Document:

Credit Agreement

  
 Exhibit 10.1

 EXECUTION COPY 
  

 
  

CREDIT AGREEMENT 

dated as of 

October 29, 2010 
 among 
 CDI CORP. 

and 
 CDI
CORPORATION, 
 as Borrowers, 
 The GUARANTORS Party Hereto, 
 The LENDERS Party Hereto 

and 
 JPMORGAN
CHASE BANK, N.A., 
 as Administrative Agent 
  

 
  

  
 TABLE OF CONTENTS

  

					
	 	  	Page	 
	 ARTICLE I
	  	 	1	  
	 DEFINITIONS
	  	 	1	  
		
	 SECTION 1.01. Defined Terms
	  	 	1	  
	 SECTION 1.02. Terms Generally
	  	 	19	  
	 SECTION 1.03. Accounting Terms; GAAP
	  	 	19	  
		
	 ARTICLE II
	  	 	20	  
	 THE CREDITS
	  	 	20	  
		
	 SECTION 2.01. The Commitments
	  	 	20	  
	 SECTION 2.02. Loans and Borrowings
	  	 	21	  
	 SECTION 2.03. Requests for Borrowings
	  	 	22	  
	 SECTION 2.04. Funding of Borrowings
	  	 	23	  
	 SECTION 2.05. Interest Elections
	  	 	23	  
	 SECTION 2.06. Termination and Reduction of the Commitments
	  	 	25	  
	 SECTION 2.07. Repayment of Loans; Evidence of Debt
	  	 	25	  
	 SECTION 2.08. Prepayment of Loans
	  	 	26	  
	 SECTION 2.09. Fees
	  	 	26	  
	 SECTION 2.10. Interest
	  	 	27	  
	 SECTION 2.11. Alternate Rate of Interest
	  	 	28	  
	 SECTION 2.12. Increased Costs
	  	 	29	  
	 SECTION 2.13. Break Funding Payments
	  	 	30	  
	 SECTION 2.14. Taxes
	  	 	30	  
	 SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	32	  
	 SECTION 2.16. Mitigation Obligations; Replacement of Lenders
	  	 	34	  
	 SECTION 2.17. Letters of Credit
	  	 	35	  
		
	 ARTICLE III
	  	 	39	  
	 GUARANTEE
	  	 	39	  
		
	 SECTION 3.01. Guarantee
	  	 	39	  
	 SECTION 3.02. Obligations Unconditional
	  	 	39	  
	 SECTION 3.03. Reinstatement
	  	 	40	  
	 SECTION 3.04. Subrogation
	  	 	40	  
	 SECTION 3.05. Remedies
	  	 	41	  
	 SECTION 3.06. Instrument for the Payment of Money
	  	 	41	  
	 SECTION 3.07. Continuing Guarantee
	  	 	41	  
	 SECTION 3.08. Rights of Contribution
	  	 	41	  
	 SECTION 3.09. General Limitation on Guarantee Obligations
	  	 	42	  
		
	 ARTICLE IV
	  	 	42	  
	 REPRESENTATIONS AND WARRANTIES
	  	 	42	  
		
	 SECTION 4.01. Organization; Powers
	  	 	42	  
	 SECTION 4.02. Authorization; Enforceability
	  	 	42	  
	 SECTION 4.03. Governmental Approvals; No Conflicts
	  	 	42	  
	 SECTION 4.04. Financial Condition; No Material Adverse Change
	  	 	43	  

  
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	 SECTION 4.05. Properties
	  	 	43	  
	 SECTION 4.06. Litigation and Environmental Matters
	  	 	43	  
	 SECTION 4.07. Compliance with Laws and Contractual Obligations
	  	 	44	  
	 SECTION 4.08. Investment Company Act Status
	  	 	44	  
	 SECTION 4.09. Taxes
	  	 	44	  
	 SECTION 4.10. ERISA
	  	 	44	  
	 SECTION 4.11. Disclosure
	  	 	44	  
	 SECTION 4.12. Use of Credit
	  	 	45	  
	 SECTION 4.13. Liens
	  	 	45	  
		
	 ARTICLE V
	  	 	45	  
	 CONDITIONS
	  	 	45	  
		
	 SECTION 5.01. Effective Date
	  	 	45	  
	 SECTION 5.02. Each Credit Event
	  	 	46	  
		
	 ARTICLE VI
	  	 	46	  
	 AFFIRMATIVE COVENANTS
	  	 	46	  
		
	 SECTION 6.01. Financial Statements and Other Information
	  	 	46	  
	 SECTION 6.02. Notices of Material Events
	  	 	48	  
	 SECTION 6.03. Existence; Conduct of Business
	  	 	48	  
	 SECTION 6.04. Payment of Taxes and Other Obligations
	  	 	48	  
	 SECTION 6.05. Maintenance of Properties
	  	 	48	  
	 SECTION 6.06. Maintenance of Insurance
	  	 	49	  
	 SECTION 6.07. Books and Records
	  	 	49	  
	 SECTION 6.08. Inspection Rights
	  	 	49	  
	 SECTION 6.09. Compliance with Laws
	  	 	49	  
	 SECTION 6.10. Use of Proceeds
	  	 	49	  
	 SECTION 6.11. Additional Subsidiary Guarantors
	  	 	49	  
		
	 ARTICLE VII
	  	 	50	  
	 NEGATIVE COVENANTS
	  	 	50	  
		
	 SECTION 7.01. Subsidiary Indebtedness
	  	 	50	  
	 SECTION 7.02. Liens
	  	 	50	  
	 SECTION 7.03. Mergers, Consolidations, Etc.
	  	 	51	  
	 SECTION 7.04. Dispositions
	  	 	52	  
	 SECTION 7.05. Lines of Business
	  	 	52	  
	 SECTION 7.06. Investments and Acquisitions
	  	 	52	  
	 SECTION 7.07. Restricted Payments
	  	 	54	  
	 SECTION 7.08. Transactions with Affiliates
	  	 	54	  
	 SECTION 7.09. Restrictive Agreements
	  	 	54	  
	 SECTION 7.10. Swap Agreements
	  	 	55	  
	 SECTION 7.11. Financial Covenants.
	  	 	55	  
	 SECTION 7.12. Modifications of Organizational Documents
	  	 	56	  
		
	 ARTICLE VIII
	  	 	56	  
		
	 EVENTS OF DEFAULT
	  	 	56	  
		
	 ARTICLE IX
	  	 	58	  
	 THE ADMINISTRATIVE AGENT
	  	 	58	  
		
	 ARTICLE X
	  	 	60	  

  
 - ii -

					
	 MISCELLANEOUS
	  	 	60	  
		
	 SECTION 10.01. Notices
	  	 	60	  
	 SECTION 10.02. Waivers; Amendments
	  	 	61	  
	 SECTION 10.03. Expenses; Indemnity; Damage Waiver
	  	 	62	  
	 SECTION 10.04. Successors and Assigns
	  	 	63	  
	 SECTION 10.05. Survival
	  	 	66	  
	 SECTION 10.06. Counterparts; Integration; Effectiveness
	  	 	67	  
	 SECTION 10.07. Severability
	  	 	67	  
	 SECTION 10.08. Right of Setoff
	  	 	67	  
	 SECTION 10.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	67	  
	 SECTION 10.10. WAIVER OF JURY TRIAL
	  	 	68	  
	 SECTION 10.11. Headings
	  	 	68	  
	 SECTION 10.12. Confidentiality
	  	 	68	  
	 SECTION 10.13. USA PATRIOT Act
	  	 	69	  
	 SECTION 10.14. Authorization of Company
	  	 	70	  

  
 - iii -

  
 CREDIT
AGREEMENT, dated as of October 29, 2010 (the “Agreement”), among CDI CORP., a Pennsylvania corporation, CDI CORPORATION, a Pennsylvania corporation, the GUARANTORS party hereto, the LENDERS party hereto and JPMORGAN CHASE BANK, N.A.,
as Administrative Agent. 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01. Defined Terms. As used in
this Agreement, the following terms have the meanings specified below: 
 “ABR”, when used
in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Acquisition” mean the acquisition by the Company or any other Loan Party of (a) all of the Capital
Stock of any other Person, (b) all or substantially all of the assets of any other Person or (c) assets constituting one or more business units of any other Person. 

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an
interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMCB, in its capacity as administrative agent for the Lenders hereunder.

 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by
the Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on
such day plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted
LIBO Rate for any day shall be based on the rate appearing on the Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due
to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate,
respectively. 

  

“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments
represented by such Lender’s Commitment; provided that, if the Commitments have terminated or expired, the Applicable Percentages shall be determined on the basis of the percentage of the total Credit Exposures represented by such
Lender’s Credit Exposure. 
 “Applicable Rate” means, for any day, with respect to any
ABR Loan or Eurodollar Loan, or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Eurodollar Spread” or
“Facility Fee Rate”, respectively, based upon the Consolidated Leverage Ratio as of the most recent determination date (or, at any time prior to the delivery of the Company’s consolidated financial statements for the fiscal year
ending on or nearest to December 31, 2010, as of September 30, 2010): 
  

													
	 Consolidated Leverage Ratio:
	  	ABR
Spread	 	 	Eurodollar
Spread	 	 	Facility
Fee Rate	 
	 Category 1

Greater than or equal to 1.75:1.00
	  	 	0	% 	 	 	2.75	% 	 	 	0.375	% 
	 Category 2

Greater than or equal to 1.00:1.00 but less than 1.75:1.00
	  	 	0	% 	 	 	2.50	% 	 	 	0.30	% 
	 Category 3

Greater than or equal to 0.00: 1.00 but less than 1.00: 1.00
	  	 	0	% 	 	 	2.25	% 	 	 	0.25	% 

 For purposes of the
foregoing, (i) the Consolidated Leverage Ratio shall be determined as of the end of each fiscal quarter of the Company based upon the Company’s consolidated financial statements delivered pursuant to Section 6.01(a) or (b) (and
the related compliance certificate delivered pursuant to Section 6.01(c)) and (ii) each change in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall be effective during the period commencing on and
including the date three Business Days after delivery to the Administrative Agent of such consolidated financial statements and compliance certificate indicating such change and ending on the date immediately preceding the effective date of the next
such change; provided that the Consolidated Leverage Ratio shall be deemed to be in Category 1 (A) at any time that an Event of Default has occurred and is continuing or (B) if the Company fails to deliver the consolidated
financial statements (and related compliance certificate) required to be delivered by it pursuant to 

  
 2 

 
Section 6.01(a), (b) and/or (c), as the case may be, during the period from the expiration of the time for delivery thereof specified in such sections until such financial
statements and compliance certificate are delivered. For avoidance of doubt, the Applicable Rate with respect to any Eurodollar Loan or ABR Loan or the facility fees payable hereunder, (i) for any day prior to the Restatement Effective Date,
shall be determined in accordance with the definition of “Applicable Rate” under the Existing Credit Agreement as in effect immediately prior to the Restatement Effective Date and (ii) for any day from and after the Restatement
Effective Date, shall be determined in accordance with this definition (after giving effect to this Agreement). 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing,
holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity
that administers or manages a Lender. 
 “Assignment and Assumption” means an assignment and
assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the
Administrative Agent. 
 “Availability Period” means the period from and including the
Effective Date to but excluding the earlier of the Commitment Termination Date and the date of termination of the Commitments. 
 “Banking Services” means each and any of the following bank services provided to any Loan Party by any Lender or any of its Affiliates: (a) credit cards for commercial customers
(including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards and (c) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse
transactions, return items, overdrafts and interstate depository network services). 
 “Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar
Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or
instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America.

  
 3 

  

“Borrower” means the Company or the Subsidiary Borrower, as applicable. 

“Borrowing” means (a) all ABR Loans made, converted or continued on the same date or
(b) all Eurodollar Loans as to which the same Interest Period is in effect. 
 “Borrowing
Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in
New York City are authorized or required by law to remain closed; provided 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 Expenditures” means, for any
period, expenditures (including the aggregate amount of Capital Lease Obligations incurred during such period) made by the Company or any of its Subsidiaries to acquire or construct fixed assets, plant and equipment (including renewals, improvements
and replacements, but excluding tenant improvements and leasehold allowances) during such period computed in accordance with GAAP. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP. 
 “Capital Stock” means any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the
foregoing. 
 “Cash” means lawful currency of the United States of America. 

“Cash Equivalent” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally
guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition
thereof; 
 (b) investments in commercial paper maturing within 270 days from the date of
acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s; 

  
 4 

  
 (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money
market or similar deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof or any member nation of the European Union which has a combined capital
and surplus and undivided profits of not less than $500,000,000 (or the equivalent in foreign currencies); 
 (d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) of this definition and entered into with a financial institution satisfying
the criteria described in clause (c) of this definition; 
 (e) money market funds that
(i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000; and 

(f) debt securities with average maturities of one year or less from the date of acquisition thereof
issued or fully guaranteed by any State of the United States of America having a rating of at least A by S&P and A2 by Moody’s. 
 “Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the
rules of the SEC thereunder as in effect on the date hereof) (other than the Permitted Holders) of shares representing a majority of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company or
(b) the occupation of a majority of the seats (other than vacant seats) on the board of directors of the Company by Persons who were neither (i) nominated by the board of directors of the Company nor (ii) appointed by directors so
nominated. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after
the Effective Date, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Effective Date or (c) compliance by any Lender (or, for purposes of
Section 2.12(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the
Effective Date. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to
time. 
 “Collateral” means any and all property owned, leased or operated by a Person covered
by the Collateral Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Administrative Agent for the benefit of the
Lenders, to secure the Secured Obligations. 

  
 5 

  

“Collateral Documents” means, collectively the Security Agreement and any of the other documents granting
a Lien upon the Collateral as security for payment of the Secured Obligations. 
 “Commitment”
means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure
hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.06 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The initial amount
of each Lender’s Commitment is set forth on Schedule 1.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Commitments is $35,000,000 as of the
Effective Date. 
 “Commitment Fee” means a total fee of $30,000, which has been fully earned
by JPMCB on the Effective Date but which will be payable to JPMCB as follows: $15,000 on or before the Effective Date and $15,000 on or before April 29, 2011, unless the Commitment is refinanced by JPMCB. 

“Commitment Termination Date” means October 28, 2011. 

“Company” means CDI Corp., a Pennsylvania corporation. 

“Consolidated Aggregate Liquidity” means, the difference between (i) the aggregate (without
duplication) of the unpledged and unrestricted Cash and Cash Equivalents of the Company and its Subsidiaries as of any date of determination plus (ii) the amount of unused Commitments at such time. 

“Consolidated EBITDA” means, for any period, Consolidated Net Income for such period plus,
without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense, (b) Consolidated Interest Expense, amortization or writeoff of debt discount
and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the Loans), (c) depreciation and amortization expense, (d) amortization of intangibles (including, but not limited to,
goodwill) and organization costs and (e) any extraordinary, unusual or non-recurring non-cash expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such
period, non-cash losses on sales of assets outside of the ordinary course of business), and minus, (a) to the extent included in the statement of such Consolidated Net Income for such period, the sum of (i) any extraordinary,
unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business)
and (ii) any other non-cash income, (b) any cash payments made during such period in respect of items described in clause (e) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a
charge in the statement of Consolidated Net Income (however, no deduction will be made for the payments contemplated in Schedule 4.06(a)), all as determined on a consolidated basis. For the purposes of calculating Consolidated EBITDA for

  
 6 

 
any period of four consecutive fiscal quarters (each, a “Reference Period”) pursuant to any determination of the Consolidated Leverage Ratio, (x) if at any time during such
Reference Period the Company or any Subsidiary shall have made any Disposition of property or series of related Dispositions of property constituting an operating unit that yields gross proceeds to the Company or any of its Subsidiaries in excess of
$5,000,000, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Disposition for such Reference Period or increased by
an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period and (y) if during such Reference Period the Company or any Subsidiary shall have made an Acquisition, Consolidated EBITDA for such Reference
Period shall be calculated after giving pro forma effect thereto as if such Acquisition occurred on the first day of such Reference Period. 
 “Consolidated Fixed Charge Coverage Ratio” means, at any date, the ratio of (a) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Company ended on or most
recently ended prior to such date, plus, without duplication and to the extent reflected as a charge in the statement of Consolidated Net Income for such period, Consolidated Lease Expenses for such period, minus cash Capital
Expenditures for such period to (b) the sum of (i) Consolidated Interest Expense for such period plus (ii) Consolidated Lease Expenses for such period, plus (iii) tax expenses paid in cash for such period.

 “Consolidated Interest Expense” means, for any period, total interest expense (including
that attributable to Capital Lease Obligations) of the Company and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Company and its Subsidiaries (including all commissions, discounts and other fees and charges
owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP), minus interest
income of the Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Lease Expenses” means, for any period, the aggregate amount of fixed and contingent rentals payable by the Company or any Subsidiary for such period with respect to
operating leases of real and personal property, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Leverage Ratio” means, at any date, the ratio of (a) the aggregate principal amount
of all Indebtedness of the Company and its Subsidiaries (which, for avoidance of doubt, shall not include any intercompany Indebtedness between any of such entities) on such day to (b) Consolidated EBITDA for the period of four consecutive
fiscal quarters of the Company ended on or most recently ended prior to such date. 
 “Consolidated Net
Income” means, for any period, the consolidated net income (or loss) of the Company and its Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or loss)
of any Person (other than a Subsidiary of the Company) in which the Company or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Company or such Subsidiary in the form of
dividends or similar distributions and (b) the 

  
 7 

 
undistributed earnings of any Subsidiary of the Company (other than a Loan Party) to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at
the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary. 
 “Consolidated Net Worth” means, at any date, the sum of all amounts that would, in conformity with GAAP, be included on a consolidated balance sheet of the Company and its Subsidiaries
under stockholders’ equity at such date. 
 “Contractual Obligation” means, as to any
Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

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

“Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal
amount of such Lender’s Loans and its LC Exposure at such time. 
 “Credit Party” means
the Administrative Agent, the Issuing Bank or any other Lender. 
 “Default” means any event or
condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans,
(ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the
Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied,
(b) has notified the Borrowers or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public
statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be
satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized
officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a
Bankruptcy Event. 

  
 8 

  

“Disclosed Matters” means the actions, suits and proceedings disclosed in Schedule 4.06(a) and the
environmental matters disclosed in Schedule 4.06(b). 
 “Disposition” means, with respect
to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof (excluding the sale by the Company of its own Capital Stock). 

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

“Domestic Subsidiary” means any Subsidiary of the Company organized or incorporated under the laws of
any jurisdiction within the United States of America. 
 “Effective Date” means the date on
which the conditions specified in Section 5.01 are satisfied (or waived in accordance with Section 10.02). 
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees or injunctions issued, promulgated or entered into by any Governmental Authority, relating in
any way to the environment, the management, release or threatened release of any Hazardous Material or to health and safety matters related to exposure to any Hazardous Material. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for
damages, costs of environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Rights” means, with respect to any Person, any subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including any shareholders’ or
voting trust agreements) for the issuance, sale, registration or voting of, or securities convertible into, any additional shares of Capital Stock of any class or type of such Person. 

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

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

  
 9 

  

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

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Event of Default” has the meaning assigned to such term in Article VIII. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Lender or any
other recipient of any payment to be made by or on account of any obligation of any Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the
laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed on any Lender by the United States of
America and (c) in the case of a Non-U.S. Lender (other than an assignee pursuant to a request by the Company under Section 2.16(b)), any withholding tax that is imposed on amounts payable to such Non-U.S. Lender at the time such Non-U.S.
Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Non-U.S. Lender’s failure to comply with Section 2.14(e), except to the extent that such Non-U.S. Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the applicable Borrower with respect to such withholding tax pursuant to Section 2.14(a). 

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

  
 10 

  

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

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

“Governmental Authority” means the government of the United States of America, any other nation or any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government. 
 “Guarantee” of or by any Person (the
“guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation
or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business. 
 “Guarantee Assumption Agreement” means a Guarantee Assumption
Agreement substantially in the form of Exhibit C executed and delivered by a Domestic Subsidiary that, pursuant to Section 6.11, is required to become a “Subsidiary Guarantor” hereunder. 

“Guaranteed Obligations” has the meaning set forth in Section 3.01. 

“Guarantors” means (a) each Domestic Subsidiary of the Company that is listed under the caption
“Subsidiary Guarantors” on the signature pages hereof and (b) each other Domestic Subsidiary of the Company that shall become a Subsidiary Guarantor pursuant to Section 6.11. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law. 

  
 11 

  

“Immaterial Subsidiary” means (a) as of the Effective Date, any Subsidiary disclosed in Schedule
1.02 and (b) at any time thereafter, any Subsidiary designated as such by the Borrower in a certificate delivered by the Borrower to the Administrative Agent (and which designation has not been rescinded in a subsequent certificate of the
Borrower delivered to the Administrative Agent), provided that (i) no Subsidiary shall be (or may be designated as) an Immaterial Subsidiary if it has aggregate assets or revenues of more than 15% of the consolidated assets or revenues
of the Company and its Subsidiaries, (ii) neither the assets of, nor the aggregate revenues of, all Immaterial Subsidiaries may exceed 35% of the consolidated assets or revenues of the Company and its Subsidiaries, in each case determined as of
the end of (or, with respect to such revenues, for the period of four fiscal quarters ending with) the fiscal quarter or fiscal year most recently ended for which financial statements are available and (iii) Management Recruiters International
Inc. may not be designated as an Immaterial Subsidiary. 
 “Indebtedness” of any Person means,
without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of
such Person in respect of the deferred purchase price of property or services, (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on
property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and
(k) the liquidation value of all mandatorily redeemable preferred Capital Stock of such Person; provided that the term “Indebtedness” shall not include accounts payable of less than one year arising in the ordinary course of
business. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Interest Election Request” means a request by a Borrower to convert or continue a Borrowing in
accordance with Section 2.05. 
 “Interest Payment Date” means (a) with respect to
any ABR Loan, each Quarterly Date and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable thereto and, in the case of any 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. 

  
 12 

  

“Interest Period” means, 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 month that is one, two, three or six months thereafter, as the applicable Borrower may elect; provided that (i) if any Interest Period would end on a day
other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding
Business Day and (ii) any Interest Period 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. 
 “Investment” means, by any Person, (a) the amount paid
or committed to be paid, or the value of property or services contributed or committed to be contributed, by such Person for or in connection with the acquisition by such Person of any stock, bonds, notes, debentures, partnership or other ownership
interests or other securities of any other Person and (b) the amount of any advance, loan or extension of credit by such Person, to any other Person, or guaranty or other similar obligation of such Person with respect to any Indebtedness of
such other Person, and (without duplication) any amount committed to be advanced, loaned, or extended by such Person to any other Person, or any amount the payment of which is committed to be assured by a guaranty or similar obligation by such
Person for the benefit of, such other Person; provided that the term “Investment” shall not include (i) extensions of credit in the nature of accounts receivable or note receivables arising from the sale of goods and services
in the ordinary course of business and (ii) the endorsement, in the ordinary course of collection, of instruments payable to a Person or its order. 
 “Issuing Lender” means JPMCB. 

“JPMCB” means JPMorgan Chase Bank, N.A. 

“LC Disbursement” means a payment made by the Issuing Lender pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding
Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. 

“Lender” means the Persons listed on Schedule 1.01 and any other Person that shall have become a party
hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. As of the Effective Date, JPMCB is the only Lender hereunder. 

“Letter of Credit” means any letter of credit issued pursuant to this Agreement. 

  
 13 

  

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application
therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at
risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing
on Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of such service, providing rate quotations of interest rates applicable to dollar deposits in the London interbank market comparable to those currently provided on such
page of such service, as determined by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity
comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar
deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest Period. 
 “Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale
agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar
right of a third party with respect to such securities. 
 “Loan Documents” means,
collectively, this Agreement, the promissory notes (if any) executed and delivered pursuant to Section 2.07(e), the Collateral Documents, each Guarantee Assumption Agreement and the Letter of Credit Documents. 

“Loan Parties” means the Borrowers and the Guarantors. 

“Loans” means the loans made by the Lenders to the Borrowers pursuant to Section 2.01. 

“Margin Stock” means “margin stock” within the meaning of Regulations T, U and X of the Board.

 “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
property, condition (financial or otherwise) or prospects of the Company and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties to perform their respective obligations hereunder and under the other Loan Documents or
(c) the validity or enforceability of this Agreement or any other Loan Document or the rights or remedies of the Administrative Agent and the Lenders hereunder or thereunder. 

  
 14 

  

“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations
in respect of one or more Swap Agreements, of any one or more of the Company and its Subsidiaries in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material Indebtedness, the “principal amount” of
the obligations of the Company or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Company or such Subsidiary would be required to pay if such Swap
Agreement were terminated at such time. 
 “Material Subsidiary” means any Subsidiary other
than an Immaterial Subsidiary. 
 “Moody’s” means Moody’s Investors Service, Inc.

 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA. 
 “Non-U.S. Lender” means any Lender that is organized under the laws of a jurisdiction
other than the United States of America, any State thereof or the District of Columbia. 

“Obligations” means, collectively, (a) all of the Indebtedness, liabilities and obligations of any
Loan Party to the Administrative Agent or the Lenders arising under the Loan Documents, in each case whether fixed, contingent (including, in the case of any Guarantor, the Obligations of such Guarantor under Article III), now existing or
hereafter arising, created, assumed, incurred or acquired, and whether before or after the occurrence of any Event of Default under clause (h) or (i) of Article VIII and including any obligation or liability in respect of any
breach of any representation or warranty and all post-petition interest and funding losses, whether or not allowed as a claim in any proceeding arising in connection with such an event, (b) all obligations of any Loan Party owing to any Lender
or any Affiliate of any Lender under any treasury management services agreement, any service terms or any service agreements, including electronic payments service terms and/or automated clearing house agreements, and all overdrafts on any account
which any Loan Party maintains with any Lender or any Affiliate of any Lender and (c) all obligations of any Loan Party owing to any Lender or any Affiliate of any Lender under (i) interest rate swap agreements (whether from fixed to
floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements, (ii) other agreements or arrangements designed to manage interest rates or interest rate risk and (iii) other agreements or arrangements
designed to protect such Person against fluctuations in currency exchange rates or commodity prices. 

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

 “Participant” has the meaning set forth in Section 10.04(c). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor
entity performing similar functions. 

  
 15 

  

“Permitted Holders” means Walter Garrison and his descendants and/or trusts for their benefit and any
other Person Controlled by any of the foregoing. 
 “Permitted Investments means (a) all items
which qualify as a “Cash Equivalent” hereunder; (b) short-term tax exempt debt obligations of Governmental Authorities consisting of municipal notes, commercial paper, auction rate notes and floating rate notes rated A1/P1 by S&P
or Moody’s, municipal notes rated SP1/MIG-1 or better and bonds rated AA or better; (c) corporate debt instruments (including Rule 144A debt securities) which are denominated and payable in Dollars and are rated by S&P or Moody’s
A3/A- or better or, in the case of commercial paper, A2/P2 or better; and (d) auction preferred stock and auction rate certificates rated at least AA/Aa by S&P or Moody’s that have not more than 180 days until the next auction at date
of purchase. 
 “Permitted Liens” means (a) Liens imposed by law for taxes that are not
yet due or are being contested in compliance with Section 6.04; (b) carriers’, warehousemen’s, landlords’, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary
course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 6.04; (c) pledges and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws or regulations; (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations
of a like nature, in each case in the ordinary course of business; (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VIII; (f) easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with
the ordinary conduct of business of the Company or any Subsidiary; (g) Liens created under the Loan Documents; and (h) leases (including subleases) entered into in the ordinary course of business by the Company or any Subsidiary as lessor
that does not interfere with the ordinary conduct of business of the Company or any Subsidiary; provided that the term “Permitted Liens” shall not include any Lien securing Indebtedness other than Liens securing the Loans.

