Document:

Security Agreement dated as of October 25, 2006

 Exhibit 4.5 
  
  
  
 SECURITY AGREEMENT 
 By 
 AGY HOLDING CORP. 
 and 
 THE GUARANTORS PARTY HERETO 
 and 

U.S. BANK NATIONAL ASSOCIATION, 
 as
Collateral Agent 
  
  
 Dated as of October 25, 2006 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 PREAMBLE
	  	1
		
	 RECITALS
	  	1
		
	 AGREEMENT
	  	2
			
		 	ARTICLE I	  	
			
		 	DEFINITIONS AND INTERPRETATION	  	
			
	SECTION 1.1.	 	DEFINITIONS	  	2
	SECTION 1.2.	 	INTERPRETATION	  	9
	SECTION 1.3.	 	RESOLUTION OF DRAFTING AMBIGUITIES	  	9
	SECTION 1.4.	 	PERFECTION CERTIFICATE	  	9
			
		 	ARTICLE II	  	
			
		 	GRANT OF SECURITY AND SECURED OBLIGATIONS	  	
			
	SECTION 2.1.	 	GRANT OF SECURITY INTEREST	  	10
	SECTION 2.2.	 	FILINGS	  	11
	SECTION 2.3.	 	INTERCREDITOR AGREEMENT	  	11
			
		 	ARTICLE III	  	
			
		 	 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;
 USE OF PLEDGED COLLATERAL
	  	
			
	SECTION 3.1.	 	DELIVERY OF CERTIFICATED SECURITIES COLLATERAL	  	12
	SECTION 3.2.	 	PERFECTION OF UNCERTIFICATED SECURITIES COLLATERAL	  	12
	SECTION 3.3.	 	 FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST
	  	13
	SECTION 3.4.	 	OTHER ACTIONS	  	13
	SECTION 3.5.	 	JOINDER OF ADDITIONAL GUARANTORS	  	17
	SECTION 3.6.	 	SUPPLEMENTS; FURTHER ASSURANCES	  	17

  

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	 	 	 	  	Page
		 	ARTICLE IV	  	
			
		 	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	
			
	SECTION 4.1.	 	TITLE	  	18
	SECTION 4.2.	 	VALIDITY OF SECURITY INTEREST	  	18
	SECTION 4.3.	 	DEFENSE OF CLAIMS; TRANSFERABILITY OF PLEDGED COLLATERAL	  	18
	SECTION 4.4.	 	OTHER FINANCING STATEMENTS	  	19
	SECTION 4.5.	 	LOCATION OF INVENTORY AND EQUIPMENT	  	19
	SECTION 4.6.	 	DUE AUTHORIZATION AND ISSUANCE	  	19
	SECTION 4.7.	 	CONSENTS, ETC	  	19
	SECTION 4.8.	 	PLEDGED COLLATERAL	  	20
	SECTION 4.9.	 	INSURANCE	  	20
	SECTION 4.10.	 	CHIEF EXECUTIVE OFFICE; CHANGE OF NAME; JURISDICTION OF ORGANIZATION	  	20
	SECTION 4.11.	 	PERFECTION CERTIFICATE SUPPLEMENTS	  	20
			
		 	ARTICLE V	  	
			
		 	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	  	
			
	SECTION 5.1.	 	PLEDGE OF ADDITIONAL SECURITIES COLLATERAL	  	21
	SECTION 5.2.	 	VOTING RIGHTS; DISTRIBUTIONS; ETC	  	21
	SECTION 5.3.	 	DEFAULTS, ETC	  	22
	SECTION 5.4.	 	CERTAIN AGREEMENTS OF PLEDGORS AS ISSUERS AND HOLDERS OF EQUITY INTERESTS	  	23
			
		 	ARTICLE VI	  	
			
		 	 CERTAIN PROVISIONS CONCERNING INTELLECTUAL
 PROPERTY COLLATERAL
	  	
			
	SECTION 6.1.	 	GRANT OF INTELLECTUAL PROPERTY LICENSE	  	23
	SECTION 6.2.	 	PROTECTION OF COLLATERAL AGENT’S SECURITY	  	24
	SECTION 6.3.	 	AFTER-ACQUIRED PROPERTY	  	24
	SECTION 6.4.	 	LITIGATION	  	25
			
		 	ARTICLE VII	  	
			
		 	CERTAIN PROVISIONS CONCERNING RECEIVABLES	  	
			
	SECTION 7.1.	 	MAINTENANCE OF RECORDS	  	25

  

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	 	 	 	  	Page
	SECTION 7.2.	 	LEGEND	  	26
	SECTION 7.3.	 	MODIFICATION OF TERMS, ETC	  	26
	SECTION 7.4.	 	COLLECTION	  	26
			
		 	ARTICLE VIII	  	
			
		 	TRANSFERS	  	
			
	SECTION 8.1.	 	TRANSFERS OF PLEDGED COLLATERAL	  	26
			
		 	ARTICLE IX	  	
			
		 	REMEDIES	  	
			
	SECTION 9.1.	 	REMEDIES	  	27
	SECTION 9.2.	 	NOTICE OF SALE	  	28
	SECTION 9.3.	 	WAIVER OF NOTICE AND CLAIMS	  	29
	SECTION 9.4.	 	CERTAIN SALES OF PLEDGED COLLATERAL	  	29
	SECTION 9.5.	 	NO WAIVER; CUMULATIVE REMEDIES	  	31
	SECTION 9.6.	 	CERTAIN ADDITIONAL ACTIONS REGARDING INTELLECTUAL PROPERTY	  	31
			
		 	ARTICLE X	  	
			
		 	APPLICATION OF PROCEEDS	  	
			
	SECTION 10.1.	 	APPLICATION OF PROCEEDS	  	31
			
		 	ARTICLE XI	  	
			
		 	MISCELLANEOUS	  	
			
	SECTION 11.1.	 	CONCERNING COLLATERAL AGENT	  	32
	SECTION 11.2.	 	 COLLATERAL AGENT MAY PERFORM; COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT
	  	33
	SECTION 11.3.	 	CONTINUING SECURITY INTEREST; ASSIGNMENT	  	34
	SECTION 11.4.	 	TERMINATION; RELEASE	  	34
	SECTION 11.5.	 	MODIFICATION IN WRITING	  	34
	SECTION 11.6.	 	EXPENSES	  	35
	SECTION 11.7.	 	NOTICES	  	35
	SECTION 11.8.	 	GOVERNING LAW	  	36
	SECTION 11.9.	 	CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL	  	36

  

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	 	 	 	  	Page
	SECTION 11.10.	 	SEVERABILITY OF PROVISIONS	  	36
	SECTION 11.11.	 	EXECUTION IN COUNTERPARTS	  	36
	SECTION 11.12.	 	BUSINESS DAYS	  	37
	SECTION 11.13.	 	NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION	  	37
	SECTION 11.14.	 	NO CLAIMS AGAINST COLLATERAL AGENT	  	37
	SECTION 11.15.	 	NO RELEASE	  	37
	SECTION 11.16.	 	OBLIGATIONS ABSOLUTE	  	38
			
	SIGNATURES	 		  	
			
	EXHIBIT 1	 	Form of Issuer’s Acknowledgment	  	
	EXHIBIT 2	 	Form of Securities Pledge Amendment	  	
	EXHIBIT 3	 	Form of Joinder Agreement	  	
	EXHIBIT 4	 	Form of Control Agreement Concerning Securities Accounts	  	
	EXHIBIT 5	 	Form of Control Agreement Concerning Deposit Accounts	  	
	EXHIBIT 6	 	Form of Copyright Security Agreement	  	
	EXHIBIT 7	 	Form of Patent Security Agreement	  	
	EXHIBIT 8	 	Form of Trademark Security Agreement	  	
	EXHIBIT 9	 	Form of Bailee’s Letter	  	

  

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 SECURITY AGREEMENT 
 This second lien SECURITY AGREEMENT dated as of October 25, 2006 (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this
“Agreement”) made by AGY HOLDING CORP., a Delaware corporation (the “Issuer”), and the Guarantors from to time to time party hereto (the “Guarantors”), as pledgors, assignors and debtors (Issuer,
together with the Guarantors, in such capacities and together with any successors in such capacities, the “Pledgors,” and each, a “Pledgor”), in favor of U.S. BANK NATIONAL ASSOCIATION, in its capacity as collateral
agent pursuant to the Indenture (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and together with any successors in such capacities, the “Collateral Agent”). 
 R E C I T A L S : 
 A. The Issuer, the Guarantors, and the Collateral Agent, as Trustee, have, in connection with the execution and delivery of this Agreement, entered into that certain Indenture, dated as of October 25, 2006 (as
amended, amended and restated, supplemented or otherwise modified from time to time, the “Indenture”). 
 B. Each Guarantor
has, pursuant to the Indenture, unconditionally guaranteed the Secured Obligations. 
 C. The Issuer and each Guarantor will receive
substantial benefits from the execution, delivery and performance of the obligations under the Indenture, the Notes, this Agreement and the other Security Documents and each is, therefore, willing to enter into this Agreement. 
 D. This Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties (as hereinafter defined) to secure the
payment and performance of all of the Secured Obligations. 
 E. The Issuer and certain of the Guarantors have also entered into the ABL
Revolving Facility, and the Issuer and each of the pledgors party thereto have entered into the Credit Facility Security Documents. 
 F.
Concurrently herewith, the Collateral Agent hereunder and the Bank Collateral Agent have entered into an Intercreditor Agreement which provides for, inter alia, the relative priorities of the security interests granted herein and in the other
Security Documents, on the one hand, and in the Credit Facility Security Documents, on the other hand. 
 G. It is a condition to the
obligations of the Trustee to enter into the Indenture and of the Holders to purchase the Notes under the Indenture that each Pledgor execute and deliver the applicable Security Documents, including this Agreement. 

 A G R E E M E N T : 
 NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each Pledgor and the Collateral Agent hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
 SECTION 1.1.
Definitions. 
 (a) Unless otherwise defined herein or in the Indenture, capitalized terms used herein that are defined in the UCC
shall have the meanings assigned to them in the UCC; provided that in any event, the following terms shall have the meanings assigned to them in the UCC: 
 “Accounts”; “Bank”; “Chattel Paper”; “Commercial Tort Claim”; “Commodity Account”; “Commodity Contract”;
“Commodity Intermediary”; “Documents”; “Electronic Chattel Paper”; “Entitlement Order”; “Equipment”; “Financial Asset”;
“Fixtures”; “Goods”, “Inventory”; “Letter-of-Credit Rights”; “Letters of Credit”; “Money”; “Payment Intangibles”;
“Proceeds”; “Records”; “Securities Account”; “Securities Intermediary”; “Supporting Obligations”; and “Tangible Chattel Paper.” 
 (b) Terms used but not otherwise defined herein that are defined in the Indenture shall have the meanings given to them in the Indenture. 
 (c) The following terms shall have the following meanings: 
 “Account Debtor” shall mean each person who is obligated on a Receivable or Supporting Obligation related thereto. 
 “Agreement” shall have the meaning assigned to such term in the Preamble hereof. 
 “Bailee Letter” shall be an agreement in form substantially similar to Exhibit 9 hereto. 
 “Collateral Agent” shall have the meaning assigned to such term in the Preamble hereof. 
 “Collateral
Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Pledged Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or
personal property. 
  

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 “Commodity Account Control Agreement” shall mean a control agreement in a form that is
reasonably satisfactory to the Collateral Agent establishing the Collateral Agent’s Control with respect to any Commodity Account. 
 “Contracts” shall mean, collectively, with respect to each Pledgor, all sale, service, performance, equipment or property lease contracts, agreements and grants and all other contracts, agreements or grants (in each case,
whether written or oral, or third party or intercompany), between such Pledgor and any third party, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof. 
 “Control” shall mean (i) in the case of each Deposit Account, “control,” as such term is defined in Section 9-104 of
the UCC, (ii) in the case of any Security Entitlement, “control,” as such term is defined in Section 8-106 of the UCC, and (iii) in the case of any Commodity Contract, “control,” as such term is defined in
Section 9-106 of the UCC. 
 “Control Agreements” shall mean, collectively, the Deposit Account Control Agreement, the
Securities Account Control Agreement (if any) and the Commodity Account Contro1 Agreement (if any). 
 “Copyrights” shall
mean, collectively, with respect to each Pledgor, all copyrights (whether statutory or common law, whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered
and whether published or unpublished) and all copyright registrations and applications made by such Pledgor, in each case, whether now owned or hereafter created or acquired by or assigned to such Pledgor, together with any and all (i) rights
and privileges arising under applicable law with respect to such Pledgor’s use of such copyrights, (ii) reissues, renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims
and payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past,
present or future infringements thereof. 
 “Copyright Security Agreement” shall mean an agreement substantially in the form
of Exhibit 6 hereto. 
 “Credit Facility Documents” shall mean the meaning assigned such term in the Intercreditor
Agreement. 
 “Credit Facility Security Documents” shall mean the meaning assigned such term in the Intercreditor Agreement.

 “Deposit Account Control Agreement” shall mean an agreement substantially in the form of Exhibit 5 hereto or such
other form that is reasonably satisfactory to the Collateral Agent establishing the Collateral Agent’s Control with respect to any Deposit Account. 
 “Deposit Accounts” shall mean, collectively, with respect to each Pledgor, (i) all “deposit accounts” as such term is defined in the UCC and all accounts and sub-accounts relating to
any of the foregoing accounts and (ii) all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition. 
  

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 “Distributions” shall mean, collectively, with respect to each Pledgor, all dividends,
cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, reclassification or other
like change of the Pledged Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes. 
 “Excluded Property” shall mean 
 (a) any permit or license issued by a Governmental Authority to any Pledgor or any agreement to which any Pledgor is a party, in each case, only to the extent and for so long as the terms of such permit, license or
agreement or any Requirement of Law applicable thereto, validly prohibit the creation by such Pledgor of a security interest in such permit, license or agreement in favor of the Collateral Agent (after giving effect to Sections 9-406(d), 9-407(a),
9-408(a) or 9-409 of the UCC (or any successor provision or provisions) or any other applicable law (including the Bankruptcy Code) or principles of equity), 
 (b) Equipment owned by any Pledgor on the date hereof or hereafter acquired that is subject to a Lien securing a purchase money obligation
or Capital Lease Obligation permitted to be incurred pursuant to the provisions of the Indenture if the contract or other agreement in which such Lien is granted (or the documentation providing for such purchase money obligation or Capital Lease
Obligation) validly prohibits the creation of any other Lien on such Equipment; and 
 (c) All “securities” of the
Pledgors or the Pledgors’ “affiliates” (as the terms “securities” and “affiliates” are used in Rule 3-16 of Regulation S-X under the Securities Act). 
 provided, however, that Excluded Property shall not include any Proceeds, substitutions or replacements of any Excluded Property referred to in clause (a), (b) or (c) (unless such Proceeds,
substitutions or replacements would constitute Excluded Property referred to in clause (a), (b) or (c)). 
 “General
Intangibles” shall mean, collectively, with respect to each Pledgor, all “general intangibles,” as such term is defined in the UCC, of such Pledgor and, in any event, shall include (i) all of such Pledgor’s rights, title
and interest in, to and under all Contracts and insurance policies (including all rights and remedies relating to monetary damages, including indemnification rights and remedies, and claims for damages or other relief pursuant to or in respect of
any Contract), (ii) all know-how and warranties relating to any of the Pledged Collateral or the Mortgaged Property, (iii) any and all other rights, claims, choses-in-action and causes of action of such Pledgor against any other person and
the benefits of any and all collateral or other security given by any other person in connection therewith, (iv) all guarantees, endorsements and 

  

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indemnifications on, or of, any of the Pledged Collateral or any of the Mortgaged Property, (v) all lists, books, records, correspondence, ledgers,
printouts, files (whether in printed form or stored electronically), tapes and other papers or materials containing information relating to any of the Pledged Collateral or any of the Mortgaged Property, including all customer or tenant lists,
identification of suppliers, data, plans, blueprints, specifications, designs, drawings, appraisals, recorded knowledge, surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance standards, catalogs,
research data, computer and automatic machinery software and programs and the like, field repair data, accounting information pertaining to such Pledgor’s operations or any of the Pledged Collateral or any of the Mortgaged Property and all
media in which or on which any of the information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data, (vi) all licenses,
consents, permits, variances, certifications, authorizations and approvals, however characterized, now or hereafter acquired or held by such Pledgor, including building permits, certificates of occupancy, environmental certificates, industrial
permits or licenses and certificates of operation and (vii) all rights to reserves, deferred payments, deposits, refunds, indemnification of claims and claims for tax or other refunds against any Governmental Authority. 
 “Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill connected with such Pledgor’s business including
all goodwill connected with (i) the use of and symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which such Pledgor has any interest, (ii) all know-how, trade secrets, customer and supplier
lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions, technical data, drawings, specifications, name plates, catalogs, confidential information and the right to limit the use or disclosure thereof by
any person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering contracts and such other assets which relate to such goodwill and (iii) all product lines of such Pledgor’s business.

 “Governmental Authority” shall mean the government of the United States or any other nation, or of any political
subdivision thereof, whether state, provincial 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). 
 “Guarantors” shall have the meaning assigned to such term in the Preamble hereof. 
 “Instruments”
shall mean, collectively, with respect to each Pledgor, all “instruments,” as such term is defined in Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances.

 “Intellectual Property Collateral” shall mean, collectively, the Patents, Trademarks, Copyrights, Intellectual Property
Licenses and Goodwill. 
  

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 “Intellectual Property Licenses” shall mean, collectively, with respect to each Pledgor,
all license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Pledgor is a licensor or licensee, distributor or
distributee under any such license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due
and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations thereof and
(iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 
 “Intercompany Notes” shall mean, with respect to each Pledgor, all intercompany notes (if any) described in Schedule 11 to the Perfection Certificate and intercompany notes hereafter acquired by such Pledgor and all
certificates, instruments or agreements evidencing such intercompany notes, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof to the extent permitted pursuant to the terms hereof;
provided, however, that Intercompany Notes shall not include any Excluded Property. 
 “Investment Property”
shall mean a security, whether certificated or uncertificated, Security Entitlement, Securities Account, Commodity Contract or Commodity Account, excluding, however, the Securities Collateral. 
 “Issuer” shall have the meaning assigned to such term in the Preamble hereof. 
 “Joinder Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto. 
 “Landlord Access Agreement” shall be an agreement in form substantially similar to Exhibit 10 hereto. 
 “Material Intellectual Property Collateral” shall mean any Intellectual Property Collateral that is material (i) to the use and
operation of the Pledged Collateral or Mortgaged Property or (ii) to the business, results of operations, prospects or condition, financial or otherwise, of any Pledgor. 
 “Mortgaged Property” shall mean any real property subject to a mortgage, deed of trust or other document creating or evidencing a Lien
on such real property entered into by any of the Pledgors in favor of the Collateral Agent in connection with the Transactions and/or required to be entered into by any Pledgor for the benefit of the Collateral Agent and the other Secured Parties
pursuant to the Indenture. 
 “Organizational Documents” shall mean, with respect to any person, (i) in the case of any
corporation, the certificate of incorporation and by-laws (or similar documents) of such person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such person,
(iii) in the case of any limited partnership, 

  

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the certificate of formation and limited partnership agreement (or similar documents) of such person, (iv) in the case of any general partnership, the
partnership agreement (or similar document) of such person and (v) in any other case, the functional equivalent of the foregoing. 
 “Patents” shall mean, collectively, with respect to each Pledgor, all patents issued or assigned to, and all patent applications and registrations made by, such Pledgor (whether established or registered or recorded in the
United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any patents, (ii) inventions and
improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or
hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past,
present or future infringements thereof. 
 “Patent Security Agreement” shall mean an agreement substantially in the form of
Exhibit 7 hereto. 
 “Perfection Certificate” shall mean that certain perfection certificate dated October 25,
2006, substantially in the form of Exhibit 11 hereto, executed and delivered by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties, and each other Perfection Certificate (which shall be substantially in
the form of Exhibit 11 hereto) executed and delivered by the applicable Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties contemporaneously with the execution and delivery of each Joinder Agreement executed in
accordance with Section 3.5 hereof, in each case, as the same may be supplemented by each Perfection Certificate Supplement. 
 “Perfection Certificate Supplement” shall mean a certificate supplement to the Perfection Certificate substantially in the form of Exhibit 12 hereto. 
 “person” shall mean any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
Governmental Authority or other entity. 
 “Pledge Amendment” shall have the meaning assigned to such term in
Section 5.1 hereof. 
 “Pledged Collateral” shall have the meaning assigned to such term in
Section 2.1 hereof. 
 “Pledged Securities” shall mean, collectively, with respect to each Pledgor, (i) all
issued and outstanding Equity Interests of each issuer set forth on Schedules 10(a) and 10(b) to the Perfection Certificate as being owned by such Pledgor and all options, warrants, rights, agreements and additional Equity Interests of
whatever class of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests in each such issuer or under any Organizational Document

  

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of each such issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the
entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity Interests of any issuer, which Equity Interests are hereafter acquired by such Pledgor (including by issuance) and all options, warrants,
rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or
under any Organizational Document of any such issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining
to such Equity Interests, from time to time acquired by such Pledgor in any manner, and (iii) all Equity Interests issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any
issuer of such Equity Interests; provided, however, that Pledged Securities shall not include (x) any Equity Interests which are not required to be pledged pursuant to the Indenture and (y) any Excluded Property. 

“Pledgor” shall have the meaning assigned to such term in the Preamble hereof. 
 “Receivables” shall mean all (i) Accounts, (ii) Chattel Paper, (iii) Payment Intangibles, (iv) General Intangibles,
(v) Instruments (other than Excluded Property) and (vi) all other rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services rendered or to be
rendered, regardless of how classified under the UCC together with all of Pledgors’ rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and
all Records relating thereto. 
 “Secured Obligations” shall mean all obligations of the Issuer and the Guarantors from time
to time arising under or in respect of (a) the full and punctual payment of principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding) on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Issuer and the Guarantors under the Indenture, the Notes and the
Security Documents and (b) the full and punctual performance within applicable grace periods of all other Obligations of the Issuer and the Guarantors under the Indenture, the Notes and the Security Documents. 
 “Secured Parties” shall mean, collectively, the Collateral Agent, the Trustee and each of the present and future Holders and each other
holder of, or obligee in respect of, any Obligations in respect of the Notes. 
 “Securities Account Control Agreement”
shall mean an agreement substantially in the form of Exhibit 4 hereto or such other form that is reasonably satisfactory to the Collateral Agent establishing the Collateral Agent’s Control with respect to any Securities Account.

 “Securities Act” shall mean the Securities Act of 1933, as amended. 
  

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 “Securities Collateral” shall mean, collectively, the Pledged Securities, the
Intercompany Notes and the Distributions. 
 “Trademarks” shall mean, collectively, with respect to each Pledgor, all
trademarks (including service marks), slogans, logos, certification marks, trade dress, uniform resource locations (URL’s), domain names, corporate names and trade names, whether registered or unregistered, owned by or assigned to such Pledgor
and all registrations and applications for the foregoing (whether statutory or common law and whether established or registered in the United States or any other country or any political subdivision thereof), together with any and all
(i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto, (iii) income, fees, royalties,
damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and
(v) rights to sue for past, present and future infringements thereof. 
 “Trademark Security Agreement” shall mean an
agreement substantially in the form of Exhibit 8 hereto. 
 “UCC” shall mean the Uniform Commercial Code as in effect
from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the Secured Parties’
security interest in any item or portion of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in
effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 
 SECTION 1.2. Interpretation. The rules of construction specified in the Indenture (including Section 1.04 thereof) shall be applicable
to this Agreement. 
 SECTION 1.3. Resolution of Drafting Ambiguities. Each Pledgor acknowledges and agrees that it was represented by
counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction to the effect that ambiguities are to be resolved against the
drafting party (i.e., the Collateral Agent) shall not be employed in the interpretation hereof. 
 SECTION 1.4. Perfection
Certificate. The Collateral Agent and each Secured Party agree that the Perfection Certificate and all descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of this Agreement.

  

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 ARTICLE II 
 GRANT OF SECURITY AND SECURED OBLIGATIONS 
 SECTION 2.1. Grant of Security Interest. As collateral
security for the payment and performance in full of all the Secured Obligations, each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties, a lien on and security interest in all of the right, title and
interest of such Pledgor in, to and under the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”): 
  

	 	(i)	all Accounts; 

  

	 	(ii)	all Equipment, Goods, Inventory and Fixtures; 

  

	 	(iii)	all Documents, Instruments and Chattel Paper; 

  

	 	(iv)	all Letters of Credit and Letter-of-Credit Rights; 

  

	 	(v)	all Securities Collateral; 

  

	 	(vi)	all Investment Property; 

  

	 	(vii)	all Intellectual Property Collateral; 

  

	 	(viii)	the Commercial Tort Claims described on Schedule 13 to the Perfection Certificate; 

  

	 	(ix)	all General Intangibles; 

  

	 	(x)	all Money and all Deposit Accounts; 

  

	 	(xi)	all Supporting Obligations; 

  

	 	(xii)	all books and records relating to the Pledged Collateral; and 

  

	 	(xiii)	to the extent not covered by clauses (i) through (xii) of this sentence, all other personal property of such Pledgor, whether tangible or intangible, and all Proceeds and
products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to such Pledgor
from time to time with respect to any of the foregoing. 

 Notwithstanding anything to the contrary contained in clauses
(i) through (xiii) above, the security interest created by this Agreement shall not extend to, and the term “Pledged 

  

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Collateral” shall not include, any Excluded Property and (i) the Pledgors shall from time to time at the request of the Collateral Agent give
written notice to the Collateral Agent identifying in reasonable detail the Excluded Property and shall provide to the Collateral Agent such other information regarding the Excluded Property as the Collateral Agent may reasonably request and
(ii) from and after the Closing Date, no Pledgor shall permit to become effective in any document creating, governing or providing for any permit, license or agreement a provision that would prohibit the creation of a Lien on such permit,
license or agreement in favor of the Collateral Agent unless such Pledgor believes, in its reasonable judgment, that such prohibition is usual and customary in transactions of such type. 
 SECTION 2.2. Filings. (a) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any
relevant jurisdiction any financing statements (including fixture filings) and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing
statement or amendment relating to the Pledged Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) any financing or
continuation statements or other documents without the signature of such Pledgor where permitted by law, including the filing of a financing statement describing the Pledged Collateral as “all assets now owned or hereafter acquired by the
Pledgor or in which Pledgor otherwise has rights” and (iii) in the case of a financing statement filed as a fixture filing or covering Pledged Collateral constituting minerals or the like to be extracted or timber to be cut, a sufficient
description of the real property to which such Pledged Collateral relates. Each Pledgor agrees to provide all information described in the immediately preceding sentence to the Collateral Agent promptly upon request by the Collateral Agent.

 (b) Each Pledgor hereby ratifies its authorization for the Collateral Agent to file in any relevant jurisdiction any financing statements
relating to the Pledged Collateral if filed prior to the date hereof. 
 (c) Each Pledgor hereby further authorizes the Collateral Agent to
file filings with the United States Patent and Trademark Office or United States Copyright Office (or any successor office or any similar office in any other country), including this Agreement, the Copyright Security Agreement (it being understood
that a Copyright Security Agreement is not required to be delivered on the Closing Date), the Patent Security Agreement and the Trademark Security Agreement, or other documents for the purpose of perfecting, confirming, continuing, enforcing or
protecting the security interest granted by such Pledgor hereunder, without the signature of such Pledgor, and naming such Pledgor, as debtor, and the Collateral Agent, as secured party. 
 SECTION 2.3. Intercreditor Agreement. Notwithstanding anything to the contrary contained in this Agreement, the priorities with respect to all
security interests granted to the Collateral Agent hereunder and under the other Security Documents and to the Bank Collateral Agent under the Credit Facility Documents shall be governed by the terms and provisions of the Intercreditor Agreement.

  

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 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; 
 USE OF PLEDGED COLLATERAL 
 SECTION 3.1. Delivery of Certificated Securities
Collateral. Each Pledgor represents and warrants that all certificates, agreements or instruments representing or evidencing the Securities Collateral in existence on the date hereof have been delivered to the Collateral Agent, or to the Bank
Collateral Agent in accordance with the Intercreditor Agreement, in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank and that the Collateral Agent has a perfected security interest
therein, subject only to Liens in favor of the Bank Collateral Agent pursuant to the Credit Facility Documents. Each Pledgor hereby agrees that all certificates, agreements or instruments representing or evidencing Securities Collateral acquired by
such Pledgor after the date hereof shall promptly (but in any event within five days after receipt thereof by such Pledgor) be delivered to and held by or on behalf of the Collateral Agent pursuant hereto or to the Bank Collateral Agent in
accordance with the Intercreditor Agreement. All certificated Securities Collateral shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance
satisfactory to the Collateral Agent. Subject to the Intercreditor Agreement, the Collateral Agent shall have the right, at any time upon the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to
or to register in the name of the Collateral Agent or any of its nominees or endorse for negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject to the security interest hereunder. In
addition, upon the occurrence and during the continuance of an Event of Default, and subject to the Intercreditor Agreement, the Collateral Agent shall have the right at any time to exchange certificates representing or evidencing Securities
Collateral for certificates of smaller or larger denominations. 
 SECTION 3.2. Perfection of Uncertificated Securities Collateral.
Each Pledgor represents and warrants that the Collateral Agent has a perfected security interest in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof, subject only to Liens in favor of the Bank
Collateral Agent pursuant to the Credit Facility Documents. Each Pledgor hereby agrees that if any of the Pledged Securities are at any time not evidenced by certificates of ownership, then each applicable Pledgor shall, to the extent permitted by
applicable law, (i) cause the issuer to execute and deliver to the Collateral Agent, or to the Bank Collateral Agent in accordance with the Intercreditor Agreement, an acknowledgment of the pledge of such Pledged Securities substantially in the
form of Exhibit 1 hereto or such other form that is reasonably satisfactory to the Collateral Agent, (ii) if necessary or desirable to perfect a security interest in such Pledged Securities, cause such pledge to be recorded on the
equityholder register or the books of the issuer, execute any customary pledge forms or other documents necessary or appropriate to complete the pledge and give the Collateral Agent the right to transfer such Pledged Securities under the terms
hereof, (iii) upon request by the Collateral Agent, provide to the Collateral Agent an opinion of counsel, in form and substance reasonably satisfactory to the Collateral Agent, confirming such pledge and perfection thereof, and (iv) after
the occurrence and during the continuance of any Event of Default, upon request by the 
  

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Collateral Agent, (A) cause the Organizational Documents of each such issuer that is a Subsidiary of the Issuer to be amended to provide that such
Pledged Securities shall be treated as “securities” for purposes of the UCC and (B) cause such Pledged Securities to become certificated and delivered to the Collateral Agent, or to the Bank Collateral Agent in accordance with the
Intercreditor Agreement, in accordance with the provisions of Section 3.1. 
 SECTION 3.3. Financing Statements and Other
Filings; Maintenance of Perfected Security Interest. Each Pledgor represents and warrants that all financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Collateral Agent
in respect of the Pledged Collateral have been delivered to the Collateral Agent in completed and, to the extent necessary or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 7
to the Perfection Certificate. Each Pledgor agrees that at the sole cost and expense of the Pledgors, such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral as a perfected first priority security
interest subject only to Permitted Prior Liens and Liens in favor of the Bank Collateral Agent pursuant to the Credit Facility Documents. 
 SECTION 3.4. Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each
Pledgor represents and warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following Pledged Collateral: 
 (a) Instruments and Tangible Chattel Paper. As of the date hereof, no amounts payable under or in connection with any of the
Pledged Collateral are evidenced by any Instrument or Tangible Chattel Paper other than such Instruments and Tangible Chattel Paper listed in Schedule 11 to the Perfection Certificate. Each Instrument included in the Collateral and each item
of Tangible Chattel Paper listed in Schedule 11 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Collateral Agent, or to the Bank Collateral Agent in accordance with the Intercreditor Agreement,
accompanied by instruments of transfer or assignment duly executed in blank. If any amount then payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper, and such amount,
together with all amounts payable evidenced by any Instrument or Tangible Chattel Paper not previously delivered to the Collateral Agent exceeds $500,000 in the aggregate for all Pledgors, the Pledgor acquiring such Instrument or Tangible Chattel
Paper shall promptly (but in any event within five days after receipt thereof) endorse, assign and deliver the same to the Collateral Agent, or to the Bank Collateral Agent in accordance with the Intercreditor Agreement, accompanied by such
instruments of transfer or assignment duly executed in blank as the Collateral Agent or the Bank Collateral Agent, as applicable, may from time to time specify. 
 (b) Deposit Accounts. As of the date hereof, no Pledgor has any Deposit Accounts other than the accounts listed in Schedule
14 to the Perfection Certificate. The Collateral Agent has a first priority security interest in each such Deposit Account (subject 

  

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only to Liens in favor of the Bank Collateral Agent pursuant to the Credit Facility Documents), which security interest is perfected by Control. No Pledgor
shall hereafter establish and maintain any Deposit Account unless (1) it shall have given the Collateral Agent 30 days’ prior written notice of its intention to establish such new Deposit Account with a Bank, (2) such Bank shall be
reasonably acceptable to the Collateral Agent and (3) such Bank and such Pledgor shall have duly executed and delivered to the Collateral Agent, or to the Bank Collateral Agent in accordance with the Intercreditor Agreement, a Deposit Account
Control Agreement with respect to such Deposit Account. Subject to the Intercreditor Agreement, the Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any instructions directing the disposition of funds from time to
time credited to any Deposit Account or withhold any withdrawal rights from such Pledgor with respect to funds from time to time credited to any Deposit Account unless an Event of Default has occurred and is continuing. The provisions of this
Section 3.4(b) shall not apply to any Deposit Accounts for which the Collateral Agent is the Bank. No Pledgor shall grant Control of any Deposit Account to any person other than the Collateral Agent, or to the Bank Collateral Agent
pursuant to the Credit Facility Documents. 
 (c) Securities Accounts and Commodity Accounts. (i) As of the date
hereof, no Pledgor has any Securities Accounts or Commodity Accounts other than those (if any) listed in Schedule 14 to the Perfection Certificate. The Collateral Agent has a first priority security interest in each such Securities Account
and Commodity Account (subject only to Liens in favor of the Bank Collateral Agent pursuant to the Credit Facility Documents), which security interest is perfected by Control. No Pledgor shall hereafter establish and maintain any Securities Account
or Commodity Account with any Securities Intermediary or Commodity Intermediary unless (1) it shall have given the Collateral Agent 30 days’ prior written notice of its intention to establish such new Securities Account or Commodity
Account with such Securities Intermediary or Commodity Intermediary, (2) such Securities Intermediary or Commodity Intermediary shall be reasonably acceptable to the Collateral Agent and (3) such Securities Intermediary or Commodity
Intermediary, as the case may be, and such Pledgor shall have duly executed and delivered to the Collateral Agent, or to the Bank Collateral Agent in accordance with the Intercreditor Agreement, a Control Agreement with respect to such Securities
Account or Commodity Account, as the case may be. Each Pledgor shall accept any cash and Investment Property (other than the Excluded Property) in trust for the benefit of the Collateral Agent, or the Bank Collateral Agent pursuant to the Credit
Facility Documents, and within one (1) Business Day of actual receipt thereof, deposit any and all cash and Investment Property (other than Excluded Property) received by it into a Deposit Account or Securities Account subject to Collateral
Agent’s Control, or the Bank Collateral Agent’s Control pursuant to the Credit Facility Documents. Subject to the Intercreditor Agreement, the Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any
Entitlement Orders or instructions or directions to any issuer of uncertificated securities, Securities Intermediary or Commodity Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by such Pledgor,
unless an Event of Default has occurred and is continuing or, after giving effect to any such investment and withdrawal rights, would occur. The provisions of this Section 3.4(c) shall not apply to 

  

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any Financial Assets credited to a Securities Account for which the Collateral Agent is the Securities Intermediary. No Pledgor shall grant Control over any
Investment Property to any person other than the Collateral Agent, or to the Bank Collateral Agent pursuant to the Credit Facility Documents. 
 (ii) As between the Collateral Agent and the Pledgors, the Pledgors shall bear the investment risk with respect to the Investment Property and Pledged Securities, and the risk of loss of, damage to, or the destruction
of the Investment Property and Pledged Securities, whether in the possession of, or maintained as a Security Entitlement or deposit by, or subject to the Control of, the Collateral Agent or the Bank Collateral Agent, a Securities Intermediary, a
Commodity Intermediary, any Pledgor or any other person. 
 (d) Electronic Chattel Paper and Transferable Records. As
of the date hereof, no amount under or in connection with any of the Pledged Collateral is evidenced by any Electronic Chattel Paper or any “transferable record” (as that term is defined in Section 201 of the Federal Electronic
Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction) other than such Electronic Chattel Paper and transferable records listed in Schedule
11 to the Perfection Certificate. If any amount payable under or in connection with any of the Pledged Collateral shall be evidenced by any Electronic Chattel Paper or any transferable record, the Pledgor acquiring such Electronic Chattel Paper
or transferable record shall promptly notify the Collateral Agent thereof and shall take such action as the Collateral Agent may reasonably request to vest in the Collateral Agent, or in the Bank Collateral Agent pursuant to the Credit Facility
Documents, control of such Electronic Chattel Paper under Section 9-105 of the UCC or control under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform
Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The requirement in the preceding sentence shall not apply to the extent that such amount, together with all amounts payable evidenced by Electronic
Chattel Paper or any transferable record in which the Collateral Agent or the Bank Collateral Agent, as applicable, has not been vested control within the meaning of the statutes described in the immediately preceding sentence, does not exceed
$500,000 in the aggregate for all Pledgors. The Collateral Agent agrees with such Pledgor that the Collateral Agent will arrange, pursuant to procedures satisfactory to the Collateral Agent and so long as such procedures will not result in the
Collateral Agent’s or the Bank Collateral Agent’s, as applicable, loss of control, for the Pledgor to make alterations to the Electronic Chattel Paper or transferable record permitted under Section 9-105 of the UCC or, as the case may
be, Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act for a party in control to allow without loss of control, unless an Event of Default has
occurred and is continuing or would occur after taking into account any action by such Pledgor with respect to such Electronic Chattel Paper or transferable record. 
 (e) Letter-of-Credit Rights. If any Pledgor is at any time a beneficiary under a Letter of Credit now or hereafter issued, such
Pledgor shall promptly notify the Collateral 

  

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Agent thereof and such Pledgor shall, at the request of the Collateral Agent, pursuant to an agreement in form and substance reasonably satisfactory to the
Collateral Agent, either (i) arrange for the issuer and any confirmer of such Letter of Credit to consent to an assignment to the Collateral Agent, or to the Bank Collateral Agent pursuant to the Credit Facility Documents, of the proceeds of
any drawing under the Letter of Credit or (ii) arrange for the Collateral Agent, or the Bank Collateral Agent pursuant to the Credit Facility Documents, to become the transferee beneficiary of such Letter of Credit, with the Collateral Agent
agreeing, in each case, that the proceeds of any drawing under the Letter of Credit are to be applied as provided in the Indenture, subject to the Intercreditor Agreement. The actions in the preceding sentence shall not be required to the extent
that the amount of any such Letter of Credit, together with the aggregate amount of all other Letters of Credit for which the actions described above in clause (i) and (ii) have not been taken, does not exceed $500,000 in the aggregate for
all Pledgors. 
 (f) Commercial Tort Claims. As of the date hereof, each Pledgor hereby represents and warrants that it
holds no Commercial Tort Claims other than those listed in Schedule 13 to the Perfection Certificate. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim, such Pledgor shall immediately notify the Collateral Agent in
writing signed by such Pledgor of the brief details thereof and grant to the Collateral Agent, or to the Bank Collateral Agent pursuant to the Credit Facility Documents, in such writing a security interest therein and in the Proceeds thereof, all
upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Collateral Agent or the Bank Collateral Agent, as applicable. The requirement in the preceding sentence shall not apply to the extent that
the amount of such Commercial Tort Claim, together with the amount of all other Commercial Tort Claims held by any Pledgor in which the Collateral Agent does not have a security interest, does not exceed $500,000 in the aggregate for all Pledgors.

 (g) Landlord’s Access Agreements/Bailee Letters. Each Pledgor shall use its commercially reasonable efforts to
obtain as soon as practicable after the date hereof with respect to each location required pursuant to the Credit Facility Documents where such Pledgor maintains Pledged Collateral, a Bailee Letter and/or Landlord Access Agreement, as applicable,
and use commercially reasonable efforts to obtain a Bailee Letter, Landlord Access Agreement and/or landlord’s lien waiver, as applicable, from all such bailees and landlords, as applicable, who from time to time have possession of any Pledged
Collateral if reasonably requested by the Collateral Agent. A waiver of bailee’s lien shall not be required if not required by the Credit Facility Documents or, if no such documents are then in effect, the value of the Pledged Collateral held
by such bailee is less then $10,000, provided that the aggregate value of the Pledged Collateral held by all bailees who have not delivered a Bailee Letter is less than $200,000 in the aggregate. 
 (h) Motor Vehicles. Upon the request of the Collateral Agent, each Pledgor shall deliver to the Collateral Agent, or to the Bank
Collateral Agent pursuant to the Intercreditor Agreement, originals of the certificates of title or ownership for the motor vehicles (and any other Equipment covered by certificates of title or ownership) owned by 

  

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it, with the Collateral Agent listed as lienholder therein. Such requirement shall not apply if any such motor vehicle (or any such other Equipment) is
valued at less than $50,000, provided that the aggregate value of all motor vehicles (and such Equipment) as to which any Pledgor has not delivered a certificate of title or ownership is less than $500,000. 
 SECTION 3.5. Joinder of Additional Guarantors. The Pledgors shall cause each Subsidiary of the Issuer which, from time to time, after the date
hereof shall be required to pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to the provisions of the Indenture, (a) to execute and deliver to the Collateral Agent (i) a Joinder Agreement
substantially in the form of Exhibit 3 hereto within thirty (30) days of the date on which it was acquired or created and (ii) a Perfection Certificate, in each case, within thirty (30) days of the date on which it was acquired
or created or (b) in the case of a Subsidiary organized outside of the United States required to pledge any assets to the Collateral Agent, to execute and deliver to the Collateral Agent such documentation as the Collateral Agent shall
reasonably request and, in each case with respect to clauses (a) and (b) above, upon such execution and delivery, such Subsidiary shall constitute a “Guarantor” and a “Pledgor” for all purposes hereunder with the same
force and effect as if originally named as a Guarantor and Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain
in full force and effect notwithstanding the addition of any new Guarantor and Pledgor as a party to this Agreement. 
 SECTION 3.6.
Supplements; Further Assurances. Each Pledgor shall take such further actions, and execute and/or deliver to the Collateral Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments,
as the Collateral Agent may in its reasonable judgment deem necessary or appropriate in order to create, perfect, preserve and protect the security interest in the Pledged Collateral as provided herein and the rights and interests granted to the
Collateral Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and priority of the Collateral Agent’s security interest in the Pledged Collateral or permit the Collateral Agent
to exercise and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral, including the filing of financing statements, continuation statements and other documents (including this Agreement) under the Uniform
Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby and the execution and delivery of Control Agreements, all in form reasonably satisfactory to the Collateral Agent and in such
offices (including the United States Patent and Trademark Office and the United States Copyright Office) wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Pledged
Collateral as provided herein and to preserve the other rights and interests granted to the Collateral Agent hereunder, as against third parties, with respect to the Pledged Collateral. Without limiting the generality of the foregoing, each Pledgor
shall make, execute, endorse, acknowledge, file or refile and/or deliver to the Collateral Agent, or to the Bank Collateral Agent pursuant to the Intercreditor Agreement, from time to time upon reasonable request by the Collateral Agent such lists,
schedules, descriptions and designations of the Pledged Collateral, copies of warehouse receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, 
  

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schedules, confirmatory assignments, supplements, additional security agreements, conveyances, financing statements, transfer endorsements, powers of
attorney, certificates, reports and other assurances or instruments as the Collateral Agent shall reasonably request. Subject to the Inter-creditor Agreement, if an Event of Default has occurred and is continuing, the Collateral Agent may institute
and maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of the security interest in or the perfection thereof
in the Pledged Collateral. All of the foregoing shall be at the sole cost and expense of the Pledgors. 
 ARTICLE IV 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Each Pledgor represents, warrants and covenants as follows: 
 SECTION 4.1. Title. Except for the security interest granted to
the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Agreement and Permitted Liens, such Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own and
have rights in each item of Pledged Collateral pledged by it hereunder, free and clear of any and all Liens or claims of others. In addition, no Liens or claims exist on the Securities Collateral, other than Permitted Liens. 
 SECTION 4.2. Validity of Security Interest. The security interest in and Lien on the Pledged Collateral granted to the Collateral Agent for the
benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of the Secured Obligations, and (b) subject to the filings and other actions
described in Schedule 7 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made), a perfected security interest in all the
Pledged Collateral. The security interest and Lien granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral will at all times constitute a perfected, continuing security
interest therein, prior to all other Liens on the Pledged Collateral except for Permitted Prior Liens and Liens in favor of the Bank Collateral Agent pursuant to the Credit Facility Documents. 
 SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral. Subject to Section 4.05 of the Indenture, each Pledgor shall,
at its own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Collateral Agent and the priority thereof against all claims and demands of all persons, at
its own cost and expense, at any time claiming any interest therein adverse to the Collateral Agent or any other Secured Party other than Permitted Prior Liens and Liens in favor of the Bank Collateral Agent pursuant to the Credit Facility
Documents. Other than the Credit Facility Documents, there is no agreement, order, judgment or decree, and no Pledgor shall enter into any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral
or otherwise impair or conflict with such Pledgor’s obligations or the rights of the Collateral Agent hereunder. 
  

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 SECTION 4.4. Other Financing Statements. It has not filed, nor authorized any third party to file
(nor will there be), any valid or effective financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral,
except such as have been filed in favor of the Collateral Agent pursuant to this Agreement, in favor of the Bank Collateral Agent pursuant to the Credit Facility Documents, or in favor of any holder of a Permitted Prior Lien with respect to such
Permitted Prior Lien or financing statements or public notices relating to the termination statements listed on Schedule 9 to the Perfection Certificate. No Pledgor shall execute, authorize or permit to be filed in any public office any
financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in
respect of and covering the security interests granted hereby, by such Pledgor to the Bank Collateral Agent and/or to the holder of the Permitted Prior Liens. 
 SECTION 4.5. Location of Inventory and Equipment. It shall not move any Equipment or Inventory to any location, other than any location that is listed in the relevant Schedules to the Perfection Certificate,
unless (i) it shall have given the Collateral Agent not less than 30 days’ prior written notice (in the form of an Officers’ Certificate) of its intention so to do, clearly describing such new location and providing such other
information in connection therewith as the Collateral Agent may request and (ii) to the extent applicable with respect to such new location, such Pledgor shall have complied with Section 3.4(g); provided that in no event shall any
Equipment or Inventory be moved to any location outside of the continental United States. 
 SECTION 4.6. Due Authorization and
Issuance. All of the Pledged Securities existing on the date hereof have been, and to the extent any Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and
non-assessable to the extent applicable. There is no amount or other obligation owing by any Pledgor to any issuer of the Pledged Securities in exchange for or in connection with the issuance of the Pledged Securities or any Pledgor’s status as
a partner or a member of any issuer of the Pledged Securities. 
 SECTION 4.7. Consents, etc. In the event that the Collateral Agent
desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then,
upon the reasonable request of the Collateral Agent, such Pledgor agrees to use its best efforts to assist and aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies,
rights and powers. 
  

