSISSIPPI, INC., a Mississippi corporation

	
	 CITYCENTER FACILITIES MANAGEMENT, LLC, a Nevada limited liability company

	
	 CITYCENTER REALTY CORPORATION, a Nevada corporation

	
	 DESTRON, INC., a Nevada corporation

  
 82 

	
	 DIAMOND GOLD, INC., a Nevada corporation

	
	 GALLEON, INC., a Nevada corporation

	
	 GOLD STRIKE AVIATION, INCORPORATED, a Nevada corporation

	
	 GOLD STRIKE FUEL COMPANY, LLC, a Nevada limited liability company

	
	 GOLD STRIKE L.V., a Nevada partnership

	
	 By: Diamond Gold Inc., a Nevada corporation, Partner

	
	 By: M.S.E. Investments, Incorporated, a Nevada corporation, Partner

	
	 GRAND LAUNDRY, INC., a Nevada corporation

	
	 IKM MGM MANAGEMENT, LLC, a Nevada limited liability company

	
	 IKM MGM, LLC, a Nevada limited liability company

	
	 JEAN DEVELOPMENT COMPANY, LLC, a Nevada limited liability company

	
	 JEAN DEVELOPMENT NORTH, LLC, a Nevada limited liability company

	
	 JEAN DEVELOPMENT WEST, LLC, a Nevada limited liability company

	
	 JEAN FUEL COMPANY WEST, LLC, a Nevada limited liability company

	
	 LV CONCRETE CORP., a Nevada corporation

	
	 M.I.R. TRAVEL, a Nevada corporation

	
	 M.S.E. INVESTMENTS, INCORPORATED, a Nevada corporation

	
	 MAC, CORP., a New Jersey corporation

  
 83 

 
	
	 MANDALAY CORP., a Nevada corporation

	
	 MANDALAY EMPLOYMENT, LLC, a Nevada limited liability company

	
	 MANDALAY MARKETING AND EVENTS, a Nevada corporation

	
	 MANDALAY PLACE, a Nevada corporation

	
	 MANDALAY RESORT GROUP, a Nevada corporation

	
	 METROPOLITAN MARKETING, LLC, a Nevada limited liability company

	
	 MGM GRAND ATLANTIC CITY, INC., a New Jersey corporation

	
	 MGM GRAND CONDOMINIUMS, LLC, a Nevada limited liability company

	
	 MGM GRAND CONDOMINIUMS II, LLC, a Nevada limited liability company

	
	 MGM GRAND CONDOMINIUMS III, LLC, a Nevada limited liability company

	
	 MGM GRAND CONDOMINIUMS EAST-TOWER I, LLC, a Nevada limited liability company

	
	 MGM GRAND DETROIT, INC., a Delaware corporation

	
	 MGM GRAND HOTEL, LLC, a Nevada limited liability company

	
	 MGM RESORTS ADVERTISING, INC., a Nevada corporation

	
	 MGM RESORTS AIRCRAFT HOLDINGS, LLC, a Nevada limited liability company

	
	 MGM RESORTS AVIATION CORP., a Nevada corporation

  
 84 

 
	
	 MGM RESORTS CORPORATE SERVICES, a Nevada corporation

	
	 MGM RESORTS INTERNATIONAL DESIGN, a Nevada corporation

	
	 MGM RESORTS DEVELOPMENT, LLC, a Nevada limited liability company

	
	 MGM RESORTS ENTERTAINMENT AND SPORTS, a Nevada corporation

	
	 MGM RESORTS INTERNATIONAL GLOBAL GAMING DEVELOPMENT, LLC, a Nevada limited liability company

	
	 MGM HOSPITALITY, LLC, a Nevada limited liability company

	
	 MGM INTERNATIONAL, LLC, a Nevada limited liability company

	
	 MGM RESORTS INTERNATIONAL MARKETING, INC., a Nevada corporation

	
	 MGM RESORTS LAND HOLDINGS, LLC, a Nevada limited liability company

	
	 MGM RESORTS MANAGEMENT AND TECHNICAL SERVICES, LLC, a Nevada limited liability company

	
	 MGM RESORTS MANUFACTURING CORP., a Nevada corporation

	
	 MGM RESORTS INTERNATIONAL OPERATIONS, INC., a Nevada corporation

	
	 MGM RESORTS RETAIL, a Nevada corporation

	
	 MH, INC., a Nevada corporation

	
	 MIRAGE LAUNDRY SERVICES CORP., a Nevada corporation

  
 85 

 
	
