Document:

EX-10.1

 Exhibit 10.1 

STRICTLY CONFIDENTIAL 

EXECUTION VERSION         
  

 
 CREDIT AGREEMENT 

by and among 
 XPO LOGISTICS,
INC., 
 as Borrower, 

THE LENDERS SIGNATORY HERETO 

FROM TIME TO TIME, 
 as
Lenders, 
 CITIBANK, N.A., 

as Agent, 
 CITIBANK, N.A.,

 as Sole Lead Arranger and Sole Bookrunner 

Dated as of December 24, 2018 
  

 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	 CREDIT AGREEMENT
	  	 	1	 
		
	 RECITALS
	  	 	1	 
			
	 1.
	 	DEFINITIONS, ACCOUNTING PRINCIPLES AND OTHER INTERPRETIVE MATTERS	  	 	1	 
			
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Rules of Construction	  	 	50	 
	 1.3
	 	Interpretive Matters	  	 	50	 
	 1.4
	 	Timing of Payment or Performance	  	 	51	 
	 1.5
	 	LLC Division/Series Transactions	  	 	51	 
			
	 2.
	 	AMOUNT AND TERMS OF CREDIT	  	 	51	 
			
	 2.1
	 	Term Facility	  	 	51	 
	 2.2
	 	Maturity and Repayment of Loans	  	 	53	 
	 2.3
	 	Prepayments; Commitment Reductions	  	 	53	 
	 2.4
	 	Use of Proceeds	  	 	55	 
	 2.5
	 	Interest; Applicable Margins	  	 	55	 
	 2.6
	 	[Reserved]	  	 	57	 
	 2.7
	 	Fees	  	 	57	 
	 2.8
	 	Receipt of Payments	  	 	57	 
	 2.9
	 	Application and Allocation of Payments	  	 	57	 
	 2.10
	 	Evidence of Debt	  	 	57	 
	 2.11
	 	Indemnity	  	 	57	 
	 2.12
	 	[Reserved]	  	 	58	 
	 2.13
	 	Taxes	  	 	59	 
	 2.14
	 	Capital Adequacy; Increased Costs; Illegality	  	 	61	 
			
	 3.
	 	CONDITIONS PRECEDENT	  	 	63	 
			
	 3.1
	 	Conditions to the Closing Date	  	 	63	 
	 3.2
	 	Conditions to All Borrowings	  	 	65	 
			
	 4.
	 	REPRESENTATIONS AND WARRANTIES	  	 	65	 
			
	 4.1
	 	Corporate Existence; Compliance with Law	  	 	65	 
	 4.2
	 	[Reserved.]	  	 	66	 
	 4.3
	 	Corporate Power; Authorization; Enforceable Obligations; No Conflict	  	 	66	 
	 4.4
	 	Financial Statements	  	 	66	 
	 4.5
	 	Material Adverse Effect	  	 	67	 
	 4.6
	 	Ownership of Property; Liens	  	 	67	 
	 4.7
	 	Labor Matters	  	 	67	 
	 4.8
	 	Subsidiaries and Joint Ventures	  	 	67	 
	 4.9
	 	Investment Company Act	  	 	67	 
	 4.10
	 	Margin Regulations	  	 	67	 

  
 -i- 

							
	 4.11
	 	Taxes/Other	  	 	68	 
	 4.12
	 	ERISA	  	 	68	 
	 4.13
	 	No Litigation	  	 	69	 
	 4.14
	 	[Reserved.]	  	 	69	 
	 4.15
	 	Intellectual Property	  	 	69	 
	 4.16
	 	Full Disclosure	  	 	69	 
	 4.17
	 	Environmental Matters	  	 	69	 
	 4.18
	 	Insurance	  	 	70	 
	 4.19
	 	[Reserved.]	  	 	70	 
	 4.20
	 	[Reserved.]	  	 	70	 
	 4.21
	 	[Reserved.]	  	 	70	 
	 4.22
	 	Solvency	  	 	70	 
	 4.23
	 	Economic Sanctions and Anti-Money Laundering	  	 	70	 
	 4.24
	 	Economic Sanctions, FCPA, Patriot Act; Use of Proceeds	  	 	70	 
	 4.25
	 	[Reserved]	  	 	71	 
	 4.26
	 	Status as Senior Debt	  	 	71	 
	 4.27
	 	FCPA and Related	  	 	71	 
			
	 5.
	 	FINANCIAL STATEMENTS AND INFORMATION	  	 	71	 
			
	 5.1
	 	Financial Reports and Notices	  	 	71	 
			
	 6.
	 	AFFIRMATIVE COVENANTS	  	 	73	 
			
	 6.1
	 	Maintenance of Existence and Conduct of Business	  	 	73	 
	 6.2
	 	Payment of Charges and Taxes	  	 	73	 
	 6.3
	 	Books and Records	  	 	73	 
	 6.4
	 	Insurance	  	 	74	 
	 6.5
	 	Compliance with Laws	  	 	74	 
	 6.6
	 	PATRIOT Act	  	 	74	 
	 6.7
	 	Intellectual Property	  	 	74	 
	 6.8
	 	Environmental Matters	  	 	74	 
	 6.9
	 	Ratings	  	 	74	 
	 6.10
	 	[Reserved.]	  	 	74	 
	 6.11
	 	ERISA Matters	  	 	74	 
	 6.12
	 	Future Guarantors	  	 	75	 
	 6.13
	 	Access	  	 	75	 
	 6.14
	 	[Reserved.]	  	 	75	 
	 6.15
	 	Use of Proceeds	  	 	75	 
			
	 7.
	 	NEGATIVE COVENANTS	  	 	75	 
			
	 7.1
	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	75	 
	 7.2
	 	Limitation on Restricted Payments	  	 	82	 
	 7.3
	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	87	 
	 7.4
	 	Asset Sales	  	 	88	 
	 7.5
	 	Transactions with Affiliates	  	 	89	 
	 7.6
	 	[Reserved]	  	 	91	 
	 7.7
	 	Liens	  	 	91	 
	 7.8
	 	When Borrower and Guarantors May Merge or Transfer Assets	  	 	92	 

  
 -ii- 

							
	 7.9
	 	OFAC; Patriot Act	  	 	94	 
	 7.10
	 	Change of Fiscal Year	  	 	94	 
	 7.11
	 	ERISA	  	 	94	 
			
	 8.
	 	TERM	  	 	94	 
			
	 8.1
	 	Termination	  	 	94	 
			
	 9.
	 	DEFAULTS AND REMEDIES	  	 	94	 
			
	 9.1
	 	Events of Default	  	 	94	 
	 9.2
	 	Remedies	  	 	96	 
	 9.3
	 	Waiver by Credit Parties	  	 	97	 
			
	 10.
	 	APPOINTMENT OF AGENT	  	 	97	 
			
	 10.1
	 	Appointment of Agents	  	 	97	 
	 10.2
	 	Agents’ Reliance, Etc.	  	 	98	 
	 10.3
	 	Citibank and Affiliates	  	 	98	 
	 10.4
	 	Lender Credit Decision	  	 	98	 
	 10.5
	 	Indemnification	  	 	99	 
	 10.6
	 	Successor Agent	  	 	99	 
	 10.7
	 	Setoff and Sharing of Payments	  	 	99	 
	 10.8
	 	Dissemination of Information	  	 	100	 
	 10.9
	 	Actions in Concert	  	 	100	 
	 10.10
	 	Procedures	  	 	100	 
	 10.11
	 	[Reserved.]	  	 	101	 
	 10.12
	 	Additional Agents	  	 	101	 
	 10.13
	 	Distribution of Materials to Lenders	  	 	101	 
	 10.14
	 	Agent	  	 	102	 
			
	 11.
	 	ASSIGNMENT AND PARTICIPATIONS; SUCCESSORS AND ASSIGNS	  	 	102	 
			
	 11.1
	 	Assignment and Participations	  	 	102	 
	 11.2
	 	Successors and Assigns	  	 	105	 
	 11.3
	 	Certain Assignees	  	 	105	 
			
	 12.
	 	MISCELLANEOUS	  	 	105	 
			
	 12.1
	 	Complete Agreement; Modification of Agreement	  	 	105	 
	 12.2
	 	Amendments and Waivers	  	 	106	 
	 12.3
	 	Fees and Expenses	  	 	107	 
	 12.4
	 	No Waiver	  	 	108	 
	 12.5
	 	Remedies	  	 	108	 
	 12.6
	 	Severability	  	 	109	 
	 12.7
	 	Conflict of Terms	  	 	109	 
	 12.8
	 	Confidentiality	  	 	109	 
	 12.9
	 	GOVERNING LAW	  	 	110	 
	 12.10
	 	Notices	  	 	110	 
	 12.11
	 	Section Titles	  	 	112	 
	 12.12
	 	Counterparts	  	 	112	 

  
 -iii- 

							
	 12.13
	 	WAIVER OF JURY TRIAL	  	 	112	 
	 12.14
	 	Press Releases and Related Matters	  	 	112	 
	 12.15
	 	Reinstatement	  	 	112	 
	 12.16
	 	Advice of Counsel	  	 	112	 
	 12.17
	 	No Strict Construction	  	 	113	 
	 12.18
	 	Patriot Act Notice	  	 	113	 
	 12.19
	 	Currency Equivalency Generally; Change of Currency	  	 	113	 
	 12.20
	 	[Reserved.]	  	 	113	 
	 12.21
	 	Electronic Transmissions	  	 	113	 
	 12.22
	 	Independence of Provisions	  	 	114	 
	 12.23
	 	No Third Parties Benefited	  	 	114	 
	 12.24
	 	Relationships between Lenders and Credit Parties	  	 	114	 
	 12.25
	 	[Reserved.]	  	 	114	 
	 12.26
	 	Acknowledgement and Consent to Bail-In of EFA Financial Institutions	  	 	115	 
	 12.27
	 	Certain ERISA Matters	  	 	115	 
			
	 13.
	 	GUARANTY	  	 	116	 
			
	 13.1
	 	Guaranty	  	 	116	 
	 13.2
	 	Waivers by Guarantors	  	 	117	 
	 13.3
	 	Benefit of Guaranty	  	 	117	 
	 13.4
	 	Subordination of Subrogation, Etc.	  	 	117	 
	 13.5
	 	Election of Remedies	  	 	117	 
	 13.6
	 	Limitation	  	 	118	 
	 13.7
	 	Contribution with Respect to Guaranty Obligations	  	 	118	 
	 13.8
	 	Liability Cumulative	  	 	119	 
	 13.9
	 	[Reserved]	  	 	119	 
	 13.10
	 	Release of Guaranties	  	 	119	 

  
 -iv- 

 INDEX OF APPENDICES 

 

					
	Annex A	  	—	  	Agent’s Wire Transfer Information
	Annex B	  	—	  	Commitments as of Closing Date
			
	Exhibit 1.1(a)	  	—	  	Form of Supplemental Guaranty
	Exhibit 1.1(b)	  	—	  	[Reserved]
	Exhibit 1.1(c)	  	—	  	Form of Compliance Certificate
	Exhibit 1.1(d)	  	—	  	[Reserved]
	Exhibit 1.1(e)	  	—	  	[Reserved]
	Exhibit 1.1(f)	  	—	  	[Reserved]
	Exhibit 1.1(g)	  	—	  	Form of Note
	Exhibit 1.1(h)	  	—	  	[Reserved]
	Exhibit 2.1(b)	  	—	  	Form of Notice of Borrowing
	Exhibit 2.5(e)	  	—	  	Form of Notice of Conversion/Continuation
	Exhibit 3.1	  	—	  	Form of Solvency Certificate
	Exhibit 11.1(a)	  	—	  	Form of Assignment Agreement
			
	Schedule A-1	  	—	  	Guarantors
	Schedule 2.1	  	—	  	Agent’s Representatives
	Schedule 4.2	  	—	  	[Reserved]
	Schedule 4.6	  	—	  	[Reserved]
	Schedule 4.7	  	—	  	Labor Matters
	Schedule 4.8	  	—	  	Subsidiaries and Joint Ventures
	Schedule 4.13	  	—	  	Litigation
	Schedule 4.15	  	—	  	[Reserved]
	Schedule 4.17	  	—	  	Hazardous Materials
	Schedule 6.10(b)	  	—	  	[Reserved]
	Schedule 6.13	  	—	  	Unrestricted Subsidiaries
	Schedule 6.14	  	—	  	[Reserved]
	Schedule 7.1	  	—	  	Indebtedness on the Closing Date

  
 -v- 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (as the same may be amended, supplemented, restated or otherwise modified from time to time, this
“Agreement”), dated as of December 24, 2018, by and among XPO LOGISTICS, INC., a Delaware corporation (“Borrower”); the other Credit Parties from time to time signatory hereto; CITIBANK, N.A.
(“Citibank”), as administrative agent for the Lenders (together, with any permitted successors in such capacity, “Agent”); and the Lenders signatory hereto from time to time. 

RECITALS 
 WHEREAS,
in connection with the Transactions, Borrower has requested that the Lenders extend credit to Borrower in the form of Loans in an aggregate principal amount not to exceed $500,000,000, and the Lenders are willing to do so on the terms and conditions
set forth herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and for other good and
valuable consideration, the parties hereto agree as follows: 
 1. DEFINITIONS, ACCOUNTING PRINCIPLES AND OTHER INTERPRETIVE MATTERS. 

1.1 Definitions. For purposes of this Agreement: 

“2021 Notes” means Borrower’s 5.75% Senior Notes due 2021 issued on June 9, 2015 in an initial aggregate principal
amount of €500,000,000. 
 “2022 Notes” means Borrower’s 6.50% Senior Notes due 2022 issued on June 9, 2015
in an initial aggregate principal amount of $1,600,000,000. 
 “2021/2022 Notes Indenture” means the Indenture dated as of
June 9, 2015 among Borrower and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee, The Bank of New York Mellon, London Branch as London paying agent and The Bank of New York Mellon (Luxembourg) S.A. as
Luxembourg paying agent, under which the 2021 Notes and 2022 Notes were issued. 
 “2021/2022 Notes Offering Memorandum”
means the “Offering Memorandum” (as defined in the 2021/2022 Notes Indenture). 
 “2021/2022 Notes Transactions”
means the “Transactions” (as defined in the 2021/2022 Notes Indenture). 
 “2023 Notes” means Borrower’s
6.125% Senior Notes due 2023 issued on August 25, 2016 in an initial aggregate principal amount of $535,000,000. 
 “2023 Notes
Indenture” means the Indenture dated as of August 25, 2016 among Borrower and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee, under which the 2023 Notes were issued. 

“2023 Notes Issue Date” means August 25, 2016. 

“2023 Notes Transactions” means the “Refinancing Transactions” (as defined in the 2023 Notes Indenture) 

  
 -1- 

 “ABL Agent” means MSSF, as administrative agent, and MSSF and JPMorgan
Chase Bank, N.A. as co-collateral agents, in each case under the ABL Facility, and any successors thereto. 

“ABL Assets” means (i) accounts (as defined in the Uniform Commercial Code or the PPSA or any similar legislation) of
Borrower and any Restricted Subsidiary, (ii) equipment (as defined in the Uniform Commercial Code or the PPSA or any similar legislation) of Borrower and any Restricted Subsidiary and (iii) all railcars, chassis, trucks, trailers or
tractors owned by Borrower and any Restricted Subsidiary. 
 “ABL Credit Agreement” means that certain Second Amended and
Restated Revolving Loan Credit Agreement, dated as of October 30, 2015, among Borrower, MSSF, as administrative agent, and the other parties thereto. 

“ABL Facility” means the asset-based revolving credit facilities under the ABL Credit Agreement. 

“Acquired Indebtedness” means, with respect to any specified Person: (1) Indebtedness of any other Person existing at
the time such other Person is merged, consolidated or amalgamated with or into or became a Restricted Subsidiary of such specified Person, and (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. Acquired
Indebtedness will be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of
consummation of such acquisition of such assets. 
 “Additional Refinancing Amount” means, in connection with the
Incurrence of any Refinancing Indebtedness, the aggregate principal amount of additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay accrued and unpaid interest, premiums (including tender premiums), expenses, defeasance
costs and fees in respect thereof. 
 “Affected Lender” has the meaning ascribed to it in
Section 2.14(d). 
 “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 purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise. 
 “Affiliate Transaction” has the meaning
ascribed to it in Section 7.5(a). 
 “Agent” has the meaning ascribed to it in the preamble to
this Agreement. 
 “Agreement” has the meaning given to such term in the preamble hereto. 

“Allocable Amount” has the meaning ascribed to it in Section 13.7(b). 

“Applicable Margin” shall mean for any day with respect to (i) any LIBOR Loan, the rate per annum specified in the
pricing grid below under the heading “LIBOR Loans” and (ii) any Base Rate Loan, the rate per annum specified in the pricing grid below under the heading “Base Rate Loans”. 

  
 -2- 

							
	 	 	 Date
	  	 LIBOR Loans
	  	 Base Rate Loans

	        	 	Closing Date to the date that is 179 days after the Closing Date	  	350.0 basis points	  	250.0 basis points
				
		 	180 days after the Closing Date through 269 days after the Closing Date	  	400.0 basis points	  	300.0 basis points
				
		 	270 days after the Closing Date and thereafter	  	450.0 basis points	  	350.0 basis points

 “Approved Fund” means, with respect to any Lender, any Person (other than a natural Person)
that (a) is or will be engaged in making, purchasing, holding or otherwise investing in revolving commercial loans and similar extensions of credit in the ordinary course of its business and (b) is advised or managed by (i) such
Lender, (ii) any Affiliate of such Lender or (iii) any Person (other than a natural Person) or any Affiliate of any Person (other than a natural Person) that administers or manages such Lender. 

“Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions)
of property or assets (including by way of Sale/ Leaseback Transactions) outside the ordinary course of business of Borrower or any Restricted Subsidiary (each referred to in this definition as a “disposition”); or 

(2) the issuance or sale of Equity Interests (other than directors’ qualifying shares and shares issued to foreign
nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to Borrower or another Restricted Subsidiary) (whether in a single transaction or a series of related transactions), 

in each case other than: 

(a) a disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged, surplus, uneconomic, negligible or
worn out property or equipment in the ordinary course of business (including the abandonment of any intellectual property or surrender or transfer for no consideration) or otherwise as may be required pursuant to the terms of any lease, sublease,
license or sublicense; 
 (b) the disposition of all or substantially all of the assets of Borrower or any Guarantor in a
manner permitted pursuant to Section 7.8 or any disposition that constitutes a Change of Control; 

(c) any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under
Section 7.2; 
 (d) any disposition of assets of Borrower or any Restricted Subsidiary or issuance
or sale of Equity Interests of Borrower or any Restricted Subsidiary, which assets or Equity Interests so disposed or issued in any single transaction or series of related transactions have an aggregate Fair Market Value (as determined in good faith
by Borrower) of less than $55.0 million; 

  
 -3- 

 (e) any disposition of property or assets, or the sale or issuance of
securities, by Borrower or a Restricted Subsidiary to Borrower or a Restricted Subsidiary; 
 (f) any disposition of the
Capital Stock of any joint venture to the extent required by the terms of customary buy-sell type arrangements entered into in connection with the formation of such joint venture; 

(g) any exchange of assets (including a combination of assets and Cash Equivalents) for assets related to a Similar Business of
comparable or greater market value or usefulness to the business of Borrower and the Restricted Subsidiaries as a whole, as determined in good faith by Borrower; 

(h) foreclosure or any similar action with respect to any property or other asset of Borrower or any of its Restricted
Subsidiaries; 
 (i) any disposition of Equity Interests in, or Indebtedness or other securities of, an Unrestricted
Subsidiary; 
 (j) the lease, assignment or sublease of any real or personal property in the ordinary course of business;

 (k) any sale of inventory or other assets in the ordinary course of business; 

(l) any grant in the ordinary course of business of any license or sublicense of patents, trademarks, know-how or any other intellectual property; 
 (m) any swap of assets, or lease,
assignment or sublease of any real or personal property, in exchange for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business of Borrower and the Restricted Subsidiaries as
a whole, as determined in good faith by Borrower; 
 (n) a transfer of assets of the type specified in the definition of
“Securitization Financing” (or a fractional undivided interest therein), including by a Securitization Subsidiary in a Qualified Securitization Financing; 

(o) (i) any financing transaction with respect to property built or acquired by Borrower or any Restricted Subsidiary
after the Closing Date, including any Sale/Leaseback Transaction or asset securitization permitted by this Agreement, and (ii) any Sale/Leaseback Transactions consummated with respect to Railcars that Borrower or any of its Restricted
Subsidiaries acquires from the original lessor thereof in connection with the termination of the related lease and with the intent of refinancing such Railcars under a new Sale/Leaseback Transaction; 

(p) dispositions in connection with Permitted Liens; 

(q) any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a
Person (other than Borrower or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made
as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 

  
 -4- 

 (r) dispositions of receivables in connection with the compromise,
settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(s) any surrender, expiration or waiver of contract rights or the settlement, release, recovery on or surrender of contract,
tort or other claims of any kind; 
 (t) making Chassis, containers and Railcars available, on a non-exclusive basis, to third parties in accordance with the UIIA and the Interchange System, as the case may be, in the ordinary course of business consistent with past practices and undertaken in good faith; 

(u) if and for so long as Borrower or any of its Subsidiaries holds Capital Stock that constitutes “margin stock”
within the meaning of Regulation U, any dispositions of such Capital Stock to the extent the value of such Capital Stock, together with the value of all other margin stock held by Borrower and its Subsidiaries, exceeds 25% of the total value of
their assets subject to Section 7.4; and 
 (v) any transfer of accounts receivable and related
assets in connection with any factoring or similar arrangements entered into by Foreign Subsidiaries on arm’s-length terms; 

(w) dispositions of Real Property (i) for the purpose of (x) resolving minor title disputes or defects, including
encroachments and lot line adjustments, or (y) granting easements, rights of way or access and egress agreements, or (ii) to any Governmental Authority in consideration of the grant, issuance, consent or approval of or to any development
agreement, change of zoning or zoning variance, permit or authorization in connection with the conduct of any Credit Party’s business, in each case which does not materially interfere with the business conducted on such Real Property. 

“Assignment Agreement” has the meaning ascribed to it in Section 11.1(a)(i). 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-in Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. §§ 101 et
seq. 
 “Bankruptcy Law” means the Bankruptcy Code or any similar Federal or state law for the relief of debtors.

 “Base Rate” means, for any day, a floating rate equal to the highest of (i) the rate of interest per annum from
time to time published in the “Money Rates” section of The Wall Street Journal as being the “Prime Lending Rate” or, if more than one rate is published as the Prime Lending Rate, then the highest of such rates (the
“Prime Rate”) (each change in the Prime Rate to be effective as of the date of publication in The Wall Street Journal of a “Prime Lending Rate” that is different from that published on the preceding

  
 -5- 

 
domestic Business Day); provided, that in the event that The Wall Street Journal shall, for any reason, fail or cease to publish the Prime Lending Rate, Agent shall choose (in a
manner consistent with its choice under similar credit agreements in respect of which Agent is acting as administrative agent) a reasonably comparable index or source to use as the basis for the Prime Lending Rate, (ii) the Federal Funds Rate
plus 50 basis points per annum and (iii) LIBOR Rate for a LIBOR Period of one-month beginning on such day plus 1.00%. In no event shall the Base Rate be less than 0.00%. Each change in any
interest rate provided for in this Agreement based upon the Base Rate shall take effect at the time of such change in the Base Rate. 

“Base Rate Loan” means a Loan or portion thereof bearing interest by reference to the Base Rate. 

“Base Rate Margin” means the per annum interest rate margin from time to time in effect and payable with respect to Base Rate
Loans, as determined in accordance with the definition of Applicable Margin. 
 “Benefit Plan” means any of (a) an
“employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the IRC or (c) any Person whose assets include (for purposes of ERISA
Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the IRC) the assets of any such “employee benefit plan” or “plan”. 

“Board of Directors” means, as to any Person, the board of directors or managers, as applicable, of such Person or any direct
or indirect parent of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 

“Borrower” has the meaning ascribed to it in the preamble. 

“Borrower Materials” has the meaning ascribed to it in Section 10.13(a). 

“Borrower Workspace” has the meaning ascribed to it in Section 10.13(a). 

“Borrowing Base” means the sum of (i) 85% of the book value of accounts (as defined in the Uniform Commercial Code or
the PPSA or any similar legislation) of Borrower and any Restricted Subsidiary, (ii) the lesser of (A) 65% of the cost of, or (B) 85% of the net orderly liquidation value of, the equipment (as defined in the Uniform Commercial Code or
the PPSA or any similar legislation) of Borrower and any Restricted Subsidiary and (iii) the lesser of (A) 80% of the net book value of, or (B) 65% of the net orderly liquidation value of, all railcars, chassis, trucks, trailers or
tractors owned by Borrower and any Restricted Subsidiary. 
 “Business Day” means any day that is not a Saturday, a Sunday
or a day on which banks are required or permitted to be closed in the State of New York, and in reference to LIBOR Loans means any such day that is also a LIBOR Business Day. 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP; provided that obligations of Borrower or the
Restricted Subsidiaries, or of a special purpose or other entity not consolidated with Borrower and the Restricted Subsidiaries, either existing on the Closing Date or created thereafter that (a) initially were not included on the consolidated
balance sheet of Borrower as capital lease obligations and were subsequently characterized as capital lease obligations or, in the case of such a special purpose or other entity becoming consolidated with Borrower and the Restricted Subsidiaries

  
 -6- 

 
were required to be characterized as capital lease obligations upon such consideration, in either case, due to a change in accounting treatment or otherwise, or (b) did not exist on the
Closing Date and were required to be characterized as capital lease obligations but would not have been required to be treated as capital lease obligations on the Closing Date had they existed at that time, shall for all purposes not be treated as
Capitalized Lease Obligations or Indebtedness. 
 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock or shares; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) 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, the issuing Person. 
 “Cash
Equivalents” means: 
 (1) Dollars, pounds sterling, euros, Canadian dollars, the national currency of any member
state in the European Union or such other local currencies held by Borrower or a Restricted Subsidiary from time to time in the ordinary course of business; 

(2) securities issued or directly and fully guaranteed or insured by the U.S. government, Canada, Switzerland or any country
that is a member of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 

(3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million and whose long-term
debt is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 

(4) repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered into
with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper issued
by a corporation (other than an Affiliate of Borrower) rated at least “A-1” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally
recognized ratings agency) and in each case maturing within one year after the date of acquisition; 
 (6) readily marketable
direct obligations issued by any state of the United States of America or any political subdivision thereof or any Canadian province having at least a rating of Aa3 from Moody’s or a rating of AA- from
S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 

(7) Indebtedness issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from
Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 

  
 -7- 

 (8) investment funds investing at least 95% of their assets in securities of
the types described in clauses (1) through (7) above; and 
 (9) instruments equivalent to those referred to in
clauses (1) through (8) above denominated in any foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United
States of America to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction. 

“cash management services” means cash management services for collections, treasury management services (including controlled
disbursement, overdraft, automated clearing house fund transfer services, return items and interstate depository network services), any demand deposit, payroll, trust or operating account relationships, commercial credit cards, merchant card,
purchase or debit cards, non-card e-payables services, and other cash management services, including electronic funds transfer services, lockbox services, stop payment
services and wire transfer services. 
 “Casualty Event” means any event that gives rise to the receipt by Borrower or any
Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or Real Property (including any improvements thereon) to replace or repair such equipment, fixed assets or Real Property. 

“CERCLA” has the meaning ascribed to it in the definition of “Environmental Laws”. 

“CFC” means a “controlled foreign corporation” within the meaning of Section 957 of the IRC. 

“Change of Control” means (a) any “person” or “group” (within the meaning of Sections 13(d) and
14(d) of the Exchange Act) other than Permitted Holders, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 35%, or more, of the Capital Stock of
Borrower entitled (without regard to the occurrence of any contingency) to vote for the election of members of the Board of Directors of Borrower or (b) a majority of the members of the Board of Directors of Borrower do not constitute
Continuing Directors. 
 “Charges” means all federal, state, provincial, county, city, municipal, local, foreign or other
governmental taxes (including taxes owed to the PBGC at the time due and payable), levies, assessments, charges, claims or encumbrances owed by any Credit Party and upon or relating to (a) the Obligations hereunder, (b) [Reserved]; (c) the
employees, payroll, income, capital or gross receipts of any Credit Party, (d) any Credit Party’s ownership or use of any properties or other assets, or (e) any other aspect of any Credit Party’s business. 

“Chassis” means any intermodal chassis owned by Borrower or any Restricted Subsidiary consisting of steel frames with rubber
tires and employed in the conduct of such Person’s business to transport containers over highways. 
 “Closing Date”
means the date on which the conditions in Section 3.1 have been satisfied (or waived in accordance with Section 12.2). 

“Commitments” means, collectively, the aggregate Commitments of the Lenders, and the term “Commitment” with
respect to an individual Lender means such Lender’s commitment to make Loans to the Borrower in accordance with the terms of this Agreement. The Commitments of each Lender and the aggregate Commitments of all Lenders on the Closing Date are set
forth on Annex B. 

  
 -8- 

 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §
1 et seq.), as amended from time to time, and any successor statute. 
 “Compliance Certificate” means a certificate
substantially in the form of Exhibit 1.1(c) and which certificate shall in any event be a certificate of a Financial Officer (a) certifying as to whether a Default has occurred and is continuing and, if applicable,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (b) [reserved] and (c) in the case of Financial Statements delivered under Section 5.1 (c), setting forth a reasonably detailed calculation of
the Net Proceeds received during the applicable period by or on behalf of, Borrower or any of its Restricted Subsidiaries in respect of any Asset Sale subject to prepayment pursuant to Section 2.3(b)(ii)(A) and the portion
of such Net Proceeds that has been invested or are intended to be reinvested in accordance with Section 2.3(b)(ii)(B). 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of
depreciation and amortization expense, including the amortization of intangible assets and deferred financing fees and amortization of unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment
benefits, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated EBITDA” means, as of any date of determination, the EBITDA of Borrower and its Restricted Subsidiaries for the
most recently ended four full Fiscal Quarters for which internal financial statements are available, on a consolidated basis, calculated on a pro forma basis consistent with the calculations made under the definition of Fixed Charge Coverage Ratio
or Consolidated Secured Net Leverage Ratio, as applicable. 
 “Consolidated Interest Expense” means, with respect to any
Person for any period, the sum, without duplication, of: 
 (1) consolidated interest expense of such Person and its
Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including the interest component of Capitalized Lease Obligations and net payments and receipts (if any) pursuant to interest rate
Hedging Obligations, amortization of deferred financing fees and original issue discount, debt issuance costs, commissions, fees and expenses, expensing of any bridge, commitment or other financing fees and
non-cash interest expense attributable to movement in mark to market valuation of Hedging Obligations or other derivatives (in each case permitted hereunder) under GAAP); plus 

(2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued;
plus 
 (3) commissions, discounts, yield and other fees and charges Incurred in connection with any Securitization
Financing which are payable to Persons other than Borrower and the Restricted Subsidiaries; minus 
 (4) interest
income for such period. 
 For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an
interest rate reasonably determined by Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 

  
 -9- 

 (1) any net after-tax extraordinary, nonrecurring or unusual gains or losses
(less all fees and expenses relating thereto) or expenses or charges shall be excluded; 
 (2) any severance expenses,
relocation expenses, restructuring expenses, curtailments or modifications to pension and post-retirement employee benefit plans, excess pension charges, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration
of fixed assets for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition integration costs, facilities opening costs, project start-up costs, business optimization
costs, signing, retention or completion bonuses, expenses or charges related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment or modification of Indebtedness
(in each case, whether or not successful), and any fees, expenses or charges related to the Transactions, the Norbert Transactions, the 2021/2022 Notes Transactions, the 2023 Notes Transactions, in each case, shall be excluded; 

(3) effects of purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and such
Subsidiaries and including, without limitation, the effects of adjustments to (A) Capitalized Lease Obligations or (B) any other deferrals of income) in amounts required or permitted by GAAP, resulting from the application of purchase
accounting or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded; 

(4) the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such
period; 
 (5) any net after-tax income or loss from disposed, abandoned, transferred, closed or discontinued operations or
fixed assets and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations or fixed assets shall be excluded; 

(6) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business
dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by management of Borrower) shall be excluded; 

(7) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early
extinguishment of indebtedness, Hedging Obligations or other derivative instruments shall be excluded; 
 (8) (a) the Net
Income for such period of any Person that is not a Subsidiary of such Person, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or
distributions or other payments paid in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period and (b) the Net Income for such period shall include any dividend,
distribution or other payment in cash (or to the extent converted into cash) received by the referent Person or a Subsidiary thereof (other than an Unrestricted Subsidiary of such referent Person) from any Person in excess of, but without
duplication of, the amounts included in subclause (a); 
 (9) solely for the purpose of determining the amount available
for Restricted Payments under clause (2) of the definition of “Cumulative Credit,” the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment
of dividends or similar distributions by such Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of
the terms of its charter 

  
 -10- 

 
or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect
to the payment of dividends or similar distributions have been legally waived; provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually
paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the extent not already included therein; 

(10) an amount equal to the amount of Tax Distributions actually made to any parent or equity holder of such Person in respect
of such period in accordance with Section 7.2(b)(xi) shall be included as though such amounts had been paid as income taxes directly by such Person for such period; 

(11) any impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization of intangibles and other
fair value adjustments arising pursuant to GAAP shall be excluded; 
 (12) any
non-cash expense realized or resulting from management equity plans, stock option plans, employee benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar
rights, stock options, restricted stock, preferred stock or other rights shall be excluded; 
 (13) any (a) non-cash compensation charges, (b) costs and expenses related to employment of terminated employees, or (c) costs or expenses realized in connection with or resulting from stock appreciation or
similar rights, stock options or other rights existing on the Closing Date of officers, directors and employees, in each case of such Person or any Restricted Subsidiary, shall be excluded; 

(14) accruals and reserves that are established or adjusted within 12 months after the Closing Date and that are so required to
be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded; 

(15) non-cash gains, losses, income and expenses resulting from fair value accounting
required by the applicable standard under GAAP and related interpretations shall be excluded; 
 (16) any currency
translation gains and losses related to currency remeasurements of Indebtedness, and any net loss or gain resulting from hedging transactions for currency exchange risk, shall be excluded; 

(17) (a) to the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that
there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not denied by the applicable carrier in writing within 180 days and (ii) in fact reimbursed within
365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption shall be excluded and
(b) amounts in respect of which such Person has determined that there exists reasonable evidence that such amounts will in fact be reimbursed by insurance in respect of lost revenues or earnings in respect of liability or casualty events or
business interruption shall be included (with a deduction for amounts actually received up to such estimated amount, to the extent included in Net Income in a future period); and 

(18) non-cash charges for deferred tax asset valuation allowances shall be excluded.

  
 -11- 

 Notwithstanding the foregoing, for the purpose of Section 7.2
only, there shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries or Restricted Subsidiaries to the extent such dividends, repayments or transfers
increase the amount of Restricted Payments permitted under Section 7.2 pursuant to clauses (5) and (6) of the definition of “Cumulative Credit.” 

“Consolidated Non-Cash Charges” means, with respect to any Person for any period, the
non-cash expenses (other than Consolidated Depreciation and Amortization Expense) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a
consolidated basis and otherwise determined in accordance with GAAP, provided that if any such non-cash expenses represent an accrual or reserve for potential cash items in any future period, the cash
payment in respect thereof in such future period shall be subtracted from EBITDA in such future period to the extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior
period. 
 “Consolidated Secured Net Leverage Ratio” means, with respect to any Person, at any date, the ratio of
(i) Secured Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash Equivalents in excess of any Restricted Cash
that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of such Person for the four full fiscal quarters
for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. 

In the event that Borrower or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement
of the period for which the Consolidated Secured Net Leverage Ratio is being calculated but prior to the event for which the calculation of the Consolidated Secured Net Leverage Ratio is made (the “Consolidated Secured Net
Leverage Calculation Date”), then the Consolidated Secured Net Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance,
repurchase or redemption of Disqualified Stock or Preferred Stock as if the same had occurred at the beginning of the applicable four-quarter period; provided that, for purposes of clause 6(B) of the definition of “Permitted Liens”,
Borrower may elect pursuant to an Officer’s Certificate delivered to Agent to treat all or any portion of the commitment under any Indebtedness as being Incurred at the time of delivery of such Officer’s Certificate, in which case any
subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time, and to the extent Borrower elects pursuant to such an Officer’s Certificate
delivered to Agent to treat all or any portion of the commitment under any Indebtedness as being Incurred at the time of delivery of such Officer’s Certificate, solely for purposes of clause 6(B) of the definition of “Permitted
Liens”, Borrower shall deem all or such portion of such commitment as having been Incurred and to be outstanding for purposes of calculating the Consolidated Secured Net Leverage Ratio for any period in which Borrower makes any such election
and for any subsequent period until such commitments are no longer outstanding, or until Borrower elects to withdraw such election. 
 For
purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit
of a business, that Borrower or any Restricted Subsidiary has made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Consolidated Secured Net Leverage Calculation Date
(each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations or

  
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discontinued operations (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference
period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into Borrower or any Restricted Subsidiary since the beginning of such period shall have consummated any pro forma
event that would have required adjustment pursuant to this definition, then the Consolidated Secured Net Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such pro forma event had
occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the
Consolidated Secured Net Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the
pro forma calculations shall be made in good faith by a responsible financial or accounting officer of Borrower. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith
determination of Borrower as set forth in an Officer’s Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 12 months of the date the
applicable event is consummated. For the avoidance of doubt, adjustments to the computation of the Consolidated Secured Net Leverage Ratio arising from any pro forma event and made in accordance with this paragraph and the paragraph
immediately above shall not be subject to the 20% cap set forth in clause (9) of the definition of “EBITDA”. 
 If any
Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Consolidated Secured Net Leverage Calculation Date had
been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be
deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the
computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period.
Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen,
or, if none, then based upon such optional rate chosen as Borrower may designate. 
 For purposes of this definition, any amount in a
currency other than Dollars will be converted to Dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating
EBITDA for the applicable period. 
 “Consolidated Taxes” means, with respect to any Person for any period, the provision
for taxes based on income, profits or capital, including, without limitation, state, franchise, property and similar taxes, foreign withholding taxes (including penalties and interest related to such taxes or arising from tax examinations) and any
Tax Distributions taken into account in calculating Consolidated Net Income. 
 “Consolidated Total Indebtedness” means, as
of any date of determination, an amount equal to the sum (without duplication) of (1) the aggregate principal amount of all outstanding Indebtedness of Borrower and the Restricted Subsidiaries (excluding any undrawn letters of credit)
consisting of bankers’ acceptances and Indebtedness for borrowed money, plus (2) the aggregate amount of all outstanding Disqualified Stock of Borrower and the Restricted Subsidiaries and all Preferred Stock of Restricted Subsidiaries,
with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences, in each case determined on a consolidated basis in accordance with GAAP. 

  
 -13- 

 “Consolidated Total Net Leverage Calculation Date” has the meaning set
forth in the definition of “Consolidated Total Net Leverage Ratio”. 
 “Consolidated Total Net Leverage Ratio”
means, with respect to any Person, at any date, the ratio of (i) Consolidated Total Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the
amount of cash and Cash Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to
(ii) EBITDA of such Person for the four full Fiscal Quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. 

In the event that Borrower or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement
of the period for which the Consolidated Total Net Leverage Ratio is being calculated but prior to the event for which the calculation of the Consolidated Total Net Leverage Ratio is made (the “Consolidated Total Net Leverage Calculation
Date”), then the Consolidated Total Net Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or
Preferred Stock as if the same had occurred at the beginning of the applicable four-quarter period. 
 For purposes of making the
computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, that
Borrower or any Restricted Subsidiary has made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Consolidated Total Net Leverage Calculation Date (each, for purposes of this
definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, or discontinued operations (and the change of
any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted
Subsidiary or was merged with or into Borrower or any Restricted Subsidiary since the beginning of such period shall have consummated any pro forma event that would have required adjustment pursuant to this definition, then the Consolidated
Total Net Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such pro forma event had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any
Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Consolidated Total Net Leverage Ratio shall be calculated giving pro forma effect thereto for such period
as if such designation had occurred at the beginning of the applicable four-quarter period. 
 For purposes of this definition, whenever pro
forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of Borrower. Any such pro forma calculation may include adjustments appropriate, in the
reasonable good faith determination of Borrower as set forth in an Officer’s Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 12
months of the date the applicable event is consummated. For the avoidance of doubt, adjustments to the computation of the Consolidated Total Net Leverage Ratio arising from any pro forma event and made in accordance with this paragraph and the
paragraph immediately above shall not be subject to the 20% cap set forth in clause (9) of the definition of “EBITDA.” 

  
 -14- 

 If any Indebtedness bears a floating rate of interest and is being given pro forma effect,
the interest on such Indebtedness shall be calculated as if the rate in effect on the Consolidated Total Net Leverage Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such
Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of
Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro
forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a
eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate. 

For purposes of this definition, any amount in a currency other than Dollars will be converted to Dollars based on the average exchange rate
for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends
or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any
obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary obligation or any property constituting direct or
indirect security therefor, 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Continuing Director” means (a) any member of the Board of Directors who was a director of Borrower on the Closing Date
and (b) any individual who becomes a member of the Board of Directors after the Closing Date if such individual was approved, appointed or nominated for election to the Board of Directors by Jacobs Private Equity, LLC (or any Affiliate thereof)
or a majority of the Continuing Directors. 
 “Contractual Obligations” means, with respect to any Person, any security
issued by such Person or any document or undertaking (other than a Loan Document) to which such Person is a party or by which it or any of its property is bound or to which any of its property is subject. 

“Con-way” means XPO CNW, Inc., a Delaware corporation. 

  
 -15- 

 “Con-Way Debentures” means the
6.70% Senior Debentures due 2034 of Con-way, issued pursuant to the Con-Way Debentures Indenture. 

“Con-Way Debentures Indenture” means that certain Indenture, dated as of
March 8, 2000, among Con-way and The Bank of New York (as successor to Bank One Trust Company, National Association), as supplemented by that certain Supplemental Indenture No. 1, dated as of
April 30, 2004, among Con-way and The Bank of New York, as trustee. 
 “Credit
Agreement” means (i) the Second Amended and Restated Revolving Loan Credit Agreement, dated as of October 30, 2015, as amended from time to time on or prior to the Closing Date, among Borrower, MSSF, as administrative agent, and
the other parties thereto, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to
time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or
replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof (except to the extent any such refinancing, replacement or restructuring is designated by Borrower
not to be included in the definition of “Credit Agreement”), (ii) the Senior Secured Term Loan Credit Agreement, dated as of October 30, 2015, as amended from time to time on or prior to the Closing Date, by and among Borrower, MSSF,
as agent, and the other parties thereto, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified
from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any
successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof (except to the extent any such refinancing, replacement or restructuring is designated
by the Borrower to not be included in the definition of “Credit Agreement”), and (iii) whether or not the credit agreement referred to in clauses (i) or (ii) remains outstanding, if designated by Borrower to be included in the
definition of “Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, securitization or receivables financing (including through the sale of receivables to
lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or
bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, waived,
extended, restructured, repaid, renewed, refinanced, restated, replaced (whether or not upon termination, and whether with the original lenders or otherwise) or refunded in whole or in part from time to time (but in no event shall this Agreement
constitute a “Credit Agreement” hereunder). 
 “Credit Parties” means Borrower and each Guarantor. 

“Cumulative Credit” means the sum of (without duplication): 

(1) [Reserved], plus 

(2) 50% of the Consolidated Net Income of Borrower for the period (taken as one accounting period) from October 1, 2014 to
the end of Borrower’s most recently ended Fiscal Quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such
deficit), plus 

  
 -16- 

 (3) 100% of the aggregate net proceeds, including cash and the Fair Market
Value (as determined in good faith by Borrower) of property other than cash, received by Borrower after the Original Issue Date (other than net proceeds to the extent such net proceeds have been used to incur Indebtedness, Disqualified Stock, or
Preferred Stock pursuant to Section 7.1(b)(xiii) (or, if prior to the Closing Date, the corresponding provisions of the 2023 Notes Indenture)) from the issue or sale of Equity Interests of Borrower or any direct or indirect
parent entity of Borrower (excluding Refunding Capital Stock, Designated Preferred Stock, Excluded Contributions, and Disqualified Stock), including Equity Interests issued upon exercise of warrants or options (other than an issuance or sale to
Borrower or a Restricted Subsidiary), plus 
 (4) 100% of the aggregate amount of contributions to the capital of
Borrower received in cash and the Fair Market Value (as determined in good faith by Borrower) of property other than cash received by Borrower after the Original Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated
Preferred Stock, and Disqualified Stock and other than contributions to the extent such contributions have been used to incur Indebtedness, Disqualified Stock, or Preferred Stock pursuant to Section 7.1(b)(xiii) (or, if
prior to the Closing Date, the corresponding provisions of the 2023 Notes Indenture)), plus 
 (5) 100% of the
principal amount of any Indebtedness, or the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock of Borrower or any Restricted Subsidiary issued after the Original Issue Date (other than
Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which has been converted into or exchanged for Equity Interests in Borrower (other than Disqualified Stock) or any direct or indirect parent of Borrower (provided, that in
the case of any such parent, such Indebtedness or Disqualified Stock is retired or extinguished), plus 
 (6) 100% of
the aggregate amount received by Borrower or any Restricted Subsidiary after the Original Issue Date in cash and the Fair Market Value (as determined in good faith by Borrower) of property other than cash received by Borrower or any Restricted
Subsidiary from: 
 (A) the sale or other disposition (other than to Borrower or a Restricted Subsidiary) of Restricted
Investments made by Borrower and the Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from Borrower and the Restricted Subsidiaries by any Person (other than Borrower or any Restricted Subsidiary) and from
repayments of loans or advances, and releases of guarantees, which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to Section 7.2(b)(vii)), 

(B) the sale (other than to Borrower or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary, or 

(C) a distribution or dividend from an Unrestricted Subsidiary, plus 

(7) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into Borrower or a Restricted Subsidiary, the Fair Market Value (as determined in good faith by Borrower) of the Investment of Borrower or the Restricted
Subsidiaries in such Unrestricted Subsidiary (which, if the Fair Market Value of such Investment shall exceed $62.5 million, shall be determined by the Board of Directors of Borrower) at the time of such redesignation, combination or transfer
(or of the assets transferred or conveyed, as applicable) (other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant to Section 7.2(b)(vii) (or, if prior
to the Closing Date, the corresponding provisions of the 2023 Notes Indenture)) or constituted a Permitted Investment. 

  
 -17- 

 “Custodian” means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law. 
 “Default” means any event which is, or after notice or passage of time or
both would be, an Event of Default. 
 “Defaulting Lender” shall mean any Lender that (a) has failed to fund all or
any portion of its Loans on the date such Loans were required to be funded hereunder, (b) has notified Borrower and Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to
that effect, (c) has failed, within three Business Days after written request by Agent or Borrower, to confirm in writing to Agent and Borrower that it will comply with its funding obligation hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Insolvency Law or a Bail-In Action, or (ii) had appointed for it a receiver, interim receiver, custodian, conservator, trustee, monitor, administrator, assignee for the benefit
of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state, federal or foreign regulatory authority acting in such a capacity;
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital Stock in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such
ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and
of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender as of the date established therefor by Agent in a written notice of such determination, which
shall be delivered by Agent to Borrower and each other Lender promptly following such determination. 
 “Default Rate” has
the meaning ascribed to it in Section 2.5(d). 
 “Designated
Non-cash Consideration” means the Fair Market Value (as determined in good faith by Borrower) of non-cash consideration received by Borrower or a Restricted
Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth such valuation, less the amount of Cash
Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 

“Designated Preferred Stock” means Preferred Stock of Borrower or any direct or indirect parent of Borrower (other than
Disqualified Stock), that is issued for cash (other than to Borrower or any of its Subsidiaries or an employee stock ownership plan or trust established by Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock,
pursuant to an Officer’s Certificate, on the issuance date thereof. 
 “disposition” has the meaning set forth in the
definition of Asset Sale (and “dispose” shall have a correlative meaning). 

  
 -18- 

 “Disqualified Institution” means (i) any Person identified by name in
writing to Agent and as a Disqualified Institution on or prior to the Closing Date and (ii) a competitor of Borrower or its Subsidiaries identified by name in writing to Agent as Disqualified Institutions prior to the Closing Date and any other
Person identified by name in writing to Agent after the Closing Date to the extent such Person becomes a direct competitor of Borrower or its Subsidiaries, which designations shall be promptly provided by Agent to the Lenders and shall become
effective two days after delivery of each such written supplement to Agent, but which shall not apply retroactively to disqualify any Persons that have previously acquired an assignment or participation interest in the Loans; provided that a
“competitor” shall not include any bona fide debt fund or investment vehicle that is engaged in making, purchasing, holding or otherwise investing in commercial revolving loans and similar extensions of credit in the ordinary course of
business which is managed, sponsored or advised by any Person controlling, controlled by or under common control with such competitor, and for which no personnel involved with the investment of such competitor thereof, as applicable, (i) makes
any investment decisions or (ii) has access to any information (other than information publicly available) relating to the Credit Parties or any entity that forms a part of the Credit Parties’ business (including their Subsidiaries). 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms (or by the terms
of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 
 (1)
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change of control or asset sale), 

(2) is convertible or exchangeable for Indebtedness or Disqualified Stock of such Person or any of its Restricted Subsidiaries, or 

(3) is redeemable at the option of the holder thereof, in whole or in part (other than solely as a result of a change of control or asset
sale), in each case prior to 91 days after the earlier of the Maturity Date or the date the Loans are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so
convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or
to any plan for the benefit of employees of Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by such Person in order to
satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person
to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. 

“Dodd-Frank Act” has the meaning ascribed to it in Section 2.14(e). 

“Dollars” or “$” means the lawful currency of the United States. 

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

“Draw Period” means the period commencing from and including the day following the Closing Date to and including 11:59 p.m.
Eastern Time on January 22, 2019. 
 “EBITDA” means, with respect to any Person for any period, the Consolidated Net
Income of such Person and its Restricted Subsidiaries for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 

(1) Consolidated Taxes; plus 

  
 -19- 

 (2) Fixed Charges and costs of surety bonds in connection with financing
activities; plus 
 (3) Consolidated Depreciation and Amortization Expense; plus 

(4) Consolidated Non-Cash Charges; plus 

(5) any expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any issuance of Equity
Interests, Investment, acquisition, disposition, recapitalization or the incurrence, modification or repayment of Indebtedness permitted to be incurred by this Agreement (including a refinancing thereof) (whether or not successful), including
(i) such fees, expenses or charges related to the Transactions, the Norbert Transactions, the 2021/2022 Notes Transactions, the 2023 Notes Transactions, the Term Facility or the ABL Facility, (ii) any amendment or other modification of the
2021 Notes, 2022 Notes, 2023 Notes, Con-Way Debentures or other Indebtedness and (iii) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Qualified
Securitization Financing; plus 
 (6) business optimization expenses and other restructuring charges, reserves or
expenses (which, for the avoidance of doubt, shall include, without limitation, the effect of facility closures, facility consolidations, retention, severance, systems establishment costs, contract termination costs, future lease commitments and
excess pension charges); plus 
 (7) the amount of loss or discount on sale of assets to a Securitization Subsidiary
in connection with a Qualified Securitization Financing; plus 
 (8) any costs or expense incurred pursuant to any
management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the
capital of Borrower or any Guarantor or net cash proceeds of an issuance of Equity Interests of Borrower (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit;
plus 
 (9) the amount of net cost savings, operating improvements or synergies projected by Borrower in good faith to
be realized within twelve months following the date of any operational changes, business realignment projects or initiatives, restructurings or reorganizations which have been or are intended to be initiated (other than those operational changes,
business realignment projects or initiatives, restructurings or reorganizations entered into in connection with any pro forma event (as defined in “Fixed Charge Coverage Ratio”) (calculated on a pro forma basis as though such cost
savings had been realized on the first day of such period)), net of the amount of actual benefits realized during such period from such actions; provided that such net cost savings and operating improvements or synergies are reasonably
identifiable and quantifiable; provided, further, that the aggregate amount added to EBITDA pursuant to this clause (9) shall not exceed 20% of EBITDA for such period (determined after giving effect to such adjustments);
and 
 less, without duplication, to the extent the same increased Consolidated Net Income, 

(10) non-cash items increasing Consolidated Net Income for such period (excluding the
recognition of deferred revenue or any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period and any items for which cash was received in a prior period). 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

  
 -20- 

 “EEA Member Country” means any of the member states of the
European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public
administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“E-Fax” means any system used to receive or transmit faxes electronically. 

“Electronic Transmission” means each document, instruction, authorization, file, information and any other communication
transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System or other equivalent
service acceptable to Agent. 
 “Eligible Assignee” means (a) a Lender, (b) a commercial or investment bank,
insurance company, finance company, financial institution, any fund that invests in loans, (c) any Affiliate of a Lender, or (d) an Approved Fund of a Lender; provided that in any event, “Eligible Assignee” shall not
include (i) any natural person, (ii) any Disqualified Institution or (iii) Borrower, any Subsidiary or any Affiliate thereof. 

“Environmental Laws” means all applicable federal, state, provincial, local and foreign laws, statutes, ordinances, codes,
rules, standards and regulations, now or hereafter in effect, including any applicable judicial or administrative order, consent decree, order or judgment, in each case having the force or effect of law, imposing liability or standards of conduct
for or relating to the regulation and protection of human health, safety, the environment and natural resources (including ambient air, soil, vapor, surface water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species
and vegetation). Environmental Laws include the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. §§ 9601 et seq.) (“CERCLA”); the Hazardous Materials Transportation
Authorization Act of 1994 (49 U.S.C. §§ 5101 et seq.); the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §§ 136 et seq.); the Solid Waste Disposal Act (42 U.S.C. §§ 6901
et seq.); the Toxic Substance Control Act (15 U.S.C. §§ 2601 et seq.); the Clean Air Act (42 U.S.C. §§ 7401 et seq.); the Federal Water Pollution Control Act (33 U.S.C. §§ 1251
et seq.); the Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.); and the Safe Drinking Water Act (42 U.S.C. §§ 300f et seq.), and any and all regulations promulgated
thereunder, and all analogous federal, state, provincial, local and foreign counterparts or equivalents and any transfer of ownership notification or approval statutes related to the protection of human health, safety or the environment. 

“Environmental Liabilities” means, with respect to any Person, all liabilities, obligations, responsibilities, response,
remedial and removal costs, investigation and feasibility study costs, losses, damages, punitive damages, property damages, natural resource damages, consequential damages, treble damages, costs and expenses (including all reasonable fees,
disbursements and expenses of counsel, experts and consultants), fines, penalties, sanctions and interest incurred as a result of or related to any claim, suit, action, investigation, proceeding or demand by any Person, whether based in contract,
tort, implied or express warranty, strict liability, criminal or civil statute or common law, arising under or related to any Environmental Laws, Environmental Permits, or in connection with any Release or threatened Release or presence of a
Hazardous Material whether on, at, in, under, from or about or in the vicinity of any real or personal property. 

  
 -21- 

 “Environmental Permits” means, with respect to any Person, all permits,
licenses, authorizations, certificates, approvals or registrations required by any Governmental Authority under any Environmental Laws for conducting the operations of such Person. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time, and any regulations promulgated thereunder. 
 “ERISA
Affiliate” means, with respect to any Credit Party, any trade or business (whether or not incorporated) that, together with such Credit Party, are treated as a single employer within the meaning of Sections 414(b), (c), (m) or
(o) of the IRC. 
 “ERISA Event” means, with respect to any Credit Party or any ERISA Affiliate, (a) any
event described in Section 4043(c) of ERISA with respect to a Title IV Plan (other than an event for which the thirty (30) day notice period is waived); (b) the withdrawal of any Credit Party or ERISA Affiliate from a Title IV Plan
subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001 (a) (2) of ERISA; (c) the complete or partial withdrawal
of any Credit Party or any ERISA Affiliate from any Multiemployer Plan; (d) the filing of a notice of intent to terminate a Title IV Plan or the treatment of a plan amendment as a termination under Section 4041 of ERISA; (e) the
termination of a Title IV Plan or Multiemployer Plan by the PBGC pursuant to Section 4042 of ERISA; (f) the failure by any Credit Party or ERISA Affiliate to make when due required contributions to a Multiemployer Plan or Title IV Plan
unless such failure is cured within thirty (30) days; (g) the termination of a Multiemployer Plan under Section 4041A of ERISA or the reorganization or insolvency of a Multiemployer Plan under Section 4241 or 4245 of ERISA or a
determination that a Multiemployer Plan is in “endangered” or “critical” status under the meaning of Section 432 of the IRC or Section 304 of ERISA; (h) the loss of a Qualified Plan’s qualification or tax
exempt status; or (i) the termination of a Plan described in Section 4064 of ERISA; (j) the filing pursuant to Section 412(c) of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Title IV Plan; (k) a determination that any Title IV Plan is in “at risk” status (within the meaning of Section 430 of the IRC or Section 303 of ERISA); (l) the incurrence by any Credit Party or
any of its ERISA Affiliates of any liability under Title IV of ERISA (other than non-delinquent premiums payable to the PBGC under Sections 4006 and 4007 of ERISA); (m) the imposition of liability on any
Credit Party or any ERISA Affiliate due to the cessation of operations at a facility under the circumstances described in Section 4062(e) of ERISA, (n) the occurrence of a non-exempt “prohibited
transaction” with respect to which any Credit Party or any of the Subsidiaries is a “disqualified person” (within the meaning of Section 4975 of the IRC) or a “party in interest” (within the meaning of Section 406
of ERISA) or with respect to which any Credit Party or any such Subsidiary could otherwise be liable. 
 “ERISA
Lien” has the meaning ascribed to it in Section 6.11. 

“E-Signature” means the process of attaching to, or logically associating with, an
Electronic Transmission, an electronic symbol, encryption, digital signature or process (including the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such
Electronic Transmission. 
 “E-System” means any electronic system approved by
Agent, including Intralinks® and ClearPar® and any other Internet or extranet-based site, whether such electronic system is owned,
operated or hosted by Agent, any of its Related Persons or any other Person, providing for access to data protected by passcodes or other security system. 

  
 -22- 

 “EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Event of Default” has the meaning ascribed to it in Section 9.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Excluded Contributions” means, at any time the cash and Cash Equivalents received by Borrower after the
Closing Date from: 
 (1) contributions to its common equity capital, and 

(2) the sale (other than to a Subsidiary of Borrower or to any Subsidiary management equity plan or stock option plan or any
other management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of Borrower, 
 in
each case designated as Excluded Contributions pursuant to an Officer’s Certificate. 
 “Excluded Subsidiary” means
(a) each Domestic Subsidiary that is prohibited from guaranteeing the Obligations hereunder by any requirement of law or that would require consent, approval, license or authorization of a Governmental Authority to guarantee the Obligations
hereunder (unless such consent, approval, license or authorization has been received), (b) each Domestic Subsidiary that is prohibited by any applicable contractual requirement from guaranteeing the Obligations hereunder on the Closing Date or
at the time such Subsidiary becomes a Subsidiary (to the extent not incurred in connection with becoming a Subsidiary and in each case for so long as such restriction or any replacement or renewal thereof is in effect), (c) any Domestic
Subsidiary (i) that owns no material assets (directly or through its Subsidiaries) other than Equity Interests of one or more Foreign Subsidiaries or (ii) that is a direct or indirect Subsidiary of a Foreign Subsidiary, (d) any
Foreign Subsidiary, (e) any Securitization Subsidiary, (f) any CFC, (g) any Unrestricted Subsidiary, any non-Wholly Owned Subsidiary, (h) any Subsidiary that is a captive insurance company
and (i) any not-for profit Subsidiary. 
 “Excluded Taxes” means any of the
following Taxes imposed on or with respect to a Recipient, or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in
each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, any U.S. federal withholding Tax imposed on amounts payable to or for the account of such Lender pursuant to any law in effect on the date such
Lender becomes a party to this Agreement (other than as an assignee pursuant to a request by Borrower under Section 2.14(d)) or designates a new lending office (unless such designation is at the request of Borrower
under Section 2.14(g)), (c) Taxes attributable to such Recipient’s failure to comply with Section 2.13(d) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Existing ABL Credit Agreement” means that certain Amended and Restated Revolving Loan Credit Agreement, dated as of
April 1, 2014, among Borrower, MSSF, as administrative agent, and the other parties thereto (as amended prior to the date of this Agreement). 

“Facility” means the credit facility provided by the Lenders pursuant to Section 2.1 under this
Agreement. 

  
 -23- 

 “Fair Labor Standards Act” means the Fair Labor Standards Act, 29 U.S.C.
§§ 201 et seq. 
 “Fair Market Value” means, with respect to any asset or property, the price which
could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 

“FATCA” means Sections 1471 through 1474 of the IRC as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the IRC and any
intergovernmental agreements implementing the foregoing. 
 “FCPA” means the Foreign Corrupt Practices Act of 1977 (15
U.S.C. §§ 78dd-1, et seq.), as amended, and the rules and regulations thereunder. 

“Federal Funds Rate” means, for any day, a floating rate equal to (a) the weighted average of interest rates on
overnight federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the next Business Day; or (b) if no such rate is published on the next Business Day, the weighted average
of the rates on overnight Federal funds transactions among members of the Federal Reserve System, as determined by Agent in its reasonable discretion, which determination shall be final, binding and conclusive (absent manifest error). 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System. 

“Fees” means any and all fees and other amounts payable to Agent or any Lender pursuant to this Agreement or any of the other
Loan Documents. 
 “Fee Letter” has the meaning ascribed to it in Section 2.7. 

“Financial Officer” means, with respect to any of Borrower or its Subsidiaries, the chief executive officer, the chief
financial officer, the principal accounting officer, the treasurer, the assistant treasurer and the controller thereof. 

“Financial Statements” means the consolidated income statements, statements of cash flows and balance sheets of Borrower
delivered in accordance with Section 4.4 and Section 5.1. 
 “Fiscal
Quarter” means any of the quarterly accounting periods of Borrower, ending on March 31, June 30, September 30, and December 31 of each year. 

“Fiscal Year” means any of the annual accounting periods of Borrower ending on December 31 of each year. 

“Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such
period to the Fixed Charges of such Person for such period. 
 In the event that Borrower or any of its Restricted Subsidiaries Incurs,
repays, repurchases or redeems any Indebtedness or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to the event
for which the calculation of the Fixed Charge Coverage Ratio is made (the 

  
 -24- 

 
“Fixed Charge Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption
of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period; provided that Borrower may elect pursuant to an
Officer’s Certificate delivered to Agent to treat all or any portion of the commitment under any Indebtedness pertaining to a Limited Condition Acquisition as being Incurred at the time the acquisition agreement or other similar agreement
pertaining to such Limited Condition Acquisition is entered into, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time. 

To the (i) extent Borrower elects pursuant to an Officer’s Certificate delivered to Agent to treat all or any portion of the
commitment under any Indebtedness as being Incurred in connection with a Limited Condition Acquisition as described in the preceding paragraph or (ii) Borrower or any Restricted Subsidiary elects to treat Indebtedness as having been Incurred
prior to the actual Incurrence thereof pursuant to Section 7.1(c)(iii), Borrower shall deem all or such portion of such commitment or such Indebtedness, as applicable, as having been Incurred and to be outstanding for
purposes of calculating the Fixed Charge Coverage Ratio for any period in which Borrower makes any such election and for any subsequent period until such commitments or such Indebtedness, as applicable, are no longer outstanding. For purposes of
making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a
business, that Borrower or any Restricted Subsidiary has made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Calculation Date (each, for purposes of this
definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, or discontinued operations (and the change of any associated
fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was
merged with or into Borrower or any Restricted Subsidiary since the beginning of such period shall have made consummated any pro forma event, that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall
be calculated giving pro forma effect thereto for such period as if such pro forma event had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an
Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the
beginning of the applicable four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to any
pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of Borrower. Any such pro forma calculation may include adjustments appropriate, in the reasonable good
faith determination of Borrower as set forth in an Officer’s Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 12 months of
the date the applicable event is consummated. For the avoidance of doubt, adjustments to the computation of the Fixed Charge Coverage Ratio (or of Consolidated EBITDA) arising from any pro forma event and made in accordance with this
paragraph and the paragraph immediately above shall not be subject to the 20% cap set forth in clause (9) of the definition of “EBITDA”. 

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be
calculated as if the rate in effect on the Fixed Charge Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term
in excess of 12 months). 

  
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Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of Borrower to be the rate of
interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be
computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank
offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as Borrower may designate. 

For purposes of this definition, any amount in a currency other than Dollars will be converted to Dollars based on the average exchange rate
for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: (1) Consolidated
Interest Expense (excluding amortization or write-off of deferred financing costs) of such Person for such period, and (2) all cash dividend payments (excluding items eliminated in consolidation) on any
series of Preferred Stock or Disqualified Stock of such Person and its Restricted Subsidiaries. 
 “Foreign Disposition”
has the meaning specified in Section 2.3(b)(v). 
 “Foreign Lender” has the meaning ascribed
thereto in Section 2.13(d). 
 “Foreign Pension Plan” shall mean any benefit plan that under
applicable law other than the laws of the United States or any political subdivision thereof, is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority.

 “Foreign Subsidiary” means a Restricted Subsidiary that is not organized or established under the laws of the United
States of America, any state thereof or the District of Columbia. For the avoidance of doubt, any Subsidiary incorporated or organized under the laws of a territory of the United States (including the Commonwealth of Puerto Rico) shall constitute a
“Foreign Subsidiary” hereunder. 
 “GAAP” means generally accepted accounting principles in the United States set
forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Closing Date. For the purposes of this Agreement, the term “consolidated” with respect to any Person shall mean such
Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. 

“Governmental Authority” any federal, state, provincial or other political subdivision thereof, and any agency, department or
other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

  
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 “Guarantied Obligations” means as to any Person, any obligation of such
Person guarantying or otherwise having the economic effect of guarantying any Indebtedness, lease, dividend, or other obligation (“primary obligation”) of any other Person (the “primary obligor”) in any manner,
including any obligation or arrangement of such Person to (a) purchase or repurchase any such primary obligation, (b) advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor, (c) purchase property, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation, (d) protect the beneficiary of such arrangement from loss (other than product warranties given in the ordinary
course of business), or (e) indemnify the owner of such primary obligation against loss in respect thereof; provided, however, that the term Guarantied Obligations shall not include endorsements of instruments for deposit or
collection in the ordinary course of business or standard contractual indemnities. The amount of any Guarantied Obligations at any time shall be deemed to be an amount equal to the lesser at such time of (x) the stated or determinable amount of
the primary obligation in respect of which such Guarantied Obligations is incurred, and (y) the maximum amount for which such Person may be liable pursuant to the terms of the instrument embodying such Guarantied Obligations, or, if not stated
or determinable, the maximum reasonably anticipated liability (assuming full performance) in respect thereof. 
 “Guarantor
Payment” has the meaning ascribed to it in Section 13.7(a). 
 “Guarantors” means any
Subsidiary of Borrower that guarantees the Obligations hereunder by executing this Agreement or a supplemental guarantee in the form of Exhibit 1.1(a) attached hereto; provided that (i) upon the release or discharge of such Person
from its Guaranty in accordance with this Agreement, such Person shall cease to be a Guarantor and (ii) notwithstanding anything to the contrary in any Loan Document, in no event shall an Excluded Subsidiary be a Guarantor. 

“Guaranty” means the guarantee of the Obligations of Borrower hereunder by the Guarantors in Article 13 hereunder or
in a supplemental guarantee in accordance with Section 6.12 of this Agreement. 
 “Hazardous
Material” means any substance, material or waste that is regulated as a hazardous waste, hazardous substance, hazardous material, pollutant, contaminant or words of similar import under any Environmental Law, including but not limited to
any “Hazardous Waste” as defined by the Resource Conservation and Recovery Act (RCRA) (42 U.S.C. § 6901 et seq. (1976)), any “Hazardous Substance” as defined under the Comprehensive Environmental Response,
Compensation and Liability Act (CERCLA) (42 U.S.C. § 9601 et seq. (1980)), any petroleum or any fraction thereof, asbestos, polychlorinated biphenyls, toxic mold, mycotoxins, toxic microbial matter (naturally occurring or
otherwise), infectious waste and radioactive substances or any other substance that is regulated under Environmental Law due to its toxic, ignitable, reactive, corrosive, caustic or dangerous properties. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 

(1) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements
and currency exchange, interest rate or commodity collar agreements; and 
 (2) other agreements or arrangements designed to
protect such Person against fluctuations in currency exchange, interest rates or commodity prices. 
 “Impacted Lender”
means any Lender that fails to promptly provide Borrower or Agent, upon such Person’s reasonable request, reasonably satisfactory evidence that such Lender will not become a Defaulting Lender. 

  
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 “Increased Amount” has the meaning ascribed to it in
Section 7.7(d). 
 “Incur” means issue, assume, guarantee, incur or otherwise become liable for;
provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by
such Person at the time it becomes a Subsidiary. “Incurred” and “Incurrence” shall have like meanings. 

“Indebtedness” means, with respect to any Person: 

(1) the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase
price of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business, (ii) any earn-out
obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and (iii) liabilities accrued in the ordinary course of business), which purchase price is due more than twelve months after the
date of placing the property in service or taking delivery and title thereto, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness would
appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

(2) to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or
otherwise, the obligations referred to in clause (1) of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and 

(3) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person
(whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value (as determined in good faith by Borrower) of such asset at such
date of determination, and (b) the amount of such Indebtedness of such other Person; 
 provided, however, that,
notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller; (4) obligations under or in respect of a Qualified Securitization Financing
(including all obligations of any Securitization Subsidiary); (5) trade and other ordinary course payables, accrued expenses and intercompany liabilities arising in the ordinary course of business; (6) obligations in respect of cash
management services; (7) in the case of Borrower and the Restricted Subsidiaries (x) all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of
business and (y) intercompany liabilities in connection with cash management, tax and accounting operations of Borrower and the Restricted Subsidiaries; and (8) any obligations under Hedging Obligations; provided that such
agreements are entered into for bona fide hedging purposes of Borrower or the Restricted Subsidiaries (as determined in good faith by the Board of Directors or senior management of Borrower, whether or not accounted for as a hedge in accordance with
GAAP) and, in the case of any foreign exchange contract, currency swap agreement, futures contract, option contract or other similar agreement, such agreements are related to business transactions of Borrower or the Restricted Subsidiaries entered
into in the ordinary course of business and, in the case of any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, 

  
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interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement, such agreements substantially correspond in terms of notional amount, duration and
interest rates, as applicable, to Indebtedness of Borrower or the Restricted Subsidiaries Incurred without violation of this Agreement. 

Notwithstanding anything in this Agreement to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Agreement as a result of
accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Agreement but for the application of this sentence shall not be deemed an Incurrence of
Indebtedness under this Agreement. 
 “Indemnified Person” has the meaning ascribed to in
Section 2.11. 
 “Indemnified Tax” means (a) Taxes, other than Excluded Taxes, imposed on or
with respect to any payment made by or on account of any obligation of a Credit Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant, in each case of
nationally recognized standing, that is, in the good faith determination of Borrower, qualified to perform the task for which it has been engaged. 

“Information” has the meaning ascribed to it in Section 12.8. 

“Insolvency Law” means the Bankruptcy Code, as now and hereafter in effect, any successors to such statute and any other
applicable insolvency or other similar law of any jurisdiction including, without limitation, any law of any jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it. 

“Interchange System” means that certain rail interchange system governed by the Code of Car Service Rules/Code of Car Hire
Rules contained in AAR Circular OT-10 as promulgated in the Official Railway Equipment Register, as in effect from time to time, or any successor thereto. 

“Interest Payment Date” means (a) as to any Base Rate Loan, the last Business Day of each Fiscal Quarter to occur while
such Loan is outstanding and the Maturity Date and (b) as to any LIBOR Loan, the last day of the applicable LIBOR Period and the Maturity Date; provided, that in the case of any LIBOR Period greater than three months in duration,
interest shall be payable at three-month intervals and on the last day of such LIBOR Period. 
 “Investment Grade
Securities” means: 
 (1) securities issued or directly and fully guaranteed or insured by the U.S. government or
any agency or instrumentality thereof (other than Cash Equivalents), 
 (2) securities that have a rating equal to or higher
than Baa3 (or equivalent) by Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among Borrower and its Subsidiaries, 

(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and
(2) which fund may also hold material amounts of cash pending investment and/or distribution, and 

  
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 (4) corresponding instruments in countries other than the United States
customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in
the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the
ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments and
other credits to suppliers made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be
classified on the balance sheet of such Person in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of
“Unrestricted Subsidiary” and Section 7.2: 
 (1) “Investments” shall include
the portion (proportionate to Borrower’s Equity Interest in such Subsidiary) of the Fair Market Value (as determined in good faith by Borrower) of the net assets of such Subsidiary at the time that such Subsidiary is designated an Unrestricted
Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, Borrower shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount
(if positive) equal to: 
 (a) its “Investment” in such Subsidiary at the time of such redesignation less 

(b) the portion (proportionate to its Equity Interest in such Subsidiary) of the Fair Market Value (as determined in good faith
by Borrower) of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property transferred to
or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in good faith by Borrower) at the time of such transfer, in each case as determined in good faith by the Board of Directors of Borrower. 