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 SECTION 4.8. Pledged Collateral. All information set forth herein, including the schedules hereto,
and all information contained in any documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged
Collateral, is accurate and complete in all material respects. The Pledged Collateral described on the schedules to the Perfection Certificate constitutes all of the property of such type of Pledged Collateral owned or held by the Pledgors.

 SECTION 4.9. Insurance. In the event that the proceeds of any insurance claim are paid to any Pledgor after the Collateral Agent
has exercised its right to foreclose after an Event of Default, such net cash proceeds shall be held in trust for the benefit of the Collateral Agent and immediately after receipt thereof shall be paid to the Collateral Agent for application in
accordance with the Indenture, subject to the Intercreditor Agreement. 
 SECTION 4.10. Chief Executive Office; Change of Name;
Jurisdiction of Organization. The exact legal name, type of organization, jurisdiction of organization, Federal Taxpayer Identification Number, organizational identification number (if any) and chief executive office of such Pledgor is indicated
and set forth in Schedules l(a) and 2(a) annexed to the Perfection Certificate. Such Pledgor shall not effect any change (i) in its legal name, (ii) in the location of its chief executive office, (iii) in its identity or
organizational structure, (iv) in its Federal Taxpayer Identification Number or organizational identification number or (v) in its jurisdiction of organization (in each case, including, without limitation, by merging with or into any other
entity, reorganizing, dissolving, liquidating, reincorporating or organizing in any other jurisdiction), until (A) it shall have given the Collateral Agent not less than 30 days’ prior written notice (in the form of an Officers’
Certificate), or such lesser notice period agreed to by the Collateral Agent, of its intention so to do, clearly describing such change and providing such other information in connection therewith as the Collateral Agent may reasonably request and
(B) it shall have taken all action reasonably satisfactory to the Collateral Agent to maintain the perfection and priority of the security interest of the Collateral Agent for the benefit of the Secured Parties in the Pledged Collateral, if
applicable. Each Pledgor agrees to promptly provide the Collateral Agent with certified Organizational Documents reflecting any of the changes described in the preceding sentence. Each Pledgor also agrees to promptly notify the Collateral Agent of
any change in the location of any office in which it maintains books or records relating to Pledged Collateral owned by it or any office or facility at which Pledged Collateral is located (including the establishment of any such new office or
facility), other than changes in location of consigned inventory (but only to the extent the amount or value of such consigned inventory is not material) to a Mortgaged Property or a leased property subject to a Landlord Access Agreement.

 SECTION 4.11. Perfection Certificate Supplements. Each Pledgor shall deliver a Perfection Certificate Supplement to the Collateral
Agent on an annual basis; provided, that at any time that the ABL Revolving Facility is in effect, such Perfection Certificate Supplement shall be delivered to the Collateral Agent at the same time such certificate is delivered to the Bank
Collateral Agent. 
  

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 ARTICLE V 
 CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL 
 SECTION 5.1. Pledge of Additional Securities
Collateral. Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany Notes of any person, accept the same in trust for the benefit of the Collateral Agent and promptly (but in any event within five days after receipt thereof)
deliver to the Collateral Agent a pledge amendment, duly executed by such Pledgor, in substantially the form of Exhibit 2 hereto (each, a “Pledge Amendment”), and deliver to the Collateral Agent, or to the Bank Collateral
Agent pursuant to the Intercreditor Agreement, the certificates and other documents required, under Section 3.1 and Section 3.2 hereof in respect of the additional Pledged Securities or Intercompany Notes which are to be
pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in respect of such additional Pledged Securities or Intercompany Notes. Each Pledgor hereby authorizes the Collateral Agent to attach each Pledge
Amendment to this Agreement and agrees that all Pledged Securities or Intercompany Notes listed on any Pledge Amendment delivered to the Collateral Agent, or to the Bank Collateral Agent pursuant to the Intercreditor Agreement, shall for all
purposes hereunder be considered Pledged Collateral. 
 SECTION 5.2. Voting Rights; Distributions; etc. 
 (a) So long as no Event of Default shall have occurred and be continuing: 
 (i) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities Collateral or
any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Indenture or any other document evidencing the Secured Obligations; provided, however, that no Pledgor shall in any event exercise such rights in
any manner which could reasonably be expected to have (i) a material adverse effect on the business, property, results of operations, prospects or condition, financial or otherwise, or material agreements of the Issuer and its Subsidiaries,
taken as a whole; (ii) material impairment of the ability of the Pledgors to fully and timely perform any of their obligations under the Indenture, the Notes or any Security Document; (iii) material impairment of the rights of or benefits
or remedies available to any of the Secured Parties under the Indenture, the Notes or any Security Document; or (iv) a material adverse effect on the Pledged Collateral or the Liens in favor of the Collateral Agent (for its benefit and for the
benefit of the other Secured Parties) on the Pledged Collateral or the priority of such Liens. 
 (ii) Each Pledgor shall be
entitled to receive and retain, and to utilize free and clear of the Lien hereof, any and all Distributions, but only if and to the extent made in accordance with the provisions of the Indenture; provided, however, that any and all
such Distributions consisting of rights or interests in the form of securities shall be forthwith delivered to the Collateral Agent, or to the Bank Collateral Agent pursuant to the Intercreditor Agreement, to hold as Pledged Collateral and shall, if
received by any Pledgor, 

  

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be received in trust for the benefit of the Collateral Agent or the Bank Collateral Agent, as applicable, be segregated from the other property or funds of
such Pledgor and be promptly (but in any event within five days after receipt thereof) delivered to the Collateral Agent, or to the Bank Collateral Agent pursuant to the Intercreditor Agreement, as Pledged Collateral in the same form as so received
(with any necessary endorsement). 
 (b) So long as no Event of Default shall have occurred and be continuing, the Collateral Agent shall be
deemed without further action or formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the Pledgors, from time to
time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is entitled to exercise
pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof. 
 (c) Upon the occurrence and during the continuance of any Event of Default: 
 (i) All rights of each Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to
Section 5.2(a)(i) hereof shall immediately cease, and, subject to the Intercreditor Agreement, all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise such voting and
other consensual rights. 
 (ii) All rights of each Pledgor to receive Distributions which it would otherwise be authorized to
receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent, or to the Bank Collateral Agent pursuant to the Credit Facility Documents, which
shall thereupon have the sole right to receive and hold as Pledged Collateral such Distributions. 
 (d) Each Pledgor shall, at its sole cost
and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments as the Collateral Agent may request in order to permit the Collateral Agent to, subject to the Intercreditor Agreement, exercise the voting and other
rights which it may be entitled to exercise pursuant to Section 5.2(a)(i) or Section 5.2(c)(i) hereof and to receive all Distributions which it may be entitled to receive under Section 5.2(a)(ii) or
Section 5.2(c)(ii) hereof. 
 (e) All Distributions which are received by any Pledgor contrary to the provisions of
Section 5.2(a)(ii) or Section 5.2(c)(ii) hereof shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Pledgor and shall immediately be paid over to the Collateral
Agent, or to the Bank Collateral Agent pursuant to the Intercreditor Agreement, as Pledged Collateral in the same form as so received (with any necessary endorsement). 
 SECTION 5.3. Defaults, etc. Such Pledgor is not in default in the payment of any portion of any mandatory capital contribution, if any, required to be made under 

  

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any agreement to which such Pledgor is a party relating to the Pledged Securities pledged by it, and such Pledgor is not in violation of any other provisions
of any such agreement to which such Pledgor is a party, or otherwise in default or violation thereunder. No Securities Collateral pledged by such Pledgor is subject to any defense, offset or counterclaim, nor have any of the foregoing been asserted
or alleged against such Pledgor by any person with respect thereto, and as of the date hereof, there are no certificates, instruments, documents or other writings (other than the Organizational Documents and certificates representing such Pledged
Securities that have been delivered to the Collateral Agent, or to the Bank Collateral Agent pursuant to the Intercreditor Agreement) which evidence any Pledged Securities of such Pledgor. 
 SECTION 5.4. Certain Agreements of Pledgors As Issuers and Holders of Equity Interests. 
 (a) In the case of each Pledgor which is an issuer of Securities Collateral, such Pledgor agrees to be bound by the terms of this Agreement relating to
the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 
 (b) In the case of each
Pledgor which is a partner, shareholder or member, as the case may be, in a partnership, limited liability company or other entity, such Pledgor hereby consents to the extent required by the applicable Organizational Document to the pledge by each
other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company or other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged
Securities to the Collateral Agent or the Bank Collateral Agent, as applicable, or its nominee and to the substitution of the Collateral Agent or the Bank Collateral Agent, as applicable, or its nominee as a substituted partner, shareholder or
member in such partnership, limited liability company or other entity with all the rights, powers and duties of a general partner, limited partner, shareholder or member, as the case may be. 
 ARTICLE VI 
 CERTAIN PROVISIONS CONCERNING INTELLECTUAL 
 PROPERTY COLLATERAL 
 SECTION 6.1. Grant of
Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an Event of Default, to exercise rights and remedies under Article IX hereof at such time as the Collateral Agent shall be lawfully
entitled to exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants to the Collateral Agent, to the extent assignable, an irrevocable, non-exclusive license to use, assign, license or sublicense any of the
Intellectual Property Collateral now owned or hereafter acquired by such Pledgor, wherever the same may be located. Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer
programs used for the compilation or printout hereof. 
  

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 SECTION 6.2. Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor
shall, at its sole cost and expense, (i) promptly following its becoming aware thereof, notify the Collateral Agent of any adverse determination in any proceeding or the institution of any proceeding in any federal, state or local court or
administrative body or in the United States Patent and Trademark Office or the United States Copyright Office regarding any Material Intellectual Property Collateral, such Pledgor’s right to register such Material Intellectual Property
Collateral or its right to keep and maintain such registration in full force and effect, (ii) maintain all Material Intellectual Property Collateral as presently used and operated, (iii) not permit to lapse or become abandoned any Material
Intellectual Property Collateral, and not settle or compromise any pending or future litigation or administrative proceeding with respect to any such Material Intellectual Property Collateral, in either case except as shall be consistent with
commercially reasonable business judgment, (iv) upon such Pledgor obtaining knowledge thereof promptly notify the Collateral Agent in writing of any event which may be reasonably expected to materially and adversely affect the value or utility
of any Material Intellectual Property Collateral or the rights and remedies of the Collateral Agent in relation thereto including a levy or threat of levy or any legal process against any Material Intellectual Property Collateral, (v) not
license any Intellectual Property Collateral other than licenses entered into by such Pledgor in, or incidental to, the ordinary course of business, or amend or permit the amendment of any of the licenses in a manner that materially and adversely
affects the right to receive payments thereunder, or in any manner that would materially impair the value of any Intellectual Property Collateral or the Lien on and security interest in the Intellectual Property Collateral created therein hereby,
without the consent of the Collateral Agent, (vi) diligently keep adequate records respecting all Intellectual Property Collateral and (vii) furnish to the Collateral Agent from time to time upon the Collateral Agent’s request
therefor reasonably detailed statements and amended schedules further identifying and describing the Intellectual Property Collateral and such other materials evidencing or reports pertaining to any Intellectual Property Collateral as the Collateral
Agent may from time to time request. 
 SECTION 6.3. After-Acquired Property. If any Pledgor shall at any time after the date hereof
(i) obtain any rights to any additional Intellectual Property Collateral or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including any reissue, division,
continuation, or continuation-in-part of any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, the provisions hereof shall automatically apply thereto and any such item enumerated in the preceding clause
(i) or (ii) shall automatically constitute Intellectual Property Collateral as if such would have constituted Intellectual Property Collateral at the time of execution hereof and be subject to the Lien and security interest created by this
Agreement without further action by any party. Each Pledgor shall promptly provide to the Collateral Agent written notice of any of the foregoing and confirm the attachment of the Lien and security interest created by this Agreement to any rights
described in clauses (i) and (ii) above by execution of an instrument in form reasonably acceptable to the Collateral Agent and the filing of any instruments or statements as shall be reasonably necessary to create, preserve, protect or
perfect the Collateral Agent’s security interest in such Intellectual Property Collateral. Further, each Pledgor authorizes the Collateral Agent to modify this Agreement by amending Schedules 12(a) and 12(b) to the Perfection
Certificate to include any Intellectual Property Collateral of such Pledgor acquired or arising after the date hereof. 
  

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 SECTION 6.4. Litigation. Unless there shall occur and be continuing any Event of Default, each
Pledgor shall have the right to commence and prosecute in its own name, as the party in interest, for its own benefit and at the sole cost and expense of the Pledgors, such applications for protection of the Intellectual Property Collateral and
suits, proceedings or other actions to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual Property Collateral. Upon the occurrence and during the
continuance of any Event of Default, subject to the Intercreditor Agreement, the Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral and/or bring suit in
the name of any Pledgor, the Collateral Agent or the Secured Parties to enforce the Intellectual Property Collateral and any license thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the Collateral Agent, do any
and all lawful acts and execute any and all documents requested by the Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses incurred by the Collateral
Agent in the exercise of its rights under this Section 6.4 in accordance with Section 11.6 hereof. In the event that the Collateral Agent shall elect not to bring suit to enforce the Intellectual Property Collateral, each
Pledgor agrees, at the reasonable request of the Collateral Agent, to take all commercially reasonable actions necessary, whether by suit, proceeding or other action, to prevent the infringement, counterfeiting, unfair competition, dilution,
diminution in value of or other damage to any of the Intellectual Property Collateral by any person. 
 ARTICLE VII 
 CERTAIN PROVISIONS CONCERNING RECEIVABLES 
 SECTION 7.1. Maintenance of Records. Each Pledgor shall keep and maintain at its own cost and expense complete records of each Receivable, in a manner consistent with prudent business practice, including records of all payments
received, all credits granted thereon, all merchandise returned and all other documentation relating thereto. Each Pledgor shall, at such Pledgor’s sole cost and expense, upon the Collateral Agent’s demand made at any time after the
occurrence and during the continuance of any Event of Default, deliver all tangible evidence of Receivables, including all documents evidencing Receivables and any books and records relating thereto to the Collateral Agent, or to the Bank Collateral
Agent pursuant to the Intercreditor Agreement, or to its representatives (copies of which evidence and books and records may be retained by such Pledgor). Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent
may transfer a full and complete copy of any Pledgor’s books, records, credit information, reports, memoranda and all other writings relating to the Receivables to and for the use by any person that has acquired or is contemplating acquisition
of an interest in the Receivables or the Collateral Agent’s security interest therein without the consent of any Pledgor. 
  

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 SECTION 7.2. Legend. Each Pledgor shall legend, at the request of the Collateral Agent and in form
and manner satisfactory to the Collateral Agent, the Receivables and the other books, records and documents of such Pledgor evidencing or pertaining to the Receivables with an appropriate reference to the fact that the Receivables have been assigned
to the Collateral Agent for the benefit of the Secured Parties and that the Collateral Agent has a security interest therein. 
 SECTION 7.3.
Modification of Terms, etc. No Pledgor shall rescind or cancel any obligations evidenced by any Receivable or modify any term thereof or make any adjustment with respect thereto except in the ordinary course of business consistent with
prudent business practice, or extend or renew any such obligations except in the ordinary course of business consistent with prudent business practice or compromise or settle any dispute, claim, suit or legal proceeding relating thereto or sell any
Receivable or interest therein except in the ordinary course of business consistent with prudent business practice without the prior written consent of the Collateral Agent. Each Pledgor shall timely fulfill all obligations on its part to be
fulfilled under or in connection with the Receivables. 
 SECTION 7.4. Collection. Each Pledgor shall cause to be collected from the
Account Debtor of each of the Receivables, as and when due in the ordinary course of business and consistent with prudent business practice (including Receivables that are delinquent, such Receivables to be collected in accordance with generally
accepted commercial collection procedures), any and all amounts owing under or on account of such Receivable, and apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding balance of such Receivable, except that
any Pledgor may, with respect to a Receivable, allow in the ordinary course of business (i) a refund or credit due as a result of returned or damaged or defective merchandise and (ii) such extensions of time to pay amounts due in respect
of Receivables and such other modifications of payment terms or settlements in respect of Receivables as shall be commercially reasonable in the circumstances, all in accordance with such Pledgor’s ordinary course of business consistent with
its collection practices as in effect from time to time. The costs and expenses (including attorneys’ fees) of collection, in any case, whether incurred by any Pledgor, the Collateral Agent or any Secured Party, shall be paid by the Pledgors.

 ARTICLE VIII 
 TRANSFERS

 SECTION 8.1. Transfers of Pledged Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option
with respect to, any of the Pledged Collateral pledged by it hereunder except as expressly permitted by the Indenture. 
  

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 ARTICLE IX 
 REMEDIES 
 SECTION 9.1. Remedies. Upon the occurrence and during the continuance of any Event of
Default, subject to the Intercreditor Agreement, the Collateral Agent may from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, the following
remedies: 
 (i) Personally, or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from any
Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any Pledgor’s premises where any of the Pledged Collateral is located, remove such Pledged
Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection with such removal and possession any and all services, supplies, aids and other facilities
of any Pledgor; 
 (ii) Demand, sue for, collect or receive any money or property at any time payable or receivable in respect of the Pledged
Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the terms of such agreement, instrument or other obligation
directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided, however, that in the event that any such
payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of the Collateral Agent and shall promptly (but in no
event later than one (1) Business Day after receipt thereof) pay such amounts to the Collateral Agent, or to the Bank Collateral Agent pursuant to the Intercreditor Agreement; 
 (iii) Sell, assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license to use or otherwise liquidate,
any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment, license or liquidation; 
 (iv) Take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing to deliver the same to the Collateral Agent at
any place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or places designated by the Collateral Agent and therewith delivered to the
Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent and (C) while the Pledged Collateral shall be so stored and kept,
provide such security and maintenance services as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to deliver the Pledged Collateral as contemplated in this Section
9.l(iv) is of the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by any Pledgor of such obligation; 
  

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 (v) Withdraw all moneys, instruments, securities and other property in any bank, financial securities,
deposit or other account of any Pledgor constituting Pledged Collateral for application to the Secured Obligations as provided in Article X hereof; 
 (vi) Retain and apply the Distributions to the Secured Obligations as provided in Article X hereof; 
 (vii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral;
and 
 (viii) Exercise all the rights and remedies of a secured party on default under the UCC, and the Collateral Agent may also in its sole
discretion, without notice except as specified in Section 9.2 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s
board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable. The Collateral Agent or
any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at any such sale and shall be entitled, for the purpose of bidding and making
settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations owed to such person as a credit on account of the purchase price of
the Pledged Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed absolutely free from any claim or right on the
part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted. The Collateral Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to
time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives, to the fullest extent permitted by law, any claims against
the Collateral Agent arising by reason of the fact that the price at which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at such a private sale was less than the price which might have been obtained at a public
sale, even if the Collateral Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 
 SECTION 9.2. Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of the Pledged Collateral or any part thereof shall be required by law, ten (10) days’ prior notice
to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended disposition is to 

  

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take place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence
of an Event of Default, a statement renouncing or modifying any right to notification of sale or other intended disposition. 
 SECTION 9.3.
Waiver of Notice and Claims. Each Pledgor hereby waives, to the fullest extent permitted by applicable law, notice or judicial hearing in connection with the Collateral Agent’s taking possession or the Collateral Agent’s disposition
of the Pledged Collateral or any part thereof, including any and all prior notice and hearing for any prejudgment remedy or remedies and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the
fullest extent permitted by applicable law: (i) all damages occasioned by such taking of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the
Collateral Agent’s rights hereunder and (iii) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable law. The Collateral Agent shall not be liable for any incorrect or
improper payment made pursuant to this Article IX in the absence of gross negligence or willful misconduct on the part of the Collateral Agent. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged
Collateral shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any
and all persons claiming or attempting to claim the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor. 
 SECTION 9.4. Certain Sales of Pledged Collateral. 
 (a) Each Pledgor recognizes that, by reason of
certain prohibitions contained in law, rules, regulations or orders of any Governmental Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet
the requirements of such Governmental Authority. Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and,
notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to
engage in public sales. 
 (b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act, and
applicable state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral and Investment Property included in the Collateral, to limit purchasers to persons who will agree,
among other things, to acquire such Securities Collateral or Investment Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices
and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such
circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in 

  

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public sales and no obligation to delay the sale of any Securities Collateral or Investment Property included in the Collateral for the period of time
necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would agree to do so. 
 (c) Notwithstanding the foregoing, each Pledgor shall, upon the occurrence and during the continuance of any Event of Default, subject to the
Intercreditor Agreement, at the reasonable request of the Collateral Agent, for the benefit of the Collateral Agent, cause any registration, qualification under or compliance with any Federal or state securities law or laws to be effected with
respect to all or any part of the Securities Collateral as soon as practicable and at the sole cost and expense of the Pledgors. Each Pledgor will use its commercially reasonable efforts to cause such registration to be effected (and be kept
effective) and will use its commercially reasonable efforts to cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and distribution of such Securities
Collateral including registration under the Securities Act (or any similar statute then in effect), appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with all other requirements of any
Governmental Authority. Each Pledgor shall use its commercially reasonable efforts to cause the Collateral Agent to be kept advised in writing as to the progress of each such registration, qualification or compliance and as to the completion
thereof, shall furnish to the Collateral Agent such number of prospectuses, offering circulars or other documents incident thereto as the Collateral Agent from time to time may request, and shall indemnify and shall cause the issuer of the
Securities Collateral to indemnify the Collateral Agent and all others participating in the distribution of such Securities Collateral against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue statement)
of a material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or the like) a material fact
required to be stated therein or necessary to make the statements therein not misleading. 
 (d) Subject to the Intercreditor Agreement, if
the Collateral Agent determines to exercise its right to sell any or all of the Securities Collateral or Investment Property included in the Collateral, upon written request, the applicable Pledgor shall from time to time furnish to the Collateral
Agent all such information as the Collateral Agent may request in order to determine the number of securities included in the Securities Collateral or Investment Property included in the Collateral which may be sold by the Collateral Agent as exempt
transactions under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 
 (e) Each Pledgor further agrees that a breach of any of the covenants contained in this Section 9.4 will cause irreparable injury to the Collateral Agent and the other Secured Parties, that the Collateral
Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 9.4 shall be specifically enforceable against such Pledgor, and
such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred and is continuing. 
  

 -30- 

 SECTION 9.5. No Waiver; Cumulative Remedies. 
 (a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the Collateral Agent in
exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or the exercise of
any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and are not exclusive
of any rights or remedies provided by law or otherwise available. 
 (b) In the event that the Collateral Agent shall have instituted any
proceeding to enforce any right, power, privilege or remedy under the Indenture, any Note, this Agreement or any other Security Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any
reason or shall have been determined adversely to the Collateral Agent, then and in every such case, the Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder with
respect to the Pledged Collateral, and all rights, remedies, privileges and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 
 SECTION 9.6. Certain Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be continuing, upon the
written demand of the Collateral Agent, subject to the Intercreditor Agreement, each Pledgor shall execute and deliver to the Collateral Agent an assignment or assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill and such
other documents as are necessary or appropriate to carry out the intent and purposes hereof. Within five (5) Business Days of written notice thereafter from the Collateral Agent, subject to the Intercreditor Agreement, each Pledgor shall make
available to the Collateral Agent, to the extent within such Pledgor’s power and authority, such personnel in such Pledgor’s employ on the date of the Event of Default as the Collateral Agent may reasonably designate to permit such Pledgor
to continue, directly or indirectly, to produce, advertise and sell the products and services sold by such Pledgor under the registered Patents, Trademarks and/or Copyrights, and such persons shall be available to perform their prior functions on
the Collateral Agent’s behalf. 
 ARTICLE X 
 APPLICATION OF PROCEEDS 
 SECTION 10.1. Application of Proceeds. Subject to the Intercreditor
Agreement, the proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Pledged Collateral pursuant to the exercise by the Collateral Agent of its remedies shall be
applied, together with any other sums then held by the Collateral Agent pursuant to this Agreement, in accordance with the Indenture. 
  

 -31- 

 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.1. Concerning Collateral Agent. 
 (a) The Collateral Agent has been appointed as collateral agent pursuant to the Indenture. The actions of the Collateral Agent hereunder are subject to
the provisions of the Indenture and the Intercreditor Agreement. The Collateral Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action
(including the release or substitution of the Pledged Collateral), in accordance with this Agreement, the Intercreditor Agreement and the Indenture. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be
liable for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign and a successor Collateral Agent may be appointed in the manner provided in the Indenture. Upon the
acceptance of any appointment as the Collateral Agent by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent
under this Agreement, and the retiring Collateral Agent shall thereupon be discharged from its duties and obligations under this Agreement. After any retiring Collateral Agent’s resignation, the provisions hereof shall inure to its benefit as
to any actions taken or omitted to be taken by it under this Agreement while it was the Collateral Agent. 
 (b) The Collateral Agent shall
be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual
capacity, accords its own property consisting of similar instruments or interests, it being understood that neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect
to calls, conversions, exchanges, maturities, tenders or other matters relating to any Securities Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any
necessary steps to preserve rights against any person with respect to any Pledged Collateral. 
 (c) The Collateral Agent shall be entitled
to rely upon any written notice, statement, certificate, order or other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters
pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it. 
 (d) If any item of Pledged Collateral also
constitutes collateral granted to the Collateral Agent under any other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of
trust, mortgage, security agreement, pledge or instrument of any type in respect of such collateral, the Collateral Agent, in its sole discretion, shall select which provision or provisions shall control. 
  

 -32- 

 (e) The Collateral Agent may rely on advice of counsel as to whether any or all UCC financing statements
of the Pledgors need to be amended as a result of any of the changes described in Section 4.10 hereof. If any Pledgor fails to provide information to the Collateral Agent about such changes on a timely basis, the Collateral Agent shall
not be liable or responsible to any party for any failure to maintain a perfected security interest in such Pledgor’s property constituting Pledged Collateral, for which the Collateral Agent needed to have information relating to such changes.
The Collateral Agent shall have no duty to inquire about such changes if any Pledgor does not inform the Collateral Agent of such changes, the parties acknowledging and agreeing that it would not be feasible or practical for the Collateral Agent to
search for information on such changes if such information is not provided by any Pledgor. 
 SECTION 11.2. Collateral Agent May Perform;
Collateral Agent Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any covenants contained in this Agreement (including such Pledgor’s covenants to (i) pay the premiums in respect of all required insurance policies
hereunder, (ii) pay and discharge any taxes, assessments and special assessments, levies, fees and governmental charges imposed upon or assessed against, and landlords’, carriers’, mechanics’, workmen’s, repairmen’s,
laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any portion of the Pledged Collateral, (iii) make repairs, (iv) discharge Liens or (v) pay
or perform any obligations of such Pledgor under any Pledged Collateral) or if any representation or warranty on the part of any Pledgor contained herein shall be breached, the Collateral Agent may (but shall not be obligated to) do the same or
cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the Collateral Agent shall in no event be bound to inquire into the validity of any tax, Lien, imposition or other obligation
which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of the Indenture. Any and all amounts so expended by the Collateral Agent shall be paid by the Pledgors
in accordance with the provisions of Section 11.6 hereof. Neither the provisions of this Section 11.2 nor any action taken by the Collateral Agent pursuant to the provisions of this Section 11.2 shall prevent any such
failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full power and authority in
the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Collateral Agent’s discretion to take any action and to execute any instrument consistent with the terms of the Indenture, this
Agreement, the Intercreditor Agreement and the other Security Documents which the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and shall have no liability to
such Pledgor or any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all
that such attorney shall lawfully do or cause to be done by virtue hereof. 
  

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 SECTION 11.3. Continuing Security Interest; Assignment. This Agreement shall create a continuing
security interest in the Pledged Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the
Collateral Agent and the other Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect
hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall thereupon become vested
with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Indenture. Each of the Pledgors agrees that its obligations hereunder and the security interest created hereunder
shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must otherwise be restored by the Secured Party upon the bankruptcy or
reorganization of any Pledgor or otherwise. 
 SECTION 11.4. Termination; Release. When all the Secured Obligations have been paid in
full in accordance with the provisions of the Indenture and the Intercreditor Agreement, this Agreement shall terminate. Upon termination of this Agreement the Pledged Collateral shall be released from the Lien of this Agreement. Upon such release
or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Indenture, the Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor,
against receipt and without recourse to or warranty by the Collateral Agent except as to the fact that the Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a
release) as may be in possession of the Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3
termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be. 
 SECTION 11.5. Modification in Writing. No amendment, modification, supplement, termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be
made in accordance with the terms of the Indenture and unless in writing and signed by the Collateral Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure
by any Pledgor from the terms of any provision hereof in each case shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other
document evidencing the Secured Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 
  

 -34- 

 SECTION 11.6. Expenses. 
 (a) Each Pledgor will upon demand pay to the Collateral Agent the amount of any and all reasonable costs and expenses, including the fees and expenses of
its counsel and the fees and expenses of any experts and agents which the Collateral Agent may incur in connection with (i) any action, suit or other proceeding affecting the Pledged Collateral or any part thereof commenced, in which action,
suit or proceeding the Collateral Agent is made a party or participates or in which the right to use the Pledged Collateral or any part thereof is threatened, or in which it becomes necessary in the judgment of the Collateral Agent to defend or
uphold the Lien hereof (including, without limitation, any action, suit or proceeding to establish or uphold the compliance of the Pledged Collateral with any requirements of any Governmental Authority or law), (ii) the collection of the
Secured Obligations, (iii) the enforcement and administration hereof, (iv) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Pledged Collateral, (v) the exercise or enforcement of
any of the rights of the Collateral Agent or any Secured Party hereunder or (vi) the failure by any Pledgor to perform or observe any of the provisions hereof. All amounts expended by the Collateral Agent and payable by any Pledgor under this
Section 11.6 shall be due upon demand therefor (together with interest thereon accruing at the interest rate in respect of the Notes under the Indenture during the period from and including the date on which such funds were so expended
to the date of repayment) and shall be part of the Secured Obligations. 
 (b) The Pledgors agree, jointly and severally, to indemnify the
Collateral Agent, each other Secured Party, each Affiliate of any of the foregoing persons and each of their respective directors, officers, trustees, employees and agents (each such person being called an “Indemnitee”), against,
and to hold each Indemnitee harmless from, all reasonable out-of-pocket costs and any and all losses, claims, damages, liabilities and related expenses, including reason able counsel fees, charges, expenses and disbursements, incurred by or asserted
against any Indemnitee arising out of, in any way connected with, or as a result of the Indenture, the Notes, this Agreement, any other Security Document or any other document evidencing the Secured Obligations (including, without limitation, any
misrepresentation by any Pledgor in the Indenture, the Notes, this Agreement, any other Security Document or any other document evidencing the Secured Obligations); 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.

 (c) The provisions of this Section 11.6 shall remain operative and in full force and effect regardless of the expiration of
the term of this Agreement, the repayment of any of the Notes, the invalidity or unenforceability of any term or provision of the Indenture, the Notes, this Agreement or any other Security Document, or any investigation made by or on behalf of the
Collateral Agent or other Secured Party. All amounts due under this Section 11.6 shall be payable promptly upon (but in any event no more than ten (10) days following) written demand therefor accompanied by reasonable documentation
with respect to any reimbursement, indemnification or other amount requested. 
 SECTION 11.7. Notices. Unless otherwise provided
herein or in the Indenture, any notice or other communication herein required or permitted to be given shall be 

  

 -35- 

 
given in the manner and become effective as set forth in the Indenture, as to any Pledgor, addressed to it at the address of the Issuer set forth in the
Indenture and as to the Collateral Agent, addressed to it at the address of the Trustee set forth in the Indenture, or in each case at such other address as shall be designated by such party in a written notice to the other party complying as to
delivery with the terms of this Section 11.7. 
 SECTION 11.8. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 11.9. CONSENT TO JURISDICTION AND SERVICE OF
PROCESS; WAIVER OF JURY TRIAL. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PLEDGOR OR SECURED PARTY WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, THE COURTS OF THE UNITED
STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AND APPELLATE COURTS OF ANY THEREOF, AND BY EXECUTION AND DELIVERY HEREOF, EACH PLEDGOR AND THE COLLATERAL AGENT ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND
UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. EACH PLEDGOR AND THE COLLATERAL AGENT AGREES THAT SERVICE OF PROCESS IN ANY
PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO THE APPLICABLE PARTY AT ITS ADDRESS SET FORTH IN THE INDENTURE OR AT SUCH OTHER ADDRESS OF WHICH
THE ISSUER (WITH RESPECT TO ADDRESSES OF THE COLLATERAL AGENT) OR THE COLLATERAL AGENT (WITH RESPECT TO ADDRESSES OF THE PLEDGORS) SHALL HAVE BEEN NOTIFIED PURSUANT THERETO; NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF THE COLLATERAL AGENT OR THE PLEDGORS TO BRING PROCEEDINGS AGAINST ANY OTHER PARTY HERETO IN THE COURTS OF ANY OTHER JURISDICTION. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVE ALL RIGHT TO A TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION
11.10. Severability of Provisions. Any provision hereof which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
invalidating the remaining provisions hereof or affecting the validity, legality or enforceability of such provision in any other jurisdiction. 
 SECTION 11.11. Execution in Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of 

  

 -36- 

 
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but
all such counterparts together shall constitute one and the same agreement. 
 SECTION 11.12. Business Days. In the event any time
period or any date provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be
made on such Business Day, with the same force and effect as if made on such other day. 
 SECTION 11.13. No Credit for Payment of Taxes
or Imposition. Such Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Indenture, and such Pledgor shall not be entitled to any credit against any other sums which may become payable
under the terms thereof or hereof, by reason of the payment of any Tax on the Pledged Collateral or any part thereof. 
 SECTION 11.14. No
Claims Against Collateral Agent. Nothing contained in this Agreement shall constitute any consent or request by the Collateral Agent, express or implied, for the performance of any labor or services or the furnishing of any materials or other
property in respect of the Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in
such fashion as would permit the making of any claim against the Collateral Agent in respect thereof or any claim that any Lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to
the Lien hereof. 
 SECTION 11.15. No Release. Nothing set forth in this Agreement, the Indenture, the Notes or any Security Document,
nor the exercise by the Collateral Agent of any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s part to be performed or observed under or in
respect of any of the Pledged Collateral or from any liability to any person under or in respect of any of the Pledged Collateral or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term,
covenant, condition or agreement on such Pledger’s part to be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for
any breach of any representation or warranty on the part of such Pledgor contained in this Agreement, the Indenture, the Notes or any Security Document, or under or in respect of the Pledged Collateral or made in connection herewith or therewith.
Anything herein to the contrary notwithstanding, neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any contracts, agreements and other documents included in the Pledged Collateral by reason of this
Agreement, nor shall the Collateral Agent or any other Secured Party be obligated to perform any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any such contract, agreement or other document
included in the Pledged Collateral hereunder. The obligations of each Pledgor contained in this Section 11.15 shall survive the termination hereof and the discharge of such Pledger’s other obligations under this Agreement, the
Indenture, the Notes and the Security Documents. 
  

 -37- 

 SECTION 11.16. Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute
and unconditional irrespective of: 
 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition,
liquidation or the like of any other Pledgor; 
 (ii) any lack of validity or enforceability of the Indenture, the Notes, this
Agreement or any other Security Document, or any other agreement or instrument relating thereto; 
 (iii) any change in the
time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Indenture, the Notes, this Agreement or any other Security Document or
any other agreement or instrument relating thereto; 
 (iv) any pledge, exchange, release or non-perfection of any other
collateral, or any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations; 
 (v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof, the Indenture, the Notes, this Agreement or any other Security Document except as specifically set forth in
a waiver granted pursuant to the provisions of Section 11.5 hereof; or 
 (vi) any other circumstances which might
otherwise constitute a defense available to, or a discharge of, any Pledgor. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

 

 -38- 

 IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be duly executed
and delivered by their duly authorized officers as of the date first above written. 
  

			
	 AGY HOLDING CORP.,
 as
Pledgor

		
	By:	 	 /s/ Catherine Cuisson

	Name:	 	Catherine Cuisson
	Title:	 	VP/CFO
	
	 AGY AIKEN LLC,
 as
Pledgor

		
	By:	 	 /s/ Catherine Cuisson

	Name:	 	Catherine Cuisson
	Title:	 	VP/CFO
	
	 AGY HUNTINGDON LLC,
 as
Pledgor

		
	By:	 	 /s/ Catherine Cuisson

	Name:	 	Catherine Cuisson
	Title:	 	VP/CFO

 Bonds Security Agreement Signature Page 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Collateral Agent

		
	By:	 	 /s/ Richard Prokosch

	Name:	 	Richard Prokosch
	Title:	 	Vice President
		
	By:	 	 /s/ Richard Prokosch

	Name:	 	Richard Prokosch
	Title:	 	Vice PresidentCredit Agreement dated October 25, 2006

 Exhibit 10.1 
  
  
 CREDIT AGREEMENT 
 dated as of October 25, 2006 
 among

 AGY HOLDING CORP., AGY AIKEN LLC and AGY HUNTINGDON LLC 
 as Borrowers and Guarantors, 
 KAGY HOLDING COMPANY, INC. 
 and 
 THE OTHER GUARANTORS PARTY HERETO,

 as Guarantors, 
 THE LENDERS
PARTY HERETO 
 and 
 UBS
SECURITIES LLC, 
 as Sole Lead Arranger, Sole Bookmanager, Documentation Agent and Syndication Agent, 
 and 
 UBS AG, STAMFORD BRANCH, 
 as Issuing Bank, Administrative Agent and Collateral Agent, 
 and 
 UBS LOAN FINANCE LLC, 
 as Swingline Lender 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, NY 10036

  
  
 $40,000,000 Senior First Lien Credit Facility 

 TABLE OF CONTENTS 
  

					
	 Section
	  	 	  	Page
	
	 ARTICLE I
  
 DEFINITIONS

			
	SECTION 1.01	  	Defined Terms	  	1
	SECTION 1.02	  	Classification of Loans and Borrowings	  	31
	SECTION 1.03	  	Terms Generally	  	31
	SECTION 1.04	  	Accounting Terms; GAAP	  	32
	SECTION 1.05	  	Resolution of Drafting Ambiguities	  	32
	
	 ARTICLE II
  
 THE CREDITS

			
	SECTION 2.01	  	Commitments	  	32
	SECTION 2.02	  	Loans	  	32
	SECTION 2.03	  	Borrowing Procedure	  	33
	SECTION 2.04	  	Evidence of Debt; Repayment of Loans	  	34
	SECTION 2.05	  	Fees	  	35
	SECTION 2.06	  	Interest on Loans	  	36
	SECTION 2.07	  	Termination and Reduction of Commitments	  	37
	SECTION 2.08	  	Interest Elections	  	37
	SECTION 2.09	  	Optional and Mandatory Prepayments of Loans	  	38
	SECTION 2.10	  	Alternate Rate of Interest	  	40
	SECTION 2.11	  	Yield Protection	  	40
	SECTION 2.12	  	Breakage Payments	  	42
	SECTION 2.13	  	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	  	42
	SECTION 2.14	  	Taxes	  	44
	SECTION 2.15	  	Mitigation Obligations; Replacement of Lenders	  	45
	SECTION 2.16	  	Swingline Loans	  	46
	SECTION 2.17	  	Letters of Credit	  	48
	SECTION 2.18	  	Determination of Borrowing Base	  	54
	
	 ARTICLE III
  
 REPRESENTATIONS AND WARRANTIES

			
	SECTION 3.01	  	Organization; Powers	  	58
	SECTION 3.02	  	Authorization; Enforceability	  	58
	SECTION 3.03	  	No Conflicts	  	58
	SECTION 3.04	  	Financial Statements; Projections	  	59
	SECTION 3.05	  	Properties	  	60
	SECTION 3.06	  	Intellectual Property	  	60
	SECTION 3.07	  	Equity Interests and Subsidiaries	  	61
	SECTION 3.08	  	Litigation; Compliance with Laws	  	61
	SECTION 3.09	  	Agreements	  	62

  

 i 

					
	SECTION 3.10	  	Federal Reserve Regulations	  	62
	SECTION 3.11	  	Investment Company Act	  	62
	SECTION 3.12	  	Use of Proceeds	  	62
	SECTION 3.13	  	Taxes	  	62
	SECTION 3.14	  	No Material Misstatements	  	63
	SECTION 3.15	  	Labor Matters	  	63
	SECTION 3.16	  	Solvency	  	63
	SECTION 3.17	  	Employee Benefit Plans	  	64
	SECTION 3.18	  	Environmental Matters	  	64
	SECTION 3.19	  	Insurance	  	66
	SECTION 3.20	  	Security Documents	  	66
	SECTION 3.21	  	Anti-Terrorism Law	  	67
	SECTION 3.22	  	Location of Material Inventory	  	68
	SECTION 3.23	  	Accuracy of Borrowing Base	  	68
	SECTION 3.24	  	Common Enterprise	  	68
	
	 ARTICLE IV
  
 CONDITIONS TO CREDIT EXTENSIONS

			
	SECTION 4.01	  	Conditions to Initial Credit Extension	  	68
	SECTION 4.02	  	Conditions to All Credit Extensions	  	73
	
	 ARTICLE V
  
 AFFIRMATIVE COVENANTS

			
	SECTION 5.01	  	Financial Statements, Reports, etc.	  	74
	SECTION 5.02	  	Litigation and Other Notices	  	76
	SECTION 5.03	  	Existence; Businesses and Properties	  	76
	SECTION 5.04	  	Insurance	  	77
	SECTION 5.05	  	Obligations and Taxes	  	78
	SECTION 5.06	  	Employee Benefits	  	78
	SECTION 5.07	  	Maintaining Records; Access to Properties and Inspections; Annual Meetings	  	79
	SECTION 5.08	  	Use of Proceeds	  	79
	SECTION 5.09	  	Compliance with Environmental Laws; Environmental Reports	  	79
	SECTION 5.10	  	Additional Collateral; Additional Guarantors	  	80
	SECTION 5.11	  	Security Interests; Further Assurances	  	81
	SECTION 5.12	  	Information Regarding Collateral	  	82
	SECTION 5.13	  	Affirmative Covenants with Respect to Leases	  	82
	SECTION 5.14	  	Post-Closing Collateral Matters	  	82
	
	 ARTICLE VI
  
 NEGATIVE COVENANTS

			
	SECTION 6.01	  	Indebtedness	  	82
	SECTION 6.02	  	Liens	  	83
	SECTION 6.03	  	Sale and Leaseback Transactions	  	86
	SECTION 6.04	  	Investment, Loan and Advances	  	86

  

 ii 

					
	SECTION 6.05	  	Mergers and Consolidations	  	87
	SECTION 6.06	  	Asset Sales	  	88
	SECTION 6.07	  	Acquisitions	  	88
	SECTION 6.08	  	Dividends	  	89
	SECTION 6.09	  	Transactions with Affiliates	  	89
	SECTION 6.10	  	Prepayments of Other Indebtedness; Modifications of Organizational Documents and Other Documents, etc.	  	90
	SECTION 6.11	  	Limitation on Certain Restrictions on Subsidiaries	  	91
	SECTION 6.12	  	Limitation on Issuance of Capital Stock	  	92
	SECTION 6.13	  	Limitation on Creation of Subsidiaries	  	92
	SECTION 6.14	  	Business	  	92
	SECTION 6.15	  	Limitation on Accounting Changes	  	92
	SECTION 6.16	  	Fiscal Year	  	92
	SECTION 6.17	  	No Further Negative Pledge	  	93
	SECTION 6.18	  	Anti-Terrorism Law; Anti-Money Laundering	  	93
	SECTION 6.19	  	Embargoed Person	  	93
	
	 ARTICLE VII
  
 GUARANTEE

			
	SECTION 7.01	  	The Guarantee	  	94
	SECTION 7.02	  	Obligations Unconditional	  	94
	SECTION 7.03	  	Reinstatement	  	95
	SECTION 7.04	  	Subrogation; Subordination	  	95
	SECTION 7.05	  	Remedies	  	95
	SECTION 7.06	  	Instrument for the Payment of Money	  	96
	SECTION 7.07	  	Continuing Guarantee	  	96
	SECTION 7.08	  	General Limitation on Guarantee Obligations	  	96
	SECTION 7.09	  	Release of Guarantors	  	96
	
	 ARTICLE VIII
  
 EVENTS OF DEFAULT

			
	SECTION 8.01	  	Events of Default	  	96
	SECTION 8.02	  	Application of Proceeds	  	99
	
	 ARTICLE IX
  
 COLLATERAL ACCOUNT; COLLATERAL MONITORING; APPLICATION OF COLLATERAL PROCEEDS

			
	SECTION 9.01	  	Collateral Accounts	  	101
	SECTION 9.02	  	Accounts; Cash Management	  	101
	SECTION 9.03	  	Inventory	  	104
	SECTION 9.04	  	Borrowing Base-Related Reports	  	104
	SECTION 9.05	  	Rescission of Activation Notice	  	105

  

 iii 

					
	 ARTICLE X
  
 THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT

			
	SECTION 10.01	  	Appointment and Authority	  	105
	SECTION 10.02	  	Rights as a Lender	  	105
	SECTION 10.03	  	Exculpatory Provisions	  	106
	SECTION 10.04	  	Reliance by Agent	  	106
	SECTION 10.05	  	Delegation of Duties	  	107
	SECTION 10.06	  	Resignation of Agent	  	107
	SECTION 10.07	  	Non-Reliance on Agent and Other Lenders	  	107
	SECTION 10.08	  	No Other Duties, etc.	  	108
	SECTION 10.09	  	Indemnification	  	108
	SECTION 10.10	  	Overadvances	  	108
	SECTION 10.11	  	Concerning the Collateral and the Related Loan Documents	  	109
	
	 ARTICLE XI
  
 MISCELLANEOUS

			
	SECTION 11.01	  	Notices	  	109
	SECTION 11.02	  	Waivers; Amendment	  	112
	SECTION 11.03	  	Expenses; Indemnity; Damage Waiver	  	115
	SECTION 11.04	  	Successors and Assigns	  	116
	SECTION 11.05	  	Survival of Agreement	  	119
	SECTION 11.06	  	Counterparts; Integration; Effectiveness	  	119
	SECTION 11.07	  	Severability	  	120
	SECTION 11.08	  	Right of Setoff	  	120
	SECTION 11.09	  	Governing Law; Jurisdiction; Consent to Service of Process	  	120
	SECTION 11.10	  	Waiver of Jury Trial	  	121
	SECTION 11.11	  	Headings	  	121
	SECTION 11.12	  	Treatment of Certain Information; Confidentiality	  	121
	SECTION 11.13	  	USA PATRIOT Act Notice	  	122
	SECTION 11.14	  	Interest Rate Limitation	  	122
	SECTION 11.15	  	Lender Addendum	  	122
	SECTION 11.16	  	Obligations Absolute	  	122

