Document:

Credit and Guaranty Agreement

 EXHIBIT 10.1 
  
 CREDIT AND GUARANTY AGREEMENT 
  
 dated as of September 30, 2004 
  
 among 
  
 RIDDELL BELL HOLDINGS, INC., 
  
 RBG HOLDINGS CORP., 
  
 CERTAIN SUBSIDIARIES OF RIDDELL BELL HOLDINGS, INC., 
  
 as Guarantors, 
  
 VARIOUS LENDERS,

  
 GOLDMAN SACHS CREDIT PARTNERS L.P., 
 as Joint Lead Arranger, Joint Bookrunner, 
 Sole Administrative Agent and Collateral Agent 
  
 WACHOVIA CAPITAL MARKETS, LLC, 
 as Joint Lead Arranger and Joint Bookrunner, 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Sole Syndication Agent 
  
 and 
  
 ANTARES CAPITAL CORPORATION, 
 GMAC COMMERCIAL FINANCE LLC, 
 and 
 UBS SECURITIES LLC,

 as Co-Documentation Agents 
  

  
 $160,000,000 Senior
Secured Credit Facilities 
  

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

  
 TABLE OF CONTENTS

  

			
	 	  	Page

	 SECTION 1. DEFINITIONS AND INTERPRETATION
	  	2
	 1.1. Definitions
	  	2
	 1.2. Accounting Terms
	  	34
	 1.3. Interpretation, etc.
	  	35
		
	 SECTION 2. LOANS AND LETTERS OF CREDIT
	  	35
	 2.1. Term Loans
	  	35
	 2.2. Revolving Loans
	  	36
	 2.3. Swing Line Loans
	  	37
	 2.4. Issuance of Letters of Credit and Purchase of Participations Therein
	  	40
	 2.5. Pro Rata Shares; Availability of Funds
	  	44
	 2.6. Use of Proceeds
	  	44
	 2.7. Evidence of Debt; Register; Lenders’ Books and Records; Notes
	  	45
	 2.8. Interest on Loans
	  	45
	 2.9. Conversion/Continuation
	  	48
	 2.10. Default Interest
	  	48
	 2.11. Fees
	  	48
	 2.12. Scheduled Payments/Commitment Reductions
	  	50
	 2.13. Voluntary Prepayments/Commitment Reductions
	  	51
	 2.14. Mandatory Prepayments/Commitment Reductions
	  	52
	 2.15. Application of Prepayments/Reductions
	  	55
	 2.16. General Provisions Regarding Payments
	  	56
	 2.17. Ratable Sharing
	  	57
	 2.18. Making or Maintaining Eurodollar Rate Loans
	  	58
	 2.19. Increased Costs; Capital Adequacy
	  	59
	 2.20. Taxes; Withholding, etc.
	  	61
	 2.21. Obligation to Mitigate
	  	63
	 2.22. Defaulting Lenders
	  	63
	 2.23. Removal or Replacement of a Lender
	  	64
	 2.24. Incremental Facilities
	  	65
		
	 SECTION 3. CONDITIONS PRECEDENT
	  	66
	 3.1. Closing Date
	  	66
	 3.2. Conditions to Each Credit Extension
	  	72
		
	 SECTION 4. REPRESENTATIONS AND WARRANTIES
	  	73
	 4.1. Organization; Requisite Power and Authority; Qualification
	  	73
	 4.2. Capital Stock and Ownership
	  	73
	 4.3. Due Authorization
	  	74
	 4.4. No Conflict
	  	74
	 4.5. Governmental Consents
	  	74

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	 4.6. Binding Obligation
	  	74
	 4.7. Historical Financial Statements
	  	74
	 4.8. Projections
	  	75
	 4.9. No Material Adverse Change
	  	75
	 4.10. No Restricted Junior Payments
	  	75
	 4.11. Adverse Proceedings, etc.
	  	75
	 4.12. Payment of Taxes
	  	75
	 4.13. Properties
	  	75
	 4.14. Environmental Matters
	  	76
	 4.15. No Defaults
	  	77
	 4.16. Material Contracts
	  	77
	 4.17. Governmental Regulation
	  	77
	 4.18. Margin Stock
	  	77
	 4.19. Employee Matters
	  	77
	 4.20. Employee Benefit Plans
	  	77
	 4.21. Certain Fees
	  	78
	 4.22. Solvency
	  	78
	 4.23. Related Agreements
	  	78
	 4.24. Compliance with Statutes, etc.
	  	79
	 4.25. Disclosure
	  	79
	 4.26. Subordination. Designation of the Credit Documents as “Designated Senior Debt”; Etc.
	  	79
		
	 SECTION 5. AFFIRMATIVE COVENANTS
	  	80
	 5.1. Financial Statements and Other Reports
	  	80
	 5.2. Existence
	  	84
	 5.3. Payment of Taxes and Claims
	  	84
	 5.4. Maintenance of Properties
	  	85
	 5.5. Insurance
	  	85
	 5.6. Inspections
	  	85
	 5.7. Lenders Meetings
	  	86
	 5.8. Compliance with Laws
	  	86
	 5.9. Environmental
	  	86
	 5.10. Subsidiaries
	  	88
	 5.11. Additional Material Real Estate Assets
	  	88
	 5.12. Interest Rate Protection
	  	88
	 5.13. Further Assurances
	  	89
	 5.14. Cash Management Systems
	  	89
	 5.15. Certain Post-Closing Obligations
	  	89
		
	 SECTION 6. NEGATIVE COVENANTS
	  	90
	 6.1. Indebtedness
	  	90
	 6.2. Liens
	  	93
	 6.3. Equitable Lien
	  	95
	 6.4. No Further Negative Pledges
	  	95
	 6.5. Restricted Junior Payments
	  	95

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	 6.6. Restrictions on Subsidiary Distributions
	  	96
	 6.7. Investments
	  	97
	 6.8. Financial Covenants
	  	98
	 6.9. Fundamental Changes; Disposition of Assets; Acquisitions
	  	100
	 6.10. Disposal of Subsidiary Interests
	  	101
	 6.11. Sales and Lease-Backs
	  	101
	 6.12. Transactions with Shareholders and Affiliates
	  	101
	 6.13. Conduct of Business
	  	102
	 6.14. Permitted Activities of Holdings
	  	102
	 6.15. Amendments or Waivers of Certain Related Agreements
	  	102
	 6.16. Amendments or Waivers of with respect to Subordinated Indebtedness
	  	102
	 6.17. Fiscal Year
	  	103
	 6.18. No Other “Designated Senior Indebtedness”
	  	103
		
	 SECTION 7. GUARANTY
	  	103
	 7.1. Guaranty of the Obligations
	  	103
	 7.2. Contribution by Guarantors
	  	103
	 7.3. Payment by Guarantors
	  	104
	 7.4. Liability of Guarantors Absolute
	  	104
	 7.5. Waivers by Guarantors
	  	106
	 7.6. Guarantors’ Rights of Subrogation, Contribution, etc.
	  	107
	 7.7. Subordination of Other Obligations
	  	108
	 7.8. Continuing Guaranty
	  	108
	 7.9. Authority of Guarantors or the Company
	  	108
	 7.10. Financial Condition of the Company and Guarantors
	  	108
	 7.11. Bankruptcy, etc.
	  	108
	 7.12. Discharge of Guaranty Upon Sale of Guarantor
	  	109
		