“IRC” means the Internal Revenue Code of 1986, as amended. 

“IRS” means the Internal Revenue Service. 

“Joint Venture” means any Person a portion (but not all) of the Capital Stock of which is owned directly or indirectly by
Borrower or a Subsidiary thereof but which is not a Wholly Owned Subsidiary and which is engaged in a business that is similar to or complementary with the business of Borrower and its Subsidiaries as permitted under this Agreement. 

“Lead Arranger” means Citibank, N.A., in its capacities as Sole Lead Arranger and Sole Bookrunner. 

“Lender” means each financial institution or other entity that (a) is listed on the signature pages hereof as a
“Lender” or (b) from time to time becomes a party hereto by execution of an Assignment Agreement. 
 “LIBOR Business
Day” means a Business Day on which banks in the City of London are generally open for interbank or foreign exchange transactions. 

  
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 “LIBOR Loan” means a Loan or any portion thereof bearing interest by
reference to the LIBOR Rate. 
 “LIBOR Margin” means the per annum interest rate margin from time to time in effect and
payable with respect to LIBOR Loans, as determined in accordance with the definition of Applicable Margin. 
 “LIBOR
Period” means, with respect to any LIBOR Loan, each period commencing on a LIBOR Business Day selected by Borrower pursuant to this Agreement and ending one, three or six months thereafter, as selected by Borrower’s irrevocable notice
to Agent as set forth in Section 2.5(e); provided, that the foregoing provision relating to LIBOR Periods is subject to the following: 

(a) if any LIBOR Period would otherwise end on a day that is not a LIBOR Business Day, such LIBOR Period shall be extended to the next
succeeding LIBOR Business Day unless the result of such extension would be to carry such LIBOR Period into another calendar month, in which event such LIBOR Period shall end on the immediately preceding LIBOR Business Day; 

(b) any LIBOR Period that would otherwise extend beyond the Maturity Date shall end on such date; 

(c) any LIBOR Period that begins on the last LIBOR Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such LIBOR Period) shall end on the last LIBOR Business Day of a calendar month; and 

(d) Borrower shall select LIBOR Periods so that there shall be no more than 10 separate LIBOR Loans in existence at any one time. 

“LIBOR Rate” means for each LIBOR Period, a rate of interest determined by Agent equal to: 

(a) the London interbank offered rate, for any LIBOR Period with respect to a LIBOR Loan, and displayed on the appropriate page of the Reuters
screen (or on any successor page or any successor service, or any substitute page or substitute for such service, providing rate quotations comparable to those currently provided on Reuters screen, as determined by Agent from time to time for
purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) for deposits in Dollars (for delivery on the first day of such LIBOR Period) with a term equivalent to such LIBOR Period two Business
Days prior to the commencement of such LIBOR Period (but if more than one rate is specified on such page, the rate will be an arithmetic average of all such rates), or, if for any reason such rate is not available, the rate at which Dollar deposits
for a maturity comparable to such LIBOR Period that would be offered to Agent by major banks in the London or other offshore interbank market for Dollars at their request at approximately 11:00 a.m. (London time) two Business Days prior to the
commencement of such LIBOR Period; divided by 
 (b) a number equal to 1.0 minus the aggregate (but without duplication) of the
rates (expressed as a decimal fraction) of reserve requirements in effect on the day that is two LIBOR Business Days prior to the beginning of such LIBOR Period (including basic, supplemental, marginal and emergency reserves under any regulations of
the Federal Reserve Board or other Governmental Authority having jurisdiction with respect thereto, as now and from time to time in effect) for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of
the Federal Reserve Board) that are required to be maintained by a member bank of the Federal Reserve System. 

  
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 In no event shall the LIBOR Rate be less than 0.00%. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement or any lease in the nature thereof); provided that in no event shall an
operating lease or an agreement to sell be deemed to constitute a Lien. 
 “Limited Condition Acquisition” means any
acquisition, including by way of merger, amalgamation or consolidation, by one or more of Borrower and its Restricted Subsidiaries of any Person or any business or line of business or division of any Person, permitted by this Agreement and which is
designated as a Limited Condition Acquisition by Borrower or such Restricted Subsidiary in writing to Agent on or prior to the date the definitive agreements for such acquisition are entered into. 

“Litigation” has the meaning ascribed to it in Section 4.13. 

“Loan Documents” means this Agreement, the Guaranties and all other agreements, instruments, and documents executed and
delivered to, or in favor of, Agent, or any Lenders pertaining to any Obligation hereunder and including all other powers of attorney, consents and assignments. Any reference in this Agreement or any other Loan Document to a Loan Document shall
include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such
reference becomes operative. 
 “Loans” means the loans made by the Lenders to the Borrower pursuant to
Section 2.1(a) on the Closing Date and during the Draw Period. 
 “Material Adverse Effect”
means, a material adverse effect on (x) the business, financial condition, operations or properties of Borrower and its Subsidiaries, taken as a whole, after giving effect to the Transactions, (y) the ability of Borrower or the other
Credit Parties to perform their payment obligations under the Loan Documents when due, and (z) the validity or enforceability of any of the Loan Documents or the rights and remedies of Agent and the Lenders under any of the Loan Documents. 

“Maturity Date” means the date that is 364 days after the Closing Date, provided that if such date is not a Business Day,
then the Maturity Date shall be the next preceding Business Day. 
 “Maximum Lawful Rate” has the meaning ascribed to it in
Section 2.5(f). 
 “MNPI” means information that is (a) not publicly available with respect
to Borrower (or any Subsidiary of Borrower, as the case may be) and (b) material with respect to Borrower (or its Subsidiaries) or their securities for purpose of United States federal and state securities laws. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“MSSF” means Morgan Stanley Senior Funding, Inc. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, and to which any
Credit Party or ERISA Affiliate is making, is obligated to make, or has made or been obligated to make, contributions on behalf of participants who are or were employed by any of them. 

  
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 “Net Income” means, with respect to any Person, the net income (loss) of
such Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Proceeds” means: 

(a) with respect to any Prepayment Disposition, the aggregate cash proceeds received by Borrower or any Restricted Subsidiary in respect of
such Prepayment Disposition (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in such Prepayment
Disposition and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring person of Indebtedness
relating to the disposed assets or other consideration received in any other non-cash form), net of the direct costs relating to such Prepayment Disposition and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses incurred as a result thereof, taxes paid or
reasonably estimated by Borrower to be payable as a result thereof (including Tax Distributions and after taking into account any available tax credits or deductions and any tax sharing arrangements related solely to such disposition), amounts
required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other than the Loans and other Indebtedness secured on a pari passu or junior lien basis with the Liens securing the Obligations under this
Agreement) to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided by Borrower and the Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset
disposed of in such transaction and retained by Borrower and the Restricted Subsidiaries after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to
environmental matters or against any indemnification obligations associated with such transaction; provided, that (i) no net cash proceeds calculated in accordance with the foregoing shall constitute Net Proceeds in any Fiscal Year until
the aggregate amount of all such net cash proceeds otherwise constituting Net Proceeds pursuant to the foregoing clause (a) in such Fiscal Year shall exceed $200,000,000 (and thereafter only net cash proceeds in excess of such amount shall
constitute Net Proceeds) and (ii) net cash proceeds from the sale or other disposition of any ABL Assets (including any indirect sale or other disposition occurring by reason of the indirect sale or other disposition of the Person that holds
such ABL Assets) shall not constitute Net Proceeds to the extent that such net cash proceeds are be applied in payment of any obligations under the ABL Credit Agreement (or any credit facility or facilities which amend, restate, refinance, replace,
increase or otherwise modify the ABL Credit Agreement); and 
 (b) with respect to the incurrence of Indebtedness, the aggregate cash
proceeds received by Borrower or any Restricted Subsidiary in respect of the incurrence of such Indebtedness, net of the direct costs of such incurrence (including, without limitation, legal, accounting and investment banking fees, and brokerage and
sales commissions). 
 To the extent Net Proceeds of any Prepayment Disposition are received by a Restricted Subsidiary that is not a Wholly
Owned Restricted Subsidiary, Net Proceeds of such Prepayment Disposition shall be deemed to be an amount equal to the gross Net Proceeds of such Prepayment Disposition, multiplied by a fraction equal to Borrower’s percentage of ownership of the
economic interests in the Equity Interests of the Restricted Subsidiary. 
 “Non-Consenting
Lender” has the meaning ascribed to it in Section 12.2(d). 
 “Norbert” means Norbert
Dentressangle S.A., a French public limited company (société anonyme). 

  
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 “Norbert Acquisition” means the acquisition by Borrower, directly or
indirectly, of up to 100% of the outstanding capital stock of Norbert pursuant to (a) the Norbert Private Sale and (b) the Norbert Offer and (c) market purchases or any other purchase of shares not sold in the Norbert Offer or the
Norbert Private Sale. 
 “Norbert Acquisition Agreement” means that certain Share Purchase Agreement among Dentressangle
Initiatives, Mr. Norbert Dentressangle, Mrs. Evelyne Dentressangle, Mr. Pierre-Henri Dentressangle, Ms. Marine Dentressangle and Borrower, dated as of April 28, 2015, together with all exhibits, annexes and schedules
thereto. 
 “Norbert Bridge Credit Agreement” means that certain Senior Unsecured Bridge Term Loan Credit Agreement,
dated as of April 28, 2015, by and among Borrower, certain subsidiaries of Borrower, MSSF, as administrative agent, and the other parties thereto, including all exhibits, annexes and schedules thereto. 

“Norbert Offer” means the mandatory public takeover offer made or to be made by Borrower pursuant to the General Regulation
of the French Autorité des marches financiers and in accordance with the Norbert Offer Agreement. 

“Norbert Offer Agreement” means the Tender Offer Agreement between Borrower and Norbert, dated as of April 28, 2015,
together with all exhibits, annexes and schedules thereto. 
 “Norbert Private Sale” means the sale of 6,561,776 ordinary
shares, nominal value €2, of Norbert acquired by Borrower pursuant to the Norbert Acquisition Agreement. 
 “Norbert
Refinancing Indebtedness” means Indebtedness incurred at Norbert or any of its Subsidiaries and incurred to refund, refinance, replace, renew, extend or defease any Indebtedness of Norbert or any of its Subsidiaries, and any Indebtedness
incurred at Norbert or any of its Subsidiaries issued to so refund, refinance, replace, renew, extend or defease such Indebtedness, in an amount not to exceed the principal amount of such Indebtedness plus additional Indebtedness incurred to pay
make-wholes, premiums, accrued interest, defeasance costs and fees and related costs and expenses in connection therewith. 

“Norbert Transactions” means (a) the consummation of the Norbert Acquisition (including the Norbert Private Sale and the
Norbert Offer) and transactions contemplated thereby and in connection therewith, (b) the execution, delivery and performance of the Norbert Bridge Credit Agreement, (c) Borrower’s or any of its Subsidiaries’ incurrence,
replacement, redemption, repayment, defeasance, discharge or refinancing of indebtedness or liens in connection with the Norbert Acquisition, including the incurrence of any Norbert Refinancing Indebtedness, (d) the amendment of the Existing
ABL Credit Agreement pursuant to Amendment No. 2 thereto and (e) the payment of fees and expenses in connection with the foregoing. 

“Note” means a promissory note made by Borrower in favor of a Lender evidencing Loans made by such Lender hereunder,
substantially in the form of Exhibit 1.1(g). 
 “Notice of Borrowing” has the meaning ascribed to it in
Section 2.1(b). 
 “Notice of Conversion/Continuation” has the meaning ascribed to it in
Section 2.5(e). 

  
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 “Obligations” means all loans, advances, debts, liabilities and obligations
for the performance of covenants or for payment of monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable) owing by any Credit Party to any Lender or Agent under any Loan
Document, and all covenants and duties regarding such amounts, of any kind or nature, present or future, whether or not evidenced by any note, agreement or other instrument, arising under this Agreement or any of the other Loan Documents. This term
includes all principal, interest (including all interest that accrues after the commencement of any case or proceeding by or against any Credit Party in bankruptcy, whether or not allowed in such case or proceeding), Fees, expenses, attorneys’
fees and any other sum chargeable to any Credit Party under this Agreement or any of the other Loan Documents. 
 “OFAC”
has the meaning ascribed to it in Section 4.23. 
 “Officer” means, with respect to any Person,
the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of such Person. 

“Officer’s Certificate” means, with respect to any Person, a certificate signed on behalf of such Person
by two Officers of such Person, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of such Person, which meets the requirements set forth in this Agreement. 

“Opinion of Counsel” means, with respect to any Person, a written opinion acceptable to Agent, from legal counsel. The
counsel may be an employee of or counsel to such Person. 
 “Original Issue Date” means August 25, 2014. 

“Other Applicable Secured Indebtedness” has the meaning specified in Section 2.3(b)(ii). 

“Other Applicable Unsecured Indebtedness” has the meaning specified in Section 2.3(b)(ii). 

“Other Connection Taxes” means, with respect to a Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising solely from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Lender” has the meaning ascribed to it in Section 2.1(g). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any other Loan Documents, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.14(d)). 

“Participant Register” has the meaning ascribed to it in Section 11.1(c). 

“Patriot Act” has the meaning ascribed to it in Section 4.24. 

“PBGC” means the Pension Benefit Guaranty Corporation. 

  
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 “Pension Plan” means a Plan described in Section 3(2) of ERISA. 

“Permitted Holders” means Jacobs Private Equity, LLC and each of its Affiliates, Bradley Jacobs (“Jacobs”),
any entity controlled by Jacobs, Jacobs’ wife, Jacobs’ children and other lineal descendants and trusts established for the benefit of any of the foregoing. 

“Permitted Investments” means: 

(1) any Investment in Borrower or any Restricted Subsidiary; 

(2) any Investment in Cash Equivalents or Investment Grade Securities; 

(3) any Investment by Borrower or any Restricted Subsidiary in a Person that is engaged in a Similar Business if as a result of
such Investment (a) such Person becomes a Restricted Subsidiary, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially
all of its assets to, or is liquidated into, Borrower or a Restricted Subsidiary; 
 (4) any Investment in securities or
other assets not constituting Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 7.4 or any other disposition of assets not constituting an Asset Sale; 

(5) any Investment existing on, or made pursuant to binding commitments existing on, the Closing Date (including, for the
avoidance of doubt, Investments of Con-way and any Restricted Subsidiary which is a Subsidiary thereof) or an Investment consisting of any extension, modification or renewal of any Investment existing on the
Closing Date; provided that the amount of any such Investment may be increased (x) as required by the terms of such Investment as in existence on the Closing Date or (y) as otherwise permitted under this Agreement; 

(6) loans and advances to officers, directors, employees or consultants of Borrower or any of its Subsidiaries (i) in the
ordinary course of business in an aggregate outstanding amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed $55.0 million at the time of Incurrence, (ii) in
respect of payroll payments and expenses in the ordinary course of business and (iii) in connection with such Person’s purchase of Equity Interests of Borrower or any direct or indirect parent of Borrower solely to the extent that the
amount of such loans and advances shall be contributed to Borrower in cash as common equity; 
 (7) any Investment acquired
by Borrower or any Restricted Subsidiary (a) in exchange for any other Investment or accounts receivable held by Borrower or such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or
recapitalization of the issuer of such other Investment or accounts receivable, or (b) as a result of a foreclosure by Borrower or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any
secured Investment in default, or as a result of a Bail-In Action with respect to any contractual counterparty of the Borrower or any Restricted Subsidiary; 

(8) Hedging Obligations permitted under Section 7.1(b)(x); 

  
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 (9) any Investment by Borrower or any Restricted Subsidiary in a Similar
Business having an aggregate Fair Market Value (as determined in good faith by Borrower), taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the sum of (x) the
greater of $820 million and 60% of Consolidated EBITDA at the time such Investment is made, plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income
and similar amounts) actually received in respect of any such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that
if any Investment pursuant to this clause (9) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall
thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary; 

(10) additional Investments by Borrower or any Restricted Subsidiary having an aggregate Fair Market Value (as determined in
good faith by Borrower), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed the sum of (x) the greater of $820 million and 60% of Consolidated EBITDA as of the
date of such Investment plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect of any such Investment
(with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (10) is made in any Person
that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and
shall cease to have been made pursuant to this clause (10) for so long as such Person continues to be a Restricted Subsidiary; 

(11) loans and advances to officers, directors or employees for business-related travel expenses, moving expenses and other
similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice or to fund such Person’s purchase of Equity Interests of Borrower or any direct or indirect parent of Borrower; 

(12) Investments the payment for which consists of Equity Interests of Borrower (other than Disqualified Stock) or any direct
or indirect parent of Borrower, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause (4) of the definition of “Cumulative Credit”; 

(13) any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions
of Section 7.5 (b) (except
transactions described in clauses (ii), (iv), (vi), (viii)(B) and (xv) of Section 7.5(b)); 

(14) guarantees issued in accordance with Section 7.1 and Section 6.12,
including, without limitation, any guarantee or other obligation issued or incurred under any Credit Agreement in connection with any letter of credit issued for the account of Borrower or any of its Subsidiaries (including with respect to the
issuance of, or payments in respect of drawings under, such letters of credit); 
 (15) Investments consisting of or to
finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property; 

(16) any Investment in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in
connection with a Qualified Securitization Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Securitization Financing or any related Indebtedness; 

  
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 (17) any Investment in an entity which is not a Restricted Subsidiary to
which a Restricted Subsidiary sells Securitization Assets pursuant to a Securitization Financing; 
 (18) Investments of a
Restricted Subsidiary acquired after the Closing Date or of an entity merged into, amalgamated with, or consolidated with Borrower or a Restricted Subsidiary in a transaction that is not prohibited by Section 7.8 after the
Closing Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(19) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection
or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers; 
 (20) advances in the form of
a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of Borrower or the Restricted Subsidiaries; 

(21) Investments in joint ventures or Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in good
faith by Borrower), taken together with all other Investments made pursuant to this clause (21) that are at that time outstanding, not to exceed the sum of (x) the greater of (A) $150 million and (B) 10% of Consolidated EBITDA in the
aggregate as of the date of such Investment, plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in
respect of any such Investment (with the Fair Market Value each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this
clause (21) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made
pursuant to clause (1) above and shall cease to have been made pursuant to this clause (21) for so long as such Person continues to be a Restricted Subsidiary; 

(22) any Investment in any Subsidiary of Borrower or any joint venture in connection with intercompany cash management
arrangements or related activities arising in the ordinary course of business; 
 (23) Guarantied Obligations of Borrower or
any Restricted Subsidiary of leases or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business; and 

(24) loans and advances to independent contractors, owner-operators, drivers and carriers in an amount not to exceed
$15 million at any time. 
 “Permitted Jurisdictions” has the meaning ascribed to it in
Section 7.8(a). 
 “Permitted Liens” means, with respect to any Person: 

  
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 (1) pledges, bonds or deposits and other Liens granted by such Person under
workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or
deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds, performance and return of money bonds, or deposits as security for contested Taxes or import duties or
for the payment of rent, in each case Incurred in the ordinary course of business; 
 (2) Liens imposed by law, such as
landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens securing obligations that are not overdue by more than 30 days or that are being contested in good faith by
appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 

(3) Liens for Taxes, assessments or other governmental charges not yet overdue by more than 30 days, or that are being
contested in good faith by appropriate proceedings; 
 (4) Liens in favor of issuers of performance and surety bonds or bid
bonds or with respect to other regulatory requirements or letters of credit, bankers’ acceptances or similar obligations issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

(5) minor survey exceptions, minor encumbrances, trackage rights, special assessments, easements or reservations of, or rights
of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, servicing agreements, development agreements,
site plan agreements and other similar encumbrances incurred in the ordinary course of business or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of
its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(6) (A) Liens on assets of a Subsidiary that is not a Guarantor securing Indebtedness of a Subsidiary that is not a Guarantor
permitted to be Incurred pursuant to Section 7.1; 
 (B) Liens securing (x) Indebtedness
Incurred pursuant to Section 7.1(b)(i) and (y) any other Indebtedness permitted to be Incurred by this Agreement if, in the case of clause (y), as of the date such Indebtedness was Incurred, and after giving
pro forma effect thereto and the application of the net proceeds therefrom, the Consolidated Secured Net Leverage Ratio of Borrower does not exceed 3.50 to 1.00; 

(C) Liens securing obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (iv) or (xiv) (to
the extent such guarantees are issued in respect of any Indebtedness) of Section 7.1(b); 
 (7)
Liens existing on the Closing Date (including, for the avoidance of doubt, Liens on assets of Con-way and any Restricted Subsidiary which is a Subsidiary thereof but excluding Liens in favor of the lenders
under the Credit Agreements); 
 (8) Liens on assets, property or shares of stock of a Person at the time such Person becomes
a Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such Liens may
not extend to any other property owned by Borrower or any Restricted Subsidiary (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been
subject to such Lien notwithstanding the occurrence of such acquisition); 

  
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 (9) Liens on assets or property at the time Borrower or a Restricted
Subsidiary acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into Borrower or any Restricted Subsidiary; provided, however, that such Liens are not created or
Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other property owned by Borrower or any Restricted Subsidiary (other than pursuant to
after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition); 

(10) Liens securing Indebtedness or other obligations of Borrower or a Restricted Subsidiary owing to Borrower or another
Restricted Subsidiary permitted to be Incurred in accordance with Section 7.1; 
 (11) Liens
securing Hedging Obligations (and, for the avoidance of doubt, Swap Obligations) not incurred in violation of this Agreement; 

(12) Liens on inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
documentary letters of credit, bank guarantees or bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(13) leases, subleases, licenses and sublicenses of real property which do not materially interfere with the ordinary conduct
of the business of Borrower or any of the Restricted Subsidiaries; 
 (14) Liens arising from Uniform Commercial Code
financing statement filings (or equivalent filings including under the PPSA) regarding operating leases or other obligations not constituting Indebtedness; 

(15) Liens in favor of Borrower or any Guarantor; 

(16) Liens on assets of the type specified in the definition of “Securitization Financing” Incurred in connection
with a Qualified Securitization Financing; 
 (17) pledges and deposits and other Liens made in the ordinary course of
business to secure liability to insurance carriers; 
 (18) Liens on the Equity Interests of Unrestricted Subsidiaries; 

(19) leases or subleases, and licenses or sublicenses (including with respect to intellectual property) granted to others in
the ordinary course of business, and Liens on real property which is not owned but is leased or subleased by Borrower or any Restricted Subsidiary; 

(20) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings,
extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6), (7), (8), (9), (10), (11), (15) and (25) of this definition; provided, however, that
(x) such new Lien shall be limited to all or part of 

  
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the same property (including any after acquired property to the extent it would have been subject to the original Lien) that secured the original Lien (plus improvements on and accessions to such
property, proceeds and products thereof, customary security deposits and any other assets pursuant to the after-acquired property clauses to the extent such assets secured (or would have secured) the Indebtedness being refinanced, refunded,
extended, renewed or replaced), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount (or accreted value, if applicable) or, if greater,
committed amount of the applicable Indebtedness described under clauses (6), (7), (8), (9), (10), (11), (15) and (25) at the time the original Lien became a Permitted Lien under this Agreement, (B) unpaid accrued interest and premiums
(including tender premiums), and (C) an amount necessary to pay any underwriting discounts, defeasance costs, commissions, fees and expenses related to such refinancing, refunding, extension, renewal or replacement; provided,
further, however, that in the case of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B), (6)(C) or (25), the principal amount of any Indebtedness
Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause (6)(B), (6)(C) or (25) and not this clause (20) for purposes of determining the principal amount of Indebtedness outstanding
under clause (6)(B) or (6)(C); 
 (21) Liens on equipment of Borrower or any Restricted Subsidiary granted in the
ordinary course of business to Borrower’s or such Restricted Subsidiary’s client at which such equipment is located; 

(22) judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights
related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(23) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of
goods entered into in the ordinary course of business; 
 (24) Liens incurred to secure cash management services or to
implement cash pooling arrangements in the ordinary course of business; 
 (25) other Liens securing obligations the
outstanding principal amount of which does not, taken together with the principal amount of all other obligations secured by Liens incurred under this clause (25) that are at that time outstanding, exceed the greater of $410 million and
30% of Consolidated EBITDA at the time of incurrence; 
 (26) any encumbrance or restriction (including put and call
arrangements) with respect to Capital Stock of any joint venture or similar arrangement securing obligations of such joint venture or pursuant to any joint venture or similar agreement; 

(27) any amounts held by a trustee in the funds and accounts under any indenture issued in escrow pursuant to customary escrow
arrangements pending the release thereof, or under any indenture pursuant to customary discharge, redemption or defeasance provisions; 

(28) Liens (i) arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution, (ii) attaching to commodity trading accounts or other commodity brokerage
accounts incurred in the ordinary course of business or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business and not for
speculative purposes; 

  
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 (29) Liens (i) in favor of credit card companies pursuant to agreements
therewith and (ii) in favor of customers; 
 (30) Liens disclosed by the title commitments or title insurance policies
delivered pursuant to any Credit Agreement and any replacement, extension or renewal of any such Lien; provided that such replacement, extension or renewal Lien shall not cover any property other than the property that was subject to
such Lien prior to such replacement, extension or renewal; provided, further, that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted under this Agreement; 

(31) Liens that are contractual rights of set-off relating to purchase orders and other
agreements entered into with customers, suppliers or service providers of Borrower or any Restricted Subsidiary in the ordinary course of business; 

(32) in the case of real property that constitutes a leasehold or subleasehold interest, (x) any Lien to which the fee
simple interest (or any superior leasehold interest) is or may become subject and any subordination of such leasehold or subleasehold interest to any such Lien in accordance with the terms and provisions of the applicable leasehold or subleasehold
documents, and (y) any right of first refusal, right of first negotiation or right of first offer which is granted to the lessor or sublessor; 

(33) agreements to subordinate any interest of Borrower or any Restricted Subsidiary in any accounts receivable or other prices
arising from inventory consigned by Borrower or any such Restricted Subsidiary pursuant to an agreement entered into in the ordinary course of business; 

(34) Liens on securities that are the subject of repurchase agreements constituting Cash Equivalents under clause (4) of
the definition thereof; 
 (35) [Reserved]; 

(36) Liens securing insurance premium financing arrangements; provided that such Liens are limited to the
applicable unearned insurance premiums; 
 (37) Liens granted in the ordinary course of business consistent with past
practice to lessors of Railcars, Chassis, trucks, trailers or tractors, leased by Borrower or any Restricted Subsidiary thereof pursuant to arrangements which are intended to be true leases; 

(38) [Reserved]; and 

(39) if and for so long as Borrower holds Capital Stock that constitutes “margin stock” within the meaning of
Regulation U, Liens on such Capital Stock to the extent the value of such Capital Stock, together with the value of all other margin stock held by Borrower and its Subsidiaries, exceeds 25% of the total value of all their assets subject to
Section 7.7. 
 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

  
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 “Plan” means, at any time, an “employee benefit plan”, as defined
in Section 3(3) of ERISA (other than a Multiemployer Plan), that any Credit Party or ERISA Affiliate maintains, contributes to or has an obligation to contribute to or has maintained, contributed to or had an obligation to contribute to at any
time within the past seven (7) years on behalf of participants who are or were employed by any Credit Party or ERISA Affiliate. 

“PPSA ” means the Personal Property Security Act (Ontario) (or any successor statute) or similar legislation (including the
Civil Code of Quebec) of any other Canadian jurisdiction the laws of which are required by such legislation to be applied in connection with the issue, perfection, effect of perfection, enforcement, enforceability, opposability, validity or effect
of security interests or other applicable lien. 
 “Preferred Stock” means any Equity Interest with preferential right of
payment of dividends or upon liquidation, dissolution, or winding up. 
 “Prepayment Disposition” means (i) any Asset
Sale, (ii) any other disposition of the type referred to in clause (b) of the definition of Asset Sale and (iii) any Casualty Event (other than a Casualty Event relating to property or assets which, had they been disposed of
immediately prior to the applicable Casualty Event, would not have constituted an “Asset Sale”). 
 “Pro Rata
Share” means with respect to all matters relating to any Lender, (i) the percentage obtained by dividing (A) the Commitment of such Lender by (B) the aggregate Commitments of all Lenders (provided that if
the Commitments shall have terminated, the Pro Rata Share of each Lender shall be obtained by dividing (A) the aggregate Loans of such Lender by (B) the aggregate Loans of all Lenders), in each case as any such percentages
may be adjusted by increases or decreases in Commitments and Loans pursuant to the terms and conditions hereof or by assignments permitted pursuant to Section 11.1. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 “Public Lender” has the meaning ascribed to it in Section 10.13(a).

 “Qualified Plan” means a Pension Plan that is intended to be tax-qualified under Section 401(a) of the IRC. 

“Qualified Securitization Financing” means any Securitization Financing of a Securitization Subsidiary that meets the
following conditions: 
 (1) the Board of Directors of Borrower shall have determined in good faith that such Qualified
Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to Borrower and the Securitization Subsidiary; 

(2) all sales of Securitization Assets and related assets to the Securitization Subsidiary are made at Fair Market Value (as
determined in good faith by Borrower); and 
 (3) the financing terms, covenants, termination events and other provisions
thereof shall be market terms (as determined in good faith by Borrower) and may include Standard Securitization Undertakings. 

  
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 For the avoidance of doubt, the grant of a security interest in any Securitization Assets of
Borrower or any Restricted Subsidiary (other than a Securitization Subsidiary) to secure Term Facility Indebtedness, ABL Facility Indebtedness, Indebtedness in respect of the 2022 Notes, the 2023 Notes,
Con-Way Debentures, Indebtedness hereunder or any Refinancing Indebtedness with respect to the 2022 Notes, 2023 Notes Con-Way Debentures or hereunder (in each case, to
the extent not constituting a Securitization Financing) shall not be deemed a Qualified Securitization Financing. 

“Railcars” means the railroad cars, locomotives or other rolling stock (including stacktrain), or accessories used on such
railroad cars, locomotives or other rolling stock (including superstructures and racks) owned by Borrower or any Restricted Subsidiary and employed in the conduct of such Person’s business. 

“Ratio Debt” has the meaning specified in Section 7.1(a). 

“Real Property” shall mean collectively, all right, title and interest (including any leasehold estate) in and to any and all
parcels of or interests in real property owned in fee or leased by any Credit Party, whether by lease, license, or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and
appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 

“Recipient” means (a) Agent and (b) any Lender, as applicable. 

“Refinancing Indebtedness” has the meaning ascribed to it in Section 7.1(b)(xv). 

“Refunding Capital Stock” has the meaning ascribed to it in Section 7.2(b)(ii)(A). 

“Register” has the meaning ascribed to it in Section 11.1(a)(i). 

“Regulation U” has the meaning ascribed to it in Section 4.10. 

“Related Persons” means, with respect to any Person, each Affiliate of such Person and each director, officer, employee,
agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor and other consultants and agents of or to such Person or any of its Affiliates. 

“Release” means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape,
injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material in the environment, including the migration of Hazardous Material through or in the air, soil, surface water, ground water or property. 

“Replacement Lender” has the meaning ascribed to it in Section 2.14(d). 

“Requisite Lenders” means Lenders having more than 50% of the Commitments and Loans of all Lenders. 

“Restricted Cash” means cash and Cash Equivalents held by Borrower and the Restricted Subsidiaries that would appear as
“restricted” on a consolidated balance sheet of Borrower or any of the Restricted Subsidiaries. 
 “Restricted
Investment” means an Investment other than a Permitted Investment. 

  
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 “Restricted Payments” has the meaning ascribed to such term in
Section 7.2. 
 “Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such
Person other than an Unrestricted Subsidiary of such Person. Unless the context otherwise requires, the term “Restricted Subsidiary” shall mean a Restricted Subsidiary of Borrower. 

“Retired Capital Stock” has the meaning ascribed to it in Section 7.2(b)(ii)(A). 

“Retiree Welfare Plan” means, at any time, a welfare plan (within the meaning of Section 3(1) of ERISA) that provides
for continuing coverage or benefits for any participant or any beneficiary of a participant after such participant’s termination of employment, other than continuation coverage provided pursuant to Section 4980B of the IRC or other similar
state law and at the sole expense of the participant or the beneficiary of the participant. 
 “S&P” means
Standard & Poor’s Ratings Group or any successor to the rating agency business thereof. 
 “Sale/Leaseback
Transaction” means an arrangement relating to property now owned or hereafter acquired by Borrower or a Restricted Subsidiary whereby Borrower or such Restricted Subsidiary transfers such property to a Person and Borrower or such Restricted
Subsidiary leases it from such Person, other than leases between any of Borrower and a Restricted Subsidiary or between Restricted Subsidiaries. 

“Schedules” means the Schedules prepared by Borrower and attached to this Agreement. 

“SDN List” has the meaning ascribed to it in Section 4.23. 

“SEC” means the United States Securities and Exchange Commission. 

“Secured Indebtedness” means any Consolidated Total Indebtedness secured by a Lien. 

“Securitization Assets” means any of the following assets (or interests therein) from time to time originated, acquired or
otherwise owned by Borrower or any Restricted Subsidiary or in which Borrower or any Restricted Subsidiary has any rights or interests, in each case, without regard to where such assets or interests are located: (1) accounts receivable
(including any bills of exchange), (2) royalty and other similar payments made related to the use of trade names and other intellectual property, business support, training and other services, (3) revenues related to distribution and
merchandising of the products of Borrower and the Restricted Subsidiaries, (4) intellectual property rights relating to the generation of any of the foregoing types of assets, (5) parcels of or interests in real property, together with all
easements, hereditaments and appurtenances thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof and (6) any other assets and property to the extent customarily included in
securitization transactions of the relevant type in the applicable jurisdictions (as determined by Borrower in good faith). 

“Securitization Fees” means distributions or payments made directly or by means of discounts with respect to any
participation interests issued or sold in connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Securitization Financing. 

“Securitization Financing” means any transaction or series of transactions that may be entered into by Borrower or any of
their Subsidiaries pursuant to which Borrower or any of their Subsidiaries may sell, convey or otherwise transfer (including, for the avoidance of doubt, any conveyance or transfer effected by means of declaration of a trust over the relevant
assets) to (a) a Securitization 

  
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Subsidiary (in the case of a transfer by Borrower or any of its Subsidiaries); and (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security
interest in, any Securitization Assets (whether now existing or arising in the future) of Borrower or any of their Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such Securitization Assets, all
contracts and all guarantees or other obligations in respect of such Securitization Assets, proceeds of such Securitization Assets and other assets which are customarily transferred or in respect of which security interests are customarily granted
in connection with asset securitization transactions involving Securitization Assets and any Hedging Obligations entered into by Borrower or any such Subsidiary in connection with such Securitization Assets. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a Securitization Asset or portion thereof becoming subject to any asserted
defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means a Wholly Owned Restricted Subsidiary (or another Person formed for the purposes of engaging
in a Qualified Securitization Financing in which Borrower or any of its Subsidiaries makes an Investment and to which Borrower or any of its Subsidiaries transfers Securitization Assets and related assets) which engages in no activities other than
in connection with the financing of Securitization Assets of Borrower and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities incidental or
related to such business, and which is designated by the Board of Directors of Borrower (as provided below) as a Securitization Subsidiary and: 

(a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Borrower or any other
Restricted Subsidiary (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates Borrower or any other Restricted
Subsidiary in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of Borrower or any other Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction
thereof, other than pursuant to Standard Securitization Undertakings; 
 (b) with which neither Borrower nor any Restricted Subsidiary has
any material contract, agreement, arrangement or understanding other than on terms which Borrower reasonably believes to be no less favorable to Borrower or such Restricted Subsidiary than those that might be obtained at the time from Persons that
are not Affiliates of Borrower (other than pursuant to Standard Securitization Undertakings); and 
 (c) to which neither Borrower nor any
Restricted Subsidiary has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results (other than pursuant to Standard Securitization Undertakings). 

Any such designation by the Board of Directors of Borrower shall be evidenced to Agent by filing with Agent a certified copy of the resolution of the Board of
Directors of Borrower giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing conditions. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” within the
meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provisions). 

  
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 “Similar Business” means any business (x) the majority of whose
revenues are derived from business or activities conducted by Borrower and its Subsidiaries on the Closing Date, (y) that is a natural outgrowth or reasonable extension, development, expansion of any business or activities conducted by Borrower
and their subsidiaries on the Closing Date or any business similar, reasonably related, incidental, complementary or ancillary to any of the foregoing and (z) any business that in Borrower’s good faith business judgment constitutes a
reasonable diversification of businesses conducted by Borrower and its Subsidiaries. 
 “Solvent” means, with respect to
any Person organized under the laws of the United States or any state thereof, on a particular date, that on such date (a) the fair value of the assets of such Person, at a fair valuation, will exceed the debts and liabilities, direct,
subordinated, contingent or otherwise, of such Person; (b) the present fair saleable value of the property of such Person will be greater than the amount that will be required to pay the probable liability of such Person on its debts and other
liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) such Person will be able to pay its debts and liabilities, direct, subordinated, contingent or otherwise, as such
debts and liabilities become absolute and matured; and (d) such Person will not have unreasonably small capital with which to conduct the businesses in which it is engaged as such businesses are conducted on such date and are proposed to be
conducted after such date. 
 “Standard Securitization Undertakings” means representations, warranties, covenants,
indemnities and guarantees of performance entered into by Borrower or any of its Subsidiaries which Borrower has determined in good faith to be customary in a Securitization Financing including, without limitation, those relating to the servicing of
the assets of a Securitization Subsidiary, it being understood that any Securitization Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 

“Subordinated Indebtedness” means (a) with respect to Borrower, any Indebtedness of Borrower which is by its terms
subordinated in right of payment to the Loans, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to its Guaranty of Indebtedness under this Agreement. 

“Subsidiary” means, with respect to any Person, (1) any corporation, association or other business entity (other than a
partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint venture or limited
liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is
a controlling general partner or otherwise controls such entity. Unless the context otherwise requires, the term “Subsidiary” shall mean a Subsidiary of Borrower. 

“Successor Company” has the meaning ascribed to it in Section 7.8(a)(i). 

“Successor Guarantor” has the meaning ascribed to it in Section 7.8(b)(i). 

“Surface Transportation Board” means the Surface Transportation Board, an agency of the federal government of the United
States, and any successor agency thereof. 

  
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 “Swap Obligation” means, with respect to any Credit Party, any obligation
to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1(a)(47) of the Commodity Exchange Act. 

“Tax Compliance Certificate” has the meaning ascribed to it in Section 2.13(d). 

“Tax Distributions” means any distributions described in Section 7.2(b)(xi). 

“Taxes” means present and future taxes (including, but not limited to, income, corporate, capital, excise, property, ad
valorem, sales, use, payroll, value added and franchise taxes, deductions, withholdings and custom duties), charges, fees, imposts, levies, deductions or withholdings (including backup withholding) and all liabilities (including interest, additions
to tax and penalties) with respect thereto, imposed by any Governmental Authority. 
 “Tax Group” has the meaning ascribed
to it in Section 7.2(b)(xi). 
 “Tax Structure” has the meaning ascribed to it in
Section 12.8. 
 “Term Facility” means the term loan credit facilities under the Term Loan Credit
Agreement. 
 “Term Loan Credit Agreement” means that certain Senior Secured Term Loan Credit Agreement, dated as of
October 30, 2015, among Borrower, MSSF, as administrative agent, and the other parties thereto. 
 “Termination Date”
means the date on which (a) the Loans have been repaid in full in cash and (b) all other Obligations under this Agreement and the other Loan Documents have been completely discharged or paid (other than contingent indemnification
obligations for which no claim has been asserted). 
 “Title IV Plan” means a Pension Plan (other than a Multiemployer
Plan) that is covered by Title IV of ERISA or Section 412 of the IRC, and that any Credit Party or ERISA Affiliate maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed by any of
them. 
 “Transactions” means (a) the execution, delivery and performance of this Agreement and any documentation
relating to Indebtedness incurred in lieu thereof or to refinance the foregoing, and the incurrence of Indebtedness thereunder, (b) the entry by Borrower into this Agreement and the borrowing of Loans hereunder and (c) the payment of fees
and expenses in connection the foregoing. 
 “UIIA” means that Uniform Intermodal Interchange and Facilities Access
Agreement, effective as of April 20, 2009, administered by The Intermodal Association of North America, together with each addendum thereto executed by Pacer Stacktrain, Inc. or Union Pacific Railroad Company and each Motor Carrier (as defined
in the UIIA) party thereto, each in the form delivered to ABL Agent prior to April 1, 2014, pursuant to which Pacer Stacktrain, Inc. or Union Pacific Railroad Company and each Motor Carrier have agreed additional terms and conditions applicable
to the interchange of Chassis to such Motor Carrier by Pacer Stacktrain, Inc. or Union Pacific Railroad Company. 
 “Unfunded
Pension Liability” means, at any time, the aggregate amount, if any, of the amount by which the present value of all accrued benefits under each Title IV Plan exceeds the fair market value of all assets of such Title IV Plan, allocable to
such benefits in accordance with Title IV of ERISA, all determined as of the most recent valuation date for each such Title IV Plan using the actuarial assumptions for funding purposes in effect under such Title IV Plan. 

  
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 “United States” and “U.S.” mean the United States of
America. 
 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of Borrower that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of
Directors of Borrower in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

Borrower may designate any Subsidiary of Borrower (including any newly acquired or newly formed Subsidiary of Borrower) to be an Unrestricted
Subsidiary unless at the time of such designation such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, Borrower or any other Restricted Subsidiary that is not a
Subsidiary of the Subsidiary to be so designated, in each case at the time of such designation; provided, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any
Indebtedness pursuant to which the lender has recourse to any of the assets of Borrower or any of the Restricted Subsidiaries unless otherwise permitted under Section 7.2; provided, further, however, that either: 

(a) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 

(b) if such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under
Section 7.2. 
 Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that immediately after giving effect to such designation: 
 (x) (1) Borrower could Incur $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 7.1(a) or (2) the Fixed Charge Coverage Ratio of Borrower would be no less than such ratio immediately prior to such designation, in
each case on a pro forma basis taking into account such designation, and 
 (y) no Event of Default shall have occurred and
be continuing. 
 Any such designation by Borrower shall be evidenced to Agent by promptly filing with Agent a copy of the resolution of the
Board of Directors of Borrower or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. In no event may Borrower be an Unrestricted
Subsidiary. Notwithstanding anything to the contrary herein, on the Closing Date, XPO Escrow Sub, LLC shall be automatically deemed an Unrestricted Subsidiary. 

As of the Closing Date, each entity listed on Schedule 6.13 is an Unrestricted Subsidiary. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the
case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or
similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 

  
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 “Wholly Owned Restricted Subsidiary” means any Wholly Owned Subsidiary that
is a Restricted Subsidiary. 
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the
outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares or shares required pursuant to applicable law) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of
such Person. 
 “Withholding Agent” means any Credit Party and Agent. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 1.2 Rules of Construction. Unless otherwise specified, references
in this Agreement or any of the Appendices to a Section, subsection or clause refer to such Section, subsection or clause as contained in this Agreement. The words “herein”, “hereof” and “hereunder”, and other words of
similar import refer to this Agreement as a whole, including all Annexes, Exhibits and Schedules, as the same may from time to time be amended, restated, modified or supplemented, and not to any particular section, subsection or clause contained in
this Agreement or any such Annex, Exhibit or Schedule. 
 1.3 Interpretive Matters. Wherever from the context it appears appropriate,
each term stated in either the singular or plural shall include the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, feminine and neuter genders. The words “including”,
“includes” and “include” shall be deemed to be followed by the words “without limitation”; the word “or” is not exclusive; references to Persons include their respective successors and assigns (to the extent
and only to the extent permitted by the Loan Documents) or, in the case of governmental Persons, Persons succeeding to the relevant functions of such Persons; and all references to agreements and instruments, statutes and related regulations shall
include any amendments of the same and any successor statutes and regulations. Whenever any provision in any Loan Document refers to the knowledge (or an analogous phrase) of any Credit Party, such words are intended to signify that such Credit
Party has actual knowledge or awareness of a particular fact or circumstance or that such Credit Party, if it had exercised reasonable diligence, would have known or been aware of such fact or circumstance. In addition, for purposes hereof,
(a) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; (b) unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as
unsecured Indebtedness; (c) the principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of a Person
dated such date prepared in accordance with GAAP; (d) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the maximum mandatory redemption or mandatory repurchase
price with respect to such Preferred Stock, whichever is greater; and (e) unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial
statements required to be delivered hereunder shall be prepared in accordance with GAAP; provided, that, if Borrower notifies Agent that Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring
after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if Agent notifies Borrower that the Requisite 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. 

  
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 1.4 Timing of Payment or Performance. When the payment of any obligation or the
performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of LIBOR Period) or performance shall extend to the
immediately succeeding Business Day. 
 1.5 LLC Division/Series Transactions. Any reference herein to an “Asset Sale” shall
be deemed to include a “division” of or by a limited liability company, that (a) results in assets that had formerly been held by a Restricted Subsidiary ceasing to be held by a Restricted Subsidiary, and (b) would have
constituted an “Asset Sale” had such assets been sold to a third party, rather than transferred by way of a division. 
 2. AMOUNT AND TERMS OF
CREDIT 
 2.1 Term Facility. 

(a) Loan. Subject to the terms and conditions set forth herein, each Lender severally agrees to make up to two Loans denominated in
Dollars to Borrower in up to two drawings, (i) the first drawing of which may occur no earlier than December 27, 2018 and must be made not later than December 28, 2018 and (ii) the second drawing of which may be on any Business
Day thereafter during the Draw Period, in each case in an aggregate amount not to exceed the amount of such Lender’s Commitment at such time. The aggregate amount of Loans borrowed by Borrower on the first draw date shall be no less than
$250,000,000. Immediately after giving effect to any borrowing of Loans by Borrower on the first draw date, the Commitments of the Lenders shall automatically be reduced by the greater of (x) $250,000,000 and (y) the aggregate amount of Loans
borrowed by Borrower on the first draw date, with such reduction applied pro rata across the Lender’s Commitments. Immediately after giving effect to any subsequent borrowing of Loans by Borrower during the Draw Period, each Lender’s
Commitment shall automatically be reduced to $0. At the end of the Draw Period, each Lender’s Commitment shall automatically be reduced to $0, to the extent not earlier reduced. The Commitments are not revolving in nature, and amounts borrowed
under this Section 2.1(a) and repaid or prepaid may not be reborrowed. Each Loan shall be made by the Lenders in accordance with their applicable Pro Rata Share of the Commitments as of such date. 

(b) Notice of Borrowing. The Loan to be made pursuant to Section 2.1(a) shall be made on notice by Borrower to
one of the representatives of Agent identified in Schedule 2.1 at the address specified therein. Notice of the Loan must be given no later than (1) 10:00 a.m. (New York time) on the date that is one Business Day prior to the date of the
proposed Loan, in the case of a Base Rate Loan, or (2) 10:00 a.m. (New York time) on the date which is one Business Day prior to the proposed Loan, in the case of a LIBOR Loan. Each such notice (a “Notice of Borrowing”) may be given
verbally by telephone but must be promptly confirmed in writing (by fax, electronic mail or overnight courier) substantially in the form of Exhibit 2.1(b), and shall include the information required in such Exhibit. Notices may be revocable
or conditional to the extent set forth in the form of Notice of Borrowing attached hereto as Exhibit 2.1(b). 
 (c) Reliance on
Notices. Agent shall be entitled to rely upon, and shall be fully protected in relying upon, any Notice of Borrowing, Notice of Conversion/Continuation or similar notice reasonably believed by Agent to be genuine. Agent may assume that each
Person executing and delivering any notice in accordance herewith was duly authorized, unless the responsible individual acting thereon for Agent has actual knowledge to the contrary. 

  
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 (d) Lender’s Making of Loans and Payments. Upon receipt of a
Notice of Borrowing, Agent shall promptly forward to each Lender the details of the Notice of Borrowing it received from Borrower requesting the Loan. Each Lender shall make the amount of such Lender’s Pro Rata Share of such Loan available to
Agent in same day funds by wire transfer to Agent’s account as set forth in Annex B not later than 3:00 p.m. (New York time) on the Business Day prior to the requested funding date. After receipt of such wire transfers (or, in
Agent’s sole discretion, before receipt of such wire transfers), subject to the terms hereof, Agent shall make the requested Loan available to Borrower by 9:00 a.m. (New York time) on the requested funding date. All payments by each Lender
shall be made without setoff, counterclaim or deduction of any kind. 
 (e) Availability of Lender’s Pro Rata
Share. Agent may assume that each Lender will make its Pro Rata Share of the Loan available to Agent on the Closing Date unless Agent has received prior written notice from such Lender that it does not intend to make its Pro Rata Share of a Loan
because all or any of the conditions set forth in Section 3 have not been satisfied. If such Pro Rata Share is not, in fact, paid to Agent by such Lender when due, Agent will be entitled to recover such amount on demand
from such Lender without setoff, counterclaim or deduction of any kind. If any Lender fails to pay the amount of its Pro Rata Share forthwith upon Agent’s demand, Agent shall promptly notify Borrower and Borrower shall repay such amount to
Agent within three (3) Business Days of such demand. Nothing in this Section 2.1(e) or elsewhere in this Agreement or the other Loan Documents shall be deemed to require Agent to advance funds on behalf of any Lender
or to relieve any Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that Borrower may have against any Lender as a result of any default by such Lender hereunder. Unless Agent has received prior written
notice from a Lender that it does not intend to make its Pro Rata Share of each Loan available to Agent because all or any of the conditions set forth in Section 3 have not been satisfied to the extent that Agent advances
funds to Borrower on behalf of any Lender and is not reimbursed therefor on the same Business Day as such Loan is made, Agent shall be entitled to retain for its account all interest accrued on such Loan until reimbursed by such Lender. 

(f) Return of Payments. 

(i) If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received
by Agent from Borrower and such related payment is not received by Agent, then Agent will be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction of any kind. 

(ii) If Agent determines at any time that any amount received by Agent under this Agreement must be returned to Borrower or paid to any other
Person pursuant to any Insolvency Law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Loan Document, Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender
will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is required to pay to Borrower or such other Person, without setoff, counterclaim or deduction
of any kind. 
 (g) Defaulting Lenders. The failure of any Defaulting Lender to make any Loan or any payment required by it hereunder
on the date specified therefor shall not relieve any other Lender (each such other Lender, an “Other Lender”) of its obligations to make the Loan or purchase such participation on such date, but neither any Other Lender nor Agent
shall be responsible for the failure of any Defaulting Lender to make the Loan, purchase a participation or make any other payment required 

  
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hereunder. Notwithstanding anything set forth herein to the contrary, a Defaulting Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a
“Lender” (or be, or have its Loans and Commitments, included in the determination of “Requisite Lenders” or “Lenders directly affected” hereunder) for any voting or consent rights under or with respect to any Loan
Document except with respect to any amendment, modification or consent described in Section 12.2(c)(i)-(iv) that directly affects such Defaulting Lender. Moreover, for the purposes of determining Requisite
Lenders, the Loans and Commitments held by any Defaulting Lender shall be excluded from the total Loans and Commitments outstanding. At Borrower’s request, Agent or a Person reasonably acceptable to Agent shall have the right with Agent’s
reasonable consent and in Agent’s sole discretion (but shall have no obligation) to purchase from any Defaulting Lender, and each Defaulting Lender agrees that it shall, at Agent’s request, sell and assign to Agent or such Person, all of
the Commitments of that Defaulting Lender for an amount equal to the principal balance of all Loans held by such Defaulting Lender and all accrued interest and fees with respect thereto through the date of sale, such purchase and sale to be
consummated pursuant to an executed Assignment Agreement. In the event that a Defaulting Lender does not execute an Assignment Agreement pursuant to Section 11.1 within five (5) Business Days after receipt by such
Defaulting Lender of notice of replacement pursuant to this Section 2.1(g) and presentation to such Defaulting Lender of an Assignment Agreement evidencing an assignment pursuant to this
Section 2.1(g), Agent shall be entitled (but not obligated) to execute such an Assignment Agreement on behalf of such Defaulting Lender, and any such Assignment Agreement so executed by the replacement Lender and Agent,
shall be effective for purposes of this Section 2.1(g) and Section 11.1. 
 2.2
Maturity and Repayment of Loans. Borrower shall pay to each Lender on the Maturity Date, the aggregate principal amount of all Loans outstanding on such date and all accrued and unpaid interest thereon. 

2.3 Prepayments; Commitment Reductions. 

(a) Voluntary Prepayments; Reductions in Commitments. Borrower may prepay the Loans at any time (1) on at least three
(3) Business Days’ prior written notice, in the case of LIBOR Loans and (2) on at least one (1) Business Day’s prior written notice, in the case of Base Rate Loans, in each case by Borrower to Agent, and Borrower may at any
time and from time to time without prior notice permanently reduce or terminate the undrawn Commitments; provided that any such prepayments or reductions shall be in a minimum principal amount of $1,000,000 or a whole multiple thereof. Any
voluntary prepayment must be accompanied by the payment of any LIBOR funding breakage costs in accordance with Section 2.11(b). Upon any such reduction or termination of the Commitments, Borrower’s right to request
Loans, shall simultaneously be permanently reduced or terminated, as the case may be. Each notice of partial prepayment shall designate the Loans or other Obligations hereunder to which such prepayment is to be applied, and any notice delivered
pursuant to this Section 2.3(a) may be conditioned on the occurrence of one or more events described in the applicable notice. 

(b) Mandatory Repayments. 

(i) [Reserved]. 
 (ii)
Prepayment Dispositions. (A)(1) If Borrower or any of its Restricted Subsidiaries receive Net Proceeds of any Prepayment Disposition, Borrower shall prepay on or prior to the date which is five Business Days after the date of receipt of such
Net Proceeds, subject to clause (b)(ii)(B) and clause (b)(v) of this Section 2.3, an aggregate principal amount of Loans equal to 100% of all Net Proceeds received; provided that if at the time that
any such prepayment would be required pursuant to this clause (ii), Borrower repays, prepays or repurchases any secured Indebtedness of the Borrower or its Restricted Subsidiaries with the Net Proceeds of such Prepayment Disposition (such
Indebtedness, “Other Applicable Secured Indebtedness”), then Borrower may so apply such Net Proceeds in lieu of repaying any Loans hereunder. 

  
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 (2) After giving effect to Section 2.3(b)(ii)(A)(1) above, if
Borrower or any of its Restricted Subsidiaries receive Net Proceeds of any Prepayment Disposition, Borrower shall prepay on or prior to the date which is five Business Days after the date of receipt of such Net Proceeds, subject to
clause (b)(ii)(B) and clause (b)(v) of this Section 2.3, an aggregate principal amount of Loans equal to 100% of all Net Proceeds received; provided that if at the time that any such prepayment would
be required pursuant to this clause (ii), Borrower is required to prepay, repay or offer to repurchase any Indebtedness that is unsecured and is pari passu in right of payment with the Obligations under this Agreement pursuant to the
terms of the documentation governing such Indebtedness with the Net Proceeds of such Prepayment Disposition (such Indebtedness required to be offered to be so prepaid, repaid or repurchased, “Other Applicable Unsecured
Indebtedness”), then Borrower may apply such Net Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Loans and Other Applicable Unsecured Indebtedness at such time); provided,
further, that (A) the portion of such Net Proceeds allocated to the Other Applicable Unsecured Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Unsecured Indebtedness
pursuant to the terms thereof, and the remaining amount, if any, of such Net Proceeds shall be allocated to the Loans in accordance with the terms hereof to the prepayment of the Loans and to the repurchase or prepayment of Other Applicable
Unsecured Indebtedness, and the amount of prepayment of the Loans that would have otherwise been required pursuant to this clause (ii) shall be reduced accordingly and (B) to the extent the holders of Other Applicable Unsecured
Indebtedness decline to have such indebtedness repurchased or prepaid, the declined amount shall promptly (and in any event within ten (10) Business Days after the date of such rejection) be applied to prepay the Loans in accordance with the
terms hereof. 
 (B) With respect to any Net Proceeds received with respect to any Prepayment Disposition, at the option of Borrower and so
long as no Event of Default shall have occurred and be continuing, Borrower may reinvest all or any portion of such Net Proceeds in acquisitions, Investments in Similar Businesses, or assets useful for its business within (x) 12 months
following receipt of such Net Proceeds or (y) if Borrower enters into a legally binding commitment to reinvest such Net Proceeds within 12 months following receipt thereof, within 18 months following receipt thereof, and provided,
further, that if any Net Proceeds are no longer intended to be or cannot be so reinvested at any time after delivery of a notice of reinvestment election, or have not been reinvested within the time period set forth above, an amount equal to
any such Net Proceeds shall be applied as set forth in Section 2.3(b)(ii)(A) within five Business Days after Borrower reasonably determines that such Net Proceeds are no longer intended to be or cannot be so reinvested to
the prepayment of the Loans as set forth in this Section 2.3. 
 (iii) Prepayments of Proceeds of
Indebtedness. If Borrower or any Restricted Subsidiary incurs or issues any Indebtedness (A) not expressly permitted to be incurred or issued pursuant to Section 7.1 or (B) that constitutes Refinancing
Indebtedness with respect to the Loans, Borrower shall prepay an aggregate principal amount of Loans equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five Business Days after the receipt of such Net Proceeds.

 (iv) [Reserved] 

(v) Certain Dispositions. Notwithstanding any other provisions of this Section 2.3(b), (A) to the extent
that any or all of the Net Proceeds of any Prepayment Disposition by a Foreign Subsidiary giving rise to a prepayment event pursuant to Section 2.3(b)(ii) (a “Foreign Disposition”) are prohibited or delayed
by applicable local law from being repatriated to the United States, the portion of such Net Proceeds so affected will not be required to be applied to repay Loans at the times 

  
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provided in this Section 2.3(b) but may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not permit
repatriation to the United States (Borrower hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such repatriation), and once such repatriation of any of
such affected Net Proceeds is permitted under the applicable local law, such repatriation will be promptly effected and such repatriated Net Proceeds will be promptly (and in any event not later than two Business Days after such repatriation)
applied (net of additional Taxes payable, as reasonably estimated by Borrower in good faith, or reserved against as a result thereof) to the repayment of the Loans pursuant to this Section 2.3(b) to the extent provided
herein and (B) to the extent that Borrower has determined in good faith that repatriation of any of or all the Net Proceeds of any Foreign Disposition would have a material adverse Tax consequence (taking into account any foreign Tax credit or
benefit actually realized in connection with such repatriation) with respect to such Net Proceeds, the Net Proceeds so affected may be retained by the applicable Foreign Subsidiary. 

(c) All prepayments under this Section 2.3 shall be accompanied by all accrued interest thereon and, in the case of
any such prepayment of a LIBOR Loan on a date prior to the last day of a LIBOR Period therefor, any amounts owing in respect of such LIBOR Loan pursuant to Section 2.11(b). 

(d) [Reserved.] 
 (e) No
Implied Consent. Nothing in this Section 2.3 shall be construed to constitute Agent’s or any Lender’s consent to any transaction that is not permitted by other provisions of this Agreement or the other Loan
Documents. 
 2.4 Use of Proceeds. The Borrower shall utilize the proceeds of the Loans for general corporate purposes, including the
repurchase of Equity Interests of Borrower; provided that if Borrower repurchases its Equity Interests with any proceeds of the Loans, it shall immediately cancel such Equity Interests. 

2.5 Interest; Applicable Margins. 

(a) Borrower shall pay interest to Agent, for the ratable benefit of Lenders, in arrears on each applicable Interest Payment Date, at the
following rates of interest on the unpaid principal amount of each: 
 (i) Base Rate Loan at the Base Rate plus the Base Rate Margin.

 (ii) LIBOR Loan at the LIBOR Rate plus the LIBOR Margin. 

(b) If any payment on any Loan becomes due and payable on a day other than a Business Day, the maturity thereof will be extended to the next
succeeding Business Day (except as set forth in the definition of LIBOR Period and Maturity Date), and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. 

(c) All computations of Fees are calculated on a per annum basis and interest shall be made by Agent on the basis of a 360-day year, in each case for the actual number of days occurring in the period for which such interest and Fees are payable, except that with respect to Base Rate Loans based on the prime or base commercial
lending rate the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. Each determination by
Agent of an interest rate and Fees hereunder shall be presumptive evidence of the correctness of such rates and Fees. 

  
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 (d) All overdue amounts not paid when due hereunder shall bear interest in an amount equal
to two percentage points (2.00%) per annum above the rates of interest or the rate of such Fees otherwise applicable hereunder unless Agent and Requisite Lenders elect to impose a smaller increase (the “Default Rate”), accruing from
the initial date of such non-payment until such payment is made and shall be payable upon demand. 

(e) Borrower shall have the option to (i) request that any loan be made as a LIBOR Loan or a Base Rate Loan, (ii) convert any Base
Rate Loan to a LIBOR Loan, (iii) convert any LIBOR Loan to a Base Rate Loan subject to payment of LIBOR breakage costs in accordance with Section 2.11(b) if such conversion is made prior to the expiration of the LIBOR
Period applicable thereto, or (iv) continue all or any portion of any Loan as a LIBOR Loan upon the expiration of the applicable LIBOR Period and the succeeding LIBOR Period of that continued Loan shall commence on the first day after the last
day of the LIBOR Period of the Loan to be continued; provided, however, that no Loan shall be converted to, or continued at the end of the LIBOR Period applicable thereto as a LIBOR Loan for a LIBOR Period of longer than one
(1) month if any Event of Default has occurred and is continuing. Any Loan or group of Loans having the same proposed LIBOR Period to be made or continued as, or converted into, a LIBOR Loan must be in a minimum amount of $5,000,000 and
integral multiples of $1,000,000 in excess of such amount. Any such election must be made by 11:00 a.m. (New York time) on the third Business Day prior to (1) the date of any proposed Loan which is to bear interest at the LIBOR Rate,
(2) the end of each LIBOR Period with respect to any LIBOR Loans to be continued as such, or (3) the date on which Borrower wishes to convert any Base Rate Loan to a LIBOR Loan for a LIBOR Period designated by Borrower in such election. If
no election is received with respect to a LIBOR Loan by 11:00 a.m. (New York time) on the third Business Day prior to the end of the LIBOR Period with respect thereto (or if an Event of Default has occurred and is continuing or if the additional
conditions precedent set forth in Section 3.2 shall not have been satisfied), that LIBOR Loan shall be converted to a LIBOR Loan with a LIBOR Period of one month at the end of its LIBOR Period. Borrower must make such
election by notice to Agent in writing, by fax or overnight courier. In the case of any conversion or continuation, such election must be made pursuant to a written notice (a “Notice of Conversion/Continuation”) in the form of
Exhibit 2.5(e). 
 (f) Anything herein to the contrary notwithstanding, the obligations of Borrower hereunder shall be subject
to the limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the respective Lender would be
contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Lender, and in such event Borrower shall pay such Lender interest at the highest
rate permitted by applicable law (the “Maximum Lawful Rate”); provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrower shall continue to
pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent, on behalf of Lenders, is equal to the total interest that would have been received had the interest rate payable hereunder been (but for the
operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. Thereafter, interest hereunder shall be paid at the rate(s) of interest and in the manner provided in
Sections 2.5(a) through (e), unless and until the rate of interest again exceeds the Maximum Lawful Rate, and at that time this paragraph shall again apply. In no event shall the total interest received by any Lender
pursuant to the terms hereof exceed the amount that such Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. If the Maximum Lawful Rate is calculated pursuant to
this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. If, notwithstanding the provisions of this
Section 2.5(f), a court of competent jurisdiction shall finally determine that a Lender has received interest hereunder in excess of the Maximum Lawful Rate, Agent shall, to the extent permitted by applicable law, promptly
apply such excess in the order specified in Section 2.9 and thereafter shall refund any excess to Borrower or as a court of competent jurisdiction may otherwise order. 

  
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 2.6 [Reserved]. 

2.7 Fees. Borrower shall pay to Agent the fees separately agreed to in that certain Fee Letter, dated December 24,2018 (the
“Fee Letter”), between Agent and Borrower, on the dates specified therein. 
 2.8 Receipt of Payments. Borrower shall
make each payment under this Agreement not later than 3:00 p.m. (New York time) on the day when due in immediately available funds in Dollars to Agent at its address listed on Annex A. For purposes of computing interest and Fees, all payments
shall be deemed received on the Business Day on which immediately available funds are received by Agent at its address listed on Annex A prior to 3:00 p.m. (New York time). Payments received after 3:00 p.m. (New York time) on any Business Day, or on
a day that is not a Business Day, shall be deemed to have been received on the following Business Day. Agent shall distribute such payments to Lender or other applicable Persons in like funds as received. 

2.9 Application and Allocation of Payments. All payments and prepayments applied to a particular Loan shall be applied ratably to the
portion thereof held by each Lender as determined by its Pro Rata Share. As to all payments made when an Event of Default has occurred and is continuing, Borrower hereby irrevocably waives the right to direct the application of any and all payments
received from a Credit Party. All voluntary prepayments shall be applied as directed by Borrower. In all circumstances after an Event of Default, all payments shall be applied to amounts then due and payable in the following order: (1) to Fees
and Agent’s expenses reimbursable hereunder; (2) to interest on the Loans, ratably in proportion to the interest accrued as to each Loan; and (3) to all other Obligations hereunder on a ratable basis, including expenses of Lenders to
the extent reimbursable under Section 12.3. 
 2.10 Evidence of Debt. Upon the request of any Lender made
through Agent, Borrower shall execute and deliver to such Lender (through Agent) one or more Notes, which shall evidence such Lender’s Loans. 

2.11 Indemnity. 
 (a) Each
Credit Party that is a signatory hereto shall jointly and severally indemnify and hold harmless each of Agent, Lead Arranger, the Lenders, and their respective Affiliates, and each such Person’s respective officers, directors, employees,
attorneys, agents, advisors and representatives (each, an “Indemnified Person”), from and against any and all suits, actions, proceedings, claims, damages, actual losses, liabilities, and out-of-pocket expenses (including reasonable attorneys’ fees and disbursements and other reasonable documented
out-of-pocket costs of investigation or defense, including those incurred upon any appeal) that may be instituted or asserted against or incurred by any such Indemnified
Person as the result of credit having been extended, suspended or terminated under this Agreement, the other Loan Documents and the administration of such credit, and in connection with or arising out of the transactions contemplated hereunder
(including the syndication of the Facility) and thereunder and any actions or failures to act in connection therewith, including any and all Environmental Liabilities and reasonable,
out-of-pocket legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to any of the Loan Documents; provided
that no such Credit Party shall be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, actual loss, liability, or expense results from that Indemnified Person’s (or such
Indemnified Person’s Related Persons) gross negligence, bad faith, willful misconduct or material breach of any of its obligations under any Loan Document as determined by a court of competent jurisdiction in a final and non-appealable judgment; provided, further, that no Indemnified 

  
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Person will be indemnified for any such cost, expense or liability to the extent of any dispute solely among Indemnified Persons (other than any claims against Agent or Lead Arranger acting in
its capacity as such) that does not involve actions or omissions of any Credit Party or any of its Affiliates. In the absence of an actual conflict of interest, or the written opinion of counsel that a potential conflict of interest exists, Borrower
and its Subsidiaries will not be responsible for the fees and expenses of more than one legal counsel for all Indemnified Persons and appropriate local legal counsel; provided that in the case of an actual conflict of interest, or the written
opinion of counsel that a potential conflict of interest exists, Borrower and its Subsidiaries shall be responsible for one additional counsel in each applicable jurisdiction for the affected Indemnified Person, taken as a whole. To the extent
permitted by applicable law, no party hereto shall be responsible or liable to any other Person party to any Loan Document, any successor, assignee, or third party beneficiary of such Person or any other Person asserting claims derivatively through
such party, for indirect, punitive, exemplary or consequential damages which may be alleged as a result of credit having been extended, suspended, or terminated under any Loan Document or as a result of any other transaction contemplated hereunder
or thereunder; provided that nothing hereunder in this sentence shall limit any Credit Party’s indemnity and reimbursement obligations to the extent set forth herein. No Indemnified Person referred to in this
clause (a) shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 
 (b) To induce
Lenders to provide the LIBOR Rate option on the terms provided herein, if (i) any LIBOR Loans are repaid in whole or in part prior to the last day of any applicable LIBOR Period (whether that repayment is made pursuant to any provision of this
Agreement or any other Loan Document or occurs as a result of acceleration, by operation of law or otherwise); (ii) Borrower shall default in payment when due of the principal amount of or interest on any LIBOR Loan; (iii) Borrower shall
refuse to accept any borrowing of, or shall request a termination of, any borrowing of, conversion into or continuation of, LIBOR Loans after Borrower has given notice requesting the same in accordance herewith; (iv) Borrower shall fail to make
any prepayment of a LIBOR Loan after Borrower has given a notice thereof in accordance herewith; or (v) an assignment of LIBOR Loans is mandated pursuant to Sections 2.14(d) or 12.2(d), then Borrower shall
indemnify and hold harmless each Lender from and against all actual losses, costs and reasonable documented out-of-pocket expenses resulting from or arising from any of
the foregoing. Such indemnification shall include any actual and documented out-of-pocket loss or expense (other than loss of anticipated profits), if any, arising from
the reemployment of funds obtained by it or from fees payable to terminate deposits from which such funds were obtained. For the purpose of calculating amounts payable to a Lender under this Section 2.11(b), each Lender
shall be deemed to have actually funded its relevant LIBOR Loan through the purchase of a deposit bearing interest at the LIBOR in an amount equal to the amount of that LIBOR Loan and having a maturity comparable to the relevant LIBOR Period;
provided that each Lender may fund each of its LIBOR Loans in any manner it sees fit, and the foregoing assumption shall be utilized only for the calculation of amounts payable under this Section 2.11(b). This
covenant shall survive the termination of this Agreement and the payment of the Obligations hereunder and all other amounts payable hereunder. As promptly as practicable under the circumstances, each Lender shall provide Borrower with its written
and detailed calculation of all amounts payable pursuant to this Section 2.11(b), and such calculation shall be binding on the parties hereto absent manifest error, in which case Borrower shall object in writing within ten
(10) Business Days of receipt thereof, specifying the basis for such objection in detail. 
 2.12 [Reserved]. 

  
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 2.13 Taxes. 

(a) All payments by or on account of any obligation of any Credit Party hereunder or under any other Loan Document shall be made, in accordance
with this Section 2.13, free and clear of and without withholding or deduction for any Taxes, except as required by applicable law. If any Withholding Agent shall be required by law to withhold or deduct any Taxes from or
in respect of any sum payable hereunder (including any payments made pursuant to this Section 2.13) or under any other Loan Document, (i) if such Tax is an Indemnified Tax, the sum payable by the applicable Credit
Party shall be increased, without duplication, as much as shall be necessary so that, after making all required withholdings and deductions (including withholdings and deductions applicable to additional sums payable under this
Section 2.13), Agent or Lenders, as applicable, receive an amount equal to the sum they would have received had no such withholdings and deductions been made, (ii) the relevant Withholding Agent shall make such
withholdings and deductions, and (iii) such Withholding Agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. Each Lender agrees that, as promptly as reasonably practicable after it
becomes aware of any circumstances which would result in additional payments under this Section 2.13, it shall notify Borrower thereof. 