	 MIRAGE LEASING CORP., a Nevada corporation

	
	 MIRAGE RESORTS, INCORPORATED, a Nevada corporation

	
	 MMNY LAND COMPANY, INC., a New York corporation

	
	 MRGS, LLC, a Nevada limited liability company

	
	 NEVADA LANDING PARTNERSHIP, an Illinois partnership

	
	 By: Diamond Gold Inc., a Nevada corporation, Partner

	
	 By: M.S.E. Investments, Incorporated, a Nevada corporation, Partner

	
	 NEW CASTLE CORP., a Nevada corporation

	
	 NEW PRMA LAS VEGAS, INC., a Nevada corporation

	
	 NEW YORK-NEW YORK HOTEL & CASINO, LLC, a Nevada limited liability company

	
	 NEW YORK-NEW YORK TOWER, LLC, a Nevada limited liability company

	
	 OE PUB, LLC, a Nevada limited liability company

	
	 PRMA LAND DEVELOPMENT COMPANY, a Nevada corporation

	
	 PRMA, LLC, a Nevada limited liability company

	
	 PROJECT CC, LLC, a Nevada limited liability company

	
	 RAILROAD PASS INVESTMENT GROUP, a Nevada partnership

	
	 RAMPARTS, INC., a Nevada corporation

  
 86 

 
	
	 SIGNATURE TOWER I, LLC, a Nevada limited liability company

	
	 SIGNATURE TOWER 2, LLC, a Nevada limited liability company

	
	 SIGNATURE TOWER 3, LLC, a Nevada limited liability company

	
	 THE CRYSTALS AT CITYCENTER MANAGEMENT, LLC, a Nevada limited liability company

	
	 THE SIGNATURE CONDOMINIUMS, LLC, a Nevada limited liability company

	
	 THE MIRAGE CASINO-HOTEL, a Nevada corporation

	
	 TOWER B, LLC, a Nevada limited liability company

	
	 TOWER C, LLC, a Nevada limited liability company

	
	 VDARA CONDO HOTEL, LLC, a Nevada limited liability company

	
	 VICTORIA PARTNERS, a Nevada partnership

	
	      By: MRGS LLC, a Nevada limited liability company, Partner

	
	      By: Gold Strike L.V., a Nevada partnership, Partner

	
	 VIDIAD, a Nevada corporation

	
	 VINTAGE LAND HOLDINGS, LLC, a Nevada limited liability company

	
	 VINTAGE LAND HOLDINGS II, LLC, a Nevada limited liability company

  
 87 

 [The remainder of this page is intentionally left blank. Signature on the following page.]

  
 88 

 
					
	Authorized Signatory of each of the foregoing:
		
	By:	 	 /s/ William M. Scott IV

		 	Name:	 	  William M. Scott IV

[Signature Page to Convertible Notes Indenture] 

  
 89 

 EXHIBIT A 
 [FORM OF FACE OF NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1 
 [THE SALE
OF THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF, OR OF A BENEFICIAL OWNERSHIP HEREIN, THE ACQUIRER: (I) REPRESENTS THAT IT, AND ANY ACCOUNT FOR WHICH IT IS ACTING, IS A “QUALIFIED INSTITUTIONAL BUYER” OR AN “ACCREDITED INVESTOR” (WITHIN
THE MEANING OF RULE 144A OR 501 (AS APPLICABLE) UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT; AND (II) AGREES (1) THAT IT WILL NOT WITHIN THE LATER OF (X) ONE YEAR AFTER THE
LAST DATE OF ORIGINAL ISSUANCE OF NOTES AND (Y) 90 DAYS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF MGM RESORTS INTERNATIONAL (THE “COMPANY”), OFFER, RESELL, PLEDGE OR OTHERWISE
TRANSFER THE NOTES EVIDENCED HEREBY, THE COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH NOTES OR ANY BENEFICIAL OWNERSHIP HEREIN, EXCEPT: (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144, IF AVAILABLE; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS NOTE WITHIN THE LATER OF (X) SIX MONTHS (OR, IF THE COMPANY HAS NOT SATISFIED THE CURRENT PUBLIC INFORMATION
REQUIREMENTS OF RULE 144, ONE YEAR) AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF NOTES AND (Y) 90 DAYS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 ADOPTED UNDER THE SECURITIES ACT) OF THE COMPANY, FURNISH TO THE TRUSTEE