 SCHEDULES 
  

			
	Schedule 1.01(a)	  	Refinancing Indebtedness to Be Repaid
	Schedule 1.01(b)	  	Subsidiary Guarantors
	Schedule 1.01(d)	  	Locations of Eligible Metals
	Schedule 1.01(e)	  	Existing Letters of Credit
	Schedule 3.03	  	Governmental Approvals; Compliance with Laws
	Schedule 3.06(c)	  	Violations or Proceedings
	Schedule 3.09	  	Material Agreements
	Schedule 3.13	  	Taxes
	Schedule 3.15	  	Labor Matters
	Schedule 3.17	  	Employee Benefit Plans
	Schedule 3.18	  	Environmental Matters

  

 iv 

			
	Schedule 3.19	  	Insurance
	Schedule 3.22	  	Location of Material Inventory
	Schedule 4.01(f)	  	Local Counsel
	Schedule 4.01(m)(vi)	  	Landlord Access Agreements
	Schedule 4.01(n)(iii)	  	Title Insurance Amounts
	Schedule 5.14	  	Post-Closing Matters
	Schedule 6.0l(b)	  	Existing Indebtedness
	Schedule 6.02(c)	  	Existing Liens
	Schedule 6.04(b)	  	Existing Investments
		
	EXHIBITS	  	
		
	Exhibit A	  	Form of Administrative Questionnaire
	Exhibit B	  	Form of Assignment and Assumption
	Exhibit C	  	Form of Borrowing Request
	Exhibit D	  	Form of Compliance Certificate
	Exhibit E	  	Form of Interest Election Request
	Exhibit F	  	Form of Joinder Agreement
	Exhibit G	  	Form of Landlord Access Agreement
	Exhibit H	  	Form of LC Request
	Exhibit I	  	Form of Lender Addendum
	Exhibit J	  	Form of Mortgage
	Exhibit K-l	  	Form of Revolving Note
	Exhibit K-2	  	Form of Swingline Note
	Exhibit L-l	  	Form of Perfection Certificate
	Exhibit L-2	  	Form of Perfection Certificate Supplement
	Exhibit M	  	Form of Security Agreement
	Exhibit N	  	Form of Opinion of Company Counsel
	Exhibit O	  	Form of Solvency Certificate
	Exhibit P	  	Form of Intercompany Note
	Exhibit Q	  	Form of Intercreditor Agreement
	Exhibit R	  	Form of Borrowing Base Certificate

  

 v 

 CREDIT AGREEMENT 
 This CREDIT AGREEMENT (this “Agreement”) dated as of October 25, 2006, among AGY HOLDING CORP., a Delaware corporation (“Parent Borrower”), AGY AIKEN LLC, a Delaware limited
liability company (“Aiken”), AGY HUNTINGDON LLC, a Delaware limited liability company (“Huntingdon”, and, together with Parent Borrower and Aiken, each a “Borrower” and collectively, the
“Borrowers”), KAGY HOLDING COMPANY, INC., a Delaware corporation (“Holdings”), the Subsidiary Guarantors (such term and each other capitalized term used but not defined herein having the meaning given to it in
Article I), the Lenders, UBS SECURITIES LLC, as sole lead arranger (in such capacity, “Arranger”), as documentation agent (in such capacity, “Documentation Agent”) and as syndication agent (in such capacity,
“Syndication Agent”), UBS LOAN FINANCE LLC, as swingline lender (in such capacity, “Swingline Lender”), and UBS AG, STAMFORD BRANCH, as issuing bank (in such capacity, “Issuing Bank”), as
administrative agent (in such capacity, “Administrative Agent”) for the Lenders and as collateral agent (in such capacity, “Collateral Agent”) for the Secured Parties and the Issuing Bank. 
 WITNESSETH: 
 WHEREAS, Borrowers have
requested the Lenders to extend credit in the form of Revolving Loans at any time and from time to time prior to the Final Maturity Date, in an aggregate principal amount at any time outstanding not in excess of $40,000,000 which may be drawn after
the Closing Date (it being understood that up to $10,000,000 of Revolving Loans may be drawn on the Closing Date). 
 WHEREAS, Borrowers have
requested the Swingline Lender to make Swingline Loans, at any time and from time to time prior to the Final Maturity Date, in an aggregate principal amount at any time outstanding not in excess of $15,000,000. 
 WHEREAS, Borrowers have requested the Issuing Bank to issue letters of credit, in an aggregate face amount at any time outstanding not in excess of
$20,000,000, to support payment obligations incurred in the ordinary course of business by Borrowers and their Subsidiaries. 
 WHEREAS, the
proceeds of the Loans are to be used in accordance with Section 3.12. 
 WHEREAS, Parent Borrower shall enter into the Senior Second
Lien Note Documents and issue the Senior Second Lien Notes in the aggregate principal amount of $175,000,000 simultaneously herewith. 
 NOW,
THEREFORE, the Lenders are willing to extend such credit to each Borrower and the Issuing Bank is willing to issue letters of credit for the account of each Borrower on the terms and subject to the conditions set forth herein. Accordingly, the
parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Defined Terms. As used in this Agreement, the following
terms shall have the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, is used when such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
  

 “ABR Borrowing” shall mean a Borrowing comprised of ABR Loans. 
 “ABR Loan” shall mean any Revolving Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance
with the provisions of Article II. 
 “Account Debtor” shall mean, “Account Debtor,” as such term is
defined in the UCC as in effect on the date hereof in the State of New York. 
 “Accounts” shall mean all
“accounts,” as such term is defined in the UCC as in effect on the date hereof in the State of New York, in which such Person now or hereafter has rights. 
 “Accounts Receivable Advance Rate” shall mean the lesser of (x) 90% or (y) a percentage equal to 100% minus the Dilution Reserve Ratio. 
 “Acquisition Consideration” shall mean the purchase consideration for any Permitted Acquisition and all other payments by Holdings or
any of its Subsidiaries in exchange for, or as part of, or in connection with, any Permitted Acquisition, whether paid in cash or by exchange of Equity Interests or of properties or otherwise and whether payable at or prior to the consummation of
such Permitted Acquisition or deferred for payment at any future time, whether or not any such future payment is subject to the occurrence of any contingency, and includes any and all payments representing the purchase price and any assumptions of
Indebtedness, “earn-outs” and other agreements to make any payment the amount of which is; or the terms of payment of which are, in any respect subject to or contingent upon the revenues, income, cash flow or profits (or the like) of any
person or business; provided that any such future payment that is subject to a contingency shall be considered Acquisition Consideration only to the extent of the reserve, if any, required under GAAP at the time of such sale to be established
in respect thereof by Holdings or any of its Subsidiaries. 
 “Activation Notice” has the meaning assigned to such term in
Section 9.02. 
 “Adjusted LIBOR Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period,
(a) an interest rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) determined by the Administrative Agent to be equal to the LIBOR Rate for such Eurodollar Borrowing in effect for such Interest Period divided by
(b) 1 minus the Statutory Reserves (if any) for such Eurodollar Borrowing for such Interest Period. 
 “Administrative
Agent” shall have the meaning assigned to such term in the preamble hereto and includes each other person appointed as the successor pursuant to Article X. 
 “Administrative Agent Fee” shall have the meaning assigned to such term in Section 2.05(b). 
 “Administrative Questionnaire” shall mean an Administrative Questionnaire in substantially the form of Exhibit A. 
 “Affiliate” shall mean, when used 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 

  

 2 

 
Control with the person specified; provided, however, that, for purposes of Section 6.09, the term “Affiliate” shall also
include (i) any person that directly or indirectly owns more than 10% of any class of Equity Interests of the person specified or (ii) any person that is an executive officer or director of the person specified. 
 “Agents” shall mean the Administrative Agent and the Collateral Agent; and “Agent” shall mean any of them. 

“Agreement” shall have the meaning assigned to such term in the preamble hereto. 
 “Aiken” shall have the meaning assigned to such term in the preamble hereto. 
 “Alternate Base Rate” shall mean, for any day, a rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to
the greater of (a) the Base Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 0.50%. If the Administrative Agent shall have determined (which determination shall be conclusive absent
manifest error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of the definition thereof,
the Alternate Base Rate shall be determined without regard to clause (b) of the preceding sentence until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in the Base Rate or
the Federal Funds Effective Rate shall be effective on the effective date of such change in the Base Rate or the Federal Funds Effective Rate, respectively. 
 “Anti-Terrorism Laws” shall have the meaning assigned to such term in Section 3.21. 
 “Applicable Fee” shall mean 0.375% per annum. 
 “Applicable Margin” shall mean, for any day,
with respect to any Loan, (i) 0.75% on ABR Loans and (ii) 1.75% on Eurodollar Loans. 
 “Approved Fund” shall mean
any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arranger” shall have the meaning assigned to such term in the preamble hereto. 
 “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other disposition (including by way of
merger or consolidation and including any Sale and Leaseback Transaction) of any property excluding sales of Inventory and dispositions of cash and cash equivalents, in each case, in the ordinary course of business, by Holdings or any of its
Subsidiaries and (b) any issuance or sale of any Equity Interests of any Subsidiary of Holdings, in each case, to any person other than (i) Borrowers, (ii) any Subsidiary Guarantor or (iii) other than for purposes of
Section 6.06, any other Subsidiary. 
 “Assignment and Assumption” shall mean an assignment and assumption
entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.04(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit B, or any other form
approved by the Administrative Agent. 
  

 3 

 “Auto-Renewal Letter of Credit” shall have the meaning assigned to such term in
Section 2.17(c)(ii). 
 “Availability” shall mean, at any time, the lesser of (i) the Revolving Commitments of
all of the Lenders (subject to Section 2.18(d)) and (ii) the Borrowing Base on the date of determination. 
 “Average Excess Availability” shall mean, as of any date of determination, the Excess Availability on the last Business Day of the fiscal month most recently ended; provided, that, if an Activation Notice has been
delivered, the Average Excess Availability shall reflect the weighted average amount of Excess Availability for such month and shall mean the sum of each “Periodic Availability Amount” (defined below) calculated for such month. As
used herein, the term “Periodic Availability Amount” shall mean with respect to any period of days in a month for which a Borrowing Base Certificate is in effect, (a) the Excess Availability amount determined by the Collateral
Agent and Administrative Agent based on (x) the information set forth in the Borrowing Base Certificate as adjusted to reflect any change noted by the Collateral Agent pursuant to the terms hereof, and (y) the outstanding amounts of the
Loans and LC Exposure as shown on the books of the Administrative Agent, for such period of days multiplied by (b) the fraction (expressed as a percentage), the numerator of which is the number of days in such month for which such
Borrowing Base Certificate was in effect, and the denominator of which is the number of days in such month. Average Excess Availability shall be calculated for each fiscal month by the Collateral Agent and such calculations shall be presumed to be
correct, absent manifest error. 
 “Bailee Letter” shall have the meaning assigned thereto in the Security Agreement.

 “Base Rate” shall mean, for any day, a rate per annum that is equal to the corporate base rate of interest established by
the Administrative Agent from time to time; each change in the Base Rate shall be effective on the date such change is effective. The corporate base rate is not necessarily the lowest rate charged by the Administrative Agent to its customers.

 “Blocked Account” shall mean shall have the meaning assigned to such term in Section 9.02. 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States. 
 “Board of Directors” shall mean, with respect to any person, (i) in the case of any corporation, the board of directors of such
person, (ii) in the case of any limited liability company, the board of managers of such person, (iii) in the case of any partnership, the Board of Directors of the general partner of such person and (iv) in any other case, the
functional equivalent of the foregoing. 
 “Borrowers” shall have the meaning assigned to such term in the preamble hereto.

 “Borrowing” shall mean (a) Loans of the same Class and Type, made, converted or continued on the same date and, in
the case of Eurodollar Loans, as to which a single Interest Period is in effect, or (b) a Swingline Loan. 
 “Borrowing
Base” shall mean at any time, subject to adjustment as provided in Section 2.18(d), an amount equal to the sum of, without duplication: 
 (i) the book value of Eligible Accounts of Borrowers multiplied by the Accounts Receivable Advance Rate; plus 
  

 4 

 (ii) the lesser of (x) the advance rate of 65% of the Cost of Eligible Inventory of
Borrowers, or (y) the advance rate of 85% of the Net Recovery Cost Percentage multiplied by the Cost of Eligible Inventory of Borrowers, plus 
 (iii) the Metals Assets Loan Value of Borrowers; provided, that the Metals Assets Loan Value of Borrowers shall in no event exceed $32,500,000, minus 
 (iv) the Current Derivative Reserve; minus 
 (v) a reserve in the amount of $7,500,000; minus 
 (vi) effective immediately upon notification thereof to Parent Borrower or any other Borrower by the Collateral Agent, any Reserves
established from time to time by the Collateral Agent in the exercise of its Permitted Discretion; 
 the Borrowing Base at any time shall be
determined by reference to the most recent Borrowing Base Certificate theretofore delivered to the Collateral Agent and the Administrative Agent with such adjustments as Administrative Agent and Collateral Agent deem appropriate in their collective
Permitted Discretion to assure that the Borrowing Base is calculated in accordance with the terms of this Agreement. 
 “Borrowing
Base Certificate” shall mean an Officers’ Certificate from Borrowers, substantially in the form of (or in such other form as may, from time to time, be mutually agreed upon by Borrowers, Collateral Agent and Administrative Agent), and
containing the information prescribed by Exhibit R, delivered to the Administrative Agent and the Collateral Agent setting forth Borrowers’ calculation of the Borrowing Base. 
 “Borrowing Request” shall mean a request by a Borrower in accordance with the terms of Section 2.03 and substantially in the
form of Exhibit C, or such other form as shall be approved by the Administrative Agent. 
 “Business Day” shall mean
any day other than a Saturday, Sunday or other day on which banks in New York City are authorized or required by law to close; provided, however, that when used in connection with a Eurodollar Loan, the term “Business Day” shall
also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Capital Lease
Obligations” of any person shall mean 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. 
 “Cash Collateral Account” shall mean a collateral account in the form of a deposit account established and maintained by the Collateral
Agent for the benefit of the Secured Parties from the proceeds of Collateral collected in the Collection Account that have not either been released to the Parent Borrower or applicable Guarantor or applied immediately to outstanding Obligations.

 “Cash Equivalents” shall mean, as to any person, (a) securities issued, or directly, unconditionally and fully
guaranteed or insured, by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having 

  

 5 

 
maturities of not more than one year from the date of acquisition by such person; (b) time deposits and certificates of deposit of any Lender or any
commercial bank having, or which is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia having, capital and surplus aggregating in excess of $500.0
million and a rating of “A” (or such other similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) with maturities of not more than one
year from the date of acquisition by such person; (c) repurchase obligations with a term of not more than thirty (30) days for underlying securities of the types described in clause (a) above entered into with any bank meeting the
qualifications specified in clause (b) above, which repurchase obligations are secured by a valid perfected security interest in the underlying securities; (d) commercial paper issued by any person incorporated in the United States rated
at least A-1 or the equivalent thereof by Standard & Poor’s Rating Service or at least P-1 or the equivalent thereof by Moody’s Investors Service Inc., and in each case maturing not more than one year after the date of acquisition
by such person; (e) investments in money market funds substantially all of whose assets are comprised of securities of the types described in clauses (a) through (d) above; and (f) demand deposit accounts maintained in the
ordinary course of business. 
 “Casualty Event” shall mean 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 Holdings or any of its Subsidiaries. “Casualty Event” shall include but not be limited to any taking of all or any
part of any Real Property of any person or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any
Real Property of any person or any part thereof by any Governmental Authority, civil or military, or any settlement in lieu thereof. 
 “CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq. and all implementing regulations. 
 A “Change in Control” shall be deemed to have occurred if: 
 (a) Holdings at any time ceases to own 100% of the Equity Interests of Parent Borrower; 
 (b) at any time a change of control occurs under any Material Indebtedness or under the Consignment Agreement; 
 (c) prior to an IPO, (i) the Permitted Holders (collectively) cease to own, or to have the power to vote or direct the voting of,
Voting Stock of Holdings representing a majority of the voting power of the total outstanding Voting Stock of Holdings or (ii) the Permitted Holders cease, to own Equity Interests representing a majority of the total economic interests of the
Equity Interests of Holdings; 
 (d) (i) the Permitted Holders (collectively) shall fail to own, or to have the power to vote
or direct the voting of, Voting Stock of Holdings representing more than 50% of the voting power of the total outstanding Voting Stock of Holdings, (ii) the Permitted Holders cease to own Equity Interests representing more than 50% of the total
economic interests of the Equity Interests of Holdings or (iii) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the
beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause such person or group shall be deemed to have “beneficial ownership” of all securities 

  

 6 

 
that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly,
of Voting Stock of Holdings representing more than 50% of the voting power of the total outstanding Voting Stock of Holdings; or 
 (e) upon and following an IPO, during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of Holdings (together with any new directors whose election to such Board of
Directors or whose nomination for election was approved by a vote of a majority of the members of the Board of Directors of Holdings, which members comprising such majority are then still in office and were either directors at the beginning of such
period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors of Holdings. 
 For purposes of this definition, a person shall not be deemed to have beneficial ownership of Equity Interests subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the
transactions contemplated by such agreement. 
 “Change in Law” shall mean the occurrence, after the date of this Agreement,
of any of the following: (a) the adoption or taking into effect of any law, treaty, order, policy, rule or regulation, (b) any change in any law, treaty, order, policy, rule or regulation or in the administration, interpretation or
application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 
 “Charges” shall have the meaning assigned to such term in Section 11.14. 
 “Chattel Paper” shall mean all “chattel paper,” as such term is defined in the UCC as in effect on the date hereof in the
State of New York, in which any Person now or hereafter has rights. 
 “Class,” when used in reference to any Loan or
Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving Commitment or Swingline
Commitment, in each case, under this Agreement, of which such Loan, Borrowing or Commitment shall be a part. 
 “Closing Date”
shall mean the date of the initial Credit Extension hereunder. 
 “Code” shall mean the Internal Revenue Code of 1986.

 “Collateral” shall mean, collectively, all of the Security Agreement Collateral, the Mortgaged Property and all other
property of whatever kind and nature subject or purported to be subject from time to time to a Lien under any Security Document. 
 “Collateral Agent” shall have the meaning assigned to such term in the preamble hereto and includes each other person appointed as the successor pursuant to Article X. 
 “Collateral Monitoring Fee” shall have the meaning assigned to such term in Section 2.05(c). 
 “Collection Account” has the meaning assigned to such term in Section 9.02(c). 
  

 7 

 “Commercial Letter of Credit” shall mean any letter of credit or similar instrument
issued for the purpose of providing credit support in connection with the purchase of materials, goods or services by a Borrower or any of its Subsidiaries in the ordinary course of their businesses. 
 “Commitment” shall mean, with respect to any Lender, such Lender’s Revolving Commitment or Swingline Commitment. 
 “Commitment Fee” shall have the meaning assigned to such term in Section 2.05(a). 
 “Companies” shall mean Holdings and its Subsidiaries; and “Company” shall mean any one of them. 
 “Compliance Certificate” shall mean a certificate of a Financial Officer substantially in the form of Exhibit D. 
 “Consignment Agreement” means the Consignment Agreement, dated August 25, 2005, between the Bank of Nova Scotia (as assignee of
Bank of America, N.A. (f/k/a Fleet Precious Metals Inc.)) and AGY Holding Corp, including any amendments, extensions, replacements and refinancings thereof (including lease agreements relating to the lease of metal alloys or other agreements or
arrangements for the lease or purchase of metal alloys) that are otherwise permitted by Section 6.10(b). 
 “Contested
Collateral Lien Conditions” shall mean, with respect to any Permitted Lien of the type described in clauses (a), (b), (e) and (f) of Section 6.02, the following conditions: 
 (a) Parent Borrower shall cause any proceeding instituted contesting such Lien to stay the sale or forfeiture of any portion of the
Collateral on account of such Lien; 
 (b) at the option and at the request of the Administrative Agent, to the extent such
Lien is in an amount in excess of $1,000,000, the appropriate Loan Party shall maintain cash reserves in an amount sufficient to pay and discharge such Lien and the Administrative Agent’s reasonable estimate of all interest and penalties
related thereto; and 
 (c) such Lien shall in all respects be subject and subordinate in priority to the Lien and security
interest created and evidenced by the Security Documents, except if and to the extent that the Requirement of Law creating, permitting or authorizing such Lien provides that such Lien is or must be superior to the Lien and security interest created
and evidenced by the Security Documents. 
 “Contingent Obligation” shall mean, as to any person, any obligation, agreement,
understanding or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases, dividends or other obligations (“primary obligations”) of any other person (the “primary obligor”) in any
manner, whether directly or indirectly, including any obligation of such person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor; (b) to advance or
supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; (c) to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; (d) with respect to bankers’
acceptances, letters of credit and similar credit arrangements, until a reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness); or (e) otherwise to assure or hold harmless the holder of such primary
obligation 

  

 8 

 
against loss in respect thereof; provided, however, that the term “Contingent Obligation” shall not include endorsements of instruments for
deposit or collection in the ordinary course of business or any product warranties. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such
Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good faith. 
 “Contribution, Incentive and Offset Agreement” shall mean that certain Contribution, Incentive and Offset Agreement dated as of the date
hereof by and among the Loan Parties (other than Foreign Subsidiaries), Collateral Agent and Administrative Agent. 
 “Control” shall mean 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 ownership of voting securities, by contract or
otherwise, and the terms “Controlling” and “Controlled” shall have meanings correlative thereto. 
 “Control Agreement” shall have the meaning assigned to such term in the Security Agreement. 
 “Cost” shall mean, as determined by Collateral Agent in good faith, with respect to Inventory, the lower of (a) landed cost computed on first-in a first-out basis in accordance with GAAP or (b) market value;
provided, that for purposes of the calculation of the Borrowing Base, (i) the Cost of the Inventory shall not include: (A) the portion of the cost of Inventory equal to the profit earned by any Affiliate on the sale thereof to a
Borrower or (B) write-ups or write-downs in cost with respect to currency exchange rates, and (ii) notwithstanding anything to the contrary contained herein, the cost of the Inventory shall be computed in the same manner and consistent
with the most recent Inventory Appraisal which has been received and approved by Collateral Agent in its reasonable discretion. 
 “Controlled Investment Affiliate” means, as to any person, any other person which directly or indirectly is in Control of, is Controlled by, or is under common Control with, such person and is organized by such person (or
any person Controlling such person) primarily for making equity or debt investments in Holdings or other portfolio companies. 
 “Credit Extension” shall mean, as the context may require, (i) the making of a Loan by a Lender or (ii) the issuance of any Letter of Credit, or the amendment, extension or renewal of any existing Letter of
Credit, by the Issuing Bank. 
 “Current Derivative Exposure” shall mean, as of any date of determination, 100% of the
aggregate mark-to-market exposure then owing by each Borrower under Lender Hedging Agreements, determined by all Lenders that are counterparties to each Lender Hedging Agreement, in good faith and in a commercially reasonable manner, based on net
termination values and calculated as if such Lender Hedging Agreements were terminated as of such determination date and a payment were due thereunder to the Lender or its Affiliates and furnished to the Administrative Agent on a bi-monthly basis
(or more frequently, in the commercially reasonable discretion of the Administrative Agent). 
  

 9 

 “Current Derivative Reserve” shall mean the Reserve established from time to time by the
Collateral Agent based on the Current Derivative Exposure and such other factors and conditions that the Collateral Agent in its Permitted Discretion deems appropriate. 
 “Default” shall mean any event, occurrence or condition which is, or upon notice, lapse of time or both would constitute, an Event of Default. 
 “Default Rate” shall have the meaning assigned to such term in Section 2.06(c). 
 “Diluted Account” shall mean an Account which is the subject of a reduction or cancellation as a result of any defective, rejected or
returned merchandise or services and all credits, rebates, discounts, disputes, warranty claims, repossessed or returned goods, chargebacks, allowances, other dilutive factors (including setoffs and other offsets arising out of either the same
transaction, a related transaction or an unrelated transaction) and any other billing or other adjustment (whether effected through the granting of credits against the applicable Accounts or by the issuance of a payment in respect of (and as payment
for) such reduction). 
 “Dilution Ratio” shall mean, as of any date of determination, the ratio (expressed as a percentage)
of (a) the aggregate amount of Borrowers’ Diluted Accounts to (b) the gross amount of all Accounts of Borrowers, in each case, calculated as of the date of the most recent Borrowing Base Certificate for the 12-month period most
recently ended. 
 “Dilution Reserve Ratio” shall mean, as of any date of determination, an amount (expressed as a
percentage) equal to (a) five percent (5%) plus (b) (i) two multiplied by (ii) the Dilution Ratio. 
 “Disqualified Capital Stock” shall mean any Equity Interest which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event,
(a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole
or in part, on or prior to the first anniversary of the Final Maturity Date, (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in
(a) above, in each case at any time on or prior to the first anniversary of the Final Maturity Date, or (c) contains any repurchase obligation which may come into effect prior to payment in full of all Obligations; provided, however,
that any Equity Interests that would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests is convertible, exchangeable or exercisable)
the right to require the issuer thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale occurring prior to the first anniversary of the Final Maturity Date shall not constitute Disqualified Capital Stock
if such Equity Interests provide that the issuer thereof will not redeem any such Equity Interests pursuant to such provisions prior to the repayment in full of the Obligations. 
 “Dividend” with respect to any person shall mean that such person has declared or paid a dividend or returned any equity capital to the
holders of its Equity Interests or authorized or made any other distribution, payment or delivery of property (other than Qualified Capital Stock of such person) or cash to the holders of its Equity Interests as such, or redeemed, retired, purchased
or otherwise acquired, directly or indirectly, for consideration any of its Equity Interests outstanding (or any options or warrants issued by such person with respect to its Equity Interests), or set aside any funds for any of the foregoing
purposes, or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for consideration 

  

 10 

 
any of the Equity Interests of such person outstanding (or any options or warrants issued by such person with respect to its Equity Interests). Without
limiting the foregoing, “Dividends” with respect to any person shall also include all payments made or required to be made by such person with respect to any stock appreciation rights, plans, equity incentive or achievement plans or any
similar plans or setting aside of any funds for the foregoing purposes. 
 “Documentation Agent” shall have the meaning
assigned to such term in the preamble hereto. 
 “dollars” or “$” shall mean lawful money of the United States.
 
 “Eligible Accounts” shall have the meaning assigned to such term in Section 2.18(a). 

 “Eligible Inventory” shall have the meaning assigned to such term in Section 2.18(b). 
 “Eligible Metals” shall have the meaning assigned to such term in Section 2.18(c). 
 “Eligible Assignee” shall mean (i) any Lender, (ii) an Affiliate of any Lender, (iii) an Approved Fund of a Lender and
(iv) any other person approved by the Administrative Agent, the Issuing Bank, the Swingline Lender and Parent Borrower (each such approval not to be unreasonably withheld or delayed); provided that (x) no approval of Parent Borrower
shall be required during the continuance of a Default and (y) “Eligible Assignee” shall not include a Borrower or any of its Affiliates or Subsidiaries or any natural person. 
 “Embargoed Person” shall have the meaning assigned to such term in Section 6.19. 
 “Environment” shall mean ambient air, indoor air, surface water and groundwater (including potable water, navigable water and wetlands),
the land surface or subsurface strata, natural resources, the workplace or as otherwise defined in any Environmental Law. 
 “Environmental Claim” shall mean any claim, notice, demand, order, action, suit, proceeding or other communication alleging liability for or obligation with respect to any investigation, remediation, removal, cleanup,
response, corrective action, damages to natural resources, personal injury, property damage, fines, penalties or other costs resulting from, related to or arising out of (i) the presence, Release or threatened Release in or into the Environment
of Hazardous Material at any location or (ii) any violation or alleged violation of any Environmental Law, and shall include any claim seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting
from, related to or arising out of the presence, Release or threatened Release of Hazardous Material or alleged injury or threat of injury to health, safety or the Environment. 
 “Environmental Law” shall mean any and all present and future treaties, laws, statutes, ordinances, regulations, rules, decrees, orders,
judgments, consent orders, consent decrees, code or other binding requirements, and the common law, relating to protection of public health or the Environment, the Release or threatened Release of Hazardous Material, natural resources or natural
resource damages, or occupational safety or health, and any and all Environmental Permits. 
 “Environmental Permit” shall
mean any permit, license, approval, registration, notification, exemption, consent or other authorization required by or from a Governmental Authority under Environmental Law. 
  

 11 

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

 “Equity Interest” shall mean, with respect to any person, any and all shares, interests, participations or other
equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such person, including, if such person is a partnership, partnership interests (whether general or limited) and any other interest or
participation that confers on a person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the date hereof or issued after the Closing Date, but excluding debt
securities convertible or exchangeable into such equity. 
 “Equity Investors” shall mean Sponsor, its Controlled Investment
Affiliates (other than Holdings and its Subsidiaries) and one or more investors reasonably satisfactory to the Administrative Agent and the Arranger. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time. 
 “ERISA Affiliate” shall mean, with respect to any Company, any trade or business (whether or not incorporated) that together with such Company, are treated as a single employer under
Section 414(b) or (c) of the Code, except that solely with respect to liabilities to the PBGC for premiums, liabilities under Section 4980B of the Code and pension plan funding liabilities under Section 412 of the Code, the term
“ERISA Affiliate” also means all persons treated as a single employer with the Company under Section 414(m) or 414(o). 
 “ERISA Event” shall mean with respect to any Company or any ERISA Affiliate, (a) any “reportable event” within the meaning of Section 4043 of ERISA with respect to a Title IV Plan for which the 30-day
notice period has not been waived; (b) the withdrawal of any Company or ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2)
of ERISA; (c) the complete or partial withdrawal of any Company or any ERISA Affiliate from any Multiemployer Plan; (d) the filing of a notice of intent to terminate a Title IV Plan or the treatment of a plan amendment as a termination
under Section 4041 of ERISA; (e) the institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC; (f) the reorganization or insolvency of a Multiemployer Plan under Section 4241 or 4245 of ERISA;
(g) the material failure by any Company or ERISA Affiliate to make when due required contributions to a Multiemployer Plan or Title IV Plan unless such failure is cured within 30 days; (h) any other event or condition that would reasonably
be expected to constitute grounds under Section 4042(a)(l), (2) or (3) of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or for the imposition of material liability
under Section 4069 or 4212(c) of ERISA; (i) the revocation of a Plan’s (other than a Multiemployer Plan’s) tax-qualified status under Code Section 401 (a); (j) the making of any amendment to any Plan which could result
in the imposition of a lien or the posting of a bond or other security; and (k) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be
expected to result in liability to any Company. 
 “Eurodollar Borrowing” shall mean a Borrowing comprised of Eurodollar
Loans. 
 “Eurodollar Loan” shall mean any Revolving Loan bearing interest at a rate determined by reference to the Adjusted
LIBOR Rate in accordance with the provisions of Article II. 
  

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 “Event of Default” shall have the meaning assigned to such term in
Section 8.01. 
 “Excess Amount” shall have the meaning assigned to such term in Section 2.09(c).

 “Excess Availability” shall mean, at any time, (a) the Availability less (b) all outstanding Loans and LC
Exposure. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Excluded Taxes” shall mean, with respect 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 a Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), franchise taxes imposed on it (in lieu of net income taxes) and branch profits
taxes imposed on it, by a jurisdiction (or any political subdivision thereof) as a result of the recipient being organized or having its principal office or, in the case of any Lender, its applicable lending office in such jurisdiction and
(b) in the case of a Foreign Lender, any U.S. federal withholding tax that (i) is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office), except
(x) 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 a Borrower with respect to such withholding tax pursuant
to Section 2.14(a) or (y) if such Foreign Lender is an assignee pursuant to a request by Borrowers under Section 2.15; provided that this subclause (b)(i) shall not apply to any Tax imposed on a Lender in
connection with an interest or participation in any Loan or other obligation that such Lender was required to acquire pursuant to Section 2.13(d), or (ii) is attributable to such Foreign Lender’s failure to comply with
Section 2.14(e). 
 “Executive Order” shall have the meaning assigned to such term in Section 3.21.

 “Existing Capital Leases” means (i) that certain Master Lease Agreement by and between General Electric Capital
Corporation, successor-in-interest to TransAmerica Equipment Financial Services Corporation, Aiken, successor-in-interest to Advanced Glassfiber Yarns, LLC and to AGY Capital Corp., and Parent Borrower, as guarantor, dated June 26, 2001 as
modified by Schedule No. 004 thereto dated April 2, 2004, and (ii) that certain Amendment to Master Lease Agreement (dated June 23, 2000) by and between General Electric Capital Corporation, successor-in-interest to TransAmerica
Equipment Financial Services Corporation and Aiken, successor-in-interest to Advanced Glassfiber Yarns, LLC and to AGY Capital Corp., effective July 1, 2004. 
 “Existing First Lien Credit Agreement” shall mean that certain credit agreement dated as of April 7, 2006 (as amended) among Parent Borrower, Holdings, the subsidiary guarantors party thereto,
the lenders party thereto, UBS Securities LLC, as lead arranger, as documentation agent and as syndication agent, UBS Loan Finance LLC, as swingline lender, and UBS AG, Stamford Branch, as administrative agent, collateral agent and issuing bank.

 “Existing Letters of Credit” shall mean the letters of credit issued and outstanding under the Existing Credit Agreement
and listed on Schedule l.0l(e). 
 “Existing Lien” shall have the meaning assigned to such term in Section
6.02(c). 
 “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on overnight
federal funds transactions with members of the Federal Reserve System of the United States arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal 

  

 13 

 
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day for such
transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 
 “Fees” shall mean the Commitment Fees, the Administrative Agent Fees, the Collateral Monitoring Fees, the LC Participation Fees and the Fronting Fees. 
 “Final Maturity Date” shall mean the date which is five (5) years after the Closing Date or, if such date is not a Business Day,
the first Business Day thereafter. 
 “Financial Officer” of any person shall mean the chief financial officer, principal
accounting officer, treasurer or controller of such person. 
 “FIRREA” shall mean the Federal Institutions Reform, Recovery
and Enforcement Act of 1989, as amended. 
 “First Priority” means, with respect to any Lien purported to be created in any
Collateral pursuant to any Security Document, that such Lien is the most senior Lien to which such Collateral is subject (subject to Permitted Liens). 
 “Foreign Lender” shall mean any Lender that is not, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation,
partnership or other entity treated as a corporation or partnership created or organized in or under the laws of the United States, or any political subdivision thereof, (iii) an estate whose income is subject to U.S. federal income taxation
regardless of its source or (iv) a trust if a court within the United States is able to exercise primary supervision over the administration of such trust and one or more United States persons have the authority to control all substantial
decisions of such trust. 
 “Foreign Plan” shall mean any employee benefit plan, program, policy, arrangement or agreement
maintained or contributed to by any Company with respect to employees employed outside the United States. 
 “Foreign
Subsidiary” shall mean a Subsidiary that is organized under the laws of a jurisdiction other than the United States or any state thereof or the District of Columbia. 
 “Fronting Fee” shall have the meaning assigned to such term in Section 2.05(d). 
 “Fund” shall mean any person that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its business. 
 “GAAP” shall mean generally accepted accounting
principles in the United States applied on a consistent basis. 
 “Governmental Authority” shall mean the government of the
United States or any other nation, or of any political subdivision thereof, whether state, provincial 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). 
  

 14 

 “Governmental Real Property Disclosure Requirements” shall mean any Requirement of Law
of any Governmental Authority requiring notification of the buyer, lessee, mortgagee, assignee or other transferee of any Real Property, facility, establishment or business, or notification, registration or filing to or with any Governmental
Authority, in connection with the sale, lease, mortgage, assignment or other transfer (including any transfer of control) of any Real Property, facility, establishment or business, of the actual or threatened presence or Release in or into the
Environment, or the use, disposal or handling of Hazardous Material on, at, under or near the Real Property, facility, establishment or business to be sold, leased, mortgaged, assigned or transferred. 
 “Guaranteed Obligations” shall have the meaning assigned to such term in Section 7.01. 
 “Guarantees” shall mean the guarantees issued pursuant to Article VII by Holdings and the Subsidiary Guarantors. 
 “Guarantors” shall mean Holdings, each Borrower and the Subsidiary Guarantors. 
 “Hazardous Materials” shall mean the following: hazardous substances; hazardous wastes; polychlorinated biphenyls
(“PCBs”) or any substance or compound containing PCBs; asbestos or any asbestos-containing materials in any form or condition; radon or any other radioactive materials including any source, special nuclear or by-product material;
petroleum, crude oil or any fraction thereof; and any other pollutant or contaminant or chemicals, wastes, materials, compounds, constituents or substances, subject to regulation or which can give rise to liability under any Environmental Laws.

 “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or similar agreements or arrangements dealing with
interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies. 
 “Hedging
Obligations” shall mean obligations under or with respect to Hedging Agreements. 
 “Holdings” shall have the
meaning assigned to such term in the preamble hereto.  
 “Huntingdon” shall have the meaning assigned to such term
in the preamble hereto. 
 “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such
person for borrowed money or advances; (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such person under conditional sale or other title retention agreements relating
to property purchased by such person; (d) all obligations of such person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable and accrued obligations incurred in the ordinary course of
business and not overdue by more than 90 days unless contested in good faith); (e) all Indebtedness of others secured by any Lien on property owned or acquired by such person, whether or not the obligations secured thereby have been assumed,
but limited to the fair market value of such property; (f) all Capital Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such person; (g) all Hedging Obligations to the extent required to be reflected on a
balance sheet of such person; (h) all obligations of such person for the reimbursement of any obligor in respect of letters of credit, letters of guaranty, banker’s acceptances and similar credit transactions; and (i) all Contingent
Obligations of such person in respect of Indebtedness or obligations of others of the kinds referred to in clauses (a) through (h) above. The Indebtedness of any person shall include 

  

 15 

 
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 (other than in the case of general partner liability) to the extent that terms of such Indebtedness expressly provide that such person is not liable
therefor. Notwithstanding the foregoing, for the purposes hereof, Indebtedness excludes (i) any taxes disputed in good faith and which have been properly reserved on Parent Borrower’s books and (ii) obligations under the Consignment
Agreement. 
 “Indemnified Taxes” shall mean all Taxes other than Excluded Taxes. 
 “Indemnitee” shall have the meaning assigned to such term in Section 11.03(b). 
 “Information” shall have the meaning assigned to such term in Section 11.12. 
 “Instruments” shall mean all “instruments,” as such term is defined in the UCC as in effect on the date hereof in the State of
New York, in which any Person now or hereafter has rights. 
 “Insurance Policies” shall mean the insurance policies and
coverages required to be maintained by each Loan Party which is an owner of Mortgaged Property with respect to the applicable Mortgaged Property pursuant to Section 5.04 and all renewals and extensions thereof. 
 “Insurance Requirements” shall mean, collectively, all provisions of the Insurance Policies, all requirements of the issuer of any of
the Insurance Policies binding upon each Loan Party which is an owner of Mortgaged Property and applicable to the Mortgaged Property or any use or condition thereof. 
 “Intellectual Property” shall have the meaning assigned to such term in Section 3.06(a). 
 “Intercompany Note” shall mean a promissory note substantially in the form of Exhibit P. 
 “Intercreditor Agreement” shall mean an Intercreditor Agreement substantially in the form of Exhibit O by and among Parent Borrower, Holdings, the Subsidiaries of Parent Borrower named therein, the Collateral Agent,
the Senior Second Lien Notes Collateral Agent and the Senior Second Lien Notes Trustee. 
 “Interest Election Request” shall
mean a request by a Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08(b), substantially in the form of Exhibit E. 
 “Interest Payment Date” shall mean (a) with respect to any ABR Loan (including Swingline Loans), the last Business Day of each March, June, September and December to occur during any period in
which such Loan is outstanding, (b) with respect to any Eurodollar 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 Eurodollar Loan 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, (c) with respect to any Loan, the Final Maturity Date or
such earlier date on which the Revolving Commitments are terminated, as the case may be. 
 “Interest Period” shall mean,
with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar 

  

 16 

 
month that is one, two, three or six months (or, if each affected Lender so agrees, nine months) thereafter, as a Borrower may elect; provided that
(a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day, and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be
the effective date of the most recent conversion or continuation of such Borrowing. 
 “Inventory” shall mean all
“inventory,” as such term is defined in the UCC as in effect on the date hereof in the State of New York, wherever located, in which any Person now or hereafter has rights. 
 “Inventory Appraisal” shall mean (a) on the Closing Date, the inventory appraisal prepared by Hilco Appraisal Services, LLC dated
September 19, 2006 and (b) thereafter, the most recent inventory appraisal conducted by an independent appraisal firm and delivered pursuant to Section 9.04 hereof. 
 “Investments” shall have the meaning assigned to such term in Section 6.04. 
 “IPO” shall mean the first underwritten public offering by Holdings of its Equity Interests after the Closing Date pursuant to a
registration statement filed with the Securities and Exchange Commission in accordance with the Securities Act. 
 “Issuing
Bank” shall mean, as the context may require, (a) UBS AG, Stamford Branch, in its capacity as issuer of Letters of Credit issued by it; (b) any other Lender that may become an Issuing Bank pursuant to Sections 2.17(j) and
(k) in its capacity as issuer of Letters of Credit issued by such Lender; or (c) collectively, all of the foregoing. 
 “Joinder Agreement” shall mean a joinder agreement substantially hi the form of Exhibit F. 
 “Landlord Access Agreement” shall mean a Landlord Access Agreement, substantially in the form of Exhibit G, or such other form as may reasonably be acceptable to the Administrative Agent. 
 “LC Commitment” shall mean the commitment of the Issuing Bank to issue Letters of Credit pursuant to Section 2.17. The total
amount of the LC Commitment shall initially be $20,000,000, but in no event exceed the Revolving Commitment. 
 “LC
Disbursement” shall mean a payment or disbursement made by the Issuing Bank pursuant to a drawing under a Letter of Credit. 
 “LC Exposure” shall mean at any time the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate principal amount of all Reimbursement Obligations
outstanding at such time. The LC Exposure of any Revolving Lender at any time shall mean its Pro Rata Percentage of the aggregate LC Exposure at such time. 
  

 17 

 “LC Participation Fee” shall have the meaning assigned to such term in Section
2.05(d). 
 “LC Request” shall mean a request by a Borrower in accordance with the terms of Section 2.17(b)
and substantially in the form of Exhibit H, or such other form as shall be approved by the Administrative Agent. 
 “Leases” shall mean any and all leases, subleases, tenancies, options, concession agreements, rental agreements, occupancy agreements, franchise agreements, access agreements and any other agreements (including all
amendments, extensions, replacements, renewals, modifications and/or guarantees thereof), whether or not of record and whether now in existence or hereafter entered into, affecting the use or occupancy of all or any portion of any Real Property.

 “Lender Addendum” shall mean with respect to any Lender on the Closing Date, a lender addendum in the form of Exhibit
I, to be executed and delivered by such Lender on the Closing Date as provided in Section 11.15, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Lender Hedging Agreement” shall mean any Hedging Agreement between a Borrower and any person (or affiliate of such person) that was a
Lender or an Affiliate of such Lender at the time it entered into such Hedging Agreement whether or not such person has ceased to be a Lender under this Agreement. 
 “Lenders” shall mean (a) a financial institution or lender party hereto with a Commitment or outstanding Loan, (b) the financial institutions or lenders that have become a party hereto
pursuant to a Lender Addendum and (c) any financial institution or lender that has become a party hereto pursuant to an Assignment and Assumption, other than, in each case, any such financial institution or lender that has ceased to be a party
hereto pursuant to an Assignment and Assumption. Unless the context clearly indicates otherwise, the term “Lenders” shall include the Swingline Lender. 
 “Letter of Credit” shall mean any (i) Standby Letter of Credit and (ii) Commercial Letter of Credit, in each case, issued or to be issued by an Issuing Bank for the account of a Borrower
pursuant to Section 2.17. 
 “Letter of Credit Expiration Date” shall mean the date which is fifteen days prior to
the Final Maturity Date. 
 “LIBOR Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the
rate per annum determined by the Administrative Agent to be the arithmetic mean [see “Adjusted LIBOR Rate”] of the offered rates for deposits in dollars with a term comparable to such Interest Period that appears on the Telerate British
Bankers Assoc. Interest Settlement Rates Page (as defined below) at approximately 11:00 a.m., London, England time, on the second full Business Day preceding the first day of such Interest Period; provided, however, that (i) if no
comparable term for an Interest Period is available, the LIBOR Rate shall be determined using the weighted average of the offered rates for the two terms most nearly corresponding to such Interest Period and (ii) if there shall at any time no
longer exist a Telerate British Bankers Assoc. Interest Settlement Rates Page, “LIBOR Rate” shall mean, with respect to each day during each Interest Period pertaining to Eurodollar Borrowings comprising part of the same Borrowing, the
rate per annum equal to the rate at which the Administrative Agent is offered deposits in dollars at approximately 11:00 a.m., London, England time, two Business Days prior to the first day of such Interest Period in the London interbank market for
delivery on the first day of such Interest Period 

  

 18 

 
for the number of days comprised therein and in an amount comparable to its portion of the amount of such Eurodollar Borrowing to be outstanding during such
Interest Period. “Telerate British Bankers Assoc. Interest Settlement Rates Page” shall mean the display designated as Page 3750 on the Telerate System Incorporated Service (or such other page as may replace such page
on such service for the purpose of displaying the rates at which dollar deposits are offered by leading banks in the London interbank deposit market). 
 “Lien” shall mean, with respect to any property, (a) any mortgage, deed of trust, lien, pledge, encumbrance, claim, charge, assignment, hypothecation, security interest or encumbrance of any kind
or any arrangement to provide priority or preference or any filing of any financing statement under the UCC or any other similar notice of lien under any similar notice or recording statute of any Governmental Authority, including any easement,
right-of-way or other encumbrance on title to Real Property, in each of the foregoing cases whether voluntary or imposed by law, and any agreement to give any of the foregoing; (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 property; and (c) in the case of securities, any purchase option, call or
similar right of a third party with respect to such securities. 
 “Loan Documents” shall mean this Agreement, the
Letters of Credit, the Intercreditor Agreement, the Contribution, Incentive and Offset Agreement, the Notes (if any), and the Security Documents and, solely for purposes of paragraph (e) of Section 8.01, the confidential Fee Letter,
dated October 25, 2006, among Holdings, UBS Loan Finance LLC and UBS Securities LLC. 
 “Loan Parties” shall mean
Holdings, Borrowers and the Subsidiary Guarantors.  
 “Loans” shall mean, as the context may require, a Revolving
Loan or a Swingline Loan.  
 “Margin Stock” shall have the meaning assigned to such term in Regulation U.

 “Material Adverse Effect” shall mean (a) a material adverse effect on the business, property, results of operations,
prospects or condition, financial or otherwise, or material agreements of Parent Borrower and its Subsidiaries, taken as a whole; (b) material impairment of the ability of the Loan Parties to fully and timely perform any of their obligations
under any Loan Document; (c) material impairment of the rights of or benefits or remedies available to the Lenders or the Collateral Agent under any Loan Document; or (d) a material adverse effect on the Collateral or the Liens in favor of
the Collateral Agent (for its benefit and for the benefit of the other Secured Parties) on the Collateral or the priority of such Liens. 
 “Material Indebtedness” shall mean (a) the Senior Second Lien Notes, (b) Indebtedness under the Existing Capital Leases, and (c) any other Indebtedness (other than the Loans and Letters of Credit) or Hedging
Obligations of Holdings or any of its Subsidiaries in an aggregate outstanding principal amount exceeding $7,500,000. For purposes of determining Material Indebtedness, the “principal amount” in respect of any Hedging Obligations of any
Loan Party at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Loan Party would be required to pay if the related Hedging Agreement were terminated at such time. 
 “Maximum Rate” shall have the meaning assigned to such term in Section 11.14.  
 “Merger” shall have the meaning assigned to such term in the second recital hereto. 
  