 “Person” means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company or any ERISA Affiliate is (or,
if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in effect at its principal office in New York City; each change in the
Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

  
 16 

  

“Quarterly Dates” means the last Business Day of March, June, September and December, in each year, the
first of which shall be the first such day after the date hereof. 
 “Register” has the meaning
set forth in Section 10.04. 
 “Related Parties” means, with respect to any specified
Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Required Lenders” means, at any time, Lenders having Credit Exposures and unused Commitments representing more than 50% of the sum of the total Credit Exposures and unused Commitments at
such time; provided that, if at any time there shall be only one Lender hereunder, “Required Lenders” shall mean such Lender. 
 “Requirement of Law” means, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or
regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer” means the chief executive officer, president, chief financial officer, controller
or general counsel of the Company, but in any event, with respect to financial matters, the chief financial officer of the Company. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Capital Stock of the Company or any of its Subsidiaries,
or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Capital Stock of the Company or
any option, warrant or other right to acquire any such Capital Stock of the Company. 

“S&P” means Standard & Poor’s Ratings Services. 

“SEC” means the Securities and Exchange Commission, or any regulatory body that succeeds to the
functions thereof. 
 “Secured Obligations” means all Obligations, together with all
(i) Banking Services Obligations and (ii) Swap Obligations owing to one or more Lenders or their respective Affiliates; provided that at or prior to the time that any transaction relating to such Swap Obligation is executed, the
Lender party thereto (other than JPMCB) shall have delivered written notice to the Administrative Agent that such a transaction has been entered into and that it constitutes a Secured Obligation entitled to the benefits of the Collateral Documents.

  
 17 

  

“Security Agreement” means that certain Pledge and Security Agreement, dated as of the date hereof,
between the Loan Parties and the Administrative Agent, for the benefit of Lenders, and any other pledge or security agreement entered into after the date of this Agreement and by any other Loan Party (as required by this Agreement or any other Loan
Document), or any other Person, as the same may be amended, restated or otherwise modified from time to time. 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number
one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the
Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D.
Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such
Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared
in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or
one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Unless otherwise specified, “Subsidiary” means a Subsidiary of the Company. 

“Subsidiary Borrower” means CDI Corporation, a Pennsylvania corporation. 

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

  
 18 

  

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or
withholdings imposed by any Governmental Authority. 
 “Transactions” means the execution,
delivery and performance by each Loan Party of this Agreement and the other Loan Documents to which such Loan Party is intended to be a party, the borrowing of Loans, the use of proceeds thereof and the issuance of Letters of Credit hereunder.

 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA. 
 SECTION 1.02. 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 agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.03. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from
time to time; provided that, if the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the
application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given
before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith. To enable the ready and consistent determination of compliance with the covenants set forth in Article VII, the Company will not permit the fiscal year of the Company to end on a day
other than December 31. 

  
 19 

  
 ARTICLE II 

THE CREDITS 
 SECTION 2.01. The Commitments. 
 (a) Loans. Subject
to the terms and conditions set forth herein, each Lender agrees to make Loans to any of the Borrowers from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Credit
Exposure exceeding such Lender’s Commitment or (ii) the total Credit Exposures exceeding the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and
reborrow Loans. 
 (b) Joint and Several Obligations of Borrowers. The Borrowers are interdependent for
their operational and financial needs. Each Borrower (the “Joint and Several Borrowers”) jointly and severally irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with
the other Joint and Several Borrower with respect to the payment and performance of all of the Obligations under the Loan Documents, it being the intention of the parties hereto that all the obligations of the Joint and Several Borrowers under the
Loan Documents shall be the joint and several obligations of each Joint and Several Borrower without preferences or distinction among them, and each Joint and Several Borrower further agrees that if any of the Obligations is not paid in full when
due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), the Joint and Several Borrowers will, jointly and severally, promptly pay the same. All the Joint and Several Borrowers acknowledge and agree that the
delivery of funds to any Borrower under this Agreement shall constitute valuable consideration and reasonably equivalent value to all the Joint and Several Borrowers for the purpose of binding them and their assets on a joint and several basis for
the obligations hereunder. The joint and several obligations of each Joint and Several Borrower hereunder are of payment and not of collection and are independent of the obligations of any other Borrower and a separate action or actions may be
brought against a Borrower whether or not action is brought against any other Borrower. The Administrative Agent may enforce this Agreement and the other Loan Documents against any Borrower without first making demand upon or instituting collection
proceedings against any other Borrower. Each Joint and Several Borrower hereby waives promptness, diligence, notice of acceptance and any other notice with respect to the obligations of any other Borrower and any requirement that any Lender or the
Administrative Agent protect, secure, perfect or insure any security interest or Lien, or any property subject thereto, or exhaust any right or take any action against any other Borrower or entity. 

The unconditional liability of each Joint and Several Borrower for the Obligations of the other Borrower shall not be
impaired by any event whatsoever, including, but not limited to, the merger, consolidation, dissolution, cessation of business or liquidation of any other Borrower; the financial decline or bankruptcy of any other Borrower; the failure of any other
party to guarantee the Obligations or to provide collateral therefor; the Lenders’ compromise or settlement with or without release of any other Borrower; the Administrative Agent’s release of any collateral for the Obligations, with or
without notice to any Borrower; the Administrative Agent’s or the Lenders’ failure to file suit against any Borrower (regardless of whether such 

  
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Borrower is becoming insolvent, is believed to be about to leave the state or jurisdiction or any other circumstance); the Administrative Agent’s or the Lenders’ failure to give any
Borrower notice of default; the unenforceability of the obligations against any other Borrower or any other Loan Party due to bankruptcy discharge, counterclaim, or for any other reason; the Administrative Agent’s or the Lenders’ failure
to undertake or exercise diligence in collection efforts against any party or property; the termination of any relationship of any Borrower with any other Borrower, including, but not limited to, any relationship of commerce or ownership; any
Borrower’s use of the credit extended for any purpose whatsoever. Each Joint and Several Borrower agrees not to seek payment directly or indirectly from any other Borrower or any other Loan Party through a claim of indemnity, contribution, or
otherwise with respect to the Obligations, until all of the Obligations has been repaid in full and the Commitments have terminated. In any action or proceeding involving any state corporate law, or any state or Federal bankruptcy, insolvency,
reorganization or other law affecting the rights of creditors generally, if the obligations of any Joint and Several Borrower would otherwise be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other
creditors, on account of the amount of its liability, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Joint and Several Borrower, any Lender, the Administrative
Agent or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 

SECTION 2.02. Loans and Borrowings. 

(a) Obligations of the Lenders. Each Loan shall be made as part of a Borrowing by any Borrower consisting of Loans
of the same Type made to such Borrower by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder;
provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

(b) Type of Loans. Subject to Section 2.11, each Borrowing by any Borrower shall be comprised entirely of
ABR Loans or of Eurodollar Loans as such Borrower may request in accordance herewith. Each Lender at its option may 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 the applicable Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) Minimum Amounts; Limitation on Number of Borrowings. Each Eurodollar Borrowing shall be in an aggregate amount
of $2,000,000 or a larger multiple of $100,000. Each ABR Borrowing shall be in an aggregate amount equal to $100,000 or a larger multiple of $100,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the
entire unused amount of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.17(f). Borrowings of more than one Type may be outstanding at the same time; provided that
there shall not at any time be more than a total of ten Eurodollar Borrowings outstanding. 

  
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 (d)
Limitations on Interest Periods. Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request (or to elect to convert to or continue as a Eurodollar Borrowing) any Eurodollar Borrowing if the Interest Period
requested with respect thereto would end after the Commitment Termination Date. 
 SECTION 2.03. Requests for
Borrowings. 
 (a) Notice by the Borrowers. To request a Borrowing, a Borrower shall notify the
Administrative Agent of such request by telephone (i) in the case of a Eurodollar Borrowing, not later than 2:00 p.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 12:00 noon, New York City time, on the date of the proposed Borrowing; provided that any such notice of an ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated by
Section 2.17(f) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or e-mail
to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by such Borrower. 
 (b) Content of Borrowing Requests. Each telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

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

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the Interest Period therefor, which shall be a period
contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d); and 
 (v) the location and number of the applicable Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.04. 

(c) Notice by the Administrative Agent to the Lenders. 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. 

(d) Failure to Elect. If no election as to the Type of a 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, the requested Borrowing shall be made instead as an ABR Borrowing. 

  
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SECTION 2.04. Funding of Borrowings. 

(a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof
by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such
Loans available to the applicable Borrower by promptly crediting the amounts so received, in like funds, to an account of such Borrower designated by such Borrower in the applicable Borrowing Request; provided that ABR Borrowings made to
finance the reimbursement of an LC Disbursement as provided in Section 2.17(f) shall be remitted by the Administrative Agent to the Issuing Lender. 
 (b) Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make
available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in
reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender
and such Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the
date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation or (ii) in the case of such Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such
Borrowing. 
 SECTION 2.05. Interest Elections. 

(a) Elections by the Borrowers. The Loans constituting each 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, the applicable Borrower may elect to convert such Borrowing to a Borrowing of a
different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurodollar Borrowing, may elect Interest Periods, all as provided in this Section. The applicable 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. 
 (b) Notice of Elections. To make an election pursuant to this Section, the applicable
Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing of the Type resulting from such election to be
made on the effective date 

  
 23 

 
of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or e-mail to the Administrative Agent of a written
Interest Election Request in a form approved by the Administrative Agent and signed by such Borrower. 
 (c)
Content of Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

(i) the Borrowing to which such Interest Election Request applies and, if different options are being
elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each
resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to
be an ABR Borrowing or a 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” and permitted under Section 2.02(d).

 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the
applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d)
Notice by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting
Borrowing. 
 (e) Failure to Elect; Events of Default. If a Borrower fails to deliver a timely Interest
Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an
ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Company, then, so long as an Event of
Default is continuing (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. 

  
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SECTION 2.06. Termination and Reduction of the Commitments. 

(a) Scheduled Termination. Unless previously terminated, the Commitments shall terminate on the Commitment
Termination Date. 
 (b) Voluntary Termination or Reduction. The Company may at any time terminate, or
from time to time reduce, the Commitments; provided that (i) each reduction of the Commitment pursuant to this Section shall be in an amount that is $5,000,000 or a larger multiple of $1,000,000 and (ii) the Company shall not
terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.08, the total Credit Exposures would exceed the total Commitments. The Company shall notify the Administrative
Agent of any election to terminate or reduce the Commitments under this paragraph (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 the Company pursuant to this Section shall be irrevocable; provided that a notice of such termination may
state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is
not satisfied. Any termination or reduction of the Commitments shall be permanent. 
 SECTION 2.07. Repayment
of Loans; Evidence of Debt. 
 (a) Repayment. The Borrowers hereby unconditionally promise to pay to
the Administrative Agent for the account of each Lender the full outstanding principal amount of such Lender’s Loans, and each such Loan shall mature, on the Commitment Termination Date. 

(b) Maintenance of Records by Lenders. Each Lender shall maintain in accordance with its usual practice an account
or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) Maintenance of Records by the Administrative Agent. The Administrative Agent shall maintain accounts in which
it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each
Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for account of the Lenders and each Lender’s share thereof. 

(d) Effect of Entries. The entries made in the accounts maintained pursuant to paragraph (b) or (c) of
this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein
shall not in any manner affect the obligation of the applicable Borrower to repay the Loans made to it in accordance with the terms of this Agreement. 
 (e) Promissory Notes. Any Lender may request that Loans made by it to the Borrowers be evidenced by a promissory note of the Borrowers. In such event, the Borrowers, at their own expense, shall
prepare, execute and deliver to such Lender a promissory note payable 

  
 25 

 
to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and substantially in the form of Exhibit B, and such note shall be evidence of such
Loans (and all amounts payable in respect thereof). Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory
notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

SECTION 2.08. Prepayment of Loans. 

(a) Optional Prepayments. The 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 paragraph (b) of this Section. 
 (b)
Notices, Etc. The applicable Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or email) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 2:00 p.m.,
New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be
irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the
Commitments as contemplated by Section 2.06, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.06. Promptly following receipt of any such notice relating to a Borrowing, the
Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in Section 2.02. Each
prepayment of a Borrowing shall be applied ratably to the Loans included in such Borrowing and (unless the applicable Borrower shall otherwise direct) shall be made, first, to ABR Loans and, second, to Eurodollar Loans. Prepayments shall be
accompanied by accrued interest to the extent required by Section 2.10. 
 SECTION 2.09. Fees.

 (a) Facility Fee. The Borrowers agree to pay to the Administrative Agent for the account of each
Lender a facility fee, which shall accrue at the Applicable Rate on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including the Effective Date to but excluding the date on which such Commitment
terminates; provided that, if such Lender continues to have any Credit Exposure after its Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Lender’s Credit Exposure from and including the
date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Credit Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June, September and December of each year and on
the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any facility fees accruing after the date on which the Commitments terminate shall be payable on demand. All facility
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). 

  
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 (b)
Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at a rate per annum equal to the
Applicable Rate applicable to interest on Eurodollar Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective
Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) (only if there shall be more than one Lender hereunder) to the Issuing
Lender a 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 unreimbursed LC Disbursements) during the period from and including the
Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Lender’s standard fees with respect to the issuance, amendment, renewal or
extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees, if any, accrued through and including each Quarterly Date shall be payable on the third Business Day following such Quarterly Date,
commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate
shall be payable on demand. Any other fees payable to the Issuing Lender pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (c)
Administrative Agent Fees. The Borrowers agree to pay to the Administrative Agent, for its own account, fees (if any) payable in the amounts and at the times separately agreed upon between the Borrowers and the Administrative Agent.

 (d) Payment of Fees. All fees payable hereunder shall be paid on the dates due, in immediately
available funds, to the Administrative Agent (or to the Issuing Lender, in the case of fees payable to it) for distribution, in the case of facility fees or participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable under
any circumstances. 
 SECTION 2.10. Interest. 

(a) ABR Loans. The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate
plus the Applicable Rate. 
 (b) Eurodollar Loans. The Loans comprising each Eurodollar Borrowing
shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

  
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 (c)
Default Interest. Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such
overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding
paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 

(d) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other
than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion
of any 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) Computation. 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 at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and 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 LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 SECTION 2.11. Alternate Rate of Interest. If prior to the commencement of any Interest Period for any
Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such
Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Eurodollar Loans included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone or telecopy as promptly as
practicable thereafter and, until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing
to, or the 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. 

  
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SECTION 2.12. Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets
of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Lender; or 

(ii) impose on any Lender, the Issuing Lender or the London interbank market any other condition 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 or the Issuing Lender 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 Lender hereunder (whether of
principal, interest or otherwise), then the applicable Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender, as the case may be, for such
additional costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender or the
Issuing Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the
Issuing Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which
such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies
of such Lender’s or the Issuing Lender’s holding company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will
compensate such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of a Lender or the Issuing Lender setting forth the amount or amounts, necessary to compensate such Lender or the Issuing Lender or its holding
company, as the case may be, as specified in paragraph (a) or (b) of this Section (and the determination of the amount or amounts in reasonable detail) shall be delivered to the Borrowers and shall be conclusive absent manifest error. The
Borrowers shall pay such Lender or the Issuing Lender, 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 Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation; provided that the 

  
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Borrowers shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs or reductions incurred more than 90 days prior to the date that such
Lender or the Issuing Lender, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Lender’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.13. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan
other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the
failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.08(b) and is revoked in accordance therewith) or
(d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by any Borrower pursuant to Section 2.16(b), then, in any such event, the Borrowers shall 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 LIBO 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 any amount or amounts that such Lender is entitled to receive pursuant to this Section (and the determination of the amount or amounts in reasonable detail) shall be delivered to the Borrowers and shall be conclusive absent
manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 SECTION 2.14. Taxes. 
 (a) Payments Free of Taxes.
Any and all payments by or on account of any obligation of the Borrowers hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if a Borrower
shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section) the Administrative Agent, the Lenders or the Issuing Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such
deductions and (iii) such Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

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

(c) Indemnification by the Borrowers. Each Borrower shall indemnify the Administrative Agent, each Lender and the
Issuing Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or the Issuing Lender, as the case may be, on or with respect to any payment by
or on account of any obligation of such Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability (and the basis
for such payment or liability) delivered to a Borrower by a Lender or the Issuing Lender or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Lender, 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 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) Non-U.S.
Lenders. Any Non-U.S. Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which a Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments
under this Agreement or any other Loan Document shall deliver to such Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable
law or reasonably requested by such Borrower as will permit such payments to be made without withholding or at a reduced rate. 
 (f) Refunds. If the Administrative Agent, a Lender or the Issuing Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been
indemnified by a Borrower or with respect to which a Borrower has paid additional amounts pursuant to this Section, it shall pay over such refund to such Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by
such Borrower under this Section with respect to the 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 Lender 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 Lender, 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 Lender in the event the Administrative Agent, such Lender or the Issuing Lender is required to
repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent, any Lender or the Issuing Lender to make available its tax returns (or any other information relating to its taxes which it
deems confidential) to the Company, any Subsidiary or any other Person. 

  
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SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) Payments by the Borrowers. Each Borrower shall make each payment required to be made by it hereunder (whether
of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.12, 2.13 or 2.14, or otherwise) or under any other Loan Document (except as otherwise expressly provided therein), prior to
12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been
received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at an account maintained with the Administrative Agent as notified to the Borrowers and the
Lenders, except as otherwise expressly provided in the relevant Loan Document and except payments to be made directly to the Issuing Lender as expressly provided herein and those payments pursuant to Sections 2.12, 2.13, 2.14 and 10.03, which
shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such
extension. All payments hereunder or under any other Loan Document (except as otherwise expressly provided therein) and under any other Loan Document shall be made in Dollars. 

(b) Application of Insufficient Payments. If at any time insufficient funds are received by and available to the
Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards 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, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 

  
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 (c)
Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing shall be made from the Lenders, pro rata according to the amounts of the respective Commitments and shall be allocated pro rata among the Lenders
according to the amounts of their respective Commitments (in the case of the making of Loans) or their respective Loans that are to be included in such Borrowing (in the case of conversions and continuations of Loans), (ii) each payment of
facility fees under Section 2.09 shall be made for account of the Lenders, and each termination or reduction of the amount of the Commitments under Section 2.06 shall be applied to the Commitments, pro rata according to the respective
Commitments of the Lenders; (iii) each payment or prepayment of principal of Loans by any Borrower shall be made for account of the Lenders pro rata according to the respective unpaid principal amounts of the Loans held by such Lenders; and
(iv) each payment of interest on Loans by any Borrower shall be made for account of the Lenders pro rata according to the amounts of interest on such Loans then due and payable to such Lenders. 

(d) Sharing of Payments by Lenders. If any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans, as applicable, and accrued interest thereon than the
proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans, as applicable, of other Lenders to the extent necessary so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans, as applicable; provided that (i) if any such participations are purchased and all or
any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be
construed to apply to any payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans
or participations in LC Disbursements to any assignee or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each Borrower consents to the foregoing and agrees, to
the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation as
fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 
 (e)
Presumptions of Payment. Unless the Administrative Agent shall have received notice from any Borrower prior to the date on which any payment is due to the Administrative Agent for account of the Lenders or the Issuing Lender 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 Lender, as
the case may be, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders or the Issuing Lender, 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 Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the
Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

  
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 (f)
Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(b), 2.15(e) or 2.17(e), then the Administrative Agent may, in its discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 SECTION 2.16. Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.12, or if
a Borrower is required to pay any additional amount to any Lender or any Governmental Authority for 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 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 2.12 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. The Borrowers hereby
agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) Replacement of Lenders. If any Lender requests compensation under Section 2.12, or if a Borrower is required to pay any additional amount to any Lender or any Governmental Authority for
account of any Lender pursuant to Section 2.14, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that
shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrowers shall have received the prior written consent of the Administrative Agent, which consent shall not
unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder and under the other Loan Documents, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts) and (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any
such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. 

  
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SECTION 2.17. Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, in addition to the Loans provided for in
Section 2.01, the Borrower may request the Issuing Lender to issue, at any time and from time to time during the Availability Period, Letters of Credit for its own account in such form as is acceptable to the Administrative Agent and the
Issuing Lender in its reasonable determination. Letters of Credit issued hereunder shall constitute utilization of the Commitments. 
 (b) Notice of Issuance, Amendment, Renewal or Extension. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), a Borrower shall
hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Lender) to the Issuing Lender and the Administrative Agent (reasonably in advance of the requested date of issuance,
amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a
Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as
shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Lender, a Borrower also shall submit a letter of credit application on the Issuing Lender’s standard form in connection with any request
for a Letter of Credit. 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 Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
 (c) Limitations on Amounts. 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 the Borrowers shall
be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not exceed $25,000,000 and (ii) the total Credit Exposures shall not exceed the total
Commitments. 
 (d) Expiration Date. Each Letter of Credit shall expire at or prior to the close of
business the date that is five Business Days prior to the Commitment Termination Date; provided that, notwithstanding the foregoing, the Borrowers may request the issuance of a Letter of Credit with an initial expiry date which complies
with the foregoing requirments of this paragraph that has automatic renewal provisions (an “Auto-Renewal Letter of Credit”) (and, in the request for the issuance of a Letter of Credit, the Borrower shall specify if such Letter of
Credit is an Auto-Renewal Letter of Credit and the proposed initial expiry date and renewal provisions therefor), subject to the following provisions: (w) the issuance of an Auto-Renewal Letter of Credit hereunder shall be at the sole and
absolute discretion of the Issuing Lender; (x) without the consent of the Lenders, no Auto-Renewal Letter of Credit issued hereunder by the Issuing Lender shall be permitted to be renewed to a date later than the first anniversary of the
Commitment Termination Date; (y) the Issuing Lender may in its sole discretion give a notice of non-renewal and thereby prevent the renewal of an Auto-Renewal Letter of Credit pursuant to the terms thereof; and (z) without limiting the
foregoing, if any Auto-Renewal Letter of Credit 

  
 35 

 
shall be outstanding on the date that is 30 days prior to the Commitment Termination Date (or, in the case of any Auto-Renewal Letter of Credit issued hereunder after such date, on the Commitment
Termination Date), the Borrower shall provide cash collateral in an amount equal to the undrawn amount of the Letter(s) of Credit on such date in accordance with Section 2.17(k) (and the failure to provide such cash collateral on or prior to
such date shall constitute an Event of Default hereunder). 
 (e) Participations. By the issuance of a
Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) by the Issuing Lender, and without any further action on the part of the Issuing Lender or the Lenders, the Issuing Lender hereby grants to each Lender, and each
Lender hereby acquires from the Issuing Lender, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each 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. 

In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to
the Administrative Agent, for account of the Issuing Lender, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Lender promptly upon the request of the Issuing Lender at any time from the time of such LC
Disbursement until such LC Disbursement is reimbursed by the Borrowers or at any time after any reimbursement payment is required to be refunded to the Borrowers for any reason. Such payment shall be made without any offset, abatement, withholding
or reduction whatsoever. Each such payment shall be made in the same manner as provided in Section 2.04 with respect to Loans made by such Lender (and Section 2.04 shall apply, mutatis mutandis, to the payment obligations of the
Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrowers pursuant to the next following
paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as
their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrowers of their obligation to reimburse such LC
Disbursement. 
 (f) Reimbursement. If the Issuing Lender shall make any LC Disbursement in respect of a
Letter of Credit, the Borrowers shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the
Business Day that the Borrowers receive notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Borrowers receive such notice, if such
notice is not received prior to such time, provided that, if such LC Disbursement is not less than $100,000, the Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such
payment be financed with an ABR Borrowing in an equivalent amount and, to the extent so financed, the 

  
 36 

 
Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing. If the Borrowers fail to make such payment when due, the Administrative Agent
shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrowers in respect thereof and such Lender’s Applicable Percentage thereof. 

(g) Obligations Absolute. The Borrowers’ obligation to reimburse LC Disbursements as provided in paragraph
(f) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or
enforceability of any Letter of Credit, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) payment by the Issuing Lender under a Letter of Credit against presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit, or (iv) any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrowers’ obligations
hereunder. 
 Neither the Administrative Agent, the Lenders nor the Issuing Lender, nor any of their Related
Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the Issuing Lender or any payment or failure to make any payment thereunder (irrespective of any of the
circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document
required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Lender; provided that the foregoing shall not be construed to excuse the Issuing
Lender from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by the Borrowers that
are caused by the Issuing Lender’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 Lender (as determined by a court of competent jurisdiction by a final and nonappealable judgment), the Issuing Lender shall be deemed to have exercised care in each such determination, and
that: 
 (i) the Issuing Lender may accept documents that appear on their face to be in
substantial compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to
be in substantial compliance with the terms of such Letter of Credit; 
 (ii) the Issuing Lender
shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and 

  
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 (iii) this sentence shall establish the standard of care to be exercised by the Issuing Lender when determining whether drafts and other documents presented under a Letter of Credit comply with the terms
thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing). 
 (h) Disbursement Procedures. The Issuing Lender shall, within a reasonable time following its receipt thereof, examine all documents purporting to represent a demand for payment under the Letter of
Credit. The Issuing Lender shall promptly after such examination notify the Administrative Agent and the Borrowers by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Lender has made or will make an LC
Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrowers of their obligation to reimburse the Issuing Lender and the Lenders with respect to any such LC Disbursement.

 (i) Interim Interest. If the Issuing Lender shall make any LC Disbursement, then, unless the Borrowers
shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrowers
reimburse such LC Disbursement, at the rate per annum then applicable to ABR Loans; provided that, if the Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (f) of this Section, then Section 2.10(c)
shall apply. Interest accrued pursuant to this paragraph shall be for account of the Issuing Lender, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (f) of this Section to reimburse the Issuing
Lender shall be for account of such Lender to the extent of such payment. 
 (j) Replacement of the Issuing
Lender. The Issuing Lender may be replaced at any time by written agreement between the Borrowers, the Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender. The Administrative Agent shall notify the Lenders of any
such replacement of the Issuing Lender. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for account of the replaced Issuing Lender pursuant to Section 2.09(b). From and after the
effective date of any such replacement, (i) the successor Issuing Lender shall have all the rights and obligations of the Issuing Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references
herein to the term “Issuing Lender” shall be deemed to refer to such successor and all previous Issuing Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall remain a
party hereto and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of
Credit. 
 (k) Cash Collateralization. If (i) any Event of Default shall occur and be continuing, on
the Business Day that the Borrowers receive notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing 50% of the total LC Exposure) demanding the
deposit of cash collateral pursuant to this paragraph or (ii) the Borrower shall be required to provide cash collateral in respect of any Letter of Credit pursuant to Section 2.17(d), the Borrowers shall

  
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immediately deposit into an account established and maintained on the books and records of the Administrative Agent, which account may be a “securities account” (within the meaning of
Section 8-501 of the Uniform Commercial Code as in effect in the State of New York), in the name of the Administrative Agent and for the benefit of the 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 any Borrower described in clause (h) or (i) of Article VIII. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of
the Borrowers under this Agreement. 
 The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the
Borrowers’ risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing
Lender for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the
Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing 100% of the total LC Exposure), be applied to satisfy other obligations of the Borrowers under this Agreement. If the Borrowers are required to provide
an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers within three Business Days after all Events of Default have been
cured or waived. If the Borrowers are required to provide an amount of cash collateral hereunder pursuant to Section 2.17(d), such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers within three Business Days
after the expiration of the relevant Letter of Credit and the payment of all outstanding amount with respect thereto. 
 ARTICLE
III 
 GUARANTEE 
 SECTION 3.01. Guarantee. Each Guarantor hereby jointly and severally guarantees to the Lenders and the Administrative Agent and their respective successors and assigns the prompt payment in full
when due (whether at stated maturity, by acceleration or otherwise) of the Obligations of each Borrower, in each case strictly in accordance with the terms thereof (such obligations being herein collectively called the “Guaranteed
Obligations”). The Guarantors hereby further jointly and severally agree that if any Borrower 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, 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
3.02. Obligations Unconditional. The obligations of the Guarantors under Section 3.01 are absolute and unconditional and joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations
of the other Loan Parties 

  
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under this Agreement or any other agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations,
and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section that
the obligations of the Guarantors hereunder shall be absolute and unconditional under any and all circumstances. 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 and unconditional 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 any other agreement or instrument referred to herein 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 modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein shall be waived 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; or 

(iv) any lien or security interest granted to, or in favor of, the Administrative Agent or any Lender or
Lenders as security for any of the Guaranteed Obligations shall fail to be perfected. 
 The Guarantors hereby expressly waive
diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against the Company under this Agreement or any other
agreement or instrument referred to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. 
 SECTION 3.03. Reinstatement. The obligations of each Guarantor under this Article shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the other
Borrowers 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, and each Guarantor
agrees that it will indemnify the Administrative Agent and each Lender on demand for all reasonable costs and expenses (including fees of counsel) incurred by the Administrative Agent or such Lender in connection with such rescission or restoration,
including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law. 