	 SECTION 8. EVENTS OF DEFAULT
	  	109
	 8.1. Events of Default
	  	109
		
	 SECTION 9. AGENTS
	  	113
	 9.1. Appointment of Agents
	  	113
	 9.2. Powers and Duties
	  	113
	 9.3. General Immunity
	  	113
	 9.4. Agents Entitled to Act as Lender
	  	114
	 9.5. Lenders’ Representations, Warranties and Acknowledgment
	  	115
	 9.6. Right to Indemnity
	  	115
	 9.7. Successor Administrative Agent, Collateral Agent and Swing Line Lender
	  	115
	 9.8. Collateral Documents and Guaranty
	  	117
		
	 SECTION 10. MISCELLANEOUS
	  	117
	 10.1. Notices
	  	117
	 10.2. Expenses
	  	118
	 10.3. Indemnity
	  	118
	 10.4. Set-Off
	  	119
	 10.5. Amendments and Waivers
	  	119

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	 10.6. Successors and Assigns; Participations
	  	121
	 10.7. Independence of Covenants
	  	125
	 10.8. Survival of Representations, Warranties and Agreements
	  	125
	 10.9. No Waiver; Remedies Cumulative
	  	125
	 10.10. Marshalling; Payments Set Aside
	  	125
	 10.11. Severability
	  	125
	 10.12. Obligations Several; Independent Nature of Lenders’ Rights
	  	126
	 10.13. Headings
	  	126
	 10.14. APPLICABLE LAW
	  	126
	 10.15. CONSENT TO JURISDICTION
	  	126
	 10.16. WAIVER OF JURY TRIAL
	  	126
	 10.17. Confidentiality
	  	127
	 10.18. Usury Savings Clause
	  	128
	 10.19. Counterparts
	  	128
	 10.20. Effectiveness
	  	128
	 10.21. USA Patriot Act
	  	128

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

					
	 APPENDICES:
	  	A-1	  	Tranche B Term Loan Commitments
	 	  	A-2	  	Revolving Commitments
	 	  	B	  	Notice Addresses
			
	 SCHEDULES:
	  	1.1(a)	  	Certain Adjustments to Financial Covenant Definitions
	 	  	1.1(b)	  	Existing Letters of Credit
	 	  	1.1(c)	  	Existing Capital Leases
	 	  	1.1(d)	  	Historical Financial Statements
	 	  	3.1(i)	  	Closing Date Mortgaged and Leasehold Properties
	 	  	3.1(k)	  	Environmental Reports
	 	  	4.1	  	Jurisdictions of Organization
	 	  	4.2	  	Capital Stock and Ownership
	 	  	4.13	  	Real Estate Assets
	 	  	4.14	  	Certain Environmental Matters
	 	  	4.16	  	Material Contracts
	 	  	4.20	  	Employee Benefits Plans
	 	  	5.14	  	Cash Management Systems
	 	  	5.15(a)	  	Landlord Personal Property Access Agreements
	 	  	6.1	  	Certain Indebtedness
	 	  	6.2	  	Certain Liens
	 	  	6.7	  	Certain Investments
	 	  	6.12	  	Certain Affiliate Transactions
			
	 EXHIBITS:
	  	A-1	  	Funding Notice
	 	  	A-2	  	Conversion/Continuation Notice
	 	  	A-3	  	Issuance Notice
	 	  	B-1	  	Tranche B Term Loan Note
	 	  	B-2	  	Revolving Loan Note
	 	  	B-3	  	Swing Line Note
	 	  	C	  	Compliance Certificate
	 	  	D	  	Opinions of Counsel
	 	  	E	  	Assignment Agreement
	 	  	F	  	Certificate Re Non-bank Status
	 	  	G-1	  	Closing Date Certificate
	 	  	G-2	  	Solvency Certificate
	 	  	H	  	Counterpart Agreement
	 	  	I	  	Pledge and Security Agreement
	 	  	J	  	Mortgage
	 	  	K	  	Landlord Waiver and Consent Agreement
	 	  	L	  	Joinder Agreement

  

 vi 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

  
 CREDIT AND GUARANTY
AGREEMENT 
  
 This CREDIT AND GUARANTY AGREEMENT, dated
as of September 30, 2004, is entered into by and among RIDDELL BELL HOLDINGS, INC. (the “Company”), a Delaware corporation, RBG HOLDINGS CORP. (“Holdings”), a Delaware corporation, CERTAIN
SUBSIDIARIES OF RIDDELL BELL HOLDINGS, INC., as Guarantors, the Lenders party thereto from time to time, and GOLDMAN SACHS CREDIT PARTNERS L.P. (“GSCP”), as Joint Lead Arranger, Joint Bookrunner, Administrative
Agent (together with its permitted successors in such capacity, “Administrative Agent”) and Collateral Agent (together with its permitted successors in such capacity, “Collateral Agent”), WACHOVIA CAPITAL
MARKETS, LLC (“Wachovia Securities”), as Joint Lead Arranger and Joint Bookrunner, WACHOVIA BANK, NATIONAL ASSOCIATION (“WBNA”), as the Sole Syndication Agent (in such capacity,
“Syndication Agent”), and ANTARES CAPITAL CORPORATION (“Antares”), as a Co-Documentation Agent, GMAC COMMERCIAL FINANCE LLC (“GMAC”), as a Co-Documentation Agent and UBS SECURITIES
LLC (“UBSS”), as a Co-Documentation Agent, (each, in such capacity, a “Co-Documentation Agent”). 
  
 RECITALS: 
  
 WHEREAS, capitalized terms used in these Recitals shall have the respective meanings set forth for such terms in Section 1.1 hereof; 
  
 WHEREAS, the Company has formed Bell Acquisition Corp., a Delaware
corporation, in order to acquire all of the capital stock of BSC; 
  
 WHEREAS, Parent and Riddell have entered into the Merger Agreement with the Sellers pursuant to which they have agreed to acquire BSC through the Merger of BSC into Bell Acquisition Corp.; 
  
 WHEREAS, after consummation of the Merger, BSC will be a wholly-owned
Subsidiary of the Company; 
  
 WHEREAS, the Company also
desires to refinance the Existing Indebtedness with the proceeds of the loans hereunder; 
  
 WHEREAS, Lenders have agreed to extend certain credit facilities to the Company, in an aggregate amount not to exceed $160.0 million (subject to
any increases pursuant to Section 2.24 hereunder), consisting of $110.0 million aggregate principal amount of Tranche B Term Loans, and up to $50.0 million aggregate principal amount of Revolving Commitments, the proceeds of which will be used
together with the proceeds of the Senior Subordinated Notes to fund, in part, the Merger (including refinancing or retiring certain existing debt and repurchasing or redeeming preferred stock, and paying fees, commissions and expenses in connection
with the Merger) for permitted capital expenditures and Permitted Acquisitions, to provide for the ongoing working capital requirements of the Company following the Merger and for general corporate purposes; 
  
 WHEREAS, the Company has agreed to secure all of its Obligations by
granting to Collateral Agent, for the benefit of Secured Parties, a First Priority Lien on substantially all of its 

  

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
assets, including a pledge of all of the Capital Stock of each of its Domestic Subsidiaries and 65% of all the Capital Stock of each of its first-tier
Foreign Subsidiaries; and 
  
 WHEREAS, Guarantors have
agreed to guarantee the obligations of the Company hereunder and to secure their respective Obligations by granting to Collateral Agent, for the benefit of Secured Parties, a First Priority Lien on substantially all of their respective assets,
including a pledge of all of the Capital Stock of each of their respective Domestic Subsidiaries (including the Company) and 65% of all the Capital Stock of each of their respective first-tier Foreign Subsidiaries. 
  
 NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows: 
  
 SECTION 1. DEFINITIONS AND INTERPRETATION 
  
 1.1. Definitions. The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following meanings: 
  
 “Additional Senior Subordinated Notes” as defined in Section 6.1(q). 
  
 “Additional Senior Subordinated Note
Indenture” means the trust indenture in form and substance reasonably satisfactory to the Administrative Agent pursuant to which any Additional Senior Subordinated Notes may be issued in accordance with the terms of this Agreement, as such
indenture may be further amended, restated, supplemented, modified, extended, renewed or replaced from time to time in accordance with Section 6.16 of this Agreement. 
  
 “Adjusted Eurodollar Rate” means, for any Interest Rate Determination Date with respect to
an Interest Period for a Eurodollar Rate Loan, the rate per annum obtained by dividing (and rounding upward to the next whole multiple of 1/100 of 1%) (i) (a) the rate per annum (rounded to the nearest 1/100 of 1%) equal to the rate determined by
Administrative Agent to be the offered rate which appears on the page of the Telerate Screen which displays an average British Bankers Association Interest Settlement Rate (such page currently being page number 3740 or 3750, as applicable) for
deposits (for delivery on the first day of such period) with a term equivalent to such period in Dollars, determined as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, or (b) in the event the rate
referenced in the preceding clause (a) does not appear on such page or service or if such page or service shall cease to be available, the rate per annum (rounded to the nearest 1/100 of 1%) equal to the rate determined by Administrative Agent to be
the offered rate on such other page or other service which displays an average British Bankers Association Interest Settlement Rate for deposits (for delivery on the first day of such period) with a term equivalent to such period in Dollars,
determined as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, or (c) in the event the rates referenced in the preceding clauses (a) and (b) are not available, the rate per annum (rounded to the nearest
1/100 of 1%) equal to the 

  

 2 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
offered quotation rate to first class banks in the London interbank market for deposits (for delivery on the first day of the relevant period) in Dollars of
amounts in same day funds comparable to the principal amount of the applicable Loan of Administrative Agent, in its capacity as a Lender, for which the Adjusted Eurodollar Rate is then being determined with maturities comparable to such period as of
approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, by (ii) an amount equal to (a) one minus (b) the Applicable Reserve Requirement. 
  
 “Administrative Agent” as defined in the preamble hereto. 
  
 “Adverse Proceeding” means any action,
suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of Holdings or any of its Subsidiaries) at law or in equity, or before or by any Governmental
Authority, domestic or foreign (including any Environmental Claims), whether pending or, to the knowledge of Holdings or any of its Subsidiaries, threatened against or affecting Holdings or any of its Subsidiaries or any property of Holdings or any
of its Subsidiaries. 
  
 “Affected
Lender” as defined in Section 2.18(b). 
  
 “Affected Loans” as defined in Section 2.18(b). 
  
 “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of this definition,
“control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power
(i) to vote 10% or more of the Securities having ordinary voting power for the election of directors of such Person or (ii) to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting
securities or by contract or otherwise; provided, that no Agent or Lender shall be deemed to be an “Affiliate” of any Credit Party. 
  
 “Agent” means each of the Syndication Agent, Administrative Agent, Collateral Agent and Co-Documentation Agents.

  
 “Aggregate Amounts Due” as
defined in Section 2.17. 
  
 “Aggregate
Payments” as defined in Section 7.2. 
  
 “Agreement” means this Credit and Guaranty Agreement, dated as of September 30, 2004, as it may be amended, supplemented or otherwise modified from time to time. 
  
 “Antares” as defined in the preamble
hereto. 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Applicable Margin” means: 
  
 (a) from the Closing Date until the commencement of the
first interest period occurring after the date of delivery of the Compliance Certificate and the financial statements for the Fiscal Quarter ended March 2005 (i) with respect to Revolving Loans that are Eurodollar Rate Loans, 2.75%, per annum; (ii)
with respect to Revolving Loans and Swing Line Loans that are Base Rate Loans, 1.75% per annum; (iii) with respect to Tranche B Term Loans that are Eurodollar Rate Loans, 2.50%, per annum and (iv) with respect to Tranche B Term Loans that are Base
Rate Loans, 1.50% per annum; (b) thereafter, with respect to Revolving Loans and Swing Line Loans, a percentage, per annum, determined by reference to the Leverage Ratio in effect from time to time as set forth below: 
  

					
	 Leverage
Ratio

	  	 Applicable Margin
for Revolving
Loans
(Eurodollar Loans)

	  	 Applicable Margin
for Revolving
Loans and Swing
Line
Loans
(Base Rate Loans)

	 3 5.00:1.00
	  	2.75%	  	1.75%
	 < 5.00:1.00
 3 4.50:1.00
	  	2.50%	  	1.50%
	 < 4.50:1.00
 3 4.00:1.00
	  	2.25%	  	1.25%
	 < 4.00:1.00
	  	2.00%	  	1.00%

  
 and (c) thereafter with respect to the
Tranche B Term Loans, so long as the Leverage Ratio is less than 4.00:1.00, (i) with respect to Tranche B Term Loans that are Eurodollar Rate Loans, 2.25%, per annum and (ii) with respect to Tranche B Term Loans that are Base Rate Loans, 1.25% per
annum. 
  
 No change in the Applicable Margin shall be effective until three
Business Days after the date on which Administrative Agent shall have received the applicable financial statements and a Compliance Certificate pursuant to Section 5.1(d) calculating the Leverage Ratio. At any time and so long as the Company has not
submitted to Administrative Agent the applicable information as and when required under Section 5.1(d), the Applicable Margin shall be determined as if the Leverage Ratio were in excess of 5.00:1.00 in the case of Revolving Loans and Swing Line
Loans and 5.00:1.00 in the case of Tranche B Term Loans. Within one Business Day of receipt of the applicable information under Section 5.1(d), Administrative Agent shall give each Lender telefacsimile or telephonic notice (confirmed in writing) of
the Applicable Margin in effect from such date. 
  