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 “Metals” shall mean Platinum and Rhodium. 
 “Metals Assets Loan Value” shall mean for each Borrower an amount equal to (x) the advance rate of 70% of the Value of the Eligible
Metals of such Borrower owning such Eligible Metals minus (y) a reserve in the amount of Platinum Consignment Deduction. 
 “Metals Intercreditor Agreement” shall mean (i) the Intercreditor Agreement, to be entered into as of the date hereof, among The Bank of Nova Scotia (as assignee of Bank of America, N.A.), Parent Borrower, the
Administrative Agent, the Collateral Agent, the Senior Second Lien Notes Trustee and the Senior Second Lien Notes Collateral Agent, and any replacement intercreditor agreement on terms and conditions reasonably satisfactory to the Administrative
Agent and the Collateral Agent. 
 “Mortgage” shall mean an agreement, including, but not limited to, a mortgage, deed of
trust or any other document, creating and evidencing a Lien on a Mortgaged Property, which shall be substantially in the form of Exhibit J or other form reasonably satisfactory to the Collateral Agent, in each case, with such schedules and
including such provisions as shall be necessary to conform such document to applicable local or foreign law or as shall be customary under applicable local or foreign law. 
 “Mortgaged Property” shall mean (a) each Real Property identified as a Mortgaged Property on Schedule 8(a) to the Perfection
Certificate dated the Closing Date and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 5.10c. 
 “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, and to which any Company or
ERISA Affiliate is making, is obligated to make or has made or been obligated to make, contributions on behalf of participants who are or were employed by any of them. 
 “Net Cash Proceeds” shall mean: 
 (a) with respect to any Asset Sale (other
than any issuance or sale of Equity Interests), the cash proceeds received by Holdings or any of its Subsidiaries (including cash proceeds subsequently received (as and when received by Holdings or any of its Subsidiaries) in respect of non-cash
consideration initially received) net of (i) selling expenses (including reasonable brokers’ fees or commissions, legal, accounting and other professional and transactional fees, transfer and similar taxes and Parent Borrower’s good
faith estimate of income taxes paid or payable in connection with such sale); (ii) amounts provided as a reserve, in accordance with GAAP, against (x) any liabilities under any indemnification obligations associated with such Asset Sale or
(y) any other liabilities retained by Holdings or any of its Subsidiaries associated with the properties sold in such Asset Sale (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts
shall constitute Net Cash Proceeds); (iii) Parent Borrower’s good faith estimate of payments required to be made with respect to unassumed liabilities relating to the properties sold within 90 days of such Asset Sale (provided that,
to the extent such cash proceeds are not used to make payments in respect of such unassumed liabilities within 90 days of such Asset Sale, such cash proceeds shall constitute Net Cash Proceeds); and (iv) the principal amount, premium or
penalty, if any, interest and other amounts on any Indebtedness for borrowed money which is secured by a Lien on the properties sold in such Asset Sale (so long as such Lien was permitted to encumber such properties under the Loan Documents at the
time of such sale) and which is repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such properties); and 
  

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 (b) with respect to any issuance or sale of Equity Interests by Holdings or any of its
Subsidiaries, the cash proceeds thereof, net of customary fees, commissions, costs and other expenses incurred in connection therewith. 
 “Net Recovery Cost Percentage” shall mean the fraction, expressed as a percentage, (a) the numerator of which is the amount equal to the recovery on the aggregate amount of the Inventory at such time on a “net
orderly liquidation value” basis as set forth in the most recent Inventory Appraisal received by Collateral Agent in accordance with Section 9.04, net of operating expenses, liquidation expenses and commissions reasonably
anticipated in the disposition of such assets, and (b) the denominator of which is the original Cost of the aggregate amount of the Inventory subject to appraisal. 
 “Notes” shall mean any notes evidencing the Revolving Loans or Swingline Loans issued pursuant to this Agreement, if any, substantially in the form of Exhibit K-l or K-2. 
 “Obligations” shall mean (a) obligations of each Borrower and the other Loan Parties from time to time arising under or in respect
of the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by each Borrower and the other Loan Parties under
this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of Reimbursement Obligations, interest thereon and obligations to provide cash collateral and (iii) all other monetary obligations, including
fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), of each Borrower and the other Loan Parties under this Agreement and the other Loan Documents, and (b) the due and punctual performance of all covenants, agreements, obligations
and liabilities of each Borrower and the other Loan Parties under or pursuant to this Agreement and the other Loan Documents. 
 “OFAC” shall have the meaning assigned to such term in Section 3.21. 
 “Officers’
Certificate” shall mean a certificate executed by the chairman of the Board of Directors (if an officer), the chief executive officer or the president and one of the Financial Officers, each in his or her official (and not individual)
capacity. 
 “Organizational Documents” shall mean, with respect to any person, (i) in the case of any corporation, the
certificate of incorporation and by-laws (or similar documents) of such person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such person, (iii) in the
case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such person
and (v) in any other case, the functional equivalent of the foregoing. 
 “Other Taxes” shall mean 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 under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect
to, this Agreement or any other Loan Document. 
  

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 “Overadvance” shall have the meaning assigned to such term in Section 10.10.
 
 “Parent Borrower” shall have the meaning assigned to such term in the preamble hereto.  
 “Participant” shall have the meaning assigned to such term in Section 11.04(d). 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA. 
 “Perfection Certificate” shall mean a certificate in the form of Exhibit L-l or any other form approved by the Collateral Agent,
as the same shall be supplemented from time to time by a Perfection Certificate Supplement or otherwise. 
 “Perfection Certificate
Supplement” shall mean a certificate supplement in the form of Exhibit L-2 or any other form approved by the Collateral Agent. 
 “Permitted Acquisition” shall mean any transaction or series of related transactions for the direct or indirect (a) acquisition of all or substantially all of the property of any person, or of any business or division
of any person; (b) acquisition of in excess of 50% of the Equity Interests of any person, and otherwise causing such person to become a Subsidiary of such person; or (c) merger or consolidation or any other combination with any person, if
each of the following conditions is met: 
 (i) no Default then exists or would result therefrom; 
 (ii) after giving effect to such transaction on a Pro Forma Basis, (A) unless expressly approved by the Administrative Agent, the
person or business to be acquired shall have generated positive cash flow for the four consecutive fiscal quarters of Parent Borrower most recently ended prior to the date of consummation of such acquisition, (B) Average Excess Availability for
the three (3) consecutive fiscal months ending at least five (5) Business Days prior to the consummation of such acquisition would have exceeded $15,000,000 on a Pro Forma Basis (after giving effect to such acquisition and the Revolving
Loans to be funded in connection therewith as if made on the first day of such period) and (C) the projections in connection with the proposed acquisition for the 2 years after the consummation of such acquisition shall be reasonably acceptable
to the Collateral Agent and Administrative Agent; 
 (iii) no Company shall, in connection with any such transaction, assume
or remain liable with respect to any Indebtedness or other liability (including any material tax or ERISA liability) of the related seller or the business, person or properties acquired, except (A) to the extent permitted under
Section 6.01 and (B) obligations not constituting Indebtedness incurred in the ordinary course of business and necessary or desirable to the continued operation of the underlying properties, and any other such liabilities or
obligations not permitted to be assumed or otherwise supported by any Company hereunder shall be paid in full or released as to the business, persons or properties being so acquired on or before the consummation of such acquisition; 
 (iv) the person or business to be acquired shall be, or shall be engaged in, a business of the type that Parent Borrower and the
Subsidiaries are permitted to be engaged in under Section 6.14 and the property acquired in connection with any such transaction shall be made subject to the Lien of the Security Documents and shall be free and clear of any Liens, other
than Permitted Collateral Liens; 
  

 22 

 (v) the Board of Directors of the person to be acquired shall not have indicated publicly
its opposition to the consummation of such acquisition (which opposition has not been publicly withdrawn); 
 (vi) all
transactions in connection therewith shall be consummated in accordance with all applicable Requirements of Law; 
 (vii) with
respect to any transaction involving Acquisition Consideration of more than $10,000,000, unless the Administrative Agent shall otherwise agree, Parent Borrower shall have provided the Administrative Agent and the Lenders with (A) historical
financial statements for the last three fiscal years (or, if less, the number of years since formation) of the person or business to be acquired (audited if available without undue cost or delay) and unaudited financial statements thereof for the
most recent interim period which are available, (B) reasonably detailed projections for the succeeding five years pertaining to the person or business to be acquired and updated projections for Parent Borrower after giving effect to such
transaction, (C) a reasonably detailed description of all material information relating thereto and copies of all material documentation pertaining to such transaction, and (D) all such other information and data relating to such
transaction or the person or business to be acquired as may be reasonably requested by the Administrative Agent or the Required Lenders; and 
 (viii) at least 10 Business Days prior to the proposed date of consummation of the transaction, Parent Borrower shall have delivered to the Agents and the Lenders an Officers’ Certificate certifying that
(A) such transaction complies with this definition (which shall have attached thereto reasonably detailed backup data and calculations showing such compliance), and (B) such transaction could not reasonably be expected to result in a
Material Adverse Effect. 
 “Permitted Collateral Liens” means
(a) in the case of Collateral other than Mortgaged Property, the Liens described in clauses (a), (b), (c), (d), (e), (f), (g), (h), (j), (k), (l), (m) and (n) of Section 6.02 and (b) in the case of Mortgaged Property, “Permitted Collateral Liens” shall mean the Liens described in clauses (a), (b), (d), (e), (g) and (1) of Section 6.02;
provided, however, on the Closing Date or upon the date of delivery of each additional Mortgage under Section 5.10 or 5.11, Permitted Collateral Liens shall mean only those Liens set forth in Schedule B to the applicable
Mortgage. 
 “Permitted Discretion” shall mean a determination made in good faith and in the exercise of reasonable (from
the perspective of a secured asset based lender) business judgment. 
 “Permitted Holders” shall mean (a) Sponsor and
(b) its Controlled Investment Affiliates. 
 “Permitted Liens” shall have the meaning assigned to such term in
Section 6.02. 
 “Permitted Tax Distributions” shall mean payments, dividends or distributions by Parent Borrower to
Holdings in order to pay consolidated or combined federal, state or local taxes not payable directly by Parent Borrower or any of its Subsidiaries which payments by Parent Borrower are not in excess of the tax liabilities that would have been
payable by Parent Borrower and its Subsidiaries on a stand-alone basis. 
 “person” shall mean any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
  

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 “Plan” shall mean an employee benefit plan within the meaning of Section 3(3) of
ERISA that any Company or ERISA Affiliate maintains, contributes to or has an obligation to contribute to or has maintained, contributed to or had an obligation to contribute to at any time within the past 6 years on behalf of participants who were
employed by any Company or ERISA Affiliate. 
 “Platform” shall have the meaning assigned to such term in Section 11
..0(d). 
 “Platinum” shall mean platinum (loco Zurich) having a minimum degree of fineness of ninety-nine and 95/100
percent (99.95%), or other platinum in sponge or plate and having a minimum degree of fineness of ninety-nine and 95/100 percent (99.95%). 
 “Platinum Consignment Deduction” shall mean, as of any date of determination, fifteen percent (15%) of the Value of Platinum then on consignment to any Borrower under the Consignment Agreement. 
 “Premises” shall have the meaning assigned thereto in the applicable Mortgage. 
 “Pro Forma Basis” shall mean on a basis hi accordance with GAAP and otherwise reasonably satisfactory to the Administrative Agent.

 “Pro Rata Percentage” of any Revolving Lender at any time shall mean the percentage of the total Revolving Commitments of
all Revolving Lenders represented by such Lender’s Revolving Commitment. 
 “property” shall mean any right, title or
interest in or to property or assets of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible and including Equity Interests or other ownership interests of any person and whether now in existence or owned or
hereafter entered into or acquired, including all Real Property. 
 “Property Material Adverse Effect” shall have the
meaning assigned thereto in the Mortgage. 
 “Purchase Money Obligation” shall mean, for any person, the obligations of such
person in respect of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any property (including Equity Interests of any person) or the cost of installation, construction
or improvement of any property and any refinancing thereof; provided, however, that (i) such Indebtedness is incurred within one year after such acquisition, installation, construction or improvement of such property by such person and
(ii) the amount of such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction or improvement, as the case may be. 
 “Qualified Capital Stock” of any person shall mean any Equity Interests of such person that are not Disqualified Capital Stock. 
 “Real Property” shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any
and all parcels of or interests in real property owned, leased or operated by any person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and
appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 
  

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 “Refinancing” shall mean the repayment in full and the termination of any commitment to
make extensions of credit under all of the outstanding indebtedness listed on Schedule 1.01(a) of Holdings or any of its Subsidiaries. 
 “Register” shall have the meaning assigned to such term in Section 11.04(c). 
 “Regulation D”
shall mean Regulation D of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation T” shall mean Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof. 
 “Regulation X” shall mean Regulation X of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof. 
 “Reimbursement Obligations” shall mean each Borrower’s
obligations under Section 2.17(e) to reimburse LC Disbursements. 
 “Related Parties” shall mean, with respect
to any person, such person’s Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such person and of such person’s Affiliates. 
 “Release” shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, disposing, depositing, dispersing, emanating or migrating of any Hazardous Material in, into, onto or through the Environment. 
 “Required Lenders” shall mean Lenders having more than 50% of all Revolving Commitments or, after the Revolving Commitments have terminated, more than 50% of all Revolving Exposure; provided, that, notwithstanding
the foregoing, at any time that there are only two Lenders, the affirmative vote or consent of both Lenders shall be required in any determination of “Required Lenders”. 
 “Requirements of Law” shall mean, collectively, any and all requirements of any Governmental Authority including any and all laws,
judgments, orders, decrees, ordinances, rules, regulations, statutes or case law. 
 “Reserves” shall mean reserves
established against Availability or the Borrowing Base that the Collateral Agent may, in its Permitted Discretion, establish from time to time. 
 “Response” shall mean (a) “response” as such term is defined in CERCLA, 42 U.S.C. § 9601(24), and (b) all other actions required by any Governmental Authority or voluntarily undertaken to
(i) clean up, remove, treat, abate or in any other way address any Hazardous Material in the Environment; (ii) prevent the Release or threat of Release, or minimize the further Release, of any Hazardous Material; or (iii) perform
studies and investigations in connection with, or as a precondition to, or to determine the necessity of the activities described in, clause (i) or (ii) above. 
  

 25 

 “Responsible Officer” of any person shall mean any executive officer or Financial
Officer of such person and any other officer or similar official thereof with responsibility for the administration of the obligations of such person in respect of this Agreement. 
 “Retiree Welfare Plan” shall mean a Plan that is an “employee welfare benefit plan” within the meaning of Section 3(1) of
ERISA that provides for continuing coverage or benefits for any participant or any beneficiary of a participant after such participant’s termination of employment, other than continuation coverage provided pursuant to Code Section 4980B
and at the sole expense of the participant or the beneficiary. 
 “Revolving Availability Period” shall mean the period from
and including the Closing Date to but excluding the earlier of (i) the Business Day preceding the Final Maturity Date and (ii) the date of termination of the Revolving Commitments. 
 “Revolving Borrowing” shall mean a Borrowing comprised of Revolving Loans. 
 “Revolving Commitment” shall mean, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans hereunder
up to the amount set forth on Schedule I to the Lender Addendum executed and delivered by such Lender, or in the Assignment and Assumption pursuant to which such Lender assumed its Revolving Commitment, as applicable, as the same may be
(a) reduced from time to time pursuant to Section 2.07 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 11.04. The aggregate amount of the Lenders’
Revolving Commitments on the Closing Date is $40,000,000. 
 “Revolving Exposure” shall mean, with respect to any Lender at
any time, the aggregate principal amount at such time of all outstanding Revolving Loans of such Lender, plus the aggregate amount at such time of such Lender’s LC Exposure, plus the aggregate amount at such time of such
Lender’s Swingline Exposure. 
 “Revolving Lender” shall mean a Lender with a Revolving Commitment. 
 “Revolving Loan” shall mean a Loan made by the Lenders to a Borrower pursuant to Section 2.01. Each Revolving Loan shall
either be an ABR Loan or a Eurodollar Loan. 
 “Rhodium” shall mean rhodium (loco Zurich) having a minimum degree of
fineness of ninety-nine and 90/100 percent (99.9%), or other rhodium in sponge or plate and having a minimum degree of fineness of ninety-nine and 90/100 percent (99.9%). 
 “Sale and Leaseback Transaction” has the meaning assigned to such term in Section 6.03. 
 “Secured Obligations” shall mean (a) the Obligations, (b) the due and punctual payment and performance of all obligations of each Borrower and the other Loan Parties under each Hedging Agreement entered into with
any counterparty that is a Secured Party, (c) the due and punctual payment and performance of all obligations of each Borrower and the other Loan Parties (including overdrafts and related liabilities) under each Treasury Services Agreement
entered into with any counterparty that is a Secured Party and (d) the due and punctual performance of all covenants, agreements, obligations and liabilities of each Borrower and the other Loan Parties under or pursuant to this Agreement and
the other Loan Documents. 
  

 26 

 “Secured Parties” shall mean, collectively, the Administrative Agent, the Collateral
Agent, each other Agent, the Lenders, the Issuing Banks and each counterparty to a Hedging Agreement or Treasury Services Agreement if at the date of entering into such Hedging Agreement or Treasury Services Agreement such person was a Lender or an
Affiliate of a Lender and such person executes and delivers to the Administrative Agent a letter agreement in form and substance acceptable to the Administrative Agent pursuant to which such person (i) appoints the Collateral Agent as its agent
under the applicable Loan Documents and (ii) agrees to be bound by the provisions of Sections 11.03, 11.09, the Intercreditor Agreement and the Security Documents as if it were a Lender. 
 “Securities Act” shall mean the Securities Act of 1933. 
 “Securities Collateral” shall have the meaning assigned to such term in the Security Agreement. 
 “Security Agreement” shall mean a Security Agreement substantially in the form of Exhibit M among the Loan Parties and Collateral Agent for the benefit of the Secured Parties. 
 “Security Agreement Collateral” shall mean all property pledged or granted as collateral pursuant to the Security Agreement (a) on
the Closing Date or (b) thereafter pursuant to Section 5.10. 
 “Security Documents” shall mean the Security
Agreement, the Mortgages and each other security document or pledge agreement delivered in accordance with applicable local or foreign law to grant a valid, perfected security interest in any property as collateral for the Secured Obligations, and
all UCC or other financing statements or financing change statements, control agreements, bailee notification letters, or instruments of perfection required by this Agreement, the Security Agreement, any Mortgage or any other such security document
or pledge agreement to be filed with respect to the security interests in property and fixtures created pursuant to the Security Agreement or any Mortgage and any other document or instrument utilized to pledge or grant or purport to pledge or grant
a security interest or lien on any property as collateral for the Secured Obligations or to perfect, obtain control over or otherwise protect the interest of the Collateral Agent therein. 
 “Seller” shall have the meaning assigned to such term in the first recital hereto. 
 “Senior Second Lien Note Agreement” shall mean any indenture, note purchase agreement or other agreement pursuant to which
the Senior Second Lien Notes are issued as in effect on the date hereof and thereafter amended from time to time subject to the requirements of this Agreement and the Intercreditor Agreement. 
 “Senior Second Lien Note Documents” shall mean the Senior Second Lien Notes, the Senior Second Lien Note Agreement, the Senior Second
Lien Note Guarantees, the Senior Second Lien Note Security Documents and all other documents executed and delivered with respect to the Senior Second Lien Notes or the Senior Second Lien Note Agreement. 
 “Senior Second Lien Note Guarantees” shall mean the guarantee of the obligations under the Senior Second Lien Notes by Holdings and the
Subsidiary Guarantors that are “Guarantors” (as defined in the Senior Second Lien Note Agreement). 
 “Senior Second Lien
Note Secured Parties” shall mean the Senior Second Lien Notes Collateral Agent, the Senior Second Lien Notes Trustee and the Senior Second Lien Noteholders. 
  

 27 

 “Senior Second Lien Noteholders” shall mean the holders of the Senior Second Lien Notes.

 “Senior Second Lien Notes” shall mean Parent Borrower’s 11% Senior Second Lien Notes due 2014 issued
pursuant to the Senior Second Lien Note Agreement and any registered notes issued by Parent Borrower in exchange for, and as contemplated by, such notes with substantially identical terms as such notes. 
 “Senior Second Lien Notes Collateral Agent” shall mean the collateral agent under the Senior Second Lien Note Documents.

 “Senior Second Lien Notes Trustee” shall mean the trustee for the Senior Second Lien Noteholders under the
Senior Second Lien Note Documents. 
 “Senior Second Lien Note Security Documents” shall mean the
“Noteholder Security Documents” as defined in the Intercreditor Agreement. 
 “Sponsor” shall mean
Kohlberg & Company, LLC (“Kohlberg”) and any other Person which directly or indirectly, controls, is controlled by or is under common control with Kohlberg (including any investment partnership under common control with Kohlberg)
and (ii) any Related Parties with respect to any of the foregoing Persons; provided, that, for purposes of this definition, “control” means the power to direct or cause the direction of the management and policies of the
relevant Person, whether by contract or otherwise. 
 “Standby Letter of Credit” shall mean any standby letter of credit or
similar instrument issued for the purpose of supporting (a) workers’ compensation liabilities of a Borrower or any of its Subsidiaries, (b) the obligations of third-party insurers of a Borrower or any of its Subsidiaries arising by
virtue of the laws of any jurisdiction requiring third-party insurers to obtain such letters of credit, (c) performance, payment, deposit or surety obligations of a Borrower or any of its Subsidiaries if required by a Requirement of Law or in
accordance with custom and practice in the industry or (d) other obligations of a Borrower or any of its Subsidiaries. 
 “Statutory Reserves” shall mean for any Interest Period for any Eurodollar Borrowing, the average maximum rate at which reserves (including any marginal, supplemental or emergency reserves) are required to be maintained
during such Interest Period under Regulation D by member banks of the United States Federal Reserve System in New York City with deposits exceeding one billion dollars against “Eurocurrency liabilities” (as such term is used in Regulation
D). Eurodollar Borrowings shall be deemed to constitute Eurodollar liabilities and to be subject to such reserve requirements without benefit of or credit for proration, exceptions or offsets which may be available from time to time to any Lender
under Regulation D. 
 “Subordinated Indebtedness” shall mean Indebtedness of any Borrower or any Guarantor that is by its
terms subordinated in right of payment to the Obligations of such Borrower and such Guarantor, as applicable. 
 “Subsidiary”
shall mean, with respect to any person (the “parent”) at any date, (i) any person 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, (ii) any other corporation, limited liability company, association or other business entity of which securities 

  

 28 

 
or other ownership interests representing more than 50% of the voting power of all Equity Interests entitled (without regard to the occurrence of any
contingency) to vote in the election of the Board of Directors thereof are, as of such date, owned, controlled or held by the parent and/or one or more subsidiaries of the parent, (iii) any partnership (a) the sole general partner or the
managing general partner of which is the parent and/or one or more subsidiaries of the parent or (b) the only general partners of which are the parent and/or one or more subsidiaries of the parent and (iv) any other person that is
otherwise Controlled by the parent and/or one or more subsidiaries of the parent. Unless the context requires otherwise, “Subsidiary” refers to a Subsidiary of Parent Borrower. 
 “Subsidiary Guarantor” shall mean each Subsidiary listed on Schedule l.01(b), and each other Subsidiary that is or becomes a
party to this Agreement pursuant to Section 5.10. 
 “Supermajority Lenders” shall mean at any time, Lenders having
at least 66 2/3% of the Revolving Commitment or, if the Revolving Commitments have been terminated, at least 66 2/3% of the sum of Revolving Exposure. 
 “Survey” shall mean a survey of any Mortgaged Property (and all improvements thereon) which is (a) (i) prepared by a surveyor or engineer licensed to perform surveys in the jurisdiction
where such Mortgaged Property is located, (ii) dated (or redated, including any no-change affidavit) not earlier than six months prior to the date of delivery thereof unless there shall have occurred within six months prior to such date of
delivery any exterior construction on the site of such Mortgaged Property or any easement, right of way or other interest in the Mortgaged Property has been granted or become effective through operation of law or otherwise with respect to such
Mortgaged Property which, in either case, can be depicted on a survey, in which events, as applicable, such survey shall be dated (or redated, including any no-change affidavit) after the completion of such construction or if such construction shall
not have been completed as of such date of delivery, not earlier than 20 days prior to such date of delivery, or after the grant or effectiveness of any such easement, right of way or other interest in the Mortgaged Property, (iii) certified by
the surveyor (in a manner reasonably acceptable to the Administrative Agent) to the Administrative Agent, the Collateral Agent and the Title Company, (iv) complying in all respects with the minimum detail requirements of the American Land Title
Association as such requirements are in effect on the date of preparation of such survey and (v) sufficient for the Title Company to remove all standard survey exceptions from the title insurance policy (or commitment) relating to such
Mortgaged Property and issue the endorsements of the type required by Section 4.01(n)(iii) or (b) otherwise acceptable to the Collateral Agent. 
 “Swingline Commitment” shall mean the commitment of the Swingline Lender to make loans pursuant to Section 2.16, as the same may be reduced from time to time pursuant to
Section 2.07 or Section 2.16. The amount of the Swingline Commitment shall initially be $15,000,000, but shall in no event exceed the Revolving Commitment. 
 “Swingline Exposure” shall mean at any time the aggregate principal amount at such time of all outstanding Swingline Loans. The
Swingline Exposure of any Revolving Lender at any time shall equal its Pro Rata Percentage of the aggregate Swingline Exposure at such time. 
 “Swingline Lender” shall have the meaning assigned to such term in the preamble hereto. 
 “Swingline
Loan” shall mean any loan made by the Swingline Lender pursuant to Section 2.16. 
  

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 “Syndication Agent” shall have the meaning assigned to such term in the preamble hereto.

 “Tax Return” shall mean all returns, statements, filings, attachments and other documents or certifications required to
be filed in respect of Taxes. 
 “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions,
withholdings, social security and unemployment taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Title Company” shall mean any title insurance company as shall be retained by a Borrower and reasonably acceptable to the
Administrative Agent. 
 “Title IV Plan” means a Plan that is an “employee pension benefit plan,” within the
meaning of Section 3(2) of ERISA, that is covered by Title IV of ERISA other than a Multiemployer Plan. 
 “Title Policy”
shall have the meaning assigned to such term in Section 4.01(n)(iii). 
 “Transaction Documents” shall mean the
Second Lien Note Documents and the Loan Documents. 
 “Transactions” shall mean, collectively, the transactions to occur on
or prior to the Closing Date pursuant to the Transaction Documents, including (a) the execution, delivery and performance of the Loan Documents and the initial borrowings hereunder; (b) the Refinancing; (c) the issuance of the Senior
Second Lien Notes; and (d) the payment of all fees and expenses to be paid on or prior to the Closing Date and owing in connection with the foregoing. 
 “Transferred Guarantor” shall have the meaning assigned to such term in Section 7.09. 
 “Treasury Services Agreement” shall mean any agreement relating to treasury, depositary and cash management services or automated clearinghouse transfer of funds. 
 “Trigger Event” shall mean at any time (a) a Default shall have occurred and/or (b) Average Excess Availability shall be
$7,500,000 or less for the fiscal month then ended. 
 “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 fee Adjusted LIBOR Rate or the Alternate Base Rate. 
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time (except as otherwise specified) in any applicable state or jurisdiction. 
 “United States” shall mean the United States of America. 
 “Value” shall mean, as of any date of determination, as determined by the Collateral Agent in good faith, with respect to: (a) Platinum, the value of such Platinum on the basis of the second
fixing price for Platinum on the date of valuation as customarily set by certain members of the London Platinum and Palladium Market Association, or if no such price is available for such date, then on the basis of said second fixing price on the
next previous day for which such price is available, and (b) with respect 

  

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to Rhodium, the value of such Rhodium on the basis of the Johnson Matthey Base Price set at 15:00 EST. In the event the London Platinum and Palladium Market
Association and/or the Johnson Matthey Base Price, respectively, shall discontinue or alter in any material respect it usual practice of quoting a price for Platinum or Rhodium, respectively, on any day for which such a price is necessary for the
purposes of this Agreement, the Collateral Agent, using its reasonable discretion, shall announce a substituted, reasonably comparable index, service or mechanism which shall thereupon become the method of valuation hereunder until the London
Platinum and Palladium Market Association and/or the Johnson Matthey Base Price, as the case may be, shall resume its usual practices of quoting prices. 
 “Voting Stock” shall mean, with respect to any person, any class or classes of Equity Interests pursuant to which the holders thereof have the general voting power under ordinary circumstances to
elect at least a majority of the Board of Directors of such person. 
 “Wholly Owned Subsidiary” shall mean, as to any
person, (a) any corporation 100% of whose capital stock (other than directors’ qualifying shares) is at the time owned by such person and/or one or more Wholly Owned Subsidiaries of such person and (b) any partnership, association,
joint venture, limited liability company or other entity in which such person and/or one or more Wholly Owned Subsidiaries of such person have a 100% equity interest at such time. 
 “Withdrawal Liability” shall mean 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. 
 SECTION 1.02 Classification of Loans
and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”). Borrowings also may be classified and
referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar 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.” Unless the context requires otherwise (a) any definition of or reference to any Loan Document, agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any person shall be
construed to include such person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any
law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time, (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (g) “on,” when used with respect to the Mortgaged Property or any property adjacent to the Mortgaged Property,
means “on, in, under, above or about.” 
  

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 SECTION 1.04 Accounting Terms; GAAP. Unless otherwise specified herein, all accounting
terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP applied on a consistent basis. 
 Borrowers shall deliver to the Agent and each Lender at the same time as the delivery of any annual or quarterly financial statements given in accordance
with the provisions of Section 5.01, (i) a description in reasonable detail of any material change in the application of GAAP employed in the preparation of such financial statements from those applied in the most recently preceding
quarterly or annual financial statements as to which no objection shall have been made in accordance with the provisions above and (ii) a reasonable estimate of the effect on the financial statements on account of such changes in application.

 SECTION 1.05 Resolution of Drafting Ambiguities. Each Loan Party acknowledges and agrees that it was represented by counsel
in connection with the execution and delivery of the Loan Documents to which it is a party, that it and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof. 
 ARTICLE II 

 THE CREDITS 
 SECTION 2.01 Commitments. Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Lender agrees, severally and not jointly, to make Revolving Loans to each Borrower, at
any time and from time to time after the Closing Date until the earlier of the Final Maturity Date and the termination of the Revolving Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time
outstanding that will not (subject to the provisions of Section 10.10) result in such Lender’s Revolving Exposure exceeding the lesser of (i) such Lender’s Revolving Commitment and (ii) such Lender’s Pro Rata
Percentage multiplied by the Availability then in effect. 
 Within the limits set forth in clause (b) above and subject to the terms,
conditions and limitations set forth herein, Borrowers may borrow, pay or prepay and reborrow Revolving Loans. 
 SECTION 2.02
Loans. 
 (a) Each Loan (other than Swingline Loans) shall be made as part of a Borrowing consisting of Loans made by the Lenders
ratably in accordance with their applicable Commitments; provided that the failure of any Lender to make its Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender
shall be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender). Except for Loans deemed made pursuant to Section 2.17(e)(ii), (x) ABR Loans comprising any Borrowing shall be in an
aggregate principal amount that is (i) an integral multiple of $250,000 and not less than $1.0 million or (ii) equal to the remaining available balance of the applicable Commitments and (y) the Eurodollar Loans comprising any
Borrowing shall be in an aggregate principal amount that is (i) an integral multiple of $1.0 million and not less than $2.0 million or (ii) equal to the remaining available balance of the applicable Commitments. 
  

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 (b) Subject to Sections 2.10 and 2.11, each Borrowing shall be comprised entirely of ABR
Loans or Eurodollar Loans as a Borrower may request pursuant to Section 2.03. Each Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided
that any exercise of such option shall not affect the obligation of any Borrower to repay such Loan in accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time; provided that no
Borrower shall be entitled to request any Borrowing that, if made, would result in more than seven Eurodollar Borrowings outstanding hereunder at any one time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless
of whether they commence on the same date, shall be considered separate Borrowings. 
 (c) Except with respect to Loans deemed made pursuant
to Section 2.17(e)(ii), each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate
not later than 11:00 a.m., New York City time, and the Administrative Agent shall promptly credit the amounts so received to an account as directed by a Borrower in the applicable Borrowing Request or, if a Borrowing shall not occur on such date
because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Lenders. 
 (d)
Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent
may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with paragraph (c) above, and the Administrative Agent may, in reliance upon such assumption, make available to
a Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion available to the Administrative Agent, each of such Lender and each
Borrower severally agrees to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to a Borrower until the date such amount is repaid
to the Administrative Agent at (i) in the case of a Borrower, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) 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. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Loan as
part of such Borrowing for purposes of this Agreement, and a Borrower’s obligation to repay the Administrative Agent such corresponding amount pursuant to this Section 2.02(d) shall cease. 
 (e) Notwithstanding any other provision of this Agreement, no Borrower shall 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 Final Maturity Date. 
 SECTION 2.03 Borrowing Procedure.
To request a Revolving Borrowing, a Borrower shall deliver, by hand delivery, facsimile or telecopier, a duly completed and executed Borrowing Request to the Administrative Agent (i) in the case of a Eurodollar Borrowing, not later than
11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing.
Each Borrowing Request shall be irrevocable and shall specify the following information in compliance with Section 2.02: 
 (a) the
aggregate amount of such Borrowing; 
  

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 (b) the date of such Borrowing, which shall be a Business Day; 
 (c) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 
 (d) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition
of the term “Interest Period”; 
 (e) the location and number of such Borrower’s account to which funds are to be disbursed,
which shall comply with the requirements of Section 2.02(c); and 
 (f) that the conditions set forth in Sections
4.02(b)-(d) have been satisfied as of the date of the notice. 
 If no election as to the Type of Borrowing is specified, then the
requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then such 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 Evidence of Debt; Repayment of Loans. 
 (a) Promise to Repay. Each Borrower, jointly and severally, 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 of such Revolving Lender on the Final Maturity Date and (ii) to the Swingline Lender, the then unpaid principal amount of each Swingline Loan on the
earlier of (A) the Final Maturity Date and (B) 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 Business Days after such Swingline Loan is made, provided that, with
respect to subclause (B) of this Section 2.04(a)(iii), the outstanding principal balance of Swingline Loans exceeds $1,000,000 on such date; provided that on each date that a Revolving Borrowing is made, Borrower shall repay
all Swingline Loans that were outstanding on the date such Borrowing was requested. 
 (b) Lender and Administrative Agent Records.
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal
and interest payable and paid to such Lender from time to time under this Agreement. The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder, the Type and Class 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 each 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. The entries made in the accounts maintained pursuant to this paragraph shall be prima facie evidence of the existence and amounts of the obligations therein
recorded; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of each of the Borrowers to repay the Loans in accordance with their
terms. 
 (c) Promissory Notes. Any Lender by written notice to a Borrower (with a copy to the Administrative Agent) may request that
Loans of any Class made by it be evidenced by a promissory 

  

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note. In such event, such Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested
by such Lender, to such Lender and its registered assigns) in the form of Exhibit K-1 or K-2, as the case may be. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after
assignment pursuant to Section 11.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered
assigns). 
 SECTION 2.05 Fees. 
 (a) Commitment Fee. Each Borrower agrees, jointly and severally, to pay to the Administrative Agent for the account of each Lender a commitment fee (a “Commitment Fee”) equal to the Applicable
Fee per annum on the average daily unused amount of each Commitment of such Lender during the period from and including the date hereof to but excluding the date on which such Commitment terminates. Accrued Commitment Fees shall be payable in
arrears (A) on the last Business Day of March, June, September and December of each year, commencing on the first such date to occur after the date hereof, and (B) on the date on which such Commitment terminates. 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). For purposes of computing Commitment Fees, a Revolving Commitment of a Lender shall be
deemed to be used to the extent of the outstanding Revolving Loans and LC Exposure of such Lender (and the Swingline Exposure of such Lender shall be disregarded for such purpose). 
 (b) Administrative Agent Fees. Each Borrower agrees, jointly and severally, to pay to the Administrative Agent, for its own account, the
administrative fees payable in the amounts and at the times separately agreed upon between Borrowers and the Administrative Agent (the “Administrative Agent Fees”). 
 (c) Collateral Monitoring Fee. Each Borrower agrees, jointly and severally, to pay to the Administrative Agent, for the accounts of the Collateral
Agent, a collateral monitoring fee payable in the amounts and at the times separately agreed upon between Borrowers and the Collateral Agent (the “Collateral Monitoring Fees”). 
 (d) LC and Fronting Fees. Each Borrower agrees, jointly and severally, to pay (i) to the Administrative Agent for the account of each
Revolving Lender a participation fee (“LC Participation Fee”) with respect to its participations in Letters of Credit, which shall accrue at a rate equal to the Applicable Margin from time to time used to determine the interest rate
on Eurodollar Loans pursuant to Section 2.06 on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and including the Closing Date to
but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee (“Fronting Fee”),
which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and including the Closing Date to but excluding
the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s customary fees with respect to the issuance, amendment, renewal or extension of any Letter
of Credit or processing of drawings thereunder. Accrued LC Participation Fees and Fronting Fees shall be payable in arrears (i) on the last Business Day of March, June, September and December of each year, commencing on the first such date to
occur after the Closing Date, and (ii) on the date on which the Revolving Commitments terminate. Any such fees accruing after the date on which the Revolving Commitments terminate 

  

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shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand therefor. All
LC 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). 
 (e) All Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among
the Lenders, except that each Borrower shall pay the Fronting Fees directly to the Issuing Bank. Once paid, none of the Fees shall be refundable under any circumstances unless an error was made in calculating such Fee (as determined by, or
demonstrated to the reasonable satisfaction of, the Administrative Agent). 
 SECTION 2.06 Interest on Loans. 
 (a) ABR Loans. Subject to the provisions of Section 2.06(c), the Loans comprising each ABR Borrowing, including each Swingline Loan,
shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin in effect from time to time. 
 (b)
Eurodollar Loans. Subject to the provisions of Section 2.06(c), the Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBOR Rate for the Interest Period in effect for such
Borrowing plus the Applicable Margin in effect from time to time. 
 (c) Default Rate. Notwithstanding the foregoing, upon any
acceleration of the Loans and Reimbursement Obligations (including upon an Event of Default under Section 8.01(g) or Section 8.01(h)), and during any other Event of Default at the election of the Administrative Agent, all Obligations
shall, to the extent permitted by applicable law, bear interest, after as well as before judgment, at a per annum rate equal to (i) in the case of principal and premium, if any, of or interest on any Loan, 2% plus the rate otherwise
applicable to such Loan as provided in the preceding paragraphs of this Section 2.06 or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in Section 2.06(a) (in either case, the
“Default Rate”). 
 (d) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to Section 2.06(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR
Loan or a Swingline Loan without a permanent reduction in Revolving Commitments), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion
of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (e) Interest Calculation. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate shall be computed on the basis of a
year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBOR Rate shall be
determined by the Administrative Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error. 
  

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 SECTION 2.07 Termination and Reduction of Commitments. 
 (a) Termination of Commitments. The Revolving Commitments, the Swingline Commitment and the LC Commitment shall automatically terminate on the
Final Maturity Date. 
 (b) Optional Terminations and Reductions. At their option, the Borrowers may at any time terminate, or from
time to time permanently 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 $1.0 million and not less than $5.0 million and
(ii) the Revolving Commitments shall not be terminated or reduced if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.09, the aggregate amount of Revolving Exposures would exceed
the aggregate amount of Revolving Commitments. 
 (c) Borrower Notice. Borrowers shall notify the Administrative Agent in writing of
any election to terminate or reduce the Commitments under Section 2.07(b) at least three 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 Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the
Commitments delivered by Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by Borrowers (by notice to the Administrative Agent on or prior to the specified
effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their
respective Commitments of such Class. 
 SECTION 2.08 Interest Elections. 
 (a) Generally. Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a
Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, a Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar
Borrowing, may elect Interest Periods therefor, all as provided in this Section. A 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. Notwithstanding anything to the contrary, no Borrower shall be entitled to request any conversion or
continuation that, if made, would result in more than seven Eurodollar Borrowings outstanding hereunder at any one time. This Section shall not apply to Swingline Borrowings, which may not be converted or continued. 
 (b) Interest Election Notice. To make an election pursuant to this Section, a Borrower shall deliver, by hand delivery, facsimile or telecopier, a
duly completed and executed Interest Election Request to the Administrative Agent not later than the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Revolving Borrowing of the Type
resulting from such election to be made on the effective date of such election. Each Interest Election Request shall be irrevocable. Each 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, or if outstanding Borrowings are being combined, allocation 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); 
  

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 (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 Eurodollar Borrowing;
and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such
Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then such Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 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. 
 (c) Automatic Conversion to ABR Borrowing. If an Interest Election Request with
respect to a Eurodollar Borrowing is not timely delivered prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to
an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing, the Administrative Agent or the Required Lenders may require, by notice to Borrowers, that (i) no outstanding Borrowing may
be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
 SECTION 2.09 Optional and Mandatory Prepayments of Loans. 
 (a) Optional Prepayments. Borrowers shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, subject to the requirements of this Section 2.09;
provided that each partial prepayment shall be in an amount that is an integral multiple of $500,000 and not less than $2.0 million or, if less, the outstanding principal amount of such Borrowing. 
 (b) Revolving Loan Prepayments. 
 (i) In the event of the termination of all the Revolving Commitments, Borrowers shall, on the date of such termination, repay or prepay all its outstanding Revolving Borrowings and all outstanding Swingline Loans and
replace all outstanding Letters of Credit or cash collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section 2.17(i). 
 (ii) In the event of any partial reduction of the Revolving Commitments, then (x) at or prior to the effective date of such
reduction, the Administrative Agent shall notify Borrowers and the Revolving Lenders of the sum of the Revolving Exposures after giving effect thereto and (y) if the sum of the Revolving Exposures would exceed the aggregate amount of Revolving
Commitments after giving effect to such reduction, then Borrowers shall, on the date of such reduction, first, repay or prepay Swingline Loans, second, repay or prepay Revolving Borrowings 

  

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 and third, replace outstanding Letters of Credit or cash collateralize outstanding Letters of
Credit in accordance with the procedures set forth in Section 2.17(i), in an aggregate amount sufficient to eliminate such excess. 
 (iii) In the event that the sum of all Lenders’ Revolving Exposures exceeds the Revolving Commitments then in effect, Borrowers shall, without notice or demand, immediately first, repay or prepay Revolving
Borrowings, and second, replace outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.17(i), in an aggregate amount sufficient to eliminate such
excess. 
 (iv) In the event that the aggregate LC Exposure exceeds the LC Commitment then in effect, Borrowers shall, without
notice or demand, immediately replace outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.17(i), in an aggregate amount sufficient to eliminate such
excess. 
 (v) In the event that the sum of all Lenders’ Revolving Exposures exceeds the Borrowing Base then in effect,
Borrowers shall, without notice or demand, immediately apply an amount equal to such excess to prepay the Loans and any interest accrued thereon, in accordance with this Section 2.09(b)(v). Borrowers shall make prepayments in accordance
with Section 2.09(c) in an amount sufficient to eliminate such excess. 
 (vi) In the event an Activation Notice
has been given (as contemplated by Section 9.02), Borrowers shall pay all proceeds of Collateral into the Collection Account, for application in accordance with Section 9.02. 
 (c) Application of Prepayments. Prior to any optional or mandatory prepayment hereunder, Borrowers shall select the Borrowing or Borrowings to be
prepaid and shall specify such selection in the notice of such prepayment pursuant to Section 2.09(d), subject to the provisions of this Section 2.09(c). Prepayments pursuant to Section 2.09(a) shall not be
applied to reduce the Revolving Commitments, unless Borrowers elect to permanently reduce the Revolving Commitments in connection with any such prepayment (in which case such prepayments shall be applied to permanently reduce the Revolving
Commitments ratably among the Revolving Lenders in accordance with their applicable Revolving Commitments, and Borrowers shall comply with Section 2.09(b)). 
 Amounts to be applied pursuant to this Section 2.09 to the prepayment of Revolving Loans shall be applied first to reduce outstanding ABR Loans. Any amounts remaining after each such application shall be
applied to prepay Eurodollar Loans. Notwithstanding the foregoing, if the amount of any prepayment of Loans required under this Section 2.09 shall be in excess of the amount of the ABR Loans at the time outstanding (an “Excess
Amount”), only the portion of the amount of such prepayment as is equal to the amount of such outstanding ABR Loans shall be immediately prepaid and, at the election of Borrowers, the Excess Amount shall be either (A) deposited in an
escrow account on terms satisfactory to the Collateral Agent and applied to the prepayment of Eurodollar Loans on the last day of the then next-expiring Interest Period for Eurodollar Loans; provided that (i) interest in respect of such
Excess Amount shall continue to accrue thereon at the rate provided hereunder for the Loans which such Excess Amount is intended to repay until such Excess Amount shall have been used in full to repay such Loans and (ii) at any time while a
Default has occurred and is continuing, the Administrative Agent may, and upon written direction from the Required Lenders shall, apply any or all proceeds then on deposit to the payment of such Loans in an amount equal to such Excess Amount or
(B) prepaid immediately, together with any amounts owing to the Lenders under Section 2.12. 
  