  
  

	1 	 Use bracketed language for a Global Note. 

  
 -1-

 
AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY REQUIRE AND MAY RELY UPON TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. IN ANY EVENT, NO AFFILIATE OF THE COMPANY MAY RESELL THIS NOTE OTHER THAN UNDER A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE
UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IN A TRANSACTION THAT RESULTS IN SUCH NOTE NO LONGER BEING “RESTRICTED SECURITIES” (AS DEFINED UNDER RULE 144). NO REPRESENTATION
IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER AND TRANSFEREE OF A NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF A NOTE WILL BE DEEMED TO HAVE REPRESENTED BY ITS
PURCHASE AND HOLDING OF THE NOTE AND THE COMMON STOCK ISSUABLE, UPON CONVERSION OF THE NOTE THAT (A) ITS PURCHASE AND HOLDING OF THE NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THE NOTE IS NOT MADE ON BEHALF OF OR WITH “PLAN
ASSETS” OF ANY PLAN SUBJECT TO TITLE I OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR LAW OR (B) ITS PURCHASE AND HOLDING OF THE NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THE NOTE WILL NOT RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR LAW.]2 
  
  

	2 	 Use bracketed language for Restricted Securities. 

  
 A-F-2

 MGM RESORTS INTERNATIONAL 

4.25% Convertible Senior Note due 2015 (Emerging Corporate Series) 

 

			
	 No. [        ]
	  	$[        ]

 [CUSIP No. [                            ]] 

MGM RESORTS INTERNATIONAL, a corporation duly organized and validly existing under the laws of the State of Delaware
(herein called the “Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO., or its registered
assigns,]3 the principal sum of
[            ] Dollars, [as revised by the Schedule of Increases and Decreases in Global Note attached hereto,]4 on April 15, 2015, interest thereon as set forth below and Additional Interest in the manner, at the rates and to
the Persons set forth in Sections 5.06(d), 5.06(e) and 7.03, as applicable, of the Indenture. 
 The Company promises to
pay interest on the principal amount of this Note at the rate of 4.25% per annum (subject to increase pursuant to Sections 5.06(d), 5.06(e) and 7.03, as applicable, of the Indenture) from June 17, 2011 until April 15, 2015. The
Company will pay interest semi-annually on April 15 and October 15 of each year, commencing on October 15, 2011, to holders of record at the close of business on the preceding April 1 and October 1 (whether or not such day
is a Business Day), respectively. Interest on the Note will accrue from the most recent date to which interest has been paid, or, if no interest has been paid on the Note, from June 17, 2011. 

Payment of the principal of and accrued and unpaid interest and Additional Interest, if any, on this Note shall be
made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, New York City, in such lawful money of the United States of America as provided in and subject to the terms of the Indenture[; provided,
however, that for so long as this Note is a Global Note, payment of the principal of and accrued and unpaid interest and Additional Interest, if any, on this Note shall be paid to the Depositary or its nominee by wire transfer in immediately
available funds in accordance with the wire transfer instruction supplied by the Depositary or its nominee from time to time to the Trustee and Paying Agent (if different from Trustee)]5. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the holder of this Note the right to convert this Note into
shares of Common Stock of the Company on the terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in
accordance with and governed by the laws of said State (without regard to the conflicts of laws provisions thereof). 
  

 

	3 	 Use bracketed language for a Global Note. 

	4 	 Use bracketed language for a Global Note. 

	5 	 Use bracketed language for a Global Note. 

  
 A-F-3

 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee or a duly authorized authenticating agent under the Indenture. 
 [Remainder of page intentionally left blank] 

  
 A-F-4

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

 

					
	MGM RESORTS INTERNATIONAL
		
	By:	 	  

		 	Name:	 	  William M. Scott IV
		 	Title:	 	  Executive Vice President Corporate
		 	Strategy and Special Counsel

 Dated:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 U.S. BANK NATIONAL ASSOCIATION 
 as Trustee, certifies that this is one of the Notes described

 in the within-named Indenture. 
  