(b) Without duplication of any obligation set forth in subsection (a), each Credit Party shall timely pay any Other Taxes to the relevant
Governmental Authority (or, at the option of Agent, to Agent as reimbursement for Agent’s payment thereof). 
 (c) Each Credit Party
shall, without duplication of any obligation set forth in subsection (a), jointly and severally indemnify and, within ten (10) days of demand therefor, pay Agent and each Lender for the full amount of Indemnified Taxes (including, any
Indemnified Taxes imposed by any jurisdiction on amounts payable under this Section 2.13) paid by (or on behalf of) Agent or such Lender as a result of payments made pursuant to this Agreement or any other Loan Document, as
appropriate, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally asserted by the relevant Governmental Authority. A certificate as to the amount of such Taxes and
evidence of payment thereof submitted to the Credit Parties shall be conclusive evidence, absent manifest error, of the amount due from the Credit Parties to Agent or such Lenders. Upon actually learning of the imposition of any such Taxes, Agent or
such Lender, as the case may be, shall act in good faith to notify Borrower of the imposition of such Taxes arising hereunder. 
 (d) Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement or any other Loan Documents shall deliver to Borrower (with a copy to Agent), at the time or times reasonably requested
by Borrower or Agent, such properly completed and executed documentation reasonably requested by Borrower or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. Without limiting the generality of
the foregoing, each Lender, and any successor or assignee of a Lender, that is a “United States person” within the meaning of section 7701(a)(30) of the IRC shall deliver to Borrower (with a copy to Agent) a properly completed and executed
IRS Form W-9 and such other documentation or information prescribed by applicable law or reasonably requested by Agent or Borrower to (i) determine whether such Lender is subject to backup withholding or
information reporting requirements and (ii) for Borrower to comply with its obligations under FATCA. Each Lender, and any successor or assignee of a Lender, that is not a “United States person” as defined in section 7701(a)(30) of the
IRC (“Foreign Lender”) to whom payments to be made under this Agreement may be exempt from, or eligible for a reduced rate of, United States withholding tax (as applicable) shall, at the time or times prescribed by applicable law,
provide to Borrower (with a copy to Agent) a properly completed and executed IRS Form W-8ECI, Form W-8BEN, Form W-8BEN-E, Form W-8IMY or other applicable form, certificate (including, but not limited to, certification, if applicable, that such Foreign Lender is not

  
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a “bank,” a “10 percent shareholder,” or a “controlled foreign corporation” for purposes of the portfolio interest exemption of section 881(c) of the IRC, a
“Tax Compliance Certificate”) or document prescribed by the IRS or the United States. Each Lender shall deliver to Borrower and Agent (in such number of copies as shall be requested by Borrower or Agent) on or prior to the
date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption
from or a reduction in U.S. federal withholding tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Borrower or Agent, as applicable, to determine the withholding or deduction required
to be made. Notwithstanding anything to the contrary in this paragraph, the completion, execution, and submission of such documentation (other than (A) IRS Form W-9, (B) applicable IRS Form W-8, (C) a Tax Compliance Certificate, if applicable, and (D) any information or documentation reasonably requested by Borrower or Agent in connection with FATCA (which, for this purpose shall include any
amendments made to FATCA after the date hereof)) shall not be required if in the Lender’s reasonable judgment such completion, execution, or submission would subject such Lender to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Lender. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly
notify Borrower and Agent in writing of its legal inability to do so. 
 (e) If Agent or any Lender, as applicable, determines, in its sole
discretion, exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Credit Party or with respect to which any Credit Party has paid additional amounts pursuant to this
Section 2.13, it shall pay over such refund to such Credit Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Credit Party under this Section 2.13 with
respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses of Agent or Lender and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such Credit Party, upon the request of Agent or Lender, shall repay to Agent or Lender the amount paid over pursuant to this paragraph (e) (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) in the event that Agent or Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (e), in no event will Agent or a Lender be required to
pay any amount to a Credit Party pursuant to this paragraph (e) the payment of which would place Agent or Lender in a less favorable net after-Tax position than Agent or such Lender would have been in if
the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be
construed to require Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to a Credit Party or any other Person. 

(f) Each Lender shall severally indemnify Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes
attributable to such Lender (but only to the extent that a Credit Party has not already indemnified Agent for such Indemnified Taxes and without limiting the obligation of any Credit Party to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 11.1(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or
paid by Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to any Lender by Agent shall be conclusive absent manifest error. Each Lender hereby authorizes Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan
Document or otherwise payable by Agent to the Lender from any other source against any amount due to Agent under this paragraph (f). 

  
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 (g) The provisions of this Section 2.13 shall survive the
termination of this Agreement and repayment of all Obligations hereunder. 
 2.14 Capital Adequacy; Increased Costs; Illegality. 

(a) If any Lender shall have determined that any law, treaty, governmental (or quasi-governmental) rule, regulation, guideline or order
regarding capital adequacy, liquidity, reserve requirements or similar requirements or compliance by any Lender with any request or directive regarding capital adequacy, liquidity, reserve requirements or similar requirements (whether or not having
the force of law), in each case, adopted after the Closing Date, from any central bank or other Governmental Authority increases or would have the effect of increasing the amount of capital, reserves or other funds required to be maintained by such
Lender and thereby reducing the rate of return on such Lender’s capital as a consequence of its obligations hereunder, then Borrower shall from time to time upon demand by such Lender (with a copy of such demand to Agent) pay to Agent, for the
account of such Lender, additional amounts sufficient to compensate such Lender for such reduction. A certificate as to the amount of that reduction and setting forth in reasonable detail the basis of the computation thereof submitted by such Lender
to Borrower and to Agent shall, absent manifest error, be final, conclusive and binding for all purposes. 
 (b) If, due to either
(i) the introduction of or any change in any law or regulation (or any change in the interpretation thereof) or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having
the force of law), in each case adopted after the Closing Date, there shall be any increase in the cost to any Lender of agreeing to make or making, funding or maintaining, continuing, converting to any LIBOR Loan, or there shall be a Tax (other
than Indemnified Taxes or Excluded Taxes) on any Recipient on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, or other liabilities, or capital attributable thereto, then Borrower shall from
time to time, upon demand by such Lender (with a copy of such demand to Agent), pay to Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate setting forth in reasonable
detail the amount of such increased cost and the basis of the calculation thereof, submitted to Borrower and to Agent by such Lender, shall, absent manifest error, be final, conclusive and binding for all purposes. Each Lender agrees that, as
promptly as practicable after it becomes aware of any circumstances referred to above which would result in any such increased cost, the affected Lender shall, to the extent not inconsistent with such Lender’s internal policies of general
application, use reasonable commercial efforts to minimize costs and expenses incurred by it and payable to it by Borrower pursuant to this Section 2.14(b). 

(c) Notwithstanding anything to the contrary contained herein, if the introduction of or any change in any law or regulation (or any change in
the interpretation thereof) shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for any Lender to agree to make or to make or to continue to fund or maintain any LIBOR Loan, as contemplated
by this Agreement, then, unless that Lender is able to make or to continue to fund or to maintain such LIBOR Loan at another branch or office of that Lender without, in that Lender’s reasonable opinion, materially adversely affecting it or its
Loans or the income obtained therefrom, on notice thereof and demand therefor by such Lender to Borrower through Agent, (i) the obligation of such Lender to agree to make or to make or to continue to fund or maintain such LIBOR Loans, as the
case may be, shall terminate and (ii) Borrower shall forthwith prepay in full all outstanding LIBOR Loans owing by it to such Lender, together with interest accrued thereon, unless such Lender may maintain such LIBOR Loans through the end of
such LIBOR Period under applicable law or unless Borrower, within five Business Days after the delivery of such notice and demand, converts all LIBOR Loans into Base Rate Loans. Notwithstanding the foregoing, if Borrower provides Agent and the
Affected Lender notice that it seeks to replace such 

  
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Affected Lender in accordance with Section 2.14(d), Borrower’s obligation to prepay Loans pursuant to this Section 2.14(c) shall be
suspended; provided that if no Replacement Lender is found within the time provided for in Section 2.14(d), Borrower shall have five Business Days to prepay such Affected Lender’s LIBOR Loans. In the event
Borrower relies on this provision to suspend its obligation to prepay LIBOR Loans, such LIBOR Loans shall be converted to Base Rate Loans at the end of the applicable LIBOR Period. 

(d) Within thirty (30) days after receipt by Borrower of written notice and demand from any Lender (an “Affected Lender”)
for payment of additional amounts or increased costs as provided in Sections 2.13(a), 2.14(a) or 2.14(b), or notice and demand that Borrower prepay Loans pursuant to Section 2.14(c),
Borrower may, at its option, notify Agent and such Affected Lender of its intention to replace the Affected Lender. So long as no Event of Default has occurred and is continuing, Borrower, with the consent of Agent, may obtain, at Borrower’s
expense, a replacement Lender (“Replacement Lender”) for the Affected Lender, which Replacement Lender must be reasonably satisfactory to Agent. If Borrower obtains a Replacement Lender within ninety (90) days following notice
of their intention to do so, the Affected Lender must sell and assign its Loans and Commitments to such Replacement Lender for an amount equal to the principal balance of all Loans held by the Affected Lender and all accrued interest and Fees with
respect thereto through the date of such sale and such assignment shall not require the payment of an assignment fee to Agent; provided, that Borrower shall have reimbursed such Affected Lender for the additional amounts or increased costs
that it is entitled to receive under this Agreement through the date of such sale and assignment. Notwithstanding the foregoing, Borrower shall not have the right to obtain a Replacement Lender if the Affected Lender rescinds its demand for
increased costs or additional amounts within 15 days following its receipt of Borrower’s notice of intention to replace such Affected Lender. Furthermore, if Borrower gives a notice of intention to replace and does not so replace such Affected
Lender within ninety (90) days thereafter, Borrower’s rights under this Section 2.14(d) shall terminate with respect to such Affected Lender for such request for additional amounts or increased costs and Borrower
shall promptly pay all increased costs or additional amounts demanded by such Affected Lender pursuant to Sections 2.13(a), 2.14(a) and 2.14(b). An exercise of Borrower’s option under this
Section 2.14(d) shall not suspend Borrower’s obligation to pay such increased costs or additional amounts demanded by such Affected Lender pursuant to Sections 2.13(a), 2.14(a) and
2.14(b) until such Affected Lender is replaced. 
 (e) It is understood and agreed that (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, guidelines or directives in connection therewith (collectively, the “Dodd-Frank Act”) are deemed to have been adopted and gone into effect after the date of this Agreement to the extent
necessary to provide Lenders with the benefit of this Section 2.14 with respect to any “change in law or regulation” resulting from the Dodd-Frank Act and (y) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, for the
purposes of this Agreement, be deemed to have been adopted and gone into effect after the date of this Agreement to the extent necessary to provide Lenders with the benefit of this Section 2.14 with respect to any
“change in law or regulation” resulting from Basel III. 
 (f) No Lender shall request compensation under
Section 2.14(a) or (b) hereof unless such Lender is generally requesting similar compensation from its borrowers with similar provisions in their loan or credit documents. Borrower shall not be required to
compensate a Lender for any increased costs incurred or reduced rate of return suffered more than six months prior to the date that the Lender notifies Borrower of the change in law giving rise to such increased costs or reduced return and of such
Lender’s intention to claim compensation therefor; provided that to the extent the change is law is retroactive to a date that is prior to the date such change in law is enacted, such six months period shall commence on the date of
enactment of such change in law. 

  
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 (g) Within thirty (30) days after receipt by Borrower of written notice and demand from
any Affected Lender for payment of additional amounts or increased costs as provided in Sections 2.13(a), 2.14(a) or 2.14(b), then such Lender shall (at Borrower’s request) use reasonable efforts to
designate a different lending office for funding or booking its Loans or to assign its rights and obligations hereunder to another of its offices, branches, or affiliates, if, in the good-faith judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Sections 2.13(a), 2.13(b), 2.14(a), or 2.14(b), 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. Borrower shall pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

3. CONDITIONS PRECEDENT 
 3.1 Conditions to
the Closing Date. This Agreement shall become effective, and each Lender shall be obligated to fund its Loans, on the date that the following conditions have been satisfied (or waived in accordance with Section 12.2):

 (a) Loan Documents. The following documents shall have been duly executed by Borrower, each other Credit Party, Agent and the
Lenders party thereto; and Agent shall have received such documents, instruments and agreements, each in form and substance reasonably satisfactory to Agent, each Lead Arranger and each Lender: 

(i) Agreement. Duly executed originals of this Agreement, dated the Closing Date, and all annexes, exhibits and schedules hereto. 

(ii) [Reserved] 
 (iii)
[Reserved] 
 (iv) [Reserved] 

(v) [Reserved] 
 (vi) [Reserved]

 (vii) [Reserved] 
 (viii)
Notes. If requested by Lenders, duly executed originals of the Notes for each applicable Lender, dated the Closing Date. 
 (ix)
Formation and Good Standing. For each Credit Party, such Person’s (a) articles of incorporation or certificate of formation, as applicable, and all amendments thereto, each certified as of the Closing Date by such Person’s
corporate secretary or an assistant secretary, managing member, manager or equivalent senior officer, as applicable, as being in full force and effect without any further modification or amendment (b) for Borrower only, a good standing
certificate (including verification of Tax status) or like certificate in its jurisdiction of incorporation or formation, as applicable, and (c) for each Credit Party other than Borrower, a “bring down” certificate of good standing or
like certificate in its jurisdiction of incorporation or formation, as applicable. 

  
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 (x) Bylaws and Resolutions. For each Credit Party, (a) such Person’s
bylaws, operating agreement, limited liability company agreement or limited partnership agreement, as applicable, together with all amendments thereto and (b) resolutions of such Person’s members or board of directors, as the case may be,
and, to the extent required under applicable law, stockholders, approving and authorizing the execution, delivery and performance of the Loan Documents to which such Person is a party and the transactions to be consummated in connection therewith,
each certified as of the Closing Date by such Person’s corporate secretary or an assistant secretary, managing member, manager or equivalent senior officer, as applicable, as being in full force and effect without any modification or amendment.

 (xi) Incumbency Certificates. For each Credit Party, signature and incumbency certificates of the officers of each such Person
executing any of the Loan Documents, certified as of the Closing Date by such Person’s corporate secretary or an assistant secretary, managing member, manager or equivalent senior officer, as applicable, as being true, accurate, correct and
complete. 
 (xii) Opinion of Counsel. Duly executed originals of a legal opinion of Wachtell, Lipton, Rosen & Katz, New
York special counsel to the Credit Parties, in form and substance reasonably satisfactory to Agent and its counsel, dated the Closing Date. 

(xiii) [reserved] 
 (xiv)
Solvency Certificate. Agent shall have received a duly completed solvency certificate substantially in the form of Exhibit 3.1 hereto. 

(xv) [reserved] 
 (xvi)
Financial Statements. Borrower shall have caused Agent to have received (and Agent hereby acknowledges receipt of, in the case of the 2015, 2016 and 2017 Fiscal Year financial statements described in clause (a) and, as to the Fiscal
Quarters ending on September 30, 2017, June 30, 2017 and March 31, 2017, clause (b)) (a) audited consolidated balance sheets and related consolidated statements of income, stockholders’ equity and cash flows of Borrower
for the 2015, 2016 and 2017 Fiscal Years (or, if the Closing Date occurs 90 days or more after December 31, 2018, audited consolidated balance sheets and related consolidated statements of income, stockholders’ equity and cash flows of
Borrower for the 2016, 2017 and 2018 Fiscal Years) and (b) unaudited consolidated balance sheets and related consolidated statements of income, stockholders’ equity and cash flows of Borrower for each subsequent Fiscal Quarter (other than
a quarter that is also a Fiscal Year-end) ended at least 45 days before the Closing Date. 
 (b)
Payment of Fees. Borrower shall have paid (or caused to be paid) to Agent and Lead Arranger all Fees required to be paid on or before the Closing Date in the respective amounts specified in Section 2.7, and, to the
extent required by Section 12.3 shall have reimbursed Agent for all reasonable and documented fees, costs and expenses, including due diligence expenses, and reasonable fees, disbursements and other charges of counsel presented prior to the
Closing Date. 
 (c) Patriot Act. Agent and the Lenders shall have received, at least three Business Days prior to the Closing Date,
from the Credit Parties prior to the Closing Date all documentation and other information required by Governmental Authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot
Act, to the extent requested by Agent from Borrower in writing at least 10 Business Days prior to the Closing Date. 

  
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 For purposes of determining compliance with the conditions specified in this
Section 3.1, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders
unless an officer of Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such Lender prior to the Closing Date specifying its objection thereto. 

3.2 Conditions to All Borrowings. The obligation of each Lender to make a Loan to Borrower pursuant to
Section 2.1 shall be subject to the following conditions precedent: 
 (a) Effectiveness of Credit
Agreement. The Closing Date shall have occurred. 
 (b) Officer’s Certificate. Agent shall have received duly executed
originals of a certificate of a Financial Officer of Borrower stating that: 
 (i) The representations and warranties of the Credit Parties
set forth in Section 4 of this Agreement shall be true and correct in all material respects on and as of the date of borrowing of Loans, except to the extent the same expressly relate to an earlier date, in which case such
representations and warranties were true and correct in all material respects as of such earlier date, provided that any such representations that are qualified by materiality, material adverse effect or language of similar effect is true and
correct (after giving effect to any qualifications therein) in all respects. 
 (ii) No Default or Event of Default shall have occurred and
be continuing. 
 (c) Notice of Borrowing. Agent shall have received a duly completed Notice of Borrowing for the borrowing of Loans
on the applicable date substantially in the form of Exhibit 2.1(b) hereto and a letter of direction with respect to the disbursement of the proceeds of such Loan. 

For purposes of determining compliance with the conditions specified in this Section 3.2, each Lender shall be
deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of Agent responsible for the
transactions contemplated by the Loan Documents shall have received notice from such Lender prior to the date of borrowing of Loans specifying its objection thereto and such Lender shall not have made available to Agent such Lender’s ratable
portion of the borrowing of Loans. 
 4. REPRESENTATIONS AND WARRANTIES 

To induce Lenders to make the Loans, the Credit Parties executing this Agreement make the following representations and warranties on the
Closing Date to Agent and each Lender with respect to itself and its Restricted Subsidiaries, each and all of which shall survive the execution and delivery of this Agreement. 

4.1 Corporate Existence; Compliance with Law. Each Credit Party (a) is a corporation, limited liability company, limited
partnership or other entity duly organized or incorporated, as applicable, validly existing and is in good standing (to the extent such concept is applicable in the relevant jurisdiction) under the laws of its respective jurisdiction of
incorporation or organization; (b) is duly qualified to conduct business and is in good standing (to the extent such concept is applicable in the relevant jurisdiction) in each other jurisdiction where its ownership or lease of property or the
conduct of its business requires such qualification, except where the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect; (c) has the requisite power and authority, and the legal
right to own and operate in all material respects its properties, to lease the property it operates under lease and to conduct its business in all material respects as now, heretofore and proposed to be conducted, (d) has all

  
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material licenses, permits, consents or approvals from or by, and has made all material filings with, and has given all material notices to, all Governmental Authorities having jurisdiction over
such Credit Party, to the extent required for such ownership, operation and conduct or other organizational documents; and (e) is in compliance in material respects with all applicable provisions of law except where the failure to be in
compliance would not reasonably be expected to have a Material Adverse Effect. 
 4.2 [Reserved.]. 

4.3 Corporate Power; Authorization; Enforceable Obligations; No Conflict. The execution, delivery and performance by each Credit Party
of the Loan Documents to which it is a party: (a) are within such Person’s power; (b) have been duly authorized by all necessary corporate, limited liability company or limited partnership action; (c) do not contravene any
provision of such Person’s charter, bylaws or partnership or operating agreements or other organizational documents, as applicable; (d) do not violate any material provision of any law or regulation, or any material provision of any order
or decree of any court or Governmental Authority; (e) do not conflict with or result in the breach or termination of, constitute a default under or accelerate or permit the acceleration of any performance required by, any material indenture,
mortgage, deed of trust, lease, loan agreement or other material instrument to which such Person is a party or by which such Person or any of its property is bound; (f) do not result in the creation or imposition of any Lien upon any of the
property of such Person other than those in favor of Agent, on behalf of itself and Lenders, pursuant to the Loan Documents; and (g) do not require the consent or approval of any Governmental Authority or any other Person, other than those
which will have been duly obtained, made or complied with prior to the Closing Date. Each of the Loan Documents have been duly executed and delivered by each Credit Party that is a party thereto and, each such Loan Document constitutes a legal,
valid and binding obligation of such Credit Party enforceable against it in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 

4.4 Financial Statements. All Financial Statements concerning Borrower and its consolidated Subsidiaries that are referred to in
clause (a) below have been prepared in accordance with GAAP consistently applied throughout the periods covered (except as disclosed therein and except, with respect to unaudited Financial Statements, for the absence of footnotes and normal year-end audit adjustments) and fairly present, in all material respects, the financial position of the Persons covered thereby as at the dates thereof and the results of their operations and cash flows for the
periods then ended. 
 (a) Financial Statements. The audited consolidated balance sheet at December 31, 2017 and the related
statement of income and cash flows of Borrower and its consolidated Subsidiaries certified by KPMG LLP for the Fiscal Year then ended and audited consolidated balance sheet at December 31, 2015, December 31, 2016 and December 31 2017
have been delivered to Agent on or prior to the Closing Date. 
 (b) [Reserved]. 

(c) [Reserved]. 
 (d)
Undisclosed Liabilities; Burdensome Restrictions. None of Borrower or its Restricted Subsidiaries has any material Guarantied Obligations, or any long-term leases or unusual forward or long-term commitments, including any interest rate or
foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are required by GAAP to be reflected or reserved against on a balance sheet of Borrower and its Restricted Subsidiaries other than (i) as are
reflected in the financial statements described in clause (a) hereof (including the footnotes thereto) and (ii) as otherwise permitted hereunder. No Credit Party is a party or is subject to any contract, agreement or charter
restriction that would reasonably be expected to have a Material Adverse Effect. 

  
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 4.5 Material Adverse Effect. Since December 31, 2017, no event has occurred,
that alone or together with other events, has had a Material Adverse Effect. 
 4.6 Ownership of Property; Liens. Each Credit Party
owns fee simple title to all of its owned material Real Property and valid leasehold interests in all of its leased material Real Property, subject in each case to Permitted Liens. Each Credit Party also has title to, or valid leasehold interests
in, all of its other personal property and assets, in each case, material in the ordinary course of their respective businesses or where failure to so own or possess would not reasonably be expected to have a Material Adverse Effect. As of the
Closing Date, none of the Real Property and assets of any Credit Party are subject to any Liens other than Permitted Liens. 
 4.7 Labor
Matters. Except as set forth on Schedule 4.7 or as would not reasonably be expected to result in a Material Adverse Effect, to the knowledge of each Credit Party (a) no strikes or other labor disputes against any Credit Party or any
Restricted Subsidiary of any Credit Party are pending or, to the knowledge of any Credit Party, threatened; (b) hours worked by and payment made to employees of each Credit Party and each Restricted Subsidiary of any Credit Party comply with
the Fair Labor Standards Act and each other federal, state, local or foreign law applicable to such matters; (c) all payments due from any Credit Party or any Restricted Subsidiary of any Credit Party for employee health and welfare insurance
have been paid or accrued as a liability on the books of such Credit Party or such Restricted Subsidiary; (d) there is no organizing activity involving any Credit Party or any Restricted Subsidiary of any Credit Party pending or threatened by
any labor union or group of employees; (e) there are no representation proceedings pending or, to the knowledge of any Credit Party, threatened with the National Labor Relations Board or any other applicable labor relations board, and no labor
organization or group of employees of any Credit Party or any Restricted Subsidiary of any Credit Party has made a pending demand for recognition; and (f) there are no complaints or charges against any Credit Party or any Restricted Subsidiary
of any Credit Party pending or, to the knowledge of any Credit Party, threatened to be filed with any Governmental Authority or arbitrator based on, arising out of, in connection with, or otherwise relating to the employment or termination of
employment by any Credit Party or any Restricted Subsidiary of any Credit Party of any individual. 
 4.8 Subsidiaries and Joint
Ventures. As of the Closing Date, (a) Schedule 4.8 sets forth the name and jurisdiction of incorporation of each direct Subsidiary and Joint Venture of each Credit Party and, as to each such direct Subsidiary and Joint Venture, the
percentage of each class of Capital Stock owned by any Credit Party and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors
and directors’ qualifying shares) of any nature relating to any Capital Stock of Borrower or any of their respective Subsidiaries. 

4.9 Investment Company Act. No Credit Party is an “investment company” or a company controlled by an “investment
company,” as such terms are defined in the Investment Company Act of 1940 as amended. 
 4.10 Margin Regulations. Neither the
making of any Loan hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, Regulation U (“Regulation U”) or Regulation X of the Federal Reserve Board. 

  
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 4.11 Taxes/Other. Except as would not reasonably be expected to result in a Material
Adverse Effect, (i) all income and other Tax returns, reports, and statements, including information returns, required by any Governmental Authority to have been filed by any Credit Party or any Restricted Subsidiary have been filed (after
giving effect to any extensions) with the appropriate Governmental Authority, and (ii) all Taxes have been paid on or prior to the due date therefor, excluding Taxes or other amounts being contested in accordance with
Section 6.2(b). 
 4.12 ERISA. 

(a) Borrower has previously delivered or made available to Agent all Pension Plans (including Title IV Plans and Multiemployer Plans) and all
Retiree Welfare Plans, as now in effect. Except with respect to Multiemployer Plans, and except as would not reasonably be expected to have a Material Adverse Effect, each Qualified Plan has either received a favorable determination letter from the
IRS or may rely on a favorable opinion letter issued by the IRS, and to the knowledge of any Credit Party nothing has occurred that would be reasonably expected to cause the loss of such qualification or tax-exempt status. Each Pension Plan, to the
knowledge of Borrower, is in compliance in all respects with the applicable provisions of ERISA, the IRC and its terms, including the timely filing of all reports required under the IRC or ERISA except where the failure to comply would not
reasonably be expected to have a Material Adverse Effect. Except as has not resulted, or would not reasonably be expected to result, in an ERISA Lien (whether or not perfected), neither any Credit Party nor ERISA Affiliate has failed to make any
material contribution or pay any material amount due as required by either Section 412 of the IRC or Section 302 of ERISA or the terms of any such Pension Plan. No “prohibited transaction,” as defined in Section 406 of ERISA
and Section 4975 of the IRC, has occurred with respect to any Pension Plan that would subject any Credit Party to a material tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the IRC. 

(b) Except as would not reasonably be expected to have a Material Adverse Effect: (i) no Title IV Plan is or is reasonably expected to be
in “at risk” status (within the meaning of Section 430 of the IRC or Section 303 of ERISA); (ii) no ERISA Event has occurred or to the knowledge of any Credit Party is reasonably expected to occur; (iii) there are no
pending, or to the knowledge of any Credit Party, threatened material claims (other than claims for benefits in the normal course), sanctions, actions or lawsuits, asserted or instituted against any Plan or any Person as fiduciary or sponsor of any
Plan; (iv) no Credit Party or ERISA Affiliate has incurred or reasonably expects to incur any liability as a result of a complete or partial withdrawal from a Multiemployer Plan; and (v) within the last five years no Title IV Plan of any
Credit Party or ERISA Affiliate has been terminated, whether or not in a “standard termination” as that term is used in Section 4041 of ERISA, nor has any Title IV Plan of any Credit Party or any ERISA Affiliate (determined at any
time within the last five years) with Unfunded Pension Liabilities been transferred outside of the “controlled group” (within the meaning of Section 4001(a)(14) of ERISA) of any Credit Party or ERISA Affiliate (determined at such
time). 
 (c) Except as would not reasonably be expected to result in a Material Adverse Effect, each Foreign Pension Plan is in compliance
in all material respects with all requirements of law applicable thereto and the respective requirements of the governing documents for such plan. With respect to each Foreign Pension Plan, neither any Credit Party nor any Subsidiaries or any of
their respective directors, officers, employees or agents has engaged in a transaction which would subject any Credit Party or any Subsidiary, directly or indirectly, to a tax or civil penalty which would reasonably be expected, individually or in
the aggregate, to result in a Material Adverse Effect. With respect to each Foreign Pension Plan, except as would not reasonably be expected to result in a Material Adverse Effect, reserves have been established in the financial statements furnished
to Lenders in respect of any unfunded liabilities in accordance with applicable law and prudent business practice or, where required, in accordance with ordinary accounting practices in the jurisdiction in which such Foreign Pension Plan is
maintained. The aggregate unfunded liabilities with respect to such Foreign Pension Plans would not reasonably be expected to result individually or in the aggregate in a Material Adverse Effect. 

  
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 4.13 No Litigation. Except as set forth on Schedule 4.13, no action, claim,
lawsuit, demand, or proceeding is now pending or, to the knowledge of any Credit Party, threatened in writing against any Credit Party or any Restricted Subsidiary of any Credit Party, before any Governmental Authority or before any arbitrator or
panel of arbitrators (collectively, “Litigation”), (a) on the Closing Date that challenges such Credit Party’s right or power to enter into or perform any of its obligations under the Loan Documents to which it is a party,
or the validity or enforceability of any Loan Document or any action taken thereunder, or (b) that would reasonably be expected to result in a Material Adverse Effect. Except as set forth on Schedule 4.13, as of the Closing Date there is
no Litigation pending or threatened in writing, that would reasonably be expected to have a Material Adverse Effect. 
 4.14
[Reserved.]. 
 4.15 Intellectual Property. As of the Closing Date, each Credit Party owns or has rights to use all
intellectual property necessary to continue to conduct its business as now conducted by it and material to such Credit Party’s business, taken as a whole. To Borrower’s knowledge, as of the Closing Date, each Credit Party conducts its
business and affairs without infringement of any intellectual property of any other Person that would reasonably be expected to result in a Material Adverse Effect. 

4.16 Full Disclosure. No information contained in this Agreement, any of the other Loan Documents or Financial Statements or other
written reports from time to time prepared by any Credit Party (other than the projections referred to below, forward-looking information and information of a general economic or industry nature) and delivered hereunder or under any other Loan
Document (in each as modified or supplemented by other information so furnished and taken as a whole) by or on behalf of any Credit Party to Agent or any Lender pursuant to the terms of this Agreement contains any untrue statement of a material fact
or omits to state a material fact necessary to make the statements contained herein or therein not materially misleading in light of the circumstances under which they were made (after giving effect to all supplements and updates thereto). 

4.17 Environmental Matters. 

(a) Except as set forth in Schedule 4.17 or would not reasonably be expected to have a Material Adverse Effect, as of the Closing Date:
(i) the Real Property of each Credit Party and each of their Restricted Subsidiaries is free of contamination from any Hazardous Material; (ii) no Credit Party nor any Restricted Subsidiary of any Credit Party has caused or knowingly
allowed to occur any Release of Hazardous Materials on, at, in, under, above, to, from or about any of its Real Property; (iii) the Credit Parties and each of their Restricted Subsidiaries are and, except for matters which have been fully
resolved, have, for the past three (3) years, been in compliance with all Environmental Laws; (iv) the Credit Parties and each of their Restricted Subsidiaries (A) have obtained, (B) possess as valid, uncontested and in good
standing, and (C) are in compliance with all Environmental Permits required by Environmental Laws for the operation of their respective businesses as presently conducted; (v) there is no Litigation by a Governmental Authority arising under
or related to any Environmental Laws, Environmental Permits or Hazardous Material that seeks damages, penalties, fines, costs or expenses from, or that alleges criminal misconduct by, any Credit Party or any Restricted Subsidiary of any Credit
Party; (vi) except for matters which have been fully resolved, no written notice has been received by any Credit Party or any Restricted Subsidiary of any Credit Party identifying it as a “potentially responsible party” or requesting
information under CERCLA or analogous state statutes; and (vii) the Credit Parties and each of their Restricted Subsidiaries have provided to Agent copies of existing material environmental reports, reviews and audits relating to actual or
potential material Environmental Liabilities and relating to any Credit Party or any Restricted Subsidiary of any Credit Party. 

  
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 (b) Each Credit Party hereby acknowledges and agrees that none of Agent or any of its
officers, directors, employees, attorneys, agents and representatives (i) is now, or has ever been, in control of any of the Real Property or any Credit Party’s or any Restricted Subsidiary of any Credit Party’s affairs, and
(ii) has the capacity or the authority through the provisions of the Loan Documents or otherwise to direct or influence any (A) Credit Party’s or any Restricted Subsidiary of any Credit Party’s conduct with respect to the
ownership, operation or management of any of its Real Property, (B) undertaking, work or task performed by any employee, agent or contractor of any Credit Party or any Restricted Subsidiary of any Credit Party or the manner in which such
undertaking, work or task may be carried out or performed, or (C) compliance of any Credit Party or any Restricted Subsidiary of any Credit Party with Environmental Laws or Environmental Permits. 

4.18 Insurance. Borrower has previously delivered or made available to Agent lists of all material insurance policies of any nature
maintained, as of the Closing Date, for current occurrences by each Credit Party and each Restricted Subsidiary. 
 4.19 [Reserved.].

 4.20 [Reserved.]. 

4.21 [Reserved.]. 
 4.22
Solvency. Immediately after giving effect to the disbursement of proceeds of the Loans pursuant to the instructions of Borrower, and the payment and accrual of all transaction costs in connection with the foregoing, Borrower and its
Subsidiaries, taken as a whole on a consolidated basis, are Solvent. 
 4.23 Economic Sanctions and Anti-Money Laundering. Each Credit
Party and each Subsidiary of each Credit Party is in compliance in all material respects with all United States economic sanctions, laws, executive orders, and implementing regulations as promulgated by the United States Treasury Department’s
Office of Foreign Assets Control (“OFAC”), and all applicable anti-money laundering and counter-terrorism financing provisions of the Bank Secrecy Act and all regulations issued pursuant to it. No Credit Party and no Subsidiary of a
Credit Party (a) is a Person designated by the United States government on the list of the Specially Designated Nationals and Blocked Persons (the “SDN List”) with which a United States Person cannot deal with or otherwise
engage in business transactions, (b) is a Person who is otherwise the target of United States economic sanctions laws such that a United States Person cannot deal or otherwise engage in business transactions with such Person or (c) is
controlled by (including, without limitation, by virtue of such Person being a director or owning voting shares or interests), or acts, directly or indirectly, for or on behalf of, any Person on the SDN List or a foreign government that is the
target of United States economic sanctions prohibitions such that the entry into, or performance under, this Agreement or any other Loan Document would be prohibited under United States law. 

4.24 Economic Sanctions, FCPA, Patriot Act; Use of Proceeds. Each Credit Party and each of its Subsidiaries is in
compliance with (a) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order
relating thereto, (b) the USA PATRIOT ACT (Title 111 of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, the “Patriot Act”), and (c) other federal or state laws relating
to anti-money laundering rules and regulations. No part of the proceeds of any Loan will be used directly or indirectly for any payments to any government official or employee, political party, official of a political party, candidate for political
office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA. Borrower will not, directly or to the knowledge of Borrower, indirectly, use the
proceeds of any Loan to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the target of United States economic sanctions laws. 

  
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 4.25 [Reserved]. 

4.26 Status as Senior Debt. The Obligations in respect of the Loans are “senior debt” or “designated senior debt”
(or any comparable term) under, and as may be defined in, any indenture or document governing any applicable Indebtedness that is subordinated in right of payment to the Loans. 

4.27 FCPA and Related. No Credit Party nor any of its Subsidiaries nor any director, officer or, to the knowledge of such Credit Party,
agent or employee of such Credit Party or Subsidiary, is aware of or has taken any action, directly or indirectly, that would result in a material violation by such Persons of the FCPA, including, without limitation, making use of the mails or any
means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization or approval of the payment of any money, or other property, gift, promise to give or authorization of the giving of
anything of value, directly or indirectly, to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office in contravention of the FCPA. Each
Credit Party, and its Subsidiaries have conducted their businesses in compliance with, in all material respects, the FCPA and have established, and maintains, and will continue to maintain, policies and procedures designed to promote and achieve
compliance with such laws and with the representation and warranty contained herein.  
 5. FINANCIAL
STATEMENTS AND INFORMATION 
 5.1 Financial Reports and Notices. Each Credit Party executing this Agreement hereby agrees that from
and after the Closing Date and until the Termination Date, it shall deliver to Agent or to Agent for distribution to Lenders, as required, the following Financial Statements, notices and other information at the times, to the Persons and in the
manner set forth below: 
 (a) Compliance Certificate. To Agent, concurrently with the delivery of any Financial Statements delivered
pursuant to Section 5.1 (b) or
5.1 (c), a completed Compliance Certificate.

 (b) Quarterly Financials. To Agent, within forty-five (45) days after the end of the first three Fiscal Quarters
of each Fiscal Year, consolidated financial information regarding Borrower and its consolidated Restricted Subsidiaries, certified by a Financial Officer of Borrower, including (i) unaudited balance sheets as of the close of such Fiscal Quarter
and (ii) unaudited statements of income and cash flows for such Fiscal Quarter, in each case setting forth in comparative form the figures for the corresponding period in the prior year and the related statements of income and cash flow for
that portion of the Fiscal Year ending as of the close of such Fiscal Quarter, all prepared in accordance with GAAP (subject to absence of footnotes and normal year-end adjustments). In addition, Borrower
shall deliver to Agent and Lenders, within forty-five (45) days after the end of each of the first three Fiscal Quarters of each Fiscal Year, a management discussion and analysis that includes a comparison of performance for that Fiscal Quarter
to the corresponding period in the prior year. 
 (c) Annual Audited Financials. To Agent, within ninety (90) days after the end
of each Fiscal Year, audited Financial Statements for Borrower and its consolidated Restricted Subsidiaries on a consolidated basis, consisting of balance sheets and statements of income and retained earnings and cash flows, setting forth in
comparative form in each case the figures for the previous Fiscal Year, which Financial Statements shall be prepared in accordance with GAAP (except as approved by accountants or officers), as the case may be, and disclosed in reasonable detail
therein, including the economic impact of such exception, and certified without qualification as to going-concern or qualification arising out of the 

  
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scope of the audit, by KPMG LLP, another independent certified public accounting firm of national standing or a firm otherwise reasonably acceptable to Agent. In addition, Borrower shall deliver
to Agent and Lenders, together with such audited Financial Statements delivered pursuant to this clause, a management discussion and analysis that includes a comparison of performance for that Fiscal Year to the corresponding period in the prior
year. 
 (d) Simultaneously with the delivery of each set of consolidated financial statements referred to in clauses (b) and
(c) above, to the extent that the Unrestricted Subsidiaries of Borrower, as of the last day of the applicable fiscal period, taken in the aggregate, constituted a Significant Subsidiary, the related consolidating financial statements reflecting
adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements. 
 (e)
Information required to be delivered pursuant to this Section 5.1 may be delivered by electronic communication pursuant to procedures approved hereunder. 

(f) Default Notices. To Agent and Lenders, as soon as practicable, and in any event within five (5) Business Days after a Financial
Officer of Borrower has actual knowledge of the existence of any Default, or Event of Default, telephonic or fax or electronic notice specifying the nature of such Default or Event of Default, including the anticipated effect thereof, which notice,
if given telephonically, shall be promptly confirmed in writing on the next Business Day. 
 (g) [reserved]. 

(h) Litigation. To Agent in writing, promptly upon learning thereof, notice of any Litigation commenced or threatened in writing against
any Credit Party that (i) would reasonably be expected to result in damages in excess of $90,000,000 (net of insurance coverages for such damages), (ii) seeks injunctive relief which, if granted, would reasonably be expected to have a
Material Adverse Effect or (iii) would otherwise reasonably be expected to have a Material Adverse Effect. 
 (i) [Reserved].

 (j) Other Documents. To Agent for distribution to Lenders, such other financial and other information respecting any Credit
Party’s or any Subsidiary of any Credit Party’s business or financial condition as Agent shall from time to time reasonably request. 

(k) [Reserved]. 
 (l)
Environmental Matters. To Agent, notice of any matter under any Environmental Law that has resulted or is reasonably expected to result in a Material Adverse Effect, including arising out of or resulting from the commencement of, or any
material adverse development in, any litigation or proceeding affecting any Credit Party or any Subsidiary and arising under any Environmental Law. 

(m) ERISA/Pension Matters. To Agent, notice of the occurrence of any ERISA Event that has resulted or would reasonably be
expected to result in a liability of any Credit Party and the Restricted Subsidiaries in an aggregate amount exceeding $90,000,000 and a statement of a Financial Officer of Borrower setting forth details as to such ERISA Event and the action, if
any, that Borrower proposes to take with respect thereto and, upon Agent’s request, copies of each Schedule SB (Actuarial Information) to the Annual Report (Form 5500 Series) with respect to each Title IV Plan. 

  
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 (n) Change of Name; etc. Borrower agrees to notify Agent in writing, at the time of
delivery of any Compliance Certificate, of any change in (i) the legal name of any Credit Party, (ii) the identity or type of organization or corporate structure of such Credit Party, or (iii) the jurisdiction of organization of such
Credit Party. 
 6. AFFIRMATIVE COVENANTS 

Each Credit Party executing this Agreement agrees as to itself and its Restricted Subsidiaries that from and after the Closing Date and until
the Termination Date: 
 6.1 Maintenance of Existence and Conduct of Business. Except as otherwise permitted under
Section 7.8, each Credit Party shall, and shall cause each Restricted Subsidiary to, do or cause to be done all things necessary to (a) preserve and keep in full force and effect (i) its corporate existence
(except, as to Persons other than Credit Parties, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect) and (ii) its material rights and franchises; (b) continue to conduct its business
substantially as now conducted or as otherwise permitted hereunder; and (c) at all times maintain, preserve and protect all of its assets and properties used or useful in the conduct of its business and keep the same in good repair, working
order and condition in all material respects (taking into consideration ordinary wear and tear and except for casualties and condemnations) and from time to time make, or cause to be made, all necessary or appropriate repairs, replacements and
improvements thereto consistent with industry practices, except, in each case, referred to in this Section 6.1(a)(ii), (b) and (c) where the failure to do so would not reasonably be expected to have a
Material Adverse Effect. 
 6.2 Payment of Charges and Taxes. 

(a) Subject to Section 6.2(b), each Credit Party shall pay and discharge or cause to be paid and discharged promptly
all material Charges, Taxes and claims payable by it, including: (i) material Charges and Taxes imposed upon it, its income and profits, or any of its property (real, personal or mixed) and all material Charges with respect to Tax, social
security, employer contributions and unemployment withholding with respect to its employees and (ii) lawful material claims for labor, materials, supplies and services or otherwise, in each case, before any thereof shall become past due, in
each case, where the non-payment of such Charge, Tax or claim could give rise to a material Lien (other than Permitted Liens) or a Material Adverse Effect. 

(b) Each Credit Party may in good faith contest, by appropriate proceedings, the validity or amount of any Charges, Taxes or claims described
in Section 6.2(a) and not pay or discharge such Charges, Taxes or claims while so contested; provided, that (i) adequate reserves with respect to such contest are maintained on the books of such Credit Party, in
accordance with GAAP and (ii) the failure to make such payment would not reasonably be expected to result in a Material Adverse Effect. 

6.3 Books and Records. Each Credit Party shall keep adequate books and records with respect to its business activities in which proper
entries, reflecting all material financial transactions, are made in accordance with GAAP and on a basis consistent with the Financial Statements delivered pursuant to Section 4.4. 

  
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 6.4 Insurance. Borrower will, and will cause each Restricted Subsidiary to, maintain,
with financially sound and reputable insurance companies insurance in such amounts and against such risks, as are customarily maintained by similarly situated companies engaged in the same or Similar Businesses operating in the same or similar
locations (after giving effect to any self-insurance reasonable and customary for similarly situated companies). Borrower will furnish to Agent, upon written request, information in reasonable detail as to the insurance so maintained. 

6.5 Compliance with Laws. Each Credit Party shall, and shall cause each Restricted Subsidiary to, comply in all material respects with
all applicable provisions of law of any Governmental Authority, unless such failure of compliance would not reasonably be expected to result in a Material Adverse Effect or a material adverse effect on the specific property affected by such non-compliance. 
 6.6 PATRIOT Act. No Credit Party or any Subsidiary thereof is in breach of or is
the subject of any action or investigation under the PATRIOT Act. 
 6.7 Intellectual Property. Each Credit Party shall, and shall
cause each Restricted Subsidiary to, (a) conduct its business without knowingly infringing any intellectual property of any other Person which infringement would reasonably be expected to result in a Material Adverse Effect, and (b) comply
in all material respects with the obligations under its material intellectual property licenses. 
 6.8 Environmental Matters. Except
where the failure to do so would not result in a Material Adverse Effect, each Credit Party shall, and shall cause the Restricted Subsidiaries to: 

(a) comply in all material respects with, and use commercially reasonable efforts to ensure compliance in all material respects by all tenants
and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply in all material respects with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply in all material
respects with and maintain, any and all Environmental Permits, except in each case, where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and 

(b) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under
Environmental Laws and comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws. 

6.9 Ratings. Borrower shall use commercially reasonable efforts (x) to cause the Facility to be continuously rated by S&P and
Moody’s, and (y) to maintain a corporate rating from S&P and a corporate family rating from Moody’s, in each case in respect of Borrower. 

6.10 [Reserved.]. 
 6.11
ERISA Matters. Each Credit Party executing this Agreement agrees that it shall and shall cause each other Credit Party and each Restricted Subsidiary to timely make all contributions, pay all amounts due, and otherwise perform such
actions necessary to prevent the imposition of any Liens under ERISA or Section 412 of the IRC (each an “ERISA Lien”). 

  
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 6.12 Future Guarantors. 

(a) Within thirty (30) Business Days of the formation of any Restricted Subsidiary, acquisition of a Restricted Subsidiary or at any time
a Subsidiary becomes a Restricted Subsidiary, Borrower shall notify Agent of such event and, promptly thereafter (and in any event within 30 days or such longer period as Agent may agree) (i) cause each such new Restricted Subsidiary that is
not an Excluded Subsidiary to deliver to Agent a supplemental Guaranty in the form attached hereto as Exhibit 1.1(a), (ii) [reserved], and (iii) provide or cause to be provided to Agent all other customary and reasonable
documentation which is reasonably requested by Agent in connection with the foregoing clause (i). 
 (b) Notwithstanding anything to the
contrary contained herein, neither Borrower nor any Subsidiary of Borrower shall be required to execute and deliver any supplemental guarantee or any other document if such action (A) is restricted or prohibited by general statutory
limitations, financial assistance, corporate benefit, fraudulent preference, “thin capitalization” rules or similar principles, (B) is not within the legal capacity of Borrower or such Subsidiary or would conflict with the fiduciary
duties of its directors or contravene any legal prohibition or result in personal or criminal liability on the part of any officer or (C) for reasons of cost, legal limitations or other matters is unreasonably burdensome in relation to the
benefits to the Lenders of Borrower’s or such Subsidiary’s guaranty as reasonably determined by Borrower and Agent. 
 6.13
Access. Each Credit Party shall, during normal business hours, from time to time upon reasonable notice as frequently as Agent reasonably determines to be appropriate: (a) provide Agent, Lenders (coordinated through Agent) and any of
their representatives and designees access to its properties, facilities, advisors, officers and employees and (b) permit Agent, Lenders and any of their officers, employees and agents, to inspect, audit and make extracts from any Credit
Party’s books and records; provided, that to the extent that no Event of Default has occurred and is continuing, Borrower shall only be responsible for the costs of providing such access once per Fiscal Year. Furthermore, so long as any
Event of Default has occurred and is continuing or at any time after all or any portion of the Obligations hereunder have been declared due and payable pursuant to Section 9.2(b), Borrower shall provide reasonable
assistance to Agent to obtain access, which access shall be coordinated in scope and substance in consultation with Borrower, to their suppliers and customers. 

6.14 [Reserved.]. 
 6.15
Use of Proceeds. All proceeds of the Loans shall be used as provided in Section 2.4. 
 7. NEGATIVE COVENANTS 

Each Credit Party (to the extent applicable as set forth below) executing this Agreement agrees as to itself and its Restricted Subsidiaries
that from and after the Closing Date and until the Termination Date: 
 7.1 Limitation on Incurrence of Indebtedness and Issuance of
Disqualified Stock and Preferred Stock. 
 (a) (i) Borrower shall not, and shall not permit any of the Restricted Subsidiaries to,
directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) Borrower shall not permit any of the Restricted Subsidiaries (other than any Guarantor) to issue any shares of
Preferred Stock; provided, however, that Borrower and any Guarantor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary that is not a Guarantor may Incur
Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio of Borrower for the most recently ended four full Fiscal Quarters for which
internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would be no less than 2.00 to 1.00

  
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determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or
Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period; provided, that the amount of Indebtedness (including Acquired Indebtedness),
Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors, together with all Indebtedness, Disqualified Stock or Preferred Stock Incurred by
Restricted Subsidiaries that are not Guarantors pursuant to Section 7.1(b)(xii) and
(xvi) (A) below, together with any Refinancing
Indebtedness in respect thereof, shall not exceed, in the aggregate, the greater of $820 million and 60% of Consolidated EBITDA as of the date on which such Indebtedness is Incurred (plus, in the case of any Refinancing Indebtedness, the
Additional Refinancing Amount) (Indebtedness Incurred pursuant to this clause (a), the “Ratio Debt”). 
 (b) The
limitations set forth in Section 7.1(a) shall not apply to: 
 (i) the Incurrence by Borrower or any Restricted
Subsidiary of Indebtedness (including under any Credit Agreement and the issuance and creation of letters of credit and bankers’ acceptances thereunder) up to an aggregate principal amount outstanding at the time of Incurrence that, does not
exceed an amount equal to (I) the greater of (x) $1,000 million and (y) the Borrowing Base plus (II) an amount equal to $2,000 million; 

(ii) the Incurrence by Borrower and the other Guarantors of Indebtedness under this Facility (including any guarantees of any of the
foregoing); 
 (iii) Indebtedness, Preferred Stock and Disqualified Stock of Borrower, the Guarantors and their Restricted Subsidiaries
(including, for the avoidance of doubt, Con-way and any Restricted Subsidiary which is a Subsidiary thereof) existing on the Closing Date (other than Indebtedness described in clauses (i) and (ii) of
this Section 7.1(b)) and, if such Indebtedness is for borrowed money is in excess of $20,000,000, listed on Schedule 7.1 hereto; 

(iv) Indebtedness (including Capitalized Lease Obligations) Incurred by Borrower or any Restricted Subsidiary, Disqualified Stock issued by
Borrower or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary to finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement or improvement of property (real or
personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets) that, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock or
Preferred Stock then outstanding and Incurred pursuant to this clause (iv), together with any Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xv) below, does not exceed at any one time outstanding the greater of
$685 million and 50% of Consolidated EBITDA as of the date such Indebtedness is Incurred (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(v) Indebtedness Incurred by Borrower or any Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit
and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former employees or their families or
property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental law or permits or licenses from governmental authorities, or other
Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

  
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 (vi) Indebtedness arising from agreements of Borrower or any Restricted Subsidiary
providing for indemnification, adjustment of acquisition or purchase price or similar obligations (including earn-outs), in each case, Incurred or assumed in connection with the Transactions, any Investments or any acquisition or disposition of any
business, assets or a Subsidiary not prohibited by this Agreement, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(vii) Indebtedness of Borrower to a Restricted Subsidiary, provided that (except in respect of intercompany current liabilities
incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of Borrower and its Subsidiaries) any such Indebtedness owed to a Restricted Subsidiary that is not a Guarantor is subordinated in
right of payment to the Obligations of Borrower under the Loans; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such
Indebtedness not permitted by this clause (vii); 
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to Borrower or
another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary
ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to Borrower or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock not
permitted by this clause (viii); 
 (ix) Indebtedness of a Restricted Subsidiary to Borrower or another Restricted Subsidiary; provided
that if a Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor (except in respect of intercompany current liabilities incurred in the ordinary course of business in connection with the cash management, tax and
accounting operations of Borrower and its Subsidiaries), such Indebtedness is subordinated in right of payment to the Guaranty of such Guarantor; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other
event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to Borrower or another Restricted Subsidiary or any pledge of such
Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (ix); 

(x) Hedging Obligations that are not incurred for speculative purposes but (A) for the purpose of fixing or hedging interest rate risk
with respect to any Indebtedness that is permitted by the terms of this Agreement to be outstanding; (B) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges; or (C) for the purpose of
fixing or hedging commodity price risk with respect to any commodity purchases or sales and, in each case, extensions or replacements thereof; 

(xi) obligations (including reimbursement obligations with respect to letters of credit, bank guarantees, warehouse receipts and similar
instruments) in respect of performance, bid, appeal and surety bonds, completion guarantees and similar obligations provided by Borrower or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry
practice; 
 (xii) Indebtedness or Disqualified Stock of Borrower or Indebtedness, Disqualified Stock or Preferred Stock of any Restricted
Subsidiary in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and Incurred
pursuant to this 

  
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clause (xii), together with any Refinancing Indebtedness in respect thereof incurred pursuant to clause (xv) below, does not exceed at any one time outstanding the greater of
$820 million and 60% of Consolidated EBITDA as of the date such Indebtedness is Incurred (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness Incurred pursuant to this
clause (xii) shall cease to be deemed Incurred or outstanding for purposes of this clause (xii) but shall be deemed Incurred for purposes of Section 7.1(a) from and after the first date on which Borrower, or the
Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under Section 7.1(a) without reliance upon this clause (xii)); provided, that the amount of Indebtedness, Disqualified Stock and
Preferred Stock that may be Incurred or issued, as applicable, pursuant to this clause (xii) by Restricted Subsidiaries that are not Guarantors, together with all Indebtedness, Disqualified Stock or Preferred Stock Incurred by Restricted
Subsidiaries that are not Guarantors pursuant to the first paragraph of this covenant or clause (xvi)(A) below, and any Refinancing Indebtedness of Restricted Subsidiaries that are not Guarantors incurred in respect thereof, shall not exceed,
in the aggregate, the greater of $820 million and 60% of Consolidated EBITDA (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(xiii) Indebtedness or Disqualified Stock of Borrower or any Restricted Subsidiary and Preferred Stock of any Restricted Subsidiary in an
aggregate principal amount or liquidation preference at any time outstanding, together with Refinancing Indebtedness in respect thereof incurred pursuant to clause (xv) hereof, not greater than 100.0% of the net cash proceeds received by
Borrower and the Restricted Subsidiaries since immediately after the Closing Date from the issue or sale of Equity Interests of Borrower or any direct or indirect parent entity of Borrower (which proceeds are contributed to Borrower or a Restricted
Subsidiary) or cash contributed to the capital of Borrower (in each case other than proceeds of Disqualified Stock or sales of Equity Interests to, or contributions received from Borrower or any of its Subsidiaries) to the extent such net cash
proceeds or cash have not been applied to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section 7.2(b) or to make Permitted Investments (other than Permitted Investments specified
in clauses (1) and (3) of the definition thereof) (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness incurred pursuant to this clause (xiii) shall cease to
be deemed incurred or outstanding for purposes of this clause (xiii) but shall be deemed incurred for the purposes of Section 7.1(a) from and after the first date on which Borrower, or the Restricted Subsidiary, as the
case may be, could have incurred such Indebtedness under Section 7.1(a) without reliance upon this clause (xiii)); 

(xiv) any guarantee by Borrower or any Restricted Subsidiary of Indebtedness or other obligations of Borrower or any Restricted Subsidiary so
long as the Incurrence of such Indebtedness Incurred by Borrower or such Restricted Subsidiary is permitted under the terms of this Agreement; provided that (A) if such Indebtedness is by its express terms subordinated in right of
payment to the Loans or the Guaranty of such Restricted Subsidiary, as applicable, any such guarantee with respect to such Indebtedness shall be subordinated in right of payment to the Loans or such Guaranty, as applicable, substantially to the same
extent as such Indebtedness is subordinated to the Loans or the Guaranty, as applicable, and (B) if such guarantee is of Indebtedness of Borrower, such guarantee is Incurred in accordance with, or not in contravention of,
Section 6.12 solely to the extent Section 6.12 is applicable; 
 (xv) the Incurrence by
Borrower or any of the Restricted Subsidiaries of Indebtedness or Disqualified Stock, or by any Restricted Subsidiary of Preferred Stock of a Restricted Subsidiary, that serves to refund, refinance or defease any Indebtedness Incurred or
Disqualified Stock or Preferred Stock issued as permitted under Section 7.1(a) and clauses (i), (ii), (iii), (iv), (xii), (xiii), (xv), (xvi), (xx) and (xxiv) of this Section 7.1(b) up to
the outstanding principal amount (or, if applicable, the liquidation preference, face amount, or the like) or, if greater, committed amount (only to the extent the committed amount could have been Incurred on the date of initial Incurrence and was
deemed Incurred at such time for the purposes of this Section 7.1) of such Indebtedness or Disqualified Stock or Preferred 

  
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Stock, in each case at the time such Indebtedness was Incurred or Disqualified Stock or Preferred Stock was issued pursuant to Section 7.1(a) or clauses (i), (ii),
(iii), (iv), (xii), (xiii), (xv), (xvi), (xx) and (xxiv) of this Section 7.1(b), or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so refund or refinance such Indebtedness, Disqualified Stock or
Preferred Stock, plus any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance costs and fees in connection therewith (subject to the
following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

(A) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the shorter of
(x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced or defeased and (y) the Weighted Average Life to Maturity that would result if all payments of
principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one year following the Maturity Date of any Loans then outstanding were instead due on such date (provided
that this subclause (A) will not apply to any refunding or refinancing of any Secured Indebtedness or Indebtedness of non-Guarantors); 

(B) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior in right of payment to the Loans or a Guaranty, as
applicable, such Refinancing Indebtedness is junior in right of payment to the Loans or the Guaranty, as applicable, or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock; and 

(C) shall not include (x) Indebtedness of a Restricted Subsidiary that is not a Guarantor that refinances Indebtedness of Borrower or a
Guarantor, or (y) Indebtedness of Borrower or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary; 

(xvi) Indebtedness, Disqualified Stock or Preferred Stock of (A) Borrower or any Restricted Subsidiary incurred to finance an acquisition
or (B) Persons that are acquired by Borrower or any Restricted Subsidiary or are merged, consolidated or amalgamated with or into Borrower or any Restricted Subsidiary in accordance with the terms of this Agreement (so long as such Indebtedness
is not incurred in contemplation of such acquisition, merger, consolidation or amalgamation); provided that after giving effect to such acquisition or merger, consolidation or amalgamation, either: 

(A) Borrower would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth
in Section 7.1(a); or 
 (B) the Fixed Charge Coverage Ratio of Borrower would be no less than immediately prior
to such acquisition or merger, consolidation or amalgamation; 
 provided, that the amount of Indebtedness, Disqualified Stock and Preferred Stock
that may be Incurred or issued, as applicable, pursuant to clause (xvi)(A) by Restricted Subsidiaries that are not Guarantors, together with all Indebtedness, Disqualified Stock or Preferred Stock Incurred by Restricted Subsidiaries that are
not Guarantors pursuant the first paragraph of this covenant or clause (xii) above, together with any Refinancing Indebtedness of Restricted Subsidiaries that are not Guarantors incurred in respect thereof, shall not exceed, in the aggregate,
the greater of $820 million and 60% of Consolidated EBITDA (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(xvii) [reserved]; 

  
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 (xviii) Indebtedness arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 

(xix) Indebtedness of Borrower or any Restricted Subsidiary supported by a letter of credit or bank guarantee, in a principal amount not in
excess of the stated amount of such letter of credit; 
 (xx) Indebtedness of Restricted Subsidiaries of Borrower that are not Guarantors
not to exceed at any one time outstanding (together with any Refinancing Indebtedness of Restricted Subsidiaries that are not Guarantors incurred in respect thereof pursuant to clause (xv) above) the greater of $410 million or 30% of
Consolidated EBITDA as of the date on which such Indebtedness is Incurred (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(xxi) Indebtedness of Borrower or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xxii) Indebtedness consisting of Indebtedness of Borrower or a Restricted Subsidiary to current or former officers, directors and employees
thereof or any direct or indirect parent thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of Borrower or any direct or indirect parent of Borrower to the extent
described in Section 7.2(b)(iv); 
 (xxiii) Indebtedness in respect of obligations of Borrower or any Restricted
Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided that such obligations are incurred in connection with open accounts extended by suppliers on
customary trade terms in the ordinary course of business and not in connection with the borrowing of money or any Hedging Obligations; and 

(xxiv) Indebtedness under asset-level financings, Capitalized Lease Obligations and purchase money indebtedness incurred by (1) Norbert
Dentressangle S.A. or any of its Subsidiaries or (2) any Foreign Subsidiary of Borrower, in each case in the ordinary course of business consistent with past practice; provided that the amount of Indebtedness outstanding under this
Section 7.1(b)(xxiv), together with any Refinancing Indebtedness in respect thereof incurred pursuant to Section 7.1(b)(xv) shall not exceed, in the aggregate, the greater of $1,025 million
and 75% of Consolidated EBITDA (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount). 
 (c) For purposes of
determining compliance with this Section 7.1: 
 (i) in the event that an item of Indebtedness, Disqualified Stock
or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness described in clauses (i) through (xxiv) of Section 7.1(b) above or is entitled to be
Incurred pursuant to Section 7.1(a), then Borrower may, in its sole discretion, classify or reclassify, or later divide, classify or reclassify (as if Incurred at such later time), such item of Indebtedness, Disqualified
Stock or Preferred Stock (or any portion thereof) in any manner that complies with this Section 7.1; provided that Indebtedness outstanding under the Credit Agreements shall be incurred under clause (i) of
Section 7.1(b) above and may not be reclassified and Indebtedness outstanding under this Agreement shall be incurred under clause (ii) of Section 7.1(b) above and may not be reclassified; and

  
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 (ii) at the time of incurrence, Borrower will be entitled to divide and classify an item of
Indebtedness in more than one of the categories of Indebtedness described in Section 7.1(a) or (i) through (xxiv) of Section 7.1(b) (or any portion thereof) without giving pro forma effect to
the Indebtedness Incurred pursuant to any other clause or paragraph of Section 7.1(a) (or any portion thereof) when calculating the amount of Indebtedness that may be Incurred pursuant to any such clause or paragraph (or
any portion thereof). 
 (iii) in connection with the Incurrence (including with respect to any Incurrence on a revolving basis pursuant to
a revolving loan commitment) of any Indebtedness under Section 7.1(a), clause (i) of Section 7.1(b) or clause (xvi) of Section 7.1(b), Borrower or the applicable Restricted Subsidiary may, by notice to
Agent at any time prior to the actual Incurrence of such Indebtedness designate such Incurrence as having occurred on the date of such prior notice, and any related subsequent actual Incurrence will be deemed for all purposes under this Agreement to
have been Incurred on the date of such prior notice until such date as such notice is withdrawn. 
 Accrual of interest, the accretion of
accreted value, the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, amortization of original issue discount, the accretion of liquidation preference and increases in the
amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this
Section 7.1. Guaranties of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the
determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 7.1. 

For purposes of determining compliance with any Dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred
(whichever yields the lower Dollar equivalent), in the case of revolving credit debt. However, if the Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and the refinancing would cause the applicable
Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of the refinancing, the Dollar-denominated restriction will be deemed not to have been exceeded so long as the principal amount
of the refinancing Indebtedness does not exceed the principal amount of the Indebtedness being refinanced. 
 Notwithstanding any other
provision of this Section 7.1, the maximum amount of Indebtedness that Borrower and the Restricted Subsidiaries may Incur pursuant to this Section 7.1 shall not be deemed to be exceeded, with
respect to any outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the
Indebtedness being refinanced, will be calculated based on the currency exchange rate applicable to the currencies in which the respective Indebtedness is denominated that is in effect on the date of the refinancing. 

  
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 7.2 Limitation on Restricted Payments. 

(a) Borrower shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any distribution on account of any of Borrower’s or any of the Restricted Subsidiaries’
Equity Interests, including any payment made in connection with any merger, amalgamation or consolidation involving Borrower (other than (A) dividends or distributions payable solely in Equity Interests (other than Disqualified Stock) of
Borrower; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary that is not a Wholly
Owned Restricted Subsidiary, Borrower or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities); 

(ii) purchase or otherwise acquire or retire for value any Equity Interests of Borrower or any direct or indirect parent of Borrower; 

(iii) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any
scheduled repayment or scheduled maturity, any Subordinated Indebtedness of Borrower, or any Guarantor (other than the payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under
clauses (vii) and (ix) of Section 7.1(b)); or 
 (iv) make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (A) no Default shall have occurred and be continuing or would occur
as a consequence thereof; 
 (B) immediately after giving effect to such transaction on a pro forma basis, Borrower could Incur $1.00
of additional Indebtedness under Section 7.1(a); and 
 (C) such Restricted Payment, together with the aggregate
amount of all other Restricted Payments made by Borrower and the Restricted Subsidiaries after the Closing Date (and Restricted Payments made prior to the Closing Date if made pursuant to the corresponding provisions of the 2023 Notes Indenture)
(including Restricted Payments permitted by clauses (vi)(C), (viii) and, solely to the extent provided therein, (xviii) of Section 7.2(b), but excluding all other Restricted Payments permitted by
Section 7.2(b) (or, in each case, permitted by the corresponding provisions of the 2023 Notes Indenture)), is less than the amount equal to the Cumulative Credit. 

(b) The provisions of Section 7.2(a) shall not prohibit: 

(i) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
thereof, if at the date of declaration or the giving of notice of such irrevocable redemption, as applicable, such payment would have complied with the provisions of this Agreement; 

(ii) (A) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”)
or Subordinated Indebtedness of Borrower, any direct or indirect parent of Borrower or any Guarantor in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity Interests of Borrower or any direct or indirect parent of
Borrower or contributions to the equity capital of Borrower (other than any Disqualified Stock or any Equity Interests sold to a Subsidiary of Borrower) (collectively, including any such contributions, “Refunding Capital Stock”);

  
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 (B) the declaration and payment of dividends on the Retired Capital Stock out of the
proceeds of the substantially concurrent sale (other than to a Subsidiary of Borrower) of Refunding Capital Stock; and 
 (C) if immediately
prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under clause (vi) of this Section 7.2(b) and not made pursuant to clause (ii)(B), the declaration
and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of Borrower) in an
aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Retired Capital Stock immediately prior to such retirement; 

(iii) the redemption, repurchase, defeasance, or other acquisition or retirement of Subordinated Indebtedness of Borrower or any Guarantor
made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of Borrower or a Guarantor, which is Incurred in accordance with Section 7.1 so long as: 

(A) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value,
if applicable), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired for value (plus the amount of any premium required to be paid under the terms of the
instrument governing the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired, plus any tender premiums, plus any defeasance costs, fees and expenses incurred in connection therewith); 

(B) such Indebtedness is subordinated to the Loans or the related Guaranty of such Guarantor, as the case may be, at least to the same extent
as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for value; 
 (C) such
Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) 91 days following the
last maturity date of any Loans then outstanding; and 
 (D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred
which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that
would result if all payments of principal on the Subordinated Indebtedness being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the last maturity date of any Loans then outstanding
were instead due on such date; 
 (iv) a Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity
Interests of Borrower or any direct or indirect parent of Borrower held by any future, present or former employee, director, officer or consultant of Borrower or any Subsidiary of Borrower or any direct or indirect parent of Borrower pursuant to any
management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments made under this clause (iv) do not exceed
$45 million in any calendar year, with unused amounts in any calendar year being permitted to be carried over to succeeding calendar years up to a maximum of $60 million in any calendar year; provided, further, however, that such
amount in any calendar year may be increased by an amount not to exceed: 

  
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 (A) the cash proceeds received by Borrower or any of the Restricted Subsidiaries from the
sale of Equity Interests (other than Disqualified Stock) of Borrower or any direct or indirect parent of Borrower (to the extent contributed to Borrower) to employees, directors, officers or consultants of Borrower and the Restricted Subsidiaries or
any direct or indirect parent of Borrower that occurs after the Closing Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase the amount available
for Restricted Payments under Section 7.2(b)(viii)), plus 
 (B) the cash proceeds of key man life
insurance policies received by Borrower or any direct or indirect parent of Borrower (to the extent contributed to Borrower) or the Restricted Subsidiaries after the Closing Date; 

provided that Borrower may elect to apply all or any portion of the aggregate increase contemplated by clauses (A) and (B) above in any
calendar year; and provided, further, that cancellation of Indebtedness owing to Borrower or any Restricted Subsidiary from any present or former employees, directors, officers or consultants of Borrower, any Restricted Subsidiary or the
direct or indirect parents of Borrower in connection with a repurchase of Equity Interests of Borrower or any of its direct or indirect parents will not be deemed to constitute a Restricted Payment for purposes of this
Section 7.2 or any other provision of this Agreement; 
 (v) the declaration and payment of dividends or
distributions to holders of any class or series of Disqualified Stock of Borrower or any Restricted Subsidiary issued or incurred in accordance with Section 7.1; 

(vi) (A) the declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other
than Disqualified Stock) issued after the Closing Date; 
 (B) a Restricted Payment to any direct or indirect parent of Borrower, the
proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of Borrower issued after the Closing Date;
provided that the aggregate amount of dividends declared and paid pursuant to this clause (B) does not exceed the net cash proceeds actually received by Borrower from any such sale of Designated Preferred Stock (other than Disqualified
Stock) issued after the Closing Date; and 
 (C) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock
in excess of the dividends declarable and payable thereon pursuant to Section 7.2(b)(ii); provided, however, in the case of each of clauses (A) and (B) above of this clause (vi), that for the most
recently ended four full Fiscal Quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect to such issuance (and the payment of dividends or
distributions and treating such Designated Preferred Stock as Indebtedness for borrowed money for such purpose) on a pro forma basis (including a pro forma application of the net proceeds therefrom), Borrower would have had a Fixed
Charge Coverage Ratio no less than 2.00 to 1.00. 

  
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 (vii) Investments in joint ventures and Unrestricted Subsidiaries having an aggregate Fair
Market Value (as determined in good faith by Borrower), taken together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the sum of (a) the greater of $275 million and 20%
of Consolidated EBITDA as of the date of such Investment and (b) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in
respect of any such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this
clause (vii) is made in any Person that is not Borrower or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes Borrower or a Restricted Subsidiary after such date, such Investment shall thereafter be
deemed to have been made pursuant to clause (1) of the definition of Permitted Investments and shall cease to have been made pursuant to this clause (vii) for so long as such Person continues to be Borrower or a Restricted Subsidiary; 

(viii) Restricted Payments that are made with (or in an aggregate amount that does not exceed the aggregate amount of) Excluded Contributions;

 (ix) other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this
clause (ix) that are at that time outstanding, not to exceed the greater of $750 million and 55% of Consolidated EBITDA as of the date such Restricted Payment is made; 

(x) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to Borrower or a Restricted Subsidiary
by, Unrestricted Subsidiaries; 
 (xi) with respect to any taxable period for which Borrower and/or any of its Subsidiaries are members of a
consolidated, combined, affiliated, unitary or similar income tax group for U.S. federal and/or applicable state or local income tax purposes of which a direct or indirect parent of Borrower is the common parent (a “Tax Group”),
distributions (“Tax Distributions”) to any direct or indirect parent of Borrower to pay the portion of the taxes of such Tax Group attributable to the income of Borrower and/or its applicable Subsidiaries in an amount not to exceed
the amount of any U.S. federal, state and/or local income taxes (as applicable) that Borrower and/or its applicable Subsidiaries would have paid for such taxable period had Borrower and/or its applicable Subsidiaries been a stand-alone corporate
taxpayer or a stand-alone corporate group with respect to such taxes; provided that distributions attributable to the income of any Unrestricted Subsidiary shall be permitted only to the extent that such Unrestricted Subsidiary made
distributions to Borrower or any Restricted Subsidiary for such purpose; 
 (xii) any Restricted Payment, if applicable: 

(A) in amounts required for any direct or indirect parent of Borrower to pay fees and expenses (including franchise or similar Taxes) required
to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any direct or indirect parent of Borrower and general corporate operating and overhead
expenses of any direct or indirect parent of Borrower, in each case, to the extent such fees and expenses are attributable to the ownership or operation of Borrower, if applicable, and its Subsidiaries; 

(B) in amounts required for any direct or indirect parent of Borrower, if applicable, to pay interest and/or principal on Indebtedness the
proceeds of which have been contributed to Borrower or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered Indebtedness of, the Borrower Incurred in accordance with Section 7.1; and 

(C) in amounts required for any direct or indirect parent of Borrower to pay fees and expenses related to any equity or debt offering of such
parent (whether or not successful); 

  
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 (xiii) repurchases of Equity Interests that occur or are deemed to occur upon exercise of
stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (xiv) purchases
of Securitization Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing and the payment or distribution of Securitization Fees; 

(xv) Restricted Payments by Borrower or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares
upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 
 (xvi) the repurchase,
redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to provisions similar to those described in Section 7.4 or in connection with customary change of control offers;
provided that if such transaction constitutes a Change of Control, all Loans shall have been repaid in full (or the Change of Control Event of Default shall have been waived); 

(xvii) payments or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation,
amalgamation, merger or transfer of all or substantially all of the assets of Borrower and the Restricted Subsidiaries, taken as a whole, that complies with Section 7.8; provided that if such consolidation,
amalgamation, merger or transfer of assets constitutes a Change of Control, all Loans shall have been repaid in full (or the Change of Control Event of Default shall have been waived); and 

(xviii) other Restricted Payments; provided that the Consolidated Total Net Leverage Ratio of Borrower for the most recently ended four
full Fiscal Quarters for which internal financial statements are available, determined on a pro forma basis, is less than 3.50 to 1.00; provided, further, that any Restricted Payments made in reliance on this clause (xviii) shall
reduce the Cumulative Credit in an amount equal to the amount of such Restricted Payment but the Cumulative Credit shall not be reduced below zero as a result thereof; 

provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (vi)(B), (vii), (ix), (x),
(xii)(B) and (xviii) of this Section 7.2(b), no Default shall have occurred and be continuing or would occur as a consequence thereof (provided, however, that Borrower may make regularly-scheduled dividend
payments on its existing Series A Preferred Stock in accordance with the terms thereof pursuant to Section 7.2(b)(ix), regardless of whether any Default has occurred or is continuing or would occur as a consequence
thereof); provided, further, that any Restricted Payments made with property other than cash shall be calculated using the Fair Market Value (as determined in good faith by Borrower) of such property. 