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 (d) Notice of Prepayment. Borrowers shall notify the Administrative Agent (and, in the case of
prepayment of a Swingline Loan, the Swingline Lender) by written notice of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of
prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment and (iii) in the case of prepayment of a Swingline Loan, not later than 11:00
a.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by
Section 2.07, then such notice of prepayment may be revoked if such termination is revoked in accordance with Section 2.07. Each such notice shall specify the prepayment date, the principal amount of each Borrowing or portion
thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment. Promptly following receipt of any such notice (other than a notice relating solely to Swingline Loans), 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 a Credit Extension of the same Type as provided in Section 2.02,
except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing and otherwise in accordance with this Section 2.09.
Prepayments shall be accompanied by accrued interest to the extent required by Section 2.06. 
 SECTION 2.10 Alternate Rate of
Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
 (a) the Administrative
Agent determines (which determination shall be final and conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBOR Rate for such Interest Period; or 
 (b) the Administrative Agent is advised in writing by the Required Lenders that the Adjusted LIBOR Rate for such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
 then the
Administrative Agent shall give written notice thereof to Borrowers and the Lenders as promptly as practicable thereafter and, until the Administrative Agent notifies Borrowers and the 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 Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar
Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 SECTION 2.11 Yield Protection. 
 (a) Increased Costs Generally. If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in, by any Lender (except any reserve requirement reflected in the Adjusted LIBOR Rate) or the Issuing Bank; 
  

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 (ii) subject any Lender or the Issuing Bank to any tax of any kind whatsoever with
respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Eurodollar Loan made by it, or change the basis of taxation of payments to such Lender or the Issuing Bank in respect thereof (except for Indemnified
Taxes or Other Taxes covered by Section 2.14 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or the Issuing Bank); or 
 (iii) impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense affecting this
Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to
increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, the Issuing Bank or such Lender’s or the Issuing Bank’s holding
company, if any, of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the
Issuing Bank hereunder (whether of principal, interest or any other amount), then, upon request of such Lender or the Issuing Bank, Borrowers will pay, jointly and severally, to 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) Capital Requirements. If any Lender or the Issuing Bank determines (in good faith, but in its sole absolute discretion) that any Change in Law affecting such Lender or the Issuing Bank or any lending office of such Lender or such
Lender’s or the Issuing Bank’s holding company, if any, 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, the Commitments of such Lender 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 Borrowers will pay, jointly and severally, to 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 or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of a Lender or the Issuing Bank setting forth 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 2.11 and delivered to Borrowers shall be conclusive absent manifest error. Borrowers shall pay, jointly
and severally, such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Delay in Requests. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section 2.11 shall not constitute a waiver of such Lender’s or the
Issuing Bank’s right to demand such compensation; provided that no Borrower shall be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs incurred or reductions suffered more than nine
months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies Borrowers of the Change in Law giving rise to such increased costs or reductions 

  

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and of such Lender's or the Issuing Bank's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 SECTION 2.12 Breakage Payments. In the event of (a) the payment or prepayment, whether optional or mandatory, of any principal of any Eurodollar Loan earlier than the last day of an Interest Period applicable thereto
(including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan earlier than the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Revolving Loan on the
date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurodollar Loan earlier than the last day of the Interest Period applicable thereto as a result of a request by a Borrower pursuant to
Section 2.15(b), then, in any such event, Borrowers shall, jointly and severally, compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any
Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBOR Rate
that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been
the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar
deposits of a comparable amount and period from other banks in the Eurodollar market. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this
Section 2.12 shall be delivered to Borrowers (with a copy to the Administrative Agent) and shall be conclusive and binding absent manifest error. Borrowers shall pay, jointly and severally, such Lender the amount shown as due on any such
certificate within 5 days after receipt thereof. 
 SECTION 2.13 Payments Generally; Pro Rata Treatment; Sharing of
Setoffs. 
 (a) Payments Generally. Borrowers shall make each payment required to be made by it hereunder or under any other
Loan Document (whether of principal, interest, fees or Reimbursement Obligations, or of amounts payable under Section 2.11, 2.12, 2.14 or 11.03, or otherwise) on or before the time expressly required hereunder or under
such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, without setoff, deduction or counterclaim. Any amounts received
after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative
Agent at its offices at 677 Washington Boulevard, Stamford, Connecticut, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.11, 2.12,
2.14 or 11.03, shall be made directly to the persons entitled thereto and payments pursuant to other Loan Documents shall be made to the persons specified therein. The Administrative Agent shall distribute any such payments received by
it for the account of any other person to the appropriate recipient promptly following receipt thereof. If any payment under any Loan Document shall be due on a day that is not a Business Day, unless specified otherwise, the date for payment shall
be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments under each Loan Document shall be made in dollars, except as
expressly specified otherwise. 
  

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 (b) Pro Rata Treatment. 
 (i) Each payment by Borrowers of interest in respect of the Loans shall be applied to the amounts of such obligations owing to the Lenders
pro rata according to the respective amounts then due and owing to the Lenders. 
 (ii) Each payment by Borrowers on
account of principal of the Revolving Borrowings shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Revolving Lenders. 
 (c) Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of
principal, Reimbursement Obligations, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal and Reimbursement Obligations then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal
and Reimbursement Obligations then due to such parties. 
 (d) Sharing of Set-Off. If any Lender (and/or the Issuing Bank, which shall
be deemed a “Lender” for purposes of this Section 2.13(d)) shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other
Obligations resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other Obligations greater than its pro rata share thereof as provided herein, then the Lender
receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments
as shall be equitable, 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 other amounts owing them, 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 (x) any payment made by a Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to a Borrower or any Subsidiary thereof (as to which the provisions of
this paragraph shall apply). 
 Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Requirements of
Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such
Loan Party in the amount of such participation. If under applicable bankruptcy, insolvency or any similar law any Secured Party receives a secured claim in lieu of a setoff or counterclaim to which this Section 2.13(d) applies, such Secured
Party shall to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights to which the Secured Party is entitled under this Section 2.13(d) to share in the benefits of the recovery of
such secured claim. 
  

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 (e) Borrowers Default. Unless the Administrative Agent shall have received notice from a Borrower
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made
such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if a Borrower has not in fact made such payment, then each
of the 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 the 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. 
 (f) Lender Default. If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.02(c), 2.13(e), 2.16(d), 2.17(d), 2.17(e) or 11.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter
received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.14 Taxes. 
 (a)
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Loan Parties hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or
Other Taxes; provided that if the Loan Parties shall be required by applicable Requirements of Law to deduct any Indemnified Taxes (including any Other 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 applicable Loan Party shall make such deductions and (iii) the applicable Loan Party shall timely pay the full amount deducted to the relevant Governmental Authority in accordance
with applicable Requirements of Law. 
 (b) Payment of Other Taxes by Borrowers. Without limiting the provisions of paragraph
(a) above, Borrowers shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Law. 
 (c) Indemnification by Borrowers. Borrowers, jointly and severally, shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within 10 days after demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to Borrowers by a Lender or the Issuing Bank (with a copy to the Administrative Agent), 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) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a
Borrower to a Governmental Authority, such Borrower shall deliver to the 

  

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Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Status of
Lenders. Any Foreign Lender shall, to the extent it may lawfully do so, deliver to Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the request of Borrowers or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 

(i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which
the United States of America is a party, 
 (ii) duly completed copies of Internal Revenue Service Form W-8ECI, or 

(iii) in the case of a Foreign Lender claiming exemption from U.S. Federal withholding tax under Section 871(h) or 881(c) of the
Code, such Foreign Lender represents that such Foreign Lender is not a bank for purposes of Section 881(c) of the Code, is not a 10 percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of any Borrower and is not a
controlled foreign corporation related to any Borrower (within the meaning of Section 864(d)(4) of the Code), and such Foreign Lender agrees that it shall promptly notify the Borrowers, or the assigning Lender only, if applicable, in the event
any such representation is no longer accurate. 
 (f) Treatment of Certain Refunds. If the Administrative Agent, a Lender or the
Issuing Bank determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by a Borrower or with respect to which a Borrower has paid additional amounts pursuant to this
Section, it shall pay to such Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrower under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to
such refund), net of all out-of-pocket expenses of the Administrative Agent, such Lender or the Issuing Bank, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund);
provided that such Borrower, upon the request of the Administrative Agent, such Lender or the Issuing Bank, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent, such Lender or the Issuing Bank in the event the Administrative Agent, such Lender or the Issuing Bank is required to repay such refund to such Governmental Authority. This paragraph shall not be
construed to require the Administrative Agent, any Lender or the Issuing Bank to make available its tax returns (or any other information relating to its taxes that it deems confidential) to Borrowers or any other person. Notwithstanding anything to
the contrary, in no event will any Lender be required to pay any amount to Borrowers the payment of which would place such Lender in a less favorable net after-tax position than such Lender would have been in if the additional amounts giving rise to
such refund of any Indemnified Taxes or Other Taxes had never been paid. 
 SECTION 2.15 Mitigation Obligations; Replacement of
Lenders. 
 (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.11,
or requires Borrowers to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable efforts to designate a different lending office,
for funding or booking its Loans hereunder or to 

  

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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 2.11 or 2.14, 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. Borrowers hereby jointly and severally agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. A certificate setting forth such costs
and expenses submitted by such Lender to Borrowers shall be conclusive absent manifest error. 
 (b) Replacement of Lenders. If any
Lender requests compensation under Section 2.11, or if a Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, or if any Lender
defaults in its obligation to fund Loans hereunder, or if Parent Borrower exercises its replacement rights under Section 11.02(d), then Parent Borrower may, at the expense and effort of Borrowers, 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, and consents required by, Section 11.04), all of its interests, rights and obligations
under this Agreement and the other Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 
 (i) Borrowers shall have paid to the Administrative Agent the processing and recordation fee specified in Section 11.04(b);

 (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 and under the other Loan Documents (including any amounts under Section 2.12), assuming for this
purpose (in the case of a Lender being replaced pursuant to Section 11.02(d)) that the Loans of such Lender were being prepaid) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrowers
(in the case of all other amounts); 
 (iii) in the case of any such assignment resulting from a claim for compensation under
Section 2.11 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments thereafter; and 
 (iv) such assignment does not conflict with applicable Requirements of Law. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling a Borrower to require such assignment and
delegation cease to apply. 
 SECTION 2.16 Swingline Loans. 
 (a) Swingline Commitment. Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to Borrowers
from time to time during the Revolving Availability Period, in an aggregate principal amount at any time outstanding that will not (subject to the provisions of Section 10.10) result in (i) the aggregate principal amount of
outstanding Swingline Loans exceeding $15,000,000 or (ii) the sum of the total Revolving Exposures exceeding the lesser of (A) the total Revolving Commitments and (B) the Borrowing Base then in effect; 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, Borrowers may borrow, repay and reborrow Swingline
Loans. 
  

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 (b) Swingline Loans. To request a Swingline Loan, a Borrower shall deliver, by hand delivery,
facsimile or telecopier, a duly completed and executed Borrowing Request to the Administrative Agent and the Swingline Lender, 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 the amount of the requested Swingline Loan. Each Swingline Loan shall be an ABR Loan. The Swingline Lender shall make each Swingline Loan available to a Borrower to
an account as directed by such Borrower in the applicable Borrowing Request (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section2.17(e), by remittance to the Issuing Bank) by 3:00
p.m., New York City time, on the requested date of such Swingline Loan. No Borrower shall request a Swingline Loan if at the time of or immediately after giving effect to the Extension of Credit contemplated by such request a Default has occurred
and is continuing or would result therefrom. Swingline Loans shall be made in minimum amounts of $250,000 and integral multiples of $100,000 above such amount. 
 (c) Prepayment. Borrowers shall have the right at any time and from time to time to repay any Swingline Loan, in whole or in part, upon giving written notice to the Swingline Lender and the Administrative Agent
before 12:00 (noon), New York City time, on the proposed date of repayment. 
 (d) Participations. The Swingline Lender may at any
time in its discretion (including if (i) any Swingline Loan shall be outstanding on a date described in Section 2.04(a)(iii) or (ii) any Swingline Loan is or will be outstanding on a date when a Borrower requests that a
Revolving Borrowing be made) by written notice given to the Administrative Agent (provided such notice requirement shall not apply if the Swingline Lender and the Administrative Agent are the same entity) not later than 11:00 a.m., New
York City time, on the next succeeding Business Day following such notice require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans then outstanding. Such notice shall specify the
aggregate amount of Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender’s Pro Rata
Percentage of such Swingline Loan or Loans. Each Revolving 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 Lender’s
Pro Rata Percentage of such Swingline Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by
any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever (so long
as such payment shall not cause such Lender’s Revolving Exposure to exceed such Lender’s Revolving Commitment). Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in
the same manner as provided in Section 2.02(c) with respect to Loans made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative
Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify Borrowers of any participations in any Swingline Loan acquired by the Revolving Lenders 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 a Borrower (or other party on behalf of a 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 

  

 47 

 
Agent. Any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have
made their payments pursuant to this paragraph, as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve any Borrower of any default in the payment thereof. 
 SECTION 2.17 Letters of Credit. 
 (a) General. Subject to the terms and conditions set forth herein, a Borrower may request the Issuing Bank to issue Letters of Credit for its own account or the account of a Subsidiary in a form reasonably
acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Revolving Availability Period (provided that such Borrower shall be a co-applicant, and be jointly and severally liable, with
respect to each Letter of Credit issued for the account of a Subsidiary). On the Closing Date, each of the Existing Letters of Credit shall be deemed, without further action by any party hereto, to be a Letter of Credit issued under this Agreement
for all purposes of this Agreement and the other Loan Documents. The Issuing Bank shall have no obligation to issue, and no Borrower shall request the issuance of, any Letter of Credit at any time if after giving effect to such issuance, the LC
Exposure would exceed the LC Commitment or the total Revolving Exposure would exceed the total Revolving Commitments. 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 a Borrower to, or entered into by a Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
 (b) Request for Issuance, Amendment, Renewal, Extension; Certain Conditions and Notices. To request the issuance of a Letter of Credit or the
amendment, renewal or extension of an outstanding Letter of Credit, a Borrower shall deliver, by hand delivery, facsimile or telecopier (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank),
an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing
Bank). 
 A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:

 (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); 
 (ii) the amount thereof; 
 (iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date); 
 (iv) the name and address of the beneficiary thereof; 
 (v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Subsidiaries (provided
that such Borrower shall be a co-applicant, and therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary); 
 (vi) the documents to be presented by such beneficiary in connection with any drawing thereunder; 
  

 48 

 (vii) the full text of any certificate to be presented by such beneficiary in connection
with any drawing thereunder; and 
 (viii) such other matters as the Issuing Bank may require. 
 A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:

 (i) the Letter of Credit to be amended, renewed or extended; 
 (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); 
 (iii) the nature of the proposed amendment, renewal or extension; and 
 (iv) such other matters as the Issuing Bank may require. 
 If requested by the Issuing Bank, a Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be
issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, a Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or
extension, and subject to the provisions of Section 10.10, (i) the LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the lesser of (A) the total Revolving Commitments and
(B) the Borrowing Base then in effect and (iii) the conditions set forth in Article lV in respect of such issuance, amendment, renewal or extension shall have been satisfied. Unless the Issuing Bank shall agree otherwise, no Letter
of Credit shall be in an initial amount less than $100,000, in the case of a Commercial Letter of Credit, or $100,000, in the case of a Standby Letter of Credit, or is to be denominated in a currency other than Dollars; provided, that,
notwithstanding the foregoing, up to five (5) Letters of Credit may be issued and outstanding at any one time which are each in an initial amount less than $100,000. 
 Upon the issuance of any Letter of Credit or amendment, renewal, extension or modification to a Letter of Credit, the Issuing Bank shall promptly notify the Administrative Agent, who shall promptly notify each
Revolving Lender, thereof, which notice shall be accompanied by a copy of such Letter of Credit or amendment, renewal, extension or modification to a Letter of Credit and the amount of such Lender’s respective participation in such Letter of
Credit pursuant to Section 2.17(d). On the first Business Day of each calendar month, the Issuing Bank shall provide to the Administrative Agent a report listing all outstanding Letters of Credit and the amounts and beneficiaries thereof
and the Administrative Agent shall promptly provide such report to each Revolving Lender. 
 (c) Expiration Date. 
 (i) Each Letter of Credit shall expire at or prior to the close of business on the earlier of (x) in the case of a Standby Letter of
Credit, (1) the date which is one year after the date of the issuance of such Standby Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (2) the Letter of Credit Expiration
Date and (y) in the case of a Commercial Letter of Credit, (1) the date that is 180 days after the date of issuance of such Commercial Letter of Credit (or, in the case of any renewal or extension thereof, 180 days after such renewal or
extension) and (2) the Letter of Credit Expiration Date. 
  

 49 

 (ii) If a Borrower so requests in any Letter of Credit Request, the Issuing Bank may, in
its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”); 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, no Borrower shall 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 Revolving 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 the earlier of (x) one year from
the date of such renewal and (y) the Letter of Credit Expiration Date; provided that the Issuing Bank shall not permit any such renewal if (1) the Issuing Bank has determined that it would have no obligation at such time to issue
such Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of Section 2.17(1) or otherwise), or (2) it has received notice on or before the day that is two Business Days before the date which has
been agreed upon pursuant to the proviso of the first sentence of this paragraph, (a) from the Administrative Agent that any Revolving Lender directly affected thereby has elected not to permit such renewal or (b) from the Administrative
Agent, any Lender or a Borrower that one or more of the applicable conditions specified in Section 4.02 are not then satisfied. 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby
irrevocably grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Revolving Lender’s Pro Rata Percentage of the aggregate amount available to be
drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Revolving
Lender’s Pro Rata Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by Borrowers on the date due as provided in Section 2.17(e), or of any reimbursement payment required to be refunded to Borrowers 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, or expiration, termination or cash collateralization of any Letter of
Credit and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (e)
Reimbursement. 
 (i) If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, Borrowers
jointly and severally shall reimburse such LC Disbursement by paying to the Issuing Bank an amount equal to such LC Disbursement not later than 3:00 p.m., New York City time, on the date that such LC Disbursement is made if Borrowers shall have
received notice of such LC Disbursement prior to 11:00 a.m., New York City time, on such date, or, if such notice has not been received by Borrowers prior to such time on such date, then not later than 3:00 p.m., New York City time, on the Business
Day immediately following the day that Borrowers receive such notice; provided that Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with
ABR Loans or 

  

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Swingline Loans in an equivalent amount and, to the extent so financed, Borrowers’ obligations to make such payment shall be discharged and replaced by
the resulting ABR Loans or Swingline Loans. 
 (ii) If a Borrower fails to make such payment when due, the Issuing Bank shall
notify the Administrative Agent and the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from such Borrower in respect thereof and such Revolving Lender’s Pro Rata Percentage
thereof. Each Revolving Lender shall pay by wire transfer of immediately available funds to the Administrative Agent not later than 2:00 p.m., New York City time, on such date (or, if such Revolving Lender shall have received such notice later than
12:00 noon, New York City time, on any day, not later than 11:00 a.m., New York City time, on the immediately following Business Day), an amount equal to such Revolving Lender’s Pro Rata Percentage of the unreimbursed LC Disbursement in the
same manner as provided in Section 2.02(c) with respect to Revolving Loans made by such Revolving Lender, and the Administrative Agent will promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. The
Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from Borrowers pursuant to the above paragraph prior to the time that any Revolving Lender makes any payment pursuant to the preceding sentence and any such
amounts received by the Administrative Agent from Borrowers thereafter will be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made such payments and to the Issuing Bank, as appropriate. 
 (iii) If any Revolving Lender shall not have made its Pro Rata Percentage of such LC Disbursement available to the Administrative Agent as
provided above, each of such Revolving Lender severally, and each Borrower jointly and severally, agrees to pay interest on such amount, for each day from and including the date such amount is required to be paid in accordance with the foregoing to
but excluding the date such amount is paid, to the Administrative Agent for the account of the Issuing Bank at (i) in the case of a Borrower, the rate per annum set forth in Section 2.17(h) and (ii) in the case of such Lender,
at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on interbank compensation. 
 (f)
Obligations Absolute. The Reimbursement Obligation of Borrowers as provided in Section 2.17(e) shall be joint and several, absolute, unconditional and irrevocable, and shall be paid and 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 being proved to be forged, fraudulent, invalid or insufficient 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 fails to comply with the terms of such Letter of Credit; (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 2.17, constitute a legal or equitable discharge of, or provide a right of setoff against, the obligations of Borrowers hereunder; (v) the fact that a Default shall have occurred and be continuing; or (vi) any
material adverse change in the business, property, results of operations, prospects or condition, financial or otherwise, of any Borrower and its Subsidiaries. None of the Agents, the Lenders, the Issuing Bank or any of their Affiliates 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 

  

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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 Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by Borrowers to
the extent permitted by applicable Requirements of Law) suffered by Borrowers that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have
exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties 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 give written notice to the
Administrative Agent and Borrowers 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 any Borrower of
its Reimbursement Obligation to the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement (other than with respect to the timing of such Reimbursement Obligation set forth in Section 2.17(e)). 
 (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless Borrowers shall reimburse such LC Disbursement in full on
the date such LC Disbursement is made, the unpaid amount thereof shall bear interest payable on demand, for each day from and including the date such LC Disbursement is made to but excluding the date that Borrowers reimburse such LC Disbursement, at
the rate per annum determined pursuant to Section 2.06(c). Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender
pursuant to Section 2.17(e) to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 
 (i) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that Borrowers receive notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been
accelerated, Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, Borrowers shall deposit on terms and in accounts satisfactory to the
Collateral Agent, in the name of the Collateral Agent and for the benefit of the Revolving Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to
deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to a Borrower described
in Section 8.01(g) or (h). Funds so deposited shall be applied by the Collateral 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 outstanding Reimbursement Obligations or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to
satisfy other Obligations of Borrowers under this Agreement. If Borrowers are required to provide 

  

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an amount of cash collateral hereunder, such amount plus any accrued interest or realized profits with respect to such amounts (to the extent not
applied as aforesaid) shall be returned to Borrowers within three Business Days after all Events of Default have been cured or waived. 
 (j)
Additional Issuing Banks. Borrowers may, at any time and from time to time, designate one or more additional Revolving Lenders to act as an issuing bank under the terms of this Agreement, with the consent of the Administrative Agent (which
consent shall not be unreasonably withheld), the Issuing Bank and such Revolving Lender(s). Any Lender designated as an issuing bank pursuant to this paragraph (j) shall be deemed (in addition to being a Revolving Lender) to be the Issuing Bank
with respect to Letters of Credit issued or to be issued by such Revolving Lender, and all references herein and in the other Loan Documents to the term “Issuing Bank” shall, with respect to such Letters of Credit, be deemed to refer to
such Revolving Lender in its capacity as Issuing Bank, as the context shall require. 
 (k) Resignation or Removal of the Issuing
Bank. The Issuing Bank may resign as Issuing Bank hereunder at any time upon at least 30 days’ prior notice to the Lenders, the Administrative Agent and Borrowers. The Issuing Bank may be replaced at any time by written agreement among
Borrowers, each Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank or any such additional Issuing Bank. At the time any such resignation or
replacement shall become effective, Borrowers jointly and severally shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.05(d). From and after the effective date of any such resignation or
replacement or addition, as applicable, (i) the successor or additional 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 by it thereafter and
(ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or such addition or to any previous Issuing Bank, or to such successor or such addition and all previous Issuing Banks, as the context shall
require. After the resignation or replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to
Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. If at any time there is more than one Issuing Bank hereunder, a Borrower may, in its discretion, select which
Issuing Bank is to issue any particular Letter of Credit. 
 (l) Other. The Issuing Bank shall be under no obligation to issue any
Letter of Credit if 
 (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms
purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Requirement of Law applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with
jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which the Issuing Bank in good faith deems material to it; or 
 (ii) the issuance of such
Letter of Credit would violate one or more policies of the Issuing Bank. 
  

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 The Issuing Bank shall be under no obligation to amend any Letter of Credit if (A) the Issuing Bank would have no
obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 
 SECTION 2.18 Determination of Borrowing Base. 
 (a) Eligible Accounts. On any date of determination of the Borrowing Base, all of the Accounts owned by a Borrower and reflected in the most recent Borrowing Base Certificate delivered by the Borrowers to the
Collateral Agent and the Administrative Agent shall be “Eligible Accounts” for the purposes of this Agreement, except any Account to which any of the exclusionary criteria set forth below applies. Eligible Accounts shall not include any of
the following Accounts: 
 (i) any Account in which the Collateral Agent, on behalf of the Secured Parties, does not have a
valid, perfected First Priority Lien; 
 (ii) any Account that is not owned by a Borrower; 
 (iii) any Account due from an Account Debtor that is not domiciled in the United States or Canada and (if not a natural person) organized
under the laws of the United States or any political subdivision thereof, unless such Account is fully-secured by a commercial letter of credit in form and substance acceptable to the Collateral Agent; 
 (iv) any Account that is payable in any currency other than Dollars; 
 (v) any Account that does not arise from the sale of goods or the performance of services by a Borrower in the ordinary course of its
business; 
 (vi) any Account that does not comply with all applicable legal requirements, including, without limitation, all
laws, rules, regulations and orders of any Governmental Authority (including any Account due from an Account Debtor located in a jurisdiction which requires that a Borrower, as applicable, register as a foreign organization, unless such Borrower (at
the time the Account was created and at all times thereafter) (i) had filed and has maintained effective a current notice of business activities report with the appropriate office or agency in any such jurisdiction which requires that such
Borrower register as a foreign organization, or (ii) was and has continued to be exempt from filing such report and has provided the Lenders with satisfactory evidence thereof); 
 (vii) any Account (a) upon which the right of a Borrower to receive payment is not absolute or is contingent upon the fulfillment of
any condition whatsoever unless such condition is satisfied or (b) as to which a Borrower is not able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial or administrative process or (c) that
represents a progress billing consisting of an invoice for goods sold or used or services rendered pursuant to a contract under which the Account Debtor’s obligation to pay that invoice is subject to a Borrower’s completion of further
performance under such contract or is subject to the equitable lien of a surety bond issuer; 
 (viii) to the extent that any
defense, counterclaim, setoff or dispute is asserted as to such Account, it being understood that the amount of any such defense, counterclaim, setoff or dispute shall be disclosed to the Collateral Agent and that the remaining balance of the
Account shall be eligible; 
  

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 (ix) any Account that is not a true and correct statement of bona fide indebtedness
incurred in the amount of the Account for merchandise sold to or services rendered and accepted by the applicable Account Debtor; 
 (x) any Account with respect to which an invoice or other electronic transmission constituting a request for payment, reasonably acceptable to the Collateral Agent in form and substance, has not been sent on a timely basis to the applicable
Account Debtor according to the normal invoicing and timing procedures of a Borrower; 
 (xi) any Account that arises from a
sale to any director, officer, other employee or Affiliate of a Borrower; 
 (xii) any Account that arises with respect to
goods that are delivered on a bill-and-hold, cash-on-delivery basis or while placed on consignment, guaranteed sale or other terms by reason of which the payment by the Account Debtor is or may be conditional; 
 (xiii) any Account that is in default; provided, that, without limiting the generality of the foregoing, an Account shall be deemed
in default upon the occurrence of any of the following: 
 (i) any Account (A) not paid within one hundred and twenty
(120) days following its original invoice date or (B) that is more than forty five (45) days past due according to its original terms of sale; or 
 (ii) the Account Debtor obligated upon such Account suspends business, makes a general assignment for the benefit of creditors or fails to
pay its debts generally as they come due; or 
 (iii) a petition is filed by or against any Account Debtor obligated upon such
Account under any bankruptcy law or any other federal, state or foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors, provided that the Collateral Agent, in its sole discretion, may
decide to include any such Account described in this subsection (iii) as an Eligible Account; 
 (xiv) any Account that
is the obligation of an Account Debtor (other than an individual) if 50% or more of the Dollar amount of all Accounts owing by that Account Debtor are ineligible under the other criteria set forth in this Section 2.18; 
 (xv) any Account as to which any of the representations or warranties in the Loan Documents are untrue; 
 (xvi) to the extent such Account is evidenced by a judgment, Instrument or Chattel Paper; 
 (xvii) to the extent such Account exceeds any credit limit established by the Collateral Agent, in its Permitted Discretion, following
prior notice of such limit by the Collateral Agent to the Borrower; 
  

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 (xviii) that portion of any Account (1) in respect of which there has been, or
should have been, established by a Borrower a contra account, whether in respect of contractual allowances with respect to such Account, audit adjustment, anticipated discounts or otherwise, or (2) which is due from an Account Debtor to whom a
Borrower owes a trade payable, but only to the extent of such trade payable or (3) which a Borrower knows is subject to the exercise by an Account Debtor of any right of recession, set-off, recoupment, counterclaim or defense; or 
 (xix) any Account on which the Account Debtor is a Governmental Authority, unless a Borrower has assigned its rights to payment of such
Account to the Administrative Agent pursuant to the Assignment of Claims Act of 1940, as amended, in the case of a federal Governmental Authority, and pursuant to applicable law, if any, in the case of any other Governmental Authority, and such
assignment has been accepted and acknowledged by the appropriate government officers. 
 (b) Eligible Inventory. For purposes of this
Agreement, Eligible Inventory shall mean any finished goods Inventory held for sale in the ordinary course, work-in-process Inventory and raw materials, in each case owned a Borrower, but shall exclude any Inventory to which any of the exclusionary
criteria set forth below applies. Eligible Inventory shall not include any Inventory of a Borrower that: 
 (i) the Collateral
Agent, on behalf of Secured Parties, does not have a valid, perfected First Priority Lien on such Inventory; 
 (ii)
(1) is stored at a location where the aggregate value of Inventory exceeds $250,000 unless the Collateral Agent has given its prior consent thereto and unless either (x) a Landlord Access Agreement has been delivered to the Collateral
Agent, or (y) Reserves reasonably satisfactory to the Collateral Agent have been established with respect thereto or (2) is stored with a bailee or warehouseman where the aggregate value of Inventory exceeds $250,000 unless either
(x) an acknowledged bailee waiver letter which is in form and substance satisfactory to the Collateral Agent and the Administrative Agent has been received by the Collateral Agent or (y) Reserves reasonably satisfactory to the Collateral
Agent have been established with respect thereto, or (3) is located at an owned location subject to a mortgage in favor of a lender other than the Collateral Agent where the aggregate value of Inventory exceeds $250,000 unless either
(x) mortgagee waiver which is in form and substance satisfactory to the Collateral Agent and the Administrative Agent has been delivered to the Collateral Agent or (y) Reserves reasonably satisfactory to the Collateral Agent have been
established with respect thereto; 
 (iii) is placed on consignment, unless a valid consignment agreement which is reasonably
satisfactory to Collateral Agent is in place with respect to such Inventory; 
 (iv) is covered by a negotiable document of
title, unless such document has been delivered to the Collateral Agent with all necessary endorsements, free and clear of all Liens except those in favor of the Collateral Agent and the Lenders and landlords, carriers, bailees and warehousemen if
clause (ii) above has been complied with; 
 (v) is to be returned to suppliers; 
 (vi) is obsolete, unsalable, shopworn, seconds, damaged or unfit for sale; 
  

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 (vii) consists of display items, samples or packing or shipping materials, manufacturing
supplies or replacement parts; 
 (viii) is not of a type held for sale in the ordinary course of such Borrower’s
business; 
 (ix) breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents;

 (x) consists of Hazardous Material or goods that can be transported or sold only with licenses that are not readily
available; 
 (xi) is not covered by casualty insurance maintained as required by Section 5.04; or 
 (xii) is subject to any licensing arrangement the effect of which would be to limit the ability of Collateral Agent, or any person selling
the Inventory on behalf of Collateral Agent, to sell such Inventory in enforcement of the Collateral Agent’s Liens, without further consent or payment to the licensor or other. 
 (c) Eligible Metals. Eligible Metals shall mean any Metals owned by a Borrower which is acceptable to Collateral Agent in its reasonable credit
judgment for lending purposes. Without limiting Collateral Agent’s discretion, Eligible Metals shall not include any Metals of a Borrower that: 
 (i) is not located at one of the business locations in the United States of such Persons set forth on Schedule 1.01(d); 
 (ii) the Collateral Agent, on behalf of Secured Parties, does not have a valid, perfected First Priority Lien First Priority Lien on such Metals; 
 (iii) is not owned by such Borrower free and clear of all liens and rights of any other Person, except the valid, perfected First Priority
Liens in favor of Collateral Agent and, in the case of Platinum, Liens on such Platinum securing obligations under the Consignment Agreement (provided the Metals Intercreditor Agreement is then in effect); 
 (iv) breaches any of the representations or warranties pertaining to such property set forth in this Agreement or the other Loan
Documents; 
 (v) is not covered by insurance reasonably acceptable to Collateral Agent and Collateral Agent has not received
evidence of the properly or casualty insurance required by this Agreement with respect to such Metals; 
 (vi) such Borrower
does not have good, valid, and marketable title thereto; 
 (vii) is located on real property leased by a Borrower, unless
such Metals are subject to a Landlord Access Agreement executed by the lessor, or other third party, as the case may be; 
 (viii) is subject to a lease with any person (other than a Borrower, provided, that the Lien on and security interest in the related lease shall be granted to the Collateral Agent and Collateral Agent shall have received all control
agreements and instruments and all actions shall be taken as reasonably requested by the Collateral Agent to perfect the Collateral Agent’s security interest in and other rights with respect to such lease); or 
  

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 (ix) is located at an owned location subject to a mortgage or other financing arrangement
in favor of a lender other than the Collateral Agent (unless a reasonably satisfactory mortgagee waiver or similar waiver and/or consent has been delivered to the Collateral Agent). 
 (d) Notwithstanding any of the other provisions of this Section 2.18, the Collateral Agent and the Administrative Agent reserve the right, at
any time and from time to time after the Closing Date, to adjust the criteria set forth above in this Section 2.18, to establish new criteria and to adjust the applicable advance rate with respect to Eligible Accounts, Eligible Inventory
and Eligible Metals in their collective Permitted Discretion, subject to the approval of the Supermajority Lenders in the case of adjustments, new criteria or changes in the applicable advance rates which, when compared to such criteria or such
advance rates as provided herein on the Closing Date, have the effect of making more credit available. In addition, the Collateral Agent and the Administrative Agent shall have the right to establish, modify or eliminate Reserves against
Availability, Eligible Accounts, Eligible Inventory and Eligible Metals (including, without limitation, for estimates, chargeback or other accrued liabilities or offsets and amounts to adjust for material claims, offsets, defenses or counterclaims
or other material disputes described in Section 9.01) from time to time in their collective Permitted Discretion. 
 ARTICLE
III 
 REPRESENTATIONS AND WARRANTIES 
 Each Loan Party represents and warrants to the Administrative Agent, the Collateral Agent, the Issuing Bank and each of the Lenders (with references to the Companies being references thereto after giving effect to the
Transactions unless otherwise expressly stated) that: 
 SECTION 3.01 Organization; Powers. Each Company (a) is duly
organized and validly existing under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to carry on its business as now conducted and to own and lease its property and (c) is qualified and in good
standing (to the extent such concept is applicable in the applicable jurisdiction) to do business in every jurisdiction where such qualification is required, except in such jurisdictions where the failure to so qualify or be in good standing,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. There is no existing default under any Organizational Document of any Company or any event which, with the giving of notice or passage of time
or both, would constitute a default by any party thereunder. 
 SECTION 3.02 Authorization; Enforceability. The Transactions
to be entered into by each Loan Party are within such Loan Party’s powers and have been duly authorized by all necessary action on the part of such Loan Party. This Agreement has been duly executed and delivered by each Loan Party and
constitutes, and each other Loan Document to which any Loan Party is to be a party, when executed and delivered by such Loan Party, will 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.

 SECTION 3.03 No Conflicts. Except as set forth on Schedule 3.03, the Transactions (a) do not require any
consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, (ii) filings necessary to perfect Liens created by the
Loan Documents and (iii) consents, approvals, registrations, filings, permits or actions the failure to obtain or perform which could not reasonably be 

  

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expected to result in a Material Adverse Effect, (b) will not violate the Organizational Documents of any Company, (c) will not violate any
Requirement of Law, (d) will not violate or result in a default or require any consent or approval under any indenture, agreement or other instrument binding upon any Company or its property, or give rise to a right thereunder to require any
payment to be made by any Company, except for violations, defaults or the creation of such rights that could not reasonably be expected to result in a Material Adverse Effect, and (e) will not result in the creation or imposition of any Lien on
any property of any Company, except Liens created by the Loan Documents and Permitted Liens. 
 SECTION 3.04 Financial Statements;
Projections. 
 (a) Historical Financial Statements. Parent Borrower has heretofore delivered to the Lenders the consolidated
balance sheets and related statements of income, stockholders’ equity and cash flows of Parent Borrower (i) as of and for the fiscal years ended December 31, 2005, audited by and accompanied by the unqualified opinion of independent
public accountants of recognized national standing reasonably satisfactory to the Administrative Agent and (ii) as of and for each fiscal month for the six-month period ended June 30, 2006, in each case, certified by the chief financial
officer of Parent Borrower. Such financial statements and all financial statements delivered pursuant to Sections 5.01(a) and (b) have been prepared in accordance with GAAP and present fairly and accurately, in all material
respects, the financial condition and results of operations and cash flows of Parent Borrower as of the dates and for the periods to which they relate, subject to any adjustments related to consummation of the Transactions and normal year-end audit
adjustments. 
 (b) No Liabilities. Except as set forth in the financial statements referred to in Section 3.04(a), there are
no liabilities of any Company of any kind, whether accrued, contingent, absolute, determined, determinable or otherwise, which could reasonably be expected to result in a Material Adverse Effect, and there is no existing condition, situation or set
of circumstances which could reasonably be expected to result in such a liability, other than liabilities under the Loan Documents Since June 30, 2006, there has been no event, change, circumstance or occurrence that, individually or in the
aggregate, has had or could reasonably be expected to result in a Material Adverse Effect. 
 (c) Pro Forma Financial Statements.
Parent Borrower has heretofore delivered to the Lenders the Parent Borrower’s unaudited pro forma consolidated balance sheet and statements of income and cash flows and pro forma EBITDA, for the twelve-month period ended
June 30, 2006, in each case after giving effect to the Transactions as if they had occurred on such date in the case of the balance sheet and as of the beginning of all periods presented in the case of the statements of income and cash flows
but without giving effect to fresh-start accounting adjustments. Such pro forma financial statements have been prepared in good faith by the Loan Parties, based on the assumptions stated therein, are based on the best information available to
the Loan Parties as of the date of delivery thereof, accurately reflect all adjustments required to be made to give effect to the Transactions, in form and substance reasonably acceptable to the Administrative Agent, and present fairly in all
material respects the pro forma consolidated financial position and results of operations of Parent Borrower as of such date and for such periods, assuming that the Transactions had occurred at such dates. 
 (d) Forecasts. The forecasts of financial performance of Holdings and its subsidiaries furnished to the Lenders (including for the Parent Borrower
and its subsidiaries on an annual basis through 2011 and on a quarterly basis through 2007) have been prepared in good faith by Parent Borrower and based on assumptions believed by Parent Borrower to reasonable, without giving effect to fresh-start
accounting. 
  

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 SECTION 3.05 Properties. 
 (a) Generally. Each Company has good title to, or valid leasehold interests in, all its property material to its business, free and clear of all
Liens except for, in the case of Collateral, Permitted Collateral Liens and, in the case of all other material property, Permitted Liens and minor irregularities or deficiencies in title that, individually or in the aggregate, do not interfere with
its ability to conduct its business as currently conducted or to utilize such property for its intended purpose. The property of the Companies, taken as a whole, (i) is in good operating order, condition and repair (ordinary wear and tear
excepted) and (ii) constitutes all the property which is required for the business and operations of the Companies as presently conducted. 
 (b) Real Property. Schedules 8(a) and 8(b) to the Perfection Certificate dated the Closing Date contain a true and complete list of each interest in Real Property (i) owned by any Company as of the date hereof and
describes the type of interest therein held by such Company and whether such owned Real Property is leased and if leased whether the underlying Lease contains any option to purchase all or any portion of such Real Property or any interest therein or
contains any right of first refusal relating to any sale of such Real Property or any portion thereof or interest therein and (ii) leased, subleased or otherwise occupied or utilized by any Company, as lessee, sublessee, franchisee or licensee,
as of the date hereof and describes the type of interest therein held by such Company and, in each of the cases described in clauses (i) and (ii) of this Section 3.05(b), whether any Lease requires the consent of the landlord
or tenant thereunder, or other party thereto, to the Transactions. 
 (c) No Casualty Event. No Company has received any notice of,
nor has any knowledge of, the occurrence or pendency or contemplation of any Casualty Event affecting all or any material portion of its property. No Mortgage encumbers improved Real Property that is located in an area that has been identified by
the Secretary of Housing and Urban Development as an area having special flood hazards within the meaning of the National Flood Insurance Act of 1968 unless flood insurance available under such Act has been obtained in accordance with Section
5.04. 
 (d) Collateral. Each Company owns or has rights to use all of the Collateral and all rights with respect to any of the
foregoing used in, necessary for or material to each Company’s business as currently conducted. The use by each Company of such Collateral and all such rights with respect to the foregoing do not infringe on the rights of any person other than
such infringement which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No claim has been made and remains outstanding that any Company’s use of any Collateral does or may violate the
rights of any third party that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.06 Intellectual Property. 
 (a) Ownership/No Claims. Each Loan Party owns, or is licensed to use, all
patents, patent applications, trademarks, trade names, service marks, copyrights, technology, trade secrets, proprietary information, domain names, know-how and processes necessary for the conduct of its business as currently conducted (the
“Intellectual Property”), except for those the failure to own or license which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No claim has been asserted and is pending by
any person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does any Loan Party know of any valid basis for any such claim. The use of such Intellectual
Property by each Loan Party does not infringe the rights of any person, except for such claims and infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  

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 (b) Registrations. Except pursuant to licenses and other user agreements entered into by each Loan
Party in the ordinary course of business that are listed in Schedule 12(a) or 12(b) to the Perfection Certificate, on and as of the date hereof (i) each Loan Party owns and possesses the right to use, and has done nothing to
authorize or enable any other person to use, any copyright, patent or trademark (as such terms are defined in the Security Agreement) listed in Schedule 12(a) or 12(b) to the Perfection Certificate and (ii) all registrations
listed in Schedule 12(a) or 12(b) to the Perfection Certificate are valid and in full force and effect. 
 (c) No Violations or
Proceedings. To each Loan Party’s knowledge, on and as of the date hereof, there is no material violation by others of any right of such Loan Party with respect to any copyright, patent or trademark listed in Schedule 12(a) or
12(b) to the Perfection Certificate, pledged by it under the name of such Loan Party except as may be set forth on Schedule 3.06(c). 
 SECTION 3.07 Equity Interests and Subsidiaries. 
 (a) Equity Interests. Schedules 1(a) and 10(a)
to the Perfection Certificate dated the Closing Date set forth a list of (i) all the Subsidiaries of Holdings and their jurisdictions of organization as of the Closing Date and (ii) the number of each class of its Equity Interests
authorized, and the number outstanding, on the Closing Date and the number of shares covered by all outstanding options, warrants, rights of conversion or purchase and similar rights at the Closing Date. All Equity Interests of each Company are duly
and validly issued and are fully paid and non-assessable, and, other than the Equity Interests of Parent Borrower, are owned by Parent Borrower, directly or indirectly through Wholly Owned Subsidiaries. All Equity Interests of Parent Borrower are
owned directly by Holdings. Each Loan Party is the record and beneficial owner of, and has good and marketable title to, the Equity Interests pledged by it under the Security Agreement, free of any and all Liens, rights or claims of other persons,
except the security interest created by the Security Agreement, and there are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or property that is
convertible into, or that requires the issuance or sale of, any such Equity Interests. 
 (b) No Consent of Third Parties Required. No
consent of any person including any other general or limited partner, any other member of a limited liability company, any other shareholder or any other trust beneficiary is necessary or reasonably desirable (from the perspective of a secured
party) in connection with the creation, perfection or first priority status of the security interest of the Collateral Agent in any Equity Interests pledged to the Collateral Agent for the benefit of the Secured Parties under the Security Agreement
or the exercise by the Collateral Agent of the voting or other rights provided for in the Security Agreement or the exercise of remedies in respect thereof. 
 (c) Organizational Chart. An accurate organizational chart, showing the ownership structure of Holdings, Parent Borrower and each Subsidiary on the Closing Date, and after giving effect to the Transactions, is
set forth on Schedule 10(a) to the Perfection Certificate dated the Closing Date. 
 SECTION 3.08 Litigation; Compliance with
Laws. There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority now pending or, to the knowledge of any Company, threatened against or affecting any Company or any business, property or rights of
any Company (i) that involve any Loan Document or any of the Transactions or (ii) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably 

  

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be expected, individually or in the aggregate, to result in a Material Adverse Effect. Except for matters covered by Section 3.18, no Company or
any of its property is in violation of, nor will the continued operation of its property as currently conducted violate, any Requirements of Law (including any zoning or building ordinance, code or approval or any building permits) or any
restrictions of record or agreements affecting any Company’s Real Property or is in default with respect to any Requirement of Law, where such violation or default, individually or in the aggregate, could reasonably be expected to result in a
Material Adverse Effect. 
 SECTION 3.09 Agreements. No Company is a party to any agreement or instrument or subject to any
corporate or other constitutional restriction that has resulted or could reasonably be expected to result in a Material Adverse Effect. No Company is in default in any manner under any provision of any indenture or other agreement or instrument
evidencing Indebtedness, or any other agreement or instrument to which it is a party or by which it or any of its property is or may be bound, where such default could reasonably be expected to result in a Material Adverse Effect, and no condition
exists which, with the giving of notice or the lapse of time or both, would constitute such a default. Schedule 3.09 accurately and completely lists all material agreements (other than leases of Real Property set forth on Schedule 8(a)
or 8(b) to the Perfection Certificate dated the Closing Date) to which any Company is a party which are in effect on the date hereof in connection with the operation of the business conducted thereby and Parent Borrower has delivered to the
Administrative Agent complete and correct copies of all such material agreements, including any amendments, supplements or modifications with respect thereto, and all such agreements are in full force and effect. 
 SECTION 3.10 Federal Reserve Regulations. No Company is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of buying or carrying Margin Stock. No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that
entails a violation of, or that is inconsistent with, the provisions of the regulations of the Board, including Regulation T, U or X. The pledge of the Securities Collateral pursuant to the Security Agreement does not violate such regulations.