 “Applicable Reserve Requirement” means, at any time, for any Eurodollar Rate Loan, the maximum rate, expressed as a decimal, at which reserves (including, without limitation, any basic marginal, special, supplemental,
emergency or other reserves) are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D) under regulations issued from time to time by the Board of Governors of the

  

 4 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
Federal Reserve System or other applicable banking regulator. Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect
any other reserves required to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits by reference to which the applicable Adjusted Eurodollar Rate or any other interest rate of a Loan is to be
determined, or (ii) any category of extensions of credit or other assets which include Eurodollar Rate Loans. A Eurodollar Rate Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements
without benefits of credit for proration, exceptions or offsets that may be available from time to time to the applicable Lender. The rate of interest on Eurodollar Rate Loans shall be adjusted automatically on and as of the effective date of any
change in the Applicable Reserve Requirement. 
  
 “Asset Sale” means a sale, lease or sub-lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition to, or any exchange of property with, any Person (other than the Company or
any Guarantor Subsidiary), in one transaction or a series of transactions, of all or any part of Holdings’ or any of its Subsidiaries’ businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or
intangible, whether now owned or hereafter acquired, including, without limitation, the Capital Stock of any of Holdings’ Subsidiaries, other than (i) inventory (or other assets) sold, licensed or leased in the ordinary course of business
(excluding any such sales, licenses or leases by operations or divisions discontinued or to be discontinued), (ii) disposals of obsolete, worn-out or surplus property for aggregate consideration of less than $500,000 with respect to any transaction
or series of related transactions or in the aggregate during any Fiscal Year, and (iii) sales of other assets for aggregate consideration of less than $1,000,000 with respect to any transaction or series of related transactions or in the aggregate
during any Fiscal Year. 
  
 “Assignment
Agreement” means an Assignment and Assumption Agreement substantially in the form of Exhibit E, with such amendments or modifications as may be approved by Administrative Agent. 
  
 “Authorized Officer” means, as applied to any Person, any individual holding the position
of chairman of the board (if an officer), chief executive officer, president or one of its vice presidents (or the equivalent thereof), and such Person’s chief financial officer, treasurer or controller. 
  
 “Bankruptcy Code” means Title 11 of the
United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute. 
  
 “Base Rate” means, for any day, a rate per annum equal to the greater of (i) the Prime Rate in effect on such day and
(ii) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective on the effective day of such change in the Prime Rate
or the Federal Funds Effective Rate, respectively. 
  
 “Base Rate Loan” means a Loan bearing interest at a rate determined by reference to the Base Rate. 
  

 5 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “BSC” means Bell Sports Corp. 
  
 “Bell Preferred Stock” means (i) the Series
B Preferred Stock, par value $.01 per share, of Bell Sports, Inc.; (ii) the Series C Preferred Stock, par value $.01 per share, of Bell Sports, Inc.; and (iii) the Series D Preferred Stock, par value $.01 per share, of Bell Sports, Inc. 

 
 “Beneficiary” means each Agent, Issuing
Bank, Lender, Lender Counterparty, and Indemnitee. 
  
 “Business Day” means (i) any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a day on which banking institutions located in such state are authorized or
required by law or other governmental action to close and (ii) with respect to all notices, determinations, fundings and payments in connection with the Adjusted Eurodollar Rate or any Eurodollar Rate Loans, the term “Business Day”
shall mean any day which is a Business Day described in clause (i) and which is also a day for trading by and between banks in Dollar deposits in the London interbank market. 
  
 “Capital Lease” means, as applied to any Person, any lease of any property (whether real,
personal or mixed) by that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person. 
  
 “Capital Stock” means any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including, without limitation, partnership interests and membership interests, and any and all warrants,
rights or options to purchase or other arrangements or rights to acquire any of the foregoing. 
  
 “Cash” means money, currency or a credit balance in any demand or Deposit Account. 
  
 “Cash Equivalents” means, as at any date of
determination, (i) marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency of the United States the obligations of which are backed by the
full faith and credit of the United States, in each case maturing within one year after such date; (ii) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iii) commercial paper maturing no more than
one year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing within one
year after such date and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that has combined capital and surplus of not less than
$500,000,000 and that has (or is a subsidiary of a bank holding company that has) a long-term unsecured debt rating of at least A or the equivalent 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
thereof by Moody’s; and (v) shares of any money market mutual fund that has substantially all of its assets invested continuously in the types of
investments referred to in clauses (i) through (iv). 
  
 “Certificate re Non-Bank Status” means a certificate substantially in the form of Exhibit F. 
  
 “Change of Control” means, at any time, (i) the Sponsor shall cease to beneficially own and control at least 51% on a
fully diluted basis of the economic (but excluding any profit interests) and voting interests in the Capital Stock of Parent; (ii) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) other than the
Equity Investors (a) shall have acquired beneficial ownership of 35% or more on a fully diluted basis of the voting and/or economic interest in the Capital Stock of Parent or (b) shall have obtained the power (whether or not exercised) to elect a
majority of the members of the board of directors (or similar governing body) of Parent; (iii) (a) Parent shall cease to beneficially own and control 100% on a fully diluted basis of the economic and voting interest in the Capital Stock of Holdings
or (b) Holdings shall cease to beneficially own and control 100% on a fully diluted basis of the economic and voting interest in the Capital Stock of the Company or (c) the Company shall cease to beneficially own and control 100% on a fully diluted
basis of the economic and voting interest in the Capital Stock of Riddell or BSC; (iv) the majority of the seats (other than vacant seats) on the board of directors (or similar governing body) of the Company cease to be occupied by Persons who
either (a) were members of the board of directors of the Company on the Closing Date or (b) were nominated for election by the Equity Investors or the board of directors of the Company, a majority of whom were directors on the Closing Date or whose
election or nomination for election was previously approved by a majority of such directors; or (v) any “change of control” or similar event under the Senior Subordinated Notes, the Refinancing Notes or the Additional Senior Subordinated
Notes that would require the Company to tender for or otherwise give rise to an accelerated repayment of the Senior Subordinated Notes, the Refinancing Notes or the Additional Senior Subordinated Notes. 
  
 “Chicago Real Property” means the property
located at 3670 North Milwaukee Avenue, Chicago, Illinois. 
  
 “Class” means (i) with respect to Lenders, each of the following classes of Lenders: (a) Lenders having Tranche B Term Loan Exposure, (b) Lenders having Revolving Exposure (including Swing Line
Lender) and (c) Lenders having New Term Loan Exposure of each Series, and (ii) with respect to Loans, each of the following classes of Loans: (a) Tranche B Term Loans, (b) Revolving Loans (including Swing Line Loans) and (c) each Series of New Term
Loans. 
  
 “Closing Date” means
the date on which the Term Loans are made. 
  
 “Closing Date Certificate” means a Closing Date Certificate substantially in the form of Exhibit G-1. 
  
 “Closing Date Mortgaged Property” as defined in Section 3.1(i). 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Collateral” means, collectively, all of the real, personal and mixed
property (including Capital Stock) in which Liens are purported to be granted pursuant to the Collateral Documents as security for the Obligations. 
  