(c) As of the Closing Date, all of the Subsidiaries of Borrower other than XPO Escrow Sub, LLC will be Restricted Subsidiaries. For purposes of
designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by Borrower and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in an
amount determined as set forth in the last sentence of the definition of “Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such
Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 

  
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 7.3 Dividend and Other Payment Restrictions Affecting Subsidiaries. Borrower shall
not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist any consensual encumbrance or consensual restriction which prohibits or limits the ability of any Restricted Subsidiary to:

 (a) pay dividends or make any other distributions to Borrower or any Restricted Subsidiary (1) on its Capital Stock; or (2) with
respect to any other interest or participation in, or measured by, its profits; or 
 (b) make loans or advances to Borrower or any
Restricted Subsidiary that is a direct or indirect parent of such Restricted Subsidiary; 
 except in each case for such encumbrances or restrictions
existing under or by reason of: 
 (i) (i) contractual encumbrances or restrictions in effect on the Closing Date (including
encumbrances or restrictions imposed on Con-way and any Subsidiary thereof which is a Restricted Subsidiary) and (ii) contractual encumbrances or restrictions pursuant to this Agreement, the other Loan
Documents, the Credit Agreements (and all guarantee, security and other documents relating thereto), and, in each case, similar contractual encumbrances effected by any amendments, modifications, restatements, renewals, supplements, refundings,
replacements or refinancings of such agreements or instruments; 
 (ii) the 2021/2022 Notes Indenture, the 2022 Notes, the 2023 Notes
Indenture, the 2023 Notes, the Con-Way Debentures Indenture, the Con-Way Debentures or the guarantees thereunder; 

(iii) applicable law or any applicable rule, regulation or order; 

(iv) any agreement or other instrument of a Person acquired by Borrower or any Restricted Subsidiary which was in existence at the time of
such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties
or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired; 

(v) contracts or agreements for the sale of assets, including any restriction with respect to a Restricted Subsidiary imposed pursuant to an
agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary; 
 (vi) Secured
Indebtedness otherwise permitted to be Incurred pursuant to Section 7.1 and Section 7.7 that limits the right of the debtor to dispose of the assets securing such Indebtedness; 

(vii) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of
business; 
 (viii) customary provisions in joint venture agreements and other similar agreements entered into in the ordinary course of
business; 
 (ix) purchase money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business;

  
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 (x) customary provisions contained in leases, licenses and other similar agreements entered
into in the ordinary course of business; 
 (xi) any encumbrance or restriction that restricts in a customary manner the subletting,
assignment or transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any such lease, license (including without limitations, licenses of intellectual property) or other contracts;

 (xii) any encumbrance or restriction of a Securitization Subsidiary effected in connection with a Qualified Securitization Financing;
provided, however, that such restrictions apply only to such Securitization Subsidiary; 
 (xiii) other Indebtedness, Disqualified
Stock or Preferred Stock (a) of Borrower or any Restricted Subsidiary that is a Guarantor or a Foreign Subsidiary or (b) of any Restricted Subsidiary that is not a Guarantor or a Foreign Subsidiary so long as such encumbrances and
restrictions contained in any agreement or instrument will not materially affect Borrower’s or any Guarantor’s ability to make anticipated principal or interest payments on the Loans (as determined in good faith by Borrower),
provided that in the case of each of clauses (a) and (b), such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be Incurred subsequent to the Closing Date pursuant to Section 7.1; 

(xiv) any Restricted Investment not prohibited by Section 7.2 and any Permitted Investment; or 

(xv) any encumbrances or restrictions of the type referred to in Section 7.3(a) or (b) above imposed by
any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through (xiv) above; provided that such
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of Borrower, no more restrictive with respect to such dividend and other payment restrictions than
those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

For purposes of determining compliance with this Section 7.3, (i) the priority of any Preferred Stock in
receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of
loans or advances made to Borrower or a Restricted Subsidiary to other Indebtedness Incurred by Borrower or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

7.4 Asset Sales. 
 (a)
Borrower shall not, and shall not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) Borrower or any Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least
equal to the Fair Market Value (as determined in good faith by Borrower) of the assets sold or otherwise disposed of, and (y) at least 75% of the consideration therefor received by Borrower or such Restricted Subsidiary, as the case may be, is
in the form of Cash Equivalents; provided that the amount of: 
 (i) any liabilities (as shown on Borrower’s or a Restricted
Subsidiary’s most recent balance sheet or in the notes thereto) of Borrower or a Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Loans or any Guaranty) that are assumed by the transferee of any such
assets or that are otherwise cancelled or terminated in connection with the transaction with such transferee, 

  
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 (ii) any notes or other obligations or other securities or assets received by Borrower or
such Restricted Subsidiary from such transferee that are converted by Borrower or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the cash received), 

(iii) Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that
Borrower and each other Restricted Subsidiary are released from any guarantee of payment of such Indebtedness in connection with the Asset Sale, 

(iv) consideration consisting of Indebtedness of Borrower (other than Subordinated Indebtedness) received after the Closing Date from Persons
who are not Borrower or any Restricted Subsidiary, and 
 (v) any Designated Non-cash Consideration
received by Borrower or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value (as determined in good faith by Borrower), taken together with all other Designated Non-cash
Consideration received pursuant to this Section 7.4(a)(v) that is at that time outstanding, not to exceed the greater of $340 million and 25% of Consolidated EBITDA at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to
subsequent changes in value), 
 shall be deemed to be Cash Equivalents for the purposes of this Section 7.4(a). 

7.5 Transactions with Affiliates. 

(a) Borrower shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of Borrower (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $45 million, unless: 

(i) such Affiliate Transaction is on terms that are not materially less favorable to Borrower or the relevant Restricted Subsidiary than those
that could have been obtained in a comparable transaction by Borrower or such Restricted Subsidiary with an unrelated Person; and 
 (ii)
with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $112.5 million, Borrower delivers to Agent a resolution adopted in good faith by the majority of the Board of
Directors of Borrower, approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (i) above. 

(b) The provisions of Section 7.5(a) shall not apply to the following: 

(i) transactions between or among Borrower and/or any of the Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a
result of such transaction) and any merger, consolidation or amalgamation of Borrower and any direct parent of Borrower; provided that such parent shall have no material liabilities and no material assets other than cash, Cash Equivalents and
the Capital Stock of Borrower and such merger, consolidation or amalgamation is otherwise in compliance with the terms of this Agreement and effected for a bona fide business purpose; 

  
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 (ii) Restricted Payments permitted by Section 7.2 and Permitted
Investments; 
 (iii) the payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity provided on behalf
of, officers, directors, employees or consultants of Borrower, any Restricted Subsidiary, or any direct or indirect parent of Borrower; 

(iv) transactions in which Borrower or any Restricted Subsidiary, as the case may be, delivers to Agent a letter from an Independent Financial
Advisor stating that such transaction is fair to Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (i) of Section 7.5(a); 

(v) payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a majority of the
Board of Directors of Borrower in good faith; 
 (vi) any agreement as in effect as of the Closing Date or any amendment thereto (so long as
any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the Lenders in any material respect than the original agreement as in effect on the Closing Date) or any transaction contemplated thereby as
determined in good faith by Borrower; 
 (vii) the existence of, or the performance by Borrower or any Restricted Subsidiary of its
obligations under the terms of any stockholders or limited liability Borrower agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Closing Date, any transaction, agreement or
arrangement described in the 2021/2022 Notes Offering Memorandum and, in each case, any amendment thereto or similar transactions, agreements or arrangements which it may enter into thereafter; provided, however, that the existence of, or the
performance by Borrower or any Restricted Subsidiary of its obligations under, any future amendment to any such existing transaction, agreement or arrangement or under any similar transaction, agreement or arrangement entered into after the Closing
Date shall only be permitted by this clause (vii) to the extent that the terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction, agreement or arrangement are
not otherwise more disadvantageous to the Lenders in any material respect than the original transaction, agreement or arrangement as in effect on the Closing Date; 

(viii) (A) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise
relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement, which are fair to Borrower and the Restricted Subsidiaries in the reasonable
determination of the Board of Directors or the senior management of Borrower, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or (B) transactions with joint ventures or
Unrestricted Subsidiaries entered into in the ordinary course of business and consistent with past practice or industry norm; 
 (ix) any
transaction effected as part of a Qualified Securitization Financing; 
 (x) the issuance of Equity Interests (other than Disqualified
Stock) of Borrower to any Person; 

  
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 (xi) the issuances of securities or other payments, awards or grants in cash, securities or
otherwise pursuant to, or the funding of, employment arrangements, management equity plans, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of Borrower or the Board of Directors of any
direct or indirect parent of Borrower, or the Board of Directors of a Restricted Subsidiary, as applicable, in good faith; 
 (xii) the
entering into of any tax sharing agreement or arrangement that complies with Sections 7.2(b)(xi) and 7.2(b)(xii) and the performance under any such agreement or arrangement; 

(xiii) any contribution to the capital of Borrower; 

(xiv) transactions permitted by, and complying with, Section 7.8; 

(xv) transactions between Borrower or any Restricted Subsidiary and any Person, a director of which is also a director of Borrower or any
direct or indirect parent of Borrower; provided, however, that such director abstains from voting as a director of Borrower or such direct or indirect parent of Borrower, as the case may be, on any matter involving such other Person; 

(xvi) pledges of Equity Interests of Unrestricted Subsidiaries; 

(xvii) the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes in the
ordinary course of business; 
 (xviii) any employment agreements entered into by Borrower or any Restricted Subsidiary in the ordinary
course of business; 
 (xix) transactions undertaken in good faith (as certified by a responsible financial or accounting officer of
Borrower in an Officer’s Certificate) for the purpose of improving the consolidated tax efficiency of Borrower and its Subsidiaries and not for the purpose of circumventing any covenant set forth in this Agreement; and 

(xx) non-exclusive licenses of intellectual property to or among Borrowers, their respective
Restricted Subsidiaries and their Affiliates. 
 7.6 [Reserved]. 

7.7 Liens. 
 (a) Borrower
shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien securing Indebtedness of Borrower or any Restricted Subsidiary, other than Permitted Liens, on any asset or
property of Borrower or such Restricted Subsidiary, unless the Loans are equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Loans) the obligations so secured until such time
as such obligations are no longer secured by a Lien. Any Lien that is granted to secure the Loans or any Guaranty under Section 13 shall be automatically released and discharged at the same time as the release of the Lien
that gave rise to the obligation to secure the Loans or such Guaranty under Section 13. 
 (b) [Reserved]. 

  
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 (c) For purposes of determining compliance with this Section 7.7,
(i) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant to
Section 7.7(a) but may be permitted in part under any combination thereof and (ii) in the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories
of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant to Section 7.7(a), Borrower may, in its sole discretion, classify or reclassify, or later divide, classify
or reclassify (as if Incurred at such later time), such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant and will be entitled to only include the amount and type of such Lien or such
item of Indebtedness secured by such Lien (or any portion thereof) in one of the categories of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” and, in such event, such Lien securing such item of
Indebtedness (or any portion thereof) will be treated as being Incurred or existing pursuant to only such clause or clauses (or any portion thereof) without giving pro forma effect to such item (or portion thereof) when calculating the amount
of Liens or Indebtedness that may be Incurred pursuant to any other clause or paragraph. 
 (d) With respect to any Lien securing
Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any
Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional
Indebtedness with the same terms or in the form of common stock of Borrower, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation
preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause (3) of the definition of
“Indebtedness.” 
 7.8 When Borrower and Guarantors May Merge or Transfer Assets. 

(a) Borrower may not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not Borrower
is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless: 

(i) Borrower is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding
up or conversion (if other than Borrower) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company or similar entity organized or existing
under the laws of the United States, any state thereof, or the District of Columbia (Borrower or such Person, as the case may be, being herein called the “Successor Company”); provided that in the event that the Successor
Company is not a corporation, a co-obligor of the Loans is a corporation; 
 (ii) the
Successor Company (if other than Borrower) expressly assumes all the obligations of Borrower under the Loan Documents pursuant to joinder or other applicable documents or instruments in form reasonably satisfactory to Agent; 

(iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the
Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction) no Default shall have occurred and be continuing;

  
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 (iv) immediately after giving pro forma effect to such transaction, as if
such transaction had occurred at the beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having
been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction), either 
 (A) the
Successor Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 7.1(a); or 

(B) the Fixed Charge Coverage Ratio of Borrower would be no less than such ratio immediately prior to such transaction; 

(v) if Borrower is not the Successor Company, each Guarantor, unless it is the other party to the transactions described above, shall have by
supplemental documentation confirmed that its Guaranty of the Obligations hereunder shall apply to such Person’s obligations under the Loan Documents; and 

(vi) the Successor Company shall have delivered to Agent (x) information reasonably requested in writing by Agent (or any Lender through
Agent) reasonably required by regulatory authorities under “know your customer” and anti-money laundering rules and regulations and (y) an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, amalgamation or transfer and such supplemental documentation (if any) comply with this Agreement. 
 The Successor Company (if other
than Borrower) will succeed to, and be substituted for, Borrower under this Agreement and the other Loan Documents, and in such event Borrower will automatically be released and discharged from its obligations under this Agreement and the other Loan
Documents. Notwithstanding the foregoing clauses (iii) and (iv) of this Section 7.8(a), (A) Borrower or any Restricted Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its
properties and assets to a Restricted Subsidiary or, provided that Borrower is the Successor Company, Borrower, and (B) Borrower may merge, consolidate or amalgamate with an Affiliate incorporated solely for the purpose of reincorporating
Borrower in another state of the United States or the District of Columbia (collectively, “Permitted Jurisdictions”) or may convert into a corporation, partnership or limited liability company, so long as the amount of Indebtedness
of Borrower and the Restricted Subsidiaries is not increased thereby. This Section 7.8(a) will not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among Borrower and the
Restricted Subsidiaries. 
 (b) Subject to Section 13.10 hereof, no Guarantor shall, and Borrower shall not permit
any such Guarantor to, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not such Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions to, any Person, unless: 
 (i) either (A) such Guarantor is the
surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a
company, corporation, partnership or limited liability company or similar entity organized or existing under the laws of the United States, any state thereof or the District of Columbia (such Guarantor or such Person, as the case may be, being
herein called the “Successor Guarantor”) and the Successor Guarantor (if other than such Guarantor) expressly assumes all the obligations of such Guarantor under this Agreement and the other Loan Documents or the Guaranty, as
applicable, pursuant to supplemental documentation or other applicable documents or instruments (including supplements or joinders thereto) in form reasonably satisfactory to Agent, or (B) such sale or disposition or consolidation, amalgamation
or merger is not in violation of Section 7.4; and 

  
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 (ii) the Successor Guarantor (if other than such Guarantor) shall have
delivered or caused to be delivered to Agent an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental documentation (if any) comply with this Agreement.

 Except as otherwise provided in this Agreement, the Successor Guarantor (if other than such Guarantor) will succeed to, and be
substituted for, such Guarantor under this Agreement and the other Loan Documents or the Guaranty, as applicable, and such Guarantor will automatically be released and discharged from its obligations under this Agreement and the other Loan Documents
or its Guaranty. Notwithstanding the foregoing, (1) a Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such Guarantor in a Permitted Jurisdiction or may convert into a
limited liability company, corporation, partnership or similar entity organized or existing under the laws of any Permitted Jurisdiction so long as the amount of Indebtedness of such Guarantor is not increased thereby and (2) a Guarantor may
merge, amalgamate or consolidate with Borrower or another Guarantor. 
 In addition, notwithstanding the foregoing, a Guarantor may
consolidate, amalgamate or merge with or into or wind up or convert into, liquidate, dissolve, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets to Borrower or any Guarantor. 

7.9 OFAC; Patriot Act. No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to fail to comply in all
material respects with the laws, regulations and executive orders referred to in Section 4.23 and Section 4.24. 

7.10 Change of Fiscal Year. Borrower shall not change its Fiscal Year without prior notice to Agent, in which case, Borrower and Agent
will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in Fiscal Year. 

7.11 ERISA. No Credit Party shall, or shall cause or permit any ERISA Affiliate to, cause or permit to occur (i) an event that
could result in the imposition of an ERISA Lien or (ii) an ERISA Event to the extent such ERISA Event or ERISA Lien, either alone or together with all such other ERISA Events, would reasonably be expected to have a Material Adverse Effect. 

8. TERM 
 8.1 Termination. The financing
arrangements contemplated hereby shall be in effect until the Termination Date. 
 9. DEFAULTS AND REMEDIES 

9.1 Events of Default. The occurrence of any one or more of the following events constitute an “Event of Default”: 

(a) there is a default in any payment of interest or other amounts (other than principal or premium) on any Loans when due, and such default
continues for a period of five Business Days; or 

  
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 (b) there is a default in the payment of principal or premium, if any, of any Loans when
due, upon declaration or otherwise; or 
 (c) any representation or warranty made or deemed made in or in connection with any Loan Document
or the borrowings hereunder, or any certificate or document furnished pursuant to any Loan Document, shall prove to have been false or misleading in any material respect when so made, deemed made or furnished; 

(d) default shall be made in the due observance or performance by Borrower or any Restricted Subsidiary of any covenant, condition or
agreement contained in Section 5.1(f), 6.1(a) (solely as to Borrower) or 6.15 or in Section 7; or 

(e) default shall be made in the due observance or performance by Borrower or any Restricted Subsidiary of any covenant, condition or agreement
contained in any Loan Document (other than those specified in (a), (b) or (d) above) and such default shall continue unremedied for a period of 30 days after notice thereof from Agent to Borrower (which notice shall also be given at the request
of any Lender); or 
 (f) (i) Borrower or any Restricted Subsidiary shall fail to pay any principal or interest, regardless of amount,
due in respect of any Indebtedness for which the aggregate principal amount exceeds $90 million, when and as the same shall become due and payable, or (ii) Borrower or any Restricted Subsidiary shall breach or default any other material
term of Indebtedness for which the aggregate principal amount exceeds $100 million beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness
(or a trustee on behalf of such holder or holders), to cause, that Indebtedness to become or be declared due and payable (or redeemable) prior to its stated maturity, provided that this clause (f)(ii) 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, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; or 

(g) Borrower or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary) pursuant to
or within the 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 a Custodian of it or for any substantial part of its property; or 

(iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating
to insolvency, or 
 (h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against Borrower or any Significant Subsidiary in an involuntary case; or 

  
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 (ii) appoints a Custodian of Borrower or any Significant Subsidiary or for
any substantial part of its property; or 
 (iii) orders the winding up or liquidation of Borrower or any Significant
Subsidiary; or 
 any similar relief is granted under any foreign laws and, in each case, the order or decree remains unstayed and in effect
for 60 days; or 
 (i) there is a failure by Borrower or any Restricted Subsidiary to pay final judgments aggregating in excess of
$90 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period of 60 days; or 

(j) any material provision of any Loan Document for any reason (other than due to Agent’s failure to take or refrain from taking any
action under its sole control) ceases to be in full force and effect (or any Credit Party shall challenge in writing the enforceability of any Loan Document or shall assert in writing that any provision of any of the Loan Documents has ceased to be
or otherwise is not valid, binding and enforceable in accordance with its terms); or 
 (k) a Change of Control shall have occurred; or

 (l) an ERISA Event shall have occurred that, when taken either alone or together with all other such ERISA Events then outstanding, would
reasonably be expected to have a Material Adverse Effect. 
 The foregoing shall constitute Events of Default whatever the reason for any
such Event of Default and whether it is voluntary or involuntary or is 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. 

9.2 Remedies. 
 (a)
[Reserved.]. 
 (b) If any Event of Default has occurred and is continuing, Agent shall, at the written request of the Requisite Lenders,
take any or all of the following actions (i) declare all or any portion of the Obligations hereunder, including all or any portion of any Loan to be forthwith due and payable, all without presentment, demand, protest or further notice of any
kind, all of which are expressly waived by Borrower and each other Credit Party; or (ii) exercise any rights and remedies provided to Agent under the Loan Documents or at law or equity, including all remedies provided under the applicable
Uniform Commercial Code and any other applicable law of any jurisdiction; provided, upon the occurrence of an Event of Default specified in Section 9.1(f) or Section 9.1(g) relating to
Borrower only, all of the Obligations hereunder shall become immediately due and payable without declaration, notice or demand by any Person. Agent shall, as soon as reasonably practicable, provide to Borrower notice of any action taken pursuant to
this Section 9.2(b) (but failure to provide such notice shall not impair the rights of Agent or the Lenders hereunder and shall not impose any liability upon Agent or the Lenders for not providing such notice). 

  
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 9.3 Waiver by Credit Parties. Except as otherwise provided for in this Agreement or
by applicable law, each Credit Party waives, to the fullest extent permitted by law (including for purposes of Article 13): (a) presentment, demand and protest and notice of presentment, dishonor, notice of intent to accelerate, notice
of acceleration, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all commercial paper, accounts, contract rights, documents, instruments, chattel paper and guaranties at any time held by Agent
as collateral on which any Credit Party may in any way be liable, and hereby ratifies and confirms whatever Agent may do in this regard, (b) all rights to notice and a hearing prior to Agent’s taking possession or control of, or to
Agent’s replevy, attachment or levy upon, any collateral or any bond or security that might be required by any court prior to allowing Agent to exercise any of its remedies, and (c) the benefit of all valuation, appraisal, marshaling and
exemption laws. Each Credit Party acknowledges that in the event such Credit Party fails to perform, observe or discharge any of its obligations or liabilities under this Agreement or any other Loan Document, any remedy of law may prove to be
inadequate relief to Agent and the Lenders; therefore, such Credit Party agrees, except as otherwise provided in this Agreement or by applicable law, that Agent and the Lenders shall be entitled to temporary and permanent injunctive relief in any
such case without the necessity of proving actual damages. 
 10. APPOINTMENT OF AGENT 

10.1 Appointment of Agents. Citibank, as Agent, is hereby appointed to act on behalf of all Lenders with respect to the administration
of the Loans and the Commitments made to Borrower under this Agreement and the other Loan Documents. The provisions of this Section 10.1 are solely for the benefit of Agent and Lenders and no Credit Party nor any other
Person shall have any rights as a third party beneficiary of any of the provisions hereof (other than Sections 10.6 and 10.11). In performing its functions and duties under this Agreement and the other Loan
Documents, Agent shall act solely as an agent of Lenders and does not assume or shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for any Credit Party or any other Person. Agent shall not have any
duties or responsibilities except for those expressly set forth in this Agreement and the other Loan Documents. The duties of Agent shall be mechanical and administrative in nature and no Agent shall have, or be deemed to have, by reason of this
Agreement, any other Loan Document or otherwise a fiduciary relationship in respect of any Lender. Except as expressly set forth in this Agreement and the other Loan Documents, Agent shall not have any duty to disclose, nor shall they be liable for
failure to disclose, any information relating to any Credit Party or any of their respective Subsidiaries that is communicated to or obtained by Agent or any of its Affiliates in any capacity. Agent nor any of its Affiliates nor any of their
respective officers, directors, employees, agents or representatives shall be liable to any Lender for any action taken or omitted to be taken by it hereunder or under any other Loan Document, or in connection herewith or therewith, except for
damages caused by its or their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. 

If Agent shall request instructions from Requisite Lenders or all affected Lenders with respect to any act or action (including failure to
act) in connection with this Agreement or any other Loan Document, then Agent shall be entitled to refrain from such act or taking such action unless and until Agent shall have received instructions from Requisite Lenders or all affected Lenders, as
the case may be, and Agent shall not incur liability to any Person by reason of so refraining. Agent shall be fully justified in failing or refusing to take any action hereunder or under any other Loan Document (a) if such action would, in the
opinion of Agent be contrary to law or the terms of this Agreement or any other Loan Document, (b) if such action would, in the reasonable opinion of Agent expose Agent to Environmental Liabilities, or (c) if Agent shall not first be
indemnified to its satisfaction against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Without limiting the foregoing, no Lender shall have any right of action whatsoever
against Agent as a result of Agent acting or refraining from acting hereunder or under any other Loan Document in accordance with the instructions of Requisite Lenders or all affected Lenders, as applicable. 

  
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 10.2 Agents’ Reliance, Etc. Neither Agent nor any of its
Affiliates nor any of their respective directors, officers, agents or employees shall be liable for any action taken or not taken by it or them under or in connection with this Agreement or the other Loan Documents, except for damages caused by its
or their own gross negligence or willful misconduct or that of its Affiliates or their respective directors, officers, agents or employees as determined by a court of competent jurisdiction in a final and
non-appealable judgment. Without limiting the generality of the foregoing, Agent: (a) may treat the payee of any Note as the holder thereof until Agent receives written notice of the assignment or
transfer thereof signed by such payee and in form reasonably satisfactory to Agent; (b) may consult with legal counsel, independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to
be taken by it in good faith in accordance with the advice of such counsel, accountants or experts; (c) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or
representations made in or in connection with this Agreement or the other Loan Documents; (d) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement
or the other Loan Documents on the part of any Credit Party or to inspect the books and records of any Credit Party; (e) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency
or value of this Agreement or the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (f) shall incur no liability under or in respect of this Agreement or the other Loan Documents by acting upon any
notice, consent, certificate or other instrument or writing (which may be by fax, telegram, cable or telex) believed by it to be genuine and signed or sent by the proper party or parties; and (g) shall be entitled to delegate any of its duties
hereunder to one or more sub-agents. 
 Except for action requiring the approval of Requisite Lenders or all Lenders, as the case may be, Agent shall be
entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take under or in
respect of, this Agreement, unless Agent shall have been instructed by Requisite Lenders or all Lenders, as the case may be, to exercise or refrain from exercising such rights or to take or refrain from taking such action. No Agent shall incur any
liability to the Lenders under or in respect of this Agreement with respect to anything which it may do or refrain from doing in the reasonable exercise of its judgment or which may seem to it to be necessary or desirable in the circumstances,
except for its own gross negligence, bad faith, material breach or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. No Agent shall be liable to any
Lender in acting or refraining from acting under this Agreement in accordance with the instructions of Requisite Lenders or all Lenders, as the case may be, and any action taken or failure to act pursuant to such instructions shall be binding on all
Lenders. 
 10.3 Citibank and Affiliates. With respect to its Commitments hereunder, Citibank shall have the same rights
and powers under this Agreement and the other Loan Documents as any other Lender and may exercise the same as though it were not Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include
Citibank in its individual capacity. Citibank and each of its Affiliates may lend money to, invest in, and generally engage in any kind of business with, any Credit Party, any of their Affiliates and any Person who may do business with or own
securities of any Credit Party or any such Affiliate, all as if Citibank were not Agent and without any duty to account therefor to Lenders. Citibank and each of its Affiliates may accept fees and other consideration from any Credit Party for
services in connection with this Agreement or otherwise without having to account for the same to Lenders. 
 10.4 Lender Credit
Decision. Each Lender acknowledges that it has, independently and without reliance upon Agent or any other Lender and based on the Financial Statements referred to in Section 4.4(a) and such other documents and
information as it has deemed appropriate, made its own credit and financial analysis of the Credit Parties and its own decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon Agent
or any other Lender and based on 

  
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such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. Each Lender acknowledges
the potential conflict of interest of each other Lender as a result of Lenders holding disproportionate interests in the Loans, and expressly consents to, and waives any claim based upon, such conflict of interest. Each Lender acknowledges the
potential conflict of interest between Citibank, as a Lender, holding disproportionate interests in the Loans, and Citibank, as Agent. 

10.5 Indemnification. Each Lender severally agrees to indemnify Agent (to the extent not reimbursed by Credit Parties and without
limiting the obligations of Credit Parties hereunder), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be
imposed on, incurred by, or asserted against Agent in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted to be taken by Agent in connection therewith in accordance with its Pro Rata Share;
provided, that no Lender shall be liable to Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from Agent’s gross negligence or
willful misconduct of Agent as determined by a court of competent jurisdiction in a final and non-appealable judgment. Without limiting the foregoing, each Lender severally agrees to reimburse Agent promptly
upon demand for its Pro Rata Share of any out-of-pocket expenses (including reasonable counsel fees) incurred by Agent in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and each other Loan Document, to the
extent that Agent is not reimbursed for such expenses by Credit Parties. 
 10.6 Successor Agent. Agent may resign at any time by
giving not less than thirty (30) days’ prior written notice thereof to Lenders and Borrower. Upon any such resignation, the Requisite Lenders (in consultation with Borrower) shall have the right to appoint a successor Agent. If no
successor Agent shall have been so appointed by the Requisite Lenders and shall have accepted such appointment within thirty (30) days after the resigning Agent’s giving notice of resignation, then the resigning Agent may, on behalf of
Lenders, appoint a successor Agent, which shall be a Lender, if a Lender is willing to accept such appointment, or otherwise shall be a commercial bank, financial institution or trust company. If no successor Agent has been appointed pursuant to the
foregoing, within thirty (30) days after the date such notice of resignation was given by the resigning Agent, such resignation shall become effective and the Requisite Lenders shall thereafter perform all the duties of Agent hereunder, in each
case, until such time, if any, as the Requisite Lenders appoint a successor Agent as provided above. Any successor Agent appointed by Requisite Lenders hereunder shall be subject to the approval of Borrower, such approval not to be unreasonably
withheld or delayed; provided that such approval shall not be required if an Event of Default has occurred and is continuing. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall succeed
to and become vested with all the rights, powers, privileges and duties of the resigning Agent. Upon the earlier of the acceptance of any appointment as Agent hereunder by a successor Agent or the effective date of the resigning Agent’s
resignation, the resigning Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents, except that any indemnity rights or other rights in favor of such resigning Agent shall continue. After any
resigning Agent’s resignation hereunder, the provisions of this Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was acting as Agent under this Agreement and the other
Loan Documents. 
 10.7 Setoff and Sharing of Payments. In addition to any rights now or hereafter granted under applicable law and
not by way of limitation of any such rights, upon the occurrence and during the continuance of any Event of Default, each Lender is hereby authorized at any time or from time to time, without prior notice to any Credit Party or to any Person other
than Agent, any such notice being hereby expressly waived, to offset and to appropriate and to apply any and all balances held by it at any of its 

  
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offices for the account of a Credit Party (regardless of whether such balances are then due to such Credit Party) and any other Indebtedness at any time held or owing by that Lender or that
holder to or for the credit or for the account of a Credit Party against and on account of any of the Obligations hereunder that are not paid when due; provided that the Lender exercising such offset rights shall give notice thereof to the
affected Credit Party promptly after exercising such rights. Any Lender exercising a right of setoff or otherwise receiving any payment on account of the Obligations hereunder in excess of its Pro Rata Share thereof shall purchase for cash (and the
other Lenders or holders shall sell) such participations in each such other Lender’s or holder’s Pro Rata Share of the Obligations hereunder as would be necessary to cause such Lender to share the amount so offset or otherwise received
with each other Lender or holder in accordance with their respective Pro Rata Shares (other than offset rights exercised by any Lender with respect to Sections 2.11 or 2.14). Each Credit Party agrees, to the fullest
extent permitted by law and subject to the limitations set forth above, that any Lender may exercise its right to offset with respect to amounts in excess of its Pro Rata Share of the Obligations hereunder owed to it and may sell participations in
such amounts so offset to other Lenders and holders. Notwithstanding the foregoing, if all or any portion of the offset amount or payment otherwise received is thereafter recovered from the Lender that has exercised the right of offset, the purchase
of participations by that Lender shall be rescinded and the purchase price restored without interest. If a Defaulting Lender or Impacted Lender receives any such payment as described in this Section 10.7, such Lender shall
turn over such payments to Agent in an amount that would satisfy the cash collateral requirements set forth in Section 2.1(d). 

10.8 Dissemination of Information. Agent shall not be required to deliver to any Lender originals or copies of any documents,
instruments, notices, communications or other information received by Agent from any Credit Party, any Subsidiary, any Lender or any other Person under or in connection with this Agreement or any other Loan Document except (i) as specifically
provided for in this Agreement or any other Loan Document, and (ii) as specifically requested from time to time in writing by any Lender with respect to a specific document, instrument, notice or other written communication received by and in
the possession of Agent at the time of receipt of such request and then only in accordance with such specific request. 
 10.9 Actions in
Concert. Anything in this Agreement to the contrary notwithstanding, each Lender hereby agrees with each other Lender that no Lender shall take any action to protect or enforce its rights arising out of this Agreement or the Notes (other than
exercising any rights of setoff) without first obtaining the prior written consent of Agent and Requisite Lenders, it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and the Notes shall be taken in
concert and at the direction or with the consent of Agent or Requisite Lenders; provided, however, that (i) each Lender shall be entitled to file a proof of claim in any proceeding under any Insolvency Law to the extent that such
Lender disagrees with Agent’s composite proof of claim filed on behalf of all Lenders, (ii) each Lender shall be entitled to vote its claim with respect to any plan of reorganization in any proceeding under any Insolvency Law and
(iii) each Lender shall be entitled to pursue its deficiency claim after liquidation of all or substantially all of the collateral, if any, securing the Obligations and application of the proceeds therefrom. 

10.10 Procedures. Agent is hereby authorized by each Credit Party and each other Person to whom any Obligations hereunder are owed to
establish procedures (and to amend such procedures from time to time) to facilitate administration and servicing of the Loans and other matters incidental thereto. Without limiting the generality of the foregoing, Agent is hereby authorized to
establish procedures to make available or deliver, or to accept, notices, documents and similar items on, by posting to or submitting and/or completion on, E-Systems. The posting, completion and/or submission
by any Credit Party of any communication pursuant to an E-System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement
required by the Loan Documents to be provided, given or made by a Credit Party in connection with any such communication is true, correct and complete in all material respects except as expressly noted in such communication or otherwise on such E-System. 

  
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 10.11 [Reserved.]. 

10.12 Additional Agents. None of the Lenders or other entities identified on the facing page of this Agreement as a “syndication
agent”, “documentation agent”, “arranger” or “bookrunner” shall have any right, power, obligation, liability, responsibility or duty under this Agreement or any other Loan Document other than those applicable to
all Lenders as such. No Agent, Lender, “syndication agent”, “documentation agent”, “arranger” or “bookrunner” has any fiduciary relationship with or duty to any Credit Party arising out of or in connection
with this Agreement or any of the other Loan Documents, and the relationship between Agent and Lenders, on one hand, and the Credit Parties, on the other hand, in connection herewith or with such other Loan Documents is solely that of debtor and
creditor. Without limiting the foregoing, none of the Lenders so identified shall have or be deemed to have any fiduciary relationship with any other Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders
or other entities so identified in deciding to enter into this Agreement or any other Loan Document or in taking or not taking action hereunder or thereunder. Each right and remedy intended to be available to Agent under the Loan Document shall also
be vested in Agent. The Lenders shall execute and deliver any instrument or agreement that Agent may request to effect such appointment. If such Person appointed by Agent shall die, dissolve, become incapable of acting, resign or be removed, then
all the rights and remedies of Agent, to the extent permitted by applicable law, shall vest in and be exercised by Agent until appointment of a new agent. 

10.13 Distribution of Materials to Lenders. 

(a) Borrower acknowledges and agrees that the Loan Documents and all reports, notices, communications and other information or materials
provided or delivered by, or on behalf of, Borrower hereunder (collectively, the “Borrower Materials”) may be disseminated by, or on behalf of, Agent, and made available to, the Lenders by posting such Borrower Materials on an E-System (the “Borrower Workspace”). Borrower authorizes Agent to download copies of its logos from its website and post copies thereof on Borrower Workspace. Borrower hereby acknowledge that
certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive MNPI) (each, a “Public Lender”). Borrower hereby agrees that it will use commercially reasonable efforts to identify that
portion of Borrower Materials that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof, (ii) by marking Borrower Materials “PUBLIC,” Borrower shall be deemed to have authorized Agent and the Lenders to treat such Borrower Materials as either publicly available
information or not material information (although it may be sensitive, confidential and proprietary) with respect to Borrower, its Subsidiaries or their securities for purposes of United States federal and state securities laws, (iii) all
Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of Borrower Workspace designated “Public Investor”, and (iv) Agent shall be entitled to treat Borrower Materials that are not marked
“PUBLIC” as being suitable only for posting on a portion of Borrower Workspace not designated “Public Investor.” 
 (b)
Each Lender represents, warrants, acknowledges and agrees that (i) Borrower Materials may contain MNPI concerning Borrower, its Affiliates or their securities, (ii) it has developed compliance policies and procedures regarding the handling
and use of MNPI, and (iii) it shall use all such Borrower Materials in accordance with Section 12.8 and any applicable laws and regulations, including federal and state securities laws and regulations. 

  
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 (c) If any Lender has elected to abstain from receiving MNPI concerning Borrower, their
Affiliates or their securities, such Lender acknowledges that, notwithstanding such election, Agent and/or Borrower will, from time to time, make available syndicate-information (which may contain MNPI) as required by the terms of, or in the course
of administering the credit facilities, including this Agreement and the other Loan Documents, to the credit contact(s) identified for receipt of such information on the Lender’s administrative questionnaire who are able to receive and use all
syndicate-level information (which may contain MNPI) in accordance with such Lender’s compliance policies and Contractual Obligations and applicable law, including federal and state securities laws; provided that if such contact is not
so identified in such questionnaire, the relevant Lender hereby agrees to promptly (and in any event within one (1) Business Day) provide such a contact to Agent and Borrower upon oral or written request therefor by Agent or Borrower.
Notwithstanding such Lender’s election to abstain from receiving MNPI, such Lender acknowledges that if such Lender chooses to communicate with Agent, it assumes the risk of receiving MNPI concerning Borrower, its Affiliates or their
securities. 
 10.14 Agent. Notwithstanding anything to the contrary set forth in this Agreement, all determinations of Agent under
the Loan Documents shall be made by Agent. 
 11. ASSIGNMENT AND PARTICIPATIONS; SUCCESSORS AND ASSIGNS 

11.1 Assignment and Participations. 

(a) Subject to the terms of this Section 11.1, any Lender may make an assignment, or sell participations in, at any
time or times, the Loan Documents, Loans and any Commitment or any portion thereof or interest therein, including any Lender’s rights, title, interests, remedies, powers or duties thereunder, to an Eligible Assignee (in the case of an
assignment) or to any Person (in the case of a participation). Any assignment by a Lender shall be subject to the following conditions: 

(i) Assignment Agreement. Any assignment by a Lender shall require (A) the execution of an assignment agreement (the
“Assignment Agreement”) substantially in the form attached hereto as Exhibit 11.1(a) or otherwise in form and substance reasonably satisfactory to and acknowledged by Agent and (B) the payment of a processing and
recordation fee of $3,500 by the assignor or assignee to Agent (unless such assignment is to a Lender or an Affiliate of a Lender or an Approved Fund). Agent, acting as Borrower’s agent, shall maintain at one of its offices listed in
Section 12.10 (as may be updated from time to time pursuant to Section 12.10), a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of
the Lenders, and the Commitments of each Lender pursuant to the terms hereof from time to time (the “Register”). Agent shall accept and record into the Register each Assignment Agreement that it receives which is executed and
delivered in accordance with the terms of this Agreement. The entries in the Register shall be conclusive, absent manifest error, and Borrower, Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower and the Lenders, at any reasonable time and from time to time upon reasonable prior
notice. 
 (ii) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to
it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

  
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 (B) in any case not described in Section 11.1(a)(ii)(A), the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such
assignment shall not be less than $5,000,000, and in increments of $1,000,000 unless each of (1) Agent and (2) so long as no Event of Default under Sections 9.1(a), (f) or (g) has occurred and
is continuing, Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed, and Borrower shall be deemed to have consented to such assignment unless Borrower shall have objected thereto by written notice to Agent within
ten (10) Business Days after having received such Assignment Agreement). 
 (iii) Proportionate Amounts. Each partial assignment
shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this
Section 11.1(a)(iii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate tranches on a non-pro rata basis (if any). 

(iv) Required Consents. No consent shall be required for any assignment except to the extent required by
Section 11.1(a)(ii)(B) and, in addition: 
 (A) the consent of Borrower for any assignment (such consent not to be
unreasonably withheld, conditioned or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved
Fund; provided that Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to Agent within ten (10) Business Days after having received written notice thereof; and 

(B) the consent of Agent (such consent not to be unreasonably withheld, conditioned or delayed) shall be required for assignments in respect
of any Loan or Commitment if such assignment is to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund. 
 (b) In the
case of an assignment by a Lender under this Section 11.1, the assignee shall have, to the extent of such assignment, the same rights, benefits and obligations as all other Lenders hereunder. The assigning Lender shall be
relieved of its obligations hereunder with respect to its Commitments or assigned portion thereof from and after the date of such assignment. Borrower hereby acknowledges and agrees that any assignment shall give rise to a direct obligation of
Borrower to the assignee and that the assignee shall be considered to be a “Lender”. In all instances, each Lender’s liability to make Loans hereunder shall be several and not joint and shall be limited to such Lender’s Pro Rata
Share of the applicable Commitment. In the event Agent or any Lender assigns or otherwise transfers all or any part of the Obligations hereunder, Agent or any such Lender shall so notify Borrower and Borrower shall, upon the request of Agent or such
Lender, execute new Notes in exchange for the Notes, if any, being assigned. Notwithstanding the foregoing provisions of this Section 11.1, (i) any Lender may at any time pledge the Obligations hereunder held by it and
such Lender’s rights under this Agreement and the other Loan Documents to a Federal Reserve Bank, and any Lender that is an investment fund may assign the Obligations hereunder held by it and such Lender’s rights under this Agreement and
the other Loan Documents to another investment fund managed by the same investment advisor; provided, that no such pledge to a Federal Reserve Bank shall release such Lender from such Lender’s obligations hereunder or under any other
Loan Document and (ii) no assignment shall be made to any Credit Party, any Subsidiary of a Credit Party or any Affiliate of a Credit Party. 

(c) A Lender may at any time, without consent of or notice to Borrower or Agent, sell participations to any Person (other than a natural person
or Borrower, any Subsidiary or any Affiliate thereof, or any Disqualified Institution (to the extent that the list of Disqualified Institutions has been made available to all Lenders)) in all or a portion of such lender’s rights and/or
obligation under this 

  
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Agreement; provided that any such participation by a Lender shall be made with the understanding that all amounts payable by Borrower hereunder shall be determined as if that Lender had
not sold such participation, and that the holder of any such participation shall not be entitled to require such Lender to take or omit to take any action hereunder except actions directly affecting (i) any reduction in the principal amount of,
or interest rate or Fees payable with respect to, the Loans participated; (ii) any extension of the final maturity date thereof; and (iii) any release of all or substantially all of the value of the Guaranties (other than in accordance
with the terms of this Agreement or the other Loan Documents). Solely for purposes of Sections 2.11, 2.13 and 2.14 Borrower acknowledges and agrees that a participation shall give rise to an obligation of
Borrower to the participant and the participant shall be considered to be a “Lender”; provided, that, such participant (A) shall not be entitled to receive any greater payment under Sections 2.13 and
2.14 than the Lender from whom it received its participation would have been entitled to receive with respect to the participation sold to such participant and (B) complies with the provisions of Sections 2.13(d), 2.14(d)
and 2.14(g) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the name
and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no
Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for
maintaining a Participant Register. Except as set forth in this paragraph, neither Borrower nor any Credit Party shall have any obligation or duty to any participant and shall continue to deal solely and directly with the Lender selling the
participation. Neither Agent nor any Lender (other than the Lender selling a participation) shall have any duty to any participant and may continue to deal solely with the Lender selling a participation as if no such sale had occurred.
Notwithstanding anything to the contrary contained in the Loan Documents, no Lender may assign or sell a participation to any Person that is not an Eligible Assignee and participations shall not require Borrower’s or Agent’s prior written
consent. 
 (d) Except as expressly provided in this Section 11.1, no Lender shall, as between Borrower and that
Lender, or Agent and that Lender, be relieved of any of its obligations hereunder as a result of any sale, assignment, transfer or negotiation of, or granting of participation in, all or any part of the Loans, the Notes or other Obligations
hereunder owed to such Lender. 
 (e) Any Lender may furnish information concerning Credit Parties in the possession of such Lender from time
to time to assignees and participants (including prospective assignees and participants); provided that such Lender shall obtain from assignees or participants confidentiality covenants substantially equivalent to those contained in
Section 12.8. 
 (f) No Lender shall assign or sell participations in any portion of its Loans or Commitments to a
potential Lender or participant, if, as of the date of the proposed assignment or sale, the assignee Lender or participant would be subject to capital adequacy or similar requirements under Section 2.14(a), increased costs
under Section 2.14(b), an inability to fund LIBOR Loans under Section 2.14(c), or withholding taxes described in Section 2.13(a)(i). 

  
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 (g) Notwithstanding anything to the contrary contained herein, any Lender (a
“Granting Lender”), may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing by the Granting Lender to Agent and Borrower, the option to provide to Borrower all or any part of any
Loans that such Granting Lender would otherwise be obligated to make to Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan; and (ii) if an SPC elects not
to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder shall utilize the Commitment of the
Granting Lender to the same extent, and as if such Loan were made by such Granting Lender. No SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender).
Any SPC may (i) with notice to, but without the prior written consent of, Borrower and Agent assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by Borrower and Agent)
providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to
its Loans to any rating agency, commercial paper dealer or provider of any surety, guaranty or credit or liquidity enhancement to such SPC. This Section 11.1(g) may not be amended without the prior written consent of each
Granting Lender, all or any of whose Loans are being funded by an SPC at the time of such amendment. For the avoidance of doubt, the Granting Lender shall for all purposes, including, without limitation, the approval of any amendment or waiver of
any provision of any Loan Document or the obligation to pay any amount otherwise payable by the Granting Lender under the Loan Documents, continue to be the Lender of record hereunder. 

11.2 Successors and Assigns. This Agreement and the other Loan Documents is binding on and inures to the benefit of each Credit Party,
Agent, Lender and their respective successors and assigns (including, in the case of any Credit Party, a debtor-in-possession on behalf of such Credit Party), except as
otherwise provided herein or therein. No Credit Party may assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations or duties hereunder or under any of the other Loan Documents without the prior express written consent of
Agent and all of the Lenders; provided that Agent and the Lenders shall be deemed to have consented to any assignment, transfer, hypothecation or conveyance of rights, benefits, obligations or duties to any successor of a Credit Party as a
result of the consummation of a merger, consolidation, amalgamation or other fundamental change or transaction permitted under Section 7. Any such purported assignment, transfer, hypothecation or other conveyance by any
Credit Party without the prior express written consent of Agent and all of the Lenders shall be void. The terms and provisions of this Agreement are for the purpose of defining the relative rights and obligations of each Credit Party, Agent and
Lenders with respect to the transactions contemplated hereby and no Person shall be a third party beneficiary of any of the terms and provisions of this Agreement or any of the other Loan Documents (other than the Indemnified Persons). 

11.3 Certain Assignees. No assignment or participation may be made to Borrower, any Affiliate of Borrower, Defaulting Lender or a
natural person. 
 12. MISCELLANEOUS 
 12.1
Complete Agreement; Modification of Agreement. This Agreement shall become effective when it shall have been executed by Borrower, the other Credit Parties signatory hereto, the Lenders and Agent. Thereafter, it shall be binding upon and
inure to the benefit of, but only to the benefit of, Borrower, the other Credit Parties party hereto, Agent and each Lender, their respective successors and permitted assigns. Except as expressly provided in any Loan Document, none of Borrower, any
other Credit Party, any Lender or Agent shall have the right to assign any rights or obligations hereunder or any interest herein. The Loan Documents constitute the complete agreement between the parties with respect to the subject matter thereof
and may not be modified, altered or amended except as set forth in Section 12.2. 

  
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Any letter of interest, commitment letter, fee letter or confidentiality agreement, if any, between any Credit Party and any Agent or any Lender or any of their respective Affiliates, predating
this Agreement and relating to a financing of substantially similar form, purpose or effect shall be superseded by this Agreement. 
 12.2
Amendments and Waivers. 
 (a) Except for actions expressly permitted to be taken by Agent, no amendment, modification, termination or
waiver of any provision of this Agreement or any other Loan Document, or any consent to any departure by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing and signed by Borrower and by Requisite Lenders
or all directly and adversely affected Lenders as provided in Section 12.2(c). Except as set forth in clauses (b) and (c) below, all such amendments, modifications, terminations or waivers requiring the consent of
any Lenders shall require the written consent of Requisite Lenders. 
 (b) No amendment, modification, termination or waiver of or consent
with respect to any provision of this Agreement that waives compliance with the conditions precedent set forth in Section 3 to the making of any Loan shall be effective unless the same shall be in writing and signed by
Requisite Lenders and Borrower. Notwithstanding anything contained in this Agreement to the contrary, no waiver or consent with respect to any Default or any Event of Default shall be effective for purposes of the conditions precedent to the making
of Loans set forth in Section 3.1 unless the same shall be in writing and signed by Agent and Requisite Lenders. 

(c) No amendment, modification, termination or waiver shall, unless in writing and signed by Agent and each Lender directly affected thereby:
(i) increase the principal amount of any Lender’s Commitment (which action shall be deemed only to affect those Lenders whose Commitments are increased); (ii) reduce the principal of, rate of interest on, composition of interest on
(i.e., cash pay or payment-in-kind) or Fees payable with respect to any Loan of any affected Lender (provided, however, in each case, the waiver of any
Default or Event of Default or the implementation or revocation of Default Rate interest shall not constitute a reduction in the rate of interest or any Fee); (iii) extend the final maturity date or scheduled payment date of any principal
amount of any Loan of any Lender; (iv) waive, forgive, defer, extend or postpone any payment of interest or Fees or other Obligations hereunder as to any affected Lender (provided, however, in each case, the waiver of any Default
or Event of Default or the implementation or revocation of Default Rate interest shall not constitute a reduction in the rate of interest or any Fee); (v) release all or substantially all of the value of the Guaranties, except as otherwise
permitted herein or in the other Loan Documents; (vi) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans that shall be required for Lenders or any of them to take any action hereunder;
(vii) amend or waive this Section 12.2 or the definition of the term “Requisite Lenders”; or (viii) amend the allocation and waterfalls in Section 2.9. Furthermore, no
amendment, modification, termination or waiver affecting the rights or duties of Agent under this Agreement or any other Loan Document, including any release of any Guaranty requiring a writing signed by all of the Lenders shall be effective unless
in writing and signed by Agent in addition to Lenders required hereinabove to take such action. Each amendment, modification, termination or waiver shall be effective only in the specific instance and for the specific purpose for which it was given.
No amendment, modification, termination or waiver of any provision of any Note shall be effective without the written concurrence of the holder of that Note. No notice to or demand on any Credit Party in any case shall entitle such Credit Party or
any other Credit Party to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this Section 12.2 shall be binding
upon each holder of the Obligations hereunder at the time outstanding and each future holder of the Obligations hereunder. 

  
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 (d) If, in connection with any proposed amendment, modification, waiver or termination
requiring the consent of all Lenders or all directly and adversely affected Lenders, the consent of Requisite Lenders is obtained, but the consent of other Lenders whose consent is required is not obtained (any such Lender whose consent is not
obtained as described in this Section 12.2(d) being referred to as a “Non-Consenting Lender”), then, with respect to this Section 12.2(d),
so long as Agent is not a Non-Consenting Lender, at Borrower’s request, Agent or a Person reasonably acceptable to Agent shall have the right with Agent’s consent (but shall have no obligation) to
purchase from any such Non-Consenting Lenders, and any such Non-Consenting Lenders agree that they shall, upon Agent’s request, sell and assign to Agent or such
Person, all of the Commitments of any such Non-Consenting Lenders for an amount equal to the principal balance of all Loans held by such Non-Consenting Lenders and all
accrued interest and Fees (including fees payable in accordance with Section 2.3(a)(ii)) with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Assignment Agreement.
In the event that a Non-Consenting Lender does not execute an Assignment Agreement pursuant to Section 11.1 within five (5) Business Days after receipt by such Non-Consenting Lender of notice of replacement pursuant to this Section 12.2(d) and presentation to such Non-Consenting Lender of an Assignment
Agreement evidencing an assignment pursuant to this Section 12.2(d), Borrower shall be entitled (but not obligated) to execute such Assignment Agreement on behalf of any such
Non-Consenting Lender, and any such Assignment Agreement so executed by Borrower, the replacement Lender and Agent, shall be effective for purposes of this Section 12.2(d) and
Section 11.1. 
 (e) [Reserved]. 

(f) [Reserved]. 
 (g) [Reserved].

 (h) Further, notwithstanding anything to the contrary contained in this Section 12.2, technical and conforming
modifications to the Loan Documents may be made with the consent of Borrower and Agent (but without the consent of any Lender) to the extent necessary to cure any ambiguity, omission, defect or inconsistency; provided, that Agent shall notify
the Lenders of any such proposed modifications and no such modification shall become effective if the Requisite Lenders have objected thereto within five (5) Business Days after the delivery of such notice. 

12.3 Fees and Expenses. Borrower shall reimburse: (i) Agent and Lead Arranger for all reasonable documented fees, reasonable
documented out-of-pocket costs and expenses (including the reasonable documented fees and reasonable documented out-of-pocket expenses of one firm of counsel); and (ii) Agent and Lead Arranger (and, with respect to clauses (b), (c) and (d) below, all Lenders for all reasonable documented out-of-pocket fees, costs and expenses, including the reasonable documented fees, reasonable documented
out-of-pocket costs and expenses of one firm of counsel for Agent, Lead Arranger and Lenders, taken as a whole, and a single local counsel in each relevant jurisdiction
and in the case of an actual or potential conflict of interest where Agent, Lead Arranger or the Lender affected by such conflict informs Agent of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected
Person), incurred in connection with the negotiation, preparation and filing and/or recordation of the Loan Documents, and incurred in connection with: 

(a) any amendment, modification or waiver of, consent with respect to, or termination of, any of the Loan Documents or advice in connection
with the syndication and administration of the Loans made pursuant hereto or its rights hereunder or thereunder; 

  
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 (b) any litigation, contest, dispute, suit, proceeding or action (whether instituted by
Agent, any Lender, any Credit Party or any other Person and whether as a party, witness or otherwise) in any way relating to any of the Loan Documents and the transactions contemplated thereby or any other agreement to be executed or delivered in
connection herewith or therewith, including any litigation, contest, dispute, suit, case, proceeding or action, and any appeal or review thereof; in connection with a case commenced by or against any or all of the Credit Parties or any other Person
that may be obligated to Agent by virtue of the Loan Documents; including any such litigation, contest, dispute, suit, proceeding or action arising in connection with any work-out or restructuring of the Loans
during the pendency of one or more Events of Default; provided, that no Person shall be entitled to reimbursement under this clause (b) in respect of any litigation, contest, dispute, suit, proceeding or action to the extent any of the
foregoing results from such Person’s (or such Person’s Related Person’s) gross negligence, bad faith, material breach or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable judgment); provided, further, that no Indemnified Person will be indemnified for any such cost, expense or liability to the extent of any dispute solely among Indemnified Persons other
than claims against Agent, in such capacity in connection with fulfilling any such roles; 
 (c) any attempt to enforce any remedies of Agent
against any or all of the Credit Parties or any other Person that may be obligated to Agent or any Lender by virtue of any of the Loan Documents, including any such attempt to enforce any such remedies in the course of any work-out or restructuring of the Loans during the pendency of one or more Events of Default; 
 (d) any
workout or restructuring of the Loans upon the occurrence and during the continuance of one or more Events of Default; and 
 (e) efforts to
(i) monitor the Loans or any of the other Obligations hereunder, (ii) evaluate, observe or assess any of the Credit Parties or their respective affairs and (iii) [reserved]; including, as to each of clauses (a) through
(d) above, all reasonable and documented professionals fees, including, but not limited to appraisers’, field examiners’ and attorneys’ fees arising from such services and other advice, assistance or other representation,
including those in connection with any appellate proceedings, and all reasonable documented out-of-pocket expenses, costs, charges and other fees incurred by such
professionals in connection with or relating to any of the events or actions described in this Section 12.3. All amounts under this Section 12.3 shall be payable no later than 20 days after written
demand therefore (together with reasonably detailed supporting documentation submitted to a Financial Officer of Borrower). 
 12.4 No
Waiver. Agent’s or any Lender’s failure, at any time or times, to require strict performance by the Credit Parties of any provision of this Agreement or any other Loan Document shall not waive, affect or diminish any right of Agent or
such Lender thereafter to demand strict compliance and performance herewith or therewith. Any suspension or waiver of an Event of Default shall not suspend, waive or affect any other Event of Default whether the same is prior or subsequent thereto
and whether the same or of a different type. Subject to the provisions of Section 12.2, none of the undertakings, agreements, warranties, covenants and representations of any Credit Party contained in this Agreement or any
of the other Loan Documents and no Default or Event of Default by any Credit Party shall be deemed to have been suspended or waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing signed by an officer of or
other authorized employee of Agent and the applicable Requisite Lenders, and directed to Borrower specifying such suspension or waiver. 

12.5 Remedies. Agent’s and Lenders’ rights and remedies under this Agreement shall be cumulative and nonexclusive of any other
rights and remedies that Agent or any Lender may have under any other agreement, including the other Loan Documents, by operation of law or otherwise. 

  
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 12.6 Severability. Wherever possible, each provision of this Agreement and the other
Loan Documents shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement or any other Loan Document shall be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement or such other Loan Document. 

12.7 Conflict of Terms. Except as otherwise provided in this Agreement or any of the other Loan Documents by specific reference to the
applicable provisions of this Agreement, if any provision contained in this Agreement conflicts with any provision in any of the other Loan Documents, the provision contained in this Agreement shall govern and control. 

12.8 Confidentiality. Each Lender and Agent agrees to maintain, the confidentiality of information obtained by it pursuant to any Loan
Document and designated in writing by any Credit Party as confidential or disclosed under circumstances where it is reasonable to assume that such information is confidential (the “Information”), except that such Information may be
disclosed by the Lenders or Agent (i) with Borrower’s consent, (ii) to Related Persons of such Lender or Agent, as the case may be, that are advised of the confidential nature of such Information and are instructed to keep such
Information confidential in accordance with the terms hereof, (iii) to the extent such information presently is or hereafter becomes (A) publicly available other than as a result of a breach of this Section 12.8
or (B) available to such Lender or Agent or any of their Related Persons, as the case may be, from a source (other than any Credit Party) not known by them to be subject to disclosure restrictions, (iv) to the extent disclosure is required
by applicable law or other legal process or requested or demanded by any Governmental Authority, including any governmental bank regulatory authority (in which case Agent shall notify Borrower, to the extent not prohibited by law or legal process;
provided that no notice shall be required in the case of disclosure to bank regulatory authorities having jurisdiction over Agent or any Lender), (v) to the extent necessary or customary for inclusion in league table measurements, (vi) (A)
to the National Association of Insurance Commissioners or any similar organization, any examiner or any nationally recognized rating agency or (B) otherwise to the extent consisting of general portfolio information that does not identify Credit
Parties, (vii) to current or prospective assignees or participants, and to their respective Related Persons, in each case to the extent such assignees, participants, counterparties or Related Persons agree to be bound by provisions
substantially similar to the provisions of this Section 12.8 (and such Person may disclose information to their respective Related Persons in accordance with clause (ii) above), (viii) to any other party hereto,
(ix) in connection with the exercise or enforcement of any right or remedy under any Loan Document, in connection with any litigation or other proceeding to which such Lender or Agent or any of their Related Persons is a party or bound, or to
the extent necessary to respond to public statements or disclosures by Credit Parties or their Related Persons referring to a Lender or Agent or any of their Related Persons, (x) to the National Association of Insurance Commissioners, CUSIP
Service Bureau or any similar organization, regulatory authority, examiner or nationally recognized ratings agency and (xi) to any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees,
agents, advisors and other representatives) to any swap or derivative or similar transaction under which payments are to be made by reference to Borrower and its obligations, this Agreement or payments hereunder, in each case to the extent such
Persons agree to be bound by provisions substantially similar to the provisions of this Section 12.8. In the event of any conflict between the terms of this Section 12.8 and those of any Loan
Document, the terms of this Section 12.8 shall govern. 
 Notwithstanding anything to the contrary set forth herein or in any
other written or oral understanding or agreement to which the parties hereto are parties or by which they are bound, the parties acknowledge and agree that (i) any obligations of confidentiality contained herein and therein do not apply and
have not applied to the federal tax treatment and federal tax structure of the Loans (the “Tax Structure”) (and any 

  
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related transactions or arrangements) from the commencement of discussions between the parties, and (ii) each party (and each of its employees, representatives or other agents) may disclose
to any and all Persons, without limitation of any kind, the Tax Structure and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating to the Tax Structure. The preceding sentence is intended to
cause the Tax Structure to be treated as not having been offered under conditions of confidentiality for purposes of Section 1.6011-4(b)(3) (or any successor provision) of the Treasury Regulations
promulgated under Section 6011 of the IRC, and shall be construed in a manner consistent with such purpose. Each party hereto acknowledges that it has no proprietary or exclusive rights to the Tax Structure. 

12.9 GOVERNING LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THE LOAN DOCUMENTS AND THE OBLIGATIONS SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE
AND ANY APPLICABLE LAWS OF THE UNITED STATES. EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY
CLAIMS OR DISPUTES BETWEEN THE CREDIT PARTIES, AGENT AND LENDERS PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS RELATED TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN
DOCUMENTS; PROVIDED, THAT AGENT, LENDERS AND THE CREDIT PARTIES ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY; PROVIDED, FURTHER, THAT NOTHING IN THIS AGREEMENT
SHALL BE DEEMED OR OPERATE TO PRECLUDE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF AGENT. EACH CREDIT PARTY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH
JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH CREDIT PARTY HEREBY WAIVES ANY OBJECTION THAT SUCH CREDIT PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS
AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES
THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN SECTION 12.10 AND THAT SERVICE SO MADE SHALL BE DEEMED
COMPLETED UPON THE EARLIER OF SUCH CREDIT PARTY’S ACTUAL RECEIPT THEREOF OR FIVE (5) BUSINESS DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. 

12.10 Notices. 
 (a)
Addresses. All notices, demands, requests, directions and other communications required or expressly authorized to be made by this Agreement shall, whether or not specified to be in writing unless otherwise expressly specified to be given by
any other means, be given in writing and (i) addressed to (A) the party to be notified and sent to the address or facsimile number indicated in this Section 12.10 (or to such other address as may be hereafter
notified by the respective parties hereto), or (B) the party to be notified at its address specified on the signature page of this Agreement or any applicable Assignment Agreement, (ii) to the extent given by a Credit Party posted to any E-System set 

  
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up by or at the direction of Agent in an appropriate location or (iii) addressed to such other address as shall be notified in writing (A) in the case of Borrower and Agent, to the
other parties hereto and (B) in the case of all other parties, to Borrower and Agent. Transmission by electronic mail (including E-Fax, even if transmitted to the fax numbers set forth in
clause (i) above) shall not be sufficient or effective to transmit any such notice under this clause (a) unless such transmission is an available means to post to any E-System. Notice addresses
as of the Closing Date shall be as set forth below: 
  

	 	(i)	 If to Agent, at 

Citibank, N.A. 
 1615 Brett
Road, Ops III 
 New Castle, Delaware 19720 

Primary Contact: Amal Sydney 

Telephone No.: (302) 894-6040 

Email: amal.m.sydney@citi.com 
  

	 	(ii)	 If to Borrower, at 

XPO Logistics, Inc. 
 Five
American Lane 
 Greenwich, Connecticut 06831 

Attn: Karlis Kirsis 
 Telephone
No.: (203) 833-0335 
 Email: karlis.kirsis@xpo.com 

(b) Effectiveness. 
 (i)
All communications described in clause (a) above and all other notices, demands, requests and other communications made in connection with this Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon
personal delivery, (ii) if delivered by overnight courier service, one Business Day after delivery to such courier service, (iii) if delivered by mail, five (5) Business Days after deposit in the mail, (iv) if delivered by
facsimile or electronic mail (other than to post to an E-System pursuant to clause (a) above) upon sender’s receipt of confirmation of proper transmission, and (v) if delivered by posting to any
E-System, on the later of the date of such posting in an appropriate location and the date access to such posting is given to the recipient thereof in accordance with the standard procedures applicable to such
E-System. Failure or delay in delivering copies of any notice, demand, request, consent, approval, declaration or other communication to any Person (other than Borrower or Agent) designated in
Section 12.10 to receive copies shall in no way adversely affect the effectiveness of such notice, demand, request, consent, approval, declaration or other communication. The giving of any notice required hereunder may be
waived in writing by the party entitled to receive such notice. 
 (ii) The posting, completion and/or submission by any Credit Party of any
communication pursuant to an E-System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement required by the Loan
Documents to be provided, given or made by a Credit Party in connection with any such communication is true, correct and complete in all material respects (to the extent required under the Loan Documents) except as expressly noted in such
communication or E-System. 
 (c) Each Lender shall notify Agent in writing of any changes in the
address to which notices to such Lender should be directed, of addresses of its lending office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as Agent shall reasonably
request. 

  
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 12.11 Section Titles. The Section titles and Table of Contents
contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 

12.12 Counterparts. This Agreement may be executed in any number of separate counterparts and by different parties in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single
counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof. 

12.13 WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO KNOWINGLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG AGENT, LENDERS AND ANY CREDIT PARTY ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH, THIS AGREEMENT OR ANY OF THE
OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED THERETO. 
 12.14 Press Releases and Related Matters. Each Credit Party consents
to the publication by Agent or any Lender of customary advertising material relating to the financing transactions contemplated by this Agreement using Borrower’s name, product photographs, logo or trademark. Agent reserves the right to provide
to industry trade organizations information necessary and customary for inclusion in league table measurements. 
 12.15
Reinstatement. This Agreement shall remain in full force and effect should any petition be filed by or against Borrower for liquidation or reorganization, should Borrower become insolvent or make an assignment for the benefit of any creditor
or creditors or should a receiver, interim receiver, receiver and manager or trustee be appointed for all or any significant part of Borrower’s assets, and shall continue to be effective or to be reinstated, as the case may be, if at any time
payment and performance of the Obligations hereunder, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations hereunder, whether as a
“voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the
Obligations hereunder shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

12.16 Advice of Counsel. Each of the parties represents to each other party hereto that it has discussed this Agreement and,
specifically, the provisions of Sections 12.9 and 12.16, with its counsel. 

  
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 12.17 No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 12.18 Patriot Act Notice.
Each Lender and Agent (for itself and not on behalf of any Lender) hereby notifies the Credit Parties that pursuant to the requirements of the Patriot Act, such Lender and Agent may be required to obtain, verify and record information that
identifies the Credit Parties, which information includes the name and address of the Credit Parties and other information that will allow such Lender and Agent, as the case may be, to identify the Credit Parties in accordance with the Patriot Act.

 12.19 Currency Equivalency Generally; Change of Currency. 

(a) For the purposes of making valuations or computations under this Agreement (but not for purposes of the preparation of any financial
statements delivered pursuant hereto), unless expressly provided otherwise, where a reference is made to a dollar amount the amount is to be considered as the amount in Dollars and, therefore, each other currency shall be converted into the Dollar
equivalent thereof. 
 (b) Each provision of this Agreement shall be subject to such reasonable changes of construction as Agent may from
time to time specify with Borrower’s consent to appropriately reflect a change in currency of any country and any relevant market conventions or practices relating to such change in currency. 

12.20 [Reserved.]. 

12.21 Electronic Transmissions. 

(a) Authorization. Subject to the provisions of Section 12.10(a), each of Agent, Lenders, each Credit Party
and each of their Related Persons, is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein.
Borrower and each Lender party hereto acknowledges and agrees that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each
indicates it assumes and accepts such risks by hereby authorizing the use of Electronic Transmissions. 
 (b) Signatures. Subject to
the provisions of Section 12.10(a), (i)(A) no posting to any E-System shall be denied legal effect merely because it is made electronically, (B) each E-Signature on any such posting shall be deemed sufficient to satisfy any requirement for a “signature” and (C)(i) each such posting shall be deemed sufficient to satisfy any requirement for a
“writing”, in each case including pursuant to any Loan Document, any applicable provision of any Uniform Commercial Code, the federal Uniform Electronic Transactions Act, the Electronic Signatures in Global and National Commerce Act and
any substantive or procedural applicable law governing such subject matter, (ii) each such posting that is not readily capable of bearing either a signature or a reproduction of a signature may be signed, and shall be deemed signed, by
attaching to, or logically associating with such posting, an E-Signature, upon which Agent, each Lender and each Credit Party may rely and assume the authenticity thereof, (iii) each such posting
containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original and (iv) each party hereto or
beneficiary hereto agrees not to contest the validity or enforceability of any posting on any E-System or E-Signature on any such posting under the provisions of any
applicable law requiring certain documents to be in writing or signed; provided, however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether any posting to any E-System or E-Signature has been altered after transmission. 

  
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 (c) Separate Agreements. All uses of an
E-System shall be governed by and subject to, in addition to Section 12.10 and this Section 12.21, the separate terms, conditions and privacy policy posted
or referenced in such E-System (or such terms, conditions and privacy policy as may be updated from time to time, including on such E-System) and related Contractual
Obligations executed by Agent and Credit Parties in connection with the use of such E-System. 
 (d)
LIMITATION OF LIABILITY. ALL E-SYSTEMS AND ELECTRONIC TRANSMISSIONS SHALL BE PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS WARRANTS
THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION AND DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN. NO WARRANTY OF ANY KIND IS MADE BY AGENT, ANY LENDER OR ANY OF
THEIR RELATED PERSONS IN CONNECTION WITH ANY E-SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS. Each of Borrower, each other Credit Party executing this Agreement and each Lender agrees that Agent has no responsibility
for maintaining or providing any equipment, software, services or any testing required in connection with any Electronic Transmission or otherwise required for any E-System. 

12.22 Independence of Provisions. The parties hereto acknowledge that this Agreement and the other Loan Documents may use several
different limitations, tests or measurements to regulate the same or similar matters, and that such limitations, tests and measurements are cumulative and must each be performed, except as expressly stated to the contrary in this Agreement. 

12.23 No Third Parties Benefited. This Agreement is made and entered into for the sole protection and legal benefit of the Credit
Parties, the Lenders, Agent, Lead Arranger, and for the purposes of Section 2.11, the Indemnified Persons and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of,
or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. Neither Agent nor any Lender nor any Credit Party (except as otherwise specifically provided under the Loan Documents)
shall have any obligation to any Person not a party to this Agreement or the other Loan Documents. 
 12.24 Relationships between Lenders
and Credit Parties. Borrower acknowledge and agree that the Lenders are acting solely in the capacity of an arm’s length contractual counterparty to Borrower with respect to the Loans and other financial accommodations contemplated hereby
and not as a financial advisor or a fiduciary to, or an agent of, Borrower or any other Person. Additionally, no Lender is advising Borrower or any other Person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.
Borrower shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and the Lenders shall have no responsibility or
liability to Borrower with respect thereto. Any review by the Lenders of Borrower, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Lenders and shall not be on behalf
of Borrower. 
 12.25 [Reserved.]. 