			
	By:	 	  

		 	Authorized Officer

 [Signature Page to
Convertible Note] 

  
 A-F-5

 [FORM OF REVERSE OF NOTE] 

MGM RESORTS INTERNATIONAL 
 4.25% Convertible Senior Note due 2015 (Emerging Corporate Series) 
 This Note is
one of a duly authorized issue of Notes of the Company, designated as its 4.25% Convertible Senior Notes due 2015 (Emerging Corporate Series) (the “Notes”), initially limited to the aggregate principal amount of $300,000,000 all
issued or to be issued under and pursuant to an Indenture dated as of June 17, 2011 (as such may be amended from time to time, the “Indenture”), among the Company, the Subsidiary Guarantors party thereto (the
“Subsidiary Guarantors”) and U.S. 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 Notes. 

The Subsidiary Guarantors have, jointly and severally, unconditionally guaranteed the Guaranteed Obligations on a senior unsecured basis
pursuant to the terms of the Indenture. 
 In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal of and interest, including Additional Interest, if any, on all Notes may be declared, by either the Trustee or the holders of not less than 25% in aggregate principal amount of Notes then outstanding, and upon said
declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. 
 Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price and the principal amount on the Maturity Date,
as the case may be, to the holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of
public and private debts. 
 The Indenture contains provisions permitting the Company and the Trustee in certain circumstances,
without the consent of the holders of the Notes, and in other circumstances, with the consent of the holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to
execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the holders of a majority in aggregate principal amount of the Notes
at the time outstanding may on behalf of the holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and
accrued and unpaid interest, and Additional Interest, if any, on this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed. 
 The Notes are issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company referred to on the face hereof,
and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if required by the
Company or Trustee, with payment of a sum sufficient to cover any tax, assessments or other governmental charges that may be imposed in connection 

  
 -1-

 
therewith as a result of the name of the holder of the new Notes issued upon such exchange of Notes being different from the name of the holder of the old Notes surrendered for such exchange.

 The Notes are not subject to redemption through the operation of any sinking fund or otherwise, except as provided in the
Indenture and described below. 
 Upon the occurrence of a Fundamental Change, the holder has the right, at such holder’s
option, to require the Company to repurchase for cash all of such holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental
Change Repurchase Price. 
 The rights of each holder or beneficial owner of the Notes are subject to the Gaming Laws and
requirements of the Gaming Authorities. Notwithstanding any other provision of the Indenture, if any Gaming Authority requires that a holder or beneficial owner of the Notes of a holder must be licensed, qualified or found suitable under any Gaming
Law, such holder or such beneficial owner shall apply for a license, qualification or a finding of suitability, as the case may be, within the required time period. If such person fails to apply or become licensed or qualified or is not found
suitable (in each case, a “failure of compliance”), the Company shall have the right, at its option, (i) to require such holder or owner to dispose of such holder’s or beneficial owner’s Notes within 30 days of
receipt of notice of the Company’s election or such earlier date as may be requested or prescribed by such Gaming Authority, or (ii) to redeem such Notes, which Gaming Law Redemption Date may be less than 30 days following the notice of
redemption if so requested or prescribed by the Gaming Authority, at a redemption price equal to (a) the lesser of (1) the holder’s cost, plus accrued and unpaid interest, if any, to the earlier of the Gaming Law Redemption Date or
the date of the finding of unsuitability or failure to comply and (2) 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the earlier of the Gaming Law Redemption Date and the date of the finding of unsuitability
or failure to comply or (b) such other amount as may be required by applicable Gaming Laws or by order of any Gaming Authority. The Company shall notify the Trustee in writing of any such failure of compliance or redemption as soon as
practicable. The Company shall not be responsible for any costs or expenses any such holder or beneficial owner may incur in connection with its application for a license, qualification or finding of suitability. Immediately upon the imposition of a
requirement to dispose of the Notes by a Gaming Authority, such holder or beneficial owner shall, to the extent required by applicable Gaming Laws, have no further right (i) to exercise, directly or indirectly, through any trustee, nominee or
any other person or entity, any right conferred by the Notes, or (ii) to receive any remuneration in any form with respect to the Notes from the Company or the Trustee, except the redemption price. 

Subject to the provisions of the Indenture, the holder hereof has the right, at its option, prior to the close of business on the second
Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into shares of Common Stock at a Conversion Rate specified in the Indenture, as adjusted from time
to time as provided in the Indenture. 
 The holder hereof has the right, at its option, to exchange this Note for Exchange
Notes or a beneficial interest in a “Global Note” (as defined in the Existing Indenture) representing Exchange Notes subject to, and in accordance with, Section 2.12 of the Indenture. 