 “Collateral Agent” as defined in the preamble hereto. 
  
 “Collateral Documents” means the Pledge and Security Agreement, the Mortgages, the Landlord
Personal Property Collateral Access Agreements, the IP Security Agreements, the Control Agreements, if any, any arrangements pursuant to the cash collateralization required pursuant to Section 2.4(a) and all other instruments, documents and
agreements delivered by any Credit Party pursuant to this Agreement or any of the other Credit Documents in order to (a) grant to Collateral Agent, for the benefit of Lenders, a Lien on any real, personal or mixed property of that Credit Party as
security for the Obligations and/or (b) perfect such Liens. 
  
 “Collateral Questionnaire” means a certificate in form satisfactory to Collateral Agent that provides information with respect to the personal or mixed property of each Credit Party. 
  
 “Commitment” means any Revolving
Commitment, Term Loan Commitment or New Term Loan Commitment. 
  
 “Commitment Fee Percentage” means (a) from the Closing Date until the commencement of the first interest period occurring after the date of delivery of the Compliance Certificate and the financial
statements for the Fiscal Quarter ended March 2005, 0.50% per annum and (b) so long as the Leverage Ratio is less than 4.00:1.00, 0.375% per annum. No change in the Commitment Fee Percentage shall be effective until three Business Days after the
date on which Administrative Agent shall have received the applicable financial statements and a Compliance Certificate pursuant to Section 5.1(d) calculating the Leverage Ratio. At any time and so long as the Company has not submitted to
Administrative Agent the applicable information as and when required under Section 5.1(d), the Commitment Fee Percentage shall be determined as if the Leverage Ratio were in excess of 4.00:1.00. Within one Business Day of receipt of the applicable
information under Section 5.1(d), Administrative Agent shall give each Lender telefacsimile or telephonic notice (confirmed in writing) of the Commitment Fee Percentage in effect from such date. 
  
 “Company” as defined in the preamble
hereto. 
  
 “Compliance
Certificate” means a Compliance Certificate substantially in the form of Exhibit C. 
  
 “Consolidated Adjusted EBITDA” means, for any period, an amount determined for Holdings and its Subsidiaries on a
consolidated basis equal to (i) the sum, without duplication and in respect of clauses (b) through (q) only to the extent reducing Consolidated Net Income, of the amounts for such period of (a) Consolidated Net Income, (b) Consolidated Interest
Expense, (c) provisions for taxes based on income, (d) total 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
depreciation expense, (e) total amortization expense, (f) Transaction Costs incurred and paid in the period, (g) Management Fees accrued or paid in such
period (excluding any Management Fees paid in such period to the extent they represent an accrual in a prior period), (h) restructuring charges in Fiscal Years 2004, 2005, 2006 and 2007 in an amount not to exceed $6,000,000 in the aggregate since
the Closing Date and $4,000,000 in any Fiscal Year, (i) one-time insurance costs of up to $3,000,000 (relating to renewal and extension of products liability coverage) (j) Cash expenses in Fiscal Years 2004 and 2005 in an amount not to exceed
$750,000 relating to compliance with the Sarbanes-Oxley Act of 2002, (k) customary cash transaction fees and costs (including post-closing integration costs in an amount not to exceed 15% of the pro forma EBITDA of an acquired entity) approved by
the Administrative Agent in its reasonable discretion relating to any Permitted Acquisition and any portion of New Term Loans used to finance such Permitted Acquisition, (l) cash purchase price (including any amounts payable pursuant to an earnout)
and expenses relating to the Simbex transaction (including post-closing payment obligations to Simbex except for any royalty or similar payments), each to the extent taken into account in the calculation of Consolidated Net Income (provided
that the amount added pursuant to this clause (l) when added to any capitalized purchase price related to the Simbex transaction shall not exceed $3,000,000 in the aggregate since the Closing Date and $1,500,000 in any Fiscal Year), (m)
one-time training expenses in connection with the Great Game of Life program in an amount not to exceed $500,000 in Fiscal Years 2004, 2005 and 2006 or $1,000,000 in the aggregate since the Closing Date (n) non-cash compensation charges or other
non-cash expenses or charges arising from the grant of or issuance or repricing of stock, stock options or other equity-based awards to the directors, officers and employees of Holdings and its Subsidiaries, (o) any impairment charge or asset
write-off pursuant to FAS 142 and FAS 144 and the amortization of intangibles arising pursuant to FAS 141, (p) any monitoring, consulting, consent and other bank fees and expenses incurred at the direction of the Agents or the Lenders during such
period, and (q) other non-Cash items (including non-Cash purchase accounting adjustments) reducing Consolidated Net Income (excluding any such non-Cash item to the extent that it represents an accrual or reserve for potential Cash items in any
future period or amortization of a prepaid Cash item that was paid in a prior period), minus (ii) other non-Cash items increasing Consolidated Net Income for such period (excluding any such non-Cash item to the extent it represents the
reversal of an accrual or reserve for potential Cash item in any prior period); provided that with respect to any calculation period ending prior to the first anniversary of the Closing Date, the foregoing shall be subject to
adjustment as set forth in Schedule 1.1(a). 
  
 “Consolidated Capital Expenditures” means, for any period, the aggregate of all expenditures of Holdings and its Subsidiaries during such period determined on a consolidated basis that, in accordance
with GAAP, are or should be included in “purchase of property and equipment” or similar items reflected in the consolidated statement of cash flows of Holdings and its Subsidiaries, but excluding the purchase price of any Permitted
Acquisition and purchases made with the proceeds of Asset Sales or insurance coverage. 
  
 “Consolidated Cash Interest Expense” means, for any period, Consolidated Interest Expense for such period, excluding (i)
any amount not payable in Cash and (ii) any consent fees payable to banks or other lenders to the extent deducted from Consolidated Adjusted EBITDA; provided that with respect to any calculation period ending prior to the first 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
anniversary of the Closing Date, the foregoing shall be subject to adjustment as set forth in Schedule 1.1(a). 
  
 “Consolidated Current Assets” means, as at
any date of determination, the total assets of Holdings and its Subsidiaries on a consolidated basis that may properly be classified as current assets in conformity with GAAP, excluding Cash and Cash Equivalents. 
  
 “Consolidated Current Liabilities” means,
as at any date of determination, the total liabilities of Holdings and its Subsidiaries on a consolidated basis that may properly be classified as current liabilities in conformity with GAAP, excluding cash overdrafts and the current portion of long
term debt, deferred taxes and Capital Leases. 
  