  
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 12.26 Acknowledgement and Consent to Bail-In of
EFA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any of the parties hereto, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be
bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any Bail-in Action on any such liability, including, if applicable: 
 (i) a reduction in full or in part or
cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability
in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 12.27 Certain
ERISA Matters. 
 (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party
hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, Agent, the Lead Arranger and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of Borrower or any other Credit Party, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans in connection with the Loans or the Commitments, 
 (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into,
participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

  
 -115- 

 (iv) such other representation, warranty and covenant as may be agreed in writing between
the Agent, in its sole discretion, and such Lender. 
 (b) In addition, unless either
(1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, Agent, the Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of Borrower
or any other Credit Party, that none of Agent or the Lead Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in the Loans, the Commitments and this Agreement (including in connection with
the reservation or exercise of any rights by Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). 
 13. GUARANTY

 13.1 Guaranty. 
 (a)
Each Guarantor hereby agrees that such Guarantor is jointly and severally liable for, and hereby absolutely and unconditionally guarantees to Agent and Lenders and their respective successors and assigns, the full and prompt payment (whether at
stated maturity, by acceleration or otherwise) and performance of, all Obligations owed or hereafter owing to Agent and the Lenders by Borrower. Each Guarantor agrees that its guaranty obligation hereunder is a continuing guaranty of payment and
performance and not of collection, that its obligations under this Section 13 shall not be discharged until the repayment of the Loans and termination of the Commitments, and that its obligations under this
Section 13 shall be absolute and unconditional, irrespective of, and unaffected by, 
 (i) the genuineness,
validity, regularity, enforceability or any future amendment of, or change in, this Agreement, any other Loan Document or any other agreement, document or instrument to which Borrower is or may become a party; 

(ii) the absence of any action to enforce this Agreement (including this Section 13) or any other Loan Document or
the waiver or consent by Agent and Lenders with respect to any of the provisions thereof; 
 (iii) the existence, value or condition of, or
failure to perfect its Lien, if any, against, any security for the Obligations hereunder or any action, or the absence of any action, by Agent and Lenders in respect thereof (including the release of any such security); 

(iv) the insolvency of any Credit Party; or 

(v) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor. 

Each Guarantor shall be regarded, and shall be in the same position, as principal debtor with respect to the Obligations guarantied hereunder. 

  
 -116- 

 (b) Each Guarantor expressly represents and acknowledges that it is part of a common
enterprise with Borrower and that any financial accommodations by Lenders, or any of them, to Borrower hereunder and under the other Loan Documents are and will be of direct and indirect interest, benefit and advantage to all Guarantors. 

13.2 Waivers by Guarantors. Each Guarantor expressly waives, to the extent permitted by law, all rights it may have now or in the future
under any statute, or at common law, or at law or in equity, or otherwise, to compel Agent or Lenders to marshal assets or to proceed in respect of the Obligations hereunder guarantied hereunder against any other Credit Party, any other party or
against any security for the payment and performance of the Obligations hereunder before proceeding against, or as a condition to proceeding against, such Guarantor. It is agreed among each Guarantor, Agent and Lenders that the foregoing waivers are
of the essence of the transaction contemplated by this Agreement and the other Loan Documents and that, but for the provisions of this Section 13 and such waivers, Agent and Lenders would decline to enter into this
Agreement. Each Guarantor expressly waives diligence, presentment and demand (whether for non-payment or protest or of acceptance, maturity, extension of time, change in nature or form of the Obligations
hereunder, acceptance of further security, release of further security, composition or agreement arrived at as to the amount of, or the terms of, the Obligations hereunder, notice of adverse change in Borrower’s financial condition or any other
fact which might increase the risk to Borrower). 
 13.3 Benefit of Guaranty. Each Credit Party agrees that the provisions of this
Section 13 are for the benefit of Agent and Lenders and their respective successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between any other Credit Party and Agent or Lenders, the
obligations of such other Credit Party under the Loan Documents. 
 13.4 Subordination of Subrogation, Etc. Notwithstanding anything
to the contrary in this Agreement or in any other Loan Document, and except as set forth in Section 13.7, each Credit Party hereby expressly and irrevocably subordinates to payment of the Obligations hereunder any and all
rights at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off and any and all defenses available to a surety, guarantor or accommodation co-obligor until the
Maturity Date. Each Credit Party acknowledges and agrees that this subordination is intended to benefit Agent and Lenders and shall not limit or otherwise affect such Credit Party’s liability hereunder or the enforceability of this
Section 13, and that Agent, Lenders and their respective successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 13.4. 

13.5 Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan
Documents giving Agent or such Lender a Lien upon any collateral, whether owned by any Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any
Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 13. If, in the exercise of any of its rights and remedies, Agent or
any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the
like, each Credit Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that such
Credit Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Credit Party shall not
impair any other Credit Party’s obligation to pay the full amount of the Obligations hereunder. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents,
Agent or such Lender may bid all or less than the amount of the Obligations hereunder and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations hereunder. The amount of the successful

  
 -117- 

 
bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the collateral and the difference between such
bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 13, notwithstanding that any present or future law or court decision or
ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale. 

13.6 Limitation. Notwithstanding any provision herein contained to the contrary, each Guarantor’s liability under this
Section 13 shall be limited to an amount not to exceed as of any date of determination the greater of: 
 (a) the
amount of all Loans advanced to Borrower; and 
 (b) the amount that could be claimed by Agent and Lenders from such Guarantor under this
Section 13 without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or
similar foreign or domestic statute or common law after taking into account, among other things, such Guarantor’s right of contribution and indemnification from each other Guarantor under Section 13.7. 

13.7 Contribution with Respect to Guaranty Obligations. 

(a) To the extent that any Guarantor shall make a payment under this Section 13 of all or any of the Obligations
hereunder (a “Guarantor Payment”) that, taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount that such Guarantor would otherwise have paid if Borrower had
paid the aggregate Obligations hereunder satisfied by such Guarantor Payment in the same proportion that such Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the
aggregate Allocable Amounts of each of the Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following the repayment of the Loans and termination of the Commitments, such Guarantor shall be entitled to receive
contribution and indemnification payments from, and be reimbursed by, Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. 

(b) As of any date of determination, the “Allocable Amount” of any Guarantor shall be equal to the maximum amount of the claim
that could then be recovered from such Guarantor under this Section 13 without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform
Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
 (c) This
Section 13.7 is intended only to define the relative rights of the Credit Parties and nothing set forth in this Section 13.7 is intended to or shall impair the obligations of the Credit Parties,
jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of, and subject to the limitations contained in, this Agreement, including Section 13.1. Nothing
contained in this Section 13.7 shall limit the liability of Borrower to pay the Loans made to it and accrued interest, Fees and expenses with respect thereto for which it is primarily liable. 

(d) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantors to
which such contribution and indemnification is owing. 

  
 -118- 

 (e) The rights of the indemnifying Borrower against other Credit Parties under this
Section 13.7 shall be exercisable upon the full and indefeasible payment of the Obligations hereunder and the termination of the Commitments. 

13.8 Liability Cumulative. The liability of each Guarantor under this Section 13 is in addition to and shall
be cumulative with all liabilities of such Guarantor to Agent and Lenders under this Agreement and the other Loan Documents to which such Guarantor is a party or in respect of any Obligations hereunder or obligation of the other Guarantors, without
any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 

13.9 [Reserved]. 
 13.10
Release of Guaranties. A Guaranty as to any Guarantor shall automatically terminate and be of no further force or effect and such Guarantor shall be automatically released from all obligations under this Agreement and all the Loan Documents
upon: 
 (a) the sale, disposition, exchange or other transfer (including through merger, consolidation amalgamation or otherwise) of the
Capital Stock (including any sale, disposition or other transfer following which the applicable Guarantor is no longer a Restricted Subsidiary), of the applicable Guarantor if such sale, disposition, exchange or other transfer is made in a manner
not in violation of this Agreement; or 
 (b) the designation of such Guarantor as an Unrestricted Subsidiary in accordance with the
provisions of the definition of “Unrestricted Subsidiary”; or 
 (c) such Subsidiary becomes an Excluded Subsidiary (as evidenced
by a notice in writing from an Officer of Borrower); or 
 (d) repayment of all of the Loans and termination of all of the Commitments
hereunder. 
 [SIGNATURE PAGES FOLLOW] 
  

  
 -119- 

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

			
	BORROWER:
	
	XPO LOGISTICS, INC.
		
	By:	 	/s/ Ravi Tulsyan
		 	Name: Ravi Tulsyan
		 	Title: Senior Vice President and Treasurer

 [Signature Page – Credit Agreement] 

 The following Persons are signatories to this Agreement in their capacity as Guarantors: 

BOUNCE LOGISTICS, INC. 

CON-WAY MULTIMODAL INC. 

MANUFACTURERS CONSOLIDATION SERVICE OF 

CANADA, INC. 

XPO AIR CHARTER, LLC 

XPO CNW, INC. 

XPO COURIER, LLC 

XPO CUSTOMS CLEARANCE SOLUTIONS, LLC 

XPO DEDICATED, LLC 

XPO ENTERPRISE SERVICES INC. 

XPO GLOBAL FORWARDING, INC. 

XPO INTERMODAL SOLUTIONS, LLC 

XPO INTERMODAL SOLUTIONS, INC. 

XPO INTERMODAL, INC. 

XPO LAST MILE HOLDINGS, INC. 

XPO LAST MILE, INC. 

XPO LOGISTICS CARTAGE, LLC 

XPO LOGISTICS DRYAGE, LLC 

XPO LOGISTICS EXPRESS, LLC 

XPO LOGISTICS FREIGHT, INC. 

XPO MANAGED TRANSPORTATION, LLC 

XPO MANUFACTURING, LLC 

XPO LOGISTICS NLM, INC. 

XPO PORT SERVICES, INC. 

XPO LOGISTICS SUPPLY CHAIN CORPORATE 

SERVICES, INC. 

XPO LOGISTICS SUPPLY CHAIN HOLDING COMPANY 

XPO LOGISTICS SUPPLY CHAIN OF NEW JERSEY, INC. 

XPO LOGISTICS SUPPLY CHAIN OF TEXAS, LLC 

XPO LOGISTICS SUPPLY CHAIN, INC. 

XPO LOGISTICS WORLDWIDE GOVERNMENT 

SERVICES, LLC 

XPO LOGISTICS WORLDWIDE, INC. 

XPO LOGISTICS WORLDWIDE, LLC 

XPO LOGISTICS, LLC 

XPO LOGISTICS LTL SOLUTIONS, INC. 

XPO PROPERTIES, INC. 

XPO SERVCO, LLC 

XPO STACKTRAIN, LLC 

XPO TRANSPORT, LLC 
  

			
		
	By:	 	/s/ Ravi Tulsyan
		 	Name: Ravi Tulsyan
		 	Title: Senior Vice President and Treasurer

 [Signature Page – Credit Agreement] 

 
			
	PDS TRUCKING, INC.
	XPO DISTRIBUTION SERVICES, INC.
		
	By:	 	/s/ Dominick Muzi
		 	Name: Dominick Muzi
		 	Title: President & Chief Operating Officer
	
	CTP LEASING, INC.
		
	By:	 	/s/ Donald Powers
		 	Name: Donald Powers
		 	Title: President

 [Signature Page – Credit Agreement] 

 
			
	AGENT:
	
	CITIBANK, N.A., as Agent
		
	By:	 	/s/ Matthew S. Burke
	Name: Matthew S. Burke
	Title: Vice President

 [Signature Page – Credit Agreement] 

 ANNEX A 

TO 
 CREDIT
AGREEMENT 
 WIRE TRANSFER INFORMATION 
  

			
	To:	  	Citibank, N.A.
	Via:	  	ABA No. 021-000-089
	Account Name:	  	SSB
	Account No.:	  	4078-4524
	Reference:	  	XPO
	Attention:	  	Amal Sydney

 ANNEX B 

TO 
 CREDIT
AGREEMENT 
  

					
	 Lender(s)
	  	Commitment	 
	 Citibank, N.A.
	  	$	500,000,000	 
	 TOTAL
	  	$	500,000,000	 

 Execution Version 

Schedule A-1 

Guarantors 
 Bounce Logistics, LLC 

Con-way Multimodal Inc. 

CTP Leasing, Inc. 
 Manufacturers Consolidation Service of Canada,
Inc. 
 PDS Trucking, Inc. 
 XPO Air Charter, LLC 

XPO CNW, Inc. 
 XPO Courier, LLC 

XPO Customs Clearance Solutions, LLC 
 XPO Dedicated, LLC 

XPO Distribution Services, Inc. 
 XPO Enterprise Services, Inc.

 XPO Global Forwarding, Inc. 
 XPO Intermodal Services, LLC

 XPO Intermodal Solutions, Inc. 
 XPO Intermodal, Inc. 

XPO Land Holdings, LLC 
 XPO Last Mile Holding, Inc. 

XPO Last Mile, Inc. 
 XPO Logistics Cartage, LLC 

XPO Logistics Drayage, LLC 
 XPO Logistics Express, LLC 

XPO Logistics Freight, Inc. 
 XPO Logistics Managed
Transportation, LLC 
 XPO Logistics Manufacturing, LLC 
 XPO
Logistics NLM, LLC 
 XPO Logistics Port Services, LLC 
 XPO
Logistics Supply Chain Corporate Services, Inc. 
 XPO Logistics Supply Chain Holding Company 

XPO Logistics Supply Chain of New Jersey, LLC 
 XPO Logistics
Supply Chain of Texas, LLC 
 XPO Logistics Supply Chain, Inc. 

XPO Logistics Worldwide Government Services, LLC 
 XPO Logistics
Worldwide, Inc. 
 XPO Logistics Worldwide, LLC 
 XPO Logistics,
LLC 
 XPO LTL Solutions, Inc. 
 XPO Properties, Inc. 

XPO Servco, LLC 
 XPO Stacktrain, LLC 

XPO Transport, LLC 

 Schedule 2.1 

Agent’s Representatives 
 Citibank,
N.A. 
 1615 Brett Road, Ops III 
 New Castle, DE 19720 

Telephone: (302)894-6040 

Email: Amal.m.Sydney@citi.com 

 Schedule 4.7 

Labor Matters 
 Alvarez v. XPO Logistics
Cartage, LLC et al, U.S. District Court for the Central District of California 
 Arrellano v. XPO Port Services, Inc., U.S. District Court for the Central
District of California 
 Carter v. XPO Last Mile, Inc., District Court, Northern District of California 

Contreras v. Pacer Cartage, Inc., Superior Court State of California, Los Angeles Central District 

Contreras v. XPO Cartage, Inc. Superior Court of California, County of Los Angeles 

Diaz v. XPO Logistics, Inc. et al, Superior Court of California, County of Los Angeles 

Disus v. Intermodal Container Services, dba Harbor Rail Transport, Superior Court State of California, Los Angeles Central District 

Espinal v. Bob’s Discount Furniture, LLC et al., District of New Jersey 

Ibanez v. XPO Last Mile, Inc. District Court, Northern District of California 

Lopez v. Pacer Distribution Services, Superior Court State of California, Los Angeles, Central District 

Marshall v. John Scott Delivery Service, et al., Superior Court of the State of California, Los Angeles District 

Martinez v. XPO Logistics, Inc. et al., U.S. Central District of California 

Mendoza v. XPO Logistics Cartage, LLC, Central District of California 

Molina et al. v. XPO Logistics Port Services, LLC, Superior Court of the State of California, Los Angeles District 

Ramirez et al. v. XPO Cartage, Inc., U.S. Court of Appeals for the 9th Circuit 

 Schedule 4.8 

Subsidiaries and Joint Ventures 

None of the credit parties is a party to a joint venture. 
  

									
	 Credit Party/Subsidiary
	  	 Owner
	  	Ownership
Percentage	 	  	 Jurisdiction of
Organization

	 Bounce Logistics, LLC
	  	 XPO Logistics, LLC
	  	 	100%	 	  	Delaware
				
	 Con-way Multimodal Inc.
	  	 XPO Logistics Worldwide, Inc.
	  	 	100%	 	  	Delaware
				
	 CTP Leasing, Inc.
	  	 XPO Intermodal Solutions, Inc.
	  	 	100%	 	  	Delaware
				
	 Manufacturers Consolidation Service of Canada, Inc.
	  	 XPO Intermodal Solutions, Inc.
	  	 	100%	 	  	Delaware
				
	 PDS Trucking, Inc.
	  	 XPO Distribution Services, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Air Charter, LLC
	  	 XPO Logistics, LLC
	  	 	100%	 	  	Delaware
				
	 XPO CNW, Inc.
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Courier, LLC
	  	 XPO Last Mile, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Customs Clearance Solutions, LLC
	  	 XPO Global Forwarding, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Dedicated, LLC
	  	 XPO Logistics, LLC
	  	 	100%	 	  	Delaware
				
	 XPO Distribution Services, Inc.
	  	 XPO Intermodal, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Enterprise Services, Inc.
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Global Forwarding, Inc.
	  	 XPO Intermodal, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Intermodal Services, LLC
	  	 XPO Intermodal Solutions, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Intermodal Solutions, Inc.
	  	 XPO Intermodal, Inc.
	  	 	100%	 	  	Ohio
				
	 XPO Intermodal, Inc.
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Tennessee
				
	 XPO Land Holdings, LLC
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Last Mile Holding, Inc.
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Last Mile, Inc.
	  	 XPO Last Mile Holding, Inc.
	  	 	100%	 	  	Georgia
				
	 XPO Logistics Cartage, LLC
	  	 XPO Intermodal Solutions, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Drayage, LLC
	  	 XPO Logistics Cartage, LLC
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Express, LLC
	  	 XPO Logistics, LLC
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Freight, Inc.
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Managed Transportation, LLC
	  	 XPO Logistics Worldwide, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Manufacturing, LLC
	  	 XPO Logistics Freight, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Logistics NLM, LLC
	  	 XPO Logistics, LLC
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Port Services, LLC
	  	 XPO Logistics Cartage, LLC
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Supply Chain Corporate Services, Inc.
	  	 XPO Logistics Supply Chain, Inc.
	  	 	100%	 	  	New Jersey
				
	 XPO Logistics Supply Chain Holding Company
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Supply Chain of New Jersey, LLC
	  	 XPO Logistics Supply Chain, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Supply Chain of Texas, LLC
	  	 XPO Logistics Supply Chain, Inc.
	  	 	100%	 	  	Texas
				
	 XPO Logistics Supply Chain, Inc.
	  	 XPO Logistics Supply Chain Holding Company
	  	 	100%	 	  	North Carolina
				
	 XPO Logistics Worldwide Government Services, LLC
	  	 XPO Logistics Worldwide, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Worldwide, Inc.
	  	 XPO Logistics Worldwide, LLC
	  	 	100%	 	  	Delaware
				
	 XPO Logistics Worldwide, LLC
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Logistics, LLC
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO LTL Solutions, Inc.
	  	 XPO Logistics Freight, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Properties, Inc.
	  	 XPO Logistics, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Servco, LLC
	  	 XPO Last Mile, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Stacktrain, LLC
	  	 XPO Intermodal Solutions, Inc.
	  	 	100%	 	  	Delaware
				
	 XPO Transport, LLC
	  	 XPO Last Mile Holding, Inc.
	  	 	100%	 	  	Delaware

 Schedule 4.13 

Litigation 
 Labul v. XPO Logistics, Inc.,
U.S. District Court District of Connecticut 
 Leeman v. XPO Logistics, Inc., U.S. District Court Southern District of New York 

 Schedule 4.17 

Hazardous Materials 
  

											
	 Facility Address
	  	 City
	  	 State
	  	Zip	  	 Description of Work
	  	 Regulatory
Closure
Achieved

	8390 Hall St	  	St. Louis	  	MO	  	63147-
2316	  	 - Diesel Fuel UST removals and Remedial Investigation & Actions.

- PCB Landfill Cover & CAP
	  	Yes

 Schedule 6.13 

Unrestricted Subsidiaries 
 XPO Escrow Sub,
LLC 

 EXECUTION VERSION 

STRICTLY CONFIDENTIAL 

Schedule 7.1 

Closing Date Indebtedness 
  

	1.	 $360,000,000 of XPO Logistics Inc.’s ABL facility 

	2.	 $1,503,000,000 of XPO Logistics Inc.’s term loan facility 

	3.	 $535,000,000 of XPO Logistics Inc.’s 6.125% Senior Notes due 2023 

	4.	 $1,200,000,000 of XPO Logistics Inc.’s 6.50% Senior Notes due 2022 

	5.	 $300,000,000 of XPO Logistics Inc.’s 6.70% Senior debentures due 2034 

	6.	 Approximately $14,000,000 of 4.00% Euro private placement notes due 2020 

	7.	 Approximately $280,000,000 of Trade Securitization Program 

	8.	 Capital leases for equipment equal to approximately $280,000,000 

	9.	 Asset financing equal to approximately $45,000,000 

 Exhibit 1.1(a) 

to 
 Credit Agreement

 FORM OF SUPPLEMENTAL GUARANTEE 

SUPPLEMENTAL GUARANTEE (this “Supplemental Guarantee”) dated as of [●], between [●] (the “New Guarantor”) and
CITIBANK, N.A., as administrative agent (the “Agent”), under that certain Senior Unsecured Bridge Term Loan Credit Agreement dated as of December 24, 2018 among XPO LOGISTICS, INC. (the “Borrower”), the
subsidiaries party thereto, as Guarantors, the Lenders party thereto and the Agent (as the same may be amended, modified, extended, restated or supplemented from time to time, the “Credit Agreement”). 

WHEREAS, certain Subsidiaries of the Borrower are party to the Credit Agreement as Guarantors; 

WHEREAS, [●] desires to become a party to the Credit Agreement as a Guarantor thereunder; and 

WHEREAS, terms defined in the Credit Agreement and not otherwise defined herein have, as used herein, the respective meanings provided for
therein; 
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 1.    Guaranty. The New Guarantor hereby acknowledges,
agrees and confirms that, by its execution of this Supplemental Guarantee, the New Guarantor will be deemed to be a Guarantor for all purposes under the Credit Agreement and shall have all of the obligations of a Guarantor thereunder as if it had
executed the Credit Agreement. The New Guarantor hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement and applicable to a Guarantor thereunder including
without limitation all of the provisions of Section 13 of the Credit Agreement and hereby represents and warranties that all of the representations and warranties applicable to a Guarantor under Section 4 of the Credit Agreement (including
with respect to the execution and delivery by such New Guarantor of this Supplemental Guarantee) are true and correct in all material respects as to such New Guarantor, except where such representations and warranties expressly relate to an earlier
date. The New Guarantor hereby acknowledges that it has received a copy of the Loan Documents, as they may have been amended or supplemented from time to time. 

2.    Together herewith the New Guarantor has delivered to the Agent all documentation and other information the Agent may
reasonably request (a) relating to the existence of the New Guarantor, (b) the corporate authority for and the validity of this Supplemental Guarantee and the guaranty under the Credit Agreement and (c) required by Governmental
Authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 

3.    This Supplemental Guarantee may be executed in any number of counterparts, each of which when so executed and
delivered shall be an original, but all of which shall constitute one and the same instrument. 

 4.    THIS SUPPLEMENTAL GUARANTEE AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 IN WITNESS
WHEREOF, the parties hereto have caused this Supplemental Guarantee to be duly executed by their respective authorized officers as of the day and year first above written. 

 

			
	 [New Guarantor]

		
	By:	 	 
	 Name:

	 Title:

  

			
	 Acknowledged and Agreed

	 as of the date first above written:

	
	 CITIBANK, N.A.,

	as Agent
		
	By:	 	 
		 	Name:
		 	Title:

 Exhibit 1.1(b) 

[Reserved] 

 Exhibit 1.1(c) 

to 
 Credit Agreement

 Form of Compliance Certificate 

Reference is made to that certain Senior Unsecured Bridge Term Loan Credit Agreement, dated as of December 24, 2018 (as amended, amended
and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among XPO LOGISTICS, INC., a Delaware corporation, as borrower (the “Borrower”), the other Subsidiaries signatory
thereto, as Guarantors, the Lenders from time to time party thereto and CITIBANK, N.A., in its capacity as administrative agent (in such capacity, and together with any successors and assigns in such capacity, the “Agent”). All
capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Credit Agreement. Pursuant to Section 5.1(a) of the Credit Agreement, the undersigned, in his/her capacity as a Financial Officer of the
Borrower (and not in his/her personal capacity), certifies as follows: 
 [Use following paragraph 1 for fiscal year-end financial statements] 
 1.     [Attached hereto as Schedule I is
the following consolidated financial information regarding Borrower and its consolidated Restricted Subsidiaries, consisting of balance sheets and statements of income and retained earnings and cash flows, setting forth in comparative form in each
case the figures for the previous Fiscal Year, which Financial Statements have been prepared in accordance with GAAP (except as approved by accountants or officers), as the case may be, and disclosed in reasonable detail therein, including the
economic impact of such exception, and certified without qualification as to going-concern or qualification arising out of the scope of the audit, by KPMG LLP, another independent certified public accounting firm of national standing or a firm
otherwise reasonably acceptable to Agent. Also attached hereto as part of Schedule I, is a management discussion and analysis that includes a comparison of performance for this Fiscal Year to the corresponding period in the prior year.]

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

1.     [Attached hereto as Schedule I is the following consolidated financial information regarding Borrower and its
consolidated Restricted Subsidiaries:    (i) unaudited balance sheets as of the close of such Fiscal Quarter and (ii) unaudited statements of income and cash flows for such Fiscal Quarter, in each case setting forth in
comparative form the figures for the corresponding period in the prior year and the related statements of income and cash flow for that portion of the Fiscal Year ending as of the close of such Fiscal Quarter, all prepared in accordance with GAAP
(subject to absence of footnotes and normal year-end adjustments). Also attached hereto as part of Schedule I, is a management discussion and analysis that includes a comparison of performance for
this Fiscal Quarter to the corresponding period in the prior year.] 

 2.     [Attached hereto as Schedule II are the related
consolidating financial statements reflecting adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries from such consolidated financial statements described in clause 1
above.]1 
 3.     Attached hereto as Schedule III are:
amount of Net Proceeds received during the fiscal quarter ending [______________] by or on behalf of, Borrower or any of its Restricted Subsidiaries in respect of any Asset Sale subject to prepayment pursuant to
Section 2.3(b)(ii)(A) of the Credit Agreement and the portion of such Net Proceeds that has been invested or are intended to be reinvested in accordance with Section 2.3(b)(ii)(B) of the Credit Agreement. 

4.     To my knowledge, during the Fiscal Quarter most recently ended, except as otherwise disclosed to the Agent in
writing pursuant to the Credit Agreement, no Default or Event of Default has occurred and is continuing.2 
  

 

	1 	 Include only to the extent that the Unrestricted Subsidiaries of the Borrower, as of the last day of the
applicable fiscal period, taken in the aggregate, constituted a Significant Subsidiary. 

	2 	 If continuing, also specify the details thereof and any action taken or proposed to be taken with respect
thereto. 

 IN WITNESS WHEREOF, the undersigned, in his/her capacity as a Financial Officer of the
Borrower, has executed this certificate for and on behalf of Borrower, and has caused this certificate to be delivered this ____ day of ___________, 20[ ]. 

 

			
	XPO LOGISTICS, INC., as the Borrower
		
	By:	 	 
	 	 	Name:
		
	 	 	Title:

 Schedule I to 

Compliance Certificate 

FINANCIAL STATEMENTS 

 Schedule II to 

Compliance Certificate 

CONSOLIDATING FINANCIAL STATEMENTS REFLECTING THE ADJUSTMENTS 

NECESSARY TO ELIMINATE THE ACCOUNTS OF UNRESTRICTED SUBSIDIARIES 

(IF ANY) 

 Schedule III to 

Compliance Certificate 

CERTIFICATIONS REGARDING CERTAIN MANDATORY PREPAYMENTS 

PARAGRAPH 3 OF COMPLIANCE CERTIFICATE 

Section 2.3(b)(ii)(A): During the fiscal quarter ended on [__________]: 

[neither the Borrower nor any of its Restricted Subsidiaries has received any Net Proceeds from any Prepayment Disposition which would require
a prepayment pursuant to Section 2.3(b)(ii)(A) of the Credit Agreement (after giving effect to any permitted reinvestment period).] or 

[the Borrower or [ name of Restricted Subsidiary ], being a Restricted Subsidiary of the Borrower, has received Net Proceeds in the
amount of $[___________] from [ describe Prepayment Disposition ]3 and [Borrower to specify whether these Net Proceeds will be used to repay secured debt, reinvested, or used to repay
Indebtedness under the Credit Agreement (including on a pro rata basis)]. 
  

 

	3 	 If the Borrower or any of its Restricted Subsidiaries has received any Net Proceeds from any Prepayment
Disposition, the certificate should describe same and state the date of each receipt thereof and the amount of Net Proceeds received on each such date, together with sufficient information (including reasonably detailed calculations of the
computation of Net Proceeds) as to mandatory repayments and/or reinvestments thereof to determine compliance with Section 2.3(b)(ii)(A) and/or Section 2.3(b)(ii)(B) of the Credit Agreement. 

 Exhibit 1.1(d) 

[Reserved] 

 Exhibit 1.1(e) 

[Reserved] 

 Exhibit 1.1(f) 

[Reserved] 

 Exhibit 1.1(g) 

to 
 Credit Agreement

 Form of Note 

$                         
                                    

[Date] 
 FOR VALUE RECEIVED, the
undersigned, XPO LOGISTICS, INC., a Delaware corporation (the “Borrower”), hereby promises to pay to                  (the
“Lender”) on the Maturity Date in the lawful money of the United States and in immediately available funds, the principal amount of the lesser of (a)
                 DOLLARS ($                ) and (b) the aggregate
unpaid principal amount of all Loans of the Lender outstanding under the Term Loan Credit Agreement referred to below, which sum shall be due and payable in such amounts and on such dates as are set forth in the Term Loan Credit Agreement. The
Borrower further agrees to pay interest in like money at such office specified in Section 2.8 of the Term Loan Credit Agreement on the unpaid principal amount hereof from time to time, from the date hereof at the rates, and on the date,
specified in Section 2.2 of the Term Loan Credit Agreement. 
 The Lender may endorse and attach a schedule to reflect the date, type
and amount of each Loan of the Lender outstanding under the Term Loan Credit Agreement, the date and amount of each payment or prepayment of principal hereof, and the date of each interest rate conversion or continuation pursuant to
Section 2.5(e) of the Term Loan Credit Agreement and the principal amount subject thereto; provided that the failure of the Lender to make any such recordation (or any error in such recordation) shall not affect the obligations of the
Borrower hereunder or under the Term Loan Credit Agreement. 
 This Note is one of the Notes referred to in the Senior Unsecured Bridge Term
Loan Credit Agreement, dated as of December 24, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Term Loan Credit Agreement”), by and among the Borrower, the
subsidiaries of the Borrower signatory thereto, as Guarantors, the Lenders from time to time party thereto and CITIBANK, N.A., as Agent. This Note is subject to the provisions thereof and is subject to optional and mandatory prepayments in whole or
in part as provided therein. Terms defined in the Term Loan Credit Agreement and not otherwise defined herein have, as used herein, the respective meanings provided for therein. 

This Note is unsecured but guaranteed as provided in the Term Loan Credit Agreement. Reference is hereby made to the Term Loan Credit
Agreement and for a description of the nature and extent of the Guaranty, the terms and conditions upon which the Guaranty was or will be granted and the rights of the holder of this Note in respect thereof. 

During the continuance of any one or more of the Events of Default specified in the Term Loan Credit Agreement, all amounts then remaining
unpaid on this Note may be declared to be immediately due and payable all as provided in Article 9 thereof. 
 All parties now and hereafter
liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind. 

 THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE TERM LOAN
CREDIT AGREEMENT. TRANSFERS OF THIS NOTE MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE AGENT PURSUANT TO THE TERMS OF THE TERM LOAN CREDIT AGREEMENT. 

THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING
IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF) SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 

			
	XPO LOGISTICS, INC., as the Borrower
		
	By:	 	 
		 	Name:
		
		 	Title:

 Exhibit 1.1(h) 

to 
 Credit Agreement

 [Reserved] 

 Exhibit 2.1(b) 

to 
 Credit Agreement

 Form of Notice of Borrowing 

                       
 , 20[    ] 
 Reference is made to that certain Senior Unsecured Bridge Term Loan Credit Agreement,
dated as of December 24, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among XPO LOGISTICS, INC., a Delaware corporation, as borrower (the
“Borrower”), the other Subsidiaries signatory thereto, as Guarantors, the Lenders from time to time party thereto and CITIBANK, N.A., in its capacity as administrative agent (in such capacity and together with any successors and
assigns in such capacity, the “Agent”). All capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Credit Agreement. 

Borrower hereby gives its notice, pursuant to Section 2.1(b) of the Credit Agreement, of its request for a Loan on [INSERT BORROWING
DATE] in Dollars which shall be [a LIBOR Loan in the amount of [●] Dollars with a LIBOR Period of [●] months] [a Base Rate Loan in the amount of [●] Dollars]. The proceeds of the Loan made to the Borrower should be wired as set
forth below. 
 Bank Name: 
 Bank Address: 

ABA#: 
 Account Name: 

Account Number: 
 [remainder of page intentionally
left blank] 

 IN WITNESS WHEREOF, Borrower has caused this Notice of Borrowing to be executed and
delivered by its duly authorized officer as of the date first set forth above. 
  

			
	XPO LOGISTICS, INC., as the Borrower
		
	By:	 	 
		 	Name:
		
		 	Title:

 Exhibit 2.5(e) 

to 
 Credit Agreement

 Form of Notice of Conversion/Continuation 

[DATE] 
 Reference is made to that certain
Senior Unsecured Bridge Term Loan Credit Agreement, dated as of December 24, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among XPO LOGISTICS,
INC., a Delaware corporation (“Company”), the other Subsidiaries signatory thereto, as Guarantors, the lenders from time to time party thereto (the “Lenders”) and CITIBANK, N.A., in its capacity as administrative
agent (in such capacity and together with any successors and assigns in such capacity, the “Agent”). All capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Credit Agreement. 

Borrower hereby gives notice, pursuant to Section 2.5(e) of the Credit Agreement, of its request to: 

[On [●], 20[●], convert $ [●] of the aggregate outstanding principal amount of the Loans, bearing interest at the [LIBOR
Rate] [Base Rate], to a [Base Rate Loan] [LIBOR Loan having a LIBOR Period of [●] month(s).4]5 

[On [●], 20[●], continue $ [●] of the aggregate outstanding principal amount of the Loans, bearing interest at the LIBOR
Rate, as a LIBOR Loan having a LIBOR Period of [●] month(s).6]7 

[REMAINDER OF PAGE LEFT BLANK INTENTIONALLY] 

 

	4 	 Duplicate as needed for multiple conversions. 

	5 	 For LIBOR Rate/Base Rate conversions. 

	6 	 Duplicate as needed for multiple continuations. 

	7 	 For LIBOR Rate Continuation. 

 IN WITNESS WHEREOF, Borrower has caused this Notice of Conversion/Continuation to be
executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	XPO LOGISTICS, INC., as Borrower
		
	By:	 	 
		 	Name:
		
		 	Title:

 Exhibit 3.1 

to 
 Credit Agreement

 Form of Solvency Certificate 

[DATE] 
 Reference is made to
that certain Senior Unsecured Bridge Term Loan Credit Agreement, dated as of December 24, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among XPO
LOGISTICS, INC., a Delaware corporation, as borrower (the “Borrower”), the other Subsidiaries signatory thereto, as Guarantors, the Lenders from time to time party thereto and CITIBANK, N.A., in its capacity as administrative agent.
All capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Credit Agreement. 
 I am the duly
qualified and acting Chief Financial Officer of the Borrower and in such capacity, I believe as of the date hereof that: 
 As of the date
hereof, immediately after the consummation of the Transactions, (i) the fair value of the assets of the Borrower and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated,
contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated basis; (ii) the present fair saleable value of the property of the Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will
be required to pay the probable liability of the Borrower and its Subsidiaries on a consolidated basis, on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured; (iii) the Borrower and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and
(iv) the Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after
the date hereof. 
  

			
	XPO LOGISTICS, INC., as Borrower
		
	By:	 	 
		 	Name:
		
		 	Title: Chief Financial Officer

 Exhibit 11.1(a) 

to 
 Credit Agreement

 Form of Assignment Agreement 

This Assignment Agreement (the “Assignment Agreement”) is dated as of the Effective Date set forth below and is entered into
by and between the Assignor identified in item 1 below (the “Assignor”) and the Assignee identified in item 2 below (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Senior Unsecured Bridge Term Loan Credit Agreement identified below (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment Agreement as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Agent as contemplated below (i) all of the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the respective facilities identified below (including, without limitation, any letters of credit or guarantees included in such facilities), and (ii) to the extent permitted to be assigned under applicable law,
all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at
law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above being referred to
herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment Agreement, without representation or warranty by the Assignor. 

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

	1.	 Assignor: 

  

	2.	 Assignee: 

[and is a Lender, an Affiliate of [Identify Lender] or an Approved Fund]8 

 

	3.	 Borrower: XPO Logistics, Inc. (the “Company”) 

 

	4.	 Agent: CITIBANK, N.A., as Agent under the Credit Agreement (the “Agent”)

  

	5.	 Credit Agreement: The Senior Unsecured Bridge Term Loan Credit Agreement dated as of December 24, 2018 by
and among the Borrower, the other Subsidiaries party thereto, as Guarantors, the Lenders from time to time party thereto and the Agent. 

  

	6.	 Assigned Interest[s]: 

Assignor Lender’s Loans 
  

					
	 Aggregate Amount of Loans for all Lenders
	 	 Amount of Loans Assigned
	 	 Percentage Assigned of Loans

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 Effective Date: [●], 20[●] [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

	8 	 Select as applicable. 

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

 

			
	 Assignor
 [Name of
Assignor]

		
	By:	 	 
		 	Name:
		
		 	Title:

  

			
	 Assignee
 [Name of
Assignee]

		
	By:	 	 
		 	Name:
		
		 	Title:

  

			
	Acknowledged and Agreed
	as of the date first above written:
	
	CITIBANK, N.A.,
	as Agent
		
	By:	 	 
	Name:	 	
	Title:	 	

			
	 [Consented to and]9 Accepted:

 
 CITIBANK, N.A., as Agent

		
	By:	 	 
		 	Name:
		
		 	Title:

  

			
	 [Consented to]10

 
 XPO LOGISTICS, INC., as Borrower

		
	By:	 	 
		 	Name:
		
		 	Title:

  

	9 	 To be added only if the consent of the Agent is required by the terms of the Credit Agreement.

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

 ANNEX 1 to Assignment Agreement 

Standard Terms and Conditions for 

Assignment Agreement 
  

	1.	 Representations and Warranties. 

 

	 	1.1.	 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment
Agreement and to consummate the transactions contemplated hereby and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents, (iii) the financial condition of the Borrower, any of its Subsidiaries or
Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan
Document. 

  

	 	1.2.	 Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it is not a Disqualified Institution and it
meets all the requirements of an Eligible Assignee under the Credit Agreement (subject to such consents, if any, as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the
Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned
Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has
been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis
and decision to enter into this Assignment Agreement and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the 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 Assignment Agreement and to purchase the Assigned Interest, (vii) it is not a Borrower, an Affiliate of any Borrower, a
Non-Funding Lender or a natural person, (viii) attached to the Assignment Agreement is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, including
Section 2.13, duly completed and 

	 	
executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Agent, the Assignor or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of
the Loan Documents are required to be performed by it as a Lender. 

  

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

 

	3.	 General Provisions. This Assignment Agreement shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns. This Assignment Agreement may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment Agreement. This Assignment Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
New York.Exhibit 10.1

 

U.S. $600,000,000

 

CREDIT AGREEMENT

 

Dated as of December 31, 2018

 

among

 

EQUITRANS MIDSTREAM CORPORATION,

as Borrower,

 

THE LENDERS PARTY HERETO,
 and

 

GOLDMAN SACHS BANK USA,
 as Administrative Agent,

 

PNC BANK, NATIONAL ASSOCIATION,

as Collateral Agent

 

GOLDMAN SACHS BANK USA,

BARCLAYS BANK PLC,

CITIGROUP GLOBAL MARKETS, INC., and

GUGGENHEIM SECURITIES, LLC,
 as Joint Lead Arrangers and Joint Bookrunners

 

GOLDMAN SACHS BANK USA, 
 as Syndication Agent

 

GOLDMAN SACHS BANK USA,
 as Documentation Agent

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
PAGE
    
	
 
    	
 
    	
 
    
	
 
    	
Article I
    	
 
    
	
 
    	
Definitions
    	
 
    
	
 
    	
 
    	
 
    
	
Section 1.01.
    	
Defined Terms
    	
1
    
	
Section 1.02.
    	
Terms Generally
    	
35
    
	
Section 1.03.
    	
Effectuation of Transfers
    	
36
    
	
Section 1.04.
    	
Divisions
    	
36
    
	
Section 1.05.
    	
Suspension Provisions
    	
36
    
	
Section 1.06.
    	
Limited Acquisition   Determinations
    	
36
    
	
 
    	
 
    	
 
    
	
 
    	
Article II
    	
 
    
	
 
    	
The Credits
    	
 
    
	
 
    	
 
    	
 
    
	
Section 2.01.
    	
Commitments
    	
37
    
	
Section 2.02.
    	
Loans and Borrowings
    	
37
    
	
Section 2.03.
    	
Requests for Borrowings
    	
37
    
	
Section 2.04.
    	
Funding of Borrowings
    	
38
    
	
Section 2.05.
    	
Interest Elections
    	
38
    
	
Section 2.06.
    	
Termination of Commitments
    	
40
    
	
Section 2.07.
    	
Evidence of Debt
    	
40
    
	
Section 2.08.
    	
Repayment of Loans
    	
40
    
	
Section 2.09.
    	
Prepayment of Loans
    	
41
    
	
Section 2.10.
    	
Fees
    	
42
    
	
Section 2.11.
    	
Interest
    	
43
    
	
Section 2.12.
    	
Alternate Rate of Interest
    	
43
    
	
Section 2.13.
    	
Increased Costs
    	
44
    
	
Section 2.14.
    	
Break Funding Payments
    	
45
    
	
Section 2.15.
    	
Taxes
    	
45
    
	
Section 2.16.
    	
Payments Generally; Pro Rata   Treatment; Sharing of Set-offs
    	
49
    
	
Section 2.17.
    	
Mitigation Obligations;   Replacement of Lenders
    	
50
    
	
Section 2.18.
    	
Illegality
    	
51
    
	
Section 2.19.
    	
Increase in Commitments
    	
51
    
	
Section 2.20.
    	
Extension of Maturity Date
    	
54
    
	
 
    	
 
    	
 
    
	
 
    	
Article III
    	
 
    
	
 
    	
Representations   and Warranties
    	
 
    
	
 
    	
 
    	
 
    
	
Section 3.01.
    	
Organization; Powers
    	
56
    
	
Section 3.02.
    	
Authorization; No Conflicts
    	
56
    
	
Section 3.03.
    	
Enforceability
    	
56
    
	
Section 3.04.
    	
Governmental Approvals
    	
57
    
	
Section 3.05.
    	
Financial Statements
    	
57
    
	
Section 3.06.
    	
No Material Adverse Effect
    	
57
    
	
Section 3.07.
    	
Title to Properties; Possession   Under Leases
    	
57
    
	
Section 3.08.
    	
Litigation; Compliance with   Laws
    	
58
    
	
Section 3.09.
    	
Federal Reserve Regulations
    	
58
    
	
Section 3.10.
    	
Investment Company Act
    	
59
    

 

i

 

	
Section 3.11.
    	
Use of Proceeds
    	
59
    
	
Section 3.12.
    	
Tax Returns
    	
59
    
	
Section 3.13.
    	
No Material Misstatements
    	
59
    
	
Section 3.14.
    	
Employee Benefit Plans
    	
59
    
	
Section 3.15.
    	
Solvency
    	
60
    
	
Section 3.16.
    	
Labor Matters
    	
60
    
	
Section 3.17.
    	
Insurance
    	
60
    
	
Section 3.18.
    	
Status as Senior Debt;   Perfection of Security Interests
    	
60
    
	
Section 3.19.
    	
Material Non-Public Information
    	
61
    
	
 
    	
 
    	
 
    
	
 
    	
Article IV
    	
 
    
	
 
    	
Conditions to   the Loans
    	
 
    
	
 
    	
 
    	
 
    
	
Section 4.01.
    	
Loans
    	
61
    
	
 
    	
 
    	
 
    
	
 
    	
Article V
    	
 
    
	
 
    	
Affirmative   Covenants
    	
 
    
	
 
    	
 
    	
 
    
	
Section 5.01.
    	
Existence; Businesses and   Properties
    	
64
    
	
Section 5.02.
    	
Insurance
    	
64
    
	
Section 5.03.
    	
Taxes; Payment of Obligations
    	
65
    
	
Section 5.04.
    	
Financial Statements, Reports,   Etc.
    	
65
    
	
Section 5.05.
    	
Litigation and Other Notices
    	
66
    
	
Section 5.06.
    	
Compliance with Laws
    	
67
    
	
Section 5.07.
    	
Maintaining Records; Access to   Properties and Inspections
    	
67
    
	
Section 5.08.
    	
Use of Proceeds
    	
67
    
	
Section 5.09.
    	
Compliance with Environmental   Laws
    	
67
    
	
Section 5.10.
    	
Further Assurances
    	
67
    
	
Section 5.11.
    	
Fiscal Year
    	
67
    
	
Section 5.12.
    	
Credit Ratings
    	
68
    
	
Section 5.13.
    	
Lender Meetings
    	
68
    
	
Section 5.14.
    	
Subsidiary Designation
    	
68
    
	
Section 5.15.
    	
Post-Closing Obligations
    	
69
    
	
 
    	
 
    	
 
    
	
 
    	
Article VI
    	
 
    
	
 
    	
Negative   Covenants
    	
 
    
	
 
    	
 
    	
 
    
	
Section 6.01.
    	
Indebtedness
    	
69
    
	
Section 6.02.
    	
Liens
    	
70
    
	
Section 6.03.
    	
Sale and Lease-back   Transactions
    	
72
    
	
Section 6.04.
    	
Investments, Loans and Advances
    	
72
    
	
Section 6.05.
    	
Mergers, Consolidations, Sales   of Assets and Acquisitions
    	
74
    
	
Section 6.06.
    	
Dividends and Distributions
    	
76
    
	
Section 6.07.
    	
Transactions with Affiliates
    	
77
    
	
Section 6.08.
    	
Limitation on Changes in   Business
    	
78
    
	
Section 6.09.
    	
Limitation on Modifications of   Organizational Documents; Limitation on Prepayment of Subordinated   Indebtedness; Limitations on Restricted Agreements
    	
79
    
	
Section 6.10.
    	
Financial Performance Covenant
    	
81
    
	
Section 6.11.
    	
Equity Interests in EQM and   EQGP
    	
81
    

 

ii

 

	
Section 6.12.
    	
Swap Agreement
    	
81
    
	
Section 6.13.
    	
Restricted/Unrestricted   Subsidiaries
    	
81
    
	
 
    	
 
    	
 
    
	
 
    	
Article VII
    	
 
    
	
 
    	
Events of   Default
    	
 
    
	
 
    	
 
    	
 
    
	
Section 7.01.
    	
Events of Default
    	
82
    
	
Section 7.02.
    	
The Borrower’s Right to Cure
    	
85
    
	
 
    	
 
    	
 
    
	
 
    	
Article VIII
    	
 
    
	
 
    	
The Agents
    	
 
    
	
 
    	
 
    	
 
    
	
Section 8.01.
    	
Appointment and Authority
    	
85
    
	
Section 8.02.
    	
Rights as a Lender
    	
86
    
	
Section 8.03.
    	
Exculpatory Provisions
    	
86
    
	
Section 8.04.
    	
Reliance by Agents
    	
87
    
	
Section 8.05.
    	
Delegation of Duties
    	
87
    
	
Section 8.06.
    	
Resignation of the Agents
    	
87
    
	
Section 8.07.
    	
Non-Reliance on the Agents and   Other Lenders
    	
88
    
	
Section 8.08.
    	
No Other Duties, Etc.
    	
88
    
	
Section 8.09.
    	
Administrative Agent   May File Proofs of Claim
    	
89
    
	
Section 8.10.
    	
Collateral and Guaranty Matters
    	
89
    
	
Section 8.11.
    	
Secured Cash Management   Agreements and Secured Swap Agreements
    	
89
    
	
Section 8.12.
    	
Indemnification
    	
90
    
	
Section 8.13.
    	
Appointment of Supplemental   Collateral Agents
    	
90
    
	
Section 8.14.
    	
Withholding
    	
91
    
	
Section 8.15.
    	
Enforcement
    	
91
    
	
Section 8.16.
    	
Certain ERISA Matters
    	
92
    
	
 
    	
 
    	
 
    
	
 
    	
Article IX
    	
 
    
	
 
    	
Miscellaneous
    	
 
    
	
 
    	
 
    	
 
    
	
Section 9.01.
    	
Notices
    	
94
    
	
Section 9.02.
    	
Survival of Agreement
    	
95
    
	
Section 9.03.
    	
Binding Effect
    	
95
    
	
Section 9.04.
    	
Successors and Assigns
    	
95
    
	
Section 9.05.
    	
Expenses; Indemnity
    	
99
    
	
Section 9.06.
    	
Right of Set-off
    	
100
    
	
Section 9.07.
    	
Applicable Law
    	
100
    
	
Section 9.08.
    	
Waivers; Amendment
    	
101
    
	
Section 9.09.
    	
Interest Rate Limitation
    	
103
    
	
Section 9.10.
    	
Entire Agreement
    	
103
    
	
Section 9.11.
    	
Waiver of Jury Trial
    	
103
    
	
Section 9.12.
    	
Severability
    	
104
    
	
Section 9.13.
    	
Counterparts
    	
104
    
	
Section 9.14.
    	
Headings
    	
104
    
	
Section 9.15.
    	
Jurisdiction; Consent to Service   of Process
    	
104
    
	
Section 9.16.
    	
Confidentiality
    	
104
    
	
Section 9.17.
    	
Communications
    	
105
    

 

iii

 

	
Section 9.18.
    	
Release of Liens and Guarantees
    	
107
    
	
Section 9.19.
    	
U.S.A. PATRIOT Act and Similar   Legislation
    	
107
    
	
Section 9.20.
    	
Judgment
    	
107
    
	
Section 9.21.
    	
No Fiduciary Duty
    	
108
    
	
Section 9.22.
    	
Acknowledgment and Consent to   Bail-In of EEA Financial Institutions
    	
108
    

 

 

Exhibits and Schedules

 

	
Exhibit A
    	
 
    	
Form of Assignment   and Acceptance
    
	
Exhibit B
    	
 
    	
Form of Borrowing   Request
    
	
Exhibit C
    	
 
    	
Form of Interest   Election Request
    
	
Exhibit D
    	
 
    	
Form of Collateral   Agreement
    
	
Exhibit E
    	
 
    	
Form of Solvency   Certificate
    
	
Exhibit F
    	
 
    	
Form of Term Note
    
	
Exhibit G-1-4
    	
 
    	
Form of Tax   Certificate
    
	
Exhibit H
    	
 
    	
Form of Administrative   Questionnaire
    
	
Exhibit I
    	
 
    	
Form of   Intercreditor Agreement
    

 

	
Schedule 2.01
    	
 
    	
Commitments
    
	
Schedule 3.04
    	
 
    	
Governmental Approvals
    
	
Schedule 3.07(b)
    	
 
    	
Existing Real Property
    
	
Schedule 3.07(c)
    	
 
    	
Restricted Subsidiaries
    
	
Schedule 3.07(d)
    	
 
    	
Subscriptions
    
	
Schedule 3.08(a)
    	
 
    	
Litigation
    
	
Schedule 3.12
    	
 
    	
Tax Liabilities
    
	
Schedule 5.15
    	
 
    	
Post-Closing   Obligations
    
	
Schedule 6.04
    	
 
    	
Investments
    
	
Schedule 6.05(k)
    	
 
    	
Specified Residual   Assets
    
	
Schedule 6.07
    	
 
    	
Transactions with   Affiliates
    

 

iv

 

CREDIT AGREEMENT dated as of December 31, 2018 (this “Agreement”), among EQUITRANS MIDSTREAM CORPORATION, a corporation organized under the laws of Pennsylvania (the “Borrower”), the LENDERS party hereto from time to time, and GOLDMAN SACHS BANK USA, as administrative agent (in such capacity, together with any successor administrative agent appointed pursuant to the provisions of Article VIII, the “Administrative Agent”), and PNC BANK, NATIONAL ASSOCIATION, as collateral agent (in such capacity, together with any successor collateral agent appointed pursuant to the provisions of Article VIII, the “Collateral Agent”).

 

W I T N E S S E T H :

 

WHEREAS, pursuant to the Unit Purchase Agreements dated November 29, 2018, and attached to the Schedule 13E-3 filed with the SEC by the Borrower on November 30, 2018 (collectively, the “Acquisition Agreements”), the Borrower will acquire (the “Acquisition”) additional limited partner interests in EQGP Holdings, LP, a limited partnership organized under the laws of Delaware (“EQGP”);

 

WHEREAS, after the consummation of the Acquisition, the Borrower will purchase (the “Limited Call Acquisition”) any and all remaining outstanding limited partner interests in EQGP (other than limited partner interests owned by the Borrower and its Affiliates, including those acquired in the Acquisition) pursuant to the exercise of the limited call right provided for in Section 15.1(a) of the Second Amended and Restated Agreement of Limited Partnership of EQGP, dated as of October 12, 2018.

 

WHEREAS, the Borrower has requested that the Lenders extend credit in the form of Loans on the Closing Date in an aggregate U.S. Dollar amount for all such Loans not in excess of U.S. $600,000,000;

 

WHEREAS, the proceeds of the Loans will be used (a) to fund the Acquisition, the Limited Call Acquisition and the transactions related thereto, (b) to pay transaction costs and expenses incurred in connection therewith and with the other Transactions and (c) for other general corporate purposes permitted hereunder;

 

NOW, THEREFORE, the Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.  Accordingly, the parties hereto agree as follows:

 

ARTICLE I
 DEFINITIONS

 

Section 1.01.                          Defined Terms.  As used in this Agreement, the following terms shall have the meanings specified below:

 

“ABR Borrowing” shall mean a Borrowing comprised of ABR Loans.

 

“ABR Loan” shall mean any Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions of Article II.

 

“Acquisition” shall have the meaning assigned to such term in the recitals.

 

“Acquisition Agreements” shall have the meaning assigned to such term in the recitals.

 

“Adjusted Eurodollar Rate” shall mean for any Interest Period with respect to any Eurodollar Loan, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1.00%) equal to the greater of

 

1

 

(a) (x) the Eurodollar Rate for such Interest Period multiplied by (y) the Statutory Reserves and (b) 0.00% per annum.

 

“Administrative Agent” shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Administrative Agent’s Office” shall mean the Administrative Agent’s address as set forth in Section 9.01, or such other address as the Administrative Agent may from time to time notify to the Borrower and the Lenders.

 

“Administrative Questionnaire” shall mean an Administrative Questionnaire in substantially the form of Exhibit H or any other form approved by the Administrative Agent.

 

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

 

“Agent Default Period” shall mean, with respect to any Agent, any time when such Agent has, or has a direct or indirect parent company that has become, or has a direct or indirect parent company that has become, the subject of a Bail-In Action or a proceeding under any bankruptcy or insolvency laws, or has had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.

 

“Agent Parties” shall have the meaning assigned to such term in Section 9.17(c).

 

“Agents” shall mean the Administrative Agent, the Collateral Agent, the Syndication Agent and the Documentation Agent.

 

“Agreement” shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“All-In Yield” shall mean, as to any Indebtedness, the yield, whether in the form of interest rate, margin, original issue discount, upfront fees, a Eurodollar Rate or Alternate Base Rate floor, or otherwise, in each case, incurred or payable by the Borrower generally to all lenders of such Indebtedness; provided, that original issue discount and upfront fees shall be equated to interest rate assuming a four (4) year life to maturity (e.g. 100 basis points of original issue discount equals 25 basis points of interest rate margin for a four year average life to maturity) for any Incremental Term Facilities added to or increasing the Term Loan Facility; and, provided, further, that “All-In Yield” shall not include any amendment fees, consent fees, arrangement fees, structuring fees, commitment fees, underwriting fees, placement fees, advisory fees, success fees, ticking fees, undrawn commitment fees and other similar fees (regardless of whether any of the foregoing fees are paid to, or shared with, in whole or in part any lender), any fees not paid or payable in the primary syndication of such Indebtedness or fees not paid or payable generally to all lenders ratably.

 

“Alternate Base Rate” shall mean the greatest of (i) the rate of interest per annum as published by the Wall Street Journal from time to time the prime commercial lending rate for U.S. Dollar loans in the United States for such day (the “Prime Rate”), (ii) the Federal Funds Effective Rate plus 0.50% per

 

2

 

annum and (iii) the Adjusted Eurodollar Rate as of such date for a one-month Interest Period plus 1.00% per annum.  The Prime Rate is not necessarily the lowest rate that the Administrative Agent is charging to any corporate customer.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted Eurodollar Rate shall be effective from and including the date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted Eurodollar Rate, respectively.

 

“Anti-Corruption Laws” shall mean, all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any Restricted Subsidiary concerning or relating to bribery or corruption, including the U.S. Foreign Corrupt Practices Act of 1977.

 

“Applicable Margin” shall mean for any day with respect to (a) any Eurodollar Loan, 4.50% per annum and (b) any ABR Loan, 3.50% per annum.

 

“Approved Fund” shall have the meaning assigned to such term in Section 9.04(b).

 

“Asset Coverage Ratio” shall mean, as of any date of determination, the ratio of (a) (x) the value of the EQGP Units and EQM Units held by the Borrower on such date (the value of such EQGP Units or EQM Units will be determined (i) if quotations are available, based on the closing sale price of such EQGP Units or EQM Units on the preceding Business Day, as appearing on any regularly published reporting or quotation service and (ii) in any event, in such manner as necessary to comply with the requirements of the Margin Regulations), plus (y) the aggregate amount of cash and Permitted Investments held by the Borrower on such date to (b) the aggregate amount of Loans outstanding on such date.

 

“Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee, and accepted by the Administrative Agent and the Borrower (if required pursuant to Section 9.04(b)), in substantially the form of Exhibit A or such other form as shall be approved by the Administrative Agent.

 

“Available Basket Amount” shall mean, on any date of determination, an amount equal to (a) the Cumulative Cash Flow Available for Restricted Payments Amount on such date minus (b) any amounts thereof used to make Investments pursuant to Section 6.04(a) after the Closing Date and on or prior to such date, minus (c) the aggregate amount of dividends or distributions made pursuant to Section 6.06(c)(i) after the Closing Date and on or prior to such date, minus (d) the aggregate amount of payments made after the Closing Date and on or prior to such date pursuant to Section 6.09(b)(A).

 

“Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

 

“Bail-In Legislation” shall mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

 

“Beneficial Ownership Certification” shall mean a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230.

 

3

 

“Benefit Plan” shall mean any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of Section 3(42) of ERISA or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

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

 

“Bona Fide Debt Fund” shall mean any fund or investment vehicle that is primarily engaged in the making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business and for which no personnel involved with the relevant competitor (a) make investment decisions or (b) have access to non-public information relating to Borrower or any person that forms part of the Borrower’s business (including its subsidiaries).

 

“Borrower” shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Borrower Materials” shall have the meaning assigned to such term in Section 9.17.

 

“Borrower Power” shall mean, with respect to each applicable action, event or circumstance of EQM or its Subsidiaries, such action, event or circumstance that is within the actual power and authority of the Borrower and its Restricted Subsidiaries (acting directly or indirectly (including through the other Restricted Subsidiaries)) to cause EQM or such Subsidiary of EQM to take or do such action, event or circumstance of a EQM or such Subsidiary of EQM, as applicable, or to prevent EQM or such Subsidiary of EQM from taking, doing or allowing to exist such action, event or circumstance of EQM or such Subsidiary of EQM, as applicable, subject to any fiduciary or similar duties, in each case as reasonably determined by the Borrower in good faith.

 

“Borrowing” shall mean a group of Loans of a single Type under the Term Loan Facility and made on a single date to the Borrower and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

 

“Borrowing Request” shall mean a request by the Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit B.

 

“Business Day” shall mean any day of the year, other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located, and, where used in the context of Eurodollar Loans, is also a day on which U.S. Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

 

“Capital Lease” shall mean any lease of any property by the Borrower or any of its Restricted Subsidiaries, as lessee, that should, in accordance with GAAP, be classified and accounted for as a capital lease on a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries; provided, that any lease (whether existing now or in the future) that would have been accounted for as an operating lease on a balance sheet of any Person prepared in conformity with GAAP as in effect on December 31, 2017 shall be deemed not to be a Capital Lease.

 

4

 

“Capital Lease Obligations” of any Person shall mean the obligations of such Person to pay rent or other amounts under any Capital Lease and, for purposes hereof, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

 

“Cash Flow Available for Restricted Payments” shall mean, for each fiscal quarter (commencing with the fiscal quarter ended March 31, 2019), the sum of (a) the product of (i) Excess Cash Flow for such fiscal quarter multiplied by (ii) 100 minus the Required Percentage for such fiscal quarter, (b) the Declined Proceeds and (c) amounts in the foregoing amounts in the foregoing clauses (a) and (b) that were undistributed in prior fiscal quarters.

 

“Cash Interest Expense” shall mean for any period, Interest Expense of the Borrower and its Consolidated Subsidiaries for such period, less, for each of clauses (a), (b), (c) and (e) below, to the extent included in the calculation of such Interest Expense, the sum (without duplication) of (a) pay-in-kind Interest Expense or other noncash Interest Expense (including as a result of the effects of purchase accounting), (b) the amortization of any financing fees or breakage costs paid by, or on behalf of, the Borrower or any of its Consolidated Subsidiaries, including such fees paid in connection with the Transactions or any amendments, waivers or other modifications of this Agreement, (c) the amortization of debt discounts, if any, or fees in respect of Swap Agreements, (d) cash interest income of the Borrower and its Consolidated Subsidiaries for such period and (e) all nonrecurring cash Interest Expense consisting of liquidated damages for failure to timely comply with registration rights obligations and financing fees; provided, that Cash Interest Expense shall exclude, without duplication of any exclusion set forth in clause (a), (b), (c), (d) or (e) above, annual agency fees paid to the Administrative Agent and/or the Collateral Agent and one-time financing fees or breakage costs paid in connection with the Transactions or any amendments, waivers or other modifications of this Agreement.

 

“Cash Management Agreement” shall mean any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card, electronic funds transfer, automated clearinghouse transfers of funds and other cash management arrangements.

 

“Cash Management Bank” shall mean any Person that, at the time it enters into a Cash Management Agreement, is a Lender, an Agent, or a Lead Arranger or an Affiliate of a Lender, an Agent or a Lead Arranger, in its capacity as a party to such Cash Management Agreement.

 

“Certain Funds Provision” shall mean the second to last paragraph of Section 4.01.

 

A “Change in Control” shall be deemed to occur if:

 

(a)                                 EQM fails to own, directly or indirectly, 100% of the Equity Interests in Equitrans, L.P., a limited partnership organized under the laws of the Commonwealth of Pennsylvania;

 

(b)                                 except in connection with a Permitted EQGP Dropdown or a Permitted EQM Consolidation, the Borrower fails to Control, directly or indirectly, EQGP or, upon consummation of a merger of EQGP, the Person surviving such merger;

 

(c)                                  except in connection with a Permitted EQM Consolidation involving a merger consolidation or other combination or consolidation of interests of the Borrower, the Borrower fails to Control, directly or indirectly, EQM or, upon consummation of a merger of EQM, the Person surviving such merger;

 

5

 

(d)                                 any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934), directly or indirectly, of more than 35% of the voting power of the Equity Interests in the Borrower; or

 

(e)                                  there shall have occurred under any other Material Indebtedness of Borrower or any Restricted Subsidiary thereof any “change in control” or similar provision (as set forth in the indenture, agreement or other instrument evidencing such Material Indebtedness) obligating the Borrower or such Restricted Subsidiary to repurchase, redeem or repay all or any part of the Indebtedness provided for therein.

 

“Change in Law” shall mean (a) the adoption of any treaty, law, rule or regulation after the Closing Date, (b) any change in law, rule or regulation or in the interpretation, implementation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of Section 2.13(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any written request, guideline or directive (whether or not having the force of law but if not having the force of law, then being one with which the relevant party would customarily comply) of any Governmental Authority made or issued after the Closing Date; provided, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or United States or foreign regulatory agencies, in each case, pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Charges” shall have the meaning assigned to such term in Section 9.09.

 

“Closing Date” shall mean December 31, 2018, and “Closing” shall mean the making of the initial Loans on the Closing Date hereunder.

 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time (except as otherwise provided herein).

 

“Collateral” shall mean all the “Collateral” as defined in any Security Document, but shall in no event include any Excluded Asset.

 

“Collateral Agent” shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Collateral Agreement” shall mean the Guarantee and Collateral Agreement, substantially in the form of Exhibit D, among the Borrower, the Guarantors and the Collateral Agent, and any other guarantee and collateral agreement or supplement that may be executed after the Closing Date in favor of, and in form and substance acceptable to, the Collateral Agent.

 

“Collateral and Guarantee Requirement” shall mean the requirement that:

 

(a)                                 on the Closing Date:

 

(i)                                     the Collateral Agent and the Administrative Agent shall have received from (A) each Restricted Subsidiary (other than any Excluded Subsidiary) and (B) the

 

6

 

Borrower, a counterpart of the Collateral Agreement, duly executed and delivered on behalf of each such Restricted Subsidiary and the Borrower, pursuant to which (I) each such Restricted Subsidiary shall become a Guarantor and Guarantee the Obligations of the Borrower and (II) the Borrower and each such Restricted Subsidiary shall grant a Lien on its property constituting Collateral;

 

(ii)                                  the Collateral Agent shall have received, to the extent required by the Collateral Agreement and subject to the Certain Funds Provision, (A) a pledge of all the issued and outstanding Equity Interests directly owned by each Loan Party including, without limitation, all of the limited partner interests in EQM and EQGP and the general partner interests in EQGP, in each case owned by each Loan Party, and (B) all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank or shall have otherwise received a security interest over such Equity Interests reasonably satisfactory to the Collateral Agent;

 

(iii)                               the Collateral Agent shall have received, to the extent required by the Security Documents, and subject to the Certain Funds Provision and Section 5.15, all documents and instruments, including UCC financing statements, required by law or reasonably necessary and requested by the Administrative Agent to be filed, registered or recorded to create the Liens intended to be created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens shall have been filed, registered or recorded or delivered to the Collateral Agent for filing, registration or recording; and

 

(b)                                 After the Closing Date, upon the formation or acquisition of any new Restricted Subsidiary (other than any Excluded Subsidiary), within sixty (60) days of such formation or acquisition (or such longer period as the Administrative Agent may agree in its sole discretion):

 

(i)                                     the Collateral Agent and the Administrative Agent shall have received from such Restricted Subsidiary (A) a counterpart of the Collateral Agreement, or a joinder or supplement thereto, duly executed and delivered on behalf of such Restricted Subsidiary, pursuant to which such Restricted Subsidiary shall become a Guarantor and Guarantee the Obligations of the Borrower grant a Lien on its property constituting Collateral, and (B) to the extent customary and reasonably requested by the Administrative Agent, documentation substantially similar to the type described in Sections 4.01(b), (c), (m) and (o);

 

(ii)                                  the Collateral Agent shall have received, to the extent required by the Collateral Agreement, (A) a pledge of all the issued and outstanding Equity Interests directly owned by such Restricted Subsidiary, including, without limitation, all of the limited partner interests in EQM and EQGP and general partner interests in EQGP (with respect to EQGP, only prior to consummation of a Permitted EQGP Dropdown), in each case owned by such Restricted Subsidiary, and (B) all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank or shall have otherwise received a security interest over such Equity Interests reasonably satisfactory to the Collateral Agent and the Administrative Agent;

 

7

 

(iii)                               the Collateral Agent shall have received, to the extent required by the Security Documents and subject to Section 5.15:

 

(A)                               all documents and instruments, including UCC financing statements, required by law or reasonably necessary and requested by the Administrative Agent to be filed, registered or recorded to create the Liens on the Collateral of such Restricted Subsidiary intended to be created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens shall have been filed, registered or recorded or delivered to the Collateral Agent for filing, registration or recording; and

 

(B)                               each Control Agreement required to be executed and delivered by such Restricted Subsidiary at such time under the terms of the Collateral Agreement.

 

(c)                                  After the Closing Date, each Loan Party shall, to the extent required by the Security Documents and subject to Section 5.15:

 

(i)                                     maintain (A) a pledge of all the issued and outstanding Equity Interests directly owned by such Loan Party, including, without limitation, all of the limited partner interests in EQM and EQGP and general partner interests in EQGP (with respect to EQGP, only prior to consummation of a Permitted EQGP Dropdown), in each case owned by such Loan Party, and (B) all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank or shall have otherwise received a security interest over such Equity Interests reasonably satisfactory to the Administrative Agent and Collateral Agent;

 

(ii)                                  provide all documents and instruments, including UCC financing statements, required by law or reasonably necessary and requested by the Administrative Agent to be filed, registered or recorded to maintain the Liens on the Collateral created by such Security Documents that were intended to be created thereby (in each case, including any supplements thereto) and to maintain the perfection of, or to perfect, such Liens; and

 

(iii)                               execute and deliver each Control Agreement required by such Loan Party at such time under the terms of the Collateral Agreement.

 

provided, that, the Collateral and Guarantee Requirement shall be subject in all respects to the Certain Funds Provision and Section 5.15, and shall not require any action with respect to Excluded Assets.

 

“Commitments” shall mean, with respect to any Lender, the amount set forth on Schedule 2.01 under the heading Commitment, together with any Incremental Term Commitments.  The aggregate amount of the Commitments on the Closing Date is U.S. $600,000,000.

 

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

 

“Communications” shall have the meaning assigned to such term in Section 9.17.

 

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“Confidential Information Memorandum” means the Confidential Information Memorandum, dated December 3, 2018, with respect to the marketing and syndication of the Loans made on the Closing Date.

 

“Connection Income Taxes” shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

 

“Consolidated EBITDA” shall mean, for any period, an amount equal to (a) Consolidated Net Income for such period plus (b) to the extent deducted in determining Consolidated Net Income for such period, the aggregate amount of (i) taxes based on or measured by income, (ii) Consolidated Interest Charges, (iii) transaction expenses and fees related to (A) the Transactions and any Permitted EQGP Dropdown (including, without limitation, financing fees and expenses) in an aggregate amount not to exceed $12.5 million, (B) any amendment to, or termination of and satisfaction of the obligations under, any Revolving Credit Facility on the Closing Date in an aggregate amount not to exceed $2.5 million, (C) the consummation, or anticipated consummation, of any Pro Forma Transaction in an aggregate amount during any such period for all such transactions not to exceed $2.5 million, and (iv) depreciation and amortization expense plus (c) the amount of cash dividends and cash distributions actually received during such period by the Borrower and its Consolidated Subsidiaries on a consolidated basis from Unrestricted Subsidiaries and other unconsolidated subsidiaries of the Borrower or other Persons plus (d) the amount collected during the period from capital lease arrangements with Affiliates to the extent not already recognized in Consolidated Net Income plus (e) non-cash long term compensation expenses minus (f) to the extent included in determining Consolidated Net Income for such period, other income and equity in earnings from unconsolidated subsidiaries of the Borrower minus (g) any amounts previously added to Consolidated EBITDA pursuant to clause (e) above during a prior period to the extent they are paid in cash during the current period.  Notwithstanding anything herein to the contrary, payments made in connection with or pursuant to the Separation and Distribution Agreement dated November 12, 2018, by and among the Borrower, EQT Corporation and EQT Production Company shall not be included in or deducted from Consolidated EBITDA (collectively, the “Separation Payments”).  “Consolidated EBITDA” shall be calculated on a Pro Forma Basis upon the consummation of any Pro Forma Transaction.

 

“Consolidated Interest Charges” shall mean, for any period determined on a consolidated basis for the Borrower and its Consolidated Subsidiaries, all interest expense (including, without limitation, interest expense attributable to Capital Leases and all net payment obligations pursuant to interest rate Swap Agreements) for such period, in accordance with GAAP.  “Consolidated Interest Charges” shall be calculated on a Pro Forma Basis upon the consummation of any Pro Forma Transaction

 

“Consolidated Net Income” shall mean, for any period, the net income of the Borrower and its Consolidated Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided, that Consolidated Net Income shall not include (a) extraordinary gains or extraordinary losses, (b) net gains and losses in respect of dispositions of assets other than in the ordinary course of business, (c) gains or losses attributable to write-ups or write-downs of assets, including hedging and derivative activities in the ordinary course of business and (d) the cumulative effect of a change in accounting principles, all as reported in the Borrower’s consolidated statement(s) of operations for the relevant period(s) prepared in accordance with GAAP.

 

“Consolidated Subsidiaries” shall mean, at any date, any Subsidiary or other entity, the accounts of which would be consolidated with those of the Borrower in its consolidated financial statements if such statements were prepared as of such date.  Notwithstanding the above, it is understood and agreed that no Unrestricted Subsidiary will be considered to be a Consolidated Subsidiary for purposes of this Agreement whether or not it is required to be consolidated by GAAP; provided, that for the purposes of

 

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Sections 5.04(a) and (b), “Consolidated Subsidiaries” shall include such Unrestricted Subsidiary if and to the extent required to be consolidated by GAAP; provided, further, that in such instances, the Borrower will provide such financial information for such Unrestricted Subsidiary as the Administrative Agent shall reasonably request to enable the Administrative Agent to verify what adjustments were made by the Borrower to Consolidated EBITDA, Consolidated Interest Charges, Consolidated Net Income and other consolidated amounts in order to exclude such Unrestricted Subsidiary in calculating the Financial Performance Covenant and the Leverage Ratio.