SECTION 3.04. Subrogation. Each Guarantor hereby agrees that, until the payment and satisfaction in full of all
Guaranteed Obligations and the expiration and termination of the Commitments of the Lenders under this Agreement, it shall not exercise any right or remedy arising by reason of any performance by it of its guarantee in Section 3.01, whether by
subrogation or otherwise, against the Company or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. 

  
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SECTION 3.05. Remedies. Each Guarantor agrees that, as between such Guarantor and the Lenders, the obligations of
the Borrowers under this Agreement may be declared to be forthwith due and payable as provided in Article VIII (and shall be deemed to have become automatically due and payable in the circumstances provided in Article VIII) for purposes of
Section 3.01 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 such Guarantor for purposes of Section 3.01. 

SECTION 3.06. Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this
Article constitutes an instrument for the payment of money, and consents and agrees that each Lender and the Administrative 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 proceed by motion for summary judgment in lieu of complaint pursuant to N.Y. Civ. Prac. L&R § 3213. 
 SECTION 3.07. Continuing Guarantee. The guarantee in this Article is a continuing guarantee, and shall apply to all Guaranteed Obligations whenever arising. 

SECTION 3.08. Rights of Contribution. The Guarantors hereby agree, as between themselves, that if any Guarantor
shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Guarantor of any Guaranteed Obligations, then each other Guarantor shall, on demand of such Excess Funding Guarantor (but subject to the next sentence), pay
to such Excess Funding Guarantor an amount equal to such Guarantor’s Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor) of the Excess
Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation of a Guarantor to any Excess Funding Guarantor under this Section 3.08 shall be subordinate and subject in right of payment to the prior payment in
full of the obligations of such Guarantor under the other provisions of this Article III and such Excess Funding Guarantor shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such
obligations. 
 For purposes of this Section 3.08, (i) “Excess Funding Guarantor”
means, in respect of any Guaranteed Obligations, a Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (ii) “Excess Payment” means, in respect of any Guaranteed Obligations, the
amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and (iii) “Pro Rata Share” means, for any Guarantor, the ratio (expressed as a percentage) of (x) the amount by
which the aggregate fair saleable value of all properties of such Guarantor (excluding any shares of stock or other equity interest of any other Guarantor) exceeds the amount of all the debts and liabilities of such Guarantor (including contingent,
subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder and any obligations of any other Guarantor that have been Guaranteed by such Guarantor) to (y) the amount by which the aggregate
fair saleable value of all properties of the Company and all of the Guarantors exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the

  
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obligations of the Loan Parties hereunder and under the other Loan Documents) of all of the Guarantors, determined (A) with respect to any Guarantor that is a party hereto on the Effective
Date, as of the Effective Date, and (B) with respect to any other Guarantor, as of the date such Guarantor becomes a Guarantor hereunder. 
 SECTION 3.09. General Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate law, or any state or Federal bankruptcy, insolvency, reorganization or other law
affecting the rights of creditors generally, if the obligations of any Guarantor under Section 3.01 would otherwise be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of
the amount of its liability under Section 3.01, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Lender, the Administrative Agent or any
other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 Each Borrower represents and warrants (as to itself and, to the extent provided in this Article, each of its Subsidiaries) to the Lenders that: 

SECTION 4.01. Organization; Powers. Each of the Company and its Material Subsidiaries is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 4.02. Authorization; Enforceability. The Transactions are within each Borrower’s and each other Loan
Party’s corporate powers and have been duly authorized by all necessary corporate and, if required, by all necessary shareholder action. This Agreement and each of the other Loan Documents have been duly executed and delivered by each Loan
Party thereto and constitutes, or when executed and delivered by such Loan Party will constitute, and each of the other Loan Documents to which it is a party when executed and delivered by such Obligor will constitute, a legal, valid and binding
obligation of such Loan Party, enforceable against each Loan Party in accordance with its terms, 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 4.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except for such as have been obtained or made and are in full force and effect, (b) will not violate any Requirement of Law, (c) will not violate or result in a default under any Contractual Obligation upon the Company and its
Material Subsidiaries or its or their respective assets, or give rise to a right thereunder to require any payment to be made by the Company or any of its Material Subsidiaries, and (d) will not result in the creation or imposition of any Lien
on any asset of the Company or any of its Material Subsidiaries. 

  
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SECTION 4.04. Financial Condition; No Material Adverse Change. 

(a) Financial Condition. The Company has heretofore furnished to the Lenders (i) its consolidated balance
sheet and statements of income, stockholders’ equity and cash flows as of and for the fiscal year ended December 31, 2009 audited by KPMG LLP and (ii) its consolidated balance sheets and statements of income, stockholders’
equity and cash flows as of and for the fiscal quarters and the portions of the fiscal year ended March 31, 2010 and June 30, 2010, in each case, certified by its chief financial officer. Such financial statements present fairly,
in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the
absence of full footnote disclosure in the case of the statements referred to in clause (ii) above. There are no liabilities of the Company or any of its Subsidiaries, fixed or contingent, which are material in relation to the consolidated
financial condition of the Borrower that are not reflected in such financial statements or in the notes thereto, other than liabilities arising in the ordinary course of business since the respective dates of such financial statements. 

(b) No Material Adverse Change. Since December 31, 2009, except for the matters disclosed in the
Company’s Form 10-Q filings for the first two quarters of 2010 and the Disclosed Matters, there has not occurred any event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. 

SECTION 4.05. Properties. 

(a) Property Generally. Each of the Company and its Material Subsidiaries has good title to, or valid leasehold
interests in, all its real and personal property material to its business, subject only to Liens permitted by Section 7.02 and except for minor defects in title that do not interfere with its ability to conduct its business as currently
conducted or to utilize such properties for their intended purposes. 
 (b) Intellectual Property. Each
of the Company and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Company and its Subsidiaries does not infringe upon
the rights of any other Person except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 4.06. Litigation and Environmental Matters. 

(a) Actions, Suits and Proceedings. There are no actions, suits or proceedings by or before any arbitrator or
Governmental Authority pending against or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries that, if adversely determined, could reasonably be expected, individually or in the aggregate, to
result in a Material Adverse Effect (other than the Disclosed Matters) or that involve this Agreement or the Transactions. 

  
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 (b)
Environmental Matters. Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Company nor any
of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental
Liability or (iii) has received written notice of any claim with respect to any Environmental Liability. 

(c) Disclosed Matters. Since the Effective Date, there has been no change in the status of the Disclosed Matters
that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
 SECTION 4.07. Compliance with Laws and Contractual Obligations. Each of the Company and its Subsidiaries is in compliance with all Requirements of Law (including Environmental Laws) applicable to
it or its property or all Contractual Obligations binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred
and is continuing. 
 SECTION 4.08. Investment Company Act Status. Neither the Company nor any of its
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 4.09. Taxes. Each of the Company and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all
Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to
the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 4.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with
all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions
used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan by more than an amount
which, if incurred immediately, could reasonably be expected to result in a Material Adverse Effect, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of
Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans by more than an amount which, if incurred
immediately, could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 4.11.
Disclosure. None of the written reports, financial statements, certificates or other written information (other than projections and other forward looking information) furnished by or on behalf of the Company or any Subsidiary to the
Administrative Agent or any Lender in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) taken as a whole contains any
material misstatement of fact or omits to 

  
 44 

 
state any material fact necessary to make the statements therein, when provided, in the light of the circumstances under which they were made, not materially misleading; provided that,
with respect to projected financial information, each Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation thereof. 

SECTION 4.12. Use of Credit. Neither the Company nor any of its Subsidiaries is engaged principally, or as one of
its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or
carry any Margin Stock. 
 SECTION 4.13. Liens. Schedule 7.02 is a complete and correct list of each
Lien securing Indebtedness of any Person outstanding as of the Effective Date and covering any property of the Company or any of its Material Subsidiaries, and the aggregate Indebtedness secured (or that may be secured) by each such Lien and the
property covered by each such Lien is correctly described in Schedule 7.02. 
 ARTICLE V 

CONDITIONS 
 SECTION 5.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing Lender to issue Letters of Credit hereunder shall not become effective until the date on which the
Administrative Agent shall have received each of the following documents, each of which shall be satisfactory to the Administrative Agent in form and substance (or such condition shall have been waived in accordance with Section 10.02):

 (a) Executed Counterparts. From each party hereto either (i) a counterpart of this
Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this
Agreement. 
 (b) Opinion of Counsel to the Loan Parties. A written opinion (addressed to
the Administrative Agent and the Lenders and dated the Effective Date) of one or more counsel for the Loan Parties each in form and substance reasonably acceptable to the Administrative Agent (and the Borrowers hereby instruct each such counsel to
deliver such opinion to the Lenders and the Administrative Agent). 
 (c) Corporate
Documents. Such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions and any other legal
matters relating to the Loan Parties, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 

(d) Officer’s Certificate. A certificate, dated the Effective Date and signed by a senior
executive officer of the Company, as to the matters specified in clauses (a) and (b) of Section 5.02. 

  
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 (e) Fees and Expenses. The portion of the Commitment Fee due and payable on the Effective Date and all other fees and expenses required to be paid hereunder and invoiced on or before the Effective
Date shall have been paid in full in cash to the Lenders and the Administrative Agent. 
 (f)
Other Documents. Such other documents as the Administrative Agent or counsel to JPMCB may reasonably request. 
 The
Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 
 SECTION 5.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Lender to issue, amend, renew or extend any Letter of Credit, is
subject to the satisfaction of the following conditions: 
 (a) the representations and
warranties of the Borrowers set forth in Article IV, and of each Loan Party in each of the other Loan Documents to which it is a party, shall be true and correct in all material respects (provided that any such representation and warranty
that is qualified by “materiality” or similar language shall be true and correct in all respects) on and as of the date of such Loan or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (or, if
any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); and 
 (b) at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be
continuing. 
 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to
constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in clauses (a) and (b) of this Section. 
 ARTICLE VI 
 AFFIRMATIVE COVENANTS 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full, and all Letters of Credit shall have expired or terminated and all LC Disbursement shall have been reimbursed, each Borrower (on behalf of itself and each of its Subsidiaries) covenants and agrees with the
Lenders that: 
 SECTION 6.01. Financial Statements and Other Information. The Company will furnish to
the Administrative Agent and the Lenders: 
 (a) as soon as available but in any event within 90
days after the end of each fiscal year of the Company, the audited consolidated balance sheet and related statements of income, stockholders’ equity and cash flows of the Company and its Subsidiaries as of the end of and for such year, setting
forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent public 

  
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accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to
the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied; 
 (b) as soon as available but in any event within 45 days after the end
of the first three fiscal quarters of the Company, the unaudited consolidated balance sheets and related consolidated statements of income and cash flows of the Company and its Subsidiaries as of the end of and for such fiscal quarter and the then
elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the balance sheet, as of the end of) the corresponding period or periods of the previous fiscal year, all certified by a
Responsible Officer as presenting fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments and the absence of full footnote disclosure; 
 (c)
concurrently with any delivery of financial statements under clause (a) or (b) of this Section, a certificate of a Responsible Officer (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the
details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 7.11 and (iii) stating whether any change in GAAP or in the
application thereof affecting the financial statements accompanying such certificate has occurred since the date of the most recent audited financial statements of the Company referred to in Section 4.04(a) and, if any such change has occurred,
specifying the effect of such change on the financial statements accompanying such certificate; 

(d) concurrently with any delivery of financial statements under clause (a) of this Section, a
certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default under Section 7.11 (which certificate may
be limited to the extent required by accounting rules or guidelines); 
 (e) promptly upon
receipt thereof, copies of all material reports submitted to the Company by its independent certified public accountants in connection with any annual or interim audit or review of the books of the Company made by such accountants; 

(f) promptly after the same become publicly available, copies of all periodic and other reports, proxy
statements and other materials filed by the Company or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the Company
to its shareholders generally, as the case may be; and 

  
 47 

  
 (g) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Company or any Subsidiary, or compliance with the terms of
this Agreement and the other Loan Documents, as the Administrative Agent or any Lender may reasonably request. 

Notwithstanding the foregoing, the Company’s obligations to furnish the documents or information required under any of clauses (a),
(b) and (f) above shall be deemed to be satisfied upon the relevant documents or information being publicly available on the Company’s website or other publicly available electronic medium (such as EDGAR) within the time period
required by such clause and thereafter being continuously so available. 
 SECTION 6.02. Notices of Material
Events. The Company will furnish to the Administrative Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default; 
 (b) the filing
or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Company or any of its Subsidiaries involving amounts exceeding $5,000,000; 

(c) the occurrence of any ERISA Event that, individually or together with any other ERISA Events that have
occurred, could reasonably be expected to result in a Material Adverse Effect; and 
 (d) any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 
 Each notice
delivered under this Section shall be accompanied by a statement of a Responsible Officer setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 6.03. Existence; Conduct of Business. The Company will, and will cause each of its Subsidiaries to, do or
cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises necessary for conduct of its business except where failure to do so could not
reasonably be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 7.03. 

SECTION 6.04. Payment of Taxes and Other Obligations. The Company will, and will cause each of its Subsidiaries
to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good
faith by appropriate proceedings, (b) the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be
expected to result in a Material Adverse Effect. 
 SECTION 6.05. Maintenance of Properties. The Company
will, and will cause each of its Subsidiaries to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted. 

  
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SECTION 6.06. Maintenance of Insurance. The Company will, and will cause each of its Subsidiaries to, maintain,
with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 6.07. Books and Records. The Company will, and will cause each of its Subsidiaries to, keep proper books
of record and account in which complete entries in accordance with GAAP are made of all dealings and transactions in relation to its business and activities. 
 SECTION 6.08. Inspection Rights. The Company will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior
notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as
reasonably requested; provided that (a) the Company shall pay or reimburse all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender in connection therewith and (b) the Company shall be permitted to
have its representatives present at any such discussion. 
 SECTION 6.09. Compliance with Laws. The
Company will, and will cause each of its Subsidiaries to, comply with all Requirements of Law (including any Environmental Laws) applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. 
 SECTION 6.10. Use of Proceeds. The
proceeds of the Loans shall be used for general corporate purposes of the Company and its Subsidiaries, including the financing of acquisitions permitted hereunder. No part of the proceeds of any Loan will be used, whether directly or indirectly,
for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 
 SECTION 6.11. Additional Subsidiary Guarantors. The Company will take such action, and will cause each of its Domestic Subsidiaries (other than Immaterial Subsidiaries) to take such action, from
time to time as shall be necessary to ensure that such Domestic Subsidiaries of the Company are “Subsidiary Guarantors” hereunder. Without limiting the generality of the foregoing, in the event that (a) the Company or any of its
Subsidiaries shall form or acquire any new Domestic Subsidiary that shall constitute a Subsidiary hereunder (other than an Immaterial Subsidiary) or (b) any Domestic Subsidiary that is not a Guarantor hereunder shall cease to be an Immaterial
Subsidiary, the Company and its Subsidiaries will cause such Subsidiary to (i) become a “Guarantor” hereunder pursuant to a Guarantee Assumption Agreement and (ii) deliver such proof of corporate action, incumbency of officers,
opinions of counsel and other documents as is consistent with those delivered by the Loan Parties pursuant to Section 5.01 on the Effective Date, as the Administrative Agent shall reasonably request. The Company will, and will cause each of its
Domestic Subsidiaries (other than Immaterial Subsidiaries) to, take such action from time to time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Section. 

SECTION 6.12. Commitment Fee. On or before April 29, 2011 Borrowers shall pay to JPMCB an amount equal to the
portion of the Commitment Fee not previously paid to JPMCB, unless the Commitment is refinanced with JPMCB. 

  
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 ARTICLE VII 

NEGATIVE COVENANTS 
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, and all Letters of Credit have expired or terminated
and all LC Disbursements shall have been reimbursed, each Borrower (on behalf of itself and each of its Subsidiaries) covenants and agrees with the Lenders that: 

SECTION 7.01. Subsidiary Indebtedness. The Company will not permit any Subsidiary to create, incur, assume or
permit to exist any Indebtedness, except: 
 (a) Indebtedness created hereunder; 

(b) Indebtedness existing on the Effective Date and set forth on Schedule 7.01; 

(c) Indebtedness of any Person that becomes a Subsidiary or is merged into a Subsidiary after the
date hereof; provided that such Indebtedness exists at the time such Person becomes a Subsidiary or is merged into a Subsidiary and is not created in contemplation of or in connection with such Person becoming or merging into a Subsidiary;

 (d) intercompany Indebtedness permitted under Section 7.06(c); 

(e) Guarantees of the obligations of any other Subsidiary made in the ordinary course of business;

 (f) obligations in respect of Swap Agreements permitted by Section 7.10; and

 (g) other Indebtedness in an aggregate principal amount not exceeding 10% of Consolidated
Net Worth at any time outstanding 
 SECTION 7.02. Liens. The Company will not, and will not permit any
of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof,
except: 
 (a) Permitted Liens; 

(b) any Lien on any property or asset of the Company or any of its Subsidiaries existing on the
Effective Date and set forth on Schedule 7.02; provided that (i) no such Lien shall extend to any other property or asset of the Company or any of its Subsidiaries and (ii) any such Lien shall secure only those obligations
which it secures on the Effective Date and extensions, renewals, replacements and combinations thereof that do not increase the outstanding principal amount thereof or commitment therefore, in each case, as in effect on the date hereof; 

(c) Liens on fixed or capital assets acquired, constructed or improved by the Company or any
Subsidiary; provided that (i) such security interests secure Indebtedness permitted by this Agreement, (ii) such security interests and the Indebtedness secured 

  
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thereby are incurred prior to, at the time of or within 90 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not
exceed 100% of the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such security interests shall not apply to any other property or assets of the Company or any Subsidiary; 

(d) any Lien existing on any property or asset prior to the acquisition thereof by the Company or any
Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the Effective Date prior to the time such Person becomes a Subsidiary; provided that (i) such security interests secure Indebtedness permitted
by this Agreement, (ii) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (iii) such Lien shall not apply to any other property or assets of the
Company or any Subsidiary and (iv) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof
that do not increase the original outstanding principal amount thereof; 
 (e) Liens on
property of any Foreign Subsidiary securing its Indebtedness and other obligations in an aggregate principal amount not exceeding (for all Foreign Subsidiaries) $2,000,000 at any time outstanding; and 

(f) Liens on property securing Indebtedness and other obligations in an aggregate principal amount
not exceeding $5,000,000 at any time outstanding. 
 SECTION 7.03. Mergers, Consolidations, Etc. The
Company will not, and will not permit any of its Subsidiaries to, enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), except that: 

(a) (except as permitted under clause (b) of this Section) the Company may be merged or
consolidated with or into any Person, so long as (i) the Company is the surviving entity and (ii) at the time of and immediately after giving effect thereto, no Default shall have occurred and be continuing; 

(b) any Subsidiary may be merged or consolidated with or into the Company or any other Subsidiary, so
long as (i) if the Company is party to such transaction, the Company is the surviving entity or (ii) if a Loan Party (other than the Company) is party to such transaction, a Loan Party is the surviving entity; and 

(c) any Immaterial Subsidiary may be dissolved or liquidated if the Company determines in good faith
such liquidation or dissolution is in the best interests of the Company and not materially disadvantageous to the Lenders; and 
 (d) any merger, consolidated or amalgamation consummated to effect an Acquisition permitted under Section 7.06(f). 

  
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SECTION 7.04. Dispositions. The Company will not, and will not permit any of its Subsidiaries to, convey, sell,
lease, transfer or otherwise dispose of, in one transaction or a series of transactions, any part of its business or property, whether now owned or hereafter acquired (including receivables and leasehold interests), except: 

(a) obsolete or worn-out property, tools or equipment no longer used or useful in its business;

 (b) any inventory or other property sold or disposed of in the ordinary course of
business and for fair consideration; 
 (c) any Subsidiary of the Company may sell, lease,
transfer or otherwise dispose of any or all of its property to the Company or any wholly owned Subsidiary of the Company; 
 (d) the Capital Stock of any Subsidiary may be sold, transferred or otherwise disposed of to the Company or any wholly owned Subsidiary of the Company; and 

(e) Dispositions of property by the Company or any Subsidiary for fair consideration, the fair market
value of which, taken together with the aggregate fair market value of all such dispositions under this clause (e) after the Effective Date, does not exceed 20% of the consolidated assets of the Company and its Subsidiaries as of the end of the
immediately preceding fiscal year of the Company. 
 SECTION 7.05. Lines of Business. The Company will
not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of the type conducted by the Company and its Subsidiaries on the Effective Date and businesses reasonably related or incidental
or ancillary thereto. 
 SECTION 7.06. Investments and Acquisitions. The Company will not, and will not
permit any of its Subsidiaries to, make or suffer to exist any Investment in any Person or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except:

 (a) Permitted Investments; 

(b) Investments (other than Investments permitted under clauses (a) and (c) of this
Section) existing on the Effective Date and set forth on Schedule 7.06; 

(c) Investments by (i) the Company in any Subsidiary or (ii) any Subsidiary in the Company
or any other Subsidiary (including any Guarantee of Indebtedness of the Company or any Subsidiary, as applicable); provided that the aggregate amount of such Investments by the Loan Parties in Subsidiaries that are not consolidated under GAAP
on the Company’s consolidated balance sheet, shall not exceed $10,000,000; 

(d) Indebtedness permitted by Section 7.01; 

(e) Purchases of inventory and other property to be sold or used in the ordinary course of business;

  
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 (f) Acquisitions after the Effective Date by the Company or any Subsidiary; provided that (i) if any such Acquisition is an acquisition of Capital Stock of a Person, such Acquisition
shall not be opposed by the board of directors (or similar governing body) of such Person, (ii) no Default shall have then occurred and be continuing or would result therefrom, (iii) the aggregate amount of such Acquisitions after the
Effective Date shall not exceed $10,000,000, (iv) with respect to any Acquisition, the Consolidated Leverage Ratio on the last day of such period would not have been greater than 2.00 to 1.0 and the Consolidated Fixed Charge Coverage Ratio on
the last day of such period would have been greater than 1.30 to 1.0 (each as determined on a pro forma basis after giving effect to such Acquisition as if such Acquisition had occurred on the first day of the most recent period of four consecutive
fiscal quarters), (v) the requirements of Section 6.11 applicable to such Person (if any) shall be satisfied and (vi) at least ten days prior to the consummation of any such Acquisition, the Administrative Agent shall have received a
certificate of a Responsible Officer setting forth the calculations required to determine compliance with clause (iv) above, if applicable, and certifying that the conditions set forth in this clause (f) with respect to such Acquisition
have been satisfied. 
 (g) Investments under Swap Agreements permitted by
Section 7.10; 
 (h) bona fide advances to employees and officers of the Company and
its Subsidiaries for the purpose of paying payroll, travel, relocation and related expenses incurred for proper business purposes of the Company or such Subsidiary; 

(i) Investments received by the Company and its Subsidiaries in connection with any Disposition
permitted by Section 7.04; 
 (j) Investments held by any Person that becomes a
Subsidiary after the date hereof; provided that (i) such Investments exist at the time such Person becomes a Subsidiary and are not created in contemplation of or in connection with such Person becoming a Subsidiary and (ii) such
Investments shall not be increased after such time unless such increase is permitted by another clause of this Section; 
 (k) Investments (including debt obligations) received by the Borrower and its Subsidiaries in connection with the bankruptcy or reorganization of suppliers and/or customers and in good faith
settlement of delinquent obligations of, and other disputes with, customers and/or suppliers arising in the ordinary course of business; 
 (l) Investments in any joint venture that is not a Subsidiary; provided that (i) the aggregate amount (valued at cost) of all such Investments shall not exceed $15,000,000 and
(ii) no Default shall have then occurred and be continuing or would result therefrom; and 

(m) other Investments (other than Investments of a type referred to in Section 7.06(l)) in an
aggregate amount (valued at cost) not exceeding $5,000,000. 

  
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SECTION 7.07. Restricted Payments. The Company will not, and will not permit any of its Subsidiaries to, declare or
make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that: 

(a) the Company may declare and pay dividends with respect to its Capital Stock payable solely in
additional shares of its Capital Stock; and 
 (b) the Company may make Restricted Payments
after the date hereof; provided that, at the time of such Restricted Payment and immediately after giving effect thereto, (i) no Default shall have occurred and be continuing, (ii) the Consolidated Leverage Ratio for the most recent
period of four consecutive fiscal quarters shall not be greater than 2.25 to 1.0 and (iii) in the event the Restricted Payment is the payment of a dividend the Consolidated Aggregate Liquidity of the Company and its Subsidiaries, before such
payment is made, shall be greater than $25,000,000; 
 provided that nothing herein shall be deemed to prohibit the payment of
dividends by any Subsidiary of the Company to the Company or any other Subsidiary of the Company or, if applicable, any minority shareholder of such Subsidiary (in accordance with the percentage of the Capital Stock of such Subsidiary owned by such
minority shareholder). 
 SECTION 7.08. Transactions with Affiliates. The Company will not, and will not
permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except:

 (a) transactions in the ordinary course of business at prices and on terms and conditions
not less favorable to the Company or such Subsidiary than could be obtained on an arm’s-length basis from a Person that is not an Affiliate; 

(b) transactions between or among the Company and its wholly-owned Subsidiaries not involving any
other Affiliate; 
 (c) any Investment permitted by Section 7.06; 

(d) any Restricted Payment permitted by Section 7.07; and 

(e) any Affiliate who is a natural person may serve as an employee or director of any Borrower and
receive reasonable compensation for his services in such capacity. 
 SECTION 7.09. Restrictive
Agreements. The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon
(a) the ability of the Company or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of
its Capital Stock or to make or repay loans or advances to the Company or any other Subsidiary or to Guarantee Indebtedness of the Company or any other Subsidiary; except: 

(i) restrictions and conditions imposed by law or by this Agreement; 

  
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 (ii) restrictions and conditions existing on the Effective Date set forth on Schedule 7.09 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope
of, any such restriction or condition); 
 (iii) customary restrictions and conditions
contained in agreements relating to the sale of a Subsidiary pending such sale; provided that such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder; 

(iv) (with respect to clause (a) above) (x) restrictions or conditions imposed by any
agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (y) customary provisions in leases and other contracts restricting the
assignment thereof; and 
 (v) (with respect to clause (a) above) provisions in any lease or
lease agreement, or any restrictions or conditions imposed by any landlord, prohibiting or restricting the granting, creation or incurrence of any liens on any premises leased by the Company or any of its Subsidiaries. 