Terms used in this Note and defined in the Indenture are used herein as therein defined. 

  
 A-R-2

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

							
	TEN COM -as tenants in common	 		  	UNIF GIFT MIN ACT
				
		 		  	  
	  	Custodian
		 		  	(Cust)	  	
				
	TEN ENT -as tenants by the entireties	 		  		  	
		 		  	  
 (Minor)
	  	
				
	JT TEN -as joint tenants with right of survivorship and not as tenants in common	 		  	 Uniform Gifts to Minors Act

 
	  	(State)

 Additional abbreviations may also
be used though not in the above list. 

  
 A-R-3

 SCHEDULE OF INCREASES AND DECREASES IN GLOBAL NOTE6 

MGM RESORTS INTERNATIONAL 
 4.25% Convertible Senior Notes due 2015 (Emerging Corporate Series) 
 The initial
principal amount of this Global Note is $[        ]. The following increases or decreases in this Global Note have been made: 
  

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

  
  

	6 	 For Global Notes only. 

  
 A-R-4

 EXHIBIT B 
 [FORM OF NOTICE OF CONVERSION] 
 To: MGM RESORTS INTERNATIONAL 

The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000
principal amount or an integral multiple thereof) below designated, into shares of Common Stock in accordance with the terms of the Indenture referred to in this Note, and directs that any shares of Common Stock issuable and deliverable upon such
conversion, together with any cash in lieu of any fractional shares, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If any
shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. Any amount required to be paid by the
undersigned on account of interest accompanies this Note. 
  

							
	Dated:                     	  	  
	  		  	
		  	  
	  		  	
		  	Signature(s)	  		  	
				
	  
	  		  		  	
	Signature Guarantee	  		  		  	
				
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and
loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange
Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes to be delivered, other than
to and in the name of the registered holder.	  		  		  	

  
 -1-

	
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:
	
	  

	(Name)
	
	  

	(Street Address)
	
	  

	 (City, State and Zip Code)

Please print name and address

  

	
	Principal amount to be converted (if less than all): $        ,000
	
	NOTICE: The above signature(s) of the holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or
any change whatever.
	
	  

	Social Security or Other Taxpayer Identification Number

  
 B-2

 EXHIBIT C 
 [FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
 To: MGM RESORTS INTERNATIONAL 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from MGM Resorts International (the “Company”) as
to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to repay to the registered holder hereof in accordance with the applicable provisions
of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change
Repurchase Date does not fall during the period after an Interest Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, including Additional Interest, if any, thereon to, but excluding, such Fundamental
Change Repurchase Date. 
 In the case of certificated Notes, the certificate numbers of the Notes to be repurchased are as set forth below:

 Dated:                     

  

	
	  

	Signature(s)
	
	  

	Social Security or Other Taxpayer Identification Number
	
	Principal amount to be repaid (if less than all): $        ,000
	
	NOTICE: The above signature(s) of the holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or
any change whatever.

  
 -1-

 EXHIBIT D 
 [FORM OF ASSIGNMENT AND TRANSFER] 
 For value received
                                        
hereby sell(s), assign(s) and transfer(s) unto                              (Please insert social
security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably constitutes and appoints                 
                     attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.

 In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture
governing such Note, the undersigned confirms that such Note is being transferred: 
  

	 ̈	To MGM Resorts International or a subsidiary thereof; or 

  

	 ̈	Pursuant to the registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or 

 

	 ̈	Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or 

 

	 ̈	Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended; or 

 

	 ̈	Pursuant to another available exemption from registration under the Securities Act of 1933, as amended. 

  
 -1-

	
	
Dated:                        

  

	  

	
	  

	Signature(s)
	
	  

	Signature Guarantee
	
	  

	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 Notes are to be delivered, other than to and in the name of the registered holder.

 NOTICE: The signature on the assignment must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever. 