 SECTION 3.11 Investment Company Act. No Company is an “investment company” or a company “controlled” by
an “investment company,” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 
 SECTION 3.12 Use of Proceeds. Borrowers will (a) use the proceeds of the Revolving Loans on the Closing Date to effect the Refinancing and pay reasonable related fees and expenses and (b) will use the proceeds of the
Loans after the Closing Date for general corporate purposes (including to effect Permitted Acquisitions), it being understood that no more than $10,000,000 in Revolving Loans shall be made on the Closing Date. 
 SECTION 3.13 Taxes. Except as set forth on Schedule 3.13, each Company has (a) timely filed or caused to be timely filed all
federal Tax Returns and all material state, local and foreign Tax Returns or materials required to have been filed by it and all such Tax Returns are true and correct in all material respects and (b) duly and timely paid, collected or remitted
or caused to be duly and timely paid, collected or remitted all Taxes (whether or not shown on any Tax Return) due and payable, collectible or remittable by it and all assessments received by it, except Taxes (i) that are being contested in
good faith by appropriate proceedings and for which such Company has set aside on its books adequate reserves in accordance with GAAP and (ii) which could not, individually or in the aggregate, have a Material Adverse Effect. Each Company has
made adequate provision in accordance with GAAP for all 

  

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Taxes not yet due and payable. Each Company is unaware of any proposed or pending tax assessments, deficiencies or audits that could be reasonably expected
to, individually or in the aggregate, result in a Material Adverse Effect. No Company has ever been a party to any understanding or arrangement constituting a “tax shelter” within the meaning of Section 6111(c), Section 6111(d)
or Section 6662(d)(2)(C)(iii) of the Code, or has ever “participated” in a “reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4, except as could not be reasonably expected to, individually
or in the aggregate, result in a Material Adverse Effect. 
 SECTION 3.14 No Material Misstatements. No information, report,
financial statement, certificate, Borrowing Request, LC Request, exhibit or schedule furnished by or on behalf of any Company to the Administrative Agent or any Lender in connection with the negotiation of any Loan Document or included therein or
delivered pursuant thereto, taken as a whole, contained or contains any material misstatement of fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were or
are made, not misleading as of the date such information is dated or certified; provided that to the extent any such information, report, financial statement, exhibit or schedule was based upon or constitutes a forecast or projection, each
Company represents only that it acted in good faith and utilized reasonable assumptions and due care in the preparation of such information, report, financial statement, exhibit or schedule. 
 SECTION 3.15 Labor Matters. Except as set forth in Schedule 3.15, as of the Closing Date, there are no strikes, lockouts or
slowdowns against any Company pending or, to the knowledge of any Company, threatened. The hours worked by and payments made to employees of any Company have not been in violation of the Fair Labor Standards Act of 1938, as amended, or any other
applicable federal, state, local or foreign law dealing with such matters in any manner which could reasonably be expected to result in a Material Adverse Effect. All payments due from any Company, or for which any claim may be made against any
Company, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such Company except where the failure to do so 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 to which any Company is bound. 
 SECTION 3.16 Solvency. (a) On the Closing Date, and immediately after the consummation of the Transactions to occur on the Closing
Date and immediately following the making of each Loan made on the Closing Date and after giving effect to the application of the proceeds of each Loan made on the Closing Date and the operation of the Contribution, Incentive and Offset Agreement,
(i) the fair value of the properties of each Loan Party (individually and on a consolidated basis with its Subsidiaries) will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of
the property of each Loan Party (individually and on a consolidated basis with its Subsidiaries) will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute and matured; (iii) each Loan Party (individually and on a consolidated basis with its Subsidiaries) will be able to pay its debts and liabilities, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured; and (iv) each Loan Party (individually and on a consolidated basis with its Subsidiaries) will not have unreasonably small capital with which to conduct its business in which
it is engaged as such business is now conducted and is proposed to be conducted following the Closing Date. 
 (b) Immediately following the
making of each Loan after the Closing Date and after giving effect to the application of the proceeds of each Loan made after the Closing Date, (i) the fair value of 

  

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the properties of the Loan Parties (on a consolidated basis) will exceed their debts and liabilities, subordinated, contingent or otherwise; (ii) the
present fair saleable value of the property of the Loan Parties (on a consolidated basis) will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute and matured; (iii) the Loan Parties (on a consolidated basis) will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities
become absolute and matured; and (iv) the Loan Parties (on a consolidated basis) will not have unreasonably small capital with which to conduct their business in which they are engaged as such business is now conducted and is proposed to be
conducted following the Closing Date. 
 SECTION 3.17 Employee Benefit Plans. Schedule 3.17 lists (i) all ERISA
Affiliates and (ii) all Plans and separately identifies all Title IV Plans, Multiemployer Plans, and Retiree Welfare Plans. Copies of all such listed Plans, together with a copy of the latest IRS/DOL 5500-series form for each such Plan, have
been delivered to Administrative Agent. Each Plan intended to be qualified under Code Section 401 has been determined by the IRS to qualify under Section 401 of the Code, the trusts created thereunder have been determined to be exempt from
tax under the provisions of Sections 501 of the Code, and to the knowledge of each Company nothing has occurred that would cause the loss of such qualification or tax-exempt status. Except where noncompliance could not reasonably be expected to have
a Material Adverse Effect, each of the Plans is in compliance with ERISA and the Code and each Company and each ERISA Affiliate is in compliance with the requirements of each Plan and no Company nor any of its ERISA Affiliates has incurred any
accumulated funding deficiency with respect to any such Plan within the meaning of ERISA or the Code. No Company or, to each Company’s knowledge, any of its ERISA Affiliates has made any promises of retirement or other benefits to employees,
except as set forth in the Plans and except where any promise of benefits could not reasonably be expected to have a Material Adverse Effect. No Company or ERISA Affiliate maintains, contributes to or has an obligation to contribute to or within the
last six years, has maintained or had an obligation to contribute to any Title IV Plan or Multiemployer Plan. No ERISA Event has occurred and is continuing with respect to any such Plan. There are no pending, or to the knowledge of any Company,
threatened claims (other than claims for benefits in the normal course), sanctions, actions or lawsuits, asserted or instituted against any Plan or any person as fiduciary (as defined in Section 3(21) of ERISA) or sponsor of any Plan.

 To the extent applicable, each Foreign Plan has been maintained in substantial compliance with its terms and with the requirements of any
and all applicable Requirements of Law and has been maintained, where required, in good standing with applicable regulatory authorities. No Company has incurred any material obligation in connection with the termination of or withdrawal from any
Foreign Plan. The present value of the accrued benefit liabilities, if material, (whether or not vested) under each Foreign Plan which is funded, determined as of the end of the most recently ended fiscal year of the respective Company on the basis
of actuarial assumptions, each of which is reasonable, did not exceed the current value of the property of such Foreign Plan, and for each Foreign Plan which is not funded, the obligations of such Foreign Plan are properly accrued. 
 SECTION 3.18 Environmental Matters. 
 (a) Except as set forth in Schedule 3.18 and except as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect: 
 (i) The Companies and their businesses, operations and Real Property are in compliance with, and the Companies have no liability under,
any applicable Environmental Law; and 

  

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under the currently effective business plan of the Companies, no expenditures or operational adjustments will be required in order to comply with applicable
Environmental Laws during the next five years; 
 (ii) The Companies have obtained all Environmental Permits required for the
conduct of their businesses and operations, and the ownership, operation and use of their property, under Environmental Law, all such Environmental Permits are valid and in good standing and, under the currently effective business plan of the
Companies, no expenditures or operational adjustments will be required in order to renew or modify such Environmental Permits during the next five years; 
 (iii) There has been no Release or threatened Release of Hazardous Material on, at, under or from any Real Property or facility presently or formerly owned, leased or operated by the Companies or their predecessors in
interest that could result in liability by the Companies under any applicable Environmental Law; 
 (iv) There is no
Environmental Claim pending or, to the knowledge of the Companies, threatened against the Companies, or relating to the Real Property currently or formerly owned, leased or operated by the Companies or their predecessors in interest or relating to
the operations of the Companies, and there are no actions, activities, circumstances, conditions, events or incidents that could form the basis of such an Environmental Claim; and 
 (v) No person with an indemnity or contribution obligation to the Companies relating to compliance with or liability under Environmental
Law is in default with respect to such obligation. 
 (b) Except as set forth in Schedule 3.18: 
 (i) No Company is obligated to perform any action or otherwise incur any expense under Environmental Law pursuant to any order, decree,
judgment or agreement by which it is bound or has assumed by contract, agreement or operation of law, and no Company is conducting or financing any Response pursuant to any Environmental Law with respect to any Real Property or any other location;

 (ii) No Real Property or facility owned, operated or leased by the Companies and, to the knowledge of the Companies, no
Real Property or facility formerly owned, operated or leased by the Companies or any of their predecessors in interest is (i) listed or proposed for listing on the National Priorities List promulgated pursuant to CERCLA or (ii) listed on
the Comprehensive Environmental Response, Compensation and Liability Information System promulgated pursuant to CERCLA or (iii) included on any similar list maintained by any Governmental Authority including any such list relating to petroleum;

 (iii) No Lien has been recorded or, to the knowledge of any Company, threatened under any Environmental Law with respect to
any Real Property or other assets of the Companies; 
 (iv) The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby will not require any notification, registration, filing, reporting, disclosure, investigation, remediation or cleanup pursuant to any Governmental Real Property Disclosure Requirements or any
other applicable Environmental Law; and 
  

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 (v) The Companies have made available to the Lenders all material records and files in
the possession, custody or control of, or otherwise reasonably available to, the Companies concerning compliance with or liability under Environmental Law, including those concerning the actual or suspected existence of Hazardous Material at Real
Property or facilities currently or formerly owned, operated, leased or used by the Companies. 
 SECTION 3.19 Insurance.
Schedule 3.19 sets forth a true, complete and correct description of all insurance maintained by each of the Borrowers and/or the Parent Borrower (for itself and its Subsidiaries) as of the Closing Date. All insurance maintained by each of
the Borrowers and/or the Parent Borrower (for itself and its Subsidiaries) is in full force and effect, all premiums have been duly paid, no Borrower has received notice of violation or cancellation thereof, the Premises, and the use, occupancy and
operation thereof, comply in all material respects with all Insurance Requirements, and there exists no default under any Insurance Requirement. The Parent Borrower and each of its Subsidiaries has insurance in such amounts and covering such risks
and liabilities as are customary for companies of a similar size engaged in similar businesses in similar locations. 
 SECTION 3.20
Security Documents. 
 (a) Security Agreement. The Security Agreement is effective to create in favor of the Collateral
Agent for the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, the Security Agreement Collateral and, when (i) financing statements and other filings in appropriate form are filed in the offices
specified on Schedule 7 to the Perfection Certificate and (ii) upon the taking of possession or control by the Collateral Agent of the Security Agreement Collateral with respect to which a security interest may be perfected only by possession
or control (which possession or control shall be given to the Collateral Agent to the extent possession or control by the Collateral Agent is required by each Security Agreement), the Liens created by the Security Agreement shall constitute fully
perfected Liens on, and security interests in, all right, title and interest of the grantors in the Security Agreement Collateral (other than such Security Agreement Collateral in which a security interest cannot be perfected under the UCC as in
effect at the relevant time in the relevant jurisdiction), in each case subject to no Liens other than Permitted Collateral Liens and Liens permitted under Section 6.02(p). 
 (b) PTO Filing; Copyright Office Filing. When the Security Agreement or a short form thereof is filed in the United States Patent and Trademark
Office and the United States Copyright Office, the Liens created by such Security Agreement shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the grantors thereunder in Patents (as defined in the
Security Agreement) registered or applied for with the United States Patent and Trademark Office or Copyrights (as defined in such Security Agreement) registered or applied for with the United States Copyright Office, as the case may be, in each
case subject to no Liens other than Permitted Collateral Liens and Liens permitted under Section 6.02(p). 
 (c) Mortgages.
Each Mortgage is effective to create, in favor of the Collateral Agent, for its benefit and the benefit of the Secured Parties, legal, valid and enforceable first priority Liens on, and security interests in, all of the Loan Parties’ right,
title and interest in and to the Mortgaged Properties thereunder and the proceeds thereof, subject only to Permitted Collateral Liens and Liens permitted under Section 6.02(p) or other Liens acceptable to the Collateral Agent, and when
the Mortgages are filed in the offices specified on Schedule 8(a) to the Perfection Certificate dated the Closing Date (or, in the case of any Mortgage executed and delivered after the date thereof in accordance with the provisions of
Sections 5.10 and 5.11, when such Mortgage is filed in the offices specified in the local counsel opinion delivered with respect thereto in accordance with the provisions of Sections 5.10 and 5.11), the 

  

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Mortgages shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the Loan Parties in the Mortgaged Properties
and the proceeds thereof, in each case prior and superior in right to any other person, other than Liens permitted by such Mortgage. 
 (d)
Valid Liens. Each Security Document delivered pursuant to Sections 5.10 and 5.11 will, upon execution and delivery thereof, be effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, legal,
valid and enforceable Liens on, and security interests in, all of the Loan Parties’ right, title and interest in and to the Collateral thereunder, and (i) when all appropriate filings or recordings are made in the appropriate offices as
may be required under applicable law and (ii) upon the taking of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or
control shall be given to the Collateral Agent to the extent required by any Security Document), such Security Document will constitute fully perfected Liens on, and security interests in, all right, title and interest of the Loan Parties in such
Collateral, in each case subject to no Liens other than the applicable Permitted Collateral Liens and Liens permitted under Section 6.02(p). 
 SECTION 3.21 Anti-Terrorism Law. 
 (a) No Loan Party and, to the knowledge of the Loan Parties,
none of its Affiliates is in violation of any Requirement of Law relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001
(the “Executive Order”), and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 
 (b) No Loan Party and to the knowledge of the Loan Parties, no Affiliate or broker or other agent of any Loan Party acting or benefiting in any capacity
in connection with the Loans is any of the following: 
 (i) a person that is listed in the annex to, or is otherwise subject
to the provisions of, the Executive Order; 
 (ii) a person owned or controlled by, or acting for or on behalf of, any person
that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (iii) a person with
which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (iv) a
person that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or 
 (v) a person that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”) at its official
website or any replacement website or other replacement official publication of such list. 
 (c) No Loan Party and, to the knowledge of the
Loan Parties, no broker or other agent of any Loan Party acting in any capacity in connection with the Loans (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any
person described in paragraph (b) above, (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (iii) engages in or conspires to engage in
any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 
  

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 SECTION 3.22 Location of Material Inventory. Schedule 3.22 sets forth all locations
in the United States where the aggregate value of Inventory owned by the Loan Parties exceeds $250,000. 
 SECTION 3.23 Accuracy of
Borrowing Base. At the time any Borrowing Base Certificate is delivered pursuant to this Agreement, each Account and each item of Inventory and Metals included in the calculation of the Borrowing Base satisfies all of the criteria stated
herein to be an Eligible Account, an item of Eligible Inventory and an Eligible Metal, respectively. 
 SECTION 3.24 Common
Enterprise. Holdings is the direct or indirect and beneficial owner and holder of all of the issued and outstanding Equity Interests in the Parent Borrower and the other Borrowers and Guarantors. Borrowers and Guarantors make up a related
organization of various entities constituting a single economic and business enterprise so that Borrowers and Guarantors share a substantial identity of interests such that any benefit received by any one of them benefits the others. Borrowers and
certain Guarantors render services to or for the benefit of the other Borrowers and/or the other Guarantors, as the case may be, purchase or sell and supply goods to or from or for the benefit of the others, make loans, advances and provide other
financial accommodations to or for the benefit of Borrowers and Guarantors (including, inter alia, the payment by Borrowers and Guarantors of creditors of Borrowers or Guarantors and guarantees by Borrowers and Guarantors of
indebtedness of Borrowers and Guarantors and provide administrative, marketing, payroll and management services to or for the benefit of Borrowers and Guarantors). Borrowers and Guarantors have centralized accounting, common officers and directors
and are in certain circumstances, identified to creditors as a single economic and business enterprise. 
 ARTICLE IV 
 CONDITIONS TO CREDIT EXTENSIONS 
 SECTION 4.01 Conditions to Initial Credit Extension. The obligation of each Lender and, if applicable, each Issuing Bank to fund the initial Credit Extension requested to be made by it shall be subject to the prior or
concurrent satisfaction of each of the conditions precedent set forth in this Section 4.01 (except as provided in Section 5.14). 
 (a) Loan Documents. All legal matters incident to this Agreement, the Credit Extension hereunder and the other Loan Documents shall be satisfactory to the Lenders, to the Issuing Bank and to the Administrative Agent and there shall
have been delivered to the Administrative Agent an executed counterpart of each of the Loan Documents and the Perfection Certificate. 
 (b)
Corporate Documents. The Administrative Agent shall have received: 
 (i) a certificate of the secretary or assistant
secretary of each Loan Party dated the Closing Date, certifying (A) that attached thereto is a true and complete copy of each Organizational Document of such Loan Party certified (to the extent applicable) as of a recent date by the Secretary
of State of the state of its organization, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of such Loan Party authorizing the execution, delivery and performance of the Loan Documents
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in the case of each Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and
effect and (C) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party (together with a certificate of another officer as to the
incumbency and specimen signature of the secretary or assistant secretary executing the certificate in this clause (i)); 
 (ii) a certificate as to the good standing of each Loan Party (in so-called “long-form” if available) as of a recent date, from such Secretary of State (or other applicable Governmental Authority); and 
 (iii) such other documents as the Lenders, the Issuing Bank or the Administrative Agent may reasonably request. 
 (c) Officers’ Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the chief
executive officer and the chief financial officer of each Borrower, confirming compliance with the conditions precedent set forth in this Section 4.01 and Sections 4.02(b), (c) and (d). 
 (d) Financings and Other Transactions, etc. 
 (i) The Transactions shall have been consummated or shall be consummated simultaneously on the Closing Date, in each case in all material respects in accordance with the terms hereof and the terms of the Transaction
Documents, without the waiver or amendment of any such terms not approved by the Administrative Agent and the Arranger other than any waiver or amendment thereof that is not materially adverse to the interests of the Lenders. 
 (ii) Parent Borrower shall have received $175,000,000 in gross proceeds from the issuance and sale of the Senior Second Lien Notes, and
the Senior Second Lien Note Agreement shall be in form and substance satisfactory to the Lenders. 
 (iii) The Lenders shall
be satisfied with the capitalization, the terms and conditions of any equity arrangements and the corporate or other organizational structure of the Companies (after giving effect to the Transactions) and any indemnities, employment and other
arrangements entered into in connection with the Transactions, and there shall have been no change in the senior management of the Companies since December 31, 2005. 
 (iv) The Refinancing shall have been consummated in full to the satisfaction of the Lenders with all liens in favor of the existing
lenders being unconditionally released; the Administrative Agent shall have received a “pay-off” letter in form and substance reasonably satisfactory to the Administrative Agent with respect to all debt being refinanced in the Refinancing;
and the Administrative Agent shall have received from any person holding any Lien securing any such debt, such UCC termination statements, mortgage releases, releases of assignments of leases and rents, releases of security interests in Intellectual
Property and other instruments, in each case in proper form for recording, as the Administrative Agent shall have reasonably requested to release and terminate of record the Liens securing such debt. 
 (e) Indebtedness and Minority Interests; Consignment Agreement. After giving effect to the Transactions and the other transactions contemplated
hereby: 
 (i) no Company shall have outstanding any Indebtedness or preferred stock other than (A) the Loans and Credit
Extensions hereunder, (B) the Senior Second Lien Notes, (C) Indebtedness under the Existing Capital Leases not to exceed $3,100,000, (D) the Indebtedness listed on Schedule 6.01(b) and (E) Indebtedness owed to Borrowers or
any Guarantor; and 
  

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 (ii) the outstanding obligations of the Borrowers under the Consignment Agreement shall
not exceed $40,000,000. 
 (f) Opinions of Counsel. The Administrative Agent shall have received, on behalf of itself, the other
Agents, the Arranger, the Lenders and the Issuing Bank, a favorable written opinion of (i) Ropes & Gray LLP, special counsel for the Loan Parties, (ii) each local counsel listed on Schedule 4.01(f), in each case
(A) dated the Closing Date, (B) addressed to the Agents, the Issuing Bank and the Lenders and (C) covering the matters set forth in Exhibit N and such other matters relating to the Loan Documents and the Transactions as the
Administrative Agent shall reasonably request, and (iii) a copy of each legal opinion delivered under the other Transaction Documents, accompanied by reliance letters from the party delivering such opinion authorizing the Agents, Lenders and the
Issuing Bank to rely thereon as if such opinion were addressed to them. 
 (g) Solvency Certificate. The Administrative Agent shall
have received a solvency certificate in the form of Exhibit O, dated the Closing Date and signed by the chief financial officer of Parent Borrower. 
 (h) Requirements of Law. The Lenders shall be satisfied that the Holdings, its Subsidiaries and the Transactions shall be in full compliance with all material Requirements of Law, including Regulations T, U and
X of the Board, and shall have received satisfactory evidence of such compliance reasonably requested by them. 
 (i) Consents. The
Lenders shall be satisfied that all requisite Governmental Authorities and third parties shall have approved or consented to the Transactions, and there shall be no governmental or judicial action, actual or threatened, that has or would have,
singly or in the aggregate, a reasonable likelihood of restraining, preventing or imposing burdensome conditions on the Transactions or the other transactions contemplated hereby. 
 (j) Litigation. There shall be no litigation, public or private, or administrative proceedings, governmental investigation or other legal or
regulatory developments, actual or threatened, that, singly or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, or could materially and adversely affect the ability of Holdings, Borrowers and the Subsidiaries to
fully and timely perform their respective obligations under the Transaction Documents, or the ability of the parties to consummate the financings contemplated hereby or the other Transactions. 
 (k) Sources and Uses. The sources and uses of the Loans shall be as set forth in Section 3.12. 
 (l) Fees. The Arranger and Administrative Agent shall have received all Fees and other amounts due and payable on or prior to the Closing Date,
including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including the legal fees and expenses of Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to the Agents, and the fees and expenses of any
local counsel, foreign counsel, appraisers, consultants and other advisors) required to be reimbursed or paid by Borrowers hereunder or under any other Loan Document. 
  

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 (m) Personal Property Requirements. The Collateral Agent shall have received: 
 (i) all certificates, agreements or instruments representing or evidencing the Securities Collateral accompanied by instruments of
transfer and stock powers undated and endorsed in blank; 
 (ii) the Intercompany Note executed by and among Holdings and each
of its Subsidiaries, accompanied by instruments of transfer undated and endorsed in blank; 
 (iii) all other certificates,
agreements, including Control Agreements, or instruments necessary to perfect the Collateral Agent’s security interest in all Chattel Paper, all Instruments, all Deposit Accounts and all Investment Property of each Loan Party (as each such term
is defined in the Security Agreement and to the extent required by the Security Agreement); 
 (iv) UCC financing statements
in appropriate form for filing under the UCC, filings with the United States Patent and Trademark Office and United States Copyright Office and such other documents under applicable Requirements of Law in each jurisdiction as may be necessary or
appropriate or, in the opinion of the Collateral Agent, desirable to perfect the Liens created, or purported to be created, by the Security Documents (including, without limitation, filings to evidence record ownership of intellectual property by
Borrowers) and, with respect to all UCC financing statements required to be filed pursuant to the Loan Documents, evidence satisfactory to the Administrative Agent that Borrowers have retained, at their sole cost and expense, a service provider
acceptable to the Administrative Agent for the tracking of all such financing statements and notification to the Administrative Agent, of, among other things, the upcoming lapse or expiration thereof; 
 (v) certified copies of UCC, United States Patent and Trademark Office and United States Copyright Office, tax and judgment lien searches,
bankruptcy and pending lawsuit searches or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents that name any Loan Party as debtor and that are filed in those state
and county jurisdictions in which any property of any Loan Party is located and the state and county jurisdictions in which any Loan Party is organized or maintains its principal place of business and such other searches that the Collateral Agent
deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered by the Security Documents (other than Permitted Collateral Liens or any other Liens acceptable to the Collateral Agent); 
 (vi) with respect to each location set forth on Schedule 4.01(m)(vi), a Landlord Access Agreement or Bailee Letter, as applicable;
provided that no such Landlord Access Agreement or Bailee Letter shall be required with respect to any Real Property that could not be obtained after the Loan Party that is the lessee of such Real Property or owner of the inventory or other
personal property Collateral stored with the bailee thereof, as applicable, shall have used all commercially reasonable efforts to do so; and 
 (vii) evidence acceptable to the Collateral Agent of payment or arrangements for payment by the Loan Parties of all applicable recording taxes, fees, charges, costs and expenses required for the recording of the
Security Documents. 
 (n) Real Property Requirements. The Collateral Agent shall have received: 
 (i) a Mortgage encumbering each Mortgaged Property in favor of the Collateral Agent, for the benefit of the Secured Parties, duly executed
and acknowledged by each Loan Party that is the owner of or holder of any interest in such Mortgaged Property, and otherwise in form for recording in the recording office of each applicable political subdivision where each such Mortgaged Property is
situated, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof to create a lien under applicable Requirements of Law, and such financing statements and any
other instruments necessary to grant a mortgage lien under the laws of any applicable jurisdiction, all of which shall be in form and substance reasonably satisfactory to Collateral Agent; 
  

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 (ii) with respect to each Mortgaged Property, such consents, approvals, amendments,
supplements, estoppels, tenant subordination agreements or other instruments as necessary to consummate the Transactions or as shall reasonably be deemed necessary by the Collateral Agent in order for the owner or holder of the fee or leasehold
interest constituting such Mortgaged Property to grant the Lien contemplated by the Mortgage with respect to such Mortgaged Property; 
 (iii) with respect to each Mortgage, a policy of title insurance (or marked up title insurance commitment having the effect of a policy of title insurance) insuring the Lien of such Mortgage as a valid first mortgage
Lien on the Mortgaged Property and fixtures described therein in the amount equal to not less than 115% of the fair market value of such Mortgaged Property and fixtures, which fair market value is set forth on Schedule 4.01(n)(iii), which
policy (or such marked-up commitment) (each, a “Title Policy”) shall (A) be issued by the Title Company, (B) to the extent necessary, include such reinsurance arrangements (with provisions for direct access, if necessary)
as shall be reasonably acceptable to the Collateral Agent, (C) contain a “tie-in” or “cluster” endorsement, if available under applicable law (i.e., policies which insure against losses regardless of location or
allocated value of the insured property up to a stated maximum coverage amount), (D) have been supplemented by such endorsements (or where such endorsements are not available, opinions of special counsel, architects or other professionals
reasonably acceptable to the Collateral Agent) as shall be reasonably requested by the Collateral Agent (including endorsements on matters relating to usury, first loss, last dollar, zoning, contiguity, revolving credit, doing business,
non-imputation, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, revolving credit, and so-called comprehensive coverage over covenants and restrictions), and (E) contain no
exceptions to title other than exceptions acceptable to the Collateral Agent; 
 (iv) with respect to each Mortgaged Property,
such affidavits, certificates, information (including financial data) and instruments of indemnification (including a so-called “gap” indemnification) as shall be required to induce the Title Company to issue the Title Policy/ies and
endorsements contemplated above; 
 (v) evidence reasonably acceptable to the Collateral Agent of payment by Borrowers of all
Title Policy premiums, search and examination charges, escrow charges and related charges, mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgages and issuance of the Title Policies referred to above;

 (vi) with respect to each Real Property or Mortgaged Property, copies of all Leases in which any Borrower or any Subsidiary
holds the lessor’s interest or other agreements relating to possessory interests, if any. To the extent any of the foregoing affect any Mortgaged Property, such agreement shall be subordinate to the Lien of the Mortgage to be recorded against
such Mortgaged Property, either expressly by its terms or pursuant to a subordination, non-disturbance and attornment agreement, and shall otherwise be acceptable to the Collateral Agent; 
  

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 (vii) with respect to each Mortgaged Property, each Company shall have made all
notifications, registrations and filings, to the extent required by, and in accordance with, all Governmental Real Property Disclosure Requirements applicable to such Mortgaged Property; 
 (viii) Surveys with respect to each Mortgaged Property; and 
 (ix) a completed Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property.

 (o) Insurance. The Administrative Agent shall have received a copy of, or a certificate as to coverage under, the insurance
policies required by Section 5.04 and the applicable provisions of the Security Documents, each of which shall be endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payable or
mortgagee endorsement (as applicable) and shall name the Collateral Agent, on behalf of the Secured Parties, as additional insured, in form and substance satisfactory to the Administrative Agent. 
 (p) USA Patriot Act. The Lenders shall have received, sufficiently in advance of the Closing Date, all documentation and other information that
may be required by the Lenders in order to enable compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the United States PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) including the information described in Section 11.13. 
 (q) Metals Intercreditor Agreement. The Metals
Intercreditor Agreement shall have been executed and delivered to the Administrative Agent. 
 (r) Initial Borrowing Base Certificate.
The Collateral Agent and the Administrative Agent shall have received a Borrowing Base Certificate, dated as of the Closing Date. 
 (s)
Cash Management. The Collateral Agent and the Administrative Agent shall have reviewed and approved the Companies’ cash management system and shall have received executed blocked account agreements in form and substance satisfactory to
Administrative Agent and Collateral Agent and in accordance with Section 9.02. 
 (t) Minimum Excess Availability. At the time of
the initial borrowing of the Loans on the Closing Date, Excess Availability shall not be less than $20,000,000. 
 SECTION 4.02
Conditions to All Credit Extensions. The obligation of each Lender and each Issuing Bank to make any Credit Extension (including the initial Credit Extension) shall be subject to, and to the satisfaction of, each of the conditions
precedent set forth below. 
 (a) Notice. The Administrative Agent shall have received a Borrowing Request as required by
Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03) if Loans are being requested or, in the case of the issuance, amendment, extension or renewal of a Letter of Credit, the Issuing Bank
and the Administrative Agent shall have received an LC Request as required by Section 2.17(b) or, in the case of the Borrowing of a Swingline Loan, the Swingline Lender and the Administrative Agent shall have received a Borrowing Request
as required by Section 2.16(b). 
  

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 (b) No Default. At the time of and immediately after giving effect to such Credit Extension and
the application of the proceeds thereof, no Default shall have occurred and be continuing on such date unless such Default or Event of Default shall have been waived in accordance with this Agreement. 
 (c) Representations and Warranties. Each of the representations and warranties made by any Loan Party set forth in Article III hereof or in
any other Loan Document shall be true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects)
on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 
 (d) No Legal Bar. No order, judgment or decree of any Governmental Authority shall purport to restrain any Lender from making any Loans to be made
by it. No injunction or other restraining order shall have been issued, shall be pending or noticed with respect to any action, suit or proceeding seeking to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief
as a result of, the transactions contemplated by this Agreement or the making of Loans hereunder. 
 Each of the delivery of a Borrowing
Request or an LC Request and the acceptance by a Borrower of the proceeds of such Credit Extension shall constitute a representation and warranty by Borrowers and each other Loan Party that on the date of such Credit Extension (both immediately
before and after giving effect to such Credit Extension and the application of the proceeds thereof) the conditions contained in Sections 4.02(b)-(d) have been satisfied. 
 ARTICLE V 
 AFFIRMATIVE COVENANTS 
 Each Loan Party warrants, covenants and agrees with each Lender that so long as this Agreement shall remain in effect and until the Commitments have been
terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full and all Letters of Credit have been canceled or have expired and all amounts drawn
thereunder have been reimbursed in full, unless the Required Lenders shall otherwise consent in writing, each Loan Party will, and will cause each of its Subsidiaries to: 
 SECTION 5.01 Financial Statements, Reports, etc. Furnish to the Administrative Agent and each Lender: 
 (a) Annual Reports. As soon as available and in any event within 120 days after the end of each fiscal year, beginning with the fiscal year ending December 31, 2006, (i) the consolidated balance sheet of Parent Borrower as
of the end of such fiscal year and related consolidated statements of income, cash flows and stockholders’ equity for such fiscal year, in comparative form with such financial statements as of the end of, and for, the preceding fiscal year, and
notes thereto, accompanied by an opinion of independent public accountants of recognized national standing satisfactory to the Administrative Agent (which opinion shall not be qualified as to scope or contain any going concern or similar or other
material qualification), stating that such financial statements fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows of Parent Borrower as of the dates and for the periods specified in
accordance with GAAP, (ii) an unaudited, consolidating balance sheet and statements of income and cash flow separating out each Borrower and (iii) a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” in a form reasonably satisfactory to the Administrative Agent; 
  

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 (b) Quarterly Reports. As soon as available and in any event within 45 days after the end of each
of the first three fiscal quarters of each fiscal year, beginning with the fiscal quarter ending September 30, 2006, (i) the consolidated balance sheet of Parent Borrower as of the end of such fiscal quarter and related consolidated statements
of income and cash flows for such fiscal quarter and for the then elapsed portion of the fiscal year, in comparative form with the consolidated statements of income and cash flows for the comparable periods in the previous fiscal year, and notes
thereto, accompanied by a certificate of a Financial Officer stating that such financial statements fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows of Parent Borrower as of the
date and for the periods specified in accordance with GAAP consistently applied, and on a basis consistent with audited financial statements referred to in clause (a) of this Section, subject to normal year-end audit adjustments, and
(ii) a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in a form reasonably satisfactory to the Administrative Agent; provided, that, notwithstanding the foregoing, the deliveries
required under this Section 5.01(b) for the quarterly period ending September 30, 2006 shall be delivered on or prior to January 15, 2007; 
 (c) Financial Officer’s Certificate. Concurrently with any delivery of financial statements under Section 5.01(a) or (b), a Compliance Certificate (i) certifying that no
Default has occurred or, if such a Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (ii) beginning with the fiscal quarter ending September 30, 2006,
setting forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with Sections 6.07(e) (if a Permitted Acquisition has occurred in the relevant period); 
 (d) Financial Officer’s Certificate Regarding Collateral. Concurrently with any delivery of financial statements under Section 5.01
(a), a certificate of a Financial Officer setting forth the information required pursuant to the Perfection Certificate Supplement or confirming that there has been no change in such information since the date of the Perfection Certificate or
latest Perfection Certificate Supplement; 
 (e) Public Reports. Promptly after the same become publicly available, copies of all
periodic and other reports, proxy statements and other materials filed by any Company with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national
securities exchange, or distributed to holders of its Indebtedness or to holders of its equity securities pursuant to the terms of the documentation governing such Indebtedness or equity securities (or any trustee, agent or other representative
therefor), as the case may be; 
 (f) Management Letters. Within 5 days after the receipt thereof by any Company, a copy of any final
“management letter” received by any such person from its certified public accountants after the management’s responses thereto; 
 (g) Budgets. Within 30 days after the beginning of each fiscal year, a budget for Holdings in form reasonably satisfactory to the Administrative Agent, but to include balance sheets, statements of income and sources and uses of cash,
for (i) each month of such fiscal year prepared in detail and (ii) for each fiscal year, for the next succeeding year on an annual basis, prepared in summary form, in each case, with appropriate presentation and discussion of the principal
assumptions upon which such budgets are based, accompanied by the statement of a Financial Officer of Parent Borrower to the effect that the budget of Holdings is a reasonable estimate for the periods covered thereby and, promptly when available,
any material revisions of such budget; 
  

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 (h) Organizational Documents. Promptly provide copies of any Organizational Documents that have
been amended or modified in accordance with the terms hereof and deliver a copy of any notice of default given or received by any Company under any Organizational Document within 15 days after such Company gives or receives such notice; and

 (i) Other Information. Promptly, from time to time, such other information regarding the operations, business affairs and financial
condition of any Company, or compliance with the terms of any Loan Document, or matters regarding the Collateral (beyond the requirements contained in Section 9.04) as the Administrative Agent or any Lender may reasonably request.

 SECTION 5.02 Litigation and Other Notices. Furnish to the Administrative Agent and each Lender written notice of the
following promptly (and, in any event, within three Business Days of the occurrence thereof): 
 (a) any Default, specifying the nature and
extent thereof and the corrective action (if any) taken or proposed to be taken with respect thereto; 
 (b) the filing or commencement of,
or any threat or notice of intention of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority, (i) against any Company or any Affiliate thereof that could
reasonably be expected to result in a Material Adverse Effect or (ii) with respect to any Loan Document; 
 (c) any development that has
resulted in, or could reasonably be expected to result in a Material Adverse Effect; and 
 (d) (i) the incurrence of any material Lien
(other than Permitted Collateral Liens) on, or claim asserted against any of the Collateral or (ii) the occurrence of any other event which could materially affect the value of the Collateral. 
 SECTION 5.03 Existence; Businesses and Properties. 
 (a) Do or cause to be done all things necessary to preserve, renew and maintain in full force and effect its legal existence, except as otherwise expressly permitted under Section 6.05 or Section
6.06 or, in the case of any Subsidiary, where the failure to perform such obligations, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (b) Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full force and effect the rights, licenses, permits,
privileges, franchises, authorizations, patents, copyrights, trademarks and trade names material to the conduct of its business; maintain and operate such business in substantially the manner in which it is presently conducted and operated; comply
with all applicable Requirements of Law (including any and all zoning, building, Environmental Law, ordinance, code or approval or any building permits or any restrictions of record or agreements affecting the Real Property) and decrees and orders
of any Governmental Authority, whether now in effect or hereafter enacted, except where the failure to comply, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; pay and perform its obligations
under all Leases and Transaction Documents; and at all times maintain, preserve and protect all property material to the conduct of such business and keep such property in good repair, working order and condition (other than wear and 

  

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tear occurring in the ordinary course of business) and from time to time make, or cause to be made, all needful and proper repairs, renewals, additions,
improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times; provided that nothing in this Section 5.03(b) shall prevent (i) sales of
property, consolidations or mergers by or involving any Company in accordance with Section 6.05 or Section 6.06; (ii) the withdrawal by any Company of its qualification as a foreign corporation in any jurisdiction where
such withdrawal, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; or (iii) the abandonment by any Company of any rights, franchises, licenses, trademarks, trade names, copyrights or
patents that such person reasonably determines are not useful to its business or no longer commercially desirable. 
 SECTION 5.04
Insurance. 
 (a) Generally. Keep its insurable property adequately insured at all times by financially sound and reputable
insurers; maintain such other insurance, to such extent and against such risks as is customary with companies in the same or similar businesses operating in the same or similar locations, including insurance with respect to Mortgaged Properties and
other properties material to the business of the Companies against such casualties and contingencies and of such types and in such amounts with such deductibles as is customary in the case of similar businesses operating in the same or similar
locations, including (i) physical hazard insurance on an “all risk” basis, (ii) commercial general liability against claims for bodily injury, death or property damage covering any and all insurable claims, (iii) explosion
insurance in respect of any boilers, machinery or similar apparatus constituting Collateral, (iv) business interruption insurance and (v) worker’s compensation insurance and such other insurance as may be required by any Requirement
of Law; provided that with respect to physical hazard insurance, neither the Collateral Agent nor the applicable Company shall agree to the adjustment of any claim thereunder without the consent of the other (such consent not to be
unreasonably withheld or delayed); provided, further, that no consent of any Company shall be required during an Event of Default. 
 (b) Requirements of Insurance. All such insurance shall (i) provide that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least 30 days after receipt by the
Collateral Agent of written notice thereof, (ii) name the Collateral Agent as mortgagee (in the case of property insurance) or additional insured on behalf of the Secured Parties (in the case of liability insurance) or loss payee (in the case
of property insurance), as applicable and (iii) be reasonably satisfactory in all other respects to the Collateral Agent. 
 (c)
Notice to Agents. Notify the Administrative Agent and the Collateral Agent immediately whenever any separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under this
Section 5.04 is taken out by any Company; and promptly deliver to the Administrative Agent and the Collateral Agent a duplicate original copy of such policy or policies. 
 (d) Flood Insurance. With respect to each Mortgaged Property, obtain flood insurance in such total amount as the Administrative Agent or the
Required Lenders may from time to time require, if at any time the area in which any improvements located on any Mortgaged Property is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency
Management Agency (or any successor agency), and otherwise comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended from time to time. 
 (e) Broker’s Report. Deliver to the Administrative Agent and the Collateral Agent and the Lenders, if requested by the Agent, a report of a
reputable insurance broker with respect to such 

  

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insurance and such supplemental reports with respect thereto as the Administrative Agent or the Collateral Agent may from time to time reasonably request;
provided that, prior to the occurrence and continuance of an Event of Default, such request shall not be made more than once in any fiscal year. 
 (f) Mortgaged Properties. No Loan Party that is an owner of Mortgaged Property shall take any action that is reasonably likely to be the basis for termination, revocation or denial of any insurance coverage
required to be maintained under such Loan Party’s respective Mortgage or that could be the basis for a defense to any claim under any Insurance Policy maintained in respect of the Premises, and each Loan Party shall otherwise comply in all
material respects with all Insurance Requirements in respect of the Premises; provided, however, that each Loan Party may, at its own expense and after written notice to the Administrative Agent, (i) contest the applicability or
enforceability of any such Insurance Requirements by appropriate legal proceedings, the prosecution of which does not constitute a basis for cancellation or revocation of any insurance coverage required under this Section 5.04 or
(ii) cause the Insurance Policy containing any such Insurance Requirement to be replaced by a new policy complying with the provisions of this Section 5.04. 
 SECTION 5.05 Obligations and Taxes. 
 (a) Payment of Obligations. Pay its Indebtedness
and other obligations promptly and in accordance with their terms and pay and discharge promptly when due all Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, before
the same shall become delinquent or in default, as well as all lawful claims for labor, services, materials and supplies or otherwise that, if unpaid, might give rise to a Lien other than a Permitted Lien upon such properties or any part thereof;
provided that such payment and discharge shall not be required with respect to any such Tax, assessment, charge, levy or claim so long as (x)(i) the validity or amount thereof shall be contested in good faith by appropriate proceedings timely
instituted and diligently conducted and the applicable Company shall have set aside on its books adequate reserves or other appropriate provisions with respect thereto in accordance with GAAP, (ii) such contest operates to suspend collection of
the contested obligation, Tax, assessment or charge and enforcement of a Lien other than a Permitted Lien and (iii) in the case of Collateral, the applicable Company shall have otherwise complied with the Contested Collateral Lien Conditions
and (y) the failure to pay could not reasonably be expected to result in a Material Adverse Effect. 
 (b) Filing of Returns.
Timely and correctly file all material Tax Returns required to be filed by it. Withhold, collect and remit all Taxes that it is required to collect, withhold or remit. 
 (c) Tax Shelter Reporting. Borrowers do not intend to treat the Loans as being a “reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4. In the event any Borrower
determines to take any action inconsistent with such intention, it will promptly notify the Administrative Agent thereof. 
 SECTION 5.06
Employee Benefits. (a) Comply in all material respects with the applicable provisions of ERISA and the Code and (b) furnish to the Administrative Agent (x) as soon as possible after, and in any event within 5 days after any
Responsible Officer of any Company or any ERISA Affiliates of any Company knows or has reason to know that, any ERISA Event has occurred that, alone or together with any other ERISA Event could reasonably be expected to result in liability of the
Companies or any of their ERISA Affiliates in an aggregate amount exceeding $5,000,000 or the imposition of a Lien, a statement of a Financial Officer of Parent Borrower setting forth details as to such ERISA Event and the action, if any, that the
Companies propose to take with respect thereto, and (y) upon 

  

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request by the Administrative Agent, copies of (i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any Company
or any ERISA Affiliate with the Internal Revenue Service with respect to each Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received by any Company or any ERISA Affiliate from a Multiemployer Plan
sponsor or any governmental agency concerning an ERISA Event; and (iv) such other documents or governmental reports or filings relating to any Plan (or employee benefit plan sponsored or contributed to by any Company) as the Administrative
Agent shall reasonably request. 
 SECTION 5.07 Maintaining Records; Access to Properties and Inspections; Annual Meetings.

 (a) Keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law are
made of all dealings and transactions in relation to its business and activities, including, without limitation, proper records of intercompany transactions, with full, true and correct entries reflecting all payments received and paid (including,
without limitation, funds received by or for the account of Borrowers from deposit accounts of the other Companies). Each Company will permit any representatives designated by the Administrative Agent or (with the prior consent of the Administrative
Agent) any Lender to visit and inspect the financial records and the property of such Company not more often than once a year prior to an Event of Default and at reasonable times and as often as reasonably requested after and during the continuance
of an Event of Default and to make extracts from and copies of such financial records, and permit any representatives designated by the Administrative Agent or any Lender to discuss the affairs, finances, accounts and condition of any Company with
the officers and employees thereof and advisors therefor (including independent accountants). 
 (b) Upon the occurrence and during the
continuance of an Event of Default, at the request of the Administrative Agent or Required Lenders, hold a meeting (at a mutually agreeable location, venue and time or, at the option of the Administrative Agent, by conference call, the costs of such
venue or call to be paid jointly and severally by Borrowers) with all Lenders who choose to attend such meeting, at which meeting shall be reviewed the financial results of the previous fiscal year and the financial condition of the Companies and
the budgets presented for the current fiscal year of the Companies. 
 SECTION 5.08 Use of Proceeds. Use the proceeds of the
Loans only for the purposes set forth in Section 3.12 and request the issuance of Letters of Credit only for the purposes set forth in the definition of Commercial Letter of Credit or Standby Letter of Credit, as the case may be.

 SECTION 5.09 Compliance with Environmental Laws; Environmental Reports. 
 (a) Comply, and cause all lessees and other persons occupying Real Property owned, operated or leased by any Company to comply, in all material respects
with all Environmental Laws and Environmental Permits applicable to its operations and Real Property; obtain and renew all material Environmental Permits applicable to its operations and Real Property; and conduct all Responses required by, and in
accordance with, Environmental Laws; provided that no Company shall be required to undertake any Response to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being
maintained with respect to such circumstances in accordance with GAAP. 
 (b) If a Default caused by reason of a breach of
Section 3.18 or Section 5.09(a) shall have occurred and be continuing for more than 20 days without the Companies commencing activities 

  

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reasonably likely to cure such Default in accordance with Environmental Laws, at the written request of the Administrative Agent or the Required Lenders
through the Administrative Agent, provide to the Lenders within 45 days after such request, at the joint and several expense of Borrowers, an environmental assessment report regarding the matters which are the subject of such Default, including,
where appropriate, soil and/or groundwater sampling, prepared by an environmental consulting firm and, in the form and substance, reasonably acceptable to the Administrative Agent and indicating the presence or absence of Hazardous Materials and the
estimated cost of any compliance or Response to address them. 
 SECTION 5.10 Additional Collateral; Additional Guarantors.

 (a) Subject to this Section 5.10, with respect to any property acquired after the Closing Date by any Loan Party that is
intended to be subject to the Lien created by any of the Security Documents but is not so subject, promptly (and in any event within 30 days after the acquisition thereof)(i) execute and deliver to the Administrative Agent and the Collateral Agent
such amendments or supplements to the relevant Security Documents or such other documents as the Administrative Agent or the Collateral Agent shall deem necessary or advisable to grant to the Collateral Agent, for its benefit and for the benefit of
the other Secured Parties, a Lien on such property subject to no Liens other than Permitted Collateral Liens, and (ii) take all actions necessary to cause such Lien to be duly perfected to the extent required by such Security Document in
accordance with all applicable Requirements of Law, including the filing of financing statements in such jurisdictions as may be reasonably requested by the Administrative Agent. Borrowers shall otherwise take such actions and execute and/or deliver
to the Collateral Agent such documents as the Administrative Agent or the Collateral Agent shall require to confirm the validity, perfection and priority of the Lien of the Security Documents on such after-acquired properties. 
 (b) With respect to any person that is or becomes a Subsidiary after the Closing Date, promptly (and in any event within 30 days after such person
becomes a Subsidiary) (i) deliver to the Collateral Agent the certificates, if any, representing all of the Equity Interests of such Subsidiary, together with undated stock powers or other appropriate instruments of transfer executed and
delivered in blank by a duly authorized officer of the holder(s) of such Equity Interests, and all intercompany notes owing from such Subsidiary to any Loan Party together with instruments of transfer executed and delivered in blank by a duly
authorized officer of such Loan Party and (ii) cause such new Subsidiary (A) to execute a Joinder Agreement or such comparable documentation to become a Subsidiary Guarantor and a joinder agreement to the applicable Security Agreement,
substantially in the form annexed thereto or, in the case of a Foreign Subsidiary, execute a security agreement compatible with the laws of such Foreign Subsidiary’s jurisdiction in form and substance reasonably satisfactory to the
Administrative Agent, and (B) to take all actions necessary or advisable in the opinion of the Administrative Agent or the Collateral Agent to cause the Lien created by the applicable Security Agreement to be duly perfected to the extent required by
such agreement in accordance with all applicable Requirements of Law, including the filing of financing statements in such jurisdictions as may be reasonably requested by the Administrative Agent or the Collateral Agent. Notwithstanding the
foregoing, (1) the Equity Interests required to be delivered to the Collateral Agent pursuant to clause (i) of this Section 5.10(b) shall not include any Equity Interests of a Foreign Subsidiary created or acquired after the Closing
Date and (2) no Foreign Subsidiary shall be required to take the actions specified in clause (ii) of this Section 5.10(b), if, in the case of either clause (1) or (2), doing so would constitute an investment of earnings in
United States property under Section 956 (or a successor provision) of the Code, which investment would or could reasonably be expected to trigger a material increase in the net income of a United States shareholder of such Subsidiary pursuant to
Section 951 (or a successor provision) of the Code, as reasonably determined by the Administrative Agent; provided that this exception shall not apply to (A) Voting Stock of any Subsidiary which is a first-tier controlled foreign
corporation (as defined in Section 957(a) of the Code) representing 66% of 

  

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the total voting power of all outstanding Voting Stock of such Subsidiary and (B) 100% of the Equity Interests not constituting Voting Stock of any such
Subsidiary, except that any such Equity Interests constituting “stock entitled to vote” within the meaning of Treasury Regulation Section 1.956-2(c)(2) shall be treated as Voting Stock for purposes of this Section 5.10(b).