SECTION 7.10. Swap Agreements. The Company will not, and will not permit any of its Subsidiaries to, enter into
any Swap Agreement, other than Swap Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Company or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.

 SECTION 7.11. Financial Covenants. 

(a) Consolidated Leverage Ratio. The Company will not permit the Consolidated Leverage Ratio to exceed 2.50 to
1.00 as at the end of any fiscal quarter of the Company. 
 (b) Consolidated Fixed Charges Ratio. The
Company will not permit the Consolidated Fixed Charge Coverage Ratio to be less than 1.20 to 1.00 as at the end of any fiscal quarter of the Company. 

  
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 (c)
Consolidated Aggregate Liquidity. The Consolidated Aggregate Liquidity of the Company and its Subsidiaries shall at the end of each fiscal quarter be greater than $20,000,000. 

SECTION 7.12. Modifications of Organizational Documents. The Company will not, and will not permit any of the
other Loan Parties to, consent to any modification, supplement or waiver of any of the provisions of the charter, by-laws or other organizational documents of the Company or any of its Subsidiaries that could reasonably be expected to be materially
adverse to the interests of the Lenders, in each case, without the prior consent of the Required Lenders (or the Administrative Agent, with the approval of the Required Lenders); provided that the foregoing shall not apply to any modification
of the charter, by-laws or other organizational documents of any Subsidiary effected solely in connection with the liquidation or dissolution thereof permitted by Section 7.03. 

ARTICLE VIII 

EVENTS OF DEFAULT 
 If any of the following events (“Events of Default”) shall occur: 
 (a) any Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when such amount shall become due and payable, whether at the due date
thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) any Borrower shall fail to
pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and
such failure shall continue unremedied for a period of three or more Business Days; 
 (c) any
representation or warranty made or deemed made by or on behalf of the Company or any of its Subsidiaries in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or waiver hereunder or
thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any such amendment, modification or waiver, shall prove to have been incorrect
when made or deemed made in any material respect; 
 (d) any Borrower shall fail to observe or
perform any covenant, condition or agreement contained in Section 6.02, 6.03 (with respect to the existence of any Borrower) or 6.10 or in Article VII; 

(e) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the
Company (given at the request of any Lender); 

  
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 (f) the Company or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall
become due and payable (but taking in account any applicable grace period provided in the agreement or instrument governing such Material Indebtedness); 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its
scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to
become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (but taking in account any applicable grace period provided in the agreement or instrument governing such Material Indebtedness);
provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking
(i) liquidation, reorganization or other relief in respect of the Company or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law
now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such
proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) the Company or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article,
(iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(j) the Company or any Material Subsidiary shall become unable, admit in writing its inability or fail
generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of
money in an aggregate amount in excess of $15,000,000 (excluding amounts covered by insurance where the insurer has accepted responsibility) shall be rendered against the Company or any Subsidiary or any

  
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combination thereof and the same shall remain undischarged 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 attach or levy upon any assets of the Company or any Subsidiary to enforce any such judgment; 
 (l) an ERISA Event shall have occurred that, in the reasonable judgment of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result
in a Material Adverse Effect; 
 (m) a Change in Control shall occur; 

(n) the guarantee of any Subsidiary Guarantor shall at any time after its execution and delivery and for
any reason cease to be in full force and effect or shall be declared null and void, or the validity or enforceability thereof shall be contested by any Loan Party, or any Subsidiary Guarantor shall deny that it has any further liability or
obligation thereunder or shall fail to perform its obligations thereunder; 
 then, and in every such event (other than any
event with respect to any Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice
to the Borrowers, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due
and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and
in case of any event with respect to any Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all
fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. 

ARTICLE IX 

THE ADMINISTRATIVE AGENT 
 Each of the Lenders and the Issuing Lender hereby irrevocably appoints the Administrative Agent as its agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take
such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. 

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a
Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Company or any
Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 

  
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 The
Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any
fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances provided in Section 10.02 or in any other Loan Document), and (c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the Company or any of its Subsidiaries that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. The
Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances provided in
Section 10.02 or in any other Loan Document) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to
the Administrative Agent by the Company, a Lender or the Issuing Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with 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, (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 V or elsewhere herein or therein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for 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. 

The Administrative Agent may perform any and all its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such 

  
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sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any
such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities as Administrative Agent. 

Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the
Administrative Agent may resign at any time by notifying the Lenders, the Issuing Lender and the Company. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor. If no successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the
Lenders and the Issuing Lender, appoint a successor Administrative Agent which shall be a Lender with an office in New York, New York or an Affiliate of a Lender. Upon the acceptance of its appointment as Administrative Agent hereunder by a
successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents. The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 
 Each Lender and the Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and
based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any
document furnished hereunder or thereunder. 
 Except as otherwise provided in Section 10.02(b) with
respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver under of the Loan Documents. 

ARTICLE X 

MISCELLANEOUS 
 SECTION 10.01. Notices 
 (a) Notices Generally.
Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) of this Section), all notices and other communications provided for herein shall be in writing (including by
electronic 

  
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means (such as e-mail)) and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or other electronic means, (i) if to the
Company, the Subsidiary Borrower, the Administrative Agent or JPMCB as a Lender or Issuing Lender, as set forth in Schedule 10.01; and (ii) if to any other Lender or Issuing Lender, to it at its address (or telecopy number or (subject to the
immediately succeeding sentence) electronic mail address (if any)) set forth in its Administrative Questionnaire. Notwithstanding the foregoing, at any time that JPMCB shall not be the only Lender or Issuing Lender hereunder, notices and other
communications to the Lenders and the Issuing Lender hereunder may be delivered or furnished by electronic communications only pursuant to procedures approved by the Administrative Agent and (in the case of notices pursuant to Article II) and
the applicable Lender or Issuing Lender. 
 (b) Change of Address, Etc. Any party hereto may change its
address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications (including by electronic means) given to any party hereto in accordance with the provisions of this
Agreement shall be deemed to have been given on the date of receipt or (if delivered by e-mail) when delivered. 

SECTION 10.02. Waivers; Amendments. 

(a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent, the Issuing Lender or
any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude
any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Lender and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by a Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of
any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Lender may have had notice or knowledge of such Default at the time. 
 (b) Amendments. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Loan Parties and the
Required Lenders or by the Loan Parties and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall: 

(i) increase the Commitment of any Lender without the written consent of such Lender; 

(ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or
reduce any fees payable hereunder, without the written consent of each Lender adversely affected thereby; 

  
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 (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any
such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender adversely affected thereby; 

(iv) change Section 2.15(b), (c) or (d) in a manner that would alter the pro rata sharing
of payments required thereby, without the written consent of each Lender; 
 (v) change any of
the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender; or 
 (vi) release all or
substantially all of the Guarantors from their guarantee obligations under Article III, without the written consent of each Lender; 
 and provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing Lender hereunder without the prior written consent of
the Administrative Agent or the Issuing Lender, as the case may be, 
 SECTION 10.03. Expenses; Indemnity;
Damage Waiver. 
 (a) Costs and Expenses. The Borrowers shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the preparation and administration of this Agreement
and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses
incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, the Issuing
Lender or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, the Issuing Lender or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and
the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letter of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations of
such Loans or Letters of Credit. 
 (b) Indemnification by the Company. The Borrowers shall indemnify the
Administrative Agent and each Lender and the Issuing Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the

  
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execution or delivery of this Agreement, any other Loan Documents 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 or any other transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing
Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of
Hazardous Materials on or from any property owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory 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 the Borrowers fail to
pay any amount required to be paid by it to the Administrative Agent or the Issuing Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or Issuing Lender such Lender’s
Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related
expense, as the case may be, was incurred by or asserted against the Administrative Agent or the Issuing Lender. 
 (d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee, on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 
 (e)
Payments. All amounts due under this Section shall be payable promptly after written demand therefor. 

SECTION 10.04. Successors and Assigns. 

(a) Assignments 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 (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any
attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, the Issuing Lender, Participants (to the extent provided in paragraph (c) of
this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Lender and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

  
 63 

  
 (b)
Assignments by Lenders. 
 (i) Assignments Generally. Subject to the conditions set forth in paragraph
(b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld) of: 
 (A) the Company; provided that no
consent of the Company shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; 

(B) the Administrative Agent; and 

(C) the consent of the Issuing Lender shall be required for any assignment that increases the obligation
of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding). 
 (ii) Certain Conditions to Assignments. Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Company and the Administrative Agent otherwise consent; provided that no such consent of the Company shall be required if an Event of
Default has occurred and is continuing; 
 (B) each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information 

  
 64 

 
(which may contain material non-public information about the Company and its Related Parties or their respective securities) will be made available and who may receive such information in
accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 
 (iii) Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 10.03). Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

(iv) Maintenance of Register. The Administrative Agent, acting for this purpose as an agent of the Borrowers,
shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans 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 the Borrowers, the Administrative Agent, the Issuing Lender and the Lenders may treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, the Issuing
Lender and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v)
Acceptance of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee
shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall
accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 (c) Participations. 
 (i) Participations Generally. Any Lender may, without the consent of the Borrowers or the Administrative Agent, sell participations to one or more banks or other entities (a
“Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans

  
 65 

 
owing to it); provided that (A) such Lender’s obligations under this Agreement and the other Loan Documents shall remain unchanged, (B) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (C) the Borrowers, the Administrative Agent, the Lenders and the Issuing Lender shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement and the other Loan Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 10.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrowers agree that
each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 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 10.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.15(d) as though it were a Lender. 

(ii) Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater payment
under Section 2.12 or 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’
prior written consent. A Participant that would be a Non-U.S. Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless the Borrowers are notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Borrowers, to comply with Section 2.14(e) as though it were a Lender. 
 (d)
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 without limitation any pledge or assignment to secure
obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 SECTION
10.05. Survival. All covenants, agreements, representations and warranties made by the Borrowers herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been
relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf
and notwithstanding that the Administrative Agent , the Issuing Lender 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 

  
 66 

 
Sections 2.12, 2.13, 2.14, 3.03 and 10.03 and Article IX shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the
repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 

SECTION 10.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements
with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 5.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when
taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 10.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction. 
 SECTION 10.08. Right of Setoff. If an Event of Default shall have occurred
and be continuing, each Lender, the Issuing Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender, the Issuing Lender or Affiliate to or for the credit or the account of any Borrower against any of and all the obligations of any Borrower
now or hereafter existing under this Agreement or any other Loan Document held by such Lender or the Issuing Lender, irrespective of whether or not such Lender or the Issuing Lender shall have made any demand under this Agreement or any other Loan
Document and although such obligations may be unmatured; provided that such Lender shall give notice to the Company of such set-off promptly after effecting such set-off (it being understood, however, that failure to give such notice shall
not affect the validity of such set-off). The rights of each Lender and the Issuing Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 10.09. 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. 
 (b) Submission to Jurisdiction. Each Borrower 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 

  
 67 

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

 (d) Service of Process. Each party to this Agreement irrevocably consents to service of process in the
manner provided for notices in Section 10.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 10.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 SECTION 10.11. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 10.12. Confidentiality. Each of the Administrative Agent, the Issuing Lender and the Lenders agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors
(it being understood that the Persons to whom such disclosure is made will be informed of the 

  
 68 

 
confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the
Company and its Subsidiaries and their respective obligations, (g) with the consent of the Company or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) becomes available to the Administrative Agent, the Issuing Lender or any Lender on a nonconfidential basis from a source other than a Borrower. For the purposes of this Section, “Information” means all information received
from any Loan Party relating to the Company and its Subsidiaries and their business, other than any such information that is available to the Administrative Agent, the Issuing Lender or any Lender on a nonconfidential basis prior to disclosure by a
Borrower. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information. 
 EACH
LENDER AND THE ISSUING LENDER ACKNOWLEDGES THAT INFORMATION (AS DEFINED IN THIS SECTION) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWERS AND THEIR RELATED PARTIES OR THEIR RESPECTIVE
SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL AND STATE SECURITIES LAWS. 
 ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED
BY THE BORROWERS OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWERS AND THEIR RELATED PARTIES OR THEIR
RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER AND THE ISSUING LENDER REPRESENTS TO THE BORROWERS AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN
MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 
 SECTION 10.13. USA PATRIOT Act. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)), such Lender may be required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of each Borrower and other information that will allow such Lender to
identify the Borrowers in accordance with said Act. 

  
 69 

  

SECTION 10.14. Authorization of Company. The Subsidiary Borrower hereby authorizes the Company to give on behalf of
the Subsidiary Borrower all notices, consents and other communications that may be given by the Subsidiary Borrower under or in connection with this Agreement or any other Loan Document, and to receive on behalf of the Subsidiary Borrower all
notices, consents and other communications that may be given to the Subsidiary Borrower under or in connection with this Agreement or any other Loan Document (in each case, irrespective of whether or not such notice, consent or other communication
is expressly provided elsewhere in this Agreement to be given or received by the Company on behalf of the Subsidiary Borrower). Such notices, consents and other communications may include Borrowing Requests, notices as to continuations, conversions
and prepayments of Loans, issuances, extensions and renewals of Letters of Credit, notices and demands in connection with Defaults, and notices and demands in connection with the exercise by the Administrative Agent or any Lender of remedies. Such
notices, consents and other communications may be given by or to the Company in its own name or in the name of the applicable Subsidiary Borrower. The authority given by each Subsidiary Borrower in this Section is coupled with an interest and is
irrevocable until all the Commitments have expired or been terminated and all the obligations of the Subsidiary Borrower under this Agreement and the other Loan Documents have been paid in full. 

[Signature pages follow] 

  
 70 

  
 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. 

 

			
	CDI CORP.
		
	By	 	/s/ Mark A. Kerschner
		 	Name: Mark A. Kerschner
		 	Title: Executive Vice President & CFO
	
	U.S. Federal Tax Identification No.: 23-2394430
	
	CDI CORPORATION
		
	By	 	/s/ Mark A. Kerschner
		 	Name: Mark A. Kerschner
		 	Title: Executive Vice President & CFO
	
	U.S. Federal Tax Identification No.: 23-1341909

  
 71 

			
	SUBSIDIARY GUARANTORS
	
	MANAGEMENT RECRUITERS INTERNATIONAL, INC.
		
	By	 	/s/ Mark A. Kerschner
		 	Name: Mark A. Kerschner
		 	Title: Treasurer
	
	MRI CONTRACT STAFFING, INC.
		
	By	 	/s/ Wesley N. Riemer
		 	Name: Wesley N. Riemer
		 	Title: Vice President

  
 72 

  
 
			
	 JPMORGAN CHASE BANK, N.A.,
 individually and as Administrative Agent,

		
	By	 	/s/ Devin T. Roccisano
		 	Name: Devin T. Roccisano
		 	Title: Associate

  
 73 

  
 SCHEDULE 1.01

 Commitments 
  

			
	 Name of Lender
	  	Commitment
	 JPMorgan Chase Bank, N.A.
	  	$35,000,000
	 TOTAL
	  	$35,000,000Indenture

  
 Exhibit 4.1

  
  

KILROY REALTY, L.P., as Issuer 
 KILROY REALTY CORPORATION, as Guarantor 
 U.S. BANK NATIONAL ASSOCIATION,
as Trustee 
  
  

INDENTURE 

Dated as of 
 November 3, 2010 
  

 
 5.000% Senior
Notes due 2015 
  
  

  
 Reconciliation and tie
between 
 Trust Indenture Act of 1939 (the “Trust Indenture Act”) 

and Indenture 
  

			
	 Trust Indenture Act Section
	  	Indenture Section
	 §310(a)(1)
	  	    7.07
	 (a)(2)
	  	    7.07
	 (b)
	  	    7.07
	 §312(a)
	  	    5.01
	 (b)
	  	    5.02
	 (c)
	  	    5.02
	 §313(a)
	  	    5.03
	 (b)(2)
	  	    5.03
	 (c)
	  	    5.03
	 (d)
	  	    5.03
	 §314(a)
	  	    5.04
	 (c)(1)
	  	    16.05
	 (c)(2)
	  	    16.05
	 (e)
	  	    16.05
	 (f)
	  	    16.05
	 §316(a) (last sentence)
	  	    1.01
	 (a)(1)(A)
	  	    6.07
	 (a)(1)(B)
	  	    6.07
	 (b)
	  	    6.04
	 §317(a)(1)
	  	    6.05
	 (a)(2)
	  	    6.02, 6.05
	 (b)
	  	    4.04
	 §318(a)
	  	    16.07

  

	Note:	This reconciliation and tie shall not, for any purpose, be deemed to be part of this Indenture. 

  
 TABLE OF CONTENTS

  

							
	 	  	 	  	Page	 
	 ARTICLE 1
 DEFINITIONS
	   

  

			
	 Section 1.01.
	  	 Definitions
	  	 	1	  
	
	 ARTICLE 2
 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION
	   

  

			
	 Section 2.01.
	  	 Designation Amount and Issue of Notes
	  	 	9	  
	 Section 2.02.
	  	 Form of Notes
	  	 	10	  
	 Section 2.03.
	  	 Date and Denomination of Notes; Payments of Interest
	  	 	11	  
	 Section 2.04.
	  	 Execution of Notes
	  	 	12	  
	 Section 2.05.
	  	 Exchange and Registration of Transfer of Notes
	  	 	13	  
	 Section 2.06.
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	16	  
	 Section 2.07.
	  	 Temporary Notes
	  	 	17	  
	 Section 2.08.
	  	 Cancellation of Notes
	  	 	17	  
	 Section 2.09.
	  	 CUSIP Numbers
	  	 	17	  
	
	 ARTICLE 3
 REDEMPTION OF NOTES
	   

  

			
	 Section 3.01.
	  	 Redemption of Notes
	  	 	17	  
	 Section 3.02.
	  	 Notice of Optional Redemption; Selection of Notes
	  	 	19	  
	 Section 3.03.
	  	 Payment of Notes Called for Redemption by the Issuer
	  	 	20	  
	 Section 3.04.
	  	 Sinking Fund
	  	 	20	  
	
	 ARTICLE 4
 PARTICULAR COVENANTS
	   

  

			
	 Section 4.01.
	  	 Payment of Principal and Interest
	  	 	20	  
	 Section 4.02.
	  	 Maintenance of Office or Agency
	  	 	21	  
	 Section 4.03.
	  	 Appointments to Fill Vacancies in Trustee’s Office
	  	 	21	  
	 Section 4.04.
	  	 Provisions as to Paying Agent
	  	 	22	  
	 Section 4.05.
	  	 Existence
	  	 	23	  
	 Section 4.06.
	  	 Stay, Extension and Usury Laws
	  	 	23	  
	 Section 4.07.
	  	 Compliance Certificate
	  	 	23	  
	 Section 4.08.
	  	 Maintenance of Properties
	  	 	23	  
	 Section 4.09.
	  	 Insurance
	  	 	24	  
	 Section 4.10.
	  	 Payment of Taxes and Other Claims
	  	 	24	  
	 Section 4.11.
	  	 Aggregate Debt Test
	  	 	24	  
	 Section 4.12.
	  	 Debt Service Test
	  	 	24	  
	 Section 4.13.
	  	 Secured Debt Test
	  	 	25	  
	 Section 4.14.
	  	 Maintenance of Total Unencumbered Assets
	  	 	26	  

  
 i 

  

							
	 ARTICLE 5
 NOTEHOLDERS’ LISTS AND REPORTS BY
 THE ISSUER AND THE TRUSTEE
	   

  
   

			
	 Section 5.01.
	  	 Noteholders’ Lists
	  	 	26	  
	 Section 5.02.
	  	 Preservation and Disclosure of Lists
	  	 	26	  
	 Section 5.03.
	  	 Reports by Trustee
	  	 	26	  
	 Section 5.04.
	  	 Reports by Issuer
	  	 	27	  
	
	 ARTICLE 6
 EVENTS OF DEFAULT; REMEDIES
	   

  

			
	 Section 6.01.
	  	 Events of Default
	  	 	27	  
	 Section 6.02.
	  	 Payments of Notes on Default; Suit Therefor
	  	 	30	  
	 Section 6.03.
	  	 Application of Monies Collected by Trustee
	  	 	31	  
	 Section 6.04.
	  	 Proceedings by Noteholders
	  	 	32	  
	 Section 6.05.
	  	 Proceedings by Trustee
	  	 	32	  
	 Section 6.06.
	  	 Remedies Cumulative and Continuing
	  	 	32	  
	 Section 6.07.
	  	 Direction of Proceedings and Waiver of Defaults by Majority of Noteholders
	  	 	33	  
	 Section 6.08.
	  	 Undertaking to Pay Costs
	  	 	33	  
	
	 ARTICLE 7
 THE TRUSTEE
	   

  

			
	 Section 7.01.
	  	 Notice of Defaults
	  	 	33	  
	 Section 7.02.
	  	 Certain Rights of Trustee
	  	 	34	  
	 Section 7.03.
	  	 Not Responsible for Recitals or Issuance of Notes
	  	 	35	  
	 Section 7.04.
	  	 May Hold Notes and Common Stock
	  	 	36	  
	 Section 7.05.
	  	 Money Held in Trust
	  	 	36	  
	 Section 7.06.
	  	 Compensation and Reimbursement
	  	 	36	  
	 Section 7.07.
	  	 Corporate Trustee Required; Eligibility; Conflicting Interests
	  	 	37	  
	 Section 7.08.
	  	 Resignation and Removal; Appointment of Successor
	  	 	37	  
	 Section 7.09.
	  	 Acceptance of Appointment By Successor
	  	 	38	  
	 Section 7.10.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	 	39	  
	 Section 7.11.
	  	 Appointment of Authenticating Agent
	  	 	40	  
	 Section 7.12.
	  	 Certain Duties and Responsibilities of the Trustee
	  	 	41	  
	
	 ARTICLE 8
 THE NOTEHOLDERS
	   

  

			
	 Section 8.01.
	  	 Action by Noteholders
	  	 	42	  
	 Section 8.02.
	  	 Proof of Execution by Noteholders
	  	 	43	  
	 Section 8.03.
	  	 Absolute Owners
	  	 	43	  
	 Section 8.04.
	  	 Identification of Issuer-Owned Notes
	  	 	43	  
	 Section 8.05.
	  	 Revocation of Consents; Future Holders Bound
	  	 	43	  

  
 ii 

  

							
	 ARTICLE 9
 SUPPLEMENTAL INDENTURES
	   

  

			
	 Section 9.01.
	  	 Supplemental Indentures Without Consent of Noteholders
	  	 	44	  
	 Section 9.02.
	  	 Supplemental Indenture With Consent of Noteholders
	  	 	45	  
	 Section 9.03.
	  	 Effect of Supplemental Indenture
	  	 	46	  
	 Section 9.04.
	  	 Notation on Notes
	  	 	46	  
	 Section 9.05.
	  	 Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee
	  	 	46	  
	
	 ARTICLE 10
 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	   

  

			
	 Section 10.01.
	  	 Issuer May Consolidate on Certain Terms
	  	 	47	  
	 Section 10.02.
	  	 Issuer Successor to Be Substituted
	  	 	47	  
	 Section 10.03.
	  	 Guarantor May Consolidate on Certain Terms
	  	 	48	  
	 Section 10.04.
	  	 Guarantor Successor to Be Substituted
	  	 	48	  
	
	 ARTICLE 11
 SATISFACTION AND DISCHARGE; DEFEASANCE
	   

  

			
	 Section 11.01.
	  	 Satisfaction and Discharge of Indenture
	  	 	49	  
	 Section 11.02.
	  	 Defeasance and Covenant Defeasance
	  	 	50	  
	 Section 11.03.
	  	 Application of Trust Money
	  	 	53	  
	 Section 11.04.
	  	 Application of Monies Held
	  	 	53	  
	 Section 11.05.
	  	 Return of Unclaimed Monies
	  	 	53	  
	 Section 11.06.
	  	 Reinstatement
	  	 	53	  
	
	 ARTICLE 12
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
 OFFICERS AND DIRECTORS
	   

  
   

			
	 Section 12.01.
	  	 Indenture and Notes Solely Corporate Obligations
	  	 	54	  
	
	 ARTICLE 13
 [RESERVED]
	   

  

	
	 ARTICLE 14
 MEETINGS OF HOLDERS OF NOTES
	   

  

			
	 Section 14.01.
	  	 Purposes for Which Meetings May Be Called
	  	 	54	  
	 Section 14.02.
	  	 Call, Notice and Place of Meetings
	  	 	54	  
	 Section 14.03.
	  	 Persons Entitled to Vote at Meetings
	  	 	55	  
	 Section 14.04.
	  	 Quorum; Action
	  	 	55	  
	 Section 14.05.
	  	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	56	  
	 Section 14.06.
	  	 Counting Votes and Recording Action of Meetings
	  	 	57	  

  
 iii

  

							
	 ARTICLE 15
 GUARANTEE
	   

  

			
	 Section 15.01.
	  	 Guarantee
	  	 	57	  
	 Section 15.02.
	  	 Execution and Delivery of Guarantee
	  	 	58	  
	 Section 15.03.
	  	 Limitation of Guarantor’s Liability; Certain Bankruptcy Events
	  	 	59	  
	 Section 15.04.
	  	 Application of Certain Terms and Provisions to the Guarantor
	  	 	59	  
	
	 ARTICLE 16
 MISCELLANEOUS PROVISIONS
	   

  

			
	 Section 16.01.
	  	 Provisions Binding on Issuer’s and Guarantor’s Successors
	  	 	60	  
	 Section 16.02.
	  	 Official Acts by Successor Corporation
	  	 	60	  
	 Section 16.03.
	  	 Addresses for Notices, etc
	  	 	60	  
	 Section 16.04.
	  	 Governing Law
	  	 	61	  
	 Section 16.05.
	  	 Evidence of Compliance with Conditions Precedent, Certificates to Trustee
	  	 	61	  
	 Section 16.06.
	  	 Legal Holidays
	  	 	61	  
	 Section 16.07.
	  	 Conflict with Trust Indenture Act
	  	 	62	  
	 Section 16.08.
	  	 No Security Interest Created
	  	 	62	  
	 Section 16.09.
	  	 Benefits of Indenture
	  	 	62	  
	 Section 16.10.
	  	 Table of Contents, Headings, etc
	  	 	62	  
	 Section 16.11.
	  	 Execution in Counterparts
	  	 	62	  
	 Section 16.12.
	  	 Severability
	  	 	62	  
		
	 Exhibit A – Form of Note
	  	 	A-1	  

  
 iv 

  
 INDENTURE

 INDENTURE dated as of November 3, 2010 among Kilroy Realty, L.P., a Delaware limited partnership (hereinafter called
the “Issuer”), Kilroy Realty Corporation, a Maryland corporation (hereinafter referred to as the “Guarantor” or, in its capacity as general partner of the Issuer, the “General Partner”), each having
its principal office at 12200 West Olympic Boulevard, Suite 200, Los Angeles, California 90064, and U.S. Bank National Association, as Trustee hereunder. 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of the Issuer’s 5.000% Senior Notes due 2015 guaranteed by the Guarantor.