  
 D-2

 EXHIBIT E 
 [FORM OF NOTICE OF EXCHANGE] 
 To: MGM RESORTS INTERNATIONAL 

The undersigned registered owner of this Note hereby exercises the option to exchange this Note, or the portion hereof (that is $1,000
principal amount or an integral multiple thereof) below designated, for Exchange Notes in accordance with the terms of the Indenture referred to in this Note, and directs that the Exchange Notes (as defined in such Indenture) issuable and
deliverable upon such exchange shall be issued in the form designated below, and any Notes representing any unexchanged principal amount hereof, be issued and delivered to the registered holder hereof. 

 

							
	Dated:                     	  	  
	  		  	
		  	  
	  		  	
		  	Signature(s)	  		  	
				
	  
	  		  		  	
	Signature Guarantee	  		  		  	
				
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if Exchange Notes are to be delivered other than to and in the name of the registered holder.	  		  		  	

  
 -1-

 
			
	Principal amount to be exchanged (if less than all): $        ,000
	
	The Exchange Notes issuable and deliverable upon such exchange are to be issued as:
		
	 ̈	 	definitive notes; or
		
	 ̈	 	a beneficial interest in a “Global Note” (as defined in the Existing Indenture).
	
	NOTICE: The above signature(s) of the holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or
enlargement or any change whatever.
	
	  

	Social Security or Other Taxpayer Identification Number

  
 E-2

 EXHIBIT F 
 FORM OF INSTRUMENT OF JOINDER 
 (INDENTURES) 

THIS INSTRUMENT OF JOINDER (“Joinder”) is executed as of
            , by the undersigned Subsidiaries of MGM Resorts International (“Joining Parties”), with reference to the following guaranties: 

1. Guarantee of 5.875% Notes Due 2014. The Guarantee dated as of February 27, 2004, made by certain subsidiaries of MGM Resorts International
(“MGM”) in favor of U.S. Bank National Association (the “February 5.875% Guarantee”), for the holders of MGM’s 5.875% Senior Notes due 2014 (including such 5.875% Senior Notes issued in the exchange offer for
the 5.875% Senior Notes due 2014) issued pursuant to the Indenture dated as of February 27, 2004, among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “February 5.875%
Indenture”). 
 2. Guarantee of 5.875% Notes Due 2014. The Guarantee dated as of March 23, 2004, made by certain subsidiaries of
MGM in favor of U.S. Bank National Association (the “March 5.875% Guarantee”), for the holders of MGM’s 5.875% Senior Notes due 2014 (including such 5.875% Senior Notes issued in the exchange offer for the 5.875% Senior Notes
due 2014) issued pursuant to the Indenture dated as of March 23, 2004, among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “March 5.875% Indenture”). 

3. Guarantee of 6.75% Notes Due 2012. The Guarantee dated as of August 25, 2004, made by certain subsidiaries of MGM in favor of U.S. Bank National
Association (the “2004 6.75% Guarantee”), for the holders of MGM’s 6.75% Senior Notes due 2012 (including such 6.75% Senior Notes issued in any exchange offer for the 6.75% Senior Notes due 2012) issued pursuant to the
Indenture dated as of August 25, 2004, among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “2004 6.75% Indenture”). 
 4. Guarantee of 6.375% Notes Due 2011. The Guarantee dated as of April 25, 2005, made by MGM and certain subsidiaries of MGM in favor of The Bank of New York, N.A. (the “6.375%
Guarantee”), for the holders of Mandalay’s 6.375% Senior Notes due 2011 (including such 6.375% Senior Notes issued in any exchange offer for the 6.375% Senior Notes due 2011) issued pursuant to the Indenture dated as of
November 25, 2003, between Mandalay and The Bank of New York, N.A., as Trustee (the “6.375% Indenture”). 
 5. Guarantee
of Floating Rate Convertible Debentures Due 2033. The Guarantee dated as of April 25, 2005, made by MGM and certain subsidiaries of MGM in favor of The Bank of New York, N.A. (the “Convertible Debentures Guarantee”), for the
holders of Mandalay’s Floating Rate Convertible Debentures due 2033 issued pursuant to the First Supplemental Indenture dated as of July 26, 2004 to the Indenture dated as of March 21, 2003, between Mandalay, the subsidiary guarantors
party thereto and The Bank of New York, N.A., as Trustee (the “Floating Rate Convertible Debentures Indenture”). 
 6.
Guarantee of 7.00% Debentures Due 2036. The Guarantee dated as of April 25, 2005, made by MGM and certain subsidiaries of MGM in favor of Wells Fargo Bank (Colorado), N.A. (the “7.00% Debentures Guarantee”), for the holders of
Mandalay’s 7.00% Debentures due 2036 issued pursuant to the Supplemental Indenture dated as of November 15, 1996 to the Indenture dated as of November 15, 