 (c) Promptly grant to the Collateral Agent, within 30 days of the acquisition thereof, a security interest in and Mortgage on
(i) each domestic Real Property owned in fee by such Loan Party as is acquired by such Loan Party after the Closing Date and that, together with any improvements thereon, individually has a fair market value of at least $1,500,000, and
(ii) unless the Collateral Agent otherwise consents, each domestic leased Real Property of such Loan Party which lease individually has a fair market value of at least $1,500,000, in each case, as additional security for the Secured Obligations
(unless the subject property is already mortgaged to a third party to the extent permitted by Section 6.02). Such Mortgages shall be granted pursuant to documentation reasonably satisfactory in form and substance to the Administrative Agent
and the Collateral Agent and shall constitute valid and enforceable perfected Liens subject only to Permitted Collateral Liens or other Liens acceptable to the Collateral Agent. The Mortgages or instruments related thereto shall be duly recorded or
filed in such manner and in such places as are required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant to the Mortgages and all taxes, fees and other charges payable in
connection therewith shall be paid in full. Such Loan Party shall otherwise take such actions and execute and/or deliver to the Collateral Agent such documents as the Administrative Agent or the Collateral Agent shall require to confirm the
validity, perfection and priority of the Lien of any existing Mortgage or new Mortgage against such after-acquired Real Property (including a Title Policy, a Survey and local counsel opinion (in form and substance reasonably satisfactory to the
Administrative Agent and the Collateral Agent) in respect of such Mortgage). 
 SECTION 5.1l Security Interests; Further
Assurances. Promptly, upon the reasonable request of the Administrative Agent, the Collateral Agent or any Lender, at the Borrowers’ joint and several expense, execute, acknowledge and deliver, or cause the execution,
acknowledgment and delivery of, and thereafter register, file or record, or cause to be registered, filed or recorded, in an appropriate governmental office, any document or instrument supplemental to or confirmatory of the Security Documents or
otherwise deemed by the Administrative Agent or the Collateral Agent reasonably necessary or desirable for the continued validity, perfection and priority of the Liens on the Collateral covered thereby subject to no other Liens except as permitted
by the applicable Security Document, or obtain any consents or waivers as may be necessary or appropriate in connection therewith. Deliver or cause to be delivered to the Administrative Agent and the Collateral Agent from time to time such other
documentation, consents, authorizations, approvals and orders in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent as the Administrative Agent and the Collateral Agent shall reasonably deem necessary to
perfect or maintain the Liens on the Collateral pursuant to the Security Documents. Upon the exercise by the Administrative Agent, the Collateral Agent or any Lender of any power, right, privilege or remedy pursuant to any Loan Document which
requires any consent, approval, registration, qualification or authorization of any Governmental Authority execute and deliver all applications, certifications, instruments and other documents and papers that the Administrative Agent, the Collateral
Agent or such Lender may require. If the Administrative Agent, the Collateral Agent or the Required Lenders determine that they are required by a Requirement of Law to have appraisals prepared in respect of the Real Property of any Loan Party
constituting Collateral, Borrowers shall provide to the Administrative Agent appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA and are otherwise in form and substance satisfactory to the
Administrative Agent and the Collateral Agent. 
  

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 SECTION 5.12 Information Regarding Collateral. Not effect any change (i) in any Loan
Party’s legal name, (ii) in the location of any Loan Party’s chief executive office, (iii) in any Loan Party’s identity or organizational structure, (iv) in any Loan Party’s Federal Taxpayer Identification Number
or organizational identification number, if any, or (v) in any Loan Party’s jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reincorporation or
organizing in any other jurisdiction), until (A) it shall have given the Collateral Agent and the Administrative Agent not less than 30 days’ prior written notice (in the form of an Officers’ Certificate), or such lesser notice period
agreed to by the Collateral Agent, of its intention so to do, clearly describing such change and providing such other information in connection therewith as the Collateral Agent or the Administrative Agent may reasonably request and (B) it
shall have taken all action reasonably satisfactory to the Collateral Agent to maintain the perfection and priority of the security interest of the Collateral Agent for the benefit of the Secured Parties in the Collateral, if applicable. Each Loan
Party agrees to promptly provide the Collateral Agent with certified Organizational Documents reflecting any of the changes described in the preceding sentence. Each Loan Party also agrees to promptly notify the Collateral Agent of any change in the
location of any office in which it maintains books or records relating to Collateral owned by it or any office or facility at which Collateral is located (including the establishment of any such new office or facility), other than changes in
location of consigned inventory (but only to the extent the amount or value of such consigned inventory is not material) to a Mortgaged Property or a leased property subject to a Landlord Access Agreement. 
 SECTION 5.13 Affirmative Covenants with Respect to Leases. With respect to each Lease, the respective Loan Party shall perform all the
obligations imposed upon the landlord under such Lease and enforce all of the tenant’s obligations thereunder, except where the failure to so perform or enforce could not reasonably be expected to result in a Property Material Adverse Effect.

 SECTION 5.14 Post-Closing Collateral Matters. Execute and deliver the documents and complete the tasks set forth on
Schedule 5.14, in each case within the time limits specified on such schedule. 
 ARTICLE VI 
 NEGATIVE COVENANTS 
 Each Loan Party
warrants, covenants and agrees with each Lender that, so long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable
under any Loan Document have been paid in full and all Letters of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full, unless the Required Lenders shall otherwise consent in writing, no Loan Party
will, nor will they cause or permit any Subsidiaries to: 
 SECTION 6.01 Indebtedness. Incur, create, assume or permit to
exist, directly or indirectly, any Indebtedness, except 
 (a) Indebtedness incurred under this Agreement and the other Loan Documents;

 (b) (i) Indebtedness outstanding on the Closing Date and listed on Schedule 6.0 l(b); (ii) refinancings or renewals thereof;
provided that (A) any such refinancing Indebtedness is in an aggregate principal amount not greater than the aggregate principal amount of the Indebtedness being renewed or refinanced, plus the amount of any premiums required to
be paid thereon and reasonable fees and expenses 

  

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associated therewith, (B) such refinancing Indebtedness has a later or equal final maturity and longer or equal weighted average life than the
Indebtedness being renewed or refinanced and (C) the covenants, events of default, subordination and other provisions thereof (including any guarantees thereof) shall be, in the aggregate, no less favorable to the Lenders than those contained
in the Indebtedness being renewed or refinanced and (iii) the Senior Second Lien Notes and Senior Second Lien Note Guarantees (including any notes and guarantees issued in exchange therefor in accordance with the registration rights document
entered into in connection with the issuance of the Senior Second Lien Notes and Senior Second Lien Note Guarantees). 
 (c) Indebtedness
under Hedging Obligations with respect to interest rates, foreign currency exchange rates or commodity prices, in each case not entered into for speculative purposes; provided that if such Hedging Obligations relate to interest rates,
(i) such Hedging Obligations relate to payment obligations on Indebtedness otherwise permitted to be incurred by the Loan Documents and (ii) the notional principal amount of such Hedging Obligations at the time incurred does not exceed the
principal amount of the Indebtedness to which such Hedging Obligations relate; 
 (d) Indebtedness permitted by Section 6.04(e);

 (e) Indebtedness in respect of Purchase Money Obligations and Capital Lease Obligations (including in respect of the Existing Capital
Leases), and refinancings or renewals thereof, in an aggregate amount not to exceed $10,000,000 at any time outstanding; 
 (f) Indebtedness
incurred by Foreign Subsidiaries in an aggregate amount not to exceed $10,000,000 at any time outstanding; 
 (g) Indebtedness in respect of
bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances issued for the account of any Company in the ordinary course of business, including guarantees or obligations of any Company with
respect to letters of credit supporting such bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances (in each case other than for an obligation for money borrowed); 
 (h) Contingent Obligations of any Loan Party in respect of Indebtedness otherwise permitted under this Section 6.01; 
 (i) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the
case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of incurrence; 
 (j) Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business; and 
 (k) unsecured Indebtedness of any Company in an aggregate amount not to exceed $10,000,000 at any time outstanding. 
 SECTION 6.02 Liens. Create, incur, assume or permit to exist, directly or indirectly, any Lien on any property now owned or hereafter
acquired by it or on any income or revenues or rights in respect of any thereof, except the following (collectively, the “Permitted Liens”): 
  

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 (a) inchoate Liens for taxes, assessments or governmental charges or levies not yet due and payable or
delinquent and Liens for taxes, assessments or governmental charges or levies, which (i) are being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, which proceedings (or
orders entered in connection with such proceedings) have the effect of preventing the forfeiture or sale of the property subject to any such Lien, and (ii) in the case of any such charge or claim which has or may become a Lien against any of the
Collateral, such Lien and the contest thereof shall satisfy the Contested Collateral Lien Conditions; 
 (b) Liens in respect of property of
any Company imposed by Requirements of Law, which were incurred in the ordinary course of business and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, materialmen’s, landlords’, workmen’s,
suppliers’, repairmen’s and mechanics’ Liens and other similar Liens arising in the ordinary course of business, and (i) which do not in the aggregate materially detract from the value of the property of the Companies, taken as a
whole, and do not materially impair the use thereof in the operation of the business of the Companies, taken as a whole, (ii) which, if they secure obligations that are then due and unpaid, are being contested in good faith by appropriate
proceedings for which adequate reserves have been established in accordance with GAAP, which proceedings (or orders entered in connection with such proceedings) have the effect of preventing the forfeiture or sale of the property subject to any such
Lien, and (iii) in the case of any such Lien which has or may become a Lien against any of the Collateral, such Lien and the contest thereof shall satisfy the Contested Collateral Lien Conditions; 
 (c) (i) any Lien securing obligations under the Consignment Agreement, provided that (x) any such Liens attach only to the property that is
the subject of the Consignment Agreement and other metal alloys of the same type (to the extent provided in the Consignment Agreement as in effect on the date hereof) and do not encumber any other property of any Company and (y) the aggregate
principal amount of the obligations secured thereunder (including obligations secured by a purchase money Lien) does not exceed $40,000,000, and (ii) any Lien in existence on the Closing Date and set forth on Schedule 6.02(c) and any
Lien granted as a replacement or substitute therefore, provided that any such replacement or substitute Lien (x) except as permitted by Section 6.01(b)(ii)(A), does not secure an aggregate amount of Indebtedness, if any, greater
than that secured on the Closing Date and (y) does not encumber any property other than the property subject thereto on the Closing Date (any such Lien, an “Existing Lien”); 
 (d) easements, rights-of-way, restrictions (including zoning restrictions), covenants, licenses, encroachments, protrusions and other similar charges or
encumbrances, and minor title deficiencies on or with respect to any Real Property, in each case whether now or hereafter in existence, not (i) securing Indebtedness, (ii) individually or in the aggregate materially impairing the value or
marketability of such Real Property or (iii) individually of in the aggregate materially interfering with the ordinary conduct of the business of the Companies at such Real Property; 
 (e) Liens arising out of judgments, attachments or awards not resulting in a Default and in respect of which such Company shall in good faith be
prosecuting an appeal or proceedings for review in respect of which there shall be secured a subsisting stay of execution pending such appeal or proceedings and, in the case of any such Lien which has or may become a Lien against any of the
Collateral, such Lien and the contest thereof shall satisfy the Contested Collateral Lien Conditions; 
 (f) Liens (other than any Lien
imposed by ERISA) (x) imposed by Requirements of Law or deposits made in connection therewith in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security
legislation, 

  

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(y) incurred in the ordinary course of business to secure the performance of tenders, statutory obligations (other than excise taxes), surety, stay, customs
and appeal bonds, statutory bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) or (z) arising by virtue of
deposits made in the ordinary course of business to secure liability for premiums to insurance carriers; provided that (i) with respect to clauses (x), (y) and (z) of this paragraph (f), such Liens are for amounts not yet due
and payable or delinquent or, to the extent such amounts are so due and payable, such amounts are being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, which proceedings
for orders entered in connection with such proceedings have the effect of preventing the forfeiture or sale of the property subject to any such Lien, (ii) to the extent such Liens are not imposed by Requirements of Law, such Liens shall in no
event encumber any property other than cash and Cash Equivalents, (iii) in the case of any such Lien against any of the Collateral, such Lien and the contest thereof shall satisfy the Contested Collateral Lien Conditions; 
 (g) Leases of the properties of any Company, in each case entered into in the ordinary course of such Company’s business so long as such Leases are
subordinate in all respects to the Liens granted and evidenced by the Security Documents and do not, individually or in the aggregate, (i) interfere in any material respect with the ordinary conduct of the business of any Company,
(ii) materially impair the use (for its intended purposes) or the value of the property subject thereto; 
 (h) Liens arising out of
conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by any Company in the ordinary course of business in accordance with the past practices of such Company and which do not attach to Accounts,
Inventory or Metals (except for Liens on Metals permitted pursuant to Section 6.02(c)) which are included in the calculation of the Borrowing Base; 
 (i) Liens securing Indebtedness incurred pursuant to Section 6.0 l(e); provided that any such Liens attach only to the property being financed pursuant to such Indebtedness and do not encumber any
other property of any Company; 
 (j) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and
Cash Equivalents on deposit in one or more accounts maintained by any Company, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with
respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; 
 (k)
Liens on property of a person existing at the time such person is acquired or merged with or into or consolidated with any Company to the extent permitted hereunder (and not created in anticipation or contemplation thereof); provided that
such Liens do not extend to properly not subject to such Liens at the time of acquisition (other than improvements thereon) and are no more favorable to the lienholders than such existing Lien and which do not attach to Accounts, Inventory or Metals
(except for Liens on Metals permitted pursuant to Section 6.02(c)) which are included in the calculation of the Borrowing Base; 
 (l) Liens granted pursuant to the Security Documents to secure the Secured Obligations; 
  

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 (m) licenses of Intellectual Property granted by any Company in the ordinary course of business and not
interfering in any material respect with the ordinary conduct of business of the Companies; 
 (n) the filing of UCC financing statements
solely as a precautionary measure in connection with operating leases or consignment of goods; 
 (o) Liens securing Indebtedness incurred
pursuant to Section 6.01(g); provided that (i) such Liens do not extend to, or encumber, property which constitutes Collateral and (ii) such Liens extend only to the property (or Equity Interests) of the Foreign
Subsidiary incurring such Indebtedness; 
 (p) Liens securing Indebtedness incurred pursuant to Section 6.0l(b)(iii) and subject
to the Intercreditor Agreement; 
 (q) Liens incurred in the ordinary course of business of any Company with respect to obligations that do
not in the aggregate exceed $5,000,000 at any time outstanding, so long as such Liens, to the extent covering any Collateral, are junior to the Liens granted pursuant to the Security Documents; and 
 (r) Liens in favor of any provider of Treasury Services Agreement, provided, that, such Liens (i) are incurred in the ordinary course of
business and (ii) secure obligations owed to such provider and arising in the ordinary course of business other than Indebtedness for borrowed money. 
 provided, however, that no consensual Liens shall be permitted to exist, directly or indirectly, on any Securities Collateral, other than Liens granted pursuant to the Security Documents or the Senior Second Lien Note Documents.

 SECTION 6.03 Sale and Leaseback Transactions. Enter into any arrangement, directly or indirectly, with any person whereby
it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for substantially the same
purpose or purposes as the property being sold or transferred (a “Sale and Leaseback Transaction”) unless (i) the sale of such property is permitted by Section 6.06 and (ii) any Liens arising in connection with its use
of such property are permitted by Section 6.02, except that the Company may enter into a Sale and Leaseback Transaction in an amount not exceeding $10,000,000 and, in addition, may enter into a Sale and Leaseback Transaction on up to 50% of
alloy assets owned by Borrowers. 
 SECTION 6.04 Investment Loan and Advances. Directly or indirectly, lend money or credit
(by way of guarantee or otherwise) or make advances to any person, or purchase or acquire any stock, bonds, notes, debentures or other obligations or securities of, or any other interest in, or make any capital contribution to, any other person (all
of the foregoing, collectively, “Investments”), except that the following shall be permitted: 
 (a) the Companies may
consummate the Transactions in accordance with the provisions of the Transaction Documents; 
 (b) Investments outstanding on the Closing
Date and identified on Schedule 6.04(b); 
 (c) the Companies may (i) acquire and hold accounts receivables owing to any of them
if created or acquired in the ordinary course of business and payable or dischargeable in accordance 

  

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with customary terms or reasonably extends terms, (ii) invest in, acquire and hold cash and Cash Equivalents, (iii) endorse negotiable instruments
held for collection in the ordinary course of business or (iv) make lease, utility and other similar deposits in the ordinary course of business; 
 (d) loans and advances to directors, employees and officers of Borrowers and the Subsidiaries (i) for bona fide business purposes and to purchase Equity Interests of Holdings, in aggregate amount not to exceed
$1,000,000 at any time outstanding and (ii) to purchase Equity Interests of Parent Borrower, in aggregate amount not to exceed $4,000,000 at any time outstanding; 
 (e) Investments (i) by any Company in any Borrower or any Subsidiary Guarantor and (ii) by a Subsidiary that is not a Subsidiary Guarantor in any other Subsidiary that is not a Subsidiary Guarantor;
provided that any Investment in the form of a loan or advance shall be evidenced by the Intercompany Note and, in the case of a loan or advance by a Loan Party, pledged by such Loan Party as Collateral pursuant to the Security Documents;

 (f) Investments in securities of trade creditors or customers in the ordinary course of business received upon foreclosure or pursuant to
any plan of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers; 
 (g) Investments made by any Borrower or any Subsidiary as a result of consideration received in connection with an Asset Sale made in compliance with Section 6.06; and 
 (h) other Investments in an aggregate amount not to exceed $10,000,000 at any time outstanding. 
 An Investment shall be deemed to be outstanding to the extent not returned in the same form as the original Investment to any Borrower or any Subsidiary Guarantor.

 SECTION 6.05 Mergers and Consolidations. Wind up, liquidate or dissolve its affairs or enter into any transaction of merger
or consolidation (or agree to do any of the foregoing at any future time), except that the following shall be permitted: 
 (a) the Transactions as contemplated by the Transaction Documents; 
 (b) Asset Sales in compliance with Section
6.06; 
 (c) acquisitions in compliance with Section 6.07; 
 (d) any Subsidiary may merge or consolidate with or into any Borrower or any Subsidiary Guarantor (as long as a Borrower is the surviving
person in the case of any merger or consolidation involving a Borrower and a Subsidiary Guarantor is the surviving person and remains a Wholly Owned Subsidiary of Holdings in any other case); provided that the Lien on and security interest in
such property granted or to be granted in favor of the Collateral Agent under the Security Documents shall be maintained or created in accordance with the provisions of Section 5.10 or Section 5.11, as applicable; and 
 (e) any Subsidiary may dissolve, liquidate or wind up its affairs at any time; provided that such dissolution, liquidation or
winding up, as applicable, could not reasonably be expected to have a Material Adverse Effect. 
  

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 To the extent the Required Lenders, the Supermajority Lenders or all the Lenders, as applicable, waive
the provisions of this Section 6.05 with respect to the sale of any Collateral, or any Collateral is sold as permitted by this Section 6.05, such Collateral (unless sold to a Company) shall be sold free and clear of the Liens
created by the Security Documents, and, so long as Borrowers shall have provided the Agents with such certifications or documents as any Agent shall reasonably request in order to demonstrate compliance with this Section 6.05, the Agents
shall take all actions they deem appropriate in order to effect the foregoing. 
 SECTION 6.06 Asset Sales. Effect any Asset
Sale, or agree to effect any Asset Sale, except that the following shall be permitted: 
 (a) disposition of metal alloy in
the ordinary course of business, disposition of used, worn out, obsolete or surplus property by any Company in the ordinary course of business and the abandonment or other disposition of Intellectual Property that is, in the reasonable judgment of
Parent Borrower, no longer economically practicable to maintain or useful in the conduct of the business of the Companies taken as a whole; 
 (b) Asset Sales; provided that the aggregate consideration (to be determined net of the items described in clause (a)(i) and clause (b) (as applicable) of the definition of Net Cash Proceeds) received in
respect of all Asset Sales pursuant to this clause (b) shall not exceed $10,000,000 in any four consecutive fiscal quarters of Parent Borrower; 
 (c) leases of real or personal property in the ordinary course of business and in accordance with the applicable Security Documents; 
 (d) the Transactions as contemplated by the Transaction Documents; 
 (e) mergers and consolidations in compliance with Section 6.05; and 
 (f) Investments in compliance with Section 6.04. 
 To the extent the Required Lenders, the Supermajority Lenders or all the Lenders, as applicable, waive the provisions of this Section 6.06 with respect to the sale of any Collateral, or any Collateral is sold
as permitted by this Section 6.06, such Collateral (unless sold to a Company) shall be sold free and clear of the Liens created by the Security Documents, and, so long as Borrowers shall have provided the Agents such certifications or
documents as any Agent shall reasonably request in order to demonstrate compliance with this Section 6.06, the Agents shall take all actions they deem appropriate in order to effect the foregoing. 
 SECTION 6.07 Acquisitions. Purchase or otherwise acquire (in one or a series of related transactions) any part of the property (whether
tangible or intangible) of any person (or agree to do any of the foregoing at any future time), except that the following shall be permitted: 
 (a) purchases and other acquisitions of inventory, materials, equipment and intangible property in the ordinary course of business; 
 (b) Investments in compliance with Section 6.04; 
 (c) leases of real or personal property in the ordinary course of business and in accordance with the applicable Security Documents;

  

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 (d) the Transactions as contemplated by the Transaction Documents; 
 (e) Permitted Acquisitions; and 
 (f) mergers and consolidations in compliance with Section 6.05; 
 provided that the Lien on and security
interest in such property granted or to be. granted in favor of the Collateral Agent under the Security Documents shall be maintained or created in accordance with the provisions of Section 5.10 or Section 5.11, as applicable.

 SECTION 6.08 Dividends. Authorize, declare or pay, directly or indirectly, any Dividends with respect to any Company,
except that the following shall be permitted: 
 (a) Dividends by any Company to a Borrower or any Guarantor that is a Wholly
Owned Subsidiary of Parent Borrower; 
 (b) payments to Holdings to permit Holdings, and the subsequent use of such payments
by Holdings, to repurchase or redeem Qualified Capital Stock of Holdings held by officers, directors or employees or former officers, directors or employees (or their transferees, estates or beneficiaries under their estates) of any Company, upon
their death, disability, retirement, severance or termination of employment or service; provided that the aggregate cash consideration paid for all such redemptions and payments shall not exceed, in any fiscal year, the sum of (x) $5,000,000
(and up to 50% of such $5,000,000 not used in any fiscal year may be carried forward to the next succeeding (but no other) fiscal year), plus (y) the amount of any Net Cash Proceeds received by or contributed to Parent Borrower from the
issuance and sale since the issue date of Qualified Capital Stock of Holdings to officers, directors or employees of any Company that have not been used to make any repurchases, redemptions or payments under this clause (b), plus (z) the
net cash proceeds of any “key-man” life insurance policies of any Company that have not been used to make any repurchases, redemptions or payments under this clause (b); 
 (c) (A) to the extent actually used by Holdings to pay such taxes, costs and expenses, payments by Parent Borrower to or on behalf of
Holdings in an amount sufficient to pay franchise taxes and other fees required to maintain the legal existence of Holdings and (B) payments by Parent Borrower to or on behalf of Holdings in an amount sufficient to pay out-of-pocket legal,
accounting and filing costs and other expenses in the nature of overhead in the ordinary course of business of Holdings, in the case of clauses (A) and (B) in an aggregate amount not to exceed $500,000 in any fiscal year; 
 (d) Permitted Tax Distributions by Parent Borrower to Holdings, so long as Holdings uses such distributions to pay its taxes; and

 (e) other dividends not in excess of $1,000,000 in the aggregate. 
 SECTION 6.09 Transactions with Affiliates. Enter into, directly or indirectly, any transaction or series of related transactions, whether
or not in the ordinary course of business, with any Affiliate of any Company (other than between or among Borrowers and one or more Subsidiary Guarantors), other than on terms and conditions at least as favorable to such Company as would reasonably
be obtained by such Company at that time in a comparable arm’s-length transaction with a person other than an Affiliate, except that the following shall be permitted: 
 (a) Dividends permitted by Section 6.08; 
  

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 (b) Investments permitted by Sections 6.04(d) and (e); 
 (c) reasonable and customary director, officer and employee compensation (including bonuses) and other benefits (including retirement,
health, stock option and other benefit plans) and indemnification arrangements, in each case approved by the Board of Directors of Parent Borrower; 
 (d) transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods and services, in each case in the ordinary course of business and otherwise not prohibited by the Loan
Documents; 
 (e) so long as no Default exists, the payment of regular management fees to Sponsor in the amounts and at the
times specified in the Management Agreement, dated as of April 7, 2006, among Holdings, KAGY Acquisition Corp., Parent Borrower and Sponsor, as in effect on the Closing Date or as thereafter amended or replaced in any manner, that, taken as a
whole, is not more adverse to the interests of the Lenders in any material respect than such agreement as it was in effect on the Closing Date; provided that payments under this clause (e) shall in any event not exceed
$1,000,000 per fiscal year; 
 (f) the existence of, and the performance by any Loan Party of its obligations under the
terms of, any limited liability company, limited partnership or other Organizational Document or securityholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party on the Closing Date
and which has been disclosed to the Lenders as in effect on the Closing Date, and similar agreements that it may enter into thereafter; provided, however, that the existence of, or the performance by any Loan Party of obligations under, any
amendment to any such existing agreement or any such similar agreement entered into after the Closing Date shall only be permitted by this Section 6.09(f) to the extent not more adverse to the interest of the Lenders in any material
respect, when taken as a whole, than any of such documents and agreements as in effect on the Closing Date; 
 (g) sales of
Qualified Capital Stock of Holdings to Affiliates of Parent Borrower not otherwise prohibited by the Loan Documents and the granting of registration and other customary rights in connection therewith; 
 (h) any transaction with an Affiliate where the only consideration paid by any Loan Party is Qualified Capital Stock of Holdings; and

 (i) the Transactions as contemplated by the Transaction Documents. 
 SECTION 6.10 Prepayments of Other Indebtedness; Modifications of Organizational Documents and Other Documents, etc. Directly or
indirectly: 
 (a) make (or give any notice in respect thereof) any voluntary or optional payment or prepayment on or
redemption or acquisition for value of, or any prepayment or redemption as a result of any asset sale, change of control or similar event of, any Indebtedness outstanding under the Senior Second Lien Notes or any Subordinated Indebtedness, in each
case except as otherwise permitted by this Agreement; provided, that Parent Borrower may prepay, redeem or otherwise acquire the Senior Second Lien Notes if, after giving effect to each such prepayment, redemption or other acquisition, there
shall be Excess Availability of at least $20,000,000; 
  

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 (b) amend or modify, or permit the amendment or modification of, any provision of any
Transaction Document, any document governing any Material Indebtedness (other than any Senior Second Lien Note Document, which may be amended or modified in accordance with the Intercreditor Agreement) or the Consignment Agreement (except to the
extent permitted by the Metals Intercreditor Agreement), in each case in any manner that is adverse in any material respect to the interests of the Lenders; or 
 (c) terminate, amend or modify any of its Organizational Documents (including (x) by the filing or modification of any certificate of
designation and (y) any election to treat any Pledged Securities (as defined in the Security Agreement) as a “security” under Section 8-103 of the UCC other than concurrently with the delivery of certificates representing such
Pledged Securities to the Collateral Agent) or any agreement to which it is a party with respect to its Equity Interests (including any stockholders’ agreement), or enter into any new agreement with respect to its Equity Interests, other than
any such amendments or modifications or such new agreements which are not adverse in any material respect to the interests of the Lenders; provided that Holdings may issue such Equity Interests, so long as such issuance is not prohibited by
Section 6.12 or any other provision of this Agreement, and may amend or modify its Organizational Documents to authorize any such Equity Interests. 
 SECTION 6.11 Limitation on Certain Restrictions on Subsidiaries. Directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of
any Subsidiary to (a) pay dividends or make any other distributions on its capital stock or any other interest or participation in its profits owned by Parent Borrower or any Subsidiary, or pay any Indebtedness owed to Parent Borrower or a
Subsidiary, (b) make loans or advances to Parent Borrower or any Subsidiary or (c) transfer any of its properties to Parent Borrower or any Subsidiary, except for such encumbrances or restrictions existing under or by reason of
(i) applicable Requirements of Law; (ii) this Agreement and the other Loan Documents; (iii) the Senior Second Lien Note Documents; (iv) customary provisions restricting subletting or assignment of any lease governing a leasehold
interest of a Subsidiary; (v) customary provisions restricting assignment of any agreement entered into by a Subsidiary in the ordinary course of business; (vi) any holder of a Lien permitted by Section 6.02 restricting the transfer
of the property subject thereto; (vii) customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 6.06 pending the consummation of such sale; (viii) any agreement in
effect at the time such Subsidiary becomes a Subsidiary of Parent Borrower, so long as such agreement was not entered into in connection with or in contemplation of such person becoming a Subsidiary of Parent Borrower; (ix) without affecting
the Loan Parties’ obligations under Section 5.10, customary provisions in partnership agreements, limited liability company organizational governance documents, asset sale and stock sale agreements and other similar agreements entered
into in the ordinary course of business that restrict the transfer of ownership interests in such partnership, limited liability company or similar person; (x) restrictions on cash or other deposits or net worth imposed by suppliers or
landlords under contracts entered into in the ordinary course of business; (xi) any instrument governing Indebtedness assumed in connection with any Permitted Acquisition, which encumbrance or restriction is not applicable to any person, or the
properties or assets of any person, other than the person or the properties or assets of the person so acquired; (xii) in the case of any joint venture which is not a Loan Party in respect of any matters referred to in clauses (b) and
(c) above, restrictions in such person’s Organizational Documents or pursuant to any joint venture agreement or stockholders agreements solely to the extent of the Equity Interests of or property held in the subject joint venture or

  

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other entity; or (xiii) any encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents of
the contracts, instruments or obligations referred to in clauses (iii) or (viii) above; provided that such amendments or refinancings are no more materially restrictive with respect to such encumbrances and restrictions than those
prior to such amendment or refinancing. 
 SECTION 6.12 Limitation on Issuance of Capital Stock. 
 (a) With respect to Holdings, issue any Equity Interest that is not Qualified Capital Stock. 
 (b) With respect to Parent Borrower or any Subsidiary, issue any Equity Interest (including by way of sales of treasury stock) or any options or warrants
to purchase, or securities convertible into, any Equity Interest, except (i) for stock splits, stock dividends and additional issuances of Equity Interests which do not decrease the percentage ownership of Parent Borrower or any Subsidiaries in
any class of the Equity Interest of such Subsidiary; (ii) Subsidiaries of Parent Borrower formed after the Closing Date in accordance with Section 6.13 may issue Equity Interests to Parent Borrower or the Subsidiary of Parent
Borrower which is to own such Equity Interests; and (iii) Parent Borrower may issue common stock that is Qualified Capital Stock to Holdings. All Equity Interests issued in accordance with this Section 6.12(b) shall, to the extent
required by Sections 5.10 and 5.11 or any Security Agreement or if such Equity Interests are issued by Parent Borrower, be delivered to the Collateral Agent for pledge pursuant to the applicable Security Agreement. 
 SECTION 6.13 Limitation on Creation of Subsidiaries. Establish, create or acquire any additional Subsidiaries without the prior written
consent of the Required Lenders; provided that, without such consent, any Borrower may (i) establish or create one or more Wholly Owned Subsidiaries of Borrower, (ii) establish, create or acquire one or more Subsidiaries in
connection with an Investment made pursuant to Section 6.04(e) or (iii) acquire one or more Subsidiaries in connection with a Permitted Acquisition, so long as, in each case, Section 5.10(b) shall be complied with.

 SECTION 6.14 Business. 
 (a) With respect to Holdings, engage in any business activities or have any properties or liabilities, other than (i) its ownership of the Equity Interests of Parent Borrower, (ii) obligations under the Loan Documents and the
Senior Second Lien Note Documents, and (iii) activities and properties incidental to the foregoing clauses (i) and (ii). 
 (b)
With respect to Parent Borrower and the Subsidiaries, engage (directly or indirectly) in any business other than those businesses in which Parent Borrower and its Subsidiaries are engaged on the Closing Date (or, in the good faith judgment of the
Board of Directors of Parent Borrower, which are substantially related thereto or are reasonable extensions thereof). 
 SECTION 6.15
Limitation on Accounting Changes. Make or permit any material change in accounting policies or reporting practices, without the consent of the Administrative Agent, which consent shall not be unreasonably withheld, except changes that are
required by GAAP. 
 SECTION 6.16 Fiscal Year. Change its fiscal year-end to a date other than December 31. 

 

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 SECTION 6.17 No Further Negative Pledge. Enter into any agreement, instrument, deed or
lease which prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any Lien upon any of their respective properties or revenues, whether now owned or hereafter acquired, or which requires the grant of any
security for an obligation if security is granted for another obligation, except the following: (1) this Agreement and the other Loan Documents; (2) covenants in documents creating Liens permitted by Section 6.02 prohibiting
further Liens on the properties encumbered thereby; (3) the Senior Second Lien Note Documents as in effect on the Closing Date; (4) any other agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to
the Loan Documents on any Collateral securing the Secured Obligations and does not require the direct or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of the granting of Liens on or pledge of property of any
Loan Party to secure the Secured Obligations; and (5) any prohibition or limitation that (a) exists pursuant to applicable Requirements of Law, (b) consists of customary restrictions and conditions contained in any agreement relating
to the sale of any property permitted under Section 6.06 pending the consummation of such sale, (c) restricts subletting or assignment of any lease governing a leasehold interest of a Borrower or a Subsidiary, (d) exists in any
agreement in effect at the time such Subsidiary becomes a Subsidiary of a Borrower, so long as such agreement was not entered into in contemplation of such person becoming a Subsidiary or (e) is imposed by any amendments or refinancings that
are otherwise permitted by the Loan Documents of the contracts, instruments or obligations referred to in clause (3) or (5)(d); provided that such amendments and refinancings are no more materially restrictive with respect to such
prohibitions and limitations than those prior to such amendment or refinancing. 
 SECTION 6.18 Anti-Terrorism Law; Anti-Money
Laundering. 
 (a) Directly or indirectly, (i) knowingly conduct any business or engage in making or receiving any contribution
of funds, goods or services to or for the benefit of any person described in Section 3.21, (ii) knowingly deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the
Executive Order or any other Anti-Terrorism Law, or (iii) knowingly engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any
Anti-Terrorism Law (and the Loan Parties shall deliver to the Lenders any certification or other evidence requested from time to time by any Lender in its reasonable discretion, confirming the Loan Parties’ compliance with this Section
6.18). 
 (b) Cause or permit any of the funds of such Loan Party that are used to repay the Loans to be derived from any unlawful
activity with the result that the making of the Loans would be in violation of any Requirement of Law. 
 SECTION 6.19 Embargoed
Person. Cause or permit (a) any of the funds or properties of the Loan Parties that are used to repay the Loans to constitute property of, or be beneficially owned directly or indirectly by, any person subject to sanctions or trade
restrictions under United States law (“Embargoed Person” or “Embargoed Persons”) that is identified on (1) the “List of Specially Designated Nationals and Blocked Persons” maintained by OFAC and/or on
any other similar list maintained by OFAC pursuant to any authorizing statute including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App.
1 et seq., and any Executive Order or Requirement of Law promulgated thereunder, with the result that the investment in the Loan Parties (whether directly or indirectly) is prohibited by a Requirement of Law, or the Loans made by the Lenders
would be in violation of a Requirement of Law, or (2) the Executive Order, any related enabling legislation or any other similar Executive Orders or (b) any Embargoed Person to have any direct or indirect interest, of any nature whatsoever
in the Loan Parties, with the result that the investment in the Loan Parties (whether directly or indirectly) is prohibited by a Requirement of Law or the Loans are in violation of a Requirement of Law. 
  

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 ARTICLE VII 
 GUARANTEE 
 SECTION 7.01 The Guarantee. The Guarantors hereby jointly and severally
guarantee, as a primary obligor and not as a surety to each Secured Party and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or
otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United
States Code) on the Loans made by the Lenders to, and the Notes held by each Lender of, each Borrower, and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or any Hedging
Agreement or Treasury Services Agreement entered into with a counterparty that is a Secured Party, in each case strictly in accordance with the terms thereof (such obligations being herein collectively called the “Guaranteed
Obligations”). The Guarantors hereby jointly and severally agree that if any Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the
Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due
(whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 
 SECTION 7.02
Obligations Unconditional. The obligations of the Guarantors under Section 7.01 shall constitute a guaranty of payment and to the fullest extent permitted by applicable Requirements of Law, are absolute, irrevocable and
unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of any Borrower under this Agreement, the Notes, if any, or any other agreement or instrument referred to
herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the
Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above: 
 (i) at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

(ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument
referred to herein or therein shall be done or omitted; 
 (iii) the maturity of any of the Guaranteed Obligations shall be
accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other
guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; 
  

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 (iv) any Lien or security interest granted to, or in favor of, Issuing Bank or any Lender
or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or 
 (v) the release of any other
Guarantor pursuant to Section 7.09. 
 The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and
all notices whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against any Borrower under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or
against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed
Obligations and notice of or proof of reliance by any Secured Party upon this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in
reliance upon this Guarantee, and all dealings between any Borrower and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be construed as a continuing,
absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the
Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of any right or remedy against any Borrower or against any other person which may be or become liable in respect of
all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent
of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may
be no Guaranteed Obligations outstanding. 
 SECTION 7.03 Reinstatement. The obligations of the Guarantors under this
Article VII shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any
holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise. 
 SECTION 7.04 Subrogation; Subordination. Each Guarantor hereby agrees that until the indefeasible payment and satisfaction in full in cash of all Guaranteed Obligations and the expiration and termination of the Commitments of
the Lenders under this Agreement it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 7.01, whether by subrogation or otherwise,
against any Borrower or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Loan Party permitted pursuant to Section 6.01(d) shall be subordinated to
such Loan Party’s Secured Obligations in the manner set forth in the Intercompany Note evidencing such Indebtedness. 
 SECTION 7.05
Remedies. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of each Borrower under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided
in Section 8.01 (and shall 

  

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be deemed to have become automatically due and payable in the circumstances provided in Section 8.01) for purposes of Section 7.01,
notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against any Borrower and that, in the event of such declaration (or such obligations being
deemed to have become automatically due and payable), such obligations (whether or not due and payable by any Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 7.01. 
 SECTION 7.06 Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article VII
constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a
motion-action under New York CPLR Section 3213. 
 SECTION 7.07 Continuing Guarantee. The guarantee in this Article
VII is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising. 
 SECTION 7.08 General
Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other
law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 7.01 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other
creditors, on account of the amount of its liability under Section 7.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Loan Party or any
other person, be automatically limited and reduced to the highest amount (after giving effect to the rights of contribution and offset established in the Contribution, Incentive and Offset Agreement) that is valid and enforceable and not
subordinated to the claims of other creditors as determined in such action or proceeding. 
 SECTION 7.09 Release of
Guarantors. If, in compliance with the terms and provisions of the Loan Documents, all or substantially all of the Equity Interests or property of any Guarantor are sold or otherwise transferred (a “Transferred Guarantor”)
to a person or persons, none of which is a Borrower or a Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be automatically released from its obligations under this Agreement (including under
Section 11.03 hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Security Document and, in the case of a sale of all or substantially all of the Equity Interests of the Transferred Guarantor, the
pledge of such Equity Interests to the Collateral Agent pursuant to the Security Agreements shall be automatically released, and, so long as Borrowers shall have provided the Agents such certifications or documents as any Agent shall reasonably
request (including to demonstrate compliance with this Agreement), the Collateral Agent shall take such actions as are necessary to effect each release described in this Section 7.09 in accordance with the relevant provisions of the
Security Documents; provided that such Guarantor is also released from its obligations under the Senior Second Lien Note Guarantees on the same terms. 
 ARTICLE VIII 
 EVENTS OF DEFAULT 
 SECTION 8.01 Events of Default. Upon the occurrence and during the continuance of the following events (“Events of
Default”): 
  

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 (a) default shall be made in the payment of any principal of any Loan or any
Reimbursement Obligation when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment (whether voluntary or mandatory) thereof or by acceleration thereof or otherwise; 
 (b) default shall be made in the payment of any interest on any Loan or any Fee or any other amount (other than an amount referred to in
paragraph (a) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of three Business Days; 
 (c) any information contained in any Borrowing Base Certificate is untrue or incorrect in any material respect (other than (i) errors
understating the Borrowing Base and (ii) errors occurring when Excess Availability continues to exceed $7,500,000 after giving effect to the correction of such errors), or any representation or warranty made or deemed made in or in connection
with any Loan Document or the borrowings or issuances of Letters of Credit hereunder, or any representation, warranty, statement or information contained in any report, certificate (other than a Borrowing Base Certificate), financial statement or
other instrument furnished in connection with or pursuant to any Loan Document, shall prove to have been false or misleading in any material respect when so made, deemed made or furnished; 
 (d) default shall be made in the due observance or performance by any Company of any covenant, condition or agreement contained in
Section 5.02, 5.03 (a), 5.08 or 5.14 or in Article VI; 
 (e) default shall be made in
the due observance or performance by any Company of any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraphs (a), (b) or (d) immediately above) and such default shall continue unremedied
or shall not be waived for a period of 30 days after written notice thereof from the Administrative Agent or any Lender to Borrowers; 
 (f) any Company shall (i) fail to pay any principal or interest, regardless of amount, due in respect of any Indebtedness (other than the Obligations), or fail to make a payment or payments under the Consignment
Agreement, in each case, when and as the same shall become due and payable beyond any applicable grace period, or (ii) fail to observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument
evidencing or governing any such Indebtedness or such obligations if the effect of any failure referred to in this clause (ii) is to cause, or to permit the holder or holders of such Indebtedness or such obligations or a trustee or other
representative on its or their behalf (with or without the giving of notice, the lapse of time or both) to cause, such Indebtedness or such obligations to become due prior to its stated maturity or become subject to a mandatory offer purchase by the
obligor; provided that, it shall not constitute an Event of Default pursuant to this paragraph (f) unless the aggregate amount of all such Indebtedness or such obligations referred to in clauses (i) and (ii) exceeds $7,500,000
at any one time (provided that, in the case of Hedging Obligations, the amount counted for this purpose shall be the amount payable by all Companies if such Hedging Obligations were terminated at such time); 
 (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of any Company, or of a substantial part of the property of any Company, under Title 11 of the U.S. Code, as now constituted 

  

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or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law; (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for any Company or for a substantial part of the property of any Company; or (iii) the winding-up or liquidation of any Company; and such proceeding or petition shall continue
undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (h) any Company
shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or
similar law; (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in clause (g) above; (iii) apply for or consent to the appointment of a
receiver, trustee, custodian, sequestrator, conservator or similar official for any Company or for a substantial part of the property of any Company; (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; (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due; (vii) take any action for the purpose of effecting
any of the foregoing; or (viii) wind up or liquidate; 
 (i) one or more judgments, orders or decrees for the payment of
money in an aggregate amount (to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) in excess of $5,000,000 shall be rendered against any Company or any combination
thereof and the same shall remain undischarged, unvacated or unbonded for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon properties of
any Company to enforce any such judgment; 
 (j) one or more ERISA Events or noncompliance with respect to Foreign Plans shall
have occurred that, in the opinion of the Required Lenders, when taken together with all other such ERISA Events and noncompliance with respect to Foreign Plans that have occurred, could reasonably be expected to result in liability of any Company
and its ERISA Affiliates in an aggregate amount exceeding $5,000,000 or in the imposition of a Lien on any properties of a Company; 
 (k) (i) any of the Guarantees for any reason shall cease to be in full force and effect (except as otherwise expressly provided in Section 7.09) or shall be asserted by any Borrower or any other Loan Party to be null and void or
any Borrower or any Loan Party shall repudiate its or their obligations thereunder or (ii) any security interest and Lien purported to be created by any Security Document shall cease to be in full force and effect, or shall cease to give the
Collateral Agent, for the benefit of the Secured Parties, the Liens, rights, powers and privileges purported to be created and granted under such Security Document (including a perfected first priority security interest in and Lien on all of the
Collateral thereunder) in favor of the Collateral Agent, or shall be asserted by any Borrower or any other Loan Party not to be a valid, perfected, first priority security interest in or Lien on the Collateral covered thereby, except (1) as
otherwise expressly provided in this Agreement or such Security Document, including as a result of a transfer of the applicable Collateral in a transaction permitted under this Agreement or such Security Document or other release provided for in
this Agreement or such Security Document, (2) as a result of the Collateral Agent’s failure to maintain possession of any stock certificates, promissory notes or other documents delivered to it under the relevant Security Document or
(3) correctable errors of 

  

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the United States Patent and Trademark Office and United States Copyright Office or of any Loan Party with respect to Intellectual Property filings, to the
extent the relevant Loan Party promptly causes such error to be corrected; 
 (l) any Loan Document or any material provisions
thereof shall at any time and for any reason be declared by a court of competent jurisdiction to be null and void, or a proceeding shall be commenced by any Loan Party or any other person, or by any Governmental Authority, seeking to establish the
invalidity or unenforceability thereof (exclusive of questions of interpretation of any provision thereof), or any Loan Party shall repudiate or deny any portion of its liability or obligation for the Obligations; 
 (m) the Intercreditor Agreement shall cease to be in full force and effect, or shall cease to give the Collateral Agent, for the benefit
of the Secured Parties, the Lien priority, rights, power and privileges purported to be created and granted under the Intercreditor Agreement, or any Borrower or any other Loan Party, the Senior Second Lien Notes Trustee, the Senior Second Lien
Notes Collateral Agent or any Senior Second Lien Noteholder shall seek to establish the invalidity or unenforceability thereof; 
 (n) there shall have occurred a Change in Control; or 
 (o) any of the Loan Parties shall be prohibited or otherwise
restrained from conducting the business theretofore conducted by it in any manner that has or could reasonably be expected to result in a Material Adverse Effect by virtue of any determination, ruling, decision, decree or order of any court or
Governmental Authority of competent jurisdiction; 
 then, and in every such event (other than an event with respect to Holdings or a Borrower described in
paragraph (g) or (h) above), and at any time thereafter during the continuance of such event or an acceleration of the Senior Second Lien Notes and all obligations under the Senior Second Lien Note Documents, the Administrative Agent may,
and at the request of the Required Lenders shall, by notice to Borrowers, take either or both of the following actions, at the same or different times: (i) terminate forthwith the Commitments and (ii) declare the Loans and Reimbursement
Obligations then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans and Reimbursement Obligations so declared to be due and payable, together with accrued interest thereon and any unpaid accrued
Fees and all other Obligations of Borrowers accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived
by Borrowers and the Guarantors, anything contained herein or in any other Loan Document to the contrary notwithstanding; and in any event, with respect to Holdings or a Borrower described in paragraph (g) or (h) above, the Commitments
shall automatically terminate and the principal of the Loans and Reimbursement Obligations then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other Obligations of Borrowers accrued hereunder and under any
other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by Borrowers and the Guarantors, anything contained herein or in any
other Loan Document to the contrary notwithstanding. 
 SECTION 8.02 Application of Proceeds. The proceeds received by the
Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the Collateral Agent of its remedies shall be applied, in full or in part, together with any other
sums then held by the Collateral Agent pursuant to this Agreement, promptly together with any other sums then held by the Collateral Agent pursuant to this Agreement, promptly by the Collateral Agent as follows: 
  

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 (a) First, to the payment of all reasonable costs and expenses, fees, commissions
and taxes of such sale, collection or other realization including compensation to the Collateral Agent and its agents and counsel, and all expenses, liabilities and advances made or incurred by the Collateral Agent in connection therewith and all
amounts for which the Collateral Agent is entitled to indemnification pursuant to the provisions of any Loan Document, together with interest on each such amount at the highest rate then in effect under this Agreement from and after the date such
amount is due, owing or unpaid until paid in full; 
 (b) Second, to the payment of all other reasonable costs and
expenses of such sale, collection or other realization including compensation to the other Secured Parties and their agents and counsel and all costs, liabilities and advances made or incurred by the other Secured Parties in connection therewith,
together with interest on each such amount at the highest rate then in effect under this Agreement from and after the date such amount is due, owing or unpaid until paid in full; 
 (c) Third, without duplication of amounts applied pursuant to clauses (a) and (b) above, to the indefeasible payment in full
in cash, pro rata, of interest and other amounts constituting Obligations (other than principal and Reimbursement Obligations) and any fees, premiums and scheduled periodic payments due under Hedging Agreements or Treasury Services Agreements
constituting Secured Obligations and any interest accrued thereon, in each case equally and ratably in accordance with the respective amounts thereof then due and owing; 
 (d) Fourth, to the indefeasible payment in full in cash, pro rata, of principal amount of the Obligations and any premium
thereon (including Reimbursement Obligations) and any breakage, termination or other payments under Hedging Agreements and Treasury Services Agreements constituting Secured Obligations and any interest accrued thereon; and 
 (e) Fifth, the balance, if any, to the person lawfully entitled thereto (including the applicable Loan Party or its successors or
assigns) or as a court of competent jurisdiction may direct. 
 In the event that any such proceeds are insufficient to pay in full the items
described in clauses (a) through (e) of this Section 8.02, the Loan Parties shall remain liable, jointly and severally, for any deficiency. Each Loan Party acknowledges the relative rights, priorities and agreements of the
Secured Parties and the Senior Second Lien Note Secured Parties, as set forth in the Intercreditor Agreement and this Agreement, including as set forth in this Section 8.02. 
 ARTICLE IX 
 COLLATERAL ACCOUNT; COLLATERAL MONITORING; APPLICATION OF
COLLATERAL PROCEEDS 
 Each Loan Party warrants, covenants and agrees with each Lender that so long as this Agreement shall remain in
effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full and all Letters of Credit have been
canceled or have expired or been fully cash collateralized and all amounts drawn thereunder have been reimbursed in full, unless Collateral Agent and Administrative Agent or the Required Lenders shall otherwise consent in writing: 
  

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 SECTION 9.01 Collateral Accounts. 
 (a) Borrowers shall notify Collateral Agent promptly of: (i) the assertion of any material claims, offsets, defenses or counterclaims by any Account
Debtor which, in the aggregate, exceed $150,000, or any material disputes with Account Debtors, or any settlement, adjustment or compromise thereof, (ii) to any Loan Parties’ knowledge, the bankruptcy or insolvency (voluntary or
involuntary), or winding up or liquidation, of any Account Debtor, or any Account Debtor shall make a general assignment for the benefit of creditors or shall become unable or fail generally to pay its debts as they become due and (iii) any material
change in the credit policies of a Borrower or any Guarantor without the prior consent of the Collateral Agent. Borrowers hereby agree not to grant to any Account Debtor any credit, discount, allowance or extension, or to enter into any agreement
for any of the foregoing, without Collateral Agent’s consent, except in the ordinary course of business in accordance with practices and policies previously disclosed in writing to Collateral Agent. So long as no Event of Default exists or has
occurred and is continuing, Borrowers may settle, adjust or compromise any claim, offset, counterclaim or dispute with any Account Debtor. At any time that an Event of Default exists or has occurred and is continuing, Collateral Agent shall, at its
option, have the exclusive right to settle, adjust or compromise any claim, offset, counterclaim or dispute with Account Debtors of any Loan Party or grant any credits, discounts or allowances. 
 (b) With respect to each Account: (i) the amounts shown on any invoice delivered to Collateral Agent or schedule thereof delivered to Collateral
Agent shall be true and complete in all material respects, (ii) no payments shall be made thereon except payments immediately delivered to Collateral Agent pursuant to the terms of this Agreement or any applicable Security Document (to the
extent so required), (iii) there shall be no setoffs, deductions, contras, defenses, counterclaims or disputes existing or asserted with respect thereto except as reported to Collateral Agent and promptly reflected in the reporting of the
Borrowing Base, in accordance with the terms of this Agreement, and (iv) none of the transactions giving rise thereto will violate any applicable laws or regulations, all documentation relating thereto will be legally sufficient under such laws
and regulations and all such documentation will be legally enforceable in accordance with its terms. 
 (c) Collateral Agent shall have the
right at any time or times, in Collateral Agent’s name or in the name of a nominee of Collateral Agent, to verify the validity, amount or any other matter relating to any Account or other Collateral, by mail, telephone, e-mail, facsimile
transmission or otherwise. To facilitate the exercise of the right described in the immediately preceding sentence, each Borrower hereby agrees to provide Collateral Agent upon request the name and address of each Account Debtor of such Borrower.