 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Definitions. The terms defined in this
Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this
Section 1.01. All other terms used in this Indenture that are defined in the Trust Indenture Act (as defined below) or which are by reference therein defined in the Securities Act (as defined below) (except as herein otherwise expressly
provided or unless the context otherwise requires) shall have the respective meanings assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date of the execution of this Indenture. The words
“herein,” “hereof,” “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this
Article include the plural as well as the singular. 
 “Act” has the meaning specified in
Section 8.01. 
 “Acquired Debt” means Debt of a Person: 

(a) existing at the time such Person is merged or consolidated with or into the Issuer or any of its Subsidiaries or
becomes a Subsidiary of the Issuer; or 
 (b) assumed by the Issuer or any of its Subsidiaries in connection with
the acquisition of assets from such Person. 
 Acquired Debt shall be deemed to be incurred on the date the acquired Person is merged or
consolidated with or into the Issuer or any of its Subsidiaries or becomes a Subsidiary of the Issuer or the date of the related acquisition, as the case may be. 
 “Additional Notes” has the meaning specified in Section 2.01. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For
the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

  
 1 

  
 “Agent
Members” has the meaning specified in Section 2.05(b)(v). 
 “Annual Debt Service Charge” means,
for any period, the interest expense of the Issuer and its Subsidiaries for such period, determined on a consolidated basis in accordance with United States generally accepted accounting principles, including, without duplication: 

(a) all amortization of debt discount and premium; 

(b) all accrued interest; 
 (c) all capitalized interest; and 
 (d) the interest component of
capitalized lease obligations. 
 “Bankruptcy Law” means Title 11 of the U.S. Code or any similar federal
or state law for the relief of debtors. 
 “Benefited Party” has the meaning specified in Section 15.01.

 “Board of Directors” means the board of directors of the General Partner or the Guarantor, as the context
shall require, or a committee of that board duly authorized to act hereunder. 
 “Board Resolution” means a
copy of a resolution certified by the Secretary or an Assistant Secretary of the General Partner to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 “Business Day” means any day other than a Saturday, a Sunday or other day on which banking institutions in
New York, New York are authorized or required by law or executive order to remain closed. 
 “Capital Stock”
means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock and, with respect to partnerships, 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 assets of, such partnership. 
 “Close of Business” means 5:00 p.m., New York City time. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange
Act, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Securities Act, the Exchange Act or the Trust Indenture Act, as the case may be, then the body or
respective bodies performing such duties at such time. 

  
 2 

  
 “Common
Stock” means the shares of common stock, par value $0.01 per share, of the Guarantor as they exist on the date of this Indenture or any other shares of Capital Stock of the Guarantor into which the Common Stock shall be reclassified or
changed or, in the event of a merger, consolidation or other similar transaction involving the Guarantor that is otherwise permitted hereunder in which the Guarantor is not the surviving corporation, the common stock, common equity interests,
ordinary shares or depositary shares or other certificates representing common equity interests of such surviving corporation or its direct or indirect parent corporation. 
 “Consolidated Income Available for Debt Service” for any period means Consolidated Net Income of the Issuer and its Subsidiaries for such period, plus amounts which have been deducted and
minus amounts which have been added for, without duplication: 
 (a) interest expense on Debt; 

(b) provision for taxes based on income; 

(c) amortization of debt discount, premium and deferred financing costs; 

(d) provisions for gains and losses on sales or other dispositions of properties and other investments; 

(e) property depreciation and amortization; 

(f) the effect of any non-cash items; and 

(g) amortization of deferred charges, 
 all determined on a consolidated basis in accordance with United States generally accepted accounting principles. 
 “Consolidated Net Income” for any period means the amount of net income (or loss) of the Issuer and its Subsidiaries for such period, excluding, without duplication: 

(a) extraordinary items; and 
 (b) the portion of net income (but not losses) of the Issuer and its Subsidiaries allocable to minority interests in unconsolidated Persons to the extent that cash dividends or distributions have not
actually been received by the Issuer or one of its Subsidiaries, 
 all determined on a consolidated basis in accordance with United States
generally accepted accounting principles. 
 “Corporate Trust Office” or other similar
term, means the designated office of the Trustee at which, at any particular time, its corporate trust business as it relates to this Indenture shall be administered, which office is, at the date as of which this Indenture is dated, located at U.S.
Bank National Association, 633 West Fifth Street, 24th
Floor, Los Angeles, California 90071, or at any other time at such other address as the Trustee may designate from time to time by notice to the Issuer. 

  
 3 

  
 “covenant
defeasance” has the meaning specified in Section 11.02(c). 
 “CUSIP” means the Committee on
Uniform Securities Identification Procedures. 
 “Custodian” means U.S. Bank National Association, as custodian
with respect to the Notes in global form, or any successor entity thereto. 
 “Debt” means, with respect to any
Person, any indebtedness of such Person, whether or not contingent, in respect of: 
 (a) borrowed money or
evidenced by bonds, notes, debentures or similar instruments; 
 (b) indebtedness secured by any Lien on any
property or asset owned by such Person, but only to the extent of the lesser of (a) the amount of indebtedness so secured and (b) the fair market value (determined in good faith by the board of directors of such Person or, in the case of
the Issuer or a Subsidiary of the Issuer, by the General Partner’s Board of Directors or a duly authorized committee thereof) of the property subject to such Lien; 

(c) reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or
amounts representing the balance deferred and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable; or 

(d) any lease of property by such Person as lessee which is required to be reflected on such Person’s balance sheet
as a capitalized lease in accordance with United States generally accepted accounting principles, 
 and also includes, to the extent not
otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of the types referred to above of another Person (it
being understood that Debt shall be deemed to be incurred by such Person whenever such Person shall create, assume, guarantee or otherwise become liable in respect thereof). 
 “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default. 
 “Defaulted Interest” has the meaning specified in Section 2.03. 
 “Depositary” means the clearing agency registered under the Exchange Act that is designated to act as the depositary for the Global Notes. DTC shall be the initial Depositary, until a
successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor. 

“DTC” means The Depository Trust Company. 
 “Event of Default” has the meaning specified in Section 6.01. 

  
 4 

  
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time, or any successor thereto. 

“General Partner” means the corporation named as the “General Partner” in the first paragraph of this
Indenture, and, subject to the provisions of Article 10, shall include its successors and assigns. 
 “Global
Note” has the meaning specified in Section 2.02. 
 “Government Obligations” means securities
which are: 
 (a) direct obligations of the United States of America, for the payment of which its full faith and
credit is pledged; or 
 (b) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 and which, in either of the above cases, are not callable or redeemable at the option of the issuer thereof and also includes a depository receipt issued by a bank or trust company as custodian with
respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as provided by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or
principal of the Government Obligation evidenced by such depository receipt. 
 “Guarantee” and
“Guarantees” mean the full and unconditional guarantee provided by the Guarantor in respect of the Notes as made applicable to the Notes in accordance with the provisions of Article 15 hereof and the guarantees endorsed on the
certificates evidencing the Notes, or both, as the context shall require. 
 “Guarantee Obligations” has the
meaning specified in Section 15.01. 
 “Guarantor” means the corporation named as the
“Guarantor” in the first paragraph of this Indenture, and, subject to the provisions of Article 10, shall include its successors and assigns. 
 “Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 

“Initial Notes” has the meaning specified in Section 2.01. 

“Interest” and “interest” mean, when used with reference to the Notes, any interest payable under the
terms of the Notes. 

  
 5 

  
 “Interest
Payment Date” means (x) with respect to any payment of Interest other than Defaulted Interest, each May 3 and November 3 of each year, beginning May 3, 2011 and (y) with respect to any payment of Defaulted Interest,
the date specified for such payment by the Issuer. 
 “Issuer” means the limited partnership named as the
“Issuer” in the first paragraph of this Indenture, and, subject to the provisions of Article 10, shall include its successors and assigns. 
 “Issuer Request” and “Issuer Order” mean, respectively, a written request or order signed in the name of the Issuer by the General Partner by its Chairman of the Board of
Directors, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, of the General Partner, and delivered to the Trustee. 

“legal defeasance” has the meaning specified in Section 11.02(b). 

“Lien” means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement, or other
encumbrance of any kind. 
 “Maturity Date” means November 3, 2015. 

“Note” or “Notes” means any of the Issuer’s 5.000% Senior Notes due 2015, as the case may be,
authenticated and delivered under this Indenture, including the Initial Notes and any Additional Notes. 
 “Note
Register” has the meaning specified in Section 2.05(a). 
 “Note Registrar” has the meaning
specified in Section 2.05(a). 
 “Noteholder” or “Holder” as applied to any Note, or
other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular Note is registered on the Note Registrar’s books. 

“Officer” means the Chairman of the Board of Directors, the President, one of the Vice Presidents, the Treasurer, an
Assistant Treasurer, the Secretary or an Assistant Secretary of the General Partner (when such term is used with respect to any action to be taken by, any document to be executed by or any matter relating to the General Partner in its capacity as
general partner of the Issuer) or of the Guarantor (when such term is used with respect to any action to be taken by, document to be executed by or any matter relating to the Guarantor). 

“Officers’ Certificate,” when used with respect to the Issuer, means a certificate signed by the Chairman of the
Board of Directors, the President or a Vice President and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the General Partner, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Issuer or who may be an employee of
or other counsel for the Issuer and who shall be satisfactory to the Trustee and delivered to the Trustee. 

  
 6 

  

“outstanding,” when used with respect to Notes, means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture, except: 
 (a) Notes theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; 
 (b) Notes, or portions thereof, for whose payment (including
redemption pursuant to Article 3) money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Issuer or the Guarantor) in trust or set aside and segregated in trust by the Issuer (if the
Issuer shall act as its own Paying Agent) for the Holders of such Notes; provided however, that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to
the Trustee has been made; 
 (c) Notes which shall have been discharged as a result of satisfaction and
discharge of this Indenture pursuant to Section 11.01 or with respect to which the Issuer has effected legal defeasance pursuant to Section 11.02(b); and 

(d) Notes which have been paid pursuant to Section 2.06 or in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture; 
 provided, however, that in determining whether the Holders of the
requisite principal amount of the outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, Notes owned by the Issuer or the Guarantor
or any other obligor upon the Notes or any Affiliate of the Issuer or the Guarantor of such other obligor shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in making such
calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Notes so owned which have been pledged
in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer or the Guarantor or any other obligor
upon the Notes or any Affiliate of the Issuer or the Guarantor or any such other obligor. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such
advice. 
 “Paying Agent” has the meaning specified in Section 2.08. 

“Person” means a corporation, an association, a partnership, a limited liability company, an individual, a joint
venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 
 “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note, and, for the purposes of this
definition, any Note authenticated and delivered under Section 2.06 in lieu of a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the lost, destroyed or stolen Note that it replaces. 

  
 7 

  

“principal,” when used with respect to any Note, shall be deemed to include a reference to “and premium, if
any,” unless otherwise expressly stated or the context otherwise requires. 
 “Prospectus” means the
prospectus dated September 15, 2010, together with the prospectus supplement dated October 27, 2010, relating to the Notes. 
 “Record Date” has the meaning specified in Section 2.03. 

“Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of
Section 3.01 hereof, the date fixed for such redemption in accordance with the provisions of Section 3.01 hereof. 

“Redemption Price” has the meaning provided in Section 3.01 hereof. 

“Responsible Officer” when used with respect to the Trustee, means any officer in the Corporate Trust Office of the
Trustee and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge and familiarity with the particular subject. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as
in effect from time to time, and any successor thereto. 
 “Significant Subsidiary” means, with respect to the
Issuer or the Guarantor, any Subsidiary which is a “significant subsidiary” (as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated under the Securities Act) of the Issuer or the Guarantor, as the case may be.

 “Stated Maturity,” when used with respect to any Note or any installment of principal thereof or Interest
thereon, means the date specified in such Note or this Indenture as the fixed date on which the principal of such Note or such installment of principal or Interest is due and payable. 

“Subsidiary” means, with respect to the Issuer or the Guarantor, any Person (other than an individual), a majority of
the outstanding voting stock, partnership interests, membership interests or other equity interest, as the case may be, of which is owned or controlled, directly or indirectly, by the Issuer or the Guarantor, as the case may be, or by one or more
other Subsidiaries of the Issuer or the Guarantor, as the case may be. For the purposes of this definition, “voting stock” means stock having voting power for the election of directors, trustees or managers, as the case may be, whether at
all times or only so long as no senior class of stock has such voting power by reason of any contingency. 
 “Total
Assets” means the sum of, without duplication: 
 (a) Undepreciated Real Estate Assets; and 

  
 8 

  
 (b) all
other assets (excluding accounts receivable and intangibles) of the Issuer and its Subsidiaries, 
 all determined on a consolidated basis in
accordance with United States generally accepted accounting principles. 
 “Total Unencumbered Assets” means
the sum of, without duplication: 
 (a) those Undepreciated Real Estate Assets which are not subject to a Lien
securing Debt; and 
 (b) all other assets (excluding accounts receivable and intangibles) of the Issuer and its
Subsidiaries not subject to a Lien securing Debt, 
 all determined on a consolidated basis in accordance with United States generally accepted
accounting principles; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of Section 4.14, all investments in unconsolidated limited partnerships,
unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended, as in effect from
time to time, and any successor thereto. 
 “Trustee” means U.S. Bank National Association, and its successors
and any corporation resulting from or surviving any consolidation or merger to which it or its successors may be a party and any successor trustee at the time serving as successor trustee hereunder. 

“Undepreciated Real Estate Assets” means, as of any date, the cost (original cost plus capital improvements) of real
estate assets of the Issuer and its Subsidiaries on such date, before depreciation and amortization, all determined on a consolidated basis in accordance with United States generally accepted accounting principles. 

“Unsecured Debt” means Debt of the Issuer or any of its Subsidiaries which is not secured by a Lien on any property or
assets of the Issuer or any of its Subsidiaries. 
 Certain terms used in Article 3 are defined in Section 3.01.

 ARTICLE 2 
 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION 
 AND EXCHANGE OF NOTES 

Section 2.01. Designation Amount and Issue of Notes. The Notes shall be designated as “5.000% Senior Notes due
2015.” Upon the execution of this Indenture, and from time to time thereafter, Notes may be executed by the Issuer and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver Notes upon a
written order of the Issuer, such order signed by one Officer, without any further action by the Issuer hereunder. 

  
 9 

  
 The aggregate
principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited; provided that upon initial issuance on the date hereof, the aggregate principal amount of Notes outstanding shall not exceed $325,000,000,
except for Notes issued upon exchange or registration of transfer of other Notes as provided herein and except as provided in Sections 2.06, 2.07 and 3.03. The Issuer may, without the consent of the Holders of Notes, issue additional Notes (the
“Additional Notes”) from time to time in the future with the same terms and the same CUSIP number as the Notes originally issued under this Indenture (the “Initial Notes”) in an unlimited principal amount;
provided that such Additional Notes shall be part of the same issue as and fungible with the Initial Notes for United States federal income tax purposes and shall carry the same right to receive accrued and unpaid Interest as the other Notes
then outstanding; and provided, however, that, notwithstanding the foregoing, no Additional Notes may be issued if the Issuer has effected legal defeasance or covenant defeasance with respect to the Notes pursuant to Section 11.02
or has effected satisfaction and discharge with respect to the Notes pursuant to Section 11.01. The Initial Notes and any such Additional Notes shall constitute a single series of debt securities, and in circumstances in which this Indenture
provides for the Holders of Notes to vote or take any action, the Holders of Initial Notes and any such Additional Notes will vote or take that action as a single class. 
 Section 2.02. Form of Notes. The Notes, the Guarantee and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the form set forth in
Exhibit A hereto. The terms and provisions contained in the form of Note (including form of Guarantee endorsed thereon) attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of this Indenture and, to the
extent applicable, the Issuer, the Guarantor and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends, endorsements or changes as
the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required by the Custodian or the Depositary or as may be
required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed, or to conform to usage, or to
indicate any special limitations or restrictions to which any particular Notes are subject. 
 So long as the Notes are eligible
for book-entry settlement with the Depositary, or unless otherwise required by law, or otherwise contemplated by Section 2.05(b), all of the Notes will be represented by one or more Notes in global form registered in the name of the Depositary
or the nominee of the Depositary (a “Global Note”). The transfer and exchange of beneficial interests in any such Global Note shall be effected through the Depositary in accordance with this Indenture and the applicable procedures
of the Depositary. Except as provided in Section 2.05(b), beneficial owners of a Global Note shall not be entitled to have certificates registered in their names, will not receive or be entitled to receive physical delivery of certificates in
definitive form and will not be considered Holders of such Global Note. 

  
 10 

  
 Any Global Note shall
represent such of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes
represented thereby may from time to time be increased or reduced to reflect redemptions, repurchases, exchanges, or transfers permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of
outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal of
and Interest on any Global Note shall be made to the Holder of such Note. 
 Section 2.03. Date and Denomination of
Notes; Payments of Interest. The Notes shall be issuable in registered form without coupons in minimum denominations of $1,000 principal amount and in integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of its
authentication and shall bear Interest from the date specified on the face of the form of Note attached as Exhibit A hereto; provided that Additional Notes may provide that they shall bear Interest from the most recent date to which
Interest on the outstanding Notes has been paid or duly provided for at the time such Additional Notes are originally issued. Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the Close of Business on any Record
Date with respect to any Interest Payment Date shall be entitled to receive the Interest payable on such Interest Payment Date. Interest on any Global Note shall be paid by wire transfer of immediately available funds to the account of the
Depositary or its nominee. Payment of the principal of Notes not represented by a Global Note shall be made at the office or agency designated by the Issuer for such purpose. Interest on Notes not represented by a Global Note shall be paid
(i) to Holders having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes and (ii) to Holders having an aggregate principal amount of more than $5,000,000, either by check mailed to each
Holder or, upon application by a Holder to the Registrar not later than the relevant Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application shall remain in effect until
the Holder notifies, in writing, the Registrar to the contrary. 
 The term “Record Date” with respect to any
Interest Payment Date shall mean the April 18 or October 18 preceding the applicable May 3 or November 3 Interest Payment Date, respectively. 

  
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 Any Interest on any
Note which is payable, but is not punctually paid or duly provided for, on any May 3 or November 3 (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Noteholder registered as such on the
relevant Record Date, and such Defaulted Interest shall be paid by the Issuer, at its election in each case, as provided in clause (a) or (b) below: 

(a) The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their
respective Predecessor Notes) are registered at the Close of Business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: The Issuer shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 20 calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and
at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the
date of the proposed payment, such money when deposited shall be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of
such Defaulted Interest which shall be not more than 15 calendar days and not less than ten calendar days prior to the date of the proposed payment, and not less than ten calendar days after the receipt by the Trustee of the notice of the
proposed payment (unless the Trustee shall consent to an earlier date). The Trustee shall promptly notify the Issuer of such special record date and, in the name and at the expense of the Issuer, shall cause notice of the proposed payment of such
Defaulted Interest and the special record date therefor to be mailed, first-class postage prepaid, to each Holder at its address as it appears in the Note Register, not less than ten calendar days prior to such special record date (unless the
Trustee shall consent to an earlier date). Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been so mailed, such Defaulted Interest shall be paid on such proposed payment date to the Persons in
whose names the Notes (or their respective Predecessor Notes) are registered at the Close of Business on such special record date and shall no longer be payable pursuant to the following clause (b) of this Section 2.03. 

(b) The Issuer may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the
requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after notice given by the
Issuer to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Section 2.04. Execution of Notes. The Notes shall be signed in the name and on behalf of the Issuer by the General Partner by the manual or facsimile signature of two Officers of the General
Partner. Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed manually by the Trustee (or an authenticating agent appointed by the
Trustee as provided by Section 7.11), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Issuer shall be
conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. 
 In case any Officer who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the
Issuer, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who signed such Notes had not ceased to be such Officer, and any Note may be signed on behalf of the Issuer by such persons as, at the actual date
of the execution of such Note, shall be the proper Officers, although at the date of the execution of this Indenture any such person was not such an Officer. 

  
 12 

  
 Section 2.05.
Exchange and Registration of Transfer of Notes. (a) The Issuer shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office and in any other office or agency of the Issuer designated pursuant to
Section 4.02 being herein sometimes collectively referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and of transfers
of Notes. The Note Register shall be in written form or in any form capable of being exchanged into written form within a reasonably prompt period of time. The Trustee is hereby appointed “Note Registrar” for the purpose of
registering Notes and transfers of Notes as herein provided. The Issuer may appoint one or more co-registrars in accordance with Section 4.02. 
 Upon surrender for registration of transfer of any Note to the Note Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Issuer
shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount. 

Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the
Notes to be exchanged at any such office or agency maintained by the Issuer pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes which
the Noteholder making the exchange is entitled to receive bearing registration numbers not contemporaneously outstanding. 
 All
Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of
transfer or exchange. 
 All Notes presented or surrendered for registration of transfer or for exchange or redemption shall (if
so required by the Issuer or the Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer, which shall be duly executed by the Noteholder thereof or its attorney duly
authorized in writing. 
 No service charge shall be made to any Holder for any registration of transfer or exchange of Notes,
but the Issuer may require payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes. 

In the event of any redemption in part, the Issuer shall not be required to: (i) issue or register the transfer or exchange of any
Note during a period beginning at the opening of business 15 days before any selection of Notes for redemption and ending at the Close of Business on the earliest date on which the relevant notice of redemption is deemed to have been given to all
Holders of Notes to be so redeemed, or (ii) register the transfer or exchange of any Note so selected for redemption, in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

  
 13 

  
 (b) The
following provisions shall apply only to Global Notes: 
  

	 	(i)	Each Global Note authenticated under this Indenture shall be registered in the name of the Depositary or a nominee thereof and delivered to such Depositary or a nominee
thereof or Custodian therefor, and each such Global Note shall constitute a single Note for all purposes of this Indenture. 

  

	 	(ii)	Notwithstanding any other provision in this Indenture, no Global Note may be exchanged in whole or in part for Notes registered, and no transfer of a Global Note in
whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (1) the Depositary (x) has notified the Issuer that it is unwilling or unable to continue as Depositary for such Global
Note or (y) has ceased to be a clearing agency registered under the Exchange Act, and a successor depositary has not been appointed by the Issuer within 90 calendar days, (2) an Event of Default has occurred and is continuing or
(3) the Issuer, in its sole discretion, notifies the Trustee in writing that it no longer wishes to have all the Notes represented by Global Notes. Any Global Note exchanged pursuant to clause (1) or (2) above shall be so
exchanged in whole and not in part and any Global Note exchanged pursuant to clause (3) above may be exchanged in whole or from time to time in part as directed by the Issuer. Any Note issued in exchange for a Global Note or any portion
thereof shall be a Global Note; provided that any such Note so issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Note. 

 

	 	(iii)	Notes issued in exchange for a Global Note or any portion thereof pursuant to clause (ii) above shall be issued in definitive, fully registered form, without
Interest coupons, shall have an aggregate principal amount equal to that of such Global Note or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depositary shall designate and shall
bear any legends required hereunder. Any Global Note to be exchanged in whole shall be surrendered by the Depositary or the Custodian to the Trustee, as Note Registrar. With regard to any Global Note to be exchanged in part, either such Global Note
shall be so surrendered for exchange or, if the Trustee is acting as Custodian for the Depositary or its nominee with respect to such Global Note, the principal amount thereof shall be reduced, by an amount equal to the portion thereof to be so
exchanged, by means of an appropriate adjustment made on the records of the Trustee and an endorsement shall be made on such Global Note by the Trustee or the Custodian, at the direction of the Trustee. Upon any such surrender or adjustment, the
Trustee shall authenticate and make available for delivery the Note in definitive certificated form issuable on such exchange to or upon the written order of the Depositary or an authorized representative thereof. 

  
 14 

  

	 	(iv)	In the event of the occurrence of any of the events specified in clause (ii) above, the Issuer will promptly make available to the Trustee a reasonable supply
of certificated Notes in definitive, fully registered form, without Interest coupons. 

  

	 	(v)	Neither any members of, or participants in, the Depositary (“Agent Members”) nor any other Persons on whose behalf Agent Members may act shall have any
rights under this Indenture with respect to any Global Note registered in the name of the Depositary or any nominee thereof, and the Depositary or such nominee, as the case may be, may be treated by the Issuer, the Trustee and any agent of the
Issuer or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect
to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the
operation of customary practices of such Persons governing the exercise of the rights of a Holder of any Note. 

  

	 	(vi)	At such time as all interests in a Global Note have been redeemed, exchanged, or canceled for Notes in certificated form, such Global Note shall, upon receipt thereof,
be canceled by the Trustee in accordance with standing procedures and instructions existing between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is redeemed, exchanged, or canceled for
Notes in certificated form, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced, and an endorsement shall be made on
such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction. 

 (c) The Trustee shall have no responsibility or obligation to any Agent Members or any other Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its
nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any Agent Member or other Person (other than the Depositary) of any notice (including any notice of redemption)
or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Noteholders and all payments to be made to Noteholders under the Notes shall be given or made only to or upon the order of the
registered Noteholders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the customary procedures of the
Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its Agent Members. 

  
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 Section 2.06.
Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by
the Trustee shall authenticate and make available for delivery, a new Note, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or
stolen. In every case, the applicant for a substituted Note shall furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any
loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent
evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 
 Following receipt
by the Trustee or such authenticating agent, as the case may be, of satisfactory security or indemnity and evidence, as described in the preceding paragraph, the Trustee or such authenticating agent may authenticate any such substituted Note and
make available for delivery such Note. Upon the issuance of any substituted Note, the Issuer may require the payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in relation thereto
and any other expenses connected therewith. In case any Note which has matured or is about to mature or has been called for redemption shall become mutilated or be destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Note, pay
or authorize the payment of or exchange or authorize the exchange of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment shall furnish to the Issuer, to the Trustee and,
if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or in connection with such substitution, and, in every case of
destruction, loss or theft, the applicant shall also furnish to the Issuer, the Trustee and, if applicable, any Paying Agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 

Every substitute Note issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost
or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations
set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive
with respect to the replacement or payment or exchange or redemption of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the
contrary with respect to the replacement or payment or exchange or redemption or repurchase of negotiable instruments or other securities without their surrender. 

  
 16 

  
 Section 2.07.
Temporary Notes. Pending the preparation of Notes in certificated form, the Issuer may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon the written request of the Issuer, authenticate and deliver
temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Notes in certificated form, but with such omissions, insertions and variations as may be appropriate
for temporary Notes, all as may be determined by the Issuer. Every such temporary Note shall be executed by the Issuer and the Guarantee endorsed thereon shall be executed by the Guarantor and shall be authenticated by the Trustee or such
authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Notes in certificated form. Without unreasonable delay, the Issuer will execute and deliver to the Trustee or such authenticating
agent Notes in certificated form and thereupon any or all temporary Notes may be surrendered in exchange therefor, at each office or agency maintained by the Issuer pursuant to Section 4.02 and the Trustee or such authenticating agent shall
authenticate and make available for delivery in exchange for such temporary Notes an equal aggregate principal amount of Notes in certificated form. Such exchange shall be made by the Issuer at its own expense and without any charge therefor. Until
so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Notes in certificated form authenticated and delivered hereunder. 

Section 2.08. Cancellation of Notes. All Notes surrendered for the purpose of payment, redemption, exchange or registration
of transfer shall, if surrendered to the Issuer or any paying agent to whom Notes may be presented for payment (the “Paying Agent”), which shall initially be the Trustee, or any Note Registrar, be surrendered to the Trustee and
promptly canceled by it or, if surrendered to the Trustee, shall be promptly canceled by it and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of such
canceled Notes in accordance with its customary procedures. If the Issuer shall acquire any of the Notes, such acquisition shall not operate as a redemption, repurchase or satisfaction of the indebtedness represented by such Notes unless and until
the same are delivered to the Trustee for cancellation. 
 Section 2.09. CUSIP Numbers. The Issuer in issuing the
Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any
such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee of any change in the “CUSIP” numbers. 