 “Consolidated Excess Cash Flow” means, for any period, an amount (if positive) equal to: (i) the sum, without duplication, of the amounts for such period of (a) Consolidated Adjusted EBITDA, plus (b) the Consolidated
Working Capital Adjustment excluding non-cash adjustments, minus (ii) the sum, without duplication, of the amounts for such period of (a) scheduled repayments of Consolidated Total Debt, (b) Consolidated Capital Expenditures (net of any
proceeds of (y) any related financings with respect to such expenditures and (z) any sales of assets used to finance such expenditures), (c) Consolidated Cash Interest Expense, (d) taxes based on income of Holdings and its Subsidiaries payable in
Cash with respect to such period and actually paid, (e) Management Fees paid in Cash, (f) distributions to Holdings made pursuant to Section 6.5(c)(i), (g) any monitoring, consulting, consent and other bank fees and expenses incurred at the
direction of the Agents or the Lenders during such period and (h) amounts paid in cash during such period in respect of amounts that were added in computing Consolidated Adjusted EBITDA pursuant to clauses (h), (i), (j), (k), (l) and (m) thereof.

  
 “Consolidated Interest
Expense” means, for any period, total interest expense (including that portion attributable to Capital Leases in accordance with GAAP and capitalized interest) of Holdings and its Subsidiaries on a consolidated basis with respect to all
outstanding Indebtedness of Holdings and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and net costs under Interest Rate Agreements, but excluding, however, any amounts
referred to in Section 2.11(d) payable on or before the Closing Date. For purposes of calculating the foregoing, Consolidated Interest Expense shall be determined on the basis of net payments made or received or accruals in accordance with GAAP by
Holdings and its Subsidiaries in respect of Interest Rate Agreements. 
  
 “Consolidated Net Income” means, for any period, (i) the net income (or loss) of Holdings and its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in
conformity with GAAP, minus (ii) (a) the income (or loss) of any Person (other than a Subsidiary of Holdings) in which any other Person (other than Holdings or any of its Subsidiaries) has a joint interest, except to the extent of the amount
of dividends or other distributions actually paid to Holdings or any of its Subsidiaries by such Person during such period, (b) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Holdings or is merged into or
consolidated with Holdings or any of its Subsidiaries or that Person’s assets are acquired by Holdings or any of its Subsidiaries, (c) the income of any 

  

 10 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
Subsidiary of Holdings to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of that income is not at the
time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary, (d) any after-tax gains or losses attributable to Asset Sales or
returned surplus assets of any Pension Plan, and (e) (to the extent not included in clauses (a) through (d) above) any non-Cash net extraordinary and non-recurring gains or net extraordinary and non-recurring losses. 
  
 “Consolidated Total Debt” means, as at any
date of determination, (i) the aggregate stated balance sheet amount of all Indebtedness of Holdings and its Subsidiaries determined on a consolidated basis in accordance with GAAP, (excluding all standby Letters of Credit) minus up to $10.0
million of Cash and Cash Equivalents on hand at any Credit Party in excess of $2.5 million. 
  
 “Consolidated Working Capital Adjustment” means, for any period on a consolidated basis, the amount (which may be a
negative number) by which Consolidated Working Capital as of the beginning of such period exceeds (or is less than) Consolidated Working Capital as of the end of such period. 
  
 “Consolidated Working Capital” means, as at any date of determination, the excess of
Consolidated Current Assets over Consolidated Current Liabilities. 
  
 “Contractual Obligation” means, as applied to any Person, any provision of any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other
instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject. 
  
 “Contributing Guarantors” as defined in Section 7.2. 
  
 “Control Agreements” means each control agreement executed and delivered by the Collateral
Agent for the benefit of the Secured Parties, a securities intermediary or depositary bank and the applicable Credit Party on the Closing Date and each control agreement to be executed and delivered by Collateral Agent, a securities intermediary or
depositary bank and the applicable Credit Party pursuant to the terms of the Pledge and Security Agreement with such modifications as Collateral Agent may reasonably request or approve. 
  
 “Conversion/Continuation Date” means the
effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation Notice. 
  
 “Conversion/Continuation Notice” means a Conversion/Continuation Notice substantially in the form of Exhibit A-2.

  
 “Counterpart Agreement”
means a Counterpart Agreement substantially in the form of Exhibit H delivered by a Credit Party pursuant to Section 5.10. 
  
 “Credit Date” means the date of a Credit Extension. 
  

 11 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Credit Document” means any of this Agreement, the Notes, if any, the
Collateral Documents, any documents or certificates executed by the Company in favor of Issuing Bank relating to Letters of Credit, and all other documents, instruments or agreements executed and delivered by a Credit Party for the benefit of any
Agent, Issuing Bank or any Lender in connection herewith (in each case as such documents, instruments or agreements may be amended, restated, supplemented or otherwise modified from time to time). 
  
 “Credit Extension” means the making of a
Loan or the issuing of a Letter of Credit. 
  
 “Credit Party” means each Person (other than any Agent, Issuing Bank or any Lender or any other representative thereof) from time to time party to a Credit Document. 
  
 “Currency Agreement” means any foreign
exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement, each of which is for the purpose of hedging the foreign currency risk associated with Holdings’ and its
Subsidiaries’ operations and not for speculative purposes. 
  
 “Default” means a condition or event that, after notice or lapse of time or both, would constitute an Event of Default. 
  
 “Default Excess” means, with respect to any Defaulting Lender, the excess, if any, of such
Defaulting Lender’s Pro Rata Share of the aggregate outstanding principal amount of Loans of all Lenders (calculated as if all Defaulting Lenders (other than such Defaulting Lender) had funded all of their respective Defaulted Loans) over the
aggregate outstanding principal amount of all Loans of such Defaulting Lender. 
  
 “Default Period” means, with respect to any Defaulting Lender, the period commencing on the date of the applicable
Funding Default and ending on the earliest of the following dates: (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable, (ii) the date on which (a) the Default
Excess with respect to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or by the non-pro rata application of any voluntary or mandatory
prepayments of the Loans in accordance with the terms of Section 2.13 or Section 2.14 or by a combination thereof) and (b) such Defaulting Lender shall have delivered to the Company and Administrative Agent a written reaffirmation of its intention
to honor its obligations hereunder with respect to its Commitments, and (iii) the date on which the Company, Administrative Agent and Requisite Lenders waive all Funding Defaults of such Defaulting Lender in writing. 
  
 “Defaulted Loan” as defined in Section
2.22. 
  
 “Defaulting Lender” as
defined in Section 2.22. 
  
 “Deposit
Account” means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit. 
  

 12 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Dollars” and the sign “$” mean the lawful money of the
United States of America. 
  
 “Domestic
Subsidiary” means any Subsidiary organized under the laws of the United States of America, any State thereof or the District of Columbia. 
  
 “Eligible Assignee” means (i) any Lender, any Affiliate of any Lender and any Related Fund with respect to a Lender (any
two or more Related Funds being treated as a single Eligible Assignee for all purposes hereof), (ii) any commercial bank, insurance company, investment or mutual fund or other entity that is an “accredited investor” (as defined in
Regulation D under the Securities Act) and which extends credit or buys loans as one of its businesses and (iii) any other entity approved by Administrative Agent and the Company; provided, none of Holdings, any Affiliate of Holdings or any
Equity Investor shall be an Eligible Assignee. 
  
 “Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA which is or, within the preceding six years was, sponsored, maintained or contributed to by, or required to be
contributed by, Holdings or any of its Subsidiaries. 
  