 

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

 

“Control Agreement” shall mean, with respect to any deposit account or securities account held by any Loan Party, a control agreement entered into by such Loan Party, the Collateral Agent and the applicable financial institution serving as the depositary in respect of such deposit account or securities account, which shall be in form and substance reasonably satisfactory to the Collateral Agent.

 

“Cumulative Cash Flow Available for Restricted Payments Amount” shall mean, at any date, an amount, not less than zero, determined on a cumulative basis equal to the amount of Cash Flow Available for Restricted Payment for all periods ending after the Closing Date.

 

“Cure Amount” shall have the meaning assigned to such term in Section 7.02.

 

“Cure Right” shall have the meaning assigned to such term in Section 7.02.

 

“Debt Service” shall mean, for any period, the sum of all scheduled Cash Interest Expense payable and scheduled principal amortization payable, in each case during such period in respect of the Indebtedness for borrowed money of the Borrower and its Consolidated Subsidiaries. For the avoidance of doubt, Debt Service shall not include (i) mandatory prepayments pursuant to the Loan Documents and (ii) any bullet payment required to be paid on the Term Loan Maturity Date or the Incremental Maturity Date, as applicable.

 

“Debt Service Coverage Ratio” shall mean, for any Test Period, the ratio of (a) Consolidated EBITDA to (y) Debt Service, in each case determined on a Pro Forma Basis for such Test Period.

 

“Declined Proceeds” shall have the meaning assigned to such term in Section 2.09(d).

 

“Default” shall mean any event or condition that upon notice, lapse of time or both would constitute an Event of Default.

 

“Defaulting Lender” shall mean any Lender that (a) has failed to pay over to the Administrative Agent or any other Lender any amount required to be paid by it hereunder within two Business Days of the date when due, unless the subject of a good faith dispute or subsequently cured, or (b) has, or has a direct or indirect parent company that has, become the subject of a proceeding under any bankruptcy or insolvency laws, has had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or become the subject of a Bail-In Action; provided, that a Lender shall not become a Defaulting Lender solely as the result of the acquisition or

 

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maintenance of an ownership interest in such Lender or its direct or indirect parent company or the exercise of control over a Lender or its direct or indirect parent company by a Governmental Authority or an instrumentality thereof.

 

“Designated Non-Cash Consideration” shall have the meaning assigned to such term in Section 6.05(c).

 

“Disqualified Institution” shall mean, on any date, (a) those competitors of the Borrower or any of its Subsidiaries separately identified by the Borrower as a “Disqualified Institution” by written notice to the Administrative Agent from time to time, (b) those Persons identified by the Borrower to the Administrative Agent in writing on or prior to November 28, 2018, or (c) any Affiliate of any competitor described in clause (a) that is clearly identifiable on the basis of such Affiliate’s name other than any Affiliate that is a Bona Fide Debt Fund; provided, that no updates to the Disqualified Institution list shall be deemed to retroactively disqualify any parties that have previously acquired an assignment or participation in respect of the Loans from continuing to hold or vote such previously acquired assignments and participations on the terms set forth herein for Lenders that are not Disqualified Institutions (it being understood that none of the Lead Arrangers or any of their respective Affiliates shall be designated Disqualified Institutions). Any supplement to the list of Disqualified Institution pursuant to clause (a) shall be made by the Borrower to the Administrative Agent in writing (including by email) and such supplement shall take effect the same Business Day such notice is received by the Administrative Agent. The list of Disqualified Institutions shall be made available to any Lead Arranger or Lender upon request to the Administrative Agent, subject to customary confidentiality requirements.

 

“Disqualified Stock” shall mean any Equity Interest that, by its terms (or by the terms of any security or other Equity Interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) requires the payment of any dividends (other than dividends payable solely in shares of Qualified Capital Stock), (b) matures or is mandatorily redeemable or subject to mandatory repurchase or redemption or repurchase at the option of the holders thereof (other than solely for Qualified Capital Stock), in each case in whole or in part and whether upon the occurrence of any event, pursuant to a sinking fund obligation on a fixed date or otherwise (including as the result of a failure to maintain or achieve any financial performance standards) or (c) is or becomes convertible into or exchangeable for, automatically or at the option of any holder thereof, any Indebtedness, Equity Interests or other assets (other than Qualified Capital Stock), in the case of each of clauses (a), (b) and (c), prior to the date that is 91 days after the Final Maturity Date at the time of issuance of such Equity Interests (other than (i) following payment in full of the Obligations or (ii) upon a Change in Control; provided, that any payment required pursuant to this clause (ii) is subject to the prior payment in full of the Obligations; provided, however, that if any such Equity Interests is issued to any employee or to any plan for the benefit of employees of the Borrower or its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because it may be required to be repurchased by a Loan Party in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability).

 

“Dividend” shall have the meaning assigned to such term in Section 6.06.

 

“Documentation Agent” shall mean Goldman Sachs Bank USA.

 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia.

 

“EEA Financial Institution” shall mean (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity

 

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established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority” shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to Hazardous Substances or wastes, air emissions and discharges to waste or public systems.

 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any of its Restricted Subsidiaries 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 Substances, (c) exposure to any Hazardous Substances, (d) the release or threatened release of any Hazardous Substances 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.

 

“EQGP” shall have the meaning assigned to such term in the recitals.

 

“EQGP Dropdown Deadline” shall mean the date that is 90 days after the Closing Date, or if such date is not a Business Day the next succeeding Business Day.

 

“EQGP GP” shall mean EQGP Services, LLC, a limited liability company organized under the laws of Delaware, or other Subsidiary of the Borrower that becomes the general partner of EQGP or any successor of the foregoing, in either case which is the sole general partner of EQGP.

 

“EQGP Units” shall mean the limited partner units owned at any time by any Borrower or Guarantor in EQGP; provided, that, (a) any such limited partner units that are disposed of in accordance with this Agreement shall cease to be “EQGP Units” for purposes of this Agreement from and after such disposition and (b) all of the Equity Interests in EQGP shall cease to be “EQGP Units” for purposes of this Agreement on the date that the Equity Interests of EQGP cease to be publicly traded in the United States.

 

“EQGP Working Capital Facility” shall mean that certain working capital loan agreement, dated as of November 13, 2018, between EQGP and the Borrower, as in effect on the date hereof.

 

“EQM” shall mean EQM Midstream Partners, LP, a limited partnership organized under the laws of Delaware.

 

“EQM Credit Agreement” shall mean that certain Third Amended and Restated Credit Agreement, dated October 31, 2018, by and among (among others), EQM and Wells Fargo Bank, National Association, as administrative agent.

 

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“EQM GP” shall mean EQM Midstream Services, LLC, a Delaware limited liability company, or other Subsidiary of the Borrower that becomes the general partner of EQM or any successor of the foregoing, in either case which is the sole general partner of EQM.

 

“EQM Notes” shall mean EQM’s 4.75% senior notes due 2023, 4.00% senior notes due 2024, 4.125% senior notes due 2026, 5.50% senior notes due 2028 and 6.50% senior notes due 2048, in each case, issued under the EQM Notes Indenture (for the avoidance of doubt, including any exchange notes in respect thereof).

 

“EQM Notes Indenture” shall mean that certain Indenture, dated as of August 1, 2014, among EQM, as issuer, certain subsidiaries of EQM party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee.

 

“EQM Units” shall mean the limited partner units owned at any time by any Borrower or Guarantor in EQM.  Any such limited partner units that are disposed of in accordance with this Agreement shall cease to be EQM Units for purposes of this Agreement from and after such disposition.

 

“Equity Interests” of any Person shall mean any and all shares, interests, rights to purchase, warrants, options, participation or other equivalents of or interests in (however designated) equity of such Person, including any common stock, preferred stock, any limited or general partnership interest, any limited liability company membership interest and any unlimited liability company membership interests, but excluding all Indebtedness convertible into or exchangeable for Equity Interests.

 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, the regulations promulgated thereunder and any successor thereto.

 

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

 

“ERISA Event” shall mean (a) a Reportable Event; (b) the failure to meet the minimum funding standard of Sections 412 or 430 of the Code or Sections 302 or 303 of ERISA with respect to any Plan (whether or not waived in accordance with Section 412(c) of the Code or Section 302(c) of ERISA) or the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure to make any required contribution to a Multiemployer Plan; (c) a determination that any Plan is, or is expected to be, in “at risk” status (as defined in Section 430 of the Code or Section 303 of ERISA); (d) the incurrence by the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA in connection with the termination of a Plan or Multiemployer Plan; (e) the receipt by the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan, or to appoint a trustee to administer any Plan under Section 4042 of ERISA, or the occurrence of any event or condition which could be reasonably be expected to constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (f) a determination that any Multiemployer Plan is, or is expected to be, in “critical” or “endangered” status under Section 432 of the Code or Section 305 of ERISA; (g) the incurrence by the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (h) the receipt by the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower, a Subsidiary of the Borrower or any ERISA Affiliate of any notice, indicating the incurrence of Withdrawal Liability or a determination that a

 

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Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; or (i) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to the Borrower or a Subsidiary of the Borrower.

 

“EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

 

“Eurodollar Borrowing” shall mean a Borrowing comprised of Eurodollar Loans.

 

“Eurodollar Loan” shall mean any Loan to the Borrower bearing interest at a rate determined by reference to the Adjusted Eurodollar Rate in accordance with the provisions of Article II.

 

“Eurodollar Rate” shall mean for any Interest Period with respect to any Eurodollar Loan:

 

(a)                                 the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate that appears on the page of the Reuters LIBOR 01 screen (or any successor thereto) that displays the London interbank offered rate administered by ICE Benchmark Administration Limited for deposits in U.S. Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period (the “Screen Rate”), determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period (or, in the case of clause (iii) of the definition of Alternate Base Rate, approximately 11:00 a.m. (London time) on the date referenced in such clause (iii)); or

 

(b)                                 if the rate referenced in the preceding subsection (a) does not appear on such page or service or such page or service shall cease to be available, the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service that displays the London interbank offered rate administered by ICE Benchmark Administration Limited for deposits in U.S. Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period (or, in the case of clause (iii) of the definition of Alternate Base Rate, approximately 11:00 a.m. (London time) on the date referenced in such clause (iii)); or

 

(c)                                  if the rates referenced in the preceding subsections (a) and (b) are not available, the rate per annum determined by the Administrative Agent as the rate of interest (rounded upward to the next 1/100th of 1%) at which deposits in U.S. Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Borrowing being made, continued or converted and with a term equivalent to such Interest Period would be offered by the Administrative Agent’s London branch to major banks in the offshore U.S. Dollar market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period (or, in the case of clause (iii) of the definition of Alternate Base Rate, approximately 11:00 a.m. (London time) on the date referenced in such clause (iii)).

 

Notwithstanding anything contained herein to the contrary, and without limiting the provisions of Section 2.12, in the event that the Administrative Agent shall have determined (which determination shall be final and conclusive and binding upon all parties hereto) that adequate and reasonable means do not exist for determining the Screen Rate (including because the Screen Rate is not published on a current basis or is otherwise unavailable), and that such circumstances are unlikely to be temporary, or if the supervisor for the administrator of the Screen Rate (or a Governmental Authority having jurisdiction over the

 

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Administrative Agent) has made a public statement identifying a specific date after which the Screen Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to agree on an alternate method to ascertain the interest rate applicable to Eurodollar Loans, which gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time.  Thereafter, the Administrative Agent shall give given notice of such determination to the Borrower and each Lender (it being understood that the Administrative Agent shall have no obligation to make such determination with the Borrower) and the Administrative Agent and the Borrower shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in Section 9.08, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Lenders shall have received at least five Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this paragraph (but only to the extent the Screen Rate for the applicable Interest Period is not available or published at such time on a current basis), (x) no Loans may be made as, or converted to, Eurodollar Loans, (y) any Borrowing Request or Interest Election Request given by the Borrower with respect to Eurodollar Loans shall be deemed to be rescinded by the Borrower and (z) any Eurodollar Loan then outstanding shall remain outstanding until the earlier of prepayment, conversion at the Borrower’s option or the expiration of the Interest Period applicable to such Eurodollar Loan .

 

“Event of Default” shall have the meaning assigned to such term in Section 7.01.

 

“Excess Cash Flow” shall mean, for any Excess Cash Flow Period, the excess of (a) Consolidated EBITDA for such Excess Cash Flow Period, minus, (b) the sum of (i) the amount of any Taxes payable in cash by the Borrower and any Consolidated Subsidiary during such Excess Cash Flow Period, (ii) Cash Interest Expense for such Excess Cash Flow Period, (iii) regularly scheduled payments of principal in respect of the Loans during such Excess Cash Flow Period, (iv) permanent repayments of Indebtedness and any related prepayment premiums and make-whole amounts made in cash by the Borrower or any Consolidated Subsidiary during such Excess Cash Flow Period, but only to the extent that (A) the Indebtedness so prepaid by its terms cannot be reborrowed or redrawn (unless accompanied by a corresponding permanent commitment reduction), (B) such prepayments do not occur in connection with a refinancing of all or any portion of such Indebtedness and (C) such repayments are not duplicative of the reduction to the amount of Excess Cash Flow prepayment required to be made with respect to such Excess Cash Flow Period as set forth in Section 2.09(c)(ii), and (v) the positive difference (if any) between any amounts paid in cash by the Borrower or any Consolidated Subsidiary in respect of Secured Swap Obligations then due and owing and any cash payments received by the Borrower any Consolidated Subsidiary in respect of Swap Agreements, in each case, during such Excess Cash Flow Period.

 

“Excess Cash Flow Period” shall mean (a) the period beginning on January 1, 2019 and ending on March 31, 2019 and (b) each fiscal quarter of the Borrower thereafter.

 

“Excess Cash Flow Prepayment” shall have the meaning assigned to such term in Section 2.09(c).

 

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

 

“Excluded Accounts” shall mean: (a) any deposit account exclusively used for payroll, payroll taxes and other employee wage and benefit payments, (b) any deposit accounts, trust accounts, escrow accounts or security deposits established pursuant to statutory obligations or for the payment of taxes or holding funds

 

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in trust for third parties in the ordinary course of business or in connection with acquisitions, investments or dispositions permitted under this Agreement, deposits in the ordinary course of business in connection with workers’ unemployment insurance and other types of social security, reserve accounts, and escrow accounts established pursuant to contractual obligations to third parties for casualty payments and insurance proceeds, (c) zero balance accounts and (d) deposit accounts, securities accounts or commodities accounts in which the aggregate average monthly balance on deposit (or, in the case of any securities account, the total fair market value of all securities held in such account) does not exceed $1.0 million individually and $5.0 million in the aggregate for all accounts excluded pursuant to this clause (d).

 

“Excluded Assets” shall mean: (a) any lease, license, permit, governmental authorization, contract, property right or agreement to which any Loan Party is a party or any of such Loan Party’s rights or interests thereunder if and only for so long as the grant of a Lien thereon shall (i) give any other Person party to such lease, license, permit, governmental authorization, contract, property rights or agreement the right to terminate its obligations thereunder, (ii) constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of any Loan Party therein or (iii) constitute or result in a breach or termination pursuant to the terms of, or a default under, any such lease, license, permit, governmental authorization, contract, property rights or agreement (other than to the extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions)); provided, that such lease, license, permit, governmental authorization, contract, property right or agreement shall be an Excluded Asset only to the extent and for long as the consequences specified above shall exist and shall cease to be an Excluded Asset and shall become subject to the Liens granted under the Security Documents, immediately and automatically, at such time as such consequences shall no longer exist; (b) any Property and assets the pledge of which is prohibited by any legal requirement of a Governmental Authority or would require governmental consent, approval, license or authorization (except to the extent such requirement, consent, approval, license or authorization is ineffective under applicable law (including pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC)) (but only for so long as such prohibition or requirement is applicable); (c) any Property owned by any Loan Party that is subject to a purchase money Lien or a Capital Lease permitted (or, if not addressed therein, not prohibited) pursuant to the Loan Documents if the contract or other agreement in which such Lien is granted (or in the documentation providing for such Capital Lease) prohibits or requires the consent of any Person other than any Loan Party as a condition to the creation of any other Lien on such Property, but only, in each case, to the extent, and for so long as, the Indebtedness secured by the applicable Lien or the Capital Lease has not been repaid in full or the applicable prohibition (or consent requirement) has not otherwise been removed or terminated; (d) any leasehold interests or fee owned real property; (e) motor vehicles, aircraft, rolling stock and vessels (as such terms are defined in the UCC) and any other assets subject to certificates of title (other than to the extent that a security interest in such property can be effected by the filing of a UCC-1 financing statement); (f) any “intent-to-use” application for registration of a trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law; (g) Excluded Accounts, and funds or other property held or maintained therein; (h) any Property located or titled in any non-U.S. jurisdiction (other than to the extent that a security interest in such property can be effected by the filing of a UCC-1 financing statement) and (i) those properties and assets as to which the Administrative Agent shall determine in its reasonable discretion that the costs or burden of obtaining such security interest are excessive in relation to the value of the security to be afforded thereby. Notwithstanding the foregoing, “Excluded Assets” shall not include proceeds, substitutions or replacements of any Excluded Asset unless such proceeds, substitutions or replacements would independently constitute Excluded Assets.

 

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“Excluded General Partners” shall mean EQM GP and EQGP GP.

 

“Excluded Indebtedness” shall mean all Indebtedness permitted to be incurred under Section 6.01 but excluding any Replacement Term Loans.

 

“Excluded Subsidiaries” shall mean, collectively, (a) each Excluded General Partner, (b) each Foreign Subsidiary and (c) each Restricted Subsidiary that is not a Wholly Owned Subsidiary of the Borrower so long as such non-Wholly Owned Subsidiary is not required to be an obligor in respect of any Revolving Credit Facility.

 

“Excluded Swap Obligation” shall mean, with respect to any guarantor, (x) as it relates to all or a portion of the guarantee of such guarantor, any Swap Obligation if, and to the extent that, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such guarantor becomes effective with respect to such Swap Obligation or (y) as it relates to all or a portion of the grant by such guarantor of a security interest, any Swap Obligation if, and to the extent that, such Swap Obligation (or such security interest in respect thereof)  is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the security interest of such guarantor becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

 

“Excluded Taxes” shall mean, with respect to any Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder (each of the foregoing, solely for purposes of the definition of “Excluded Taxes,” a “recipient”), (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) any U.S. federal withholding Taxes imposed on amounts payable to or for the account of such recipient with respect to an applicable interest in a Loan or Commitment or otherwise under a Loan Document pursuant to a law in effect on the date on which such recipient acquires such interest in the Loan or Commitment or becomes a party to any Loan Document (other than pursuant to an assignment request by the Borrower under Section 2.17(b)), or designates a new lending office, except to the extent that, pursuant to Section 2.15(a) or Section 2.15(c), amounts with respect to such Taxes were payable either to such recipient’s assignor immediately before such recipient became a party hereto or to such recipient immediately before it changed its lending office, (c) any Taxes attributable to such recipient’s failure to comply with Section 2.15(e), and (d) any withholding Taxes imposed under FATCA.

 

“Existing Revolving Credit Agreement” shall mean that certain credit agreement, dated as of October 31, 2018, by and among Borrower, each lender and letter of credit issuer from time to time party thereto and PNC Bank, National Association, as administrative agent, swing line lender and a letter of credit issuer, as amended pursuant to the amendment referred to in Section 4.01(p) and as further amended, restated, refinanced, renewed, refunded, restructured, replaced, repaid, increased, extended or otherwise modified in whole or in part from time to time.

 

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“Extended Maturity Date” shall have the meaning assigned to such term in Section 2.20(a).

 

“Extension” shall have the meaning assigned to such term in Section 2.20(a).

 

“Extension Amendment” shall have the meaning assigned to such term in Section 2.20(d).

 

“Extension Loan” shall have the meaning assigned to such term in Section 2.20(a).

 

“Extension Offer” shall have the meaning assigned to such term in Section 2.20(a).

 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations and official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

 

“Federal Employers Liability Act” shall mean the Federal Employers Liability Act (45 U.S.C. § 51 et seq.), as amended from time to time, and any successor statute.

 

“Federal Funds Effective Rate” shall mean, for any day, the rate (rounded upward, if necessary, to the next 1/100 of 1%) calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time, and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the effective federal funds rate; provided, that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Fee Letter” shall mean (a) that certain Fee Letter dated November 28, 2018, by and among the Borrower, Goldman Sachs Bank USA and Guggenheim Securities, LLC, as amended by that certain Commitment Letter Joinder dated December 2, 2018, by and among the Borrower, Goldman Sachs Bank USA, Guggenheim Securities, LLC, and Barclays Bank PLC, and that certain Commitment Letter Joinder dated December 2, 2018, by and among the Borrower, Goldman Sachs Bank USA, Guggenheim Securities, LLC, and Citigroup Global Markets, Inc., and as further amended, amended and restated, supplemented or otherwise modified as of the date hereof, (b) that certain Agent Fee Letter dated November 28, 2018, by and among the Borrower and Goldman Sachs Bank USA as amended, amended and restated, supplemented or otherwise modified as of the date hereof, and (c) that certain Fee Letter dated December 31, 2018, by and among the Borrower and PNC Bank, National Association, as amended, amended and restated, supplemented or otherwise modified as of the date hereof.

 

“Fees” shall mean the fees payable under the Fee Letter or hereunder.

 

“FDIC” shall mean the Federal Deposit Insurance Corporation.

 

“Final Maturity Date” shall mean at any date of determination, the latest maturity or expiration date applicable to any Loan hereunder at such time, including the latest maturity or expiration date of any Incremental Term Loan, in each case as may be extended in accordance with this Agreement from time to time.

 

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“Financial Officer” of any Person shall mean the Chief Executive Officer, Chief Financial Officer, President, principal accounting officer, Treasurer, Assistant Treasurer, Controller or officer with similar authority of any of the foregoing of such Person.

 

“Financial Performance Covenant” shall mean the covenant of the Borrower set forth in Section 6.10.

 

“Fitch” shall mean Fitch Ratings Inc., and any successor thereto.

 

“Foreign Lender” shall mean any Lender that is not a U.S. Person.

 

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

 

“GAAP” shall have the meaning assigned to such term in Section 1.02.

 

“Governmental Authority” shall mean any federal, state, provincial, local or foreign government, court or governmental agency, authority, instrumentality or regulatory or legislative body.

 

“Guarantee” of or by any Person (the “guarantor”) shall mean (a) any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take or pay or otherwise) or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, (iii) 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, (iv) entered into for the purpose of assuring in any other manner the holders of such Indebtedness of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part) or (v) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness, or (b) any Lien on any assets of the guarantor securing any Indebtedness (or any existing right, contingent or otherwise, of the holder of Indebtedness to be secured by such a Lien) of any other Person, whether or not such Indebtedness is assumed by the guarantor, to the extent of the lesser of the amount of such Indebtedness secured by such Lien and the net book value of the assets so secured; provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement.

 

“Guarantors” shall mean any Restricted Subsidiary of the Borrower (other than any Excluded Subsidiary) and that now or hereafter executes and delivers the Collateral Agreement (or a joinder or supplement thereto); provided, that, in no event shall (a) EQGP (at any time prior to the earlier of (i) the EQGP Dropdown Deadline and (ii) the consummation of a Permitted EQGP Dropdown), (b) any Excluded General Partner or (c) any other Public Subsidiary Parent be (or be required to become) a Guarantor.

 

“Hazardous Substances” shall mean 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.

 

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“Immaterial Subsidiary” shall mean, (a) with respect to the Borrower, any domestic Restricted Subsidiary of the Borrower for which, based on the most recent financial statements delivered pursuant to Section 5.04, (i) its assets and the assets of its consolidated Subsidiaries comprise 5% or less of the assets of the Borrower and its Consolidated Subsidiaries, or (ii) its revenue and the revenue of its consolidated Subsidiaries 5% or less of the revenue of the Borrower and its Consolidated Subsidiaries, in each case determined on a consolidated basis in accordance with GAAP as of the end of the most recent fiscal year and (b) with respect to EQM, any domestic Subsidiary of EQM for which (i) its assets and the assets of its consolidated Subsidiaries comprise 5% or less of the assets of EQM and its consolidated Subsidiaries, or (ii) its revenue and the revenue of its consolidated Subsidiaries 5% or less of the revenue of EQM and its consolidated Subsidiaries, in each case determined on a consolidated basis in accordance with GAAP as of the end of the most recent fiscal year.

 

“Increased Amount Date” shall have the meaning assigned to such term in Section 2.19(b).

 

“Incremental Amendment” shall have the meaning assigned to such term in Section 2.19(c)(vii).

 

“Incremental Facility Request” shall have the meaning assigned to such term in Section 2.19(a).

 

“Incremental Lender” shall have the meaning assigned to such term in Section 2.19(b).

 

“Incremental Maturity Date” shall mean the maturity date of any Incremental Term Facility.

 

“Incremental Term Commitments” shall have the meaning assigned to such term in Section 2.19(a).

 

“Incremental Term Facility” shall have the meaning assigned to such term in Section 2.19(a).

 

“Incremental Term Loan” shall have the meaning assigned to such term in Section 2.19(a).

 

“Indebtedness” of any Person shall mean, without duplication, all of the following, whether or not included as Indebtedness or liabilities in accordance with GAAP:

 

(a)                                 all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

 

(b)                                 the amount available to be drawn under all letters of credit (including standby and commercial) (other than letter of credit obligations relating to indebtedness included in Indebtedness pursuant to another clause of this definition) and, without duplication, the unreimbursed amount of all drafts drawn thereunder;

 

(c)                                  all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business);

 

(d)                                 debt (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including debt arising under conditional sales or other title retention agreements), whether or not such debt shall have been assumed by such Person or is limited in recourse to the extent of the lesser of the amount of such debt and the net book value of the assets so secured;

 

(e)                                  all Capital Lease Obligations of such Person;

 

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(f)                                   to the extent required to be included on the Borrower’s consolidated balance sheet as debt or liabilities in accordance with GAAP, Synthetic Lease Obligations; and

 

(g)                                  all Guarantees of such Person in respect of any of the foregoing to the extent of the lesser of the amount of such Indebtedness.

 

For all purposes hereof, the Indebtedness of the Borrower shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the Borrower or any Restricted Subsidiary of the Borrower is a general partner or a joint venturer (provided, however, for the avoidance of doubt, as used in this sentence “joint venturer” shall not include a limited partner in a limited partnership), unless such Indebtedness is expressly made non-recourse to the Borrower or Restricted Subsidiary, as applicable.

 

“Indemnified Taxes” shall mean Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document.

 

“Indemnitee” shall have the meaning assigned to such term in Section 9.05(b).

 

“Information” shall have the meaning assigned to such term in Section 3.13(a).

 

“Intercreditor Agreement” shall mean an intercreditor agreement substantially in the form of Exhibit I among, among others, the Administrative Agent, the Collateral Agent, one or more administrative agents and collateral agents or representatives for the holders of Indebtedness issued or incurred pursuant to Section 6.01(b) that is intended to be secured on a pari passu basis with the Obligations.

 

“Interest Expense” shall mean for any period, the sum of (a) gross interest expense of the Borrower and its Restricted Subsidiaries for such period, including (i) the amortization of debt discounts, (ii) the amortization of all fees (including fees with respect to Swap Agreements) payable in connection with the incurrence of Indebtedness to the extent included in interest expense and (iii) the portion of any payments or accruals with respect to Capital Lease Obligations allocable to interest expense, and (b) capitalized interest of the Borrower and its Restricted Subsidiaries. For purposes of the foregoing, gross interest expense shall be determined after giving effect to any net payments made or received and costs incurred by the Borrower or any of its Restricted Subsidiaries with respect to Swap Agreements.

 

“Interest Election Request” shall mean a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05, in substantially the form of Exhibit C.

 

“Interest Period” shall mean, as to any Borrowing consisting of a Eurodollar Loan, the period commencing on the date of such Borrowing or on the last day of the immediately preceding Interest Period applicable to such Borrowing, as applicable, and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6 months thereafter (or 12 months, if at the time of the relevant Borrowing, all Lenders agree to make interest periods of such length available), as the Borrower may elect, or the date any Eurodollar Borrowing is converted to an ABR Borrowing, in accordance with Section 2.05 or repaid or prepaid in accordance with Section 2.08 or 2.09; provided, that, (a) if any Interest Period for a Eurodollar Loan 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, (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the

 

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last Business Day of the calendar month at the end of such Interest Period, and (c) no Interest Period shall extend beyond the Term Loan Maturity Date, any Extended Maturity Date or any Incremental Maturity Date, as applicable.  Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period.

 

“Investment” shall have the meaning assigned to such term in Section 6.04.

 

“Investment Grade Rating” shall mean (a) a BBB- rating or higher from S&P, (b) a Baa3 rating or higher from Moody’s or (c) a BBB- rating or higher from Fitch.

 

“IRS” shall mean the United States Internal Revenue Service.

 

“LCT Election” shall have the meaning assigned to such term in Section 1.06.

 

“LCT Test Date” shall have the meaning assigned to such term in Section 1.06.

 

“Lead Arrangers” shall mean, Goldman Sachs Bank USA, Barclays Bank PLC, Citigroup Global Markets, Inc. and Guggenheim Securities, LLC.

 

“Lender” shall mean each financial institution listed on Schedule 2.01, as well as any  registered assignee that becomes a “Lender” hereunder pursuant to Section 9.04(b) with respect to the Loans,  that, in each case, is a party to this Agreement.

 

“Lender Presentation” shall mean the lender presentation dated December 3, 2018 relating to Borrower and its Subsidiaries and the Transactions provided to the Lenders.

 

“Leverage Ratio” shall mean, on any date, the ratio of (a) Net Debt as of such date, determined in accordance with GAAP, to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date and for which financial statements have been, or were required to be, delivered pursuant to Section 5.04, in each case determined on a Pro Forma Basis for such Test Period.

 

“Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, encumbrance, charge or security interest in or on 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 (other than securities representing an interest in a joint venture that is not a Subsidiary of the Borrower), any purchase option, call or similar right of a third party with respect to such securities.

 

“Limited Call Acquisition” shall have the meaning assigned to such term in the recitals.

 

“Limited Condition Acquisition” shall mean any Permitted Acquisition or any other Investment permitted hereunder by the Borrower or one or more Restricted Subsidiaries in each case, whose consummation is not conditioned on the availability of, or on obtaining, third-party financing.

 

“Loan Documents” shall mean this Agreement, the Intercreditor Agreement, the Security Documents and any promissory note issued under Section 2.07(d).

 

“Loan Parties” shall mean the Borrower and the Guarantors.

 

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“Loans” shall mean the term loans made by the Lenders to the Borrower pursuant to Section 2.01 or Section 2.19.

 

“Margin Regulations” shall mean Regulations T, U and X issued by the Board.

 

“Margin Stock” shall have the meaning assigned to such term in the Margin Regulations.

 

“Material Adverse Effect” shall mean (a) on the Closing Date, the existence of events, conditions and/or contingencies that have had a material adverse effect on the business, operations or financial condition of the Borrower and its Subsidiaries, taken as a whole, and (b) after the Closing Date, the existence of events, conditions and/or contingencies that have had (i) a materially adverse effect on the business, operations, Property or financial condition of the Borrower and its Subsidiaries, taken as a whole, or (b) a material impairment of the validity or enforceability of, or a material impairment of the material rights, remedies or benefits available to the Lenders, the Administrative Agent or the Collateral Agent, taken as a whole, under the Loan Documents.

 

“Material Indebtedness” shall mean (a) with respect to the Borrower and its Restricted Subsidiaries, Indebtedness (other than Loans) of the Borrower or any Restricted Subsidiary, in an aggregate principal amount exceeding U.S. $25.0 million and (b) with respect to a Public Subsidiary, Indebtedness of such Public Subsidiary in an aggregate principal amount exceeding U.S. $25.0 million.

 

“Material Non-Public Information” shall mean, with respect to EQGP until the consummation of a Permitted EQGP Dropdown, EQM and/or any limited partner interests of EQGP or EQM, information regarding EQGP or EQM and their Subsidiaries that is not generally available to investors, and as to which there is a substantial likelihood that a reasonable shareholder would consider such information to be important in deciding whether to buy, sell, hold and/or vote such limited partner interests in EQGP or EQM, as applicable.

 

“Material Subsidiary” shall mean any Subsidiary of the Borrower or EQM that is not an Immaterial Subsidiary.

 

“Maximum Rate” shall have the meaning assigned to such term in Section 9.09.

 

“MFN Protection” shall have the meaning assigned to such term in Section 2.19(c)(vi).

 

“Minimum Extension Conditions” shall have the meaning assigned to such term in Section 2.20(c).

 

“Moody’s” shall mean Moody’s Investors Service, Inc.

 

“Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA subject to the provisions of Title IV of ERISA and in respect of which the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate is an “employer” as defined in Section 3(5) of ERISA.

 

“Net Debt” at any date shall mean Indebtedness for borrowed money of the Borrower and its Consolidated Subsidiaries on such date minus unrestricted cash and Permitted Investments and cash and Permitted Investments subject to a Control Agreement in an aggregate amount not to exceed $50.0 million, to the extent the same does not result from the exercise of a Cure Right.

 

“Net Proceeds” shall mean:

 

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(a)                                 100% of the cash proceeds actually received by the Borrower or any Guarantor (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but only as and when received) from any loss, damage, destruction or condemnation of, or any sale, transfer or other disposition (including any sale and leaseback of assets) to any Person of any asset or assets of the Borrower or any Guarantor (other than those pursuant to Section 6.05(a), (b), (d), (e), (f), (g), (h), (i), (j) or (k)) net of (i) customary costs and expenses, and attorneys’ fees, accountants’ fees, investment banking fees, sales commissions, transfer taxes, prepayment premiums or penalties, required debt payments and required payments of other obligations relating to the applicable asset (other than pursuant hereto) and any cash reserve for adjustment in respect of the sale price of such asset established in accordance with GAAP, including without limitation, pension and post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith and (ii) Taxes paid or payable or reasonably expected to be payable as a result thereof; provided, that (x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless such proceeds shall exceed U.S. $5.0 million and (y) only the aggregate of such proceeds in excess of $20 million in any fiscal year shall constitute Net Proceeds; and

 

(b)                                 100% of the cash proceeds received by the Borrower or any Restricted Subsidiary from the incurrence, issuance or sale by the Borrower or any Restricted Subsidiary of any Indebtedness (other than Excluded Indebtedness), net of all Taxes and fees (including investment banking fees), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.

 

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower or any of its Affiliates shall be disregarded, except for financial advisory fees customary in type and amount paid to Affiliates that are not Loan Parties.

 

“Non-Consenting Lender” shall have the meaning assigned to such term in Section 2.17(c).

 

“Non-Extending Lender” shall have the meaning assigned to such term in Section 2.20(a).

 

“Obligations” shall mean all amounts owing to any of the Agents, any Lender or any other Secured Party pursuant to the terms of this Agreement or any other Loan Document, or to any Cash Management Bank or Specified Swap Counterparty pursuant to the terms of any Secured Cash Management Agreement or Secured Swap Agreement, or pursuant to the terms of any Guarantee thereof, including, without limitation, with respect to any Loan, Secured Cash Management Agreement, Secured Swap Agreement or other agreement, together with the due and punctual performance of all other obligations of the Borrower and the other Loan Parties under or pursuant to the terms of this Agreement, the other Loan Documents, any Secured Cash Management Agreement, or any Secured Swap Agreement, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising, and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

“OFAC” shall mean the Office of Foreign Assets Control of the U.S. Treasury Department.

 

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“OID Amount” shall mean an original issue discount in an amount equal to 3.00% of the aggregate principal amount of the Loans.

 

“Other Connection Taxes” shall mean, with respect to any Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder (each of the foregoing, solely for purposes of the definition of “Other Connection Taxes,” a “recipient”), Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Taxes” shall mean any and all present or future stamp, court, recording, filing, documentary, intangible or similar Taxes arising from any payment made hereunder or from the execution, delivery, performance, registration or enforcement of, from the receipt or perfection of a security interest under, or otherwise with respect to, the Loan Documents, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.17(b)).

 

“Participant” shall have the meaning assigned to such term in Section 9.04(c).

 

“Payment in Full” shall mean, with respect to the Obligations, the time at which all the Obligations are paid in full and Commitments are terminated, other than (a) contingent indemnification or reimbursement obligations and (b) obligations and liabilities under Secured Cash Management Agreements and Secured Swap Agreements.

 

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Perfection Certificate” shall mean a certificate in the form of Annex I to the Collateral Agreement or any other form approved by the Administrative Agent.

 

“Permitted Acquisition” shall mean any transaction or series of related transactions for the direct or indirect (i) acquisition of all or substantially all of the Property of any Person, or of all or substantially all of any business or division of any Person, (ii) acquisition of all or substantially all of the Equity Interests of any Person, and otherwise causing such person to become a Restricted Subsidiary or (iii) merger or consolidation or any combination with any Person, in the case of each of clauses (i), (ii) and (iii), if each of the following conditions is met, or if the Required Lenders have otherwise consented in writing thereto:

 

(a)                                 no Default or Event of Default has occurred and is continuing or would result therefrom;

 

(b)                                 as of the date the definitive agreement for such acquisition is entered into, the Borrower shall be in compliance with all covenants set forth in Section 6.10 as of the most recent Test Period (assuming, for purposes of such compliance with Section 6.10 that such transaction had occurred on the first day of such relevant Test Period);

 

(c)                                  the Person or business to be acquired shall be, or shall be engaged in, a business of the type that the Borrower and its Restricted Subsidiaries are permitted to be engaged in under Section 6.08 and the Property acquired in connection with any such transaction shall be made

 

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subject to the Lien of the Security Documents in accordance with and to the extent required by the Collateral and Guarantee Requirement and shall be free and clear of any Liens;

 

(d)                                 if applicable, the board of directors of the Person to be acquired shall not have indicated its opposition to the consummation of such acquisition (or shall have publicly withdrawn any such opposition);

 

(e)                                  all transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable Requirements of Law;

 

(f)                                   with respect to any transaction involving acquisition consideration of more than $50.0 million, the Borrower shall have provided the Administrative Agent and the Lenders with (A) historical financial statements for the last three fiscal years (or, if less, the number of years since formation) of the Person or business to be acquired (audited if available without undue cost or delay) and unaudited financial statements thereof for the most recent interim period that is available, (B) reasonably detailed projections for the succeeding five years (or, if sooner, through and including the year in which the Final Maturity Date is scheduled to occur) pertaining to the Person or business to be acquired and updated projections for the Borrower after giving effect to such transaction, (C) a reasonably detailed description of all material information relating thereto and copies of all then-current drafts of material documentation pertaining to such transaction and (D) all such other information and data relating to such transaction or the person or business to be acquired as may be reasonably requested by the Administrative Agent or any Lender; and

 

(g)                                  with respect to any transaction involving acquisition consideration of more than $50.0 million, at least five Business Days (or such shorter period as the Administrative Agent may agree) prior to the proposed date of consummation of the transaction (or such shorter period as is acceptable to the Administrative Agent in its sole discretion), the Borrower shall have delivered to the Administrative Agent and the Lenders an Officers’ Certificate certifying that such transaction complies with this definition (which shall have attached thereto reasonably detailed backup data and calculations showing such compliance).

 

“Permitted EQGP Dropdown” shall mean any transaction (or series of related transaction), including a merger, consolidation or other combination or consolidation of interests, the result of which is EQGP becomes a direct or indirect Subsidiary of EQM or merges into or with EQM so long as each of the Specified Dropdown Conditions are satisfied substantially concurrently with the consummation of such Permitted EQGP Dropdown.

 

“Permitted EQM Consolidation” shall mean any transaction (or series of related transaction), including a merger, consolidation or other combination or consolidation of interests, the result of which is the Borrower or any Restricted Subsidiary that is a Wholly Owned Subsidiary of the Borrower is merged, acquired by or consolidated into, or combined with, EQM, so long as, (a) if the Borrower is so merged, acquired, consolidated or combined, the surviving entity is (i) the Borrower or (ii) another Person organized or existing under the laws of the United States of America, any State thereof or the District of Columbia so long as (A) after giving effect to such transaction on a Pro Forma Basis as if it had occurred on the first day of the test period most recently ended, such Person is in compliance with Section 6.10 and the Asset Coverage Ratio on the date of such proposed transaction is not less than 2.00 to 1.00, (B) the Administrative Agent shall have received, at least three (3) Business Days prior to the consummation of the Permitted EQM Consolidation, all documentation and other information required by regulatory authorities with respect to such Person under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the U.S. PATRIOT Act, in each case, as

 

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reasonably requested by the Administrative Agent, (C) to the extent such Person qualifies as a “legal entity customer” under the Beneficial Ownership Regulation each Lender requesting the same shall have received, at least three (3) Business Days prior to the consummation of the Permitted EQM Consolidation, a Beneficial Ownership Certification in the relation to such Person, (D) such Person expressly assumes all the obligations of the Borrower under the Loan Documents, pursuant to an assumption agreement reasonably acceptable to the Administrative Agent, (E) any two of S&P, Moody’s and Fitch confirms that, immediately after giving effect to such transaction, the surviving entity’s corporate rating (in the case of S&P and Fitch) and corporate family rating (in the case of Moody’s) will be equal to or higher than the Borrower’s equivalent ratings on the Closing Date, in which event such Person will succeed to, and be substituted for, the Borrower, and (F) at least five Business Days prior to the proposed date of consummation of the transaction (or such shorter period as is acceptable to the Administrative Agent in its sole discretion), the Borrower shall have delivered to the Administrative Agent and the Lenders an Officers’ Certificate certifying that such transaction complies with this definition (which shall have attached thereto reasonably detailed backup data and calculations showing such compliance) and (b) if a Restricted Subsidiary is so merged, acquired, consolidated into or combined with EQM, so long as the surviving entity is a Guarantor and the Collateral and Guarantee Requirement shall have been satisfied (without regard for the time periods set forth therein).

 

“Permitted Investments” shall mean, collectively, (a) marketable direct obligations issued or unconditionally Guaranteed by the United States or any agency thereof maturing within twelve (12) months from the date of acquisition thereof, (b) commercial paper maturing no more than one hundred eighty (180) days from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody’s, (c) certificates of deposit maturing no more than one hundred eighty (180) days from the date of creation thereof issued by commercial banks incorporated under the laws of the United States, each having combined capital, surplus and undivided profits of not less than $500,000,000 and having a rating of “A” or better by a nationally recognized rating agency; provided, that the aggregate amount invested in such certificates of deposit shall not at any time exceed $5,000,000 for any one such certificate of deposit and $10,000,000 for any one such bank, (d) time deposits maturing no more than thirty (30) days from the date of creation thereof with commercial banks or savings banks or savings and loan associations each having membership either in the FDIC or the deposits of which are insured by the FDIC and in amounts not exceeding the maximum amounts of insurance thereunder and (e) money market investments, classified in accordance with GAAP as current assets, in money market investment programs registered under the Investment Company Act of 1940 which are administered by reputable financial institutions having capital of at least $500,000,000 or having portfolio assets of at least $5,000,000,000 and the portfolios of which are limited to investments of the character described in the foregoing subdivisions (a) through (d).

 

“Permitted Refinancing Indebtedness” shall mean any Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted Refinancing Indebtedness); provided, that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unused commitments with respect thereto and unpaid accrued interest, breakage costs and premium thereon), (b) the average life to maturity of such Permitted Refinancing Indebtedness is greater than or equal to that of the Indebtedness being Refinanced, (c) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to such Obligations on terms at least as favorable, taken as a whole, to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced, (d) no Permitted Refinancing Indebtedness shall have additional obligors or Guarantees than the Indebtedness being Refinanced unless such Persons are also Guarantors and (e) if

 

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the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended was subject to an Intercreditor Agreement, the holders of such modified, refinanced, refunded, renewed, replaced or extended Indebtedness (if such Indebtedness is secured) or their representative on their behalf shall become party to such Intercreditor Agreement.

 

“Person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership (general or limited), limited liability company, individual or family trusts, or government or any agency or political subdivision thereof.

 

“Plan” shall mean with respect to any Person resident in the United States, any employee pension benefit plan subject to the provisions of Title IV of ERISA or Section 412 or 430 of the Code or Section 302 of ERISA and in respect of which the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate is (or if such plan were terminated would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Platform” shall have the meaning assigned to such term in Section 9.17(b).

 

“Pledged Collateral” means the Equity Interests constituting Collateral and pledged pursuant to any Security Document.

 

“primary obligor” shall have the meaning given such term in the definition of the term “Guarantee.”

 

“Pro Forma Balance Sheet” shall have the meaning assigned to such term in Section 4.01(f).

 

“Pro Forma Basis” shall mean, in connection with any calculation of compliance with any financial covenant or term, the calculation thereof after giving effect on a pro forma basis to any proposed acquisition or series of related acquisitions (each, a “Pro Forma Transaction”) with an aggregate consideration (plus any assumed liabilities) exceeding U.S. $5.0 million, any proposed disposition for an aggregate consideration (plus any assumed liabilities) exceeding U.S. $5.0 million and any other change in such calculation required by the applicable provision hereof, and otherwise on a basis in accordance with GAAP as used in the preparation of the latest financial statements provided pursuant to Section 5.04 and otherwise reasonably satisfactory to the Administrative Agent.

 

“Pro Forma Income Statement” shall have the meaning assigned to such term in Section 4.01(f).

 

“Pro Forma Transaction” shall have the meaning assigned to such term in the definition of “Pro Forma Basis”.

 

“Projections” shall mean the projections of the Borrower and its Subsidiaries included in the Lender Presentation or Confidential Information Memorandum and any other projections, financial estimates, budgets, forecasts and any other forward-looking statements (including statements with respect to booked business) of such entities furnished to the Administrative Agent by or on behalf of the Borrower prior to the Closing Date.

 

“Property” shall mean any right or interest in or to property of any kind whatsoever whether real, personal or mixed and whether tangible or intangible, including, without limitation, Equity Interests.

 

“PTE” shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

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“Public Lender” shall have the meaning assigned to such term in Section 9.17.

 

“Public Subsidiary” shall mean, collectively, (a) EQM and (b) each direct and indirect Subsidiary of EQM, in each case, for so long as the Equity Interests of EQM are publicly traded in the United States.

 

“Public Subsidiary Parent” shall mean any Person which Controls EQM.

 

“Qualified Capital Stock” shall mean Equity Interests that is not Disqualified Stock.

 

“Quarterly Payment Date” shall mean the last Business Day of each March, June, September and December, commencing with the first full fiscal quarter after the Closing Date.

 

“Real Property” shall mean, collectively, all right, title and interest of the Borrower or any other Loan Party in and to any and all parcels of real property leased by the Borrower or any other Loan Party together with all improvements and appurtenant fixtures, easements, other property and rights incidental to the lease or operation thereof.

 

“Refinanced Term Loans” shall have the meaning assigned to such term in Section 9.08(e).

 

“Register” shall have the meaning assigned to such term in Section 9.04(b)(iv).

 

“Regulation D” shall mean Regulation D of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

 

“Regulation S-X” shall mean Regulation S-X promulgated under the Securities Act.

 

“Rejection Notice” shall have the meaning assigned to such term in Section 2.09(d).

 

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

 

“Release” shall mean any placing, spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or depositing in, into or onto the environment.

 

“Relevant Debt” shall have the meaning assigned to such term in Section 6.13.

 

“Replacement Term Loans” shall have the meaning assigned to such term in Section 9.08(e).

 

“Reportable Event” shall mean any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder, other than those events as to which the 30-day notice period has been waived, with respect to a Plan.

 

“Repricing Amendment” shall have the meaning given to such term in the definition of “Repricing Transaction”.

 

“Repricing Transaction” shall mean (a) any transaction in which all or any portion of the initial Loans made on the Closing Date are voluntarily prepaid or mandatorily prepaid with the net proceeds of issuances, offerings or placement of new Indebtedness, or refinanced substantially concurrently with the incurrence of new Indebtedness, in each case that has an All-In Yield lower than the All-In Yield in effect

 

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for the initial Loans made on the Closing Date so prepaid, (b) any amendment, amendment and restatement or other modification of the Loan Documents that has the effect of reducing the All-In Yield then in effect for Loans (collectively, a “Repricing Amendment”) or (c) any transaction in which a Non-Consenting Lender must assign its initial Loans made on the Closing Date as a result of its failure to consent to a Repricing Amendment, in the case of each of clauses (a), (b) and (c), other than in connection with (y) a Change in Control or (z) a Transformative Acquisition.

 

“Required Lenders” shall mean, at any time, Lenders having Loans and Commitments outstanding that, taken together, represent more than 50% of the sum of all Loans and Commitments outstanding.  The Loans and Commitments of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

 

“Required Percentage” shall mean, with respect to any Excess Cash Flow Period most recently ended for which financial statements have been, or were required to be, delivered pursuant to Section 5.04, (i) 50%, if the Leverage Ratio at the end of such Excess Cash Flow Period is greater than or equal to 2.75 to 1.00, (ii) 25%, if the Leverage Ratio at the end of such Excess Cash Flow Period is less than 2.75 to 1.00 but greater than or equal to 1.50 to 1.00 and (iii) 0%, if the Leverage Ratio at the end of such Excess Cash Flow Period is less than 1.50 to 1.00

 

“Requirement of Law” shall mean, as to any Person, such Person’s organizational documents, 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” of any Person shall mean any executive officer, Financial Officer, director, general partner, managing member or sole member of such Person and any other officer or similar official thereof responsible for the administration of the obligations of such Person in respect of this Agreement.

 

“Restricted Subsidiary” shall mean any Subsidiary other than an Unrestricted Subsidiary.

 

“Revolving Credit Facility” shall mean a facility consisting of commitments for revolving Indebtedness and other extensions of credit to be incurred from time to time by the Borrower to be used for the general corporate purposes of the Loan Parties; provided, that:

 

(a)                                 such revolving Indebtedness is incurred in the form of revolving loans or letters of credit pursuant to the Existing Revolving Credit Agreement or a credit agreement or other agreement (other than this Agreement;

 

(b)                                 the aggregate principal amount of such Indebtedness does not exceed the amount set forth in Section 6.01(b);

 

(c)                                  such Indebtedness shall rank pari passu or junior with any remaining portion of the Term Loan Facility, and shall not be secured by any Property other than the Collateral or guaranteed by any entity that does not guarantee the Term Loan Facility;

 

(d)                                 other than the Existing Revolving Credit Agreement, the final maturity date under any Revolving Credit Facility incurred after the Closing Date shall not be earlier than the Final Maturity Date;

 

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(e)                                  the Revolving Credit Facility shall not require any amortization payments or mandatory prepayments (other than to the extent outstanding under such Revolving Credit Facility exceed the commitments in respect thereof);

 

(f)                                   the terms and conditions of the Revolving Credit Facility are, taken as a whole, customary for similar debt instruments in light of then-prevailing market conditions (as reasonably determined by the Borrower and the Administrative Agent); provided, that this clause (d) shall not be applicable to any Revolving Credit Facility if the terms and conditions thereof are substantially similar to the terms set forth in the Existing Revolving Credit Agreement;

 

(g)                                  other than the Revolving Credit Facility existing on the Closing Date, both immediately before and after giving effect to the entry into such Revolving Credit Facility or the initial incurrence of such Indebtedness, (i) no Default or Event of Default shall have occurred and be continuing and (ii) the Borrower would be in compliance with the Financial Performance Covenant as of the most recently completed Test Period ending prior to the incurrence of such Indebtedness for which the financial statements and certificates required by Section 5.04 were required to be delivered, after giving pro forma effect to the incurrence of such Indebtedness as if such transactions had occurred as of the first day of such Test Period;

 

(h)                                 other than the Revolving Credit Facility existing on the Closing Date, the Borrower shall have delivered a certificate of a Financial Officer of the Borrower to the Administrative Agent at least five Business Days (or such shorter period as the Administrative Agent may agree) prior to the entry into such Revolving Credit Facility or the initial incurrence of such Indebtedness, certifying and showing that the conditions set forth in clause (e) of this definition in connection with the incurrence of such Indebtedness have been satisfied (in reasonable detail and with appropriate calculations and computations in all respects reasonably satisfactory to the Administrative Agent); and

 

(i)                                     (i) to the extent such Indebtedness is intended to be secured on a pari passu basis with the Term Loan Facility, the representative of such Indebtedness is a party to the Intercreditor Agreement and (ii) to the extent such Indebtedness is intended to be secured on a junior basis with the Term Loan Facility, the representative of such Indebtedness is a party to an intercreditor agreement the terms of which shall be reasonably satisfactory to the Administrative Agent and the Borrower.

 

“Rights Plan” shall mean the Rights Agreement dated as of November 13, 2018, between the Borrower and American Stock Transfer & Trust Company, LLC, as in effect on the Closing Date and as amended, restated, supplemented or otherwise modified from time to time after the Closing Date to the extent such amendment, restatement, supplement or other modification is either (i) not materially adverse to the Lenders or (ii) approved by the Required Lenders.

 

“S&P” shall mean S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC, and any successor thereto.

 

“Sanction(s)” shall mean any economic sanctions administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom or other sanctions authority relevant to the Borrower and its Restricted Subsidiaries.

 

“SEC” shall mean the Securities and Exchange Commission or any successor thereto.

 

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“Secured Cash Management Agreement” shall mean any Cash Management Agreement that is entered into by and between any Loan Party and any Cash Management Bank.

 

“Secured Parties” shall mean, collectively, the Agents, the Lenders, each Specified Swap Counterparty party to a Secured Swap Agreement and any Cash Management Bank party to a Secured Cash Management Agreement.

 

“Secured Swap Agreement” shall mean any Swap Agreement that is entered into by and between the Borrower and any Specified Swap Counterparty.

 

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

 

“Security Documents” shall mean the Collateral Agreement and each of the Control Agreements and other instruments and documents executed and delivered pursuant to the foregoing or the Collateral and Guarantee Requirement.

 

“Separation Payments” shall have the meaning assigned to such term in the definition of “Consolidated EBITDA.”

 

“Specified Dropdown Conditions” shall mean, with respect to any Permitted EQGP Dropdown and immediately after giving effect to such Permitted EQGP Dropdown, each of the following conditions:

 

(a)                                 the Collateral and Guarantee Requirements are satisfied;

 

(b)                                 no Change in Control has occurred;

 

(c)                                  the Borrower is in compliance with the Financial Performance Covenant;

 

(d)                                 the Asset Coverage Ratio is greater than 2.00 to 1.00; and

 

(e)                                  the Borrower and EQGP shall be in compliance with Section 6.13.

 

“Specified Representations” shall mean the representations and warranties set forth in Sections 3.01(a), and (d), 3.02(a) and (b)(i)(B), 3.03, 3.09, 3.10, 3.15, Section 3.08(a) (other than the first and last sentence thereof) and Section 3.19 (other than the first sentence thereof).

 

“Specified Swap Counterparty” shall mean any Person that, at the time it enters into a Swap Agreement, is a Lender, an Agent or a Lead Arranger or an Affiliate of a Lender, an Agent or a Lead Arranger, in its capacity as a party to such Swap Agreement.

 

“Spin-Off” shall mean the distribution, on November 12, 2018, by EQT Corporation of approximately 80.0% of the common Equity Interests of the Borrower to holders of common Equity Interests of EQT Corporation.

 

“Statutory Reserves” shall mean 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 and any other banking authority, domestic or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in

 

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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.  Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“Subordinated Indebtedness” means the collective reference to any Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries that is contractually subordinated in right and time of payment to the Obligations on terms and conditions reasonably satisfactory to the Administrative Agent (other than intercompany Indebtedness incurred pursuant to Section 6.01(j)).  For the avoidance of doubt, “Subordinated Indebtedness” does not include any Indebtedness that is pari passu with the Obligations in right of payment and only structurally subordinated to the Obligations.

 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.  For the avoidance of doubt, neither the income (except as specifically permitted pursuant to clause (c) of the definition of Consolidated EBITDA) nor the Indebtedness (unless such Indebtedness is recourse to the Borrower or a Restricted Subsidiary, other than Indebtedness of the Borrower or a Restricted Subsidiary solely resulting from a pledge of the Equity Interests in an Unrestricted Subsidiary (other than EQM, EQGP or any of their respective Subsidiaries) owned by the Borrower or such Restricted Subsidiary securing indebtedness of such Unrestricted Subsidiary) of an Unrestricted Subsidiary shall be included for purposes of calculating the Financial Performance Covenant or the Leverage Ratio.

 

“Supplemental Collateral Agent” shall have the meaning assigned to such term in Section 8.13(a).

 

“Swap Agreement” shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions, provided, that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or any of its Subsidiaries shall be a Swap Agreement.

 

“Swap Obligation” shall mean, with respect to any guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Syndication Agent” shall mean Goldman Sachs Bank USA.

 

“Synthetic Lease Obligation” shall mean the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

 

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“Taxes” shall mean any and all present or future taxes, levies, imposts, duties (including stamp duties), deductions, charges (including ad valorem charges), assessments, fees or withholdings (including backup withholding) imposed by any Governmental Authority and any and all additions to tax, interest and penalties applicable thereto.

 

“Term Loan Facility” shall mean the Commitments and the Loans made hereunder.

 

“Term Loan Maturity Date” shall mean January 31, 2024 or if such date is not a Business Day, the next succeeding Business Day, unless such Business Day is in the next calendar month, in which case the next preceding Business Day).

 

“Test Period” shall mean, at any date of determination, the most recently completed four consecutive fiscal quarters of the Borrower ending on or prior to such date.

 

“Transactions” shall mean, collectively, (a) the transactions to occur on, prior to or substantially concurrently with the Closing Date pursuant to the Loan Documents, including, the consummation of the Acquisition pursuant to the Acquisition Agreements, the execution and delivery of the Loan Documents and the initial borrowings hereunder and the execution and delivery of the amendment of the Existing Revolving Credit Agreement referred to in Section 4.01(p), (b) the consummation of the Limited Call Acquisition, (d), and (d) the payment of all fees and expenses owing in connection with the foregoing.

 

“Transformative Acquisition” shall mean any acquisition or Investment by the Borrower or any Restricted Subsidiary that either (a) is not permitted by the terms of this Agreement immediately prior to the consummation of such acquisition or Investment or (b) if permitted by the terms of this Agreement immediately prior to the consummation of such acquisition or Investment, would not provide the Borrower and its Restricted Subsidiaries with adequate flexibility under this Agreement for the continuation and/or expansion of the combined operations of the business following such consummation, as determined by the Borrower in good faith.

 

“Type,” when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans comprising such Borrowing is determined.  For purposes hereof, the term “Rate” shall include the Adjusted Eurodollar Rate and the Alternate Base Rate.

 

“UCC” shall mean the Uniform Commercial Code as in effect in the applicable jurisdiction.

 

“Unrestricted Subsidiary” shall mean (a) EQM, unless and until the Borrower designates EQM as a Restricted Subsidiary in accordance with Section 5.14, (b) each Public Subsidiary, (c) unless subsequently designated as a Restricted Subsidiary pursuant to Section 5.14, any Subsidiary of the Borrower that is designated as an Unrestricted Subsidiary pursuant to Section 5.14, and (d) each subsidiary of each of the foregoing; provided, that in no event shall (i) EQGP (at any time prior to the consummation of a Permitted EQGP Dropdown; provided, that upon consummation of a Permitted EQGP Dropdown, EQGP shall automatically, pursuant to clause (b) above, become an Unrestricted Subsidiary without any further action by the Borrower), (ii) EQGP GP or (iii) any other Public Subsidiary Parent be an Unrestricted Subsidiary.

 

“U.S.” shall mean the United States of America.

 

“U.S. Dollars” or “U.S. $” shall mean the lawful currency of the United States of America.

 

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“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“U.S.A. PATRIOT Act” shall have the meaning assigned to such term in Section 3.08(a).

 

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

 

“Wholly Owned Subsidiary” of any Person shall mean a Subsidiary of such Person all of the Equity Interests of which (other than, directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are directly owned by such Person or any other Wholly Owned Subsidiary of such Person.

 

“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

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

 

“Write-Down and Conversion Powers” shall mean, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

 

Section 1.02.                          Terms Generally.  The definitions set forth or referred to in Section 1.01 shall apply equally to both 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.”  All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require.  References to a Person shall include its successors and assigns to the extent otherwise permitted under this Agreement. Except as otherwise expressly provided herein, (i) any reference in this Agreement to any Loan Document or other agreement or contract shall mean such document as amended, restated, supplemented or otherwise modified from time to time and (ii) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall refer to such law or regulation as amended, modified or supplemented from time to time.  Except as otherwise expressly provided herein, all financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with United States generally accepted accounting principles applied on a consistent basis (“GAAP”) and all terms of an accounting or financial nature shall be construed and interpreted in accordance with GAAP, as in effect from time to time; provided, that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied

 

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immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith; provided further that, notwithstanding the foregoing, upon and following the acquisition of any business or new Subsidiary by the Borrower in accordance with this Agreement, in each case that would not constitute a “significant subsidiary” for purposes of Regulation S-X, financial items and information with respect to such newly-acquired business or Subsidiary that are required to be included in determining any financial calculations and other financial ratios contained herein for any period prior to such acquisition shall not be required to be in accordance with GAAP so long as the Borrower is able to reasonably estimate pro forma adjustments in respect of such acquisition for such prior periods, and in each case such estimates are made in good faith and are factually supportable.  With respect to the determination of any time period, the word “from” means “from and including” and the word “to” means “to but excluding”.

 

Section 1.03.                          Effectuation of Transfers.  Each of the representations and warranties of the Borrower contained in this Agreement (and all corresponding definitions) are made after giving effect to the Transactions, unless the context otherwise requires.

 

Section 1.04.                          Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under the law of the State of Delaware (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

 

Section 1.05.                          Suspension Provisions.  For all purposes under the Loan Documents, if any covenant, prepayment or other obligation is suspended pursuant to the terms of this Agreement, and any test, prepayment, action or non-action would otherwise be required during the time period of such suspension, the subsequent cessation of such suspension shall not result in any retroactive requirement for such test, prepayment, action or non-action.

 

Section 1.06.                          Limited Acquisition Determinations.  Notwithstanding anything in this Agreement or any Loan Document to the contrary, when (a) calculating any applicable ratio, the amount or availability of the Available Basket Amount or any other basket based on Consolidated Net Income or Consolidated EBITDA or total assets or determining other compliance with this Agreement (other than (x) determining actual (versus pro forma) compliance with the Financial Performance Covenant or (y) determining the ability to make a restricted payment or a prepayment, repayment, acquisition, redemption or similar payment on any indebtedness), in connection with incurrence of Indebtedness, the creation of Liens, the making of any asset sale, the making of an Investment or the designation of a Subsidiary as restricted or unrestricted, (b) determining compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom, (c) determining compliance with any provision of this Agreement which requires compliance with any representations and warranties set forth herein or (d) the satisfaction of all other conditions precedent to the incurrence of Indebtedness, the creation of Liens, the making of any disposition, the making of an Investment or the designation of a Subsidiary as restricted, in each case in connection with a Limited Condition Acquisition, the date of determination of such ratio or other provisions, determination of whether any Default or Event of Default has occurred, is continuing or would result therefrom, determination of compliance with any representations or warranties or the satisfaction of any other conditions shall, at the option of the Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”), be deemed to be the date the definitive agreements for such Limited Condition Acquisition are entered into or the related irrevocable

 

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notice of redemption is delivered (the “LCT Test Date”). If on a pro forma basis after giving effect to such Limited Condition Acquisition  and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) such ratios and other provisions are calculated as if such Limited Condition Acquisition or other transactions had occurred at the beginning of the most recent Test Period ending on or prior to the LCT Test Date for which financial statements of the Borrower have been (or were required to have been) delivered pursuant to Section 5.04(a) or Section 5.04(b), as applicable, the Borrower could have taken such action on the relevant LCT Test Date in compliance with the applicable ratios or other provisions, such provisions shall be deemed to have been complied with. For the avoidance of doubt, (i) if any of such ratios or other provisions are exceeded or breached as a result of fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA or other components of such ratio) or other provisions at or prior to the consummation of the relevant Limited Condition Acquisition, such ratios and other provisions will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition Acquisition is permitted hereunder and (ii) such ratios and compliance with such conditions shall not be tested at the time of consummation of such Limited Condition Acquisition.

 

ARTICLE II
 THE CREDITS

 

Section 2.01.                          Commitments.  Subject to the terms and conditions set forth herein, each Lender party hereto on the Closing Date agrees to make Loans to the Borrower in the applicable amount set forth opposite its name on Schedule 2.01 on the Closing Date in U.S. Dollars in an aggregate principal amount that will not result in the aggregate amount of such Lender’s Loans exceeding such Lender’s Commitment.  Amounts repaid or prepaid in respect of Loans may not be reborrowed.  The Term Loan Facility shall be made available as ABR Loans and Eurodollar Loans.

 

Section 2.02.                          Loans and Borrowings.  (a)  Each Loan to the Borrower shall be made as part of a Borrowing consisting of Loans of the same Type and in the same currency made by the Lenders ratably in accordance with their respective Commitments.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided, that the Commitments of the Lenders are several and not joint and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

 

(b)                                 Each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith.

 

(c)                                  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 five (5) Interest Periods in respect of Borrowings outstanding.

 

(d)                                 Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Term Loan Maturity Date, any Extended Maturity Date or any Incremental Maturity Date, as applicable.

 

Section 2.03.                          Requests for Borrowings.  To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone or electronic communication (i) in the case of a Borrowing consisting of Eurodollar Loans, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing or (ii) in the case of a Borrowing consisting of ABR Loans, not later than 12:00 noon, New York City time, on the date of the proposed Borrowing.

 

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Each such telephonic or electronically delivered Borrowing Request shall be irrevocable and shall be confirmed promptly (but in any event on the same day) by hand delivery, telecopy, or electronic communication to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower.  Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:

 

(a)                                 the aggregate amount of the requested Borrowing;

 

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

 

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

 

(d)                                 in the case of a Borrowing consisting of a Eurodollar Loan, the initial Interest Period to be applicable thereto; and

 

(e)                                  the location and number of the Borrower’s account to which funds are to be disbursed.

 

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 

Section 2.04.                          Funding of Borrowings.  (a) Each Lender shall make each Loan to be made by it to the Borrower hereunder on the proposed date thereof by wire transfer of immediately available funds, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to such account of the Borrower as is designated by the Borrower in the Borrowing Request.

 

(b)                                 Unless the Administrative Agent shall have received notice from a Lender prior to the proposed time 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 2.04 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to 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) 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 Borrower may elect, to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing,

 

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may elect Interest Periods therefor, all as provided in this Section 2.05.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.

 

(b)                                 To make an election pursuant to this Section 2.05, the Borrower shall notify the Administrative Agent of such election by telephone or electronic communication by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such telephonic or electronically delivered Interest Election Request shall be irrevocable and shall be confirmed promptly (but in any event on the same day) by hand delivery or, telecopy or electronic communication to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower.

 

(c)                                  Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i)                                     the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)                                  the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)                               whether the resulting Borrowing is to be an ABR Borrowing or a 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.

 

If any such Interest Election Request made by the Borrower requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

 

(d)                                 Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender to which such Interest Election Request relates of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

(e)                                  If the Borrower fails to deliver a timely Interest Election Request with respect to one of its Eurodollar Borrowings 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 Eurodollar Borrowing shall be continued as a Eurodollar Borrowing with the same Interest Period as previously was applicable thereto; provide that, if such continuation would result in a violation of Section 2.02(d), then such Eurodollar Borrowing shall instead be deemed to have 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 written request (including a request through electronic means) of the Required Lenders (unless such Event of Default is an Event of Default under Section 7.01(h) or (i), in which case no such request shall be required), so notifies the Borrower, then, so long as an Event of Default is continuing, (i) no outstanding Borrowing may be converted to or continued as a Eurodollar

 

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Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

 

Section 2.06.                          Termination of Commitments.  The parties hereto acknowledge that the Commitments will terminate on the making of the Loans pursuant to Section 2.01.

 

Section 2.07.                          Evidence of Debt  (a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

 

(b)                                 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 (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, and (iii) any amount received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

(c)                                  The entries made in the accounts maintained pursuant to paragraph (a) or (b) of this Section 2.07 shall be prima facie evidence absent manifest error of the existence and amounts of the obligations recorded therein; provided, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

 

(d)                                 Any Lender may request that Loans made by it to the Borrower be evidenced by a promissory note substantially in the form of Exhibit F.  In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns).  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including, to the extent requested by any assignee, after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein (or to such payee and its registered assigns).

 

Section 2.08.                          Repayment of Loans.  (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan made to the Borrower on such dates and in such amounts as provided in this Section 2.08. Subject to adjustment pursuant to paragraph (c) of this Section 2.08, (i) the Borrower shall repay on each Quarterly Payment Date an amount equal to in the case of the Loans, U.S. $1,500,000; provided, in the event any Incremental Term Loans are made, such Incremental Term Loans shall be repaid on each Quarterly Payment Date occurring on or after the applicable Increased Amount Date in the manner specified in the Incremental Amendment and (ii) the Borrower shall repay (x) on the Term Loan Maturity Date all remaining amounts of the Loans then outstanding, (y) on the Incremental Maturity Date all remaining amounts of the Incremental Term Loans then outstanding and (z) on the Extended Maturity Date all remaining amounts of the Extension Loans then outstanding.  All payments for account of the Lenders in respect of this Section 2.08(a) shall be applied to the Loans on a pro rata basis.

 

(b)                                 Prepayment of the Loans (i) pursuant to Section 2.09(a), shall be applied as directed by the Borrower and (ii) pursuant to 2.09(b) or 2.09(c), respectively, shall be applied in direct order of maturity to all amortization payments in respect of the Loans and all such payments shall be applied ratably among the Lenders (other than the Lenders that reject such payment pursuant to Section 2.09(d)) and shall be applied on a pro rata basis as among the Loans.

 

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(c)                                  Prior to any repayment of any Borrowing under the Term Loan Facility hereunder, the Borrower shall select the Borrowing or Borrowings under the Term Loan Facility to be repaid and shall notify the Administrative Agent by telephone (confirmed by telecopy) or electronic communication of such selection not later than 2:00 p.m., New York City time, (i) in the case of an ABR Borrowing, on the scheduled date of such repayment and (ii) in the case of a Eurodollar Borrowing, three Business Days before the scheduled date of such repayment.  Each repayment of a Borrowing shall be applied ratably to the Loans included in the repaid Borrowing.

 

(e)                                  For the avoidance of doubt, the full amount of the Loans (without taking into account any netting of the OID Amount occurring on the Closing Date) shall be repaid in accordance with this Section 2.08 and Section 2.09.

 

Section 2.09.                          Prepayment of Loans.  (a) The Borrower shall have the right at any time and from time to time to prepay Loans in whole or in part without premium or penalty (other than as provided in Section 2.14 and Section 2.09(e)), in an aggregate principal amount that is an integral multiple of U.S. $1.0 million and not less than U.S. $1.0 million or, if less, the amount outstanding, subject to prior notice provided in accordance with Section 2.08(c).

 

(b)                                 The Borrower shall apply all Net Proceeds promptly upon (and, in any event, with respect to Net Proceeds of the type described in clause (a) of the definition thereof, within three Business Days of and, with respect to Net Proceeds of the type described in clause (b) of the definition thereof, within one Business Day of) receipt thereof by the Borrower and/or any Restricted Subsidiary to prepay Loans made to the Borrower in accordance with paragraph (c) of Section 2.08; provided, that the Borrower may use a portion of such Net Proceeds to prepay or repurchase any other secured Indebtedness in the form of term loans that ranks pari passu to the Liens securing the Obligations and is otherwise subject to the terms of an Intercreditor Agreement (to the extent a mandatory prepayment or offer to prepay such Indebtedness is required under the applicable governing such Indebtedness), in each case in an amount not to exceed the product of (x) the amount of such Net Proceeds and (y) a fraction, the numerator of which is the outstanding principal amount of such other secured Indebtedness and the denominator of which is the aggregate outstanding principal amount of all Loans and all such other secured Indebtedness.