ARTICLE 3 

REDEMPTION OF NOTES 
 Section 3.01. Redemption of Notes. (a) The Issuer shall have the right, at its option, to redeem the Notes for cash at any time in whole or from time to time in part at a redemption price
(with respect to the Notes to be redeemed on any Redemption Date, the “Redemption Price”) equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed and (ii) the 

sum of the present values of the remaining scheduled payments of principal and Interest on the Notes to be redeemed (exclusive of Interest accrued to the
applicable Redemption Date) discounted to such Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in each case accrued and unpaid Interest on the
principal amount of the Notes being redeemed to such Redemption Date; provided, however, that if the Redemption Date falls after a Record Date for the payment of Interest and on or prior to the corresponding Interest Payment Date, the
Issuer will pay the full amount of accrued and unpaid Interest due on such Interest Payment Date to the Holders of record at the close of business on the corresponding Record Date according to the terms and the provisions of this Indenture.

  
 17 

  
 “Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated by the Issuer using a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Comparable Treasury Rate shall be calculated on the third Business Day preceding the applicable Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as
having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes. 
 “Independent Investment Banker” means Barclays Capital Inc.,
Banc of America Securities LLC or J.P. Morgan Securities LLC and its successors (whichever shall be appointed by the Issuer in respect of the applicable Redemption Date) or, if all such firms or the respective successors, if any, to such firms, as
the case may be, are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Issuer. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average (as calculated by the Issuer) of the remaining Reference Treasury Dealer Quotations for such
Redemption Date after excluding the highest and lowest such Reference Treasury Dealer Quotations from the four selected, (ii) if fewer than four but more than one such Reference Treasury Dealer Quotations are obtained, the average (as
calculated by the Issuer) of all such quotations, or (iii) if only one such Reference Treasury Dealer Quotation is obtained, such Reference Treasury Dealer Quotation. 
 “Reference Treasury Dealer” means Barclays Capital Inc., Banc of America Securities LLC and J.P. Morgan Securities LLC (or their respective affiliates which are Primary Treasury Dealers
(as defined below)) and their respective successors; provided, however, that if any such firm (or, if applicable, any such affiliate) or any such successor, as the case may be, shall cease to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer, and one other Primary Treasury Dealer selected by the Issuer. 

  
 18 

  
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average (as calculated by the Issuer) of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Issuer by such Reference Treasury Dealer at 5:00 p.m., New York time, on the third Business Day preceding such Redemption Date. 

(b) Notwithstanding the foregoing, the Issuer shall not redeem the Notes pursuant to Section 3.01(a) on any date if the principal
amount of the Notes has been accelerated, and such acceleration has not been rescinded or cured on or prior to such date. 

Section 3.02. Notice of Optional Redemption; Selection of Notes. In case the Issuer shall desire to exercise the right to
redeem all or, as the case may be, any part of the Notes pursuant to Section 3.01, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five Business Days prior (or such shorter period of
time as may be acceptable to the Trustee) to the date the notice of redemption is to be mailed, the Trustee in the name of and at the expense of the Issuer, shall mail or cause to be mailed a notice of such redemption not fewer than 30 days nor more
than 60 days prior to the Redemption Date to each Holder of Notes so to be redeemed in whole or in part at its last address as the same appears on the Note Register; provided that if the Issuer makes such request of the Trustee, it shall,
together with such request, also give written notice of the Redemption Date to the Trustee; provided further that the text of the notice shall be prepared by the Issuer. Each such notice of redemption shall specify: (i) the aggregate
principal amount of Notes to be redeemed, (ii) the CUSIP number or numbers of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed,
(v) the place or places of payment and that payment will be made upon presentation and surrender of such Notes and (vi) that Interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and
that on and after said date Interest on Notes or portions of Notes to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if
any). In case any Note is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or
Notes in principal amount equal to the unredeemed portion thereof will be issued. Such mailing shall be by first class mail. The notice, if mailed in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not
the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the
redemption of any other Note. 
 Whenever any Notes are to be redeemed, the Issuer will give the Trustee written notice of the
Redemption Date, together with an Officers’ Certificate as to the aggregate principal amount of Notes to be redeemed not fewer than 30 days (or such shorter period of time as may be acceptable to the Trustee) prior to the Redemption Date.

  
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 On or prior to the
Redemption Date specified in the notice of redemption given as provided in this Section 3.02, the Issuer will deposit with the Paying Agent (other than the Issuer or the Guarantor acting as its own Paying Agent) an amount of money in
immediately available funds sufficient to redeem on the Redemption Date all the Notes (or portions thereof) so called for redemption at the appropriate Redemption Price, together with accrued and unpaid Interest, if any, on the Notes or portions
thereof to be redeemed; provided that if such payment is made on the Redemption Date, it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date. The Issuer shall be entitled to retain any interest, yield or
gain on amounts deposited with the Paying Agent pursuant to this Section 3.02 in excess of amounts required hereunder to pay the Redemption Price, together with accrued and unpaid Interest, if any, on the Notes or portions thereof to be
redeemed. 
 If less than all of the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions
thereof of the Global Note or the Notes in certificated form to be redeemed (in principal amounts of $1,000 and integral multiples thereof) on a pro rata basis or by another method the Trustee deems fair and appropriate or is required by the
Depositary. 
 Section 3.03. Payment of Notes Called for Redemption by the Issuer. If notice of redemption has been
given as provided in Section 3.02, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice at the Redemption Price,
together with accrued and unpaid Interest, if any, thereon, and if the Paying Agent holds funds sufficient to pay the Redemption Price of such Notes, together with accrued and unpaid Interest, if any, thereon, then, on and after such Redemption Date
(a) such Notes will cease to be outstanding and (b) Interest on the Notes or portion of Notes so called for redemption shall cease to accrue and, except as provided in Article 11, such Notes shall cease to be entitled to any benefit
or security under this Indenture, and the Holders thereof shall have no right in respect of such Notes except the right to receive the Redemption Price thereof, together with accrued and unpaid Interest, if any, thereon. On presentation and
surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Issuer at the Redemption Price, together with Interest accrued thereon, if any, to, but
excluding, the Redemption Date. 
 Upon presentation of any Note redeemed in part only, the Issuer shall execute and the Trustee
shall authenticate and make available for delivery to the Holder thereof, at the expense of the Issuer, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented. 

Prior to the applicable Redemption Date, the Issuer shall provide to the Trustee an Officers’ Certificate that shall set forth the
applicable Redemption Price and the calculation thereof in reasonable detail. The Trustee shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in acting upon the Issuer’s calculation
of the Redemption Price. 
 Section 3.04. Sinking Fund. There shall be no sinking fund provided for the Notes.

 ARTICLE 4 
 PARTICULAR COVENANTS 
 Section 4.01. Payment of Principal and
Interest. The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid when due the principal of (including the Redemption Price upon redemption pursuant to Article 3) and Interest on each of the Notes at the
places, at the respective times and in the manner provided herein and in the Notes. 

  
 20 

  
 At the Maturity Date,
upon earlier redemption or repurchase of the Notes or at any time a payment is made with respect to the Notes, and as otherwise required by law, the Issuer may deduct and withhold from such amount otherwise deliverable to the Holder the amount
required to be deducted and withheld under applicable law, and such amount shall be deemed paid to such Holder for all purposes of this Indenture. 
 Section 4.02. Maintenance of Office or Agency. The Issuer will maintain an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for
payment or for redemption and where notices and demands to or upon the Issuer and the Guarantor in respect of the Notes, the Guarantees and this Indenture may be served and the Issuer may from time to time change any such office or agency. As of the
date of this Indenture, such office shall be the Corporate Trust Office and, at any other time, at such other address as the Trustee may designate from time to time by notice to the Issuer. The Issuer will give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 The Issuer may also from time to time designate co-registrars and one or more offices or agencies where the Notes may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations, provided, however that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office
or agency for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby initially designates the Trustee as Paying Agent, Note Registrar and Custodian and the Corporate Trust Office shall
each be considered as one such office or agency of the Issuer for each of the aforesaid purposes. The Issuer may from time to time change such Paying Agent, Note Registrar and Custodian. 

So long as the Trustee is the Note Registrar, the Trustee agrees to mail, or cause to be mailed, the notices set forth in
Section 7.08(f). If co-registrars have been appointed in accordance with this Section, the Trustee shall mail such notices only to the Issuer and the Holders of Notes it can identify from its records. 

Section 4.03. Appointments to Fill Vacancies in Trustee’s Office. The Issuer, whenever necessary to avoid or fill a
vacancy in the office of Trustee, will appoint, upon the terms and conditions and otherwise as provided in Section 7.08, a Trustee, so that there shall at all times be a Trustee hereunder. 

  
 21 

  
 Section 4.04.
Provisions as to Paying Agent. 
 (a) If the Issuer shall appoint a Paying Agent other than the Trustee,
or if the Trustee shall appoint such a Paying Agent, the Issuer will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04:

 (i) that it will hold all sums held by it as such agent for the payment of the principal of or Interest on the
Notes (whether such sums have been paid to it by the Issuer, the Guarantor or by any other obligor on the Notes) in trust for the benefit of the Holders of the Notes; 

(ii) that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Notes) to make any
payment of the principal of or Interest on the Notes when the same shall be due and payable; and 
 (iii) that at
any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust. 
 The Issuer shall, on or before each due date of the principal of or Interest on the Notes, deposit with the Paying Agent a sum (in funds which are immediately available on the due date for such payment)
sufficient to pay such principal or Interest and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the due date, such deposit
shall be received by the Paying Agent by 11:00 a.m. New York City time, on such date. 
 (b) If the Issuer
or the Guarantor shall act as Paying Agent, it will, on or before each due date of the principal of or Interest on the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal
and Interest so becoming due and will promptly notify the Trustee of any failure to take such action and of any failure by the Issuer (or any other obligor under the Notes) to make any payment of the principal of or Interest on the Notes when the
same shall become due and payable. 
 (c) Anything in this Section 4.04 to the contrary notwithstanding, the
Issuer may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture or effecting legal defeasance or covenant defeasance of the Notes as provided in Article 11, or for any other reason, pay or cause to be paid
to the Trustee all sums held in trust by the Issuer or the Guarantor or any Paying Agent hereunder as required by this Section 4.04, such sums to be held by the Trustee upon the trusts herein contained and upon such payment by the Issuer or any
Paying Agent to the Trustee, the Issuer or such Paying Agent shall be released from all further liability with respect to such sums. 
 (d) Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 4.04 is subject to Section 11.03 and Section 11.04.

  
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 The Trustee shall not
be responsible for the actions of any other Paying Agents (including the Issuer or the Guarantor if acting as Paying Agent) and shall have no control of any funds held by such other Paying Agents. 

Section 4.05. Existence. Except as permitted under Article 10, the Issuer will do or cause to be done all things
necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises, and the Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence,
rights (charter and statutory) and franchises. However, neither the Issuer nor the Guarantor will be required to preserve any right or franchise if the Board of Directors of the General Partner or the Guarantor (or any duly authorized committee of
that Board of Directors), as the case may be, determines that the preservation of the right or franchise is no longer desirable in the conduct of the business of the Issuer or the Guarantor, as the case may be. 

Section 4.06. Stay, Extension and Usury Laws. The Issuer and the Guarantor each covenants (to the extent that it may lawfully
do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture, the Notes or the Guarantees endorsed on the Notes; and the Issuer and the Guarantor each (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and
covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 4.07. Compliance Certificate. The Issuer and the Guarantor will deliver to the Trustee, within 120 days after the end
of each fiscal year, commencing with the fiscal year ending December 31, 2010, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer of the General Partner as to his or her
knowledge of the Issuer’s and the Guarantor’s compliance with all conditions and covenants under this Indenture and, in the event of any noncompliance, specifying such noncompliance and the nature and status thereof. For purposes of this
Section 4.07, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 
 The Issuer will deliver to the Trustee, promptly upon becoming aware of (i) any default in the performance or observance of any covenant, agreement or condition contained in this Indenture, or
(ii) any Event of Default, an Officers’ Certificate specifying with particularity such default or Event of Default and further stating what action the Issuer has taken, is taking or proposes to take with respect thereto. 

Any notice required to be given under this Section 4.07 shall be delivered to a Responsible Officer of the Trustee at its Corporate
Trust Office. 
 Section 4.08. Maintenance of Properties. The Issuer will cause all of its properties used or useful
in the conduct of its business or the business of any Subsidiary of the Issuer to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and cause all necessary repairs, renewals, replacements,
betterments and improvements to be made, all as in the judgment of the Issuer may be necessary in order for the Issuer to at all times properly and advantageously conduct its business carried on in connection with such properties. 

  
 23 

  
 Section 4.09.
Insurance. The Issuer will, and will cause each of its Subsidiaries to, keep in force upon all of its properties and operations insurance policies carried with responsible companies in such amounts and covering all such risks as is customary
in the industry in which the Issuer and its Subsidiaries do business in accordance with prevailing market conditions and availability. 
 Section 4.10. Payment of Taxes and Other Claims. Each of the Guarantor and the Issuer will pay or discharge or cause to be paid or discharged before it becomes delinquent: 

(a) all taxes, assessments and governmental charges levied or imposed on it or any of its Subsidiaries or on its or any
such Subsidiary’s income, profits or property; and 
 (b) all lawful claims for labor, materials and
supplies that, if unpaid, might by law become a Lien upon its property or the property of any of its Subsidiaries. 
 However,
neither the Guarantor nor the Issuer will be required to pay or discharge or cause to be paid or discharged any tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate
proceedings. 
 Section 4.11. Aggregate Debt Test. The Issuer will not, and will not permit any of its Subsidiaries
to, incur any Debt (including without limitation Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all
outstanding Debt of the Issuer and its Subsidiaries (determined on a consolidated basis in accordance with United States generally accepted accounting principles) is greater than 60% of the sum of the following (without duplication): 

(a) the Total Assets of the Issuer and its Subsidiaries as of the last day of the then most recently ended fiscal quarter;
and 
 (b) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the
aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such
fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt. 
 For purposes of this Section 4.11, Debt
will be deemed to be incurred by the Issuer or any of its Subsidiaries whenever the Issuer or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. 

Section 4.12. Debt Service Test. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt
(including without limitation Acquired Debt) if the ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on
which such additional Debt is to be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt (determined on a consolidated basis in accordance
with United States generally accepted accounting principles), and calculated on the following assumptions: 
 (a)
such Debt and any other Debt (including without limitation Acquired Debt) incurred by the Issuer or any of its Subsidiaries since the first day of such four-quarter period had been incurred, and the application of the proceeds from such Debt
(including to repay or retire other Debt) had occurred, on the first day of such period; 

  
 24 

  
 (b) the
repayment or retirement of any other Debt of the Issuer or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any
revolving credit facility, line of credit or similar facility will be computed based upon the average daily balance of such Debt during such period); and 
 (c) in the case of any acquisition or disposition by the Issuer or any of its Subsidiaries of any asset or group of assets with a fair market value in excess of $1.0 million since the first day of
such four-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition or disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such
acquisition or disposition being included in such pro forma calculation. 
 If the Debt giving rise to the need to make the
calculation described in this Section 4.12 or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate, then, for purposes of calculating the Annual Debt Service Charge, the interest rate
on such Debt will be computed on a pro forma basis by applying the average daily rate which would have been in effect during the entire four-quarter period to the greater of the amount of such Debt outstanding at the end of such period or the
average amount of such Debt outstanding during such period. For purposes of this Section 4.12, Debt will be deemed to be incurred by the Issuer or any of its Subsidiaries whenever the Issuer or such Subsidiary shall create, assume, guarantee or
otherwise become liable in respect thereof. 
 Section 4.13. Secured Debt Test. The Issuer will not, and will not
permit any of its Subsidiaries to, incur any Debt (including without limitation Acquired Debt) secured by any Lien on any property or assets of the Issuer or any of its Subsidiaries, whether owned on the date of this Indenture or subsequently
acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with United States
generally accepted accounting principles) of all outstanding Debt of the Issuer and its Subsidiaries which is secured by a Lien on any property or assets of the Issuer or any of its Subsidiaries is greater than 40% of the sum of (without
duplication): 
 (a) the Total Assets of the Issuer and its Subsidiaries as of the last day of the then most
recently ended fiscal quarter; and 

  
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 (b) the
aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages
receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt. 

For purposes of this Section 4.13, Debt will be deemed to be incurred by the Issuer or any of its Subsidiaries whenever the Issuer
or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. 
 Section 4.14.
Maintenance of Total Unencumbered Assets. The Issuer will not have at any time Total Unencumbered Assets of less than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Issuer and its Subsidiaries determined on a
consolidated basis in accordance with United States generally accepted accounting principles. 
 ARTICLE 5 

NOTEHOLDERS’ LISTS AND REPORTS BY 
 THE ISSUER AND THE TRUSTEE 
 Section 5.01. Noteholders’ Lists.
The Issuer will furnish or cause to be furnished to the Trustee: 
 (a) semiannually, not later than 15 days
after each Record Date for Interest for the Notes, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Notes as of such Record Date, and 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Issuer of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, excluding from such list names and addresses received by the Trustee in its capacity as Notes Registrar, 

provided, however, that, so long as the Trustee is the Note Registrar, no such list shall be required to be furnished. 

Section 5.02. Preservation and Disclosure of Lists. Every Holder of Notes, by receiving and holding the same, agrees with the
Issuer and the Trustee that neither the Issuer nor the Guarantor nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Note Registrar shall be held accountable by reason of the disclosure of any information as to the names and
addresses of the Holders of Notes in accordance with TIA Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request
made under TIA Section 312(b). 
 Section 5.03. Reports by Trustee. The Trustee shall transmit to the Holders
of Notes such reports concerning the Trustee and its actions under this Indenture as may be required by TIA Section 313 at the times and in the manner provided by the TIA, which shall initially be not less than every 12 months commencing on
July 15, 2011 and may be dated as of a date up to 60 days prior to such transmission. A copy of each such report shall, at the time of such transmission to Holders of Notes, be filed by the Trustee with each stock exchange, if any, upon
which any Notes are listed, with the Commission and with the Issuer. The Issuer will notify the Trustee when any Notes are listed on any stock exchange or any delisting thereof. 

  
 26 

  
 Section 5.04.
Reports by Issuer. The Issuer and the Guarantor will: 
 (a) File with the Trustee, within 15 days
after the Issuer or the Guarantor is required to file the same with the Commission, copies of the annual reports and information, documents and other reports which the Issuer or the Guarantor may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Exchange Act; or if the Issuer or the Guarantor is not required to file information, documents or reports pursuant to those Sections, then the Issuer and the Guarantor will file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which Section 13 of the Exchange Act may require with respect to a
security listed and registered on a national securities exchange; 
 (b) file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer and the Guarantor with the conditions and covenants of
this Indenture as may be required from time to time by such rules and regulations; and 
 (c) transmit by mail to
the Holders of Notes, within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA Section 313(c), such summaries of any information, documents and reports required to be filed by the Issuer or the
Guarantor pursuant to paragraph (a) or (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. 
 ARTICLE 6 
 EVENTS OF DEFAULT; REMEDIES 

Section 6.01. Events of Default. In case any one or more of the following (each, an “Event of Default”)
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body) shall have occurred and be continuing: 
 (a) default in the payment of any Interest on the
Notes when such Interest becomes due and payable that continues for a period of 30 days; 
 (b) default in the
payment of any principal of the Notes or any Redemption Price due with respect to the Notes, when due and payable; 
 (c) failure on the part of the Issuer or the Guarantor to comply with their respective obligations under Article 10; 

  
 27 

  
 (d)
default in the performance, or breach, of any other covenant or warranty of the Issuer or the Guarantor in this Indenture and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail,
to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then outstanding a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; 
 (e) default under any bond, debenture, note,
mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Issuer or the Guarantor or by any Subsidiary of the Issuer or of the Guarantor, the repayment
of which the Issuer or the Guarantor has guaranteed or for which the Issuer or the Guarantor is directly responsible or liable as obligor or guarantor, having an aggregate principal amount outstanding of at least $35,000,000, whether such
indebtedness exists as of the date of this Indenture or shall hereafter be created, which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and
payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within the period specified in such instrument; 

(f) the rendering against the Issuer, the Guarantor or any of their respective Subsidiaries of a final judgment for the
payment of $35,000,000 or more (excluding any amounts covered by insurance), which judgment is not discharged or stayed within 60 days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or
(ii) the date on which all rights to appeal have been extinguished; 
 (g) the Guarantor, the Issuer, or any
of their respective Significant Subsidiaries pursuant to or under or within meaning of any Bankruptcy Law: 
 (i)
commences a voluntary case; or 
 (ii) consents to the entry of an order for relief against it in an involuntary
case; or 
 (iii) consents to the appointment of any receiver, trustee, assignee, liquidator or other similar
official under any Bankruptcy Law of it or for all or substantially of its property; or 
 (iv) makes a general
assignment for the benefit of creditors; or 
 (h) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that: 
 (i) is for relief against the Guarantor, the Issuer or any of their respective
Significant Subsidiaries in an involuntary case; or 

  
 28 

  
 (ii)
appoints a trustee, receiver, liquidator, custodian or other similar official of the Guarantor, the Issuer or any of their respective Significant Subsidiaries or for all or substantially all of its property; or 

(iii) orders the liquidation of the Guarantor, the Issuer or any of their respective Significant Subsidiaries; 

and, in each case in this clause (h), the order or decree remains unstayed and in effect for 90 calendar days; 

then, and in each and every such case (other than an Event of Default specified in Section 6.01(g) and Section 6.01(h)), unless the principal of
all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by notice in writing to the Issuer and the Guarantor (and to the Trustee if
given by Noteholders), may declare the principal amount of, and Interest accrued and unpaid on, all the Notes to be immediately due and payable, and upon any such declaration the same shall be immediately due and payable. 

If an Event of Default specified in Section 6.01(g) or Section 6.01(h) occurs and is continuing, then the principal amount of
and Interest accrued and unpaid on all the Notes shall be immediately due and payable without any declaration or other action on the part of the Trustee or any Holder of Notes. 

If, at any time after the principal amount of and Interest on the Notes shall have been so declared due and payable, and before any
judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders of all of the Notes then
outstanding, by written notice to the Issuer and to the Trustee, may waive all defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all respects to Section 6.07, if: (a) all Events of
Default, other than the nonpayment of the principal amount and any accrued and unpaid Interest that have become due solely because of such acceleration, have been cured or waived; (b) the Issuer or the Guarantor shall have deposited with the
Trustee a sum sufficient to pay all overdue Interest, including Interest on overdue principal and (to the extent that payment of such Interest is lawful) overdue installments of Interest, and all principal which has become due otherwise than by
such acceleration; and (c) the Issuer has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances pursuant to Section 7.06. No such rescission and annulment shall extend to or
shall affect any subsequent default or Event of Default, or shall impair any right consequent thereon. 
 In case the Trustee
shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such waiver or rescission and annulment or for any other reason or shall have been determined adversely to the
Trustee, then and in every such case the Issuer, the Guarantor, the Holders of Notes, and the Trustee shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Guarantor,
the Holders of Notes, and the Trustee shall continue as though no such proceeding had been taken. 

  
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 Anything herein to the
contrary notwithstanding, Interest on any overdue installments of principal of and (to the extent that payment of such Interest is lawful) Interest on the Notes shall accrue and be payable at the same rate as Interest is otherwise payable on the
Notes. 
 Section 6.02. Payments of Notes on Default; Suit Therefor. The Issuer covenants that in the case of an
Event of Default pursuant to Section 6.01(a) or 6.01(b), upon demand of the Trustee, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, (i) the whole amount that then shall be due and payable on all such Notes
for principal or Interest, as the case may be, with Interest upon overdue principal and (to the extent that payment of such Interest is enforceable under applicable law) the overdue installments of accrued and unpaid Interest at the rate borne by
the Notes from the required payment date and, (ii) in addition thereto, any amounts due the Trustee under Section 7.06. Until such demand by the Trustee, the Issuer may pay the principal of and Interest on the Notes to the registered
Holders, whether or not the Notes are overdue. 
 In case the Issuer shall fail forthwith to pay such amounts upon such demand,
the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or
proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Issuer, the Guarantor or any other obligor on the Notes and collect in the manner provided by law out of the property of the Issuer, the Guarantor
or any other obligor on the Notes wherever situated the monies adjudged or decreed to be payable. 
 In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Guarantor, the Issuer or any other obligor upon the Notes or the property of the Guarantor, the
Issuer or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand on the Issuer or the Guarantor for the payment of overdue principal (including the Redemption Price upon redemption pursuant to Article 3)) shall be entitled and empowered, by intervention in such proceeding or otherwise:
(i) to file and prove a claim for the whole amount of principal (including the Redemption Price upon redemption pursuant to Article 3) and Interest (including Interest on overdue principal and (to the extent that payment of such Interest
is lawful) overdue Interest) owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders of Notes allowed in such judicial proceeding, and (ii) to collect and receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Notes to make such payments to the Trustee, and
in the event that the Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and any
predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section 7.06. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder of a Note any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the Guarantees or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder
of Notes in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders of Notes, vote for the election of a trustee in bankruptcy or similar official and may be a member of the creditors’ committee.

  
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 All rights of action
and of asserting claims under this Indenture, or under any of the Notes or the Guarantees, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and
any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes. 
 In any proceedings
brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary
to make any Holders of the Notes parties to any such proceedings. 
 Section 6.03. Application of Monies Collected by
Trustee. Any monies collected by the Trustee pursuant to this Article 6 shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and
stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 
  

			
	FIRST:	  	To the payment of costs and expenses of collection, including all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses and disbursements of
the Trustee, its agents and counsel all other amounts due the Trustee and any predecessor Trustee under Section 7.06;
		
	SECOND:	  	To the payment of the amounts then due and unpaid upon the Notes for principal (including the Redemption Price upon redemption pursuant to Article 3) and Interest, in
respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on the Notes for principal (including the Redemption Price upon
redemption pursuant to Article 3) and Interest, respectively; and
		
	THIRD:	  	To the payment of the remainder, if any, to the Issuer.

  
 31 

  
 Section 6.04.
Proceedings by Noteholders. No Holder of any Note shall have any right by virtue of or by reference to any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this
Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, except in the case of a default in the payment of principal or Interest on the Notes, unless (a) such
Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, (b) the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall
have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, liabilities or expenses
to be incurred therein or thereby, (c) the Trustee for 60 calendar days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (d) no direction
inconsistent with such written request shall have been given to the Trustee by Holders of a majority in aggregate principal amount of Notes then outstanding in accordance with Section 6.07; it being understood and intended, and being expressly
covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee, that no one or more Holders of Notes shall have any right in any manner whatever by virtue of or by reference to any provision of this Indenture to
affect, disturb or prejudice the rights of any other Holder of Notes, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the
equal, ratable and common benefit of all Holders of Notes (except as otherwise provided herein). For the protection and enforcement of this Section 6.04, each and every Noteholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity. 
 Notwithstanding any other provision of this Indenture and any provision of any Note, the right of
any Holder of any Note to receive payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) and accrued Interest on such Note, on or after the respective due dates expressed in such Note or in the event
of redemption, or to institute suit for the enforcement of any such payment on or after such respective dates against the Issuer or the Guarantor, shall not be impaired or affected without the consent of such Holder. 