 “Environmental Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or
any other Person, arising (i) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (ii) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (iii) in connection
with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment. 
  
 “Environmental Laws” means any and all current or future foreign or domestic, federal or state (or any subdivision of
either of them) or local, statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other requirements of Governmental Authorities relating to (i) environmental matters, including those relating to any
Hazardous Materials Activity; (ii) the generation, use, storage, transportation or disposal of, or exposure to, Hazardous Materials; or (iii) occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal
health or welfare, in any manner applicable to Holdings or any of its Subsidiaries or any Facility. 
  
 “Equity Investors” means the Sponsor, the Management Investors and other investors not affiliated with GSCP reasonably
acceptable to the Administrative Agent. 
  
 “Equityholders Agreement” means the amended and restated limited liability company agreement of Riddell Holdings, LLC dated as of September 30, 2004 by and among Fenway Partners Capital Fund II, L.P., Fenway Partners, Inc.,
American Capital Strategies, Ltd., Antares and the other parties thereto, as amended, waived and modified from time to time in accordance with Section 6.15. 
  

 13 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and any successor thereto. 
  
 “ERISA Affiliate” means, as applied to any Person, (i) any corporation which is a member of a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a
member; and (ii) any trade or business (whether or not incorporated) which is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Internal Revenue Code of which that Person is a member. Any
former ERISA Affiliate of Holdings or any of its Subsidiaries shall continue to be considered an ERISA Affiliate of Holdings or any such Subsidiary within the meaning of this definition to the extent that Holdings or such Subsidiary could reasonably
be expected to have any liability with respect thereto under the Internal Revenue Code or ERISA. 
  
 “ERISA Event” means (i) a “reportable event” within the meaning of Section 4043 of ERISA and the regulations
issued thereunder with respect to any Pension Plan (excluding those for which the provision for 30-day notice to the PBGC has been waived by regulation); (ii) the failure to meet the minimum funding standard of Section 412 of the Internal Revenue
Code with respect to any Pension Plan (whether or not waived in accordance with Section 412(d) of the Internal Revenue Code) or the failure to make any required contribution to a Multiemployer Plan; (iii) the provision by the administrator of any
Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (iv) the withdrawal by Holdings, any of its Subsidiaries or any of their respective
ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability to Holdings, any of its Subsidiaries or any of their respective Affiliates pursuant to Section 4063 or
4064 of ERISA; (v) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition which is reasonably likely to constitute grounds under ERISA for the termination of, or the appointment by PGBC
of a trustee to administer, any Pension Plan; (vi) the imposition of liability on Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section
4212(c) of ERISA; (vii) the withdrawal of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there
is any potential liability therefore, or the receipt by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245
of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA; (viii) the occurrence of an act or omission which could give rise to the imposition on Holdings or any of its Subsidiaries of fines, penalties, taxes
or related charges under Chapter 43 of the Internal Revenue Code or under Section 409, Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Employee Benefit Plan; (ix) receipt from the Internal Revenue Service of notice of the
failure of any Pension Plan (or any other Employee Benefit Plan intended to be qualified under Section 401(a) of the Internal Revenue Code) to qualify under Section 401(a) of the Internal Revenue Code, or the failure of any trust forming part of any
Pension Plan to qualify for exemption from taxation under Section 501(a) of the Internal Revenue Code; or (x) the imposition of a Lien pursuant to 

  

 14 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
Section 401(a)(29) or 412(n) of the Internal Revenue Code or pursuant to ERISA with respect to any Pension Plan. 
  
 “Eurodollar Rate Loan” means a Loan bearing
interest at a rate determined by reference to the Adjusted Eurodollar Rate. 
  
 “Event of Default” means each of the conditions or events set forth in Section 8.1. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.

  
 “Existing Capital Leases”
means the Capital Leases listed on Schedule 1.1(c) entered into by Riddell or a Subsidiary thereof as indicated thereon prior to the date hereof in an amount not to exceed $500,000. 
  
 “Existing Indebtedness” means all pre-existing Indebtedness of the Company and its
Subsidiaries (including BSC and its Subsidiaries) on the Closing Date other than the Existing Capital Leases, certain purchase money Indebtedness of the Company and its Subsidiaries (including BSC and its Subsidiaries) and certain other Indebtedness
listed on Schedule 6.1. 
  
 “Existing
Letters of Credit” means those letters of credit, listed on Schedule 1.1(b), outstanding on the Closing Date under the existing amended and restated credit agreement, dated July 23, 2004, among the Company, Riddell and its Subsidiaries and
WBNA, as Agent. 
  
 “Facility” means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or (except with respect to Section 5 and Section 6) heretofore owned, leased or operated by
Holdings or any of its Subsidiaries or any of their respective predecessors or Affiliates. 
  
 “Fair Share Contribution Amount” as defined in Section 7.2. 
  
 “Fair Share” as defined in Section 7.2.

  
 “Federal Funds Effective
Rate” means for any day, the rate per annum (expressed, as a decimal, rounded upwards, if necessary, to the next higher 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the
Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, (i) if such day is not a Business Day, the Federal Funds Rate
for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (ii) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for
such day shall be the average rate charged to Administrative Agent, in its capacity as a Lender, on such day on such transactions as determined by Administrative Agent. 
  

 15 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Financial Officer Certification” means, with respect to the financial
statements for which such certification is required, the certification of the chief financial officer of the Company that such financial statements fairly present, in all material respects, the financial condition of the Company and its Subsidiaries
as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments and in the case of interim financial statements, the absence of
footnotes. 
  
 “Financial Plan”
as defined in Section 5.1(i). 
  
 “First
Priority” means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien. 
  
 “Fiscal Quarter” means a fiscal quarter of
any Fiscal Year. 
  
 “Fiscal
Year” means the fiscal year of Holdings and its Subsidiaries ending on (i) December 31 (or the Saturday closest thereto) of each calendar year, (ii) a 52-53 week Fiscal Year-ending on or about December 31 of each calendar year, or (iii) in
the case of Bell Sports Asia Limited, March 31 of each calendar year. 
  
 “Flood Hazard Property” means any Real Estate Asset subject to a mortgage in favor of Collateral Agent, for the benefit of the Lenders, and located in an area designated by the Federal Emergency
Management Agency as having special flood or mud slide hazards. 
  
 “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 
  
 “Funding Default” as defined in Section 2.22. 
  
 “Funding Guarantors” as defined in Section 7.2. 
  
 “Funding Notice” means a notice
substantially in the form of Exhibit A-1. 
  
 “GAAP” means, subject to the limitations on the application thereof set forth in Section 1.2, United States of America generally accepted accounting principles in effect as of the date of determination thereof. 

 
 “GMAC” as defined in the preamble
hereto. 
  
 “Governmental Acts”
means any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority. 
  
 “Governmental Authority” means any federal, state, municipal, national or other government, governmental department,
commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government. 
  
 “Governmental Authorization” means any
permit, license, authorization, plan, directive, consent order or consent decree of or from any Governmental Authority. 
  