  
 -1-

 
1996, between Mandalay and Wells Fargo Bank (Colorado), N.A., as Trustee (the “7.00% Debentures Indenture”). 
 7. Guarantee of 6.70% Debentures Due 2096. The Guarantee dated as of April 25, 2005, made by MGM and certain subsidiaries of MGM in favor of Wells Fargo Bank (Colorado), N.A. (the “6.70%
Debentures Guarantee”), for the holders of Mandalay’s 6.70% Debentures due 2096 issued pursuant to the Supplemental Indenture dated as of November 15, 1996 to the Indenture dated as of February 1, 1996, between Mandalay and
Wells Fargo Bank (Colorado), N.A., as Trustee (the “6.70% Debentures Indenture”). 
 8. Guarantee of 6.625% Notes Due 2015. The
Guarantee dated as of June 20, 2005, made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “June 6.625% Guarantee”), for the holders of MGM’s 6.625% Senior Notes due 2015 (including such
6.625% Senior Notes issued in any exchange offer for the 6.625% Senior Notes due 2015) issued pursuant to the Indenture dated as of June 20, 2005, among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee
(the “6.625% Indenture”). 
 9. Guarantee of 6.625% Notes Due 2015. The Guarantee dated as of September 9, 2005, made by
certain subsidiaries of MGM in favor of U.S. Bank National Association (the “September 6.625% Guarantee”), for the holders of MGM’s 6.625% Senior Notes due 2015 issued pursuant to the 6.625% Indenture, as supplemented by the
First Supplement Indenture dated as of September 9, 2005, among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee. 
 10. Guarantee of 6.75% Notes Due 2013. The Guarantee dated as of April 5, 2006, made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “2006 6.75%
Guarantee”), for the holders of MGM’s 6.75% Senior Notes due 2013 (including such 6.75% Senior Notes due 2013 issued in any exchange offer for the 6.75% Senior Notes due 2013) issued pursuant to the Indenture dated as of April 5,
2006, among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “2006 6.75% and 6.875% Indenture”). 
 11. Guarantee of 6.875% Notes Due 2016. The Guarantee dated as of April 5, 2006, made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “6.875%
Guarantee”), for the holders of MGM’s 6.875% Senior Notes due 2016 (including such 6.875% Senior Notes due 2016 issued in any exchange offer for the 6.875% Senior Notes due 2016) issued pursuant to the 2006 6.75% and 6.875% Indenture.

 12. Guarantee of 7.625% Notes Due 2017. The Guarantee dated as of December 21, 2006, made by certain subsidiaries of MGM in favor of
U.S. Bank National Association (the “7.625% Guarantee”), for the holders of MGM’s 7.625% Senior Notes due 2017 issued pursuant to the Indenture dated as of December 21, 2006 (the “Base Indenture”), between
MGM and U.S. Bank National Association, as Trustee (the “7.625% Trustee”), as supplemented by the First Supplemental Indenture dated as of December 21, 2006, among MGM, the subsidiary guarantors party thereto and the 7.625%
Trustee. 
 13. Guarantee of 7.50% Notes Due 2016. The Guarantee dated as of May 17, 2007, made by certain subsidiaries of MGM in favor of
U.S. Bank National Association (the “7.50% Guarantee”), for the holders of MGM’s 7.50% Senior Notes due 2016 issued pursuant to the Base Indenture, as supplemented by the Second Supplemental Indenture dated as of May 17,
2007, among MGM, the subsidiary guarantors party thereto and the 7.625% Trustee. 