Section 6.05. Proceedings by Trustee. If an Event of Default occurs and is continuing, the Trustee may in its discretion
proceed to protect and enforce its rights and the rights of the Holders of Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 6.06. Remedies Cumulative and Continuing. To the extent permitted by law, all powers and remedies given by this Article 6 to the Trustee or to the Noteholders shall be deemed
cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any default or Event of Default occurring and continuing as aforesaid shall impair any such right
or power, or shall be construed to be a waiver of any such default or any acquiescence therein, and, subject to the provisions of Section 6.04, every power and remedy given by this Article 6 or by law to the Trustee or to the Noteholders
may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Noteholders. 

  
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 Section 6.07.
Direction of Proceedings and Waiver of Defaults by Majority of Noteholders. The Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided that (a) such direction shall not be in conflict with any rule of law or with this Indenture,
(b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and (c) the Trustee need not take any action which might involve it in personal liability or be unduly prejudicial to the
Holders of Notes not joining therein, it being understood that (subject to Section 7.02) the Trustee shall have no duty to ascertain whether or not such actions or forbearance are unduly prejudicial to such Holders. 

The Holders of a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the
Notes, waive any past default or Event of Default hereunder and its consequences except (i) a default in the payment of the principal of or Interest on the Notes, (ii) a default in the payment of the Redemption Price or any Interest
on Notes called for redemption on a Redemption Date pursuant to Article 3, or (iii) a default in respect of a covenant or provisions hereof, which under Article 9 cannot be modified or amended without the consent of the Holders of all
Notes then outstanding or each Note affected thereby. 
 Upon any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 

Section 6.08. Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance
thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.08 (to the extent permitted by law) shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than ten percent in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit
instituted by any Noteholder for the enforcement of the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) or Interest on any Note on or after the due date expressed in such Note. 

ARTICLE 7 
 THE
TRUSTEE 
 Section 7.01. Notice of Defaults. Within 90 calendar days after the occurrence of any default
hereunder, the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c), notice of such default hereunder known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) or Interest on any Note, the Trustee shall be protected in withholding
such notice if and so long as Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of the Notes; and provided further that in the case of any default or breach of
the character specified in Section 6.01(f), no such notice to Holders of Notes shall be given until at least 60 days after the occurrence thereof. 

  
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 Section 7.02.
Certain Rights of Trustee. Subject to the provisions of TIA Section 315(a) through 315(d): 
 (a) the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, Officers’ Certificate, certificate, statement, instrument, Opinion of Counsel, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order (other than delivery of any Note to the Trustee for authentication and
delivery pursuant to Sections 2.01 and 2.04 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 

(d) before the Trustee acts or refrains from acting, the Trustee may consult with counsel and the written advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Notes pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, unless requested in
writing so to do by the Holders of not less than a majority in aggregate principal amount of the outstanding Notes; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such
expenses or liabilities as a condition to proceeding; the reasonable expenses of every such examination shall be paid by the Holders or, if paid by the Trustee, shall be repaid by the Holders upon demand. The Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer and
the Guarantor relevant to the facts or matters that are the subject of its inquiry, personally or by agent or attorney; 

  
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 (g) the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder; 
 (h) the Trustee shall not be liable for any action taken,
suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; 

(i) the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder; 
 (j) the permissive rights of the Trustee to do things enumerated in this Indenture shall not be
construed as a duty and the Trustee shall not be answerable for other than its negligence or willful misconduct; and 
 (k) except for (i) a default under Sections 6.01(a) or 6.01(b) hereof, or (ii) any other event of which a Responsible Officer of the Trustee has “actual knowledge” and which event
constitutes or, with the giving of notice or the passage of time or both, would constitute an Event of Default under this Indenture, the Trustee shall not be deemed to have notice of any default or Event of Default unless specifically notified in
writing of such event by the Issuer or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding; as used herein, the term “actual knowledge” means the actual fact or statement of knowing, without
any duty to make any investigation with regard thereto. 
 The Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it. Except during the continuance of an Event of Default, the Trustee undertakes to perform only such duties as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee. 
 Section 7.03. Not Responsible for Recitals or
Issuance of Notes. The recitals contained herein and in the Notes, except the Trustee’s certificate of authentication, shall be taken as the statements of the Issuer, and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes except that the Trustee represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Notes and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Issuer of Notes or the proceeds thereof. 

  
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Section 7.04. May Hold Notes and Common Stock. The Trustee, any Paying Agent, Note Registrar, Authenticating Agent or any
other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes or Common Stock and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Issuer and the Guarantor with the same rights it
would have if it were not Trustee, Paying Agent, Note Registrar, Authenticating Agent or such other agent. 
 Section 7.05.
Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except
as otherwise agreed with the Issuer. 
 Section 7.06. Compensation and Reimbursement. The Issuer agrees: 

(a) to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(b) except as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct; and 
 (c) to indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its part, arising
out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against or investigating any claim or liability in connection with the exercise or performance of
any of its powers or duties hereunder. 
 When the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Sections 6.01(g) or 6.01(h), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or
state bankruptcy, insolvency or other similar law. 
 As security for the performance of the obligations of the Issuer under
this Section, the Trustee shall have a Lien prior to the Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (including the Redemption Price upon redemption pursuant
to Article 3) or Interest on any Notes. The provisions of this Section shall survive the termination of this Indenture. 

  
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 Section 7.07.
Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at
least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. The Trustee shall comply with the provisions of Section 310(b) of the Trust Indenture Act.
Neither the Issuer, the Guarantor nor any Person directly or indirectly controlling, controlled by, or under common control with the Issuer or the Guarantor shall serve as Trustee. 

If and when the Trustee shall be or become a creditor of the Issuer or the Guarantor or any other obligor under the Notes, the Trustee
shall be subject to the provisions of the TIA regarding the collection of claims against the Issuer, the Guarantor or any such other obligor, as the case may be. 
 Section 7.08. Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 7.09. 
 (b) The Trustee may resign at any time by
giving written notice thereof to the Issuer. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee. 
 (c) The Trustee may be removed at
any time by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Trustee and to the Issuer. 
 (d) If at any time: 
 (i) the Trustee shall fail to comply with the
provisions of TIA Section 310(b) after written request therefor by the Issuer or by any Holder of a Note who has been a bona fide Holder of a Note for at least six months, or 

(ii) the Trustee shall cease to be eligible under Section 7.07 and shall fail to resign after written request
therefor by the Issuer or by any Holder of a Note who has been a bona fide Holder of a Note for at least six months, or 

  
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 (iii)
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (A) the Issuer by or
pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee, or (B) subject to TIA Section 315(e), any Holder of a Note who has been a bona fide Holder of a Note for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee or Trustees. 

(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any cause, the Issuer, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment, become the successor Trustee and to that extent supersede the successor Trustee appointed by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or the Holders of Notes and accepted appointment in the manner
hereinafter provided, any Holder of a Note who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee. 
 (f) The Issuer shall give notice of each resignation and each removal of the Trustee and each
appointment of a successor Trustee by mailing or causing to be mailed such notice to the Holders of Notes as they appear on the Note Register. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office.

 Section 7.09. Acceptance of Appointment By Successor. 

(a) In case of the appointment hereunder of a successor Trustee, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Issuer and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Issuer or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder,
subject nevertheless to its claim, if any, provided for in Section 7.06. 

  
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 (b) In
case of the appointment hereunder of a successor Trustee, the Issuer, the Guarantor, the retiring Trustee and each successor Trustee shall execute and deliver an indenture supplemental hereto, pursuant to Article Nine hereof, wherein each
successor Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring as to all outstanding Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same
trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the
resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of
the retiring Trustee to which the appointment of such successor Trustee relates; but, on request of the Issuer or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder to which the appointment of such successor Trustee relates. 
 (c) Upon
request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or
(b) of this Section 7.09, as the case may be. 
 (d) No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 

Section 7.10. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. In case any Notes shall not have been authenticated by such predecessor Trustee, any such successor Trustee may
authenticate and deliver such Notes, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee. 

  
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 Section 7.11.
Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee to authenticate Notes issued upon
exchange, registration of transfer or partial redemption thereof, and Notes so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any
such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Issuer. Wherever reference is made in this Indenture to the authentication
and delivery of Notes by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuer and shall at all times be a bank or trust company or corporation organized and doing business and in good standing under the
laws of the United States of America or of any state or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination
by federal or state authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus asset forth in its most recent report of condition so published. In case at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise
eligible under this Section, without the execution or filing of any paper or further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice of termination to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall give notice of such appointment to all Holders of Notes by mailing or causing to be mailed such notice to
the Holders of Notes as they appear on the Note Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

  
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 The Issuer agrees to
pay to each Authenticating Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this Section. 
 If an appointment is made pursuant to this Section, the Notes may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of
authentication substantially in the following form: 
 “This is one of the Notes designated therein referred to in the
within-mentioned Indenture. 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	as Authenticating Agent
		
	By:	 	  

		 	Authorized Signatory

 Dated:
                    ” 
 Section 7.12. Certain Duties and Responsibilities of the Trustee. 
 (a) With respect to the Notes, except during the continuance of an Event of Default with respect to the Notes: 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and imposed by the Trust Indenture Act and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such
certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture,
but shall not be under any duty to verify the contents or accuracy thereof. 
 (b) In case an Event of Default
has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in
the conduct of his own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section; 

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

(iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of a majority in principal amount of the Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee, under this Indenture; 
 (iv) no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; and 
 (v)
except as explicitly specified otherwise herein, the Issuer will be responsible for making all calculations required under this Indenture and the Notes. The Issuer will make all these calculations in good faith and, absent manifest error, the
Issuer’s calculations will be final and binding on Holders of the Notes. The Issuer will provide a schedule of its calculations to the Trustee, and the Trustee is entitled to rely upon the accuracy of the Issuer’s calculations without
independent verification. The Trustee will forward the Issuer’s calculations to any Holder of the Notes upon request. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 7.12. 
 ARTICLE 8 
 THE NOTEHOLDERS 
 Section 8.01. Action by Noteholders. Whenever
in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of
any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Noteholders in
person or by agent or proxy appointed in writing, or (b) by the record of the Holders of Notes voting in favor thereof at any meeting of Noteholders, or (c) by a combination of such instrument or instruments and any such record of such a
meeting of Noteholders. Such instrument or instruments and any such record (and any action embodied therein or evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments
(in person or by proxy) or so voting. Whenever the Issuer or the Trustee solicits the taking of any action by the Holders of the Notes, the Issuer or the Trustee may fix in advance of such solicitation a date as the record date for determining
Holders entitled to take such action. Notwithstanding Trust Indenture Act Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior
to the first solicitation of Noteholders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
act may be given before or after such record date, but only the Noteholders of record at the Close of Business on such record date shall be deemed to be Noteholders for the purposes of determining whether Holders of the requisite proportion of
outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other act, and for that purpose the outstanding Notes shall be computed as of such record date; provided
that no such authorization, agreement or consent by the Noteholders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than 11 months after the record date.

  
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 Section 8.02.
Proof of Execution by Noteholders. Subject to the provisions of Sections 7.02 and 7.12, proof of the execution of any instrument by a Noteholder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules
and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the registry of such Notes or by a certificate of the Note Registrar. 

Section 8.03. Absolute Owners. The Issuer, the Guarantor, the Trustee, any Paying Agent and any Note Registrar may deem the
Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made
by any Person other than the Issuer or any Note Registrar) for the purpose of receiving payment of or on account of the principal of (including the Redemption Price or upon redemption pursuant to Article 3) and Interest on such Note and for all
other purposes; and neither the Issuer, the Guarantor nor the Trustee nor any Paying Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments so made to any Holder for the time being, or upon its order, shall
be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Note. 
 Section 8.04. Identification of Issuer-Owned Notes. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all
Notes, if any, known by the Issuer to be owned or held by or for the account of any of the Persons described in the proviso to the definition of “outstanding” appearing in Section 1.01, and, subject to Section 7.12, the Trustee
shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

Section 8.05. Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note which is shown by the
evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so
far as concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution
therefor, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor. 

  
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 ARTICLE 9 

SUPPLEMENTAL INDENTURES 
 Section 9.01. Supplemental Indentures Without Consent of Noteholders. The Issuer and the Guarantor, when authorized by the resolutions of the Board of Directors, and the Trustee may,
from time to time, and at any time enter into an indenture or indentures supplemental without the consent of any Holder of the Notes hereto for any of the following purposes: 

(a) to evidence a successor to the Issuer as obligor or to the Guarantor as guarantor under this Indenture; 

(b) to add to the covenants of the Issuer or the Guarantor for the benefit of the Holders of the Notes or to surrender any
right or power conferred upon the Issuer or the Guarantor in this Indenture or in the Notes; 
 (c) to add Events
of Default for the benefit of the Holders of the Notes; 
 (d) to amend or supplement any provisions of this
Indenture; provided that no amendment or supplement shall adversely affect the interests of the Holders of any Notes in any respect; 
 (e) to secure the Notes; 
 (f) to provide for the acceptance of
appointment of a successor Trustee or facilitate the administration of the trusts under this Indenture by more than one Trustee; 
 (g) to cure any ambiguity, defect or inconsistency in this Indenture; provided that this action shall not adversely affect the interests of the Holders of the Notes in any respect; 

(h) to comply with the TIA; 
 (i) to supplement any of the provisions of this Indenture to the extent necessary to permit or facilitate satisfaction and discharge, legal defeasance or covenant defeasance pursuant to Article 11;
provided that the action shall not adversely affect the interests of the Holders of the Notes in any respect; 
 (j) to conform the provisions of this Indenture, the Notes or the Guarantees to the description thereof contained in the “Description of Notes” section in the Prospectus; or 

(k) to add additional guarantors for the benefit of the Notes. 

  
 44 

  
 Upon the written
request of the Issuer, accompanied by a copy of the resolutions of the Board of Directors certified by the General Partner’s Secretary or Assistant Secretary authorizing the execution of any supplemental indenture, the Trustee is hereby
authorized to join with the Issuer and the Guarantor in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer and assignment
of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 9.01 may be executed by the Issuer, the Guarantor and the
Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 9.02. 
 Section 9.02. Supplemental Indenture With Consent of Noteholders. With the consent (evidenced as provided in Article 8) of the Holders of not less than a majority in aggregate
principal amount of the Notes at the time outstanding, the Issuer and the Guarantor, when authorized by the resolutions of the Board of Directors, and the Trustee may, from time to time and at any time, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or modifying in any manner the rights of the Holders of the Notes;
provided that no such supplemental indenture shall, without the consent of the Holder of each Note affected by such supplemental indenture: 
 (a) change the Stated Maturity of the principal of or any installment of Interest on the Notes or reduce the principal amount of or the rate or amount of Interest on the Notes; 

(b) change the place of payment, or the coin or currency, for payment of principal of or Interest on any Note or impair
the right to institute suit for the enforcement of any payment on or with respect to the Notes; 
 (c) reduce the
percentage in principal amount of the outstanding Notes necessary to modify or amend this Indenture, to waive compliance with certain provisions of this Indenture or certain defaults and their consequences provided in this Indenture, or to reduce
the quorum or change voting requirements set forth in this Indenture; 
 (d) modify or affect in any manner
adverse to the Holders of the Notes the terms and conditions of the obligations of the Guarantor in respect of the payments of principal and Interest; or 
 (e) modify any of this Section 9.02 or the second paragraph of Section 6.07, except to increase the required percentage to effect the action or to provide that certain other provisions may not
be modified or waived without the consent of the Holders of the Notes. 

  
 45 

  
 Upon the written
request of the Issuer, accompanied by a copy of the resolutions of the Board of Directors certified by the General Partner’s Secretary or Assistant Secretary authorizing the execution of any supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of Noteholders as aforesaid, the Trustee shall join with the Issuer and the Guarantor in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 
 It shall not be necessary for the consent of the Noteholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent
shall approve the substance thereof. 
 Section 9.03. Effect of Supplemental Indenture. Any supplemental
indenture executed pursuant to the provisions of this Article 9 shall comply with the Trust Indenture Act, as then in effect, provided that this Section 9.03 shall not require such supplemental indenture or the Trustee to be
qualified under the Trust Indenture Act prior to the time, if ever, such qualification is in fact required under the terms of the Trust Indenture Act or this Indenture has been qualified under the Trust Indenture Act, nor shall it constitute any
admission or acknowledgment by any party to such supplemental indenture that any such qualification is required prior to the time, if ever, such qualification is in fact required under the terms of the Trust Indenture Act or this Indenture has been
qualified under the Trust Indenture Act. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 9, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective
rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer, the Guarantor and the Holders of Notes shall thereafter be determined, exercised and enforced hereunder, subject in all respects to
such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.04. Notation on Notes. Notes authenticated and delivered after the execution of any supplemental indenture
pursuant to the provisions of this Article 9 may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so determine, new Notes so modified as to conform,
in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Issuer’s expense, be prepared and executed by the Issuer, authenticated by the Trustee (or
an authenticating agent duly appointed by the Trustee pursuant to Section 7.11) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. 

Section 9.05. Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee. Prior to entering into any
supplemental indenture pursuant to this Article 9, the Trustee shall be provided with an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the
requirements of this Article 9 and is otherwise authorized or permitted by this Indenture. 

  
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 ARTICLE 10 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 
 Section 10.01. Issuer May Consolidate on Certain Terms. Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger of the Issuer with or into any
other Person or Persons (whether or not affiliated with the Issuer), or successive consolidations or mergers, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the Issuer to any other Person
(whether or not affiliated with the Issuer); provided, however, that the following conditions are met: 

(a) the Issuer shall be the continuing entity, or the successor entity (if other than the Issuer) formed by or resulting
from any consolidation or merger or which shall have received the transfer of assets shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume
payment of the principal of and Interest on all of the Notes and the due and punctual performance and observance of all of the covenants and conditions in this Indenture; 

(b) immediately after giving effect to such transaction, no Event of Default and no event which, after notice or lapse of
time, or both, would become an Event of Default, shall have occurred and be continuing; and 
 (c) either the
Issuer or the successor Person, as the case may be, shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture complies with this Article 10 and that all conditions precedent herein provided for relating to such transaction have been complied with. 

No such consolidation, merger, sale, conveyance, transfer or lease shall be permitted by this Section 10.01 unless prior thereto the
Guarantor shall have delivered to the Trustee a Guarantor’s Officers’ Certificate and an Opinion of Counsel, each stating that the Guarantor’s obligations hereunder and under the Guarantees endorsed on the Notes shall remain in full
force and effect thereafter. 
 Section 10.02. Issuer Successor to Be Substituted. Upon any consolidation by
the Issuer with or merger of the Issuer into any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Issuer to any Person in accordance with Section 10.01, the successor Person
formed by such consolidation or into which the Issuer is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with
the same effect as if such successor Person had been named as the Issuer herein, and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under this Indenture and the Notes.

  
 47 

  
 In case of any such
consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes and the Guarantees endorsed on the Notes thereafter to be issued as may be appropriate. 

Section 10.03. Guarantor May Consolidate on Certain Terms. Nothing contained in this Indenture or in the Notes shall
prevent any consolidation or merger of the Guarantor with or into any other Person or Persons (whether or not affiliated with the Guarantor), or successive consolidations or mergers, or shall prevent any sale, conveyance, transfer or lease of all or
substantially all of the property of the Guarantor to any other Person (whether or not affiliated with the Guarantor); provided, however, that: 
 (a) the Guarantor shall be the continuing entity, or the successor entity (if other than the Guarantor) formed by or resulting from any consolidation or merger or which shall have received the transfer of
assets shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume the obligations of the Guarantor under the Guarantees and the due and punctual
performance and observance of all of the covenants and conditions in this Indenture; 
 (b) immediately after
giving effect to such transaction, no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 

(c) either the Guarantor or the successor Person, as the case may be, shall have delivered to the Trustee an
Officers’ Certificate, as the case may be, and an Opinion of Counsel, each stating that such consolidation, sale, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article 10 and that all conditions
precedent herein provided for relating to such transaction have been complied with. 
 Section 10.04. Guarantor
Successor to Be Substituted. Upon any consolidation by the Guarantor with or merger of the Guarantor into any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the
Guarantor to any Person in accordance with Section 10.03, the successor Person formed by such consolidation or into which the Guarantor is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Guarantor under this Indenture with the same effect as if such successor Person had been named as the Guarantor herein, and thereafter, except in the case of a lease, the predecessor Person shall
be released from all obligations and covenants under this Indenture. 
 In case of any such consolidation, merger, sale,
conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes and the Guarantees endorsed on the Notes thereafter to be issued as may be appropriate. 

  
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 ARTICLE 11 

SATISFACTION AND DISCHARGE; DEFEASANCE 
 Section 11.01. Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect (except as to (i) rights hereunder of Holders of the Notes to receive all
amounts owing upon the Notes and the other rights, duties and obligations of Holders of the Notes, as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee, (ii) the rights, obligations and immunities of the
Trustee hereunder and (iii) as provided below in this Section 11.01), and the Trustee, upon demand of and at the expense of the Issuer, shall execute instruments in form and substance satisfactory to the Trustee and the Issuer
acknowledging satisfaction and discharge of this Indenture when: 
 (a) either 

(i) all Notes theretofore authenticated and delivered (other than (A) Notes which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section 2.06, and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 11.06) have been delivered to the Trustee for cancellation; or 

(ii) all such Notes not theretofore delivered to the Trustee for cancellation 

(A) have become due and payable, or 

(B) will become due and payable at their Maturity Date within one year, or 

(C) are to be called for redemption on a Redemption Date within one year under irrevocable arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, 
 and the
Issuer, in the case of (A), (B) or (C) above, has, pursuant to a Board Resolution, irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust for such purpose, money in U.S. dollars in an amount sufficient to
pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, including the principal of and Interest on such Notes, to the date of such deposit (in the case of Notes which have become due and
payable) or to the Maturity Date or such Redemption Date, as the case may be; 
 (b) the Issuer has paid or
caused to be paid all other sums payable hereunder by the Issuer; and 

  
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 (c) the
Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee
pursuant to this Section 11.01, then the provisions of Sections 2.05, 2.06, 2.08, 4.02, 4.03, 4.04 and 4.06 and this Article 11 (other than Section 11.02) and, if the Notes will be paid on a Redemption Date, Article 3 shall
survive and remain in full force and effect. At such time as satisfaction and discharge of this Indenture shall be effective, the Guarantor will be released from its Guarantees of the Notes. 

Section 11.02. Defeasance and Covenant Defeasance. 

(a) The Issuer may at its option by Board Resolution, at any time, elect to have Section 11.02(b) or
Section 11.02(c) be applied to the outstanding Notes upon compliance with the conditions set forth below in this Section 11.02. 
 (b) Upon the Issuer’s exercise of the above option applicable to this Section 11.02(b), the Issuer shall be deemed to have been discharged from its obligations with respect to the outstanding
Notes on the date the conditions set forth in this Section 11.02(b) are satisfied (hereinafter, “legal defeasance”). For this purpose, such legal defeasance means that the Issuer shall be deemed to have paid and discharged the
entire indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Sections 11.03 and 11.04 and the other provisions of this Indenture referred to below in this
paragraph, and to have satisfied all of its other obligations under the Notes and this Indenture insofar as the Notes are concerned (and the Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for
the following provisions hereof, which shall survive such legal defeasance and remain in full force and effect: (i) the rights of Holders of the Notes to receive, solely from the trust fund described in Section 11.02(d)(i), payments in
respect of the principal of and Interest on the Notes when such payments are due, (ii) the provisions of Sections 2.05, 2.06, 2.08, 4.02, 4.03, 4.04 and 4.06, and this Article 11 (other than Section 11.01), and if the Notes will be
paid on a Redemption Date, Article 3, and (iii) the rights, obligations and immunities of the Trustee hereunder. The Issuer may exercise its option under this Section 11.02(b) notwithstanding the prior exercise of its option under
Section 11.02(c). Upon the effectiveness of any legal defeasance (but not covenant defeasance), the Guarantor will be released from its Guarantees of the Notes. 

  
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 (c)
Upon the Issuer’s exercise of the above option applicable to this Section 11.02(c) with respect to the Notes, the Issuer and the Guarantor shall be released from their respective obligations under Section 4.05 to keep in full force
and effect its rights (charter and statutory) and franchises (but, for the avoidance of doubt, shall not be released from their respective obligations to do or cause to be done all things necessary to preserve and keep in full force and effect their
respective existences (except as permitted under Article 10)) and Sections 4.08 through 4.14, inclusive on and after the date the conditions set forth in Section 11.02(d) are satisfied (hereinafter, “covenant
defeasance”), and the Notes shall thereafter be deemed to be not “outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any
such covenant, but shall continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that with respect to the outstanding Notes, the Issuer and the Guarantor may omit to comply
with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or by reason of reference in any
such Section or to any other provision herein or in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 6.01(d) or otherwise, as the case may be, but, except as specified
above, the remainder of this Indenture, the Notes and the Guarantees shall be unaffected thereby. 
 (d) The
following shall be the conditions to the effectiveness of legal defeasance pursuant to Section 11.02(b) and covenant defeasance pursuant to Section 11.02(c): 

(i) The Issuer shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes, (A) an amount in U.S. dollars, or (B) Government Obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of and Interest on the Notes, money in an amount, or (C) a combination
thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and discharge, the principal of and Interest on the Notes on the Stated Maturity of such principal or installment of principal or interest or the
applicable Redemption Date, as the case may be, in accordance with the terms of this Indenture and the Notes. 

(ii) In the case of legal defeasance pursuant to Section 11.02(b), the Issuer shall have delivered to the Trustee an
opinion of outside counsel reasonably acceptable to the Trustee stating that (x) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture there has been a
change in applicable federal income tax law, in either case to the effect that, and based thereon such opinion of independent counsel shall confirm that, the Holders of the Notes will not recognize income, gain or loss for federal income tax
purposes as a result of such legal defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such legal defeasance had not occurred; or, in the case of covenant
defeasance pursuant to Section 11.02(c), the Issuer shall have delivered to the Trustee an opinion of counsel reasonably acceptable to the Trustee to the effect that the Holders of the Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

  
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 (iii)
Such legal defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Issuer or the Guarantor is a party or by which either
of them is bound. 
 (iv) No Event of Default or event which with notice or lapse of time or both would become an
Event of Default shall have occurred and be continuing on the date of such deposit, and no Event of Default or event which with notice or lapse of time or both would become an Event of Default under Section 6.01(g) or 6.01(h) shall have
occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit. 
 (v) The Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the legal defeasance or covenant defeasance, as
the case may be, under this Indenture have been complied with. 
 (vi) If the monies or Government Obligations or
combination thereof, as the case may be, deposited under Section 11.02(d)(i) above are sufficient to pay the principal of and Interest on the Notes provided the Notes are redeemed on a particular Redemption Date, the Issuer shall have given the
Trustee irrevocable instructions to redeem the Notes on such date and to provide notice of such redemption to Holders as provided in or pursuant to this Indenture. 

(e) The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge, imposed on or assessed against
the Government Obligations deposited pursuant to this Section 11.02 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Notes. 

(f) Anything in this Section 11.02 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer
from time to time upon an Issuer Request any money or Government Obligations (or any proceeds therefrom) held by it as provided in Section 11.02(d)(i) which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a legal defeasance or covenant defeasance, as applicable, in accordance with this
Section 11.02. 