 

(c)                                  Within ten (10) Business Days after financial statements have been delivered (or were required to have been delivered) pursuant to Section 5.04(a) or 5.04(b) (commencing with the fiscal quarter ending March 31, 2019) and the related certificate has been delivered pursuant to Section 5.04(c), the Borrower shall prepay the Loans in accordance with paragraph (c) of Section 2.08 in an aggregate amount equal to (i) the Required Percentage of Excess Cash Flow, less (ii) (A) any voluntary prepayments of Loans during such Excess Cash Flow Period, and (B) any voluntary prepayment permitted hereunder of long-term Indebtedness of the Borrower or any Restricted Subsidiary (other than revolving loans or other revolving extensions of credit unless the related revolving commitments are permanently reduced), in each case of clause (A) and (B) with cash during such Excess Cash Flow Period to the extent not financed using the proceeds of the incurrence of long-term Indebtedness (such prepayment, the “Excess Cash Flow Prepayment”); provided, that the Borrower may use a portion of such Excess Cash Flow Prepayment to prepay or repurchase any other secured Indebtedness in the form of term loans that ranks pari passu to the Liens securing the Obligations and is otherwise subject to the terms of an Intercreditor Agreement (to the extent a mandatory prepayment or offer to prepay such Indebtedness is required under the applicable governing such Indebtedness), in each case in an amount not to exceed the product of (x) the amount of such Net Proceeds and (y) a fraction, the numerator of which is the outstanding principal amount of such other secured Indebtedness and the denominator of which is the aggregate outstanding principal amount of all Loans and all such other secured Indebtedness.  Notwithstanding anything to the contrary in this Section 2.09(c), the requirement to make an Excess

 

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Cash Flow Prepayment shall be suspended during the continuance of either of the following: (i) the Borrower obtaining and maintaining an Investment Grade Rating from two of S&P, Moody’s and Fitch, in each case with a stable or better outlook or (ii) the Term Loan Facility receiving and maintaining an Investment Grade Rating from two of S&P, Moody’s and Fitch, in each case with a stable or better outlook.

 

(d)                                 The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Loans required to be made by the Borrower pursuant to paragraph (b) or (c) of this Section 2.09 (i) to the extent such notice shall allow each Lender the option to reject such prepayment, at least five (5) Business Days prior to the date of such prepayment or (ii) to the extent such notice shall not allow the Lenders to reject such prepayment, at least one (1) Business Day prior to the date of such prepayment.  Each such notice shall specify the date of such prepayment, provide a reasonably detailed calculation of the amount of such prepayment and specify whether a Lender has the right to reject such mandatory prepayment. The Administrative Agent will promptly notify each Lender of the contents of the Borrower’s prepayment notice and of such Lender’s pro rata share of the prepayment.  If permitted by the Borrower notice set forth above, each Lender may reject all or a portion of its pro rata share of any mandatory prepayment (such declined amounts, the “Declined Proceeds”) of Loans required to be made pursuant to paragraph (b) or (c) of this Section 2.09 by providing written notice (each, a “Rejection Notice”) to the Administrative Agent and the Borrower no later than 5:00 p.m. (New York City time) three (3) Business Days after the date of such Lender’s receipt of notice from the Administrative Agent regarding such prepayment. Each Rejection Notice from a given Lender shall specify the principal amount of the mandatory prepayment of Loans to be rejected by such Lender. If a Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal amount of the Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Loans. Any Declined Proceeds shall be retained by the Borrower and shall increase the Cash Flow Available for Restricted Payments.

 

(e)                                  In the event that, prior to the date that is twelve (12) months after the Closing Date, the Borrower undertakes a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Lenders, (x) in the case of Repricing Transaction under clause (a) of the definition of a Repricing Transaction, a prepayment premium of 1.00% of the aggregate principal amount of the Loans voluntarily prepaid or refinanced, (y) in the case of a Repricing Amendment, a fee equal to 1.00% of the aggregate principal amount of the applicable Loans outstanding immediately prior to such amendment and (z) in the case of a Repricing Transaction occurring under clause (c) of the definition of Repricing Transaction, each Non-Consenting Lender being replaced shall be entitled to receive a fee equal to 1.00% of the aggregate principal amount of the Loans held by it as determined immediately prior to it being so replaced.

 

Section 2.10.                          Fees.

 

(a)                                 The Borrower agrees to pay to the Administrative Agent, for the account of the Administrative Agent, the administrative fee set forth in the Fee Letter at the times specified therein.

 

(b)                                 The Borrower agrees to pay to the Collateral Agent, for the account of the Collateral Agent, the fees set forth in the Fee Letter at the times specified therein.

 

(c)                                  All Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among the Lenders.  Once paid, none of the Fees shall be refundable under any circumstances.

 

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Section 2.11.                          Interest.  (a) The Borrower shall pay interest on the unpaid principal amount of each ABR Loan made to the Borrower at the Alternate Base Rate plus the Applicable Margin.

 

(b)                                 The Borrower shall pay interest on the unpaid principal amount of each Eurodollar Loan made to the Borrower at the Adjusted Eurodollar Rate for the Interest Period in effect for such Eurodollar Loan plus the Applicable Margin.

 

(c)                                  (i) Automatically, after the occurrence and during the continuance of an Event of Default described in Section 7.01(b), Section 7.01(c), Section 7.01(h) or Section 7.01(i) (after giving effect to any applicable cure periods) and (ii) after notice to the Borrower from the Administrative Agent acting at the direction of the Required Lenders, after the occurrence and during the continuance of any other Event of Default, if any principal of or interest on any Loan or any Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, the Borrower shall pay interest on such overdue amount, after as well as before judgment, at a rate per annum equal to (x) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.11 or (y) in the case of any other amount, 2.00% plus the rate applicable to ABR Loans in paragraph (a) of this Section 2.11; provided, that this paragraph (c) shall not apply to any Default or Event of Default that has been waived by the Lenders pursuant to Section 9.08.

 

(d)                                 Accrued interest on each Loan shall be payable by the Borrower in arrears (i) for Eurodollar Loans, at the end of each applicable Interest Period (or every 90 days in arrears for Interest Periods greater than 90 days) and (ii) for ABR Loans, on each Quarterly Payment Date and on the Term Loan Maturity Date, the Incremental Maturity Date or the Extended Maturity Date, as applicable; provided, that (x) interest accrued pursuant to paragraph (c) of this Section 2.11 shall be payable on demand, (y) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to its stated maturity), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (z) 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)                                  All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to this Section 2.11, and (i) if based on the Alternate Base Rate (including Alternate Base Rate as determined by reference to the Adjusted Eurodollar Rate), a year of 365 days or 366 days, as the case may be; or (ii) if based on the Eurodollar Rate, on the basis of a year of 360 days.

 

(f)                                   For the avoidance of doubt, interest shall be payable on the full amount of the Loans (without taking into account any netting of the OID Amount occurring on the Closing Date) in accordance with this Section 2.11.

 

Section 2.12.                          Alternate Rate of Interest.  If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

(a)                                 the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted Eurodollar Rate for such Interest Period; or

 

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

 

then the Administrative Agent shall give written notice thereof to the Borrower and the Lenders as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and such Borrowing shall be converted to an ABR Borrowing on the last day of the Interest Period applicable thereto, and (y) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

 

Section 2.13.                          Increased Costs.  (a) If any Change in Law shall:

 

(i)                                     impose, modify or deem applicable any reserve, special deposit, FDIC insurance 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 Eurodollar Rate);

 

(ii)                                  impose on any Lender or the London interbank market any other condition affecting this Agreement or Loans made by such Lender (including a condition similar to the events described in clause (i) above in the form of a cost or expense, but excluding any Taxes and Other Taxes); or

 

(iii)                               subject any Lender to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes,  (C) Connection Income Taxes, and (D) Other Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

 

(iv)                              and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan (or of maintaining its obligation to make any such Loan) to the Borrower or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise) (except for costs or reductions that are, or are attributable to, Indemnified Taxes, Other Taxes or Excluded Taxes) then, upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered in connection therewith (but only to the extent the applicable Lender is imposing such charges or additional amounts on other similarly situated borrowers under credit facilities comparable to the Term Loan Facility).

 

(b)                                 If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or any of the Loans made by such Lender or as a consequence of the Commitments to make any of the foregoing, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered in connection therewith (but only to the extent the applicable Lender is imposing such charges or additional amounts on other similarly situated borrowers under credit facilities comparable to the Term Loan Facility).

 

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(c)                                  A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section 2.13 shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)                                 Promptly after any Lender has determined that it will make a request for increased compensation pursuant to this Section 2.13, such Lender shall notify the Borrower thereof.  Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.13 shall not constitute a waiver of such Lender’s right to demand such compensation; provided, that the Borrower shall not be required to compensate a Lender pursuant to this Section 2.13 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

Section 2.14.                          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 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 the Borrower pursuant to Section 2.17, then, in any such event, the Borrower 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 be the 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 Eurodollar 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 a Eurodollar Loan, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in U.S. Dollars 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 2.14 shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

Section 2.15.                          Taxes.  (a) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free and clear of and without deduction for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the Administrative Agent or Lender, as applicable, receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

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(b)                                 In addition, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes payable on account of any obligation of such Loan Party and upon the execution, delivery or enforcement of, or otherwise with respect to, the Loan Documents.

 

(c)                                  The Loan Parties shall jointly and severally indemnify the Administrative Agent, the Collateral Agent, and each Lender, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes payable or paid by the Administrative Agent, the Collateral Agent, or such Lender, as applicable, or required to be withheld or deducted from a payment to the Administrative Agent, the Collateral Agent, or such Lender, as applicable, on or with respect to any payment by or on account of any obligation of such Loan Party under, or otherwise with respect to, any Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15(c)) and any 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; provided, that a certificate as to the amount of such payment or liability and setting forth in reasonable detail the basis and calculation for such payment or liability delivered to such Loan Party by a Lender or the Collateral Agent (with a copy to the Administrative Agent) or by the Administrative Agent on its own behalf or on behalf of a Lender or the Collateral Agent, shall be conclusive absent manifest error.

 

(d)                                 As soon as practicable after any payment of Taxes by a Loan Party to a Governmental Authority pursuant to this Section 2.15, such Loan Party 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)                                  (i) Any Lender (including, solely for purposes of this Section 2.15(e), each Agent) that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.15(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii)                                  Without limiting the generality of the foregoing,

 

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

 

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

 

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

 

(ii)                                  executed copies of IRS Form W-8ECI (or any applicable successor form);

 

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

 

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

 

(C)                               any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a

 

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reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

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

 

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

 

(f)                                   If the Administrative Agent, Collateral Agent or a Lender determines, in good faith and in its sole discretion, that it has received a refund of Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this Section 2.15, it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.15 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, Collateral Agent or such Lender (including any Taxes), as the case may be, as is determined by the Administrative Agent, Collateral Agent or such Lender, as the case may be, in good faith and in its sole discretion, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Loan Party, upon the request of the Administrative Agent, Collateral Agent or such Lender, as the case may be, agrees to repay as soon as reasonably practicable the amount paid over to such Loan Party pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, Collateral Agent or such Lender, as the case may be, in the event the Administrative Agent, Collateral Agent or such Lender, as the case may be, is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the Administrative Agent, Collateral Agent or any Lender be required to pay any amount to any Loan Party pursuant to this paragraph (f) the payment of which would place the Administrative Agent, Collateral Agent or Lender, as the case may be, in a less favorable net after-Tax position than the Administrative Agent or Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require the Administrative Agent, Collateral Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the Loan Parties or any other Person.

 

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(g)                                  Each party’s obligations under this Section 2.15 shall survive the resignation or replacement of the Administrative Agent or any assignment of right by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

(h)                                 For purposes of this Section 2.15, the term “applicable law” includes FATCA.

 

Section 2.16.                          Payments Generally; Pro Rata Treatment; Sharing of Set-offs.  (a) Unless otherwise specified, the Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or of amounts payable under Section 2.13, 2.14 or 2.15, or otherwise) prior to 2:00 p.m., New York City time, on the date when due, in immediately available funds, without condition or deduction for any defense, recoupment, 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.  Subject to Section 2.15(a), all such payments shall be made to the Administrative Agent to the applicable account designated to the Borrower by the Administrative Agent, except that payments pursuant to Sections 2.13, 2.14, 2.15(c) and 9.05 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 of principal or interest in respect of any Loan shall in each case be made in the currency in which such Loan was made.  All payments of other amounts due hereunder or under any other Loan Document shall be made in U.S. Dollars.  Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

 

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

 

(c)                                  If any Lender shall, by exercising any right of set-off or counterclaim, through the application of any proceeds of Collateral or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; 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 (c) shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in

 

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any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary of the Borrower (as to which this paragraph (c) shall apply).  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

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

 

(e)                                  If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(b) or 2.16(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

Section 2.17.                          Mitigation Obligations; Replacement of Lenders.  (a)  If (i) any Lender requests compensation under Section 2.13, (ii) any Loan Party is required to pay any Indemnified Taxes, Other Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, or (iii) any Lender is a Defaulting Lender, then such Lender shall (at the request of the Loan Party) 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 reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.13 or 2.15, as applicable, in the future and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material respect.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)                                 If any Lender requests compensation under Section 2.13, or if the Borrower is required to pay any Indemnified Taxes, Other Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, or if any Lender is a Defaulting Lender, or if any Lender is a Non-Extending Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that (i)  such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (ii) in the case of any such assignment resulting from a claim for compensation under Section 2.13 or

 

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payments required to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation or payments.  Nothing in this Section 2.17 shall be deemed to prejudice any rights that any Loan Party may have against any Lender that is a Defaulting Lender.

 

(c)                                  If any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 9.08 requires the consent of all of the Lenders affected and with respect to which the Required Lenders shall have granted their consent, then provided no Event of Default then exists, the Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans hereunder to one or more assignees reasonably acceptable (other than with respect to any assignee that is a Lender, an Affiliate of a Lender or an Approved Fund) to the Administrative Agent, provided, that, (i) all Obligations of the Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment and (ii) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon.  In connection with any such assignment the Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.04.  Each Lender agrees that if the Borrower exercises its option hereunder to cause an assignment by such Lender as a Non-Consenting Lender, such Lender shall, promptly after receipt of written notice of such election, execute and deliver all documentation necessary to effectuate such assignment in accordance with Section 9.04.  In the event that a Lender does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice, each Lender hereby authorizes and directs the Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance with Section 9.04 on behalf of a Non-Consenting Lender and any such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment pursuant to Section 9.04.

 

Section 2.18.                          Illegality.  If any Lender reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted after the Closing Date that it is unlawful, for any Lender or its applicable lending office to make or maintain any Eurodollar Loans, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligations of such Lender to make or continue Eurodollar Loans or to convert ABR Borrowings to Eurodollar Borrowings, as the case may be, shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), convert all such Eurodollar Borrowings of such Lender to ABR Borrowings on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain such Loans.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

Section 2.19.                          Increase in Commitments.

 

(a)                                 The Borrower may, any time or from time to time after the Closing Date by written notice to the Administrative Agent (an “Incremental Facility Request”) request the establishment of incremental or additional term loan facilities (each, an “Incremental Term Facility”, the commitments thereunder, the “Incremental Term Commitments” and the loans thereunder, the “Incremental Term Loans”).  Any such Incremental Term Facility may be implemented by increasing the amount of loans and commitments under the existing Term Loan Facility or by adding a new term loan facility to this Agreement. Subject to the terms and conditions set forth in this Section 2.19, the Incremental Term

 

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Facilities shall be funded on the relevant Increased Amount Date; provided, that no Incremental Term Facility shall be incurred on such date to the extent that the aggregate principal amount of such Incremental Term Facility when combined with the aggregate principal amount of all Incremental Term Facilities then outstanding exceeds (i) $150.0 million minus (ii) the aggregate commitments under any Revolving Credit Facility incurred pursuant Section 6.01(b) then in effect, plus (iii) the aggregate amount of any prepayments made on or prior to the Increased Amount Date pursuant to Section 2.09(a) (and any voluntary prepayments made in respect of an incremental term facility that is secured on a pari passu basis with the Loans and any permanent reductions in revolving commitments under any Revolving Credit Facility).

 

(b)                                 Each such Incremental Facility Request shall specify the date (an “Increased Amount Date”) on which the Borrower proposes that the Incremental Term Commitments and the date the Incremental Term Loans shall be made available, which shall be a date not less than five (5) Business Days after the date on which such notice is delivered to the Administrative Agent (or such lesser number of days as may be agreed to by the Administrative Agent in its sole discretion). The Borrower shall notify the Administrative Agent in writing of the identity of each Lender or other Person (each, an “Incremental Lender”) to whom the Incremental Term Commitments have been allocated, which allocation shall be made at the Borrower’s sole discretion. Any Lender approached to provide all or a portion of the Incremental Term Commitments may elect or decline, in its sole discretion, to provide an Incremental Term Commitment (it being understood that the Borrower has no obligation to approach any Lender, and no Lender is committing to provide any Incremental Term Commitment until such time as such Lender agrees in writing to provide all or a portion of the Incremental Term Commitment).

 

(c)                                  As of any Increased Amount Date:

 

(i)                                     no Default or Event of Default shall exist and be continuing or would immediately result from the incurrence of such Incremental Term Facility; provided, that solely with respect to any Incremental Term Facility incurred in connection with a Limited Condition Acquisition, no Default or Event of Default under Section 7.01(b), (c), (h) or (i) shall exist and be continuing at the time such Limited Condition Acquisition is consummated;

 

(ii)                                  the incurrence of any such Incremental Term Facility shall be in compliance with all obligations under the Margin Regulations;

 

(iii)                               the representations and warranties of the Borrower contained in Article III or any other Loan Document shall be true and correct in all material respects (provided, that, solely with respect to any Incremental Term Facility incurred in connection with a Limited Condition Acquisition, only the Specified Representations (conformed as necessary for such transaction) shall be required to be true and correct in all material respects) (provided, that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further, that, any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates); provided, that, in connection with a Limited Condition Acquisition, Incremental Lenders providing any Incremental Term Loans and the Required Lenders may waive the conditions in this clause (iii);

 

(iv)                              for any Incremental Term Facility that increases an existing tranche of the Loans, all terms thereof shall be on the same terms of such existing tranche of Loans, including with respect to maturity date and interest rates but excluding, unless any such difference in original

 

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issue discount or upfront fees would cause such Incremental Term Facility to not be fungible with the Loans, original issue discount or upfront fees, and pursuant to the same documentation (other than any amendment evidencing such Incremental Term Facility;

 

(v)                                 to the extent that such Incremental Term Loans are not made as part of the Term Loan Facility, the terms and provisions of such Incremental Term Loans shall be consistent with the Term Loan Facility, provided, that:

 

(A)                               the interest rates applicable to such Incremental Term Loans shall be as agreed between the Borrower and the applicable Incremental Lenders providing such Incremental Term Commitments;

 

(B)                               the final maturity date under any Incremental Term Facility shall not be earlier than the Final Maturity Date;

 

(C)                               the amortization requirements for any Incremental Term Facility shall be determined by the Borrower and the Incremental Lenders thereunder so long as the Weighted Average Life to Maturity applicable to any Incremental Term Facility shall be equal to or greater than the Weighted Average Life to Maturity of the Loans outstanding under the Term Loan Facility (without giving effect to any prepayments (other than amortization));

 

(D)                               the Incremental Term Facility shall rank pari passu or junior in right of payment and/or of security with the Term Loan Facility or may be unsecured (and, to the extent such Incremental Term Facility is secured on a pari passu basis such Incremental Term Facility shall be subject to the Intercreditor Agreement and to the extent such Incremental Term Facility is subordinated in right of payment or security, such Incremental Term Facility shall be subject to an intercreditor agreement the terms of which shall be reasonably satisfactory to the Administrative Agent and the Borrower);

 

(E)                                the Incremental Term Facility shall not be (x) incurred or guaranteed by any Person who is not, or will not then be a guarantor or (y) secured by any assets not constituting or which will not then constitute Collateral under the Loan Documents;

 

provided, that to the extent such terms and provisions described in Section 2.19(c)(v)(A)-(E) of the Incremental Term Facility are not consistent with the Term Loan Facility, the terms and provisions shall be reasonably satisfactory to the Administrative Agent unless such terms are (x) added for the benefit of all Lenders pursuant to an Incremental Amendment (as defined below) or (y) are only applicable to periods after the maturity date of the Term Loan Facility;

 

(vi)                              if the All-In Yield applicable to any Incremental Term Loans under any Incremental Term Facility shall be greater than 0.50% per annum higher than the corresponding All-In Yield on the Term Loan Facility as of the date of incurrence, then the All-In Yield applicable to the Term Loan Facility shall be increased to cause the then applicable All-In Yield for the Term Loan Facility to equal the All-In Yield then applicable to the Incremental Term Loans minus 0.50% per annum (this provision, the “MFN Protection”); and

 

(vii)                           the terms of such Incremental Term Commitments shall be effected pursuant to an amendment to this Agreement (an “Incremental Amendment”) executed and delivered by the

 

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Borrower, the Administrative Agent and one or more Incremental Lenders; provided, that (x) such Incremental Term Loans may participate in any mandatory prepayment under Section 2.10 hereof on a pro rata basis (or on a basis less than pro rata), but not on a basis that is greater than pro rata, (y) with respect to terms not addressed by this Section 2.19(c), if such terms (other than pricing terms) of the Incremental Term Commitments are not, taken as a whole, substantially consistent with the terms of the Term Loan Facility, such terms shall not be more restrictive, when taken as a whole, than the terms of the Term Loan Facility (except for terms applying after the Term Loan Maturity Date or the Extended Maturity Date, as applicable) and (z) no voluntary prepayments may be made with respect to such Incremental Term Loans prior to the Final Maturity Date unless the Loans are repaid concurrently on at least a pro rata basis.

 

(d)                                 On any Increased Amount Date on which any Incremental Term Commitment becomes effective or Incremental Term Loans are funded, subject to the foregoing terms and conditions, each Incremental Lender to the extent not already a Lender, shall become a Lender hereunder with respect to such Incremental Term Commitment or Incremental Term Loan; provided, that any Person that becomes an Incremental Lender that is not already a Lender hereunder shall be reasonably satisfactory to the Administrative Agent and the Borrower to the extent consent would be required under Section 9.04(b) for an assignment of Loans to such Incremental Lender.

 

(e)                                  For purposes of this Agreement, any Incremental Term Loans shall be deemed to be Loans.  Each Incremental Amendment may, without the consent of any Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.19.

 

Section 2.20.                          Extension of Maturity Date.

 

(a)                                 Notwithstanding anything to the contrary in the Loan Documents, the Borrower may from time to time, pursuant to the provisions of this Section 2.20, without the consent of the Administrative Agent or the Required Lenders, agree with one or more Lenders to extend the Term Loan Maturity Date or the Incremental Maturity Date, as applicable, then applicable to such Lender’s Loan, and otherwise modify the economic terms of any such Loans or any portion thereof (including, without limitation, but subject to Section 2.20(b) below, by modifying the interest rate, premiums or fees payable and/or the amortization schedule in respect of such Loans or any portion thereof (each such extension, an “Extension” and any Loans so modified, the “Extension Loans”) pursuant to one or more written offers (each an “Extension Offer”) made from time to time by the Borrower to all Lenders whose Loans have the same Term Loan Maturity Date or Incremental Maturity Date, as applicable, that is proposed to be extended under this Section 2.20, in each case on a pro rata basis (based on the relative principal amounts of the outstanding Loans of each such Lender holding such Loans) and on the same terms to each such Lender, which Extension Offer may be conditioned as determined by the Borrower and set forth in such offer. In connection with each Extension, the Borrower will provide notification to Administrative Agent (for distribution to the applicable Lenders), no later than 30 days (or such shorter period as Administrative Agent may agree) prior to the maturity of the applicable Loans to be extended of the requested new maturity date for the proposed Extension Loans (each an “Extended Maturity Date”) and no later than five Business Days prior to the due date for Lender responses. The Borrower and the Administrative Agent shall agree to such procedures, if any, as may be reasonably acceptable to the Administrative Agent and the Borrower to accomplish the purposes of this Section 2.20. In connection with any such Extension, each applicable Lender wishing to participate in such Extension shall, prior to the applicable due date therefor, provide the Administrative Agent with a written notice of its desire to so participate. Any Lender that does not respond to an Extension Offer (referred to herein as a “Non-Extending Lender”) by the applicable due date shall be deemed to have rejected such Extension.

 

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(b)                                 Each Extension shall be subject to the following:

 

(i)                                     no Event of Default shall have occurred and be continuing or would immediately result therefrom after giving effect to such Extension;

 

(ii)                                  except as to interest rates, fees, scheduled amortization, optional prepayment terms, premium, required prepayment dates, final maturity date (which shall, subject to clause (iii) below, be determined by the Borrower and set forth in the relevant Extension Offer) and covenants and other provisions applicable to periods after the Final Maturity Date of any non-Extension Loans, the Extension Loans of any Lender extended pursuant to any Extension shall have terms that are no more favorable in any material respect, taken as a whole, than the applicable Loans prior to the related Extension Offer; provided, that (x) such Extension Loans may participate in any mandatory prepayment under Section 2.10 hereof on a pro rata basis (or on a basis less than pro rata), but not on a basis that is more favorable than pro rata and (y) no voluntary prepayments may be made with respect to such Extension Loans prior to the Final Maturity Date unless the non-Extension Loans are repaid concurrently on at least a pro rata basis;

 

(iii)                               the final maturity date of the Extension Loans shall be later than the Final Maturity Date of the Loans that are not being so extended, and the Weighted Average Life to Maturity of the Extension Loans shall be no shorter than the Weighted Average Life to Maturity of the applicable Loans subject to an Extension Offer that are not so extended;

 

(iv)                              if the aggregate principal amount of Loans in respect of which Lenders shall have accepted an Extension Offer exceeds the maximum aggregate principal amount of Loans offered to be extended by the Borrower pursuant to the relevant Extension Offer, then such Loans shall be extended ratably up to such maximum amount based on the relative principal amounts thereof (not to exceed any Lender’s actual holdings of record) with respect to which such Lenders accepted such Extension Offer;

 

(v)                                 all documentation in respect of such Extension shall be consistent with the foregoing; and

 

(vi)                              any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower.

 

(c)                                  The consummation and effectiveness of any Extension will be subject to a condition set forth in the relevant Extension Offer (a “Minimum Extension Condition”) that a minimum amount (to be determined in the Borrower’s discretion and specified in the relevant Extension Offer, but in no event less than $25,000,000, unless another lesser amount is agreed to by the Administrative Agent) of Loans be tendered. For the avoidance of doubt, it is understood and agreed that the provisions of Section 2.16 will not apply to Extensions of Loans pursuant to Extension Offers made pursuant to and in accordance with the provisions of this Section 2.20, including to any payment of interest or fees in respect of any Loans that have been extended pursuant to an Extension at a rate or rates different from those paid or payable in respect of Loans not extended pursuant to such Extension Offer, in each case as is set forth in the relevant Extension Offer.

 

(d)                                 The Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments (collectively, “Extension Amendments”) to this Agreement and the other Loan Documents as may be necessary in order to establish new tranches of Loans created pursuant to an Extension (including without limitation to effectuate the payment of different rates and fees to be made to those

 

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Lenders who have agreed to extend the maturity date of their Loans), in each case on terms consistent with this Section 2.20, and any such Extension Amendments entered into with the Borrower by the Administrative Agent hereunder shall be binding on the Lenders. For the avoidance of doubt, no Extension Amendment shall modify in any respect any Loans of a Lender without the written consent of such Lender. All Extension Loans and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with the Obligations.

 

ARTICLE III
 REPRESENTATIONS AND WARRANTIES

 

The Borrower represents and warrants to each of the Agents and the Lenders, except as expressly provided below, with respect to itself and each Restricted Subsidiary, that:

 

Section 3.01.                          Organization; Powers.  Each of the Borrower and each of its Restricted Subsidiaries (a) is duly organized, validly existing and (if applicable) in good standing under the laws of the jurisdiction of its organization except for such failure to be in good standing which could not reasonably be expected to have a Material Adverse Effect, (b) has all requisite power and authority to own its property and assets material to the conduct of the business of the Borrower and its Restricted Subsidiaries and to carry on in all material respects its business as now conducted, (c) is qualified to do business in each jurisdiction where such qualification is required, except where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect and (d) has the power and authority to execute, deliver and perform its obligations under each of the Loan Documents.

 

Section 3.02.                          Authorization; No Conflicts.  The execution, delivery and performance by the Borrower and the Loan Parties of each of the Loan Documents to which it is a party, the borrowings hereunder and the Transactions to occur on the Closing Date (a) have been duly authorized by all necessary organizational action required to be obtained by the Borrower and the Loan Parties and (b) will not (i) violate any provision of (A) law, statute, rule or regulation or any applicable order of any court or any rule, regulation or order of any Governmental Authority, or (B) the certificate or articles of incorporation or other constitutive documents or by-laws of the Borrower or any of the Loan Parties or (C) any indenture, lease, agreement or other instrument to which the Borrower or any of the Loan Parties is a party or by which any of them or any of their respective property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation or acceleration of any right or obligation (including any payment) or to a loss of a material benefit under any such indenture, lease, agreement or other instrument, where any such conflict, violation, breach or default referred to in clause (i) or (ii) of this clause (b) could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Borrower or any of the Loan Parties, other than the Liens created or permitted by the Loan Documents.

 

Section 3.03.                          Enforceability.  This Agreement has been duly executed and delivered by the Borrower, and each Loan Document executed and delivered by each Loan Party that is party thereto constitutes, a legal, valid and binding obligation of such Loan Party enforceable against each such Loan Party in accordance with its terms, subject to (a) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other laws affecting creditors’ rights generally, (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (c) implied covenants of good faith and fair dealing.

 

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Section 3.04.                          Governmental Approvals.  No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the Transactions except for (a) filings by the Borrower with the SEC required pursuant to the Acquisition Agreements or the Limited Call Acquisition (b) the filing of UCC financing statements (or the filing of financing statements under any other local equivalent), (c) filings with the United States Patent and Trademark Office and the United States Copyright Office or, with respect to intellectual property which is the subject of registration or application for registration outside the United States, such applicable patent, trademark or copyright office or other intellectual property authority, (d) routine Tax filings, or (e) such consents, authorizations, filings or other actions that have either (i) been made or obtained and are in full force and effect or (ii) are listed on Schedule 3.04, and (iii) such actions, consents, approvals, registrations or filings the failure of which to be obtained or made could not reasonably be expected to have a Material Adverse Effect.

 

Section 3.05.                          Financial Statements.  There has heretofore been furnished (or are publicly available) to the Lenders the following (and the following representations and warranties are made with respect thereto):

 

(a)                                 the audited consolidated balance sheets as of December 31, 2017 and the related audited consolidated statements of operations, cash flows and owners’ equity of each of EQGP and EQM for the year ended December 31, 2017, were prepared in accordance with GAAP and fairly present the consolidated financial position of EQGP and EQM, respectively, as of the date thereof and its consolidated results of operations and cash flows for the period then ended;

 

(b)                                 the unaudited interim consolidated balance sheets of each of EQGP and EQM as of March 31, 2018, June 30, 2018 and September 30, 2018 and the related unaudited interim consolidated statements of operations and cash flows of each of EQGP and EQM for the fiscal quarters ended March 31, 2018, June 30, 2018 and September 30, 2018, were prepared in accordance with GAAP and fairly present the consolidated financial position of EQGP and EQM, respectively, as of the date thereof and its consolidated results of operations and cash flows for the periods then ended (subject to normal year-end adjustments);

 

(c)                                  each of the Pro Forma Balance Sheet and Pro Forma Income Statement as of September 30, 2018. Each such financial statement is based on reasonable good faith estimates and assumptions made by the management of the Borrower and fairly presents in all material respects the consolidated financial position of the Borrower as of the date thereof and its consolidated results of operations and cash flows for the periods then ended (subject to normal year-end adjustments).

 

Section 3.06.                          No Material Adverse Effect.  Since November 12, 2018, there has been no event or occurrence which has resulted in or would reasonably be expected to result in, individually or in the aggregate, any Material Adverse Effect.

 

Section 3.07.                          Title to Properties; Possession Under Leases.

 

(a)                                 The Borrower and each Restricted Subsidiary have good and valid title, in all material respects, to all Property necessary to the conduct of their business, taken as a whole, subject to Liens permitted pursuant to Section 6.02.

 

(b)                                 As of the Closing Date, the Borrower and each Restricted Subsidiary have no fee owned Real Properties or leasehold interests in any Real Property except as set forth on Schedule 3.07(b).

 

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(c)                                  Schedule 3.07(c) sets forth as of the Closing Date the name and jurisdiction of incorporation, formation or organization of each Restricted Subsidiary and, as to each such Restricted Subsidiary, the percentage of each class of Equity Interests owned by the Borrower or by any other Loan Party, indicating the ownership thereof.

 

(d)                                 As of the Closing Date, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Equity Interests of the Borrower or any of the other Loan Parties, except as set forth on Schedule 3.07(d) or pursuant to the Rights Plan.

 

Section 3.08.                          Litigation; Compliance with Laws.  (a) Except as set forth on Schedule 3.08(a), there are no actions, suits, investigations or proceedings at law or in equity or by or on behalf of any Governmental Authority or in arbitration now pending against, or, to the knowledge of the Borrower, threatened in writing against or affecting, the Borrower, the Restricted Subsidiaries or any business, property or rights of any such Person which are reasonably be expected to be adversely determined (i) as of the Closing Date, that involve any Loan Document or the Transactions or (ii) which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.  Neither the Borrower nor, to the knowledge of the Borrower or any Loan Party, any of its Affiliates is in material violation of any laws relating to terrorism or money laundering, including Executive Order No. 13224 on Terrorist Financing, effective September 23, 2001, and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (signed into law on October 26, 2001) (the “U.S.A. PATRIOT Act”).  None of the Loan Parties, the Borrower or any of the Borrower’s Subsidiaries or, to the knowledge of the Borrower or any Loan Party, any director or officer of the Borrower or any of its Subsidiaries, is subject of Sanctions.   The Loan Parties and the Subsidiaries thereof and their respective directors and officers, and to the knowledge of the Loan Parties, their employees and agents (in their respective capacities as agents for the Loan Parties and the Subsidiaries) are in compliance with Sanctions and applicable Anti-Corruption Laws in all material respects.  The Borrower and each Loan Parties have implemented and maintain in effect policies and procedures designed to ensure compliance by the Loan Parties and the Subsidiaries thereof and their respective directors, officers, employees, agents (in their respective capacities as agents for the Loan Parties and the Subsidiaries) and controlled Affiliates with applicable Anti-Corruption Laws and applicable Sanctions.

 

(b)                                 (i) None of the Borrower, the Restricted Subsidiaries or their respective properties or assets is in violation of (nor will the continued operation of their material properties and assets as currently conducted violate) any currently applicable law, rule or regulation any Governmental Authority, where such violation could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (ii) the Borrower and each Restricted Subsidiary holds all permits, licenses, registrations, certificates, approvals, consents, clearances and other authorizations from any Governmental Authority required under any currently applicable law, rule or regulation for the operation of its business as presently conducted, except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 3.09.                          Federal Reserve Regulations.  (a)  Neither the Borrower nor any Restricted Subsidiary is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock.

 

(b)                                 The commitment to make, and the making of, the Loans and the granting and maintaining of the security interest in connection with the obligations created thereby, will not, whether directly or indirectly, and whether immediately, incidentally or ultimately, be a violation of the regulations of the

 

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Board, including the Margin Regulations. Concurrently with the making of any Loan hereunder, the Borrower has furnished to the Collateral Agent and each Lender a purpose statement in conformity with the requirements of Form FR G-3 or Form FR U-1, as applicable, referred to in the Margin Regulations.

 

Section 3.10.                          Investment Company Act.  Neither the Borrower nor any Restricted Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.

 

Section 3.11.                          Use of Proceeds.  The Borrower will use the proceeds of the Loans solely (a) to fund the Acquisition, the Limited Call Acquisition and the transactions related thereto, (b) to pay transaction costs and expenses incurred in connection therewith and with the other Transactions and (c) for other general corporate purposes (other than restricted payments), in each case not in violation of Sanctions or Anti-Corruption Laws.

 

Section 3.12.                          Tax Returns.  Except as set forth on Schedule 3.12, the Borrower and each Restricted Subsidiary (i) has filed or caused to be filed all federal, state, local and non-U.S. Tax returns required to have been filed by it and (ii) has paid or caused to be paid all Taxes due and payable by it, except in each case referred to in clauses (i) or (ii) above, to the extent (1) failure to comply would not cause a Material Adverse Effect or (2) the Taxes or assessments are being contested in good faith by appropriate proceedings and the Borrower or any of its Subsidiaries (as the case may be) has set aside on its books adequate reserves for such Taxes or assessments in accordance with GAAP.

 

Section 3.13.                          No Material Misstatements.  (a) All written information (other than the Projections, estimates and information of a general economic or industry specific nature) (the “Information”) concerning the Borrower and its Subsidiaries and the Transactions included in the Lender Presentation or Confidential Information Memorandum or otherwise prepared by or on behalf of the Borrower (at the Borrower’s direction) and provided to the Administrative Agent by or on behalf of the Borrower (at the Borrower’s direction) in connection with the Transactions, when taken as a whole, was true and correct in all material respects, as of the date such Information was furnished to the Administrative Agent, and, when taken as a whole, did not contain any untrue statement of a material fact as of any such date or omit to state any material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made, after giving effect to any supplement thereto provided by or on behalf of the Borrower (at the Borrower’s direction).

 

(b)                                 The Projections prepared by or on behalf of the Borrower or any of its representatives and that have been made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions contemplated hereby have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable as of the date such Projections were furnished to the Administrative Agent.

 

(c)                                  As of the Closing Date, the information included in the Beneficial Ownership Certification provided prior to the Closing Date to any Lender in connection with this Agreement is true and correct in all material respects.

 

Section 3.14.                          Employee Benefit Plans.  (a) Each Plan has been administered in compliance with the applicable provisions of ERISA and the Code (and the regulations and published interpretations thereunder) except for such noncompliance that could not reasonably be expected to have a Material Adverse Effect.  As of the Closing Date, the excess of the present value of all benefit liabilities under each Plan of the Borrower, and each Subsidiary of the Borrower and the ERISA Affiliates (based on those

 

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assumptions used to fund such Plan), as of the last annual valuation date applicable thereto for which a valuation is available, over the value of the assets of such Plan could not reasonably be expected to have a Material Adverse Effect, and the excess of the present value of all benefit liabilities of all underfunded Plans (based on those assumptions used to fund each such Plan) as of the last annual valuation dates applicable thereto for which valuations are available, over the value of the assets of all such underfunded Plans could not reasonably be expected to have a Material Adverse Effect.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other ERISA Events which have occurred or for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.

 

(b)                                 Any foreign pension schemes sponsored or maintained by the Borrower and each of its Subsidiaries, if any, are maintained in accordance with the requirements of applicable foreign law, except where noncompliance could not reasonably be expected to have a Material Adverse Effect.

 

Section 3.15.                          Solvency.  (a)  On the Closing Date immediately after giving effect to the Transactions to occur on the Closing Date: (i) the fair value of the assets of the Borrower and its Restricted Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of the Borrower and its Restricted Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Borrower and its Restricted Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured; and (iv) the Borrower and its Restricted Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital.  For purposes of this Section 3.15, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability.

 

Section 3.16.                          Labor Matters.  There are no strikes pending or threatened against the Borrower or any Restricted Subsidiary that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  The hours worked and payments made to employees of the Borrower and the Restricted Subsidiaries have not been in violation in any material respect of the Fair Labor Standards Act or any other applicable law dealing with such matters.  All material payments due from the Borrower or any Restricted Subsidiary or for which any claim may be made against the Borrower or any Restricted Subsidiary, on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of the Borrower or any Restricted Subsidiary to the extent required by GAAP.  Consummation of the Transactions will not give rise to a right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which the Borrower or any Restricted Subsidiary (or any predecessor) is a party or by which the Borrower or any Restricted Subsidiary (or any predecessor) is bound, other than collective bargaining agreements that, individually or in the aggregate, are not material to the Borrower and the Restricted Subsidiaries, taken as a whole.

 

Section 3.17.                          Insurance.  The Borrower and its Restricted Subsidiaries have the insurance required to be maintained them in accordance with Section 5.02.

 

Section 3.18.                          Status as Senior Debt; Perfection of Security Interests.  The Obligations shall rank pari passu in right of payment with any other senior Indebtedness or securities of the Borrower and shall constitute senior indebtedness of the Borrower under and as defined in any documentation documenting any junior Indebtedness of the Borrower.  Each Collateral Agreement delivered pursuant to

 

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Section 4.01 and 5.10 will, upon execution and delivery thereof, be effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof, subject to (a) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other laws affecting creditors’ rights generally, (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (c) implied covenants of good faith and fair dealing.  In the case of the Pledged Collateral described in the Collateral Agreement, when stock certificates representing such Pledged Collateral are delivered to the Collateral Agent, and in the case of the other Collateral described in the Collateral Agreement, when financing statements and other filings specified therein in appropriate form are filed in the offices specified therein, the Lien created by the Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof to the extent perfection can be obtained by filing financing statements, making such other filings specified therein or by possession, as security for the Obligations of such Loan Party.

 

Section 3.19.                          Material Non-Public Information.  As of the Closing Date, none of the Borrower or any Restricted Subsidiary is in possession of Material Non-Public Information with respect to EQGP or EQM (or any of their respective Subsidiaries) that could have a Material Adverse Effect on the market value of the EQGP Units or the EQM Units.

 

ARTICLE IV
 CONDITIONS TO THE LOANS

 

Section 4.01.                          Loans.  The obligations of the Lenders to make Loans on the Closing Date are subject to the satisfaction (or waiver thereof in accordance with Section 9.08) of the following conditions:

 

(a)                                 The Administrative Agent (or its counsel) shall have received from each party hereto either (a) a counterpart of this Agreement signed on behalf of such party or (b) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission, or electronic transmission of a PDF copy, of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

 

(b)                                 The Administrative Agent shall have received, on behalf of itself, the Collateral Agent, and the Lenders on the Closing Date, a customary written opinion of (x) Baker Botts LLP, special counsel for the Loan Parties and (y) McGuireWoods LLP, Pennsylvania counsel for the Loan Parties, in each case, in form and substance reasonably satisfactory to the Administrative Agent and dated the Closing Date.

 

(c)                                  The Administrative Agent shall have received each of the following:

 

(i)                                     a copy of the certificate or articles of incorporation, partnership agreement or limited liability agreement, including all amendments thereto, or other relevant constitutional documents under applicable law of each Loan Party, (A) in the case of a corporation, certified as of a recent date by the Secretary of State (or other similar official) and a certificate as to the good standing (to the extent such concept or a similar concept exists under the laws of such jurisdiction) of each such Loan Party as of a recent date from such Secretary of State (or other similar official) or (B) in the case of a partnership of or limited liability company, certified by the Secretary or Assistant Secretary, or the general partner, managing member or sole member, of each such Loan Party; and

 

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(ii)                                  a certificate of the Secretary, Assistant Secretary, Director, Vice President, President or similar officer, or the general partner, managing member or sole member, of each Loan Party, in each case dated the Closing Date and certifying:

 

(A)                               that attached thereto is a true and complete copy of the by-laws (or partnership agreement, memorandum and articles of association, limited liability company agreement or other equivalent governing documents) of such Loan Party as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (B) below,

 

(B)                               that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or equivalent governing body) of such Loan Party (or its managing general partner or managing member) authorizing the execution, delivery and performance of the Loan Documents to which such Person is a party and, in the case of the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Closing Date,

 

(C)                               that the certificate or articles of incorporation, partnership agreement or limited liability agreement of such Loan Party has not been amended since the date of the last amendment thereto disclosed pursuant to clause (i) above, and

 

(D)                               as to the incumbency and specimen signature of each officer or director executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party.

 

(d)                                 The Administrative Agent shall have received a Borrowing Request as required by Section 2.03.

 

(e)                                  Except as set forth in Section 5.15, the Collateral and Guarantee Requirement shall have been satisfied and the Administrative Agent shall have received a completed Perfection Certificate dated the Closing Date and signed by a Responsible Officer of the Borrower, together with all attachments contemplated thereby.

 

(f)                                   The Lead Arrangers shall have received (a) a customary pro forma consolidated balance sheet of the Borrower as of September 30, 2018 (the “Pro Forma Balance Sheet”) and (b) a customary pro forma income statement of the Borrower as of September 30, 2018 (the “Pro Forma Income Statement”), in each case, in form reasonably acceptable to the Lead Arrangers and prepared after giving effect to the Transactions and such other adjustments as agreed between the Borrower and the Lead Arrangers as if such transactions or adjustments had occurred as of such date.

 

(g)                                  The Acquisition shall have been consummated, or shall be consummated substantially concurrently with the Borrowings under the Term Loan Facility on the Closing Date, in accordance with the Acquisition Agreements, without amendment, modification or waiver thereof that is materially adverse to the Lenders (in their capacity as such) without the consent of the Lead Arrangers (not to be unreasonably withheld, delayed, denied or conditioned), provided, that any reduction in the purchase price shall not be deemed to be materially adverse to the Lenders.

 

(h)                                 The Specified Representations shall be true and correct in all material respects on the Closing Date (unless such representations relate to an earlier date, in which case, such representations shall have been true and correct in all material respects as of such earlier date); provided, that, any such

 

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Specified Representations which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects.

 

(i)                                     The Administrative Agent shall have received a solvency certificate substantially in the form of Exhibit E and signed by the chief financial officer or another Responsible Officer of the Borrower confirming the solvency of the Borrower and its Restricted Subsidiaries on a consolidated basis after giving effect to the Acquisition.

 

(j)                                    Since November 12, 2018, there has been no Material Adverse Effect that is continuing to occur.

 

(k)                                 The Administrative Agent and the Lead Arrangers shall have received all fees and other amounts previously agreed in writing by the Administrative Agent, the Lead Arrangers, the other Agents and the Borrower to be due and payable on or prior to the Closing Date, including, to the extent invoiced to the Borrower at least three (3) Business Days prior to the Closing Date, reimbursement or payment of all reasonable and documented out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party under any Loan Document.

 

(l)                                     The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower as to the matters set forth in clauses (g), (h) and (j) of this Section 4.01.

 

(m)                             The Administrative Agent and the Lead Arrangers shall have received all documentation and other information required by regulatory authorities with respect to the Borrower and the other Loan Parties under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the U.S. PATRIOT Act, that has been reasonably requested by the Administrative Agent at least 10 days in advance of the Closing Date.

 

(n)                                 To the extent the Borrower or any Guarantor qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least three (3) Business Days prior to the Closing Date, each Lead Arranger and each Lender that has requested in a written notice to the Borrower and each applicable Guarantor at least 10 days prior to the Closing Date, shall have received a Beneficial Ownership Certification in the relation to the Borrower and each applicable Guarantor.

 

(o)                                 The Collateral Agent shall have received a purpose statement in conformity with the requirements of Form FR G-3 or Form FR U-1, as applicable, referred to in the Margin Regulations.

 

(p)                                 The Administrative Agent shall have received prior to, or substantially concurrently with, the Acquisition, (i) an executed copy of an amendment to the Existing Revolving Credit Agreement in form and substance reasonably satisfactory to the Administrative Agent which permits the Term Loan Facility and the Transactions and (ii) an executed copy of the Intercreditor Agreement, executed by PNC Bank, National Association, as administrative agent for the Existing Revolving Credit Agreement, the Administrative Agent, Borrower and the Guarantors.

 

(q)                                 The Administrative Agent shall have received the results of a recent search of all effective UCC financing statements (or equivalent filings) made with respect to any personal property of any Loan Party in the appropriate jurisdictions.

 

Notwithstanding anything to the contrary in this Section 4.01 or in any Security Document, to the extent any security interest in any Collateral (including the creation or perfection of any security interest)

 

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is not or cannot reasonably be created and/or perfected on the Closing Date (other than any Lien on Collateral that may be perfected solely (A) by the filing of a financing statement under the UCC or (B) by the delivery of stock certificates of the Borrower and the other Loan Parties (to the extent required to be delivered pursuant to the Collateral Agreement)) is not or cannot be provided and/or perfected on the Closing Date after the Borrower’s use of commercially reasonable efforts to do so without undue burden or expense, then the provision and/or perfection of security interests in such Collateral shall not constitute conditions precedent to the effectiveness of, and initial Borrowing under, this Agreement on the Closing Date, but instead shall be required to be delivered, provided, and/or perfected (subject to extensions approved by the Administrative Agent in its reasonable discretion) within ninety (90) days following the Closing Date pursuant to reasonably satisfactory arrangements to be mutually agreed upon.

 

For purposes of determining compliance with the conditions specified in this Section 4.01, each Lender shall be deemed to have consented to, approved, accepted or be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such Lender prior to the Borrowing on the Closing Date specifying its objection thereto and such Lender shall not have made available to the Administrative Agent such Lender’s ratable portion of such Borrowing.

 

ARTICLE V
 AFFIRMATIVE COVENANTS

 

From and after the Closing Date, the Borrower covenants and agrees with each Lender that so long as the Payment in Full has not occurred, unless the Required Lenders shall otherwise consent in writing, the Borrower will, and will cause each Restricted Subsidiary to:

 

Section 5.01.                          Existence; Businesses and Properties.  (a)  Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise permitted under Section 6.05 and except to the extent (other than with respect to the preservation of the existence of the Borrower) that the failure to do so would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(b)                                 Do or cause to be done all things necessary to (i) in the Borrower’s reasonable business judgment, obtain, preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents, trademarks, service marks, trade names, copyrights, licenses and rights with respect thereto necessary to the normal conduct of its business, and (ii)  maintain all material property useful and necessary in its business in good working order and condition (subject to casualty, condemnation and ordinary wear and tear) (in each case except as expressly permitted by this Agreement); in each case in this paragraph (b) except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

Section 5.02.                          Insurance.Maintain (either in the name of the Borrower or in such Restricted Subsidiary’s own name) with financially sound and responsible insurance companies, insurance with respect to their respective properties and business in at least such amounts, against at least such risks and with such risk retention as are customarily maintained, insured against or retained, as the case may be, by companies of established repute engaged in the same or a similar business, to the extent available at the time in question on commercially reasonable terms; and will furnish to the Lenders, upon request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried.

 

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Section 5.03.                          Taxes; Payment of Obligations.  Pay and discharge when due all material Taxes imposed upon it or its property, before the same shall become delinquent or in default, as well as all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon such properties or any part thereof; provided, however, that such payment and discharge shall not be required with respect to any such Tax, assessment, charge, levy or claim to the extent (i) the validity or amount thereof shall be contested in good faith by appropriate proceedings, and the Borrower or the applicable Restricted Subsidiary, as applicable, shall have set aside on its books reserves in accordance with GAAP with respect thereto or (ii) the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

Section 5.04.                          Financial Statements, Reports, Etc.  Furnish to the Administrative Agent (which will promptly furnish such information to the Lenders):

 

(a)                                 within 90 days after the end of each fiscal year starting with the fiscal year ended December 31, 2018, the consolidated and consolidating balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated and consolidating statements of operations, cash flows and changes in equity for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, which consolidated financial statements shall be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing selected by the Borrower, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit (other than resulting from (x) impending maturity of any Indebtedness and/or (y) any prospective breach of the Financial Performance Covenant);

 

(b)                                 within 45 days after the end of each of the first three fiscal quarters of each fiscal year, starting with the fiscal quarter ended March 31, 2019, the consolidated and consolidating balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated and consolidating statements of operations and cash flows for such quarter and for the portion of the Borrower’s fiscal year ended at the end of such quarter, setting forth in the case of such statements of operations and cash flows, in comparative form the figures for the corresponding quarter and the corresponding portion of the Borrower’s previous fiscal year, all certified (subject to normal year-end adjustments and the absence of footnotes) as to fairness of presentation, conformity to GAAP and consistency by the chief financial officer or the chief accounting officer of the Borrower;

 

(c)                                  (x) concurrently with any delivery of financial statements under (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth the amount, if any, of Excess Cash Flow for such Excess Cash Flow Period and the calculation thereof in reasonable detail and (iii) setting forth compliance with the Financial Performance Covenant;

 

(d)                                 upon the reasonable request of the Administrative Agent (but not more often than annually), an updated Perfection Certificate (or, to the extent such request relates to specified information contained in the Perfection Certificate, such information) reflecting all changes since the date of the information most recently received pursuant to this paragraph (d);

 

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(e)                                  promptly, from time to time, such other information regarding the operations, business affairs and financial condition of the Borrower or any Restricted Subsidiary, as in each case the Administrative Agent may reasonably request (for itself or on behalf of any Lender); and

 

(f)                                   promptly upon request by the Administrative Agent, copies of:  (i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed with the IRS with respect to a Plan; (ii) the most recent actuarial valuation report for any Plan; (iii) all notices received from a Multiemployer Plan sponsor or a Plan sponsor or any governmental agency concerning an ERISA Event; and (iv) such other documents or governmental reports or filings relating to any Plan or Multiemployer Plan as the Administrative Agent shall reasonably request.

 

Documents required to be delivered pursuant to this Section 5.04 (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) (A) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website at www.equitransmidstream.com; or (B) on which such documents are posted on the Borrower’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent), and (ii) on which the Borrower notifies (which may be by facsimile or electronic mail) the Administrative Agent and each Lender of the posting of any such documents; provided, that the Borrower shall deliver paper copies or soft copies (by electronic mail) of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies or soft copies.  Information required to be delivered pursuant to this Section 5.04 may also be delivered by facsimile or electronic mail pursuant to procedures approved by the Administrative Agent.  Except for certificates required by Section 5.04(c), the Administrative Agent shall have no obligation to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any request for delivery of such documents, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

Section 5.05.                          Litigation and Other Notices.  Furnish to the Administrative Agent written notice of the following promptly after any Responsible Officer of the Borrower or any Loan Party obtains actual knowledge thereof:

 

(a)                                 any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with respect thereto;

 

(b)                                 the filing or commencement of, or any written threat or written notice of intention of any Person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against the Borrower or any Restricted Subsidiary as to which an adverse determination is reasonably probable and which, if adversely determined, could reasonably be expected to have a Material Adverse Effect;

 

(c)                                  any other development specific to the Borrower or any Restricted Subsidiary that is not a matter of general public knowledge and that has had, or could reasonably be expected to have, a Material Adverse Effect; and

 

(d)                                 the occurrence of any ERISA Event, that together with all other ERISA Events that have occurred, could reasonably be expected to have a Material Adverse Effect.

 

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Section 5.06.                          Compliance with Laws.  Comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (owned or leased), except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; provided, that this Section 5.06 shall not apply to Environmental Laws, which are the subject of Section 5.09, or to laws related to Taxes, which are the subject of Section 5.03.

 

Section 5.07.                          Maintaining Records; Access to Properties and Inspections.  Maintain all financial records in accordance with GAAP and permit the Administrative Agent (or any Person designated thereby) at its own expense or, upon the occurrence and during the continuance of an Event of Default, any Lender to visit and inspect the financial records and the properties of the Borrower or any Restricted Subsidiary at reasonable times, upon reasonable prior notice to the Borrower, and as often as reasonably requested and to make extracts from and copies of such financial records, and permit the Administrative Agent (or any Person designated thereby) at its own expense or, upon the occurrence and during the continuance of an Event of Default, any Lender upon reasonable prior notice to the Borrower to discuss the affairs, finances and condition of the Borrower or any Restricted Subsidiary with the officers thereof, or the general partner, managing member or sole member thereof, and independent accountants therefor (subject to reasonable requirements of confidentiality, including requirements imposed by law or by contract); provided, that the Administrative Agent shall not exercise such rights more often than one time during any calendar year absent the existence of an Event of Default; provided, further, that (a) when an Event of Default exists, the Administrative Agent or any Lender may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice and (b) the Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in any discussions with independent accountants.

 

Section 5.08.                          Use of Proceeds.  Use the proceeds of the Loans solely for the purposes described in Section 3.11.  Concurrently with the making of any Loan hereunder, the Borrower will furnish to the Collateral Agent and each Lender a purpose statement in conformity with the requirements of Form FR G-3 or Form FR U-1, as applicable, referred to in the Margin Regulations.

 

Section 5.09.                          Compliance with Environmental Laws.  Comply, and make commercially reasonable efforts to cause all lessees and other Persons occupying its properties to comply, with all Environmental Laws applicable to its business, operations and properties; obtain and maintain in full force and effect all material authorizations, registrations, licenses and permits required pursuant to Environmental Law for its business, operations and properties; and perform any investigation, remedial action or cleanup required pursuant to the Release of any Hazardous Substances as required pursuant to Environmental Laws, except, in each case with respect to this Section 5.09, to the extent the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 5.10.                          Further Assurances.  Execute any and all further documents, financing statements, agreements (including, without limitation, Control Agreements) and instruments, and take all such further actions (including the filing and recording of financing statements, and other documents and recordings of Liens, as applicable) that the Administrative Agent or the Collateral Agent may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the applicable Loan Parties, and provide to the Administrative Agent or the Collateral Agent, from time to time upon reasonable request evidence reasonably satisfactory to the Administrative Agent or the Collateral Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents.

 

Section 5.11.                          Fiscal Year.  Cause the Borrower’s fiscal year to end on December 31; provided, however, that the Borrower may, upon written notice to the Administrative Agent, change its fiscal year

 

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to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year.

 

Section 5.12.                          Credit Ratings.  Use its commercially reasonable efforts to maintain a public credit rating by S&P and Moody’s (but, in each case, not any specific rating) with respect to the Term Loan Facility and the Borrower.

 

Section 5.13.                          Lender Meetings.  To the extent that no public investor calls are held by the Borrower or any Public Subsidiary in connection with an applicable fiscal quarter, the Borrower will participate in a conference call with the Administrative Agent and the Lenders once during each fiscal quarter within 30 days after the delivery of the financial statements required to be delivered pursuant to Sections 5.04(a) and (b), during which the financial condition of the Borrower and its Subsidiaries shall be discussed.

 

Section 5.14.                          Subsidiary Designation.

 

(a)                                 Unless designated as an Unrestricted Subsidiary in accordance with Section 5.14(b), any Person that becomes a Subsidiary of the Borrower or any of its Restricted Subsidiaries shall be classified as a Restricted Subsidiary.

 

(b)                                 The Borrower may at any time designate any Restricted Subsidiary of the Borrower (other than (i) EQGP (at any time prior to a Permitted EQGP Dropdown), (ii) EQGP GP or (iii) any other Public Subsidiary Parent), including a newly formed or newly acquired Person that would otherwise be a Restricted Subsidiary of the Borrower, as an Unrestricted Subsidiary; provided (i) immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing, (ii) immediately after giving effect to such designation, the Borrower shall be in compliance, on a Pro Forma Basis, with the Financial Performance Covenant, and, as a condition precedent to the effectiveness of any such designation, the Borrower shall deliver to the Administrative Agent a certificate setting forth in reasonable detail the calculations demonstrating such compliance and (iii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a “Restricted Subsidiary” (or equivalent term) for the purpose of any Revolving Credit Facility or any Material Indebtedness. The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value of the Borrower’s or its Restricted Subsidiary’s (as applicable) Investment therein and shall be permitted to the extent such Investment would have been permissible hereunder.

 

(c)                                  The Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary if after giving effect to such designation, (i) the representations and warranties of the Loan Parties contained in each of the Loan Documents are true and correct in all material respects (provided, that if a representation and warranty is qualified by materiality or Material Adverse Effect, then it shall be true and correct in all respects) on and as of such date as if made on and as of the date of such re-designation (or, if stated to have been made expressly as of an earlier date, were true and correct in all material respects as of such date), (ii) no Default or Event of Default would exist and (iii) the Borrower complies with the Collateral and Guarantee Requirement. The designation of an Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the Borrower or Restricted Subsidiary in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value at the date of such designation of the Borrower’s or its Subsidiary’s (as applicable) Investment in such Subsidiary.

 

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Section 5.15.                          Post-Closing Obligations.

 

(a)                                 As promptly as practicable, and in any event within the time periods after the Closing Date specified in Schedule 5.15 or such later date as the Administrative Agent agrees to in writing, including to reasonably accommodate circumstances unforeseen on the Closing Date, the Borrower and each other Loan Party shall deliver the documents or take the actions specified on Schedule 5.15 that would have been required to be delivered or taken on the Closing Date, in each case except to the extent otherwise agreed by the Administrative Agent.

 

ARTICLE VI
 NEGATIVE COVENANTS

 

The Borrower covenants and agrees with each Lender that until the occurrence of the Payment in Full, unless the Required Lenders shall otherwise consent in writing, the Borrower will not, and will not permit its Restricted Subsidiaries to:

 

Section 6.01.                          Indebtedness.  Incur, create, assume or permit to exist any Indebtedness, except:

 

(a)                                 Indebtedness created hereunder and under the other Loan Documents including any Incremental Term Facility and, in each case, Permitted Refinancing Indebtedness in respect thereof;

 

(b)                                 Indebtedness in respect of any Revolving Credit Facility in an aggregate principal amount not to exceed $200 million at any time outstanding (plus, to the extent any such Revolving Credit Facility is entered into as Permitted Refinancing Indebtedness, the amount of any accrued and unpaid interest, premiums, fees and expenses in respect of the outstanding principal amount immediately prior to the incurrence of such Permitted Refinancing Indebtedness, and the amount of any reasonable fees and expenses incurred in connection with such Permitted Refinancing Indebtedness) at any time outstanding;

 

(c)                                  Current liabilities of the Borrower or its Restricted Subsidiaries incurred in the ordinary course of business that is extended in connection with the normal purchases of goods and service;

 

(d)                                 Indebtedness of any Person that becomes a Restricted Subsidiary of the Borrower, to the extent such Indebtedness is outstanding at the time such Person becomes a Restricted Subsidiary of the Borrower and was not incurred in contemplation thereof, and Indebtedness assumed by the Borrower or any Restricted Subsidiary in connection with its acquisition (whether by merger, consolidation, acquisition of all or substantially all of the assets or acquisition that results in the ownership of greater than fifty percent (50%) of the Qualified Capital Stock of a Person) of another Person and, in each case, Permitted Refinancing Indebtedness in respect thereof; provided, that, at the time of and immediately after giving effect to the incurrence or assumption of such Indebtedness or Permitted Refinancing Indebtedness and the application of the proceeds thereof, as the case may be, the aggregate principal amount of all such Indebtedness, and of all Indebtedness previously incurred or assumed pursuant to this Section 6.01(d), and then outstanding, shall not exceed 50% of Consolidated EBITDA for the period of four full consecutive fiscal quarters of the Borrower and its Restricted Subsidiaries (and such Person on a pro forma basis) then most recently ended;

 

(e)                                  Indebtedness in the form of claims for labor, materials and supplies to the extent that payment therefor shall not be past due;

 

(f)                                   all reimbursement obligations of such Person arising under undrawn letters of credit (including standby and commercial);

 

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(g)                                  Indebtedness solely resulting from a pledge of the membership interests or other equity interests in an Unrestricted Subsidiary (other than EQM or any of its Subsidiaries) owned by the Borrower or a Restricted Subsidiary securing indebtedness of such Unrestricted Subsidiary;

 

(h)                                 other Indebtedness of the Borrower so long as, (i) no Default or Event of Default exists at the time such Indebtedness is incurred, (ii) such Indebtedness shall not mature and no regularly scheduled payments of principal shall be required to be made thereon, in each case, prior to the date that is 91 days after the then Final Maturity Date, and (iii) immediately after giving effect to the incurrence of such Indebtedness and the use of proceeds thereof, and the Borrower would be in pro forma compliance with the Financial Performance Covenant;

 

(i)                                     other Indebtedness of the Borrower not otherwise permitted by this Section 6.01 in an aggregate principal amount outstanding not to exceed $50.0 million at any time outstanding;

 

(j)                                    intercompany Indebtedness owed (i) by any Loan Party to another Loan Party, (ii) by a Loan Party to a non-Loan Party Restricted Subsidiary (provided, that such Indebtedness in this clause (ii) shall be subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent), (iii) by a non-Loan Party Restricted Subsidiary to another non-Loan Party Restricted Subsidiary, and (iv) by a non-Loan Party Restricted Subsidiary to a Loan Party to the extent permitted under Section 6.04; and

 

(k)                                 Guarantees with respect to Indebtedness permitted pursuant to this Section 6.01.

 

Section 6.02.                          Liens.  Create, incur, assume or permit to exist any Lien on any property or assets (including stock or other securities of any Person, including any of its Wholly Owned Subsidiaries) at the time owned by it or on any income or revenues or rights in respect of any thereof, except (without duplication):

 

(a)                                 any Lien created under the Loan Documents, including in connection with any Incremental Term Facility and, in each case, in connection with any Permitted Refinancing Indebtedness in respect thereof;

 

(b)                                 Liens securing any Revolving Credit Facility permitted to be incurred pursuant to Section 6.01(b); provided, that, (i) to the extent such Liens are intended to rank pari passu with the Liens securing the Term Loan Facility, the representative of such Indebtedness is a party to the Intercreditor Agreement and (ii) to the extent such Liens are intended to rank junior with the Liens securing the Term Loan Facility, the representative of such Indebtedness is a party to an intercreditor agreement the terms of which shall be reasonably satisfactory to the Administrative Agent and the Borrower;

 

(c)                                  Liens (other than Liens imposed under ERISA) for Taxes, assessments or governmental charges or levies not past due for more than 60 days or which are being contested in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(d)                                 Liens of landlords (other than to secure Indebtedness) and Liens of carriers, warehousemen, mechanics, materialmen and suppliers and other Liens imposed by law or pursuant to customary reservations or retentions of title arising in the ordinary course of business, provided, that such Liens secure only amounts not past due for more than 60 days or, if delinquent, are unfiled and no other action has been taken to enforce the same or are being contested in good faith by appropriate proceedings for which adequate reserves determined in accordance with GAAP have been established;

 

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(e)                                  pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA;

 

(f)                                   Liens to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(g)                                  easements, rights-of-way, restrictions and other similar encumbrances affecting real property which do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;

 

(h)                                 Liens securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting an Event of Default under Section 7.01(j);

 

(i)                                     leases or subleases granted to others not interfering in any material respect with the business of the Borrower or any of its Restricted Subsidiaries;

 

(j)                                    any interest of title of a lessor under, and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, leases permitted by this Agreement;

 

(k)                                 normal and customary rights of setoff upon deposits of cash in favor of banks or other depository institutions;

 

(l)                                     Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection;

 

(m)                             Liens of sellers of goods to the Borrower and any of its Restricted Subsidiaries arising under Article 2 of the Uniform Commercial Code or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only the unpaid purchase price for such goods and related expenses;

 

(n)                                 Liens created pursuant to construction, operating and maintenance agreements, transportation agreements and other similar agreements and related documents entered into in the ordinary course of business;

 

(o)                                 rights of first refusal entered into in the ordinary course of business;

 

(p)                                 Liens consisting of any (i) rights reserved to or vested in any municipality or governmental, statutory or public authority to control or regulate any property of the Borrower or any Restricted Subsidiary or to use such property, (ii) obligations or duties to any municipality or public authority with respect to any franchise, grant, license, lease or permit and the rights reserved or vested in any Governmental Authority or public utility to terminate any such franchise, grant, license, lease or permit or to condemn or expropriate any property, or (iii) zoning laws, ordinances or municipal regulations;

 

(q)                                 Liens on deposits required by any Person with whom the Borrower or any of its Restricted Subsidiaries enters into a Swap Agreement, to the extent such Swap Agreements are entered into in the ordinary course of business;

 

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(r)                                    any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower or a Restricted Subsidiary and not created in contemplation of such event;

 

(s)                                   any Lien existing on any asset prior to the acquisition thereof by the Borrower or a Restricted Subsidiary, and not created in contemplation of such acquisition;

 

(t)                                    any Lien securing any refinancing, extension, renewal or refunding of any obligation that is secured by any Lien permitted by any of the foregoing clauses (q) and (r), so long as the amount of such obligation is not increased;

 

(u)                                 any Lien in favor of the Borrower and/or any Restricted Subsidiary (other than Liens on Collateral);

 

(v)                                 Liens imposed by ERISA which do not constitute an Event of Default and which are being contested in good faith by appropriate proceedings and reserves in conformity with GAAP have been provided therefor;

 

(w)                               Liens on the membership interests or other equity interests of an Unrestricted Subsidiary (other than membership interests of EQM, EQGP or any of their respective Subsidiaries) owned by the Borrower or any Subsidiary securing indebtedness of such Unrestricted Subsidiary;

 

(x)                                 Liens not otherwise permitted under this Section 6.02 securing obligations in an aggregate amount outstanding not to exceed $25.0 million at any time outstanding; and

 

(y)                                 Liens on any amounts held by a trustee under any indenture issued in escrow pursuant to customary escrow arrangements pending the release thereof, or under any indenture pursuant to customary discharge, redemption or defeasance provisions.

 

Notwithstanding the foregoing, no Liens securing Indebtedness for borrowed money shall be permitted to exist, directly or indirectly, on Pledged Collateral, other than Liens in favor of the Collateral Agent and Liens permitted pursuant to Section 6.02(a) and Section 6.02(b).

 

Section 6.03.                          Sale and Lease-back Transactions.  Enter into any arrangement, directly or indirectly, with any Person whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred.

 

Section 6.04.                          Investments, Loans and Advances.  Purchase, hold or acquire (including pursuant to any merger or amalgamation with a Person that is not a Wholly Owned Subsidiary of the Borrower immediately prior to such merger) any Equity Interests, evidences of Indebtedness or other securities of, make or permit to exist any loans or advances (other than intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Borrower or the Restricted Subsidiaries, which cash management operations shall not extend to any other Person) to or Guarantees of the obligations of, or make or permit to exist any investment or any other interest (each, an “Investment”, with the value of such Investment being determined at the time such Investment is initially made), in any other Person, except:

 

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(a)                                 Investments in an aggregate amount (valued at the time of the making thereof and without giving effect to any write-downs or write-offs thereof) not to exceed an amount equal to the portion, if any, of the Available Basket Amount on the date of such election that the Borrower elects to apply to this Section 6.04(a) (for the avoidance of doubt, if made with cash, only to the extent cash is available for Investments after giving effect to any prepayment requirements set forth in Section 2.09(c));

 

(b)                                 Investments, including Investments in Equity Interests, intercompany loans, and Guarantees of Indebtedness otherwise expressly permitted hereunder, by (i) a Loan Party in another Loan Party, (ii) a non-Loan Party Restricted Subsidiary in another non-Loan Party Restricted Subsidiary, (iii) a non-Loan Party in a Loan Party, (iv) by the Borrower or any Restricted Subsidiary in any Person that becomes a Loan Party in accordance with the Collateral and Guaranty Requirements, and (v) a Loan Party in a non-Loan Party Restricted Subsidiary in an amount, in the case of this subclause (v) in an aggregate amount after the Closing Date not to exceed $2.0 million at any time outstanding;

 

(c)                                  Permitted Investments and Investments that were Permitted Investments when made;

 

(d)                                 Investments arising out of the receipt by the Borrower or any of its Restricted Subsidiaries of noncash consideration for the sale of assets permitted under Section 6.05 (other than Section 6.05(d)):

 

(e)                                  (i) loans and advances to employees of the Borrower or the other Loan Parties in the ordinary course of business not to exceed $2.0 million in the aggregate at any time outstanding (calculated without regard to write-downs or write-offs thereof) and (ii) advances of payroll payments and expenses to employees in the ordinary course of business;

 

(f)                                   Swap Agreements permitted pursuant to Section 6.12;

 

(g)                                  (i) Investments in Subsidiaries existing on the Closing Date and (ii) Investments existing on the Closing Date and set forth on Schedule 6.04 and any modification, replacement, renewal, reinvestment or extension thereof; provided, that the amount of the original Investment is not increased;

 

(h)                                 Investments resulting from pledges and deposits referred to in Section 6.02(e) and (f);

 

(i)                                     additional Investments made with proceeds of an issuance of Equity Interests (excluding proceeds received as a result of the exercise of Cure Rights pursuant to Section 7.02 or of Disqualified Stock) of the Borrower or the proceeds of the incurrence of any Indebtedness permitted pursuant to Section 6.01; provided in each case that the Collateral and Guarantee Requirements are satisfied in connection with any applicable Investment;

 

(j)                                    the Transactions;

 

(k)                                 Guarantees by any Restricted Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by any Restricted Subsidiary in the ordinary course of business;

 

(l)                                     any Permitted Acquisition;

 

(m)                             Investments directly related to a Permitted EQGP Dropdown or a Permitted EQM Consolidation;

 

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(n)                                 Investments in the form of extensions of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(o)                                 Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business;

 

(p)                                 advances to officers, directors and employees of the Borrower and its Restricted Subsidiaries for travel, entertainment, relocation and other matters in the ordinary course of business that are reasonably expected at the time of such advances ultimately to be treated as expenses in accordance with GAAP; and

 

(q)                                 other Investments not otherwise permitted pursuant to this Section 6.04 in an aggregate amount at any time outstanding not to exceed $25 million; provided, that, immediately before and immediately after giving pro forma effect to any such Investments, no Default or Event of Default shall have occurred and be continuing.