 SECTION 9.02 Accounts; Cash Management. 
 Borrowers and each Guarantor shall maintain a cash management system which is acceptable to the Administrative Agent and the Collateral Agent (the “Cash Management System”), which shall operate as
follows: 
 (a) All funds held by any Borrower or any other Loan Party (other than funds being collected pursuant to the provisions stated
below or funds not constituting proceeds of Borrowing Base collateral collected outside the United States in accordance with Parent Borrower’s past practice) shall be 

  

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deposited in one or more bank accounts or securities investment accounts, in form and substance reasonably satisfactory to Collateral Agent subject to the
terms of the Security Agreement and applicable Control Agreements. 
 (b) Borrowers shall establish and maintain, at their sole expense, and
shall cause each Guarantor to establish and maintain, at their sole expense blocked accounts or lockboxes and related deposit accounts, which, on the Closing Date, shall consist of accounts 2020000364410 and related lockboxes maintained by Wachovia
Bank, N.A. (or another financial institution acceptable to Agent) (in each case, “Blocked Accounts”), as Collateral Agent may specify, with such banks as are acceptable to Collateral Agent into which Borrowers and Guarantors shall
promptly deposit and direct their respective Account Debtors to directly remit all payments on Accounts and all payments constituting proceeds of Inventory or other Collateral in the identical form in which such payments are made, whether by cash,
check or other manner and shall be identified and segregated from all other funds of the Loan Parties. Borrowers and Guarantors shall deliver, or cause to be delivered, to Collateral Agent a Control Agreement duly authorized, executed and delivered
by each bank where a Blocked Account for the benefit of any Borrower or any Guarantor is maintained, and by each bank where any other deposit account is from time to time maintained. Borrowers shall further execute and deliver, and shall cause each
Guarantor to execute and deliver, such agreements and documents as Collateral Agent may require in connection with such Blocked Accounts and such Control Agreements. Borrowers and Guarantors shall not establish any deposit accounts after the Closing
Date, unless such Borrower or such Guarantor (as applicable) have complied in full with the provisions of this Section 9.02(b) with respect to such deposit accounts. Borrowers agree that from and after the delivery of an Activation
Notice (as defined below), all payments made to such Blocked Accounts or other funds received and collected by Collateral Agent or any Lender, whether in respect of the Accounts, as proceeds of Inventory or other Collateral or otherwise shall be
treated as payments to Collateral Agent and Lenders in respect of the Secured Obligations and therefore shall constitute the property of Collateral Agent and Lenders to the extent of the then outstanding Secured Obligations. 
 (c) With respect to the Blocked Accounts of such Borrowers and such Guarantors as the Collateral Agent shall determine in its sole discretion, the
applicable bank maintaining such Blocked Accounts shall agree to forward daily all amounts in each Blocked Account to one Blocked Account designated as a concentration account in the name of Parent Borrower (the “Concentration
Account”) at the bank that shall be designated as the Concentration Account bank for Parent Borrower (the “Concentration Account Bank”), which, on the Closing Date, shall be account #2000002910293 maintained by Wachovia
Bank, N.A. (or such other account and/or financial institution acceptable to the Collateral Agent). The Concentration Account Bank shall agree, from and after the receipt of a notice (an “Activation Notice”) from the Collateral
Agent (which Activation Notice may be given by Collateral Agent at any time from and after the occurrence of a Trigger Event) pursuant to the applicable Control Agreement, to forward daily all amounts in the Concentration Account to the account
designated as collection account (the “Collection Account”) which shall be under the exclusive dominion and control of the Collateral Agent. 
 (d) With respect to the Blocked Accounts of such Guarantors as the Collateral Agent shall determine in its sole discretion, the applicable bank maintaining such Blocked Accounts shall agree, from and after the receipt
of an Activation Notice (which Activation Notice may be given by the Collateral Agent at any time from and after a Trigger Event), to forward all amounts in each Blocked Account to the Collection Account and to commence the process of daily sweeps
from such Blocked Account into the Collection Account. 
  

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 (e) Notwithstanding any provision of this Section 9.02 to the contrary, (A) Loan Parties
may maintain payroll accounts and trust accounts that are not a part of the Cash Management System provided that no Loan Party shall accumulate or maintain cash in such accounts as of any date of determination in excess of checks outstanding
against such accounts as of that date and amounts necessary to meet minimum balance requirements, (B) Loan Parties may maintain local cash accounts that are not a part of the Cash Management System which do not at any time, together with all
such local cash accounts, contain funds in the aggregate in excess of $250,000 and (C) Loan Parties may maintain foreign bank accounts in accordance with past practice which do not at any time contain funds in the aggregate in excess of
$1,500,000 excluding funds in transit to the Concentration Account. 
 (f) At any time from and after a Trigger Event, the Administrative
Agent or the Collateral Agent shall apply all funds received in the Collection Account on a daily basis to the repayment (by transferring same to the account of or pursuant to direction of Administrative Agent) of the Obligations to either, at its
option, (i) outstanding Swingline Loans or (ii) in accordance with any instructions received under Section 2.09(d). From and after the delivery of an Activation Notice, unless Administrative Agent or Collateral Agent determines
to release such funds to Borrowers in accordance with the following sentence, Administrative Agent or Collateral Agent shall apply all such funds in a Collection Account on a daily basis to the repayment of (i) first, Fees and
reimbursable expenses of the Administrative Agent and the Collateral Agent then due and payable; (ii) second, to interest then due and payable on all Loans, (iii) third, Overadvances, (iv) fourth, the Swingline
Loans, (v) fifth, ABR Revolving Loans, (vi) sixth, Eurodollar Revolving Loans, together with all accrued and unpaid interest thereon (provided, however, payments on Eurodollar Revolving Loans with respect to which the application
of such payment would result in the payment of the principal prior to the last day of the relevant Interest Period shall be transferred to the Cash Collateral Account to be applied to the Eurodollar Revolving Loans on the last day of the relevant
Interest Period of such Eurodollar Revolving Loan or to the Obligations as they come due (whether at stated maturity, by acceleration or otherwise). Notwithstanding the foregoing sentence, after payment in full has been made of the amounts required
under subsections (i)-(iii) in the preceding sentence, upon Borrowers’ request and as long as no Default has occurred and is continuing and all other conditions precedent to a Borrowing have been satisfied, any additional funds deposited
in the Collection Account or a Cash Collateral Account shall be released to Borrowers. In addition, if consented to by the Administrative Agent, the Collateral Agent and the Required Lenders, such funds in a Cash Collateral Account may be released
to Borrowers. Notwithstanding the above, if the Administrative Agent has declared the Loans and/or Reimbursement Obligations then outstanding to be forthwith due and payable in whole or in part pursuant to Section 8.01, the
Administrative Agent or the Collateral Agent shall apply all funds received in the Collection Account in accordance with Section 8.02. 
 (g) Each Borrower and its directors, employees, agents and other Affiliates and Guarantors shall, acting as trustee for Collateral Agent, receive, as the property of Collateral Agent, any monies, checks, notes, drafts or any other payment
relating to and/or proceeds of Accounts, Inventory or other Collateral which come into their possession or under their control and immediately upon receipt thereof, shall deposit or cause the same to be deposited in the Blocked Accounts, or remit
the same or cause the same to be remitted, in kind, to Collateral Agent. Each Borrower jointly and severally agrees to reimburse Collateral Agent on demand for any amounts owed or paid to any bank at which a Blocked Account is established or any
other bank or person involved in the transfer of funds to or from the Blocked Accounts arising out of Collateral Agent’s payments to or indemnification of such bank or person. 
  

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 SECTION 9.03 Inventory. 
 With respect to the Inventory: (a) Borrowers shall at all times maintain records of Inventory reasonably satisfactory to Collateral Agent, keeping
correct and accurate records itemizing and describing the kind, type, quality and quantity of Inventory, the cost therefor and daily withdrawals therefrom and additions thereto; (b) any of the Administrative Agent’s and Collateral
Agent’s officers, employees or agents shall have the right, at any time or times, in the name of the Administrative Agent or Collateral Agent, as applicable, any designee of the Administrative Agent, Collateral Agent or any Borrower, to verify
the validity, amount or any other matter relating to Accounts or Inventory by mail, telephone, electronic communication, personal inspection or otherwise and to conduct field audits of the financial affairs and Collateral of the Loan Parties, and
Borrowers shall cooperate fully with the Administrative Agent and Collateral Agent in an effort to facilitate and promptly conclude any such verification process; (c) the Loan Parties shall cooperate fully with the Collateral Agent and its
agents during all Collateral field audits and Inventory Appraisals which shall be at the joint and several expense of Borrowers and shall be conducted twice during each fiscal year of the Parent Borrower, or, following the occurrence and during the
continuation of an Event of Default, more frequently at Collateral Agent’s reasonable request; (d) no Borrower shall sell Inventory to any customer on approval, or any other basis which entitles the customer to return (except for the right
of customers for Inventory which is defective or non-conforming or other inventory returned in the ordinary course of business consistent with past practice) or may obligate any Loan Party to repurchase such Inventory; and (e) Borrowers shall
keep the Inventory in good and marketable condition. 
 SECTION 9.04 Borrowing Base-Related Reports. 
 Borrowers shall deliver or cause to be delivered (at the joint and several expense of the Borrowers) to the Collateral Agent and the Administrative Agent
the following: 
 (a) in no event less frequently than thirty (30) days after the end of each month for the month most recently ended, a
Borrowing Base Certificate from Borrowers accompanied by such supporting detail and documentation as shall be requested by the Collateral Agent in its reasonable credit judgment provided, that if at any time the Average Excess Availability for a
month is $10,000,000 or less and so long as Borrowers do not maintain Average Excess Availability in excess of $10,000,000 for a period of three (3) consecutive fiscal months, Borrowers shall deliver additional weekly roll-forward of Accounts
referenced in paragraph (b)(i) below within five (5) Business Days after the end of each calendar week, and, if requested by the Collateral Agent, a Borrowing Base Certificate (prepared weekly to reflect results satisfactory to the Collateral
Agent) within five (5) Business Days after the end of each calendar week, or more frequent Borrowing Base Certificates reflecting shorter periods as reasonably requested by the Collateral Agent. Each Borrowing Base Certificate shall reflect all
information through the end of the appropriate period for Borrowers; 
 (b) upon request by the Collateral Agent, and in no event less
frequently than thirty (30) days after the end of (i) each month, a monthly trial balance showing Accounts outstanding aged from statement date as follows: 1 to 45 days, 46 to 90 days, and 91 days or more, accompanied by a comparison to
the prior month’s trial balance and such supporting detail and documentation as shall be requested by the Collateral Agent in its reasonable credit judgment and (ii) each month, a summary of Inventory and Metals, in each case by location
and type, and accompanied by such supporting detail and documentation as shall be requested by the Collateral Agent in its reasonable credit judgment (in each case, together with a copy of all or any part of such delivery requested by any Lender in
writing after the Closing Date); 
  

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 (c) at the time of delivery of each of the financial statements delivered pursuant to Section 5.01
(a) and (b), a reconciliation of the Accounts trial balance and quarter-end Inventory reports of Borrowers to the general ledger of such Loan Party, in each case, accompanied by such supporting detail and documentation as shall be
requested by the Collateral Agent in its reasonable credit judgment; and 
 (d) such other reports, statements and reconciliations with
respect to the Borrowing Base or Collateral of any or all Loan Parties as the Collateral Agent shall from time to time request in its reasonable credit judgment. 
 The delivery of each certificate and report or any other information delivered pursuant to this shall constitute a representation and warranty by Borrowers that the statements and information contained therein are
true and correct in all material respects on and as of such date. 
 SECTION 9.05 Rescission of Activation Notice. 

Notwithstanding any of the provisions of Section 9.02 to the contrary, after Collateral Agent has delivered an Activation Notice and upon
delivery of a certificate (provided, such certificate may not be delivered more than once in any 360 day period) by a Financial Officer of the Parent Borrower to the Collateral Agent certifying that (i) the Average Excess Availability has
exceeded $10,000,000 for the previous fiscal quarter and (ii) no Default has occurred or is continuing, the Collateral Agent shall rescind the Activation Notice by written notice, as necessary, to the applicable Concentration Account Banks and
any such other banks to which Collateral Agent had issued such Activation Notice and following such rescission the Cash Management System shall be operated as if no such Activation Notice had been given. 
 ARTICLE X 
 THE ADMINISTRATIVE AGENT
AND THE COLLATERAL AGENT 
 SECTION 10.01 Appointment and Authority. Each of the Lenders and the Issuing Bank hereby
irrevocably appoints UBS AG, Stamford Branch, to act on its behalf as the Administrative Agent and the Collateral Agent hereunder and under the other Loan Documents and authorizes such Agents to take such actions on its behalf and to exercise such
powers as are delegated to such Agents by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Collateral
Agent, the Lenders and the Issuing Bank, and neither any Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 
 SECTION 10.02 Rights as a Lender. Each person serving as an 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 an Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each person serving as an Agent hereunder in its individual capacity. Such person
and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Borrower or any Subsidiary or other Affiliate thereof as if such
person were not an Agent hereunder and without any duty to account therefor to the Lenders. 
  

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 SECTION 10.03 Exculpatory Provisions. No Agent shall have any duties or obligations except
those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, no Agent: 
 (i) shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
 (ii) shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that such Agent is
required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that such Agent shall not be required
to take any action that, in its judgment or the judgment of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable Requirements of Law; and 
 (iii) shall, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to any Borrower or any of its Affiliates that is communicated to or obtained by the person serving as such Agent or any of its Affiliates in any capacity. 
 No Agent shall be liable for any action taken or not taken by it (x) with the consent or at the request of the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 11.02) or (y) in the absence of its own gross negligence or willful misconduct. No
Agent shall be deemed to have knowledge of any Default unless and until notice describing such Default is given to such Agent by a Borrower, a Lender or the Issuing Bank. 
 No Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement; warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the
contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth
herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any
condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent. Without limiting the generality of the foregoing, the use of the term “agent” in this
Agreement with reference to the Administrative Agent or the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term us used merely as
a matter of market custom and is intended to create or reflect only an administrative relationship between independent contracting parties. 
 SECTION 10.04 Reliance by Agent. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper person. Each Agent also may rely upon any statement
made to it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a
Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing 

  

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Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have
received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be counsel for a 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. 
 SECTION 10.05 Delegation of Duties. Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under
any other Loan Document by or through, or delegate any and all such rights and powers to, any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers
by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Agent. 
 SECTION 10.06
Resignation of Agent. Each Agent may at any time give notice of its resignation to the Lenders, the Issuing Bank and Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation
with Borrowers, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders and the Issuing Bank, appoint a successor Agent meeting the qualifications set forth
above provided that if the Agent shall notify Borrowers and the Lenders that no qualifying person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders or the Issuing Bank under any of the Loan
Documents, the retiring Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to
or through an Agent shall instead be made by or to each Lender and the Issuing Bank directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph. Upon the acceptance of a successor’s
appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by Borrowers to a successor Agent shall be the same as those payable to its predecessor unless
otherwise agreed between Borrowers and such successor. After the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article X and Section 11.03 shall continue in effect for the
benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent. 
 SECTION 10.07 Non-Reliance on Agent and Other Lenders. Each Lender and the Issuing Bank acknowledges that it has, independently and
without reliance upon any 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 further represents and warrants that it
has reviewed the Inventory Appraisal and the initial Borrowing Base Certificate and each other document made available to it on the Platform in connection with this Agreement and has acknowledged 

  

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and accepted the terms and conditions applicable to the recipients thereof. Each Lender and the Issuing Bank also acknowledges that it will, independently
and without reliance upon any 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. Notwithstanding anything herein to the contrary, each Lender also acknowledges that the Lien and security interest granted to the Collateral Agent
pursuant to the Security Documents and the exercise of any right or remedy by the Collateral Agent thereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement
and the Security Documents, the terms of the Intercreditor Agreement shall govern and control. 
 SECTION 10.08 No Other Duties,
etc. Anything herein to the contrary notwithstanding, none of the Sole Bookmanager, Arranger, Syndication Agent or Documentation Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or
any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Collateral Agent, a Lender or the Issuing Bank hereunder. 
 SECTION 10.09 Indemnification. The Lenders severally agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by the Borrowers or the Guarantors and without limiting the
obligation of the Borrowers or the Guarantors to do so), ratably according to their respective outstanding Loans and Commitments in effect on the date on which indemnification is sought under this Section 10.09 (or, if indemnification is
sought after the date upon which all Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such outstanding Loans and Commitments as in effect immediately prior to such date), from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or
asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or
thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The agreements in
this Section 10.09 shall survive the payment of the Loans and all other amounts payable hereunder. 
 SECTION 10.10
Overadvances. The Administrative Agent shall not, without the prior consent of Lenders, make (and shall use its reasonable best efforts to prohibit the Issuing Banks and Swingline Lenders, as applicable, from making) any Revolving Loans
or provide any Letters of Credit to the Borrowers on behalf of Lenders intentionally and with actual knowledge that such Revolving Loans, Swingline Loans, or Letters of Credit would either (i) cause the aggregate amount of the Revolving
Exposure to exceed the Borrowing Base or (ii) be made when one or more of the other conditions precedent to the making of Loans hereunder cannot be satisfied except, that, Administrative Agent may make (or cause to be made) such additional
Revolving Loans or Swingline Loans or provide such additional Letters of Credit on behalf of Lenders (each an “Overadvance” and collectively, the “Overadvances”), intentionally and with actual knowledge that such
Loans or Letters of Credit will be made without the satisfaction of the foregoing conditions precedent, if the Administrative Agent deems it necessary or advisable in its discretion to do so, provided, that: (a) the total principal
amount of the Overadvances to the Borrowers which Administrative Agent may make or provide (or cause to be made or provided) 

  

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after obtaining such actual knowledge that the conditions precedent have not been satisfied, shall not exceed an amount equal to $5,000,000 outstanding at
any time and shall not cause the Revolving Exposure to exceed the Revolving Commitments of all of the Lenders or the Revolving Exposure of a Lender to exceed such Lender’s Revolving Commitment, (b) without the consent of all Lenders,
(i) no Overadvance shall be outstanding for more than sixty (60) days and (ii) after all Overadvances have been repaid, Administrative Agent shall not make any additional Overadvance unless sixty (60) days or more have elapsed
since the last date on which any Overadvance was outstanding and (c) Administrative Agent shall be entitled to recover such funds, on demand from the Borrowers together with interest thereon for each day from the date such payment was due until
the date such amount is paid to Administrative Agent at the interest rate provided for in Section 2.06(c). Each Lender shall be obligated to pay Administrative Agent the amount of its Pro Rata Percentage of any such Overadvance;
provided, that such Administrative Agent is acting in accordance with the terms of this Section 10.10. 
 SECTION
10.11 Concerning the Collateral and the Related Loan Documents. Each Lender authorizes and directs Agents to enter into this Agreement and the other Loan Documents. Each Lender agrees that any action taken by Agents, the Required Lenders
or the Supermajority Lenders in accordance with the terms of this Agreement or the other Loan Documents and the exercise by Agents, the Required Lenders or the Supermajority Lenders of their respective powers set forth therein or herein, together
with such other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders. 
 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.01
Notices. 
 (a) Generally. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in 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 telecopier as follows: 
 (i) if to any Loan Party, to Parent Borrower at: 
 AGY Holding Corp. 
 2558 Wagener Road 
 Aiken, South Carolina 29801 
 Attention: Catherine Cuisson 
 Telecopier No.: (803) 643-1180 
 Email: catherine.cuisson@agy.com 
 and 
 Attention: Douglas J. Mattscheck 
 Telecopier No.: (803) 643-1180 
 Email: doug.mattscheck@agy.com 
  

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 with a copy to: 
 Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02110 
 Attention: David A. McKay 
 Telecopier No.: (617) 951-7050 
 Email: david.mckay@ropesgray.com 
 (ii) if to the Administrative Agent, the Collateral Agent or Issuing Bank, to it at: 
 UBS AG, Stamford Branch 
 677 Washington Boulevard 
 Stamford, Connecticut 06901 
 Attention: Sailoz Sikka 
 Telecopier No.: (203) 719-4176 
 Email: sailoz.sikka@ubs.com 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Attention: James Douglas 
 Telecopier No.: (212) 735-2000 
 Email: jdouglas@skadden.com 
 (iii) if to a Lender, to it at its address (or telecopier number) set forth in its Administrative Questionnaire; and 
 (iv) if to the Swingline Lender, to it at: 
 UBS Loan Finance LLC 
 677 Washington Boulevard 
 Stamford, Connecticut 06901 
 Attention: Sailoz Sikka 
 Telecopier No.: (203) 719-4176 
 Email: sailoz.sikka@ubs.com 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Attention: James Douglas 
 Telecopier No.: (212) 735-2000 
 Email: jdouglas@skadden.com 
 Notices sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 
  

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 (b) Electronic Communications. Notices and other communications to the Lenders and the Issuing
Bank hereunder may (subject to Section 11.01(d)) be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the
foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such
Article by electronic communication. The Administrative Agent, the Collateral Agent or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved
by it (including as set forth in Section 11.01(d)); provided that approval of such procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon
the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or
communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication
is available and identifying the website address therefor. 
 (c) Change of Address, etc. Any party hereto may change its address or
telecopier number for notices and other communications hereunder by notice to the other parties hereto. 
 (d) Posting. Each Loan
Party hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to this Agreement and any other Loan Document, including all
notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, Borrowing or other
extension of credit (including any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides
notice of any Default under this Agreement or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder (all such non-excluded
communications, collectively, the “Communications”), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent at Sailoz.Sikka@ubs.com or at such other
e-mail address(es) provided to Borrowers from time to time or in such other form, including hard copy delivery thereof, as the Administrative Agent shall require. In addition, each Loan Party agrees to continue to provide the Communications to the
Administrative Agent in the manner specified in this Agreement or any other Loan Document or in such other form, including hard copy delivery thereof, as the Administrative Agent shall require. Nothing in this Section 11.01 shall
prejudice the right of the Agents, any Lender or any Loan Party to give any notice or other communication pursuant to this Agreement or any other Loan Document in any other manner specified in this Agreement or any other Loan Document or as any such
Agent shall require. 
  

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 To the extent consented to by the Administrative Agent in writing from time to time, Administrative Agent
agrees that receipt of the Communications by the Administrative Agent at its e-mail address(es) set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents; provided
that Borrowers shall also deliver to the Administrative Agent an executed original of each Compliance Certificate required to be delivered hereunder. 
 Each Loan Party further agrees that Administrative Agent may make the Communications available to the Lenders by posting the Communications on Intralinks, Syndtrak or a substantially similar electronic transmission
system (the “Platform”). The Platform is provided “as is” and “as available.” The Agents do not warrant the accuracy or completeness of the Communications, or the adequacy of the Platform and expressly disclaim
liability for errors or omissions in the communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights
or freedom from viruses or other code defects, is made by any Agent in connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties have any liability to the Loan Parties, any Lender or
any other person for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or the Administrative Agent’s
transmission of communications through the Internet, except to the extent the liability of such person is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from such person’s gross negligence or
willful misconduct. 
 SECTION 11.02 Waivers; Amendment. 
 (a) Generally. No failure or delay by any 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 each 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 any Loan Party therefrom shall in any event be effective unless the same shall be permitted by this Section 11.02, 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 any Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. No notice or demand on any Borrower in any case shall entitle any Borrower to any other or further notice or demand in similar or other
circumstances. 
 (b) Required Consents. Subject to the terms of the Intercreditor Agreement and to Section 11.02(c), and
(d), neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended, supplemented or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into
by Borrowers and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent, the Collateral Agent (in the case of any Security Document) and the Loan
Party or Loan Parties that are party thereto, in each case with the written consent of the Required Lenders; provided that no such agreement shall be effective if the effect thereof would: 
 (i) increase the Commitment of any Lender without the written consent of such Lender (it being understood that no amendment, modification,
termination, waiver or consent with respect to any condition precedent, covenant or Default shall constitute an increase in the Commitment of any Lender); 
  

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 (ii) reduce or forgive the principal amount or premium of any Loan or LC Disbursement or
reduce the rate of interest thereon (other than interest pursuant to Section 2.06(c)), or reduce or forgive any Fees payable hereunder, or change the form or currency of payment of any Obligation, without the written consent of each Lender
directly affected thereby (it being understood that any amendment or modification to the financial definitions in this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (ii)); 
 (iii) (A) change the scheduled final maturity of any Loan, (B) postpone the date for payment of any Reimbursement Obligation or
any interest or fees payable hereunder, (C) change the amount of, waive or excuse any such payment (other than waiver of any increase in the interest rate pursuant to Section 2.06(c)), or (D) postpone the scheduled date of
expiration of any Commitment or any Letter of Credit beyond the Final Maturity Date, in any case, without the written consent of each Lender directly affected thereby; 
 (iv) increase the maximum duration of Interest Periods hereunder, without the written consent of each Lender directly affected thereby;

 (v) permit the assignment or delegation by any Borrower of any of its rights or obligations under any Loan Document,
without the written consent of each Lender; 
 (vi) release Holdings or all or substantially all of the Subsidiary Guarantors
from their Guarantee (except as expressly provided in Article VII), or limit their liability in respect of such Guarantee, without the written consent of each Lender; 
 (vii) release all or a substantial portion of the Collateral from the Liens of the Security Documents or alter the relative priorities of
the Secured Obligations entitled to the Liens of the Security Documents, in each case without the written consent of each Lender (it being understood that additional Classes of Loans consented to by the Required Lenders may be equally and ratably
secured by the Collateral with the then existing Secured Obligations under the Security Documents); 
 (viii) change
Section 2.13(b), (c) or (d) in a manner that would alter the pro rata sharing of payments or setoffs required thereby or any other provision in a manner that would alter the pro rata allocation among the
Lenders of Loan disbursements, including the requirements of Sections 2.02(a), 2.16(d) and 2.17(d), without the written consent of each Lender directly affected thereby; 
 (ix) change any provision of this Section 11.02(b) or Section 11.02(c) or (d), without the written consent of
each Lender directly affected thereby (except for additional restrictions on amendments or waivers for the benefit of Lenders of additional Classes of Loans consented to by the Required Lenders); 
 (x) change the percentage set forth in the definition of “Required Lenders” or “Supermajority Lenders” or any other
provision of any Loan Document (including this Section) specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder,

  

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without the written consent of each Lender (or each Lender of such Class, as the case may be), other than to increase such percentage or number or to give
any additional Lender or group of Lenders such right to waive, amend or modify or make any such determination or grant any such consent; 
 (xi) change or waive any provision of Article X as the same applies to any Agent, or any other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the written
consent of such Agent; 
 (xii) change or waive any obligation of the Lenders relating to the issuance of or purchase of
participations in Letters of Credit, without the written consent of the Administrative Agent and the Issuing Bank; 
 (xiii)
change or waive any provision hereof relating to Swingline Loans (including the definition of “Swingline Commitment”), without the written consent of the Swingline Lender; 
 (xiv) change any provision of Section 8.02 or Section 9.02(f) without the written consent of each Lender directly
affected thereby; or 
 (xv) change the criteria set forth in Section 2.18 or increase the applicable advance
rates which, in either case, has the effect of making more credit available without the written consent of the Supermajority Lenders; 
 provided,
further, that 
 (1) any waiver, amendment or modification prior to the completion of the primary syndication of the
Commitments and Loans (as determined by the Arranger) may not be effected without the written consent of the Arranger; and 
 (2) any waiver, amendment or modification of the Intercreditor Agreement (and any related definitions) may be effected by an agreement or agreements in writing entered into among the Collateral Agent, the Administrative Agent, the Senior
Second Lien Notes Trustee and the Senior Second Lien Notes Collateral Agent (without the consent of any Loan Party, so long as such amendment, waiver or modification does not impose any additional duties or obligations on the Loan Parties or alter
or impair any right of any Loan Party under the Loan Documents). 
 (c) Collateral. Without the consent of any other person, the
applicable Loan Party or Parties and the Administrative Agent and/or Collateral Agent may (in its or their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment or waiver of any Loan Document, or
enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as
required by local law to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable Requirements of Law. 
 (d) Dissenting Lenders. If, in connection with any proposed change, waiver, discharge or termination of the provisions of this Agreement as
contemplated by Section 11.02(b), the consent of the Required Lenders or Supermajority Lenders, as applicable, is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained, then Parent
Borrower shall have the right to replace all, but not less than all, of such non-consenting Lender or Lenders (so long as all non-consenting 

  

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Lenders are so replaced) with one or more persons pursuant to Section 2.15 so long as at the time of such replacement each such new Lender
consents to the proposed change, waiver, discharge or termination. Each Lender agrees that, if Parent Borrower elects to replace such Lender in accordance with this Section, it shall promptly execute and deliver to the Administrative Agent an
Assignment and Assumption to evidence such sale and purchase and shall deliver to the Administrative Agent any Note (if Notes have been issued in respect of such Lender’s Loans) subject to such Assignment and Assumption; provided that
the failure of any such non-consenting Lender to execute an Assignment and Assumption shall not render such sale and purchase (and the corresponding assignment) invalid and such assignment shall be recorded in the Register. 
 SECTION 11.03 Expenses; Indemnity; Damage Waiver. 
 (a) Costs and Expenses. Borrowers jointly and severally shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent and their respective Affiliates
(including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and/or the Collateral Agent) in connection with the syndication of the credit facilities provided for herein (including the obtaining and maintaining
of CUSIP numbers for the Loans), the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, any Inventory Appraisal, any field examination, or any amendment, amendment and restatement,
modification or waiver of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), including in connection with post-closing searches to confirm that security filings and recordations
have been properly made, (ii) all reasonable 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, (iii) all
out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, any Lender of the Issuing Bank (including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent, the Collateral Agent, any Lender
or the Issuing Bank), in connection with the protection of its rights or, after and during the continuance of an Event of Default, enforcement of its rights (A) in connection with this Agreement and the other Loan Documents, including its
rights under this Section 11.03, (B) in preserving and protecting, or attempting to preserve or protect, its interests in the Collateral or (C) 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 and (iv) all documentary and similar taxes and charges in respect of the Loan Documents. 
 (b) Indemnification by Borrowers. Borrowers jointly and severally shall indemnify the Administrative Agent (and any sub-agent thereof), the
Collateral Agent (and any sub-agent thereof) each Lender and the Issuing Bank, 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 reasonable fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by
any Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any amendment, amendment and restatement, modification or waiver of the
provisions hereof or thereof, or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or
thereby, (ii) any Loan or Letter of Credit or the use or proposed 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 or threatened Release of Hazardous Materials on, at, under 

  

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or from any property owned, leased or operated by any Company at any time, or any Environmental Claim related in any way to any Company, or (iv) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower or any other Loan Party, and regardless
of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses 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. 
 (c)
Reimbursement by Lenders. To the extent that any Borrower for any reason fails to indefeasibly pay any amount required under paragraph (a) or (b) of this Section 11.03 to be paid by it to the Administrative Agent (or any
sub-agent thereof), the Collateral Agent, the Issuing Bank, the Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Collateral Agent (or any
sub-agent thereof), the Issuing Bank, the Swingline Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of
such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the
Collateral Agent (or any sub-agent thereof), the Swingline Lender or the Issuing Bank in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), the Collateral Agent (or
any sub-agent thereof), the Swingline Lender or Issuing Bank in connection with such capacity. The obligations of the Lenders under this paragraph (c) are subject to the provisions of Section 2.13. For purposes hereof, a
Lender’s “pro rata share” shall be determined based upon its share of the sum of the total Revolving Exposure and unused Commitments at the time. 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Requirements of Law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by
unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby. 
 (e) Payments. All amounts due under this Section shall be payable not later than 3 Business Days
after demand therefor. 
 SECTION 11.04 Successors and Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the Collateral Agent, the
Issuing Bank, the Swingline Lender and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of paragraph (b) of this
Section 11.04, (ii) by way of participation in accordance with the provisions of paragraph 

  

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(d) of this Section 11.04 or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph
(f) of this Section (and any other attempted assignment or transfer by any Borrower or any Lender shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the other Indemnitees) any legal or equitable right,
remedy, or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more
Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that 
 (i) except in the case of any assignment made in connection with the primary syndication of each of the Commitment and the Loans by the
Arranger or an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a
Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the 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 or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date)
shall not be less than $5.0 million, unless each of the Administrative Agent and, so long as no Default has occurred and is continuing, Parent Borrower otherwise consent (each such consent not to be unreasonably withheld or delayed); 
 (ii) 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 with respect to the Loan or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate tranches on a
non-pro rata basis; and 
 (iii) 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 (except that only one such recordation fee shall be payable in connection with concurrent assignments by a Lender to two or more Approved Funds), and the Eligible
Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 Subject to acceptance and recording
thereof by the Administrative Agent pursuant to paragraph (c) of this Section 11.04, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement
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 2.11, 2.12, 2.14 and 11.03 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (d) of this Section 11.04. 
  

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 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of Borrowers,
shall maintain at one of its offices in Stamford, Connecticut 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 Commitments of, and principal amounts of the
Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and Borrowers, the Administrative Agent, the Issuing Bank and the
Lenders may treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by
Borrowers, the Issuing Bank, the Collateral Agent, the Swingline Lender and any Lender (with respect to its own interest only), at any reasonable time and from time to time upon reasonable prior notice. 
 Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Eligible Assignee, the Eligible Assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee required by Section 11.04(b) and any written consent to such assignment required by
Section 11.04(b) the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph; provided, that any assignment by a Lender to another Lender, an Affiliate of a Lender or an Approved Fund of such Lender shall be recorded in the Register so as to be effective as of the date
of delivery to the Administrative Agent of the duly completed Assignment and Assumption, the Eligible Assignee’s completed Administrative Questionnaire (if required), and any tax forms required pursuant to Section 2.14. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, Borrowers, the Administrative Agent, the Issuing Bank or the
Swingline Lender sell participations to any person (other than a natural person or any Borrower or any Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations and (iii) Borrowers, the Administrative Agent and the Lenders and Issuing Bank shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. 
 Any agreement or instrument pursuant to which a Lender
sells such a participation shall provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents; 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 clause (i), (ii) or (iii) of the first proviso to Section 11.02(b) that
affects such Participant. Subject to paragraph (e) of this Section, Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.11, 2.12 and 2.14 (subject to the requirements of those Sections) 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 11.08
as though it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender shall, acting for the purpose as a non-fiduciary agent of the Borrowers, maintain at one of its offices a
register for the recordation of the names 

  

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and addresses of its Participants, and the amount and terms of its participations; provided, that no Lender shall be required to disclose or share the
information contained in such register with any Borrower or any other party, except as required by applicable law. 
 (e) Limitations on
Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections 2.11, 2.12 and 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold
to such Participant, unless (i) the sale of the participation to such Participant is made with Borrowers’ prior written consent (which consent shall not be unreasonably withheld or delayed) or (ii) except to the extent such
entitlement to a greater payment results from a Change in Law after such Participant became a Participant. 
 (f) Certain Pledges. Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank;
provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. In the case of any Lender that is a fund that invests in
bank loans, such Lender may, without the consent of Borrowers or the Administrative Agent, collaterally assign or pledge all or any portion of its rights under this Agreement, including the Loans and Notes or any other instrument evidencing its
rights as a Lender under this Agreement, to any holder of, trustee for, or any other representative of holders of, obligations owed or securities issued, by such fund, as security for such obligations or securities. 
 (g) Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import in
any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Requirement of Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION 11.05 Survival of
Agreement. 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 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 Agents, 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 is outstanding and unpaid or any Letter of Credit is outstanding and so long as
the Commitments have not expired or terminated. The provisions of Sections 2.11, 2.13, 2.14 and Article XI (other than Section 11.12) shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the Loans, the payment of the Reimbursement Obligations, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any
provision hereof. 
 SECTION 11.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which 

  

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shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and all
provisions under any separate fee letter agreements with 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 that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopier shall be effective as delivery of a manually executed
counterpart of this Agreement. 
 SECTION 11.07 Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 11.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the
fullest extent permitted by applicable Requirements of Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at
any time owing by such Lender, the Issuing Bank or any such Affiliate to or for the credit or the account of any Borrower or any other Loan Party against any and all of the obligations of such Borrower or such Loan Party now or hereafter existing
under this Agreement or any other Loan Document to such Lender or the Issuing Bank, irrespective of whether or not such Lender or the Issuing Bank shall have made any demand under this Agreement or any other Loan Document and although such
obligations of such Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the Issuing Bank different from the branch or office holding such deposit or obligated on such indebtedness. The
rights of each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Bank or their respective Affiliates may have.
Each Lender and the Issuing Bank agrees to notify Borrowers and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and
application. 
 SECTION 11.09 Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York, without regard to
conflicts of law principles that would require the application of the laws of another jurisdiction. 
 (b) Submission to Jurisdiction.
Each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to 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 court or, to the fullest extent permitted by applicable law, in such Federal court. Each of the
parties hereto agrees that a final judgment in any 

  

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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) Waiver of Venue. Each Loan Party hereby irrevocably
and unconditionally waives, to the fullest extent permitted by applicable Requirements of Law, 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 Section 11.09(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Requirements of Law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court. 
 (d) Service of Process. Each party hereto irrevocably consents to
service of process any action or proceeding arising out of or relating to any Loan Document, in the manner provided for notices (other than telecopier) in Section 11.01. Nothing in this Agreement or any other Loan Document will affect
the right of any party hereto to serve process in any other manner permitted by applicable Requirements of Law. 
 SECTION 11.10
Waiver of Jury Trial. Each Loan Party hereby waives, to the fullest extent permitted by applicable Requirements of 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 (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 11.11 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 11.12 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the Issuing Bank agrees
to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and
other representatives (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by
any Governmental Authority or regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Requirements of Law or by any subpoena or
similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any 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 provisions substantially the same as those of this Section 11.12, 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, and then only on a confidential basis, (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to a Borrower and its
obligations or (iii) any rating agency for the purpose of obtaining a credit rating applicable to any Lender, (g) with the consent of Parent Borrower or (h) to the extent such Information (x) becomes 

  

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publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the Issuing Bank
or any of their respective Affiliates on a nonconfidential basis from a source other than a Borrower. For purposes of this Section, “Information” means all information received from a Borrower or any of its Subsidiaries relating to
a Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the Issuing Bank on a nonconfidential basis prior to disclosure by a Borrower
or any of its Subsidiaries; provided that, in the case of information received from a Borrower or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such person has exercised the same degree of care to maintain the confidentiality of such
Information as such person would accord to its own confidential information. 
 SECTION 11.13 USA PATRIOT Act Notice. Each
Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies such Borrower (and any Subsidiary of such Borrower in whose name a Letter of Credit is issued), which
information includes the name, address and tax identification number of such Borrower (and any Subsidiary of such Borrower in whose name a Letter of Credit is issued) and other information regarding such Borrower (and any Subsidiary of such Borrower
in whose name a Letter of Credit is issued) that will allow such Lender or the Administrative Agent, as applicable, to identify such Borrower (and any Subsidiary of such Borrower in whose name a Letter of Credit is issued) in accordance with the
Act. This notice is given in accordance with the requirements of the Act and is effective as to the Lenders and the Administrative Agent. 
 SECTION 11.14 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest
on such Loan under applicable Requirements of Law (collectively, the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the
Lender holding such Loan in accordance with applicable Requirements of Law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans
or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 11.15 Lender Addendum. Each Lender to become a party to this Agreement on the date hereof shall do so by delivering to the
Administrative Agent a Lender Addendum duly executed by such Lender, Borrowers and the Administrative Agent. 
 SECTION 11.16
Obligations Absolute. To the fullest extent permitted by applicable Requirements of Law, all obligations of the Loan Parties hereunder shall be absolute and unconditional irrespective of: 
 (a) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any Loan Party; 
  

 122 

 (b) any lack of validity or enforceability of any Loan Document or any other agreement or instrument
relating thereto against any Loan Party; 
 (c) any change in the time, manner or place of payment of, or in any other term of, all or any of
the Obligations, or any other amendment or waiver of or any consent to any departure from any Loan Document or any other agreement or instrument relating thereto; 
 (d) any exchange, release or non-perfection of any other Collateral, or any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Obligations; 
 (e) any exercise or non-exercise, or any waiver of any right, remedy, power or privilege under or in respect hereof or any Loan Document; or 

(f) any other circumstances which might otherwise constitute a defense available to, or a discharge of, the Loan Parties. 
 [Signature Pages Follow] 
  

 123 

 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. 
  

			
	AGY HOLDING CORP.
		
	By:	 	 /s/ CATHERINE CUISSON

	Name:	 	CATHERINE CUISSON
	Title:	 	VP/CFO

  

			
	KAGY HOLDING COMPANY, INC.
		
	By.	 	 /s/ Seth Hollander

	Name:	 	Seth Hollander
	Title:	 	Secretary

  

			
	AGY AIKEN LLC
		
	By.	 	 /s/ CATHERINE CUISSON

	Name:	 	CATHERINE CUISSON
	Title:	 	VP/CFO

  

			
	AGY HUNTINGDON LLC
		
	By:	 	 /s/ CATHERINE CUISSON

	Name:	 	CATHERINE CUISSON
	Title:	 	VP/CFO

 Credit Agreement Signature Page 

			
	UBS SECURITIES LLC, as Arranger, Syndication Agent and Documentation Agent
		
	By:	 	 /s/ Richard L. Tavrow

	Name:	 	Richard L. Tavrow
	Title:	 	Director
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
	
	UBS AG, STAMFORD BRANCH, as Issuing Bank, Administrative Agent and Collateral Agent
		
	By:	 	 /s/ Richard L. Tavrow

	Name:	 	Richard L. Tavrow
	Title:	 	Director
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
	
	UBS LOAN FINANCE LLC, as Swingline Lender
		
	By:	 	 /s/ Richard L. Tavrow

	Name:	 	Richard L. Tavrow
	Title:	 	Director
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director

 Credit Agreement Signature Page

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