  
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 Section 11.03.
Application of Trust Money. Subject to the provisions of Section 11.05, all money and Government Obligations (and proceeds therefrom) deposited with the Trustee pursuant to Section 11.01 or 11.02 shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Issuer or the Guarantor or any of their respective Affiliates or Subsidiaries) as the Trustee may
determine, to the Persons entitled thereto, of the principal and Interest for whose payment such money has or Government Obligations have been deposited with or received by the Trustee; but such money and Government Obligations need not be
segregated from other funds except to the extent required by law. 
 Section 11.04. Application of Monies
Held. Subject to the provisions of Section 11.05, the Trustee or a Paying Agent shall hold in trust, for the benefit of the Noteholders, all money and Government Obligations (and proceeds therefrom) deposited with it pursuant to
Sections 11.01 and 11.02 shall apply the deposited money and Government Obligations (and proceeds therefrom) in accordance with this Indenture and the Notes to the payment of the principal of (including the Redemption Price upon redemption
pursuant to Article 3) and Interest on the Notes. 
 Section 11.05. Return of Unclaimed Monies. Subject
to the restrictions of applicable law, the Trustee and each Paying Agent shall pay to the Issuer upon request any money held by them for the payment of principal or Interest that remains unclaimed for two years after a right to such money has
matured; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may, at the expense of the Issuer, either publish in a newspaper of general circulation in the City of New York, or
cause to be mailed to each Holder entitled to such money, notice that such money remains unclaimed and that after a date specified therein, which shall be at least 30 calendar days from the date of such mailing or publication, any unclaimed
balance of such money then remaining will be repaid to the Issuer. After payment to the Issuer, Holders entitled to that money must look to the Issuer or Guarantor for payment as general creditors unless an applicable abandoned property law
designates another person, and the Trustee and each Paying Agent shall be relieved of all liability with respect to such money. 

Section 11.06. Reinstatement. If the Trustee or any Paying Agent is unable to apply any moneys or Government Obligations
deposited pursuant to Section 11.01(a) or 11.02(d)(i) to pay any principal of or Interest on the Notes by reason of any legal proceeding or any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuer’s obligations under this Indenture and the Notes and the Guarantor’s obligations under this Indenture and the Guarantees shall be revived and reinstated as though no such deposit had occurred,
until such time as the Trustee or Paying Agent is permitted to apply all such moneys and Government Obligations to pay the principal of and Interest on the Notes as contemplated by Section 11.01 or 11.02, as the case may be, and
Section 11.03; provided, however, that if the Issuer or the Guarantor makes any payment of the principal or Interest on the Notes following the reinstatement of its obligations as aforesaid, the Issuer or the Guarantor, as the
case may be, shall be subrogated to the rights of the Holders of the Notes to receive such payment from the funds held by the Trustee or Paying Agent in trust. 

  
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 ARTICLE 12 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, 
 OFFICERS AND DIRECTORS 
 Section 12.01. Indenture and Notes Solely
Corporate Obligations. Except as otherwise expressly provided in Article 15, no recourse for the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) or Interest on any Note, or for any
claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer or the Guarantor (i) in this Indenture or in any supplemental indenture or (ii) in any Note, or because
of the creation of any indebtedness represented thereby, or in any Guarantee, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the
Guarantor, the Issuer or any of the Guarantor’s or Issuer’s subsidiaries or of any successor thereto, either directly or through the Guarantor, the Issuer or any of the Guarantor’s or Issuer’s subsidiaries or of any successor
thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of,
and as a consideration for, the execution of this Indenture, and the issue of the Notes. 
 ARTICLE 13 

[RESERVED] 

ARTICLE 14 

MEETINGS OF HOLDERS OF NOTES 
 Section 14.01. Purposes for Which Meetings May Be Called. A meeting of Holders of Notes may be called at any time and from time to time pursuant to this Article 14 to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Notes. 
 Section 14.02. Call, Notice and Place of Meetings. (a) The Trustee may at any time call a meeting of Holders of Notes for any purpose specified in Section 14.01, to be held at such
time and at such place as the Trustee shall determine. Notice of every meeting of Holders of Notes, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the
manner provided in Section 16.03, not less than 20 nor more than 180 days prior to the date fixed for the meeting. 
 (b)
In case at any time the Issuer, pursuant to a Board Resolution, the Guarantor, or the Holders of at least 25% in principal amount of the outstanding Notes shall have requested the Trustee to call a meeting of the Holders of Notes for any purpose
specified in Section 14.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 20 days after
receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Issuer, the Guarantor or the Holders of Notes in the amount above specified, as the case may be, may determine the time and the
place for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section 14.02. 

  
 54 

  
 Section 14.03.
Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders of Notes, a Person shall be (a) a Holder of one or more outstanding Notes, or (b) a Person appointed by an instrument in writing as proxy
for a Holder or Holders of one or more outstanding Notes by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Notes shall be the Persons entitled to vote at such meeting and their
counsel, any representatives of the Trustee and its counsel and any representatives of the Issuer and the Guarantor and their respective counsel. 
 Section 14.04. Quorum; Action. The Persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders of Notes;
provided, however, that if any action is to be taken at such meeting with respect to a request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may be given by the
Holders of not less than a specified percentage in principal amount of the outstanding Notes, the Persons entitled to vote such specified percentage in principal amount of the outstanding Notes shall constitute a quorum with respect to such matter.
In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Notes, be dissolved. In any other case the meeting may be adjourned for a period of not less than
10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than
10 days; at the reconvening of any meeting adjourned or further adjourned for lack of a quorum, the persons entitled to vote 25% in aggregate principal amount of the then outstanding Notes shall constitute a quorum for the taking of any action set
forth in the notice of the original meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 14.02(a) or (b), as the case may be, except that such notice need be given only once not less than five days
prior to the date on which the meeting is scheduled to be reconvened. 
 Except as limited by the proviso to the first paragraph
of Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the persons entitled to vote a majority in aggregate principal
amount of the outstanding Notes represented at such meeting; provided, however, that, except as limited by the proviso to the first paragraph of Section 9.02, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes. 

Any resolution passed or decision taken at any meeting of Holders of Notes duly held in accordance with this Section 14.04 shall be
binding on all the Holders of Notes, whether or not present or represented at the meeting. 
 Notwithstanding the foregoing
provisions of this Section 14.04, if any action is to be taken at a meeting of Holders of Notes with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be
made, given or taken by the Holders of a specified percentage in principal amount of all outstanding Notes affected thereby: 
 (i) there shall be no minimum quorum requirement for such meeting; and 

  
 55 

  
 (ii)
the principal amount of the outstanding Notes that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization,
direction, notice, consent, waiver or other action has been made, given or taken under this Indenture. 
 Section 14.05.
Determination of Voting Rights; Conduct and Adjournment of Meetings. (a) Notwithstanding any provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Notes in
regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such
other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Notes shall be proved in the manner specified in Section 8.02 and the
appointment of any proxy shall be proved in the manner specified in Section 8.02 or by having the signature of the Person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 8.02 to
certify to the holding of the Notes. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 8.02 or other proof. 

(b) The Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Issuer, the Guarantor or by Holders of Notes as provided in Section 14.02(b), in which case the Issuer, the Guarantor or the Holders of Notes calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A
permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting. 

(c) At any meeting each Holder of such Notes or proxy shall be entitled to one vote for each $1,000 principal amount of the outstanding
Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman
of the meeting shall have no right to vote, except as a Holder of Notes or proxy. 
 (d) Any meeting of Holders of Notes duly
called pursuant to Section 14.02 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting, and the meeting may be held as so
adjourned without further notice. 

  
 56 

  
 Section 14.06.
Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of Notes shall be by written ballots on which shall be subscribed the signatures of the Holders of Notes or of their
representatives by proxy and the principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for
or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of
Notes shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the
fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 14.02 and, if applicable, Section 14.04. Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to the Issuer and the Guarantor and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so
signed and verified shall be conclusive evidence of the matters therein stated. 
 ARTICLE 15 

GUARANTEE 

Section 15.01. Guarantee. By its execution hereof, the Guarantor acknowledges and agrees that it receives substantial
benefits from the Issuer and that the Guarantor is providing its Guarantee for good and valuable consideration, including, without limitation, such substantial benefits. Accordingly, subject to the provisions of this Article 15, the Guarantor
hereby fully and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and its successors and assigns that: (i) the principal of (including the Redemption Price upon redemption pursuant to
Article 3) and Interest on the Notes shall be duly and punctually paid in full when due, whether at the Maturity Date, upon acceleration, upon redemption, or otherwise, and Interest on overdue principal and (to the extent permitted by law)
Interest on any overdue Interest, if any, on the Notes and all other obligations of the Issuer to the Holders or the Trustee hereunder or under the Notes (including fees, expenses or other) shall be promptly paid in full or performed, all in
accordance with the terms hereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at the Maturity Date, by acceleration, call for redemption or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 15.03 hereof (collectively,
the “Guarantee Obligations”). 

  
 57 

  
 Subject to the
provisions of this Article 15, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the
same, any waiver or consent by any Holder of the Notes with respect to any thereof, the entry of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of the Guarantor. The Guarantor hereby waives and relinquishes: (a) any right to require the Trustee, the Holders or the Issuer (each, a “Benefited Party”) to proceed against the Issuer or any other Person
or to proceed against or exhaust any security held by a Benefited Party at any time or to pursue any other remedy in any Benefited Party’s power before proceeding against the Guarantor; (b) any defense that may arise by reason of the
incapacity, lack of authority, death or disability of any other Person or Persons or the failure of a Benefited Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other Person or
Persons; (c) demand, protest and notice of any kind (except as expressly required by this Indenture), including but not limited to notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any
action or non-action on the part of the Guarantor, the Issuer, any Benefited Party, any creditor of the Guarantor or the Issuer or on the part of any other Person whomsoever in connection with any obligations the performance of which are hereby
guaranteed; (d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed against the Guarantor for reimbursement; (e) any defense based upon any statute or rule of law which
provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (f) any defense arising because of a Benefited Party’s election, in any proceeding instituted under
the Bankruptcy Law, of the application of Section 1111(b)(2) of the Bankruptcy Code; and (g) any defense based on any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code. The Guarantor hereby covenants
that, except as otherwise provided therein, the Guarantee shall not be discharged except by payment in full of all Guarantee Obligations, including the principal and Interest on the Notes and all other costs provided for under this Indenture or as
provided in Article 7. 
 If any Holder or the Trustee is required by any court or otherwise to return to either the Issuer
or the Guarantor, or any trustee or similar official acting in relation to either the Issuer or the Guarantor, any amount paid by the Issuer or the Guarantor to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall
be reinstated in full force and effect. The Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby until payment in full of all such obligations guaranteed
hereby. The Guarantor agrees that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for
the purposes hereof, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Article 6
hereof, such Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purpose of the Guarantee. 
 Section 15.02. Execution and Delivery of Guarantee. To evidence the Guarantee set forth in Section 15.01 hereof, the Guarantor agrees that a notation of the Guarantee substantially
in the form included in Exhibit A hereto shall be endorsed on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of the Guarantor by two Officers of the Guarantor. 

The Guarantor agrees that the Guarantee set forth in this Article 15 shall remain in full force and effect and apply to all the
Notes notwithstanding any failure to endorse on each Note a notation of the Guarantee. 
 If an officer whose facsimile
signature is on a Note or a notation of Guarantee no longer holds that office at the time the Trustee authenticates the Note on which the Guarantee is endorsed, the Guarantee shall be valid nevertheless. 

  
 58 

  
 The delivery of any
Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture and endorsed on such Note on behalf of the Guarantor. 

Section 15.03. Limitation of Guarantor’s Liability; Certain Bankruptcy Events. (a) The Guarantor, and by its
acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the Guarantee Obligations of the Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate the foregoing intention, the Holders and the Guarantor hereby irrevocably agree that the Guarantee Obligations of the
Guarantor under this Article 15 shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of the Guarantor, result in the Guarantee Obligations of the Guarantor under the Guarantee not
constituting a fraudulent transfer or conveyance. 
 (b) The Guarantor hereby covenants and agrees, to the fullest extent that
it may do so under applicable law, that in the event of the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Issuer, the Guarantor shall not file (or join in any filing of), or otherwise seek to participate in the filing of,
any motion or request seeking to stay or to prohibit (even temporarily) execution on the Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution, whether under Section 362 or 105 of the Bankruptcy Law or
otherwise. 
 Section 15.04. Application of Certain Terms and Provisions to the Guarantor. (a) For
purposes of any provision of this Indenture which provides for the delivery by the Guarantor of an Officers’ Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.01 hereof shall apply to the Guarantor as if
references therein to the Issuer or the General Partner, as applicable, were references to the Guarantor. 
 (b) Any request,
direction, order or demand which by any provision of this Indenture is to be made by the Guarantor shall be sufficient if evidenced as described in Section 16.03 hereof as if references therein to the Issuer were references to the Guarantor.

 (c) Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the
Trustee or by the Holders of Notes to or on the Guarantor may be given or served as described in Section 16.03 hereof as if references therein to the Issuer were references to the Guarantor. 

(d) Upon any demand, request or application by the Guarantor to the Trustee to take any action under this Indenture, the Guarantor shall
furnish to the Trustee such certificates and opinions as are required in Section 16.05 hereof as if all references therein to the Issuer were references to the Guarantor. 

  
 59 

  
 ARTICLE 16 

MISCELLANEOUS PROVISIONS 
 Section 16.01. Provisions Binding on Issuer’s and Guarantor’s Successors. All the covenants, stipulations, promises and agreements by the Issuer or Guarantor contained in this
Indenture shall bind their respective successors and assigns whether so expressed or not. 
 Section 16.02. Official
Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Issuer or the Guarantor shall and may be done and performed
with like force and effect by the like board, committee or officer of any Person that shall at the time be the lawful successor of the Issuer or Guarantor. 
 Section 16.03. Addresses for Notices, etc. Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders
of Notes on the Issuer or Guarantor shall be in writing and shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box,
or sent by overnight courier, or hand delivered, or sent by telecopier transmission addressed as follows: 
 To Issuer:

 Kilroy Realty, L.P. 
 12200 West Olympic Boulevard, Suite 200 
 Los Angeles, California 90064 

Telecopier No.: (310) 481-6580 
 Attention: Chief Financial Officer 
 To Guarantor: 

Kilroy Realty Corporation 
 12200 West Olympic Boulevard, Suite 200 
 Los Angeles, California 90064 

Telecopier No.: (310) 481-6580 
 Attention: Chief Financial Officer 
 Any notice, direction, request or demand
hereunder to or upon the Trustee shall be in writing and shall be deemed to have been sufficiently given or made, for all purposes, when received after being given or served by being deposited, postage prepaid, by registered or certified mail in a
post office letter box, or sent by overnight courier, or hand delivered, or sent by facsimile transmission addressed as follows: 
 U.S. Bank National Association 
 633 West Fifth Street, 24th Floor 

Los Angeles, California 90071 
 Attention: Corporate Trust Services (Kilroy Realty, L.P. 5.000% Senior Notes due 2015) 
 Facsimile No.: (213) 615-6197 

  
 60 

  
 The Trustee, by notice
to the Issuer, may designate additional or different addresses for subsequent notices or communications. 
 Any notice or
communication mailed to a Noteholder shall be mailed by first class mail, postage prepaid, at such Noteholder’s address as it appears on the Note Register and shall be sufficiently given to such Noteholder if so mailed within the time
prescribed; provided that notices given or communications made to a beneficial holder may be given through the facilities of the Depositary in accordance with the Depositary’s customary procedures. 

Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other
Noteholders. If a notice or communication is mailed or given in the manner provided above, it is duly given, whether or not the addressee receives it. 
 Section 16.04. Governing Law. This Indenture, the Notes and the Guarantees endorsed on the Notes shall be governed by, and construed in accordance with, the laws of the State of New
York. 
 Section 16.05. Evidence of Compliance with Conditions Precedent, Certificates to Trustee. Upon any
application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with, and, if requested by the Trustee, an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with, except that in the
case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be
furnished. 
 Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance
with a condition or covenant provided for in this Indenture shall include: (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature and scope of the
examination or investigation upon which the statement or opinion contained in such certificate or opinion is based; (3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to
enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied
with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 
 Section 16.06. Legal Holidays. In any case where any Interest Payment Date, Redemption Date, Stated Maturity or Maturity Date of any Note or any installment of principal or Interest
thereon shall not be a Business Day, then (notwithstanding any other provision of this Indenture or any Note other than a provision in such Note which specifically states that such provision shall apply in lieu hereof), any payment of Interest
and/or principal due on such day may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, Redemption Date, Stated Maturity or Maturity Date, as the case may be, and no Interest shall
accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Stated Maturity or Maturity Date, as the case may be, to such next succeeding Business Day. 

  
 61 

  
 Section 16.07.
Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act,
then solely in the event that this Indenture becomes subject to qualification under the Trust Indenture Act or is otherwise qualified under the Trust Indenture Act, such required provision shall control. If any provision of this Indenture modifies
or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

Section 16.08. No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be
construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction in which property of the Issuer or its subsidiaries is located. 

Section 16.09. Benefits of Indenture. Nothing in this Indenture or in the Notes or Guarantees, express or implied,
shall give to any Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Note Registrar and their successors hereunder and the Holders of Notes any benefit or any legal or equitable right, remedy or claim under this
Indenture. 
 Section 16.10. Table of Contents, Headings, etc. The table of contents and the titles and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 16.11. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which
shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 Section 16.12.
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, then, to the maximum extent permitted by applicable law, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
 U.S. Bank National Association hereby accepts the trusts in
this Indenture declared and provided, upon the terms and conditions herein above set forth. 
 (Signature page follows)

  
 62 

  
 IN WITNESS WHEREOF,
the parties hereto have caused this Indenture to be duly executed. 
  

			
	KILROY REALTY, L.P.
		
	By:	 	Kilroy Realty Corporation, as its sole general partner
	
	 /s/ Tyler H. Rose

	Tyler H. Rose
	Executive Vice President, Chief Financial Officer
and Secretary of the Company
	
	 /s/ Heidi R. Roth

	Heidi R. Roth
	Senior Vice President and Controller
	
	KILROY REALTY CORPORATION, as Guarantor
	
	 /s/ Tyler H. Rose

	Tyler H. Rose
	Executive Vice President, Chief Financial Officer
and Secretary of the Company
	
	 /s/ Heidi R. Roth

	Heidi R. Roth
	Senior Vice President and Controller
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Paula Oswald

		 	Name:    Paula Oswald
		 	Title:      Vice President

  
 63 

  
 EXHIBIT A

 [Include only for Global Notes -] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE “DEPOSITARY,” WHICH TERM INCLUDES ANY SUCCESSOR
DEPOSITARY FOR THE CERTIFICATES) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 CUSIP:
49427FAA6 
 ISIN: US49427FAA66 
 KILROY REALTY, L.P 
 5.000% SENIOR NOTES DUE 2015 

Kilroy Realty, L.P., a Delaware limited partnership (herein called the “Issuer,” which term includes any successor under
the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [                    ], or its registered
assigns, the principal sum of [            ] DOLLARS ($[            ]), or such lesser amount as is set forth in
the Schedule of Increases or Decreases in Note on the other side of this Note, on November 3, 2015 at the office or agency of the Issuer maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the
United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay Interest, semi-annually on May 3 and November 3 of each year, commencing May 3, 2011, on said principal
sum at said office or agency, in like coin or currency, at the rate per annum of 5.000%, from the May 3 or November 3, as the case may be, next preceding the date of this Note to which Interest has been paid or duly provided for, unless no
Interest has been paid or duly provided for on the Notes, in which case from November 3, 2010, until payment of said principal sum has been made or duly provided for. Principal of and Interest on any Global Note shall be paid in immediately
available funds to the account of the Depositary or its nominee. Payment of the principal of Notes not represented by a Global Note shall be made at the office or agency designated by the Issuer for such purpose. Interest on Notes not represented by
a Global Note shall be paid (i) to Holders having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of those Notes and (ii) to Holders having an aggregate principal amount of more than $5,000,000, either
by check mailed to each Holder or, upon application by a Holder to the Registrar not later than the relevant Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application shall
remain in effect until the Holder notifies, in writing, the Registrar to the contrary. 

  
 A-1

  
 The Issuer promises to
pay Interest on overdue principal and (to the extent that payment of such Interest is permitted by applicable law) overdue Interest at the rate borne by the Notes. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

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

  
 A-2

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

							
	Dated:	 	KILROY REALTY, L.P.
				
		 	By:	 		 	Kilroy Realty Corporation, as its sole general partner
				
		 	By:	 		 	  

		 		 		 	Name:
		 		 		 	Title:
				
		 	By:	 		 	  

		 		 		 	Name:
		 		 		 	Title:

 [Seal] 

I, [name], [title] of the General Partner, do hereby certify that [name] is on the date hereof the duly elected or appointed, qualified
and acting [title] of the General Partner, and that [name] is on the date hereof the duly elected or appointed, qualified and acting [title] of the General Partner, and that the signatures set forth above are the genuine signatures of such officers,
respectively. 
  

					
		 		 	  

		 		 	Name:
		 		 	Title:

  
 A-3

  
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated therein referred to in the within-mentioned Indenture.

  

					
	Dated:	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
			
		 	By:	 	  

		 		 	Authorized Signatory

  
 A-4

  
 [FORM OF REVERSE
SIDE OF NOTE] 
 KILROY REALTY, L.P. 
 5.000% SENIOR NOTES DUE 2015 
 This Note is one of a duly authorized issue
of Notes of the Issuer, designated as its 5.000% Senior Notes due 2015 (herein called the “Notes”), issued under and pursuant to an Indenture dated as of November 3, 2010 (as the same may be amended or supplemented from time to
time, the “Indenture”) among the Issuer, the Guarantor and U.S. Bank National Association, as trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer, the Guarantor and the Holders of the Notes. Terms (whether or not capitalized) that are defined in the Indenture
and used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture. 
 If an
Event of Default (other than an Event of Default specified in Section 6.01(g) or 6.01(h) of the Indenture) occurs and is continuing, unless the principal of all the Notes shall have already become due and payable, either the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by Noteholders), may declare the principal amount of, and Interest accrued and
unpaid on, all the Notes to be immediately due and payable. If an Event of Default specified in Section 6.01(g) or 6.01(h) of the Indenture occurs and is continuing, then the principal amount of and Interest accrued and unpaid on all the Notes
shall be immediately due and payable without any declaration or other action on the part of the Trustee or any Holder of Notes. 

The Indenture contains provisions permitting the Issuer, the Guarantor and the Trustee, with the consent of the Holders of not less than
a majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental
indenture or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 9.01 and Section 9.02 of the Indenture. Subject to the provisions of the Indenture, the Holders of not less than a
majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to the exceptions set forth in the Indenture. 

No reference herein to the Indenture and no provision of this Note, the Guarantee endorsed on this Note or the Indenture shall impair, as
among the Issuer and the Holder of the Notes, the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and Interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein
and in the Indenture prescribed. 
 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months. 

  
 A-5

  
 The Notes are issuable
in fully registered form, without coupons, in minimum denominations of $1,000 principal amount and in integral multiples of $1,000 in excess thereof. At the office or agency of the Issuer referred to in the Indenture, and in the manner and subject
to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Notes, Notes may be presented for exchange for a like aggregate principal amount of Notes of any other authorized denominations or for registration of transfer. 
 The Issuer shall have the right to redeem the Notes, in whole at any time and from time to time in part, at the Redemption Price and on the terms and conditions set forth in the Indenture. 

The Notes are not subject to redemption through the operation of any sinking fund. 

Except as expressly provided in Article 15 of the Indenture, no recourse for the payment of the principal of (including the
Redemption Price upon redemption pursuant to Article 3 of the Indenture) or Interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer
or the Guarantor in the Indenture or any supplemental indenture or in this Note, or because of the creation of any indebtedness represented thereby, or in the Guarantee, shall be had against any incorporator, stockholder, partner, member, manager,
employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Issuer or any of the Guarantor’s or Issuer’s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the
Issuer or any of the Guarantor’s or Issuer’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 A-6

  
 ABBREVIATIONS

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

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

 

					
	
	  

	(State)

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

  
 A-7

  
 GUARANTEE

 Kilroy Realty Corporation, a Maryland Corporation (hereinafter referred to as the “Guarantor,” which
term includes any successor under the Indenture, referred to below), hereby irrevocably and unconditionally guarantees on a senior basis on the terms set forth in the Indenture the Guarantee Obligations, which include (i) the due and punctual
payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3 of the Indenture) and Interest on the 5.000% Senior Notes due 2015 (the “Notes”) of Kilroy Realty, L.P., a Delaware limited
partnership (the “Issuer,” which term includes any successor thereto under the Indenture), whether at the Maturity Date, upon acceleration, upon redemption or otherwise, the due and punctual payment of Interest on any overdue
principal and (to the extent permitted by law) Interest on any overdue Interest on the Notes, and the due and punctual performance of all other obligations of the Issuer, to the Holders of the Notes or the Trustee all in accordance with the terms
set forth in Article 15 of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at the Maturity Date, by acceleration, call for redemption or otherwise. 
 This
Guarantee has been issued under and pursuant to an Indenture dated as of November 3, 2010 (as the same may be amended or supplemented from time to time, the “Indenture”) among the Issuer, the Guarantor and U.S. Bank National
Association, as Trustee (herein called the “Trustee,” which term includes any successor thereto under the Indenture). Terms (whether or not capitalized) that are defined in the Indenture and used but not otherwise defined in this
Guarantee shall have the respective meanings ascribed thereto in the Indenture. 
 The obligations of the Guarantor to the
Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article 15 of the Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. 

The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy
of the Issuer, any right to require a proceeding first against the Issuer, the benefit of discussion, protest or notice with respect to the Notes and all demands whatsoever. 
 No past, present or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such successor entity) as such, shall have any liability for any
obligations of the Guarantor under this Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. 
 This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final payment of all of the Issuer’s
obligations under the Notes and Indenture or until legally discharged in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and, in the event of any transfer or
assignment of rights by any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof.
This is a Guarantee of payment and performance and not of collection. 

  
 A-8

  
 This Guarantee shall
not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is endorsed shall have been executed by the Trustee or a duly authorized authenticating agent under the Indenture by the manual
signature of one of its authorized officers. 
 The obligations of the Guarantor under this Guarantee shall be limited as
provided in Article 15 of the Indenture to the extent necessary to ensure that it does not constitute a fraudulent conveyance under applicable law. 
 THE TERMS OF ARTICLE 15 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 
 The Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 A-9

  
 IN WITNESS WHEREOF,
the Guarantor has caused this instrument to be duly executed. 
  

					
	Dated:	 	KILROY REALTY CORPORATION, as Guarantor
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 [Seal] 

I, [name], [title] of the General Partner, do hereby certify that [name] is on the date hereof the duly elected or appointed, qualified
and acting [title] of the General Partner, and that [name] is on the date hereof the duly elected or appointed, qualified and acting [title] of the General Partner, and that the signatures set forth above are the genuine signatures of such officers,
respectively. 
  

					
		 		 	  

		 		 	Name:
		 		 	Title

  
 A-10

  
 ASSIGNMENT

 For value received
                     hereby sell(s) assign(s) and transfer(s) unto
                     (Please insert social security or other Taxpayer Identification Number of assignee) the within Note, and hereby
irrevocably constitutes and appoints                      attorney to transfer said Note on the books of the Issuer, with full power of
substitution in the premises. 
  

			
	Dated:	 	  

 

	
	  

	
	  

	Signature(s)
	
	Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.
	
	  

	Signature Guarantee

 NOTICE: The signature on this
Assignment must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever. 

  
 A-11

  
 [Include Schedule only
for a Global Note] 
 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Global Note is [            ]
DOLLARS ($[            ]). The following increases or decreases in part of this Note have been made: 
  

									
	 Date
	 	 Amount of

Increase in

Principal

Amount of

this Note
	 	 Amount of

Decrease in

Principal

Amount of

this Note
	 	 Principal

Amount of this
 Note following
 such Increase or

Decrease
	 	 Signature of Authorized

Officer or Trustee

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 A-12

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