 

Section 6.05.                          Mergers, Consolidations, Sales of Assets and Acquisitions.  Merge into, amalgamate with or consolidate with any other Person, or permit any other Person to merge into, amalgamate with or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or any part of its assets (whether now owned or hereafter acquired) including Equity Interests held by it, or issue, sell, transfer or otherwise dispose of any Equity Interests of the Borrower or any Restricted Subsidiary (including, for the avoidance of doubt, issuances of any preferred stock and/or Disqualified Stock of, the Borrower or any Restricted Subsidiary), or purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or any substantial part of the assets of any other Person, except that this Section 6.05 shall not prohibit:

 

(a)                                 (i) the purchase and sale of inventory, supplies, materials and equipment and other assets and the purchase and sale of rights to or licenses or leases of intellectual property, in each case in the ordinary course of business by the Borrower or any Restricted Subsidiary, (ii) the sale of surplus, obsolete or worn out equipment or other property in the ordinary course of business by the Borrower or any Restricted Subsidiary or (iii) the sale of Permitted Investments or the unwinding of any Swap Agreement, in each case, in the ordinary course of business;

 

(b)                                 (i) sales, transfers, leases or other dispositions from any Restricted Subsidiary to a Loan Party or from any Loan Party to another Loan Party or from a non-Loan Party Restricted Subsidiary to another non-Loan Party Restricted Subsidiary and (ii) the forgiveness or cancellation of the outstanding amount of the EQGP Working Capital Facility in an aggregate principal amount not to exceed $1 million;

 

(c)                                  (A) the sale, transfer or disposition of any Equity Interests in EQM held by the Borrower or any Restricted Subsidiary so long as (i) at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing, (ii) the Borrower is in compliance on a Pro Forma Basis after giving effect to such sale, transfer or disposition, with (I) the Financial Performance Covenant computed as at the last day of, and for the four fiscal quarter period ended on, the most recently ended fiscal quarter of the Borrower for which financial statements have been delivered to the Administrative Agent, and (II) an Asset Coverage Ratio on the date of such proposed sale, transfer or disposition of not less than the lesser of (x) 2.00 to 1.00 and (y) the Asset Coverage Ratio on the date immediately prior to such sale, transfer or disposition, (iii) the Net Proceeds (without giving effect to the proviso set forth in clause (a) of the definition thereof) thereof are applied in accordance with Section 2.09(b), and (iv) any such sale, transfer or other disposition is for fair value and 100% cash consideration;

 

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and (B) any sale, transfer or other disposition (other than a sale, transfer or disposition of any Equity Interests in EQM held by the Borrower or any Restricted Subsidiary) in which the Borrower or a Restricted Subsidiary receives fair market value, determined in good faith by an officer of the Borrower at the time of contractually agreeing to such disposition, and the consideration received shall be no less than 75% in cash or Permitted Investments (with the following being deemed to be cash for these purposes (collectively, the “Designated Non-Cash Consideration”): (x) any liabilities (as shown on the Borrower’s or such Restricted Subsidiary’s most recent balance sheet) of the Borrower or such Restricted Subsidiary (other than contingent liabilities, Indebtedness that is by its terms subordinated to the Obligations or any Guarantee and liabilities to the extent owed to the Borrower or any Restricted Subsidiary of the Borrower) that are assumed by the transferee of any such assets pursuant to a written customary assignment and assumption agreement that releases the Borrower or such Restricted Subsidiary from further liability therefor, (y) any securities, notes or other obligations received by the Borrower or any Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into cash within one hundred eighty (180) days after the date of such disposition (to the extent of the cash received in that conversion) and (z) any Designated Non-Cash Consideration received by the Borrower or any of its Restricted Subsidiaries in such disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (z) that is at that time outstanding, not to exceed $25.0 million (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value);

 

(d)                                 Investments permitted by Section 6.04 (other than Section 6.04(e)), Liens permitted by Section 6.02 and Dividends permitted by Section 6.06;

 

(e)                                  licensing and cross-licensing arrangements involving any technology or other intellectual property of the Borrower or any Restricted Subsidiary in the ordinary course of business;

 

(f)                                   abandonment, cancellation or disposition of any intellectual property of the Borrower or any Restricted Subsidiary in the ordinary course of business;

 

(g)                                  issuances of Equity Interests (x) by any Restricted Subsidiary to the Borrower or any other Loan Party, and (y) by the Borrower (other than Disqualified Stock);

 

(h)                                 issuances or distributions of Equity Interests made in accordance with the Rights Plan;

 

(i)                                     any Permitted EQGP Dropdown, provided, that such transaction is consummated on or prior to the EQGP Dropdown Deadline;

 

(j)                                    the Permitted EQM Consolidation; and

 

(k)                                 any sale, transfer or other disposition by the Borrower or its Restricted Subsidiaries to EQM or its Subsidiaries of any of the assets listed on Schedule 6.05(k) that, prior to the Closing Date, have been used in the business of EQM and its Subsidiaries, so long as (x) such assets are used or useful in the business of EQM and its Subsidiaries, and (y) such dispositions occur within one (1) year of the date hereof; and

 

(l)                                     (i) a Person (including a Restricted Subsidiary of the Borrower but not the Borrower) may be merged or consolidated with or into the Borrower so long as (A) the Borrower shall be the continuing or surviving entity, (B) no Default or Event of Default shall exist or be caused thereby, and (C) the Borrower remains liable for its obligations under this Agreement and all the rights and remedies

 

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hereunder remain in full force and effect, (ii) a Restricted Subsidiary of the Borrower may merge with or into another Restricted Subsidiary of the Borrower or any other Person, provided, that if such Restricted Subsidiary is a Guarantor the surviving entity of such merger is a Guarantor, (iii) any Restricted Subsidiary of the Borrower may liquidate, wind up or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; provided, that, with respect to the exercise of this clause (iii) in respect of any Material Subsidiary, the Borrower is in compliance on a Pro Forma Basis after giving effect to such sale, transfer or disposition, with (I) the Financial Performance Covenant computed as at the last day of, and for the four fiscal quarter period ended on, the most recently ended fiscal quarter of the Borrower for which financial statements have been delivered to the Administrative Agent, and (II) an Asset Coverage Ratio on the date of such proposed sale, transfer or disposition of not less than 2.00 to 1.00, and (iv) the Borrower or any Restricted Subsidiary may merge with EQM in a transaction in which the Borrower or such Subsidiary survives, so long as (A) no Default or Event of Default shall exist or be caused thereby and (B) the Borrower is in compliance on a Pro Forma Basis after giving effect to such sale, transfer or disposition, with (I) the Financial Performance Covenant computed as at the last day of, and for the four fiscal quarter period ended on, the most recently ended fiscal quarter of the Borrower for which financial statements have been delivered to the Administrative Agent, and (II) an Asset Coverage Ratio on the date of such proposed sale, transfer or disposition of not less than 2.00 to 1.00.

 

Section 6.06.                          Dividends and Distributions.  Declare or pay, directly or indirectly, any dividend or make any other distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, with respect to any of its Equity Interests (other than dividends and distributions on Equity Interests payable solely by the issuance of additional shares of Equity Interests of the Person paying such dividends or distributions) or directly or indirectly redeem, purchase, retire or otherwise acquire for value any shares of any class of its Equity Interests or set aside any amount for any such purpose (each, a “Dividend”); provided, however, that:

 

(a)                                 any Restricted Subsidiary may declare and pay dividends to, repurchase its Equity Interests from, or make other distributions to, the holders of any class of its Equity Interests on a pro rata basis among holders of such class (or better, with respect to any holders that are Loan Parties or Restricted Subsidiaries);

 

(b)                                 the Borrower may make (i) noncash repurchases, redemptions or exchanges of Equity Interests deemed to occur upon exercise of stock options or exchange of exchangeable shares if such Equity Interests represent a portion of the exercise price of such options and (ii) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock options, stock ownership plans, including restricted stock plans, stock grants, directed share programs and other equity based plans customarily maintained by similar companies and the granting and performance of registration rights approved by the board of directors of the Borrower;

 

(c)                                  so long as (x) no Default or Event of Default (including, without limitation, any failure to comply with the Financial Performance Covenant) shall have occurred and is continuing and (y) all required Excess Cash Flow Prepayments have been made, the Borrower may declare and pay dividends or make other distributions (i) in an aggregate amount up to the portion, if any, of the Available Basket Amount on the date of such dividend payment or distribution that the Borrower elects to apply to this Section 6.06(c) and (ii) from the proceeds of any issuance of Equity Interests of the Borrower permitted to be issued under this Agreement (other than proceeds from the issuance of Disqualified Stock or Equity Interests issued in connection with exercise of the Cure Right) or incurrences of Indebtedness permitted pursuant to Section 6.01;

 

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(d)                                 Dividends in respect of Equity Interests issued in connection with the Rights Plan;

 

(e)                                  the payment of any dividend within 75 days after the date of declaration thereof, if at said date of declaration such payment would have complied with the provisions of this Agreement;

 

(f)                                   the payment of cash in lieu of the issuance of fractional shares of Equity Interests upon conversion or exchange of securities convertible into or exchangeable for Equity Interests of the Borrower; and

 

(g)                                  to the extent constituting Dividends, the Separation Payments.

 

Section 6.07.                          Transactions with Affiliates.  (a)  Sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any other transaction with, any of its Affiliates, unless such transaction is upon terms substantially as favorable to the Borrower or such Restricted Subsidiary, as applicable, as would be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate; provided, that this clause (a) shall not apply to any transaction or series of related transactions involving payments or an aggregate consideration not in excess of $10.0 million.

 

(b)                                 The foregoing paragraph (a) shall not prohibit, to the extent otherwise permitted under this Agreement,

 

(i)                                     the Transactions;

 

(ii)                                  any Permitted EQGP Dropdown,

 

(iii)                               any Permitted EQM Consolidation,

 

(iv)                              any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock options, stock ownership plans, including restricted stock plans, stock grants, directed share programs and other equity based plans customarily maintained by similar companies and the granting and performance of registration rights approved by the board of directors of the Borrower;

 

(v)                                 transactions among the Borrower and the Restricted Subsidiaries;

 

(vi)                              any indemnification agreement or any similar arrangement entered into with directors, officers, consultants and employees of the Borrower in the ordinary course of business and the payment of fees and indemnities to directors, officers, consultants and employees of the Borrower in the ordinary course of business;

 

(vii)                           transactions pursuant to permitted agreements in existence on the Closing Date and set forth on Schedule 6.07 or any amendment thereto to the extent such amendment is not adverse to the Lenders in any material respect;

 

(viii)                        any employment agreement or employee benefit plan entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business or consistent with past practice and payments pursuant thereto;

 

(ix)                              transactions otherwise permitted under Section 6.04 and Section 6.06;

 

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(x)                                 transactions with any Affiliate for the purchase or sale of goods, products, parts and services entered into in the ordinary course of business in a manner consistent with past practice;

 

(xi)                              any transaction in respect of which the Borrower delivers to the Administrative Agent (for delivery to the Lenders) a letter addressed to the board of directors of the Borrower from an accounting, appraisal or investment banking firm, in each case of nationally recognized standing that is (A) in the good faith determination of the Borrower qualified to render such letter and (B) reasonably satisfactory to the Administrative Agent, which letter states that such transaction is on terms that are not substantially less favorable to the Borrower or such Restricted Subsidiary, as applicable, than would be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate;

 

(xii)                           if such transaction is with a Person in its capacity as a holder (A) of Indebtedness of the Borrower or such Restricted Subsidiary where such Person is treated no more favorably than the other holders of Indebtedness of the Borrower or any such Restricted Subsidiary or (B)  of Equity Interests of the Borrower or such Restricted Subsidiary where such Person is treated no more favorably than the other holders of Equity Interests of the Borrower or such Restricted Subsidiary;

 

(xiii)                        the provision of credit support by the Borrower or any Restricted Subsidiary for its Restricted Subsidiaries as it deems appropriate in the ordinary course of business;

 

(xiv)                       a transaction or transactions that are not on an arm’s length basis or are not on terms as favorable as could have been obtained from a third party, provided, that such transaction or transactions occurs within a related series of transactions, which, in the aggregate, are on an arm’s length basis and are on terms as favorable as could have been obtained from a third party;

 

(xv)                          non-material transactions with any officer, director, employee or Affiliate that are not on an arm’s length basis or are not on terms as favorable as could have been obtained from a third party but are in the ordinary course of the Borrower’s or such Subsidiary’s business, so long as, in each case, after giving effect thereto, no Default or Event of Default shall have occurred and be continuing;

 

(xvi)                       corporate sharing agreements with respect to tax sharing and general overhead and administrative matters;

 

(xvii)                    a transaction with an Affiliate if such transaction has been approved by the conflicts committee of the general partner of EQM or of the EQGP GP; and

 

(xviii)                 transactions with an Affiliate pursuant to agreements or other arrangements entered into in connection with the Spin-Off (as such agreements or arrangements may be amended, restated, supplemented, modified, renewed or replaced), including the Separation Payments.

 

Section 6.08.                          Limitation on Changes in Business.  Engage in any material line of business other than the midstream oil and gas business or any business substantially related or incidental thereto (including the ownership of Equity Interests of Persons engaged in such businesses).

 

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Section 6.09.                          Limitation on Modifications of Organizational Documents; Limitation on Prepayment of Subordinated Indebtedness; Limitations on Restricted Agreements.(a)  Except in connection with a Permitted EQM Consolidation involving a merger, consolidation or other combination or consolidation of interests of the Borrower, amend or modify, or permit the amendment or modification of, in any manner materially adverse to the Lenders, or grant any waiver or release under or terminate in any manner (if such granting or termination shall be materially adverse to the Lenders), the articles or certificate of incorporation or by-laws or partnership agreement or limited liability company operating agreement of the Borrower or EQGP (if it is a Restricted Subsidiary of the Borrower);

 

(b)                                 Make, or offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Subordinated Indebtedness or on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Subordinated Indebtedness, except for (A) payments of interest and prepayments in an aggregate amount up to the portion, if any, of the Available Basket Amount on the date of such prepayment that the Borrower elects to apply to this clause 6.09(b)(A), (B) prepayments with the proceeds of Equity Interests (other than Disqualified Stock and those received in connection with the exercise of the Cure Right), (C) payments of regularly scheduled fees, regularly scheduled interest and regularly scheduled principal in respect of Subordinated Indebtedness incurred in compliance with Section 6.01, or (D) prepayments with the proceeds of Permitted Refinancing Indebtedness in respect thereof; or

 

(c)                                  Enter into or, to the extent of its Borrower Power, permit EQM or any Subsidiary of EQM to enter into any agreement or instrument that by its terms restricts, (i) in the case of any such Restricted Subsidiary or EQM or any Subsidiary of EQM, the payment of dividends or distributions or the making of cash advances by such Restricted Subsidiary or EQM or Subsidiary of EQM to the Borrower or any Subsidiary that is a direct or indirect parent of such Person or, (ii) in the case of the Borrower or any of its Restricted Subsidiaries, the granting of Liens by the Borrower or any of its Restricted Subsidiaries pursuant to the Security Documents, in each case other than those arising under any Loan Document, except, in each case, restrictions existing by reason of:

 

(A)                               restrictions imposed by applicable law;

 

(B)                               in the case of clause (i), contractual encumbrances or restrictions in effect on the Closing Date and under any agreements related to any permitted renewal, extension or refinancing of any agreements containing such encumbrances or restrictions that do not expand the scope of any such encumbrance or restriction;

 

(C)                               in the case of clause (i), any restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of all or substantially all the Equity Interests or assets of such Subsidiary permitted hereunder pending the closing of such sale or disposition;

 

(D)                               in the case of clause (i), customary provisions in joint venture agreements and other similar agreements applicable to joint ventures entered into in the ordinary course of business;

 

(E)                                customary provisions contained in leases or licenses of intellectual property and other similar agreements entered into in the ordinary course of business;

 

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(F)                                 customary provisions restricting subletting or assignment of any lease governing a leasehold interest;

 

(G)                               customary provisions restricting assignment of any agreement entered into in the ordinary course of business;

 

(H)                              customary restrictions and conditions contained in any agreement relating to the sale of any asset permitted under Section 6.05 pending the consummation of such sale;

 

(I)                                   in the case of clause (i), any agreement in effect at the time such Person becomes a Subsidiary of the Borrower, so long as such agreement was not entered into in contemplation of such Person becoming such a Subsidiary;

 

(J)                                   in the case of clause (i), any agreement in the articles or certificate of incorporation or by-laws or partnership agreement or limited liability company operating agreement of EQM, as may be amended, restated, supplemented or otherwise modified as permitted hereunder;

 

(K)                               existing under, by reason of or with respect to applicable law;

 

(L)                                provisions in any documentation necessary or reasonably required to consummate the Permitted EQGP Dropdown or any Permitted EQM Consolidation;

 

(M)                            any agreement or document delivered in connection with any Indebtedness incurred under or permitted by any Revolving Credit Facility, any refinancing of the foregoing and any restrictions contained in any Revolving Credit Facility; provided, that the restrictions and encumbrances in such other Indebtedness of the types described in this Section 6.09(c) shall not, taken as a whole, be materially more restrictive than those in the Existing Revolving Credit Agreement as in effect on the Closing Date (except to the extent such restrictions or encumbrances are reasonably acceptable to the Administrative Agent); and

 

(N)                               any agreement or document delivered in connection with any Indebtedness incurred under or permitted by the EQM Credit Agreement, EQM Notes or the EQM Notes Indenture, any refinancing of the foregoing and any restrictions contained in the EQM Credit Agreement, EQM Notes or the EQM Notes Indenture; provided, that the restrictions and conditions in such other Indebtedness shall not have terms or conditions, taken as a whole, materially more restrictive than those in the EQM Credit Agreement as in effect on the Closing Date.

 

Section 6.10.                          Financial Performance Covenant.  Beginning with the fiscal quarter ending on March 31, 2019, the Borrower will not permit the Debt Service Coverage Ratio for the Test Period ending as of the end of such fiscal quarter and each fiscal quarter thereafter to be less than 1.10 to 1.00 (the “Financial Performance Covenant”); provided, however, that compliance with this Section 6.10 shall be suspended upon the occurrence and during the continuance of either of the following: (a) the Borrower obtaining and maintaining an Investment Grade Rating from two of S&P, Moody’s and Fitch, in each case with a stable or better outlook or (ii) the Term Loan Facility receiving and maintaining an

 

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Investment Grade Rating from two of S&P, Moody’s and Fitch, in each case with a stable or better outlook.

 

Section 6.11.                          Equity Interests in EQM and EQGP.  Create, incur, assume or permit to exist any Lien on any incentive distribution rights, Equity Interests or other ownership interest in EQM or EQGP (at any time prior to the consummation of a Permitted EQGP Dropdown) (including general partnership interests) held directly or indirectly by the Borrower and the Restricted Subsidiaries other than pursuant to the Loan Documents and any Revolving Credit Facility; provided, that, for the avoidance of doubt, this Section 6.11 shall not apply to Equity Interests held directly or indirectly by EQGP if it is a Subsidiary of EQM.

 

Section 6.12.                          Swap Agreement.  Enter into any Swap Agreement, other than Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Restricted Subsidiary of the Borrower, or to hedge currency exposure or to hedge commodity prices, which, in each case, are entered into for bona fide risk mitigation purposes and that are not speculative in nature.

 

Section 6.13.                          Restricted/Unrestricted Subsidiaries.  The Borrower:

 

(a)                                 will not, and will not permit the Borrower or any Restricted Subsidiary to, incur, assume, guarantee or be or become liable for any Indebtedness of any Unrestricted Subsidiary;

 

(b)                                 will not, and will not permit any Restricted Subsidiary to, enter into any credit agreement for a senior credit facility, a loan agreement for a senior credit facility, a note purchase agreement for the sale of promissory notes or an indenture governing capital markets debt instruments as a borrower, issuer or guarantor (the “Relevant Debt”), the terms of which would, upon the occurrence of a default under any Indebtedness of an Unrestricted Subsidiary, (i) result in, or permit the holder of any Relevant Debt to declare a default on such Relevant Debt or (ii) cause the payment of any Relevant Debt to be accelerated or payable before the fixed date on which the principal of such Relevant Debt is due and payable. Notwithstanding the foregoing, neither the Borrower nor any Restricted Subsidiary is prohibited from entering into any Revolving Credit Facility;

 

(c)                                  will not permit any Unrestricted Subsidiary to hold any incentive distribution rights, Equity Interests or other ownership interest in or any Indebtedness of EQM, EQGP GP, any other Public Subsidiary Parent, the Borrower or any Restricted Subsidiary;

 

(d)                                 will not, and will not permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien on or in respect of any of its Property (other than any of its interest in the Equity Interests of an Unrestricted Subsidiary) for the benefit of an Unrestricted Subsidiary;

 

(e)                                  will not and will not permit any Restricted Subsidiary to, sell, assign, pledge, or otherwise transfer any of its Properties to any Unrestricted Subsidiary, or make or permit to exist any loans, advances, or capital contributions to, or make any investment in, or purchase or commit to purchase any stock or other securities or evidences of indebtedness of or interests in, any Unrestricted Subsidiary or in any of its Properties, in each case, if prohibited by Article VI; and

 

(f)                                   will operate each Unrestricted Subsidiary in such a manner as to make it apparent to all creditors of such Unrestricted Subsidiary that such Unrestricted Subsidiary is a legal entity separate and distinct from the Borrower and all of the Restricted Subsidiaries and as such is responsible for its debts

 

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without recourse to the Borrower and its Restricted Subsidiaries (other than with respect to any Lien on Equity Interests of Unrestricted Subsidiaries permitted by clause (d) above).

 

ARTICLE VII
 EVENTS OF DEFAULT

 

Section 7.01.                          Events of Default.  In case of the happening of any of the following events (“Events of Default”):

 

(a)                                 any representation or warranty made or deemed made by the Borrower or any other Loan Party in any Loan Document, or any representation, warranty, statement or information contained in any report, certificate, financial statement or other instrument furnished in connection with or pursuant to any Loan Document, shall prove to have been false or misleading in any material respect when so made, deemed made or furnished by the Borrower or any other Loan Party; provided, that, except in the case of any representation or warranty made with respect to financial statements, the fact, event or circumstance resulting in such incorrect representation or warranty is capable of being cured, connected or otherwise remedied, the Borrower or the applicable Guarantor shall have 30 days to cure, correct or otherwise remedy the incorrect representation or warranty, which 30 day period shall commence at the earlier of (i) written notice of such incorrect representation or warranty being given to the Borrower by the Administrative Agent and (ii) a responsible officer of the Borrower has obtaining knowledge of such incorrect representation or warranty;

 

(b)                                 default shall be made in the payment of any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise;

 

(c)                                  default shall be made in the payment of any interest on any Loan or in the payment of any Fee or any other amount (other than an amount referred to in (b) above, but including any amount payable pursuant to Section 2.09(e)) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of five (5) Business Days;

 

(d)                                 default shall be made in the due observance or performance by the Borrower or any Restricted Subsidiaries of any covenant, condition or agreement contained in Section 5.01(a) (solely with respect to existence of each Loan Party in its jurisdiction of organization), 5.05(a), 5.08, or in Article VI;

 

(e)                                  default shall be made in the due observance or performance by the Borrower or any Restricted Subsidiary of any covenant, condition or agreement of such Person contained in any Loan Document (other than those specified in paragraphs (b), (c) and (d) above) and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or any Lender or group of Lenders holding 25% of the aggregate principal amount of Loans at such time to the Borrower;

 

(f)                                   (i) any “Event of Default” or similar term (as defined in the applicable Revolving Credit Facility) occurs under any Revolving Credit Facility then in effect, (ii) the Borrower or any Restricted Subsidiary shall fail to pay any principal, interest, fee or any other amount when due in respect of any Material Indebtedness of the Borrower or such Restricted Subsidiary, as applicable, (iii) any breach or default by the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM)with respect to any term in any Material Indebtedness of the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM) beyond the grace period or the giving

 

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of any notice, if any, provided therefor if the effect of such breach or default is to cause, or to permit the holder or holders of such Material Indebtedness (or a trustee on behalf of such holder or holders), to cause, such Material Indebtedness to become or be declared due and payable (or subject to a compulsory repurchase or redeemable) prior to its stated maturity or (iv) EQM or any Material Subsidiary shall fail to pay the principal of any Material Indebtedness when due; provided, that this clause (f) shall not apply to (A) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness or (B) the delivery of any notice of the voluntary termination of commitments, prepayment or redemption of Indebtedness not prohibited pursuant to this Agreement;

 

(g)                                  there shall have occurred a Change in Control;

 

(h)                                 an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM), or of a substantial part of the property or assets of the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM), taken as a whole, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM), or for a substantial part of the property or assets of the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM), taken as a whole, or (iii) the winding-up or liquidation of the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM), except to the extent permitted by Section 6.05 or with respect to any Subsidiary of EQM, to the extent that EQM has determined in good faith that such liquidation or winding-up is in the best interests of EQM and is not materially disadvantageous to the Lenders; and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

 

(i)                                     the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM), shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in paragraph (h) above, (iii) apply for, request or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM), or for a substantial part of the property or assets of the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM), taken as a whole, (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) become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

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(j)                                    the failure by the Borrower or any Restricted Subsidiary to pay one or more final judgments aggregating in excess of $25.0 million (net of any amounts which are covered by insurance or bonded and/or to the extent not fully indemnified by (x) EQT Corporation or (y) any other Person who has acknowledged liability for such judgment and has either provided credit support for such indemnity obligations that is reasonably acceptable to the Administrative Agent or otherwise has an Investment Grade Rating), which judgments are not discharged or effectively waived or stayed for a period of 30 consecutive days, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Borrower or such Restricted Subsidiary to enforce any such judgment;

 

(k)                                 one or more ERISA Events shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;

 

(l)                                     (i) any Loan Document shall for any reason be asserted in writing by the Borrower or any Guarantor not to be a legal, valid and binding obligation of any party thereto, (ii) any security interest purported to be created by any Security Document and to extend the Collateral that is not immaterial to the Borrower and the Guarantor on a consolidated basis shall cease to be, or shall be asserted in writing by the Borrower or any Guarantor not to be, a valid and perfected security interest (having the priority required by this Agreement or the relevant Security Document) in the securities, assets or properties covered thereby, except to the extent that (x) any such loss of perfection or priority results from the failure of the Collateral Agent or the Administrative Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Agreement or to file UCC continuation statements or (y) any such loss of validity, perfection or priority is the result of any failure by the Collateral Agent or the Administrative Agent to take any action necessary to secure the validity, perfection or priority of the Liens or (iii) the Guarantees pursuant to the Collateral Agreement by any Guarantor of any of the Obligations shall cease to be in full force and effect (other than in accordance with the terms thereof), or shall be asserted in writing by the Borrower or, any Guarantor not to be in effect or not to be legal, valid and binding obligations;

 

then, and in every such event (other than an event with respect to Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM) described in paragraph (h) or (i) above), and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Borrower, take any or all of the following actions, at the same or different times:  (i) terminate forthwith the Commitments, (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding, and in the case of any event with respect to the Borrower or any of its Material Subsidiaries or EQM or any of its Material Subsidiaries or EQGP (unless it is a Subsidiary of EQM and then, only to the extent it constitutes a Material Subsidiary of EQM) described in paragraph (h) or (i) above, the Commitments shall automatically terminate, the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding.

 

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Section 7.02.                          The Borrower’s Right to Cure.  Notwithstanding anything to the contrary contained in Section 7.01, in the event that the Borrower fails to comply (or has anticipated a failure to comply) with the requirements of the Financial Performance Covenant, the Borrower shall be permitted, on or prior to the 10th day following the date the certificate calculating such Financial Performance Covenant is required to be delivered pursuant to Section 5.04(c), to cure such failure to comply (the “Cure Right”) by requesting that such financial covenant(s) be recalculated by increasing Consolidated EBITDA for the fiscal quarter most recently ended by an amount equal to the Cure Amount and prepaying the Loans in an amount equal to the Cure Amount pursuant to Section 2.09(b).  Notwithstanding anything herein to the contrary, (i) in each four-fiscal-quarter period there shall be at least two fiscal quarters in which the Cure Right is not exercised, (ii) the Cure Right shall not be exercised more than five times during the term of this Agreement, (iii) the increase to Consolidated EBITDA represented by the Cure Amount shall be solely for the purpose of curing the failure to comply with the Financial Performance Covenant in question (and shall be taken into account in subsequent Test Periods that include the fiscal quarter ended immediately prior to the exercise of the Cure Right) and not for any other purpose under this Agreement, including determining the availability of any basket amounts, and (iv) if, after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of the Financial Performance Covenant, the Borrower shall be deemed to have satisfied the requirements of the Financial Performance Covenant as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the Financial Performance Covenant that had occurred shall be deemed cured for the purposes of this Agreement.  “Cure Amount” shall mean the minimum amount which, if added to Consolidated EBITDA for the Test Period in respect of which a default in respect of a Financial Performance Covenant occurred, would cause the Financial Performance Covenant for such Test Period to be satisfied and made as proceeds of an issuance of common Equity Interests of the Borrower.

 

ARTICLE VIII
 THE AGENTS

 

Section 8.01.                          Appointment and Authority.  (a) Each of the Lenders hereby irrevocably appoints Goldman Sachs Bank USA to act on its behalf as the Administrative 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.  Each of the Lenders hereby irrevocably appoints Goldman Sachs Bank USA as Syndication Agent and Goldman Sachs Bank USA as Documentation Agent hereunder to act as Syndication Agent and Documentation Agent, respectively, in accordance with the terms hereof and the other Loan Documents.  As of the Closing Date, neither Goldman Sachs Bank USA, in its capacity as Syndication Agent, nor Goldman Sachs Bank USA, in its capacity as Documentation Agent, shall have any obligations but shall be entitled to all benefits of this Article VIII.

 

(b)                                 PNC Bank National Association shall act as the Collateral Agent under the Loan Documents, and each of the Lenders (including in its capacities as a potential Specified Swap Counterparty and a potential Cash Management Bank) hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto.  In this connection, the Collateral Agent, and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to Section 8.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the

 

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direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article VIII and Article IX (including Section 8.12) as though the Collateral Agent, or such co-agents, sub-agents and attorneys-in-fact, were expressly referred to in such provisions.

 

(c)                                  Except as provided in Sections 8.06, 8.07, 8.08 and 8.12, the provisions of this Article are solely for the benefit of the Administrative Agent, the Collateral Agent, any appointees thereof and the Lenders and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law.  Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 

Section 8.02.                          Rights as a Lender.  Any Person serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include a Person serving as an Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders.

 

Section 8.03.                          Exculpatory Provisions.  No Agent shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents.  Without limiting the generality of the foregoing, no Agent:

 

(a)                                 shall be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing;

 

(b)                                 shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that such Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided, that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable law;

 

(c)                                  shall, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as such Agent or any of its Affiliates in any capacity;

 

(d)                                 shall be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.08 and 7.01) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.

 

(e)                                  shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii)

 

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the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent; and

 

(f)                                   shall be deemed to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to such Agent by the Borrower, a Subsidiary of the Borrower, or a Lender.

 

The Administrative Agent shall use commercially reasonable efforts to monitor compliance with Section 9.04(b)(ii)(F), but notwithstanding anything to the contrary contained herein or in any other Loan Document, in no event shall the Administrative Agent have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information (other than in violation of Section 9.16), to any Disqualified Institution, except due to the Administrative Agent’s gross negligence, willful misconduct or bad faith as determined in a final and nonappealable judgment by a court of competent jurisdiction.

 

Section 8.04.                          Reliance by Agents.  Any Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  Any Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, any Agent may presume that such condition is satisfactory to such Lender unless such Agent shall have received notice to the contrary from such Lender prior to the making of such Loan.  Any Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

Section 8.05.                          Delegation of Duties.  Any Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent.  Any Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as an Agent.  No Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

Section 8.06.                          Resignation of the Agents.  Any Agent may at any time give notice of its resignation to the Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor with the consent of the Borrower (not to be unreasonably withheld or delayed), which shall be a financial institution with an office in the United States, or an Affiliate of any such financial institution with an office in the United States and having a

 

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combined capital and surplus of at least $1,000,000,000.  During an Agent Default Period, the Borrower and the Required Lenders may remove the relevant Agent subject to the execution and delivery by the Borrower and the Required Lenders of a customary removal and liability release agreements reasonably satisfactory to the relevant Agent, which removal shall be effective upon the acceptance of appointment by a successor as such Agent.  Upon any proposed removal of an Agent during an Agent Default Period, the Required Lenders shall have the right to appoint a successor with the consent of the Borrower (not to be unreasonably withheld or delayed), which shall be a financial institution with an office in the United States, or an Affiliate of any such financial institution with an office in the United States and having a combined capital and surplus of at least $1,000,000,000.  In the case of the resignation of an Agent, if no such successor shall have been so appointed by the Required Lenders or the Borrower and shall not have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Secured Parties under any of the Loan Documents, the retiring Collateral Agent shall continue to hold such collateral security, as bailee, until such time as a successor Collateral Agent is appointed), (b) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders and the Borrower appoint a successor Administrative Agent as provided for above in this Section 8.06 and (c) the Borrower and the Lenders agree that in no event shall the retiring Agent or any of its Affiliates or any of their respective officers, directors, employees, agents, advisors or representatives have any liability to the Loan Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the failure of a successor Agent to be appointed and to accept such appointment.  Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Agent, and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder and under the other Loan Documents (if not already discharged therefrom as provided above in this Section 8.06).  The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article (including Section 8.12) and Section 9.05 shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Agent was acting as Agent.

 

Section 8.07.                          Non-Reliance on the Agents and Other Lenders.  Each Lender acknowledges that it has, independently and without reliance upon any Agent, Lead Arranger or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon any Agent, Lead Arranger or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

Section 8.08.                          No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Lead Arrangers shall not have any duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as an Agent or a Lender hereunder.  Each Lead Arranger is an intended third party beneficiary hereunder in accordance with the terms hereof.

 

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Section 8.09.                          Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any federal, state or foreign bankruptcy, insolvency, receivership or similar law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)                                 to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.10, 8.12, and 9.05) allowed in such judicial proceeding; and

 

(b)                                 to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.10, 8.12, and 9.05.

 

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

 

Section 8.10.                          Collateral and Guaranty Matters.  Each of the Lenders (including in its capacities as a potential Cash Management Bank and a potential Specified Swap Counterparty) and each of the Cash Management Banks and Specified Swap counterparties, by their acceptance of the benefits of the Loan Documents, irrevocably authorizes the Administrative Agent and the Collateral Agent (i) to enter the Intercreditor Agreement and any other intercreditor agreement expressly referenced in this Agreement and (ii) release guarantees, Liens and security interests created by the Loan Documents in accordance with the provisions of Section 9.18 without further or additional consents being delivered by any Agent or any Lender.  Upon request by the Administrative Agent or the Collateral Agent at any time, the Required Lenders will confirm in writing such Agent’s authority provided for in the previous sentence. In the event of any conflict between the terms of this Agreement and the Intercreditor Agreement, the Intercreditor Agreement shall govern.

 

Section 8.11.                          Secured Cash Management Agreements and Secured Swap Agreements.  No Cash Management Bank or Specified Swap Counterparty that obtains the benefits of the Security Documents or any Collateral by virtue of the provisions hereof or of the Security Documents shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.  Notwithstanding any other provision of this Article VIII to the contrary, no Agent shall be required to verify the payment of, or that other satisfactory arrangements have been made

 

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with respect to, Obligations arising under Secured Cash Management Agreements and Secured Swap Agreements unless such Agent has received written notice of such Obligations, together with such supporting documentation as such Agent may request, from the applicable Cash Management Bank or Specified Swap Counterparty, as the case may be.

 

Section 8.12.                          Indemnification.  Each Lender agrees (i) to reimburse the Administrative Agent and the Collateral Agent, on demand, in the amount of its pro rata share (based on its Commitments hereunder (or if such Commitments shall have expired or been terminated, in accordance with the respective principal amounts of its applicable outstanding Loans)) of any reasonable expenses incurred for the benefit of the Lenders by the Administrative Agent or the Collateral Agent, as applicable, including reasonable counsel fees and compensation of agents and employees paid for services rendered on behalf of the Lenders, which shall not have been reimbursed by the Borrower and (ii) to indemnify and hold harmless the Administrative Agent, the Collateral Agent, the Lead Arrangers and any of their respective directors, officers, employees or agents, on demand, in the amount of such pro rata share, from and against any and all liabilities, Taxes, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against it in its capacity as Administrative Agent, Collateral Agent or Lead Arranger or any of them in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted by it or any of them under this Agreement or any other Loan Document, to the extent the same shall not have been reimbursed by the Borrower, including in connection with any proceeding brought by any Lender, provided that no Lender shall be liable to the Administrative Agent or the Collateral Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent found in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from the gross negligence or wilful misconduct of such Person or its directors, officers, employees or agents.

 

Section 8.13.                          Appointment of Supplemental Collateral Agents.  (a) It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any law of any jurisdiction denying or restricting the right of banking corporations or associations or other institutions to transact business as agent or trustee in such jurisdiction.  It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in particular in case of the enforcement of any of the Loan Documents, or in case the Collateral Agent deems that by reason of any present or future law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, it may be necessary that the Collateral Agent appoint an additional institution as a separate trustee, co-trustee, collateral agent, collateral sub-agent or collateral co-agent (any such additional individual or institution being referred to herein individually as a “Supplemental Collateral Agent” and collectively as “Supplemental Collateral Agents”).

 

(b)                                 In the event that the Collateral Agent appoints a Supplemental Collateral Agent with respect to any Collateral, (i) each and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or conveyed to the Collateral Agent with respect to such Collateral shall be exercisable by and vest in such Supplemental Collateral Agent to the extent, and only to the extent, necessary to enable such Supplemental Collateral Agent to exercise such rights, powers and privileges with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental Collateral Agent shall run to and be enforceable by either the Collateral Agent or such Supplemental Collateral Agent, and (ii) the provisions of this Article and of Section 9.05 that refer to the Administrative Agent, the Collateral Agent or the Agents shall inure to the benefit of such Supplemental Collateral Agent and all references

 

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therein to the Administrative Agent, the Collateral Agent or the Agents shall be deemed to be references to the Administrative Agent, the Collateral Agent or the Agents and/or such Supplemental Collateral Agent, as the context may require.

 

(c)                                  Should any instrument in writing from any Loan Party be required by any Supplemental Collateral Agent so appointed by the Collateral Agent for more fully and certainly vesting in and confirming to it such rights, powers, privileges and duties, such Loan Party shall execute, acknowledge and deliver any and all such instruments promptly upon request by the Collateral Agent.  In case any Supplemental Collateral Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Collateral Agent, to the extent permitted by law, shall vest in and be exercised by the Collateral Agent until the appointment of a new Supplemental Collateral Agent.

 

Section 8.14.                          Withholding.  To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax.  If any payment has been made to any Lender by the Administrative Agent without the applicable withholding Tax being withheld from such payment and the Administrative Agent has paid over the applicable withholding Tax to the IRS or any other Governmental Authority, or the IRS or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstance which rendered the exemption from, or reduction of, withholding Tax ineffective or for any other reason, such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) incurred. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 8.14. The agreements in this Section 8.14 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

 

Section 8.15.                          Enforcement.  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent or the Collateral Agent in accordance with Section 7.01 and the Security Documents for the benefit of all the Lenders or Secured Parties, as applicable; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent or the Collateral Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or Collateral Agent, as applicable) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 9.06 (subject to the terms of Section 2.16(c)), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any federal, state or foreign bankruptcy, insolvency, receivership or similar law; and provided, further, that if at any time there is no Person acting as the Administrative Agent or the Collateral Agent, as applicable, hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent or the Collateral Agent, as applicable, pursuant to Section 7.01 and the Security Documents, as applicable and (ii) in addition to the matters set forth in clauses (b) and (c) of the

 

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preceding proviso and subject to Section 2.16(c), any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

Section 8.16.                          Certain ERISA Matters.

 

(a)                                 Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Lead Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

 

(i)                                     such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) of one or more Benefit Plans in connection with the Loans or the Commitments,

 

(ii)                                  the prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable so as to exempt from the prohibitions of Section 406 of ERISA and Section 4975 of the Code such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,

 

(iii)                               (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or

 

(iv)                              such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

 

(b)                                 In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Lead Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that:

 

(i)                                     none of the Agents or their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by

 

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the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto),

 

(ii)                                  the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, letters of credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21, as amended from time to time) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)–(E),

 

(iii)                               the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, letters of credit, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations),

 

(iv)                              the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, letters of credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, letters of credit, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and

 

(v)                                 no fee or other compensation is being paid directly to the Agents or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, letters of credit, the Commitments or this Agreement.

 

(c)                                  The Agents hereby inform the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that each such Person has a financial interest in the transactions contemplated hereby in that each such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, letters of credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, letters of credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, letters of credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

 

(d)                                 Each Lender (x) represents and warrants, as of the date such Person became a Lender, to, and (y) covenants, from the date such Person became a Lender to the date such Person ceases being a Lender, for the benefit of the Agents and their respective Affiliates that:

 

(i)                                     such Lender either (A) does not, in the ordinary course of business, extend or maintain credit secured, directly or indirectly, by any Margin Stock and/or (B) has complied with all of its obligations under the Margin Regulations in connection with the Transactions; and

 

(ii)                                  (A) such Lender’s Commitment and agreements hereunder are based on its own independent credit analysis of the Borrower and its subsidiaries, without reliance upon the Agents

 

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or any of their respective Affiliates, and based solely on the financial statements of the Borrower and its Affiliates and such other documents and information provided by the Borrower as such Lender may deem appropriate and (B) such Lender has not relied upon any information (written or oral) supplied by or on behalf of the Agents or any of their respective Affiliates in making the decision to enter into this Agreement.

 

ARTICLE IX
 MISCELLANEOUS

 

Section 9.01.                          Notices.  (a)  Notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy as follows:

 

(i)                               if to the Borrower, to Equitrans Midstream Corporation, at 625 Liberty Avenue, Suite 2000, Pittsburgh, PA 15222, Attention: Tobin Nelson, Email TNelson@equitransmidstream.com; with a copy to Baker Botts LLP, at 910 Louisiana Street, Houston, Texas 77002, Attention: Rachael Lichman E-mail: rachael.lichman@bakerbotts.com;

 

(ii)                                  if to the Administrative Agent, to Goldman Sachs Bank USA, at 2001 Ross Ave, 29th Floor, Dallas, TX, 75201, Attention: SBD Operations, E-mail: gs-dallasadminagency@ny.email.gs.com and gssbdagencyborrowernotices@ny.email.gs.com, with a copy to Latham & Watkins LLP, at 885 Third Avenue, New York, NY 10022-4834, Attention: Alf Xue E-mail: alfred.xue@lw.com;

 

(iii)                               if to the Collateral Agent, to PNC Bank, National Association, 225 Fifth Avenue - 4th Floor, Pittsburgh, PA 15222, Attention: Tracy J. DeCock, Telephone: (412) 762-9999, Facsimile:  (412) 762-4718, Electronic Mail: tracy.decock@pnc.com; and

 

(iv)                              if to any Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire.

 

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

 

(c)                                  All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by telecopy or (to the extent permitted by paragraph (b) above) electronic means prior to 5:00 p.m. (New York City time) on such date, or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01.

 

(d)                                 Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.

 

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Section 9.02.                          Survival of Agreement.  All covenants, agreements, representations and warranties made by the Borrower and the other Loan Parties herein, in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and shall survive the making by the Lenders of the Loans and the execution and delivery of the Loan Documents, regardless of any investigation made by such Persons or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid or any Commitments remain in effect.  Without prejudice to the survival of any other agreements contained herein, indemnification and reimbursement obligations contained in Section 2.13, 2.15 and 9.05) shall survive the payment in full of the principal and interest hereunder and the termination of the Commitments or this Agreement.

 

Section 9.03.                          Binding Effect.  This Agreement shall become effective when it shall have been executed by the Borrower and the Agents and when the Administrative Agent shall have received copies 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 Borrower, the Agents and each Lender and their respective permitted successors and assigns.

 

Section 9.04.                          Successors and Assigns.  (a)  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and registered assigns permitted hereby, except that (i) (other than as permitted by Section 6.04) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 9.04.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and registered assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section 9.04), the Lenders, the Agents and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents and the Lenders, and the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)                                 (i)  Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees 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 or delayed) of:

 

(A)                               the Borrower; provided, that (1) no consent of the Borrower shall be required for an assignment to a Lead Arranger, Lender, an Affiliate of a Lead Arranger or Lender or an Approved Fund or, if an Event of Default pursuant to Section 7.01(b), 7.01(c), 7.01(h) or 7.01(i) with respect to the Borrower has occurred and is continuing, any other assignee, (2) the Borrower shall be deemed to have consented to any such assignment of any Loans unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof to a Responsible Officer of the Borrower, (3) the liability of the Borrower to an assignee that is an Approved Fund or Affiliate of the assigning Lender under Section 2.13 or 2.15 shall be limited to the amount, if any, that would have been payable hereunder by the Borrower in the absence of such assignment and (4) so long as no Event of Default has occurred and is continuing, but subject to clauses (1), (2) and (3) of this proviso, the Borrower may withhold its consent if the costs or the Taxes payable by the Borrower to

 

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the assignee under Sections 2.13 or 2.15 shall be greater than they would have been for the assignor;

 

(B)                               the Administrative Agent; provided, that no consent of the Administrative Agent shall be required for an assignment of a Loan to a Person that is a Lead Arranger, Lender, an Affiliate of a Lead Arranger or a Lender or Approved Fund immediately prior to giving effect to such assignment.

 

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

 

(A)                               except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans or contemporaneous assignments to related Approved Funds that equal at least U.S. $1.0 million in the aggregate, the amount of the Commitment and / or Loans, as applicable, of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than U.S. $1.0 million and increments of U.S. $1.0 million in excess thereof unless the Borrower and the Administrative Agent otherwise consent; provided, that no such consent of the Borrower shall be required if an Event of Default under paragraph (b), (c), (h) or (i) of Section 7.01 with respect to the Borrower 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 in respect of the Term Loan Facility under this Agreement;

 

(C)                               the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance;

 

(D)                               the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and any other administrative information that the Administrative Agent may reasonably request;

 

(E)                                no such assignment shall be made to (x) a Defaulting Lender or (y) the Borrower or any of its Affiliates; and

 

(F)                                 notwithstanding anything to the contrary herein, no such assignment shall be made to (x) a natural person or (y) a Disqualified Institution unless consented to by the Borrower, and any such assignment shall be deemed null and void.

 

For purposes of this Section 9.04(b), the term “Approved Fund” shall have the following meaning:

 

“Approved Fund” shall mean 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 and that is administered or managed by a Lender, an Affiliate of a Lender or an entity or an Affiliate of an entity that administers or manages a Lender.

 

(iii)                               Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section 9.04, from and after the effective date specified in each Assignment and Acceptance the

 

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assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender hereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Section 2.13, 2.14, 2.15 and 9.05 with respect to facts and circumstances occurring prior to the effective date of such assignment).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall not be effective as an assignment hereunder.

 

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

 

(v)                                 The parties to each assignment shall deliver to the Administrative Agent a processing and recordation fee in the amount of U.S. $3,500; provided, however, no processing and recordation fee shall be due for assignments to or by any Lead Arranger or any of their Affiliates; and provided, further, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. Upon its receipt (or waiver) of the processing and recording fee described in the preceding sentence, a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, any administrative information reasonably requested by the Administrative Agent (unless the assignee shall already be a Lender hereunder) and any written consent to such assignment required by paragraph (b) of this Section 9.04, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register.  No assignment (including any assignment under paragraph (e)) shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (b).

 

(c)                                  (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (other than a natural Person or a Disqualified Institution, a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided, that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (D) such Lender, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans (or other rights or obligations), which entries shall be conclusive absent manifest error, provided, that no Lender shall have any obligation to disclose all or any portion of such register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan Document) to any Person except to the

 

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extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations or Section 1.163-5(b) of the Proposed United States Treasury Regulations (or, in each case, any amended or successor version).  Such Lender shall treat each Person whose name is recorded in such register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. Any agreement or instrument (oral or written) pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to exercise rights under and to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents; provided, that (x) 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 Section 9.04(a)(i) or clause (i) through (v) of the first proviso to Section 9.08(b) that affects such Participant and (y) no other agreement (oral or written) in respect of the foregoing with respect to such Participant may exist between such Lender and such Participant.  Subject to paragraph (c)(ii) of this Section 9.04, the Borrower agrees that each Participant shall be entitled to the benefits (and subject to the requirements and limitations) of Section 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment (and become a party to this Agreement) pursuant to paragraph (b) of this Section 9.04 (it being understood that the documentation required under Section 2.15(e) shall be delivered to the participating Lender); provided that such Participant agrees to be subject to the provisions of Section 2.17 as if it were an assignee under paragraph (b) of this Section 9.04.  Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.17(b) with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.06 as though it were a Lender, provided such Participant agrees to be subject to Section 2.16(c) as though it were a Lender.

 

(ii)                                  A Participant shall not be entitled to receive any greater payment under Section 2.13, 2.14 or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  A Participant shall not be entitled to the benefits of Section 2.15 to the extent such Participant fails to comply with Section 2.15(e) as though it were a Lender (it being understood that the documentation required under Section 2.15(e) shall be delivered to the participating Lender).

 

(d)                                 Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement and its promissory note, if any, to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank, and this Section 9.04 shall not apply to any such pledge or assignment of a security interest; provided, that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto, and any such pledgee (other than a pledgee that is the Federal Reserve Bank or any other central bank) shall acknowledge in writing that its rights under such pledge are in all respects subject to the limitations applicable to the pledging Lender under this Agreement or the other Loan Documents.

 

(e)                                  Any Lender may, so long as no Default or Event of Default has occurred and is continuing and, to the extent Loans are purchased at a discount, at any time, assign all or a portion of its rights and obligations with respect to Loans under this Agreement to the Borrower or any Restricted Subsidiary through (x) Dutch auctions open to all Lenders on a pro rata basis in accordance with procedures to be agreed by the Administrative Agent (or other applicable agent managing such auction)

 

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or (y) notwithstanding any other provision in this Agreement, open market purchase on a pro rata or non-pro rata basis; provided, that, in connection with assignments pursuant to clauses (x) and (y) above, (a) the principal amount of such Loans, along with all accrued and unpaid interest thereon, so contributed, assigned or transferred to the Borrower or such Restricted Subsidiary shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (b) the aggregate outstanding principal amount of Loans of the remaining Lenders shall reflect such cancellation and extinguishing of the Loans then held by the Borrower and (c) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, assignment or transfer of such Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Loans in the Register.

 

Section 9.05.                          Expenses; Indemnity.  (a) The Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Agents, the Lead Arrangers and their respective Affiliates in connection with the preparation of this Agreement and the other Loan Documents, or by the Agents, the Lead Arrangers and their respective Affiliates in connection with the syndication of the Commitments or the administration of this Agreement (including reasonable and documented out of pocket expenses incurred in connection with due diligence and including, but limited in respect of fees, expenses and disbursements of counsel, to the reasonable fees, disbursements and the charges for no more than one counsel for all such Agents, Lead Arrangers and Affiliates, taken as a whole, in each jurisdiction where a Loan Party is organized or a material portion of the Collateral is located) or in connection with any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the Transactions hereby contemplated shall be consummated) or incurred by the Agents, the Lead Arrangers and their respective Affiliates or any Lender in connection with the enforcement or protection of their rights in connection with this Agreement and the other Loan Documents, in connection with the Loans made hereunder, including, but limited in respect of fees, expenses and disbursements of counsel, to the reasonable and documented out-of-pocket fees, disbursements and the charges for no more than one counsel for all such Agents, Lead Arrangers and Affiliates, taken as a whole, and, in connection with any such enforcement or protection, the reasonable fees, charges and disbursements of no more than one counsel in each jurisdiction where Collateral is located.

 

(b)                                 The Borrower agrees to indemnify the Agents, the Lead Arrangers, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable and documented counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated hereby or thereby, (ii) the use of the proceeds of the Loans or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not the Borrower, any other Loan Party or any Indemnitee initiated or is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE, 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 final and nonappealable judgment of a court of competent jurisdiction (x) to have resulted from the gross negligence, bad faith, material breach of this Agreement or any of the Loan Documents or willful misconduct of such Indemnitee or any of its Related Parties acting at its direction or (y) to arise from disputes solely among Indemnitees if such dispute does not involve any action or inaction by the Loan Parties.  Subject to and without limiting the generality of the foregoing sentence, the Borrower agrees to indemnify each Indemnitee against, and hold each Indemnitee harmless from, any and all losses, claims,

 

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damages, liabilities and related expenses, including reasonable and documented counsel or consultant fees, out of pocket charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (A) an Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (B) any actual or alleged presence, Release or threatened Release of Hazardous Substance at, under, on or from any Real Property currently or formerly owned, leased or operated by the Borrower or any of its Subsidiaries or by any predecessor of the Borrower or any of its Subsidiaries, or any property at which the Borrower or any of its Subsidiaries has sent Hazardous Substances for treatment, storage or disposal, in each case, whether or not caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee, 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 final and nonappealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith, material breach of this Agreement or any of the Loan Documents or willful misconduct of such Indemnitee or any of its Related Parties acting at its direction or would have arisen as against the Indemnitee regardless of this Agreement or any other Loan Document or any Borrowings hereunder.  In no event shall any party hereto be liable to any other party hereto for any consequential, indirect, special or punitive damages. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence, willful misconduct or bad faith of such Indemnitee. The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of any Agent, any Lead Arranger or any Lender.  All amounts due under this Section 9.05 shall be payable promptly upon on written demand therefor accompanied by reasonable documentation with respect to any reimbursement, indemnification or other amount requested.

 

(c)                                  This Section 9.05 shall not apply to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

Section 9.06.                          Right of Set-off.  If an Event of Default shall have occurred and be continuing, each Lender 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 indebtedness at any time owing by such Lender to or for the credit or the account of any Loan Party against any and all obligations of the Loan Parties, now or hereafter existing under this Agreement or any other Loan Document held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or such other Loan Document and although the obligations may be unmatured; provided, that to the extent prohibited by applicable law as described in the definition of “Excluded Swap Obligation”, no amounts received from, or set off with respect to, any guarantor shall be applied to any Excluded Swap Obligations of such guarantor.  The rights of each Lender under this Section 9.06 are in addition to other rights and remedies (including other rights of set-off) that such Lender may have.

 

Section 9.07.                          Applicable Law.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

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Section 9.08.                          Waivers; Amendment.  (a) No failure or delay of the Agents or any Lender in exercising any right or power hereunder or under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Agents and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrower or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  No notice or demand on the Borrower or any other Loan Party in any case shall entitle such Person to any other or further notice or demand in similar or other circumstances.

 

(b)                                 Either this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (x) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) and (y) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by each party thereto and the Collateral Agent and consented to by the Required Lenders; provided, however, that no such agreement shall:

 

(i)                                     decrease or forgive the principal amount of, or extend the final maturity of, or decrease the rate of interest on, any Loan, without the prior written consent of each Lender directly and adversely affected thereby (it being understood that the waiver of interest provided in Section 2.11(c) shall only require the consent of the Required Lenders),

 

(ii)                                  increase or extend the Commitment of any Lender or decrease the fees payable to any Lender without the prior written consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default shall not constitute an increase in the Commitments of any Lender),

 

(iii)                               extend or waive any scheduled amortization or reduce the amount due on any scheduled amortization or extend any date on which payment of interest on any Loan or any Fee is due or extend any payments made on any basis other than a pro rata basis, without the prior written consent of each Lender adversely affected thereby (it being understood that waivers of Defaults or Events of Default shall not constitute such an extension or waiver),

 

(iv)                              amend or modify the provisions of this Section 9.08 or the definition of the term “Required Lenders” or any other provision hereof or of any other Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Document or make any determination or grant any consent hereunder or under any other Loan Document, without the prior written consent of each Lender adversely affected thereby (it being understood that, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the same basis as the Loans and Commitments are included on the Closing Date), and

 

(v)                                 except as permitted hereunder, release all or substantially all the Collateral or release all or substantially all of the value of the Guarantee of the Guarantors, without the prior written consent of each Lender;

 

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provided further that no such agreement shall (x) amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Collateral Agent hereunder or under the other Loan Documents without the prior written consent of the Administrative Agent or the Collateral Agent, as applicable, or (y) amend, modify or waive this Agreement or any other Loan Document so as to alter the ratable treatment of Obligations arising under the Loan Documents and Obligations arising under Secured Swap Agreements or the definition of “Specified Swap Counterparty”, “Swap Agreement”, “Specified Swap Agreement”, “Obligations” or “Secured Parties” (as such terms (or terms with similar meanings) are defined in this Agreement or any applicable Loan Document), in each case in a manner adverse to any Specified Swap Counterparty without the written consent of any such Specified Swap Counterparty.  Each Lender shall be bound by any waiver, amendment or modification authorized by this Section 9.08 and any consent by any Lender pursuant to this Section 9.08 shall bind any assignee of such Lender.

 

(c)                                  Without the consent of the Lead Arrangers or any Lender, the Loan Parties and the Administrative Agent and/or Collateral Agent may (in their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment, modification or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by local law to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law.

 

(d)                                 Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent, and the Borrower and subject to Section 2.09(e), (i) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans and the accrued interest and fees in respect thereof and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

 

(e)                                  In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans (as defined below) and subject to Section 2.09(e), to permit the refinancing of all outstanding Loans (“Refinanced Term Loans”) with a replacement “B” term loan tranche hereunder which shall be Loans hereunder (“Replacement Term Loans”); provided, that (i) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (ii) the Applicable Margin for such Replacement Term Loans shall not be higher than the Applicable Margin for such Refinanced Term Loans, (iii) the weighted average life to maturity of such Replacement Term Loans shall not be shorter than the weighted average life to maturity of such Refinanced Term Loans at the time of such refinancing and (iv) all other terms applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans, except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the Loans in effect immediately prior to such refinancing.

 

(f)                                   Notwithstanding the foregoing, any Loan Document may be amended, modified, supplemented or waived with the written consent of the Administrative Agent and the Borrower without the need to obtain the consent of any Lender (but with the consent of the Collateral Agent if the Collateral Agent is party to such Loan Document) if such amendment, modification, supplement or waiver is executed and delivered in order to (i) cure an ambiguity, omission, mistake or defect in such Loan Document (ii) make administrative and operational changes not adverse to any Lender or (iii) adhere to

 

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local law or the reasonable advice of local counsel; provided, that in connection with this paragraph (f), in no event will the Administrative Agent be required to substitute its judgment for the judgment of the Lenders or the Required Lenders, and the Administrative Agent may in all circumstances seek the approval of the Required Lenders, the affected Lenders or all Lenders in connection with any such amendment, modification, supplement or waiver.

 

(g)                                  Notwithstanding anything to the contrary in any Loan Document, (i) the Borrower and the Administrative Agent may enter into any Incremental Amendment in accordance with Section 2.19, (ii) the Borrower and the Administrative Agent may enter into any amendment described in the definition of “Eurodollar Rate”, and (iii) the requisite parties set forth in Section 2.20 may enter into any amendment described in Section 2.20, and, in each case, such amendment shall be effective to amend the terms of this Agreement and the other applicable Loan Documents, in each case, without any further action or consent of any other party to any Loan Document. In addition, in connection with the incurrence of any Loans intended to be secured on a pari passu or junior basis in right of priority to the Obligations or intended to be unsecured pursuant to any Incremental Amendment, the Borrower, the Administrative Agent and/or the Collateral Agent may, without the need to obtain consent of any other Lender, make changes to the Loan Documents reasonably satisfactory to the Borrower, the Administrative Agent and/or the Collateral Agent to reflect the status of such Loans.

 

Section 9.09.                          Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the applicable interest rate, together with all fees and charges that are treated as interest under applicable law (collectively, the “Charges”), as provided for herein or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by any Lender, shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by such Lender in accordance with applicable law, the rate of interest payable hereunder, together with all Charges payable to such Lender, shall be limited to the Maximum Rate, provided, that such excess amount shall be paid to such Lender on subsequent payment dates to the extent not exceeding the legal limitation.

 

Section 9.10.                          Entire Agreement.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.  Any previous agreement among or representations from the parties or their Affiliates with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents.  Notwithstanding the foregoing, the Fee Letter shall survive the execution and delivery of this Agreement and remain in full force and effect.  Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any party other than the parties hereto and thereto any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents.

 

Section 9.11.                          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 RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS.  EACH PARTY HERETO (i) 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 (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT

 

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AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11.

 

Section 9.12.                          Severability.  In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby.  The parties shall endeavour in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section 9.13.                          Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 9.03.  Delivery of an executed counterpart to this Agreement by facsimile transmission or an electronic transmission of a PDF copy thereof shall be as effective as delivery of a manually signed original.  Any such delivery shall be followed promptly by delivery of the manually signed original.

 

Section 9.14.                          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 are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

Section 9.15.                          Jurisdiction; Consent to Service of Process.  (a) Each of the Borrower, each other Loan Party, the Agents and the Lenders hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, 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.  The Borrower further irrevocably consents to the service of process in any action or proceeding in such courts by the mailing thereof by any parties thereto by registered or certified mail, postage prepaid, to the Borrower at the address specified for the Loan Parties in Section 9.01.  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 (other than Section 8.09 or Section 8.15) shall affect any right that any Lender or Agent may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against the Borrower or any other Loan Party or their properties in the courts of any jurisdiction.

 

(b)                                 Each of the Borrower, the Agents, and the Lenders 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 the other Loan Documents in any New York State or federal court sitting in New York County.  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.

 

Section 9.16.                          Confidentiality.  Each of the Lenders and each of the Agents agrees that it shall maintain in confidence any information relating to the Borrower and its Subsidiaries and their respective Affiliates furnished to it by or on behalf of the Borrower or the other Loan Parties or such Subsidiary or Affiliate (other than information that (x) has become generally available to the public other than as a

 

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result of a disclosure by such party in breach of this Agreement, (y) has been independently developed by such Lender or such Agent without using any information obtained in a manner that would violate this Section 9.16 or (z) was available to such Lender or such Agent from a third party having, to such Person’s actual knowledge, no obligations of confidentiality to the Borrower or any of its Subsidiaries or any such Affiliate) and shall not reveal the same other than to its directors, trustees, officers, employees, agents and advisors with a need to know or to any Person that approves or administers the Loans on behalf of such Lender (so long as each such Person shall have been instructed to keep the same confidential in accordance with this Section 9.16), except: (i) to the extent necessary to comply with law or any legal process or the regulatory or supervisory requirements of any Governmental Authority or self-regulatory organization (including bank examiners), the National Association of Insurance Commissioners or of any securities exchange on which securities of the disclosing party or any Affiliate of the disclosing party are listed or traded, (ii) as part of reporting or review procedures to Governmental Authorities (including bank examiners) or the National Association of Insurance Commissioners, (iii) to its parent companies, Affiliates or auditors (so long as each such Person shall have been instructed to keep the same confidential in accordance with this Section 9.16), (iv) in connection with the exercise of any remedies under any Loan Document or in order to enforce its rights under any Loan Document in a legal proceeding, (v) to any prospective assignee of, or prospective Participant (in each case, other than any Disqualified Institution) in, any of its rights under this Agreement (so long as such Person shall have been advised of the confidential nature of such information and agree to be bound by the terms of this Section 9.16 (including by means of a click-through), (vi) to any direct or indirect contractual counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long as each such contractual counterparty agrees to be bound by the provisions of this Section 9.16 or on terms at least as restrictive as those set forth in this Section 9.16 and each such professional advisor shall have been instructed to keep the same confidential in accordance with this Section 9.16), and (vii) with the Borrower’s consent.  If a Lender or an Agent is requested or required to disclose any such information (other than to its bank examiners and similar regulators (including self-regulatory organizations), or to internal or external auditors) pursuant to or as required by law or legal process or subpoena, to the extent reasonably practicable it shall give prompt notice thereof to the Borrower so that the Borrower may seek an appropriate protective order at the Borrower’s sole expense and such Lender or Agent will cooperate with the Borrower (or the applicable Subsidiary or Affiliate) in seeking such protective order. Notwithstanding anything to the contrary herein, in no event shall any disclosure of confidential information be made to a Disqualified Institution.

 

Section 9.17.                          Communications.  (a)  Delivery.  (i) Each Loan Party hereby agrees that it will use all reasonable efforts to provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to this Agreement and any other Loan Document, including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (A) relates to a request for a new, or a conversion of an existing, Borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (B) relates to the payment of any principal or other amount due under this Agreement prior to 5:00 p.m. (New York City time) on the scheduled date therefor, (C) provides notice of any Default or Event of Default under this Agreement or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Borrowing or other extension of credit hereunder (all such non-excluded communications collectively, the “Communications”), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent at the address referenced in Section 9.01(a)(ii).  Nothing in this Section 9.17 shall prejudice the right of the Agents, the Lead Arrangers or any Lender or any Loan Party to give any notice or other communication pursuant to this Agreement or any other Loan Document in any other manner specified in this Agreement or any other Loan Document.

 

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(ii)                                  Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform (as defined below) shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.  Each Lender agrees (A) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address.

 

(b)                                 Posting.  Each Loan Party further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”).  The Borrower hereby acknowledges that (i) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on the Platform and (ii) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its Affiliates or their respective securities for purposes of United States Federal and state securities laws; (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Lead Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”  Notwithstanding the foregoing, the Borrower shall not be under any obligation to mark any Borrower Materials “PUBLIC” to the extent the Borrower determines that such Borrower Materials contain material non-public information with respect to the Borrower or its Affiliates or their respective securities for purposes of United States Federal and state securities laws.  Notwithstanding anything herein to the contrary, the financial statements delivered pursuant to Section 5.04(a) and (b) and the certificates delivered pursuant to Section 5.04(c) shall be deemed suitable for posting on a portion of the Platform designated “Public Side Information.”

 

(c)                                  Platform. The Platform is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the accuracy or completeness of the Communications, or the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform.  In no event shall the Administrative Agent, the Collateral Agent or any of its or their Affiliates or any of their respective officers, directors, employees, agents advisors or representatives (collectively, “Agent Parties”) have any liability to the Loan Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or the Administrative Agent’s or the Collateral Agent’s transmission of communications through the internet, except to the extent the liability of any Agent Party is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Agent Party’s gross negligence or willful misconduct.

 

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Section 9.18.                          Release of Liens and Guarantees.  In the event that any (a) Loan Party conveys, sells, leases, assigns, transfers or otherwise disposes of all or any portion of its assets (including the Equity Interests of any of its Subsidiaries) to a Person that is not (and is not required to become) a Loan Party in a transaction not prohibited by the Loan Documents, (b) any assets or property of any Loan Party constitutes or becomes an Excluded Asset or (c) any property or asset is owned or held by an Unrestricted Subsidiary, the Liens under the Loan Documents on such assets shall automatically be released and the Administrative Agent and the Collateral Agent shall promptly (and the Lenders hereby authorize the Administrative Agent and the Collateral Agent to) take such action and execute any such documents as may be reasonably requested by the Borrower and at the Borrower’s expense to evidence such automatic release of the Liens created by the Loan Documents in respect of such Equity Interests or assets that are the subject of such disposition.  In the event a Loan Party becomes an Unrestricted Subsidiary or otherwise would not be required to become a Guarantor after the Closing Date in accordance with the Collateral and Guarantee Requirements, such Loan Party shall automatically be released from its Guarantee of the Obligations; provided, that, if in compliance with the terms and provisions of the Loan Documents, any Guarantor (i) ceases to be a Subsidiary of a Loan Party or (ii) becomes an Excluded Subsidiary as a result of a transaction or designation permitted hereunder, to the extent a Loan Party continues to hold any Equity Interests in such Person, after giving pro forma effect to the transaction that causes such Person to be an Excluded Subsidiary of the type described in clause (c) of the definition thereof or no longer a Subsidiary of a Loan Party, the Borrower shall be deemed to have made a new Investment in such Person for purposes of Section 6.04 (as if such Person were then newly acquired) and such Investment must constitute an Investment permitted by Section 6.04 at such time.  Any representation, warranty or covenant contained in any Loan Document relating to any such Equity Interests or assets shall no longer be deemed to be made once such Equity Interests or assets are so conveyed, sold, leased, assigned, transferred or disposed of.  The Security Documents, the guarantees made therein, the Security Interest (as defined therein) and all other security interests granted thereby shall terminate, and each Loan Party shall automatically be released from its obligations thereunder and the security interests in the Collateral granted by any Loan Party shall be automatically released, when the Payment in Full has occurred.  At such time, the Administrative Agent and the Collateral Agent agree to promptly take such actions as are reasonably requested, including a customary payoff letter without a release of claims by the Loan Parties, by the Borrower at the Borrower’s expense to evidence and effectuate such termination and release of the guarantees, Liens and security interests created by the Loan Documents. Notwithstanding anything to the contrary in the Loan Documents, the Collateral Agent shall have no obligation to release any Collateral or guarantees under any Loan Document unless it shall have first received a certificate from a Responsible Officer of the Borrower certifying that such release is permitted under the Loan Documents, and the Collateral Agent may rely conclusively on any such certificate from a Responsible Officer of the Borrower as to whether such release is permitted.  Any such certificate from a Responsible Officer of the Borrower shall be full warranty and protection to the Collateral Agent for any action taken, suffered or omitted by it under the provisions of this Agreement and the other Loan Documents.

 

Section 9.19.                          U.S.A. PATRIOT Act and Similar Legislation.  Each Lender hereby notifies each Loan Party that pursuant to the requirements of the U.S.A. PATRIOT Act and similar legislation, as applicable, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of each Loan Party and other information that will allow the Lenders to identify such Loan Party in accordance with such legislation.  Each Loan Party agrees to furnish such information promptly upon request of a Lender.  Each Lender shall be responsible for satisfying its own requirements in respect of obtaining all such information.

 

Section 9.20.                          Judgment.  If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in one currency into another currency, the parties hereto agree, to the

 

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fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first mentioned currency with such other currency at the Administrative Agent’s principal office in New York City on the Business Day preceding that on which final judgment is given.

 

Section 9.21.                          No Fiduciary Duty.  Each Agent, each Lead Arranger each Lender and their respective Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Borrower and the other Loan Parties.  The Borrower hereby agrees that subject to applicable law, nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Lenders and the Loan Parties, their equityholders or their Affiliates.  The Borrower hereby acknowledges and agrees that (i) the transactions contemplated by the Loan Documents are arm’s-length commercial transactions between the Lenders, on the one hand, and the Loan Parties, on the other, (ii) in connection therewith and with the process leading to such transaction none of the Lenders is acting as the agent or fiduciary of any Loan Party, its management, equityholders, creditors or any other person, (iii) no Lender has assumed an advisory or fiduciary responsibility in favor of any Loan Party with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether any Lender or any of its Affiliates has advised or is currently advising such Loan Party on other matters including the Transaction) or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents, (iv) the Borrower and each other Loan Party has consulted its own legal and financial advisors to the extent it has deemed appropriate and (v) the Lenders may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates and no Lender has an obligation to disclose any such interests to the Borrower or its Affiliates.  The Borrower further acknowledges and agrees that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto.

 

Section 9.22.                          Acknowledgment and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)                                 the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)                                 the effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)                                     a reduction in full or in part or cancellation of any such liability;

 

(ii)                                  a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

 

(iii)                               the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

 

108

 

[SIGNATURE PAGES FOLLOW]

 

109

 

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

 

	
 
    	
EQUITRANS MIDSTREAM   CORPORATION, 
    
	
 
    	
as Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kirk R. Oliver
    
	
 
    	
Name: Kirk R. Oliver
    
	
 
    	
Title: Senior Vice   President and Chief Financial Officer
    

 

[SIGNATURE PAGE TO CREDIT AGREEMENT - EQUITRANS MIDSTREAM CORPORATION]

 

 

	
 
    	
GOLDMAN SACHS BANK   USA.,
    
	
 
    	
as Administrative Agent   and a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles D. Johnston
    
	
 
    	
Name: Charles D.   Johnston
    
	
 
    	
Title: Authorized   Signatory
    

 

[SIGNATURE PAGE TO CREDIT AGREEMENT - EQUITRANS MIDSTREAM CORPORATION]

 

 

	
 
    	
PNC BANK, NATIONAL   ASSOCIATION, 
    
	
 
    	
as Collateral Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kyle T. Helfrich
    
	
 
    	
Name: Kyle T. Helfrich
    
	
 
    	
Title: Vice President
    

 

[SIGNATURE PAGE TO CREDIT AGREEMENT - EQUITRANS MIDSTREAM CORPORATION]

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