  
 F-2

 14. Guarantee of 13.00% Senior Secured Notes Due 2013. The Subsidiary Guarantee dated as of
November 14, 2008 made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “13.00% Guarantee”), for the holders of MGM’s 13.00% Senior Secured Notes due 2013 issued pursuant to the Indenture
dated as of November 14, 2008 among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “13.00% Senior Secured Indenture”). 
 15. Guarantee of 10.375% Senior Secured Notes Due 2014 and 11.125% Senior Secured Notes Due 2017. The Subsidiary Guarantee dated as of May 19, 2009 made by certain subsidiaries of MGM in favor of
U.S. Bank National Association (the “2014 and 2017 Guarantee”), for the holders of MGM’s 10.375% Senior Secured Notes due 2014 and 11.125% Senior Secured Notes due 2017 issued pursuant to the Indenture dated as of May 19,
2009, among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “2014 and 2017 Indenture”). 
 16. Guarantee of 7.625% Senior Subordinated Debentures Due 2013. The Guarantee dated as of April 25, 2005, made by MGM and certain subsidiaries of MGM in favor of The Bank of New York Trust Co., as
successor to First Interstate Bank of Nevada, N.A. (the “7.625% Subordinated Guarantee”), for the holders of Mandalay’s 7.625% Senior Subordinated Debentures due 2013 issued pursuant to the Indenture dated as of July 21,
1993, between Circus Circus Enterprises, Inc. (the predecessor entity to Mandalay) and First Interstate Bank of Nevada, N.A., as Trustee (the “7.625% Indenture”). 
 17. Guarantee of 11.375% Senior Notes Due 2018. The Subsidiary Guarantee dated as of September 22, 2009, made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the
“11.375% Guarantee”), for the holders of MGM’s 11.375% Senior Notes due 2018 issued pursuant to the Indenture dated as of September 22, 2009, among MGM, the subsidiary guarantors party thereto and U.S. Bank National
Association, as Trustee (the “11.375% Indenture”). 
 18. Guarantee of 9% Senior Secured Notes Due 2020. The Subsidiary
Guarantee dated as of March 16, 2010, made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “9.0% Guarantee”), for the holders of MGM’s 9% Senior Secured Notes due 2020 issued pursuant to the
Indenture dated as of March 16, 2010, among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “9% Indenture”). 
 19. Guarantee of 4.25% Convertible Senior Notes Due 2015. The Subsidiary Guarantee dated as of April 20, 2010, made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the
“2010 4.25% Convertible Guarantee”), for the holders of MGM’s 4.25% Convertible Senior Notes due 2015 issued pursuant to the Indenture dated as of April 20, 2010, among MGM, the subsidiary guarantors party thereto and U.S.
Bank National Association, as Trustee (the “2010 4.25% Convertible Indenture”). 
 20. Guarantee of 10% Senior Notes Due 2016.
The Subsidiary Guarantee dated as of October 28, 2010 made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “10% Guarantee”), for the holders of MGM’s 10% Senior Notes due 2016 issued pursuant
to the Indenture dated as of October 28, 2010 among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “10% Indenture”). 
 21. Guarantee of 4.25% Convertible Senior Notes due 2015 (Emerging Corporate Series). The Subsidiary Guarantee dated as of June 17, 2011, made by certain subsidiaries of MGM in favor of U.S. Bank
National Association (the “2011 4.25% Convertible Guarantee”), for the holders of MGM’s 4.25% 

  
 F-3

 
Convertible Senior Notes due 2015 (Emerging Corporate Series) issued pursuant to the Indenture dated as of June 17, 2010, among MGM, the subsidiary guarantors party thereto and U.S. Bank
National Association, as Trustee (the “2011 4.25% Convertible Indenture”). 

  
 F-4

 RECITALS 
 Each Joining Party has guaranteed Reference Debt of MGM Resorts International, and as such is required by the terms of the Indenture, dated as of June 17, 2011, among MGM Resorts International, the
subsidiary guarantors party thereto and U.S. Bank National Association, as trustee (the “Indenture”), to become a party to a Guarantee for the Notes (capitalized terms used by not defined herein having the meaning ascribed to such
terms in the Indenture). 
 NOW THEREFORE, each Joining Party jointly and severally agrees as follows: 

AGREEMENT 
 1. By this Joinder,
each Joining Party becomes a party to a Guarantee for the Notes as an additional joint and several “Subsidiary Guarantor.” Each Joining Party agrees that, upon its execution hereof, it will become a Subsidiary Guarantor under a Guarantee
for the Notes and will be bound by all terms, conditions, and duties applicable to a Subsidiary Guarantor under such Guarantee. 
 2. The
effective date of this Joinder is [                            ]. 

3. Notice of acceptance hereof is waived. 
 IN
WITNESS WHEREOF, each of the undersigned has executed this Joinder by its duly authorized officer as of the date first written above. 
  

			
	“Joining Parties”
		
	By:	 	  

		
	By:	 	  

  
 F-5

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