 “Grantor” as defined in the Pledge and Security Agreement. 
  
 “GSCP” as defined in the preamble hereto. 
  
 “Guaranteed Obligations” as defined in
Section 7.1. 
  
 “Guarantor”
means each of Holdings and each Domestic Subsidiary of Holdings (other than the Company). 
  
 “Guarantor Subsidiary” means each Guarantor other than Holdings. 
  
 “Guaranty” means the guaranty of each
Guarantor set forth in Section 7. 
  
 “Hazardous Materials” means any chemical, material, waste or substance, which is prohibited, limited or regulated by any Governmental Authority or pursuant to any Environmental Law or which may or could pose a hazard to the
health and safety of any Persons or to the indoor or outdoor environment. 
  
 “Hazardous Materials Activity” means any past, current, future, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession,
storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous
Materials, and any corrective action or response action with respect to any of the foregoing. 
  
 “Hedge Agreement” means an Interest Rate Agreement or a Currency Agreement entered into with a Lender Counterparty in
order to satisfy the requirements of this Agreement or otherwise in the ordinary course of Holdings’ or any of its Subsidiaries’ businesses. 
  
 “Highest Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be
contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious
interest rate than applicable laws now allow. 
  
 “Historical Financial Statements” means each of the financial statements listed on Schedule 1.1(d), certified by the chief financial officer of each of the Company and BSC, as applicable, that they fairly present, in all
material respects, the financial condition of the Company, BSC and each of their respective Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
from audit and normal year-end adjustments and in the case of interim financial statements, the absence of footnotes and the unaudited financial statements
of the Company, BSC, and each of their respective Subsidiaries as of their respective most recently ended fiscal quarter prior to the Closing Date, consisting of a balance sheet and the related consolidated statements of income, stockholders’
equity and cash flows for the three-, six-or nine-month period, as applicable, ending on such date. 
  
 “Holdings” as defined in the preamble hereto. 
  
 “Immaterial Subsidiary” means, as of any date, any Subsidiary whose total assets, as of
that date, are less than $100,000 and whose total revenues for the most recent twelve-month period do not exceed $100,000. 
  
 “Increased Amount Date” as defined in Section 2.24. 
  
 “Increased-Cost Lenders” as defined in Section 2.23. 
  
 “Indebtedness”, as applied to any Person,
means, without duplication, (i) all indebtedness for borrowed money; (ii) that portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP; (iii) notes payable and
drafts accepted representing extensions of credit whether or not representing obligations for borrowed money; (iv) any obligation owed for all or any part of the deferred purchase price of property or services (excluding any such obligations
incurred under ERISA), which purchase price is (a) due more than six months from the date of incurrence of the obligation in respect thereof (other than trade payables which are due more than six months from the date of incurrence in the ordinary
course of business) or (b) evidenced by a note or similar written instrument; (v) all indebtedness secured by any Lien on any property or asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been
assumed by that Person or is nonrecourse to the credit of that Person; (vi) the face amount of any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (vii) the direct
or indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another; (viii) any obligation of such
Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or the holders thereof will be
protected (in whole or in part) against loss in respect thereof; (ix) any liability of such Person for an obligation of another through any agreement (contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such obligation or any
security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (b) to maintain the solvency or any balance sheet item, level of
income or financial condition of another if, in the case of any agreement described under subclauses (a) or (b) of this clause (ix), the primary purpose or intent thereof is as described in clause (viii) above; and (x) all obligations of such Person
in respect of any exchange traded or over the counter derivative transaction, including, without limitation, any Interest Rate Agreement, Currency Agreement and any commodities hedging agreement, whether entered into for hedging or speculative
purposes; 

  

 18 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
provided, in no event shall obligations under any Interest Rate Agreement, any Currency Agreement or any commodities hedging agreement be deemed
“Indebtedness” for any purpose under Section 6.8. 
  
 “Indemnified Liabilities” means, collectively, any and all liabilities, obligations, losses, damages (including natural resource damages), penalties, claims (including Environmental Claims), costs
(including the reasonable costs of any investigation, study, sampling, testing, abatement, cleanup, removal, remediation or other response action necessary to remove, remediate, clean up or abate any past, present or future Hazardous Materials
Activity), reasonable expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or
threatened by any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and any reasonable fees or expenses incurred by Indemnitees in enforcing the indemnity contained in Section 10.3), whether
direct, indirect or consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations and Environmental Laws), on common law or equitable
cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of (i) this Agreement or the other Credit Documents or the transactions contemplated hereby or
thereby (including the Lenders’ agreement to make Credit Extensions or the use or intended use of the proceeds thereof, or any enforcement of any of the Credit Documents (including any sale of, collection from, or other realization upon any of
the Collateral or the enforcement of the Guaranty)); (ii) the statements contained in the commitment letter delivered by any Lender to the Company with respect to the transactions contemplated by this Agreement; or (iii) any Environmental Claim or
any Hazardous Materials Activity relating to or arising from, directly or indirectly, any past, present or future activity, operation, land ownership, or practice of Holdings or any of its Subsidiaries. 
  
 “Indemnitee” as defined in Section 10.3.

  
 “Installment” as defined in
Section 2.12(a). 
  
 “Installment
Date” as defined in Section 2.12(a). 
  
 “Interest Coverage Ratio” means the ratio as of the last day of any Fiscal Quarter of (i) Consolidated Adjusted EBITDA for the four-Fiscal Quarter period then ended, to (ii) Consolidated Cash Interest Expense for such
four-Fiscal Quarter period. 
  
 “Interest
Payment Date” means with respect to (i) any Base Rate Loan, each of the dates specified in Section 2.12(a) for payment of principal, commencing on the first such date to occur after the Closing Date and the final maturity date of such Loan;
and (ii) any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan; provided, in the case of each Interest Period of longer than three months “Interest Payment Date” shall also include each date that is
three months, or an integral multiple thereof, after the commencement of such Interest Period. 
  

 19 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Interest Period” means, in connection with a Eurodollar Rate Loan, an
interest period of one-, two-, three- or six-months (or nine- or twelve-months if available to all Term Lenders having Revolving Exposure or Term Loan Commitments, as applicable), as selected by the Company in the applicable Funding Notice or
Conversion/Continuation Notice, (i) initially, commencing on the Credit Date or Conversion/Continuation Date thereof, as the case may be; and (ii) thereafter, commencing on the day on which the immediately preceding Interest Period expires;
provided, (a) if an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless no further Business Day occurs in such month, in which case such
Interest Period shall expire on the immediately 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, subject to clauses (c) and (d), of this definition, end on the last Business Day of a calendar month; (c) no Interest Period with respect to any portion of any Class of Term Loans shall extend beyond such
Class’s Term Loan Maturity Date; and (d) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Commitment Termination Date. 
  
 “Interest Rate Agreement” means any interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedging agreement, option agreement, or other similar agreement or arrangement, each of which is for the purpose of hedging the interest rate exposure associated with Holdings’ and its
Subsidiaries’ operations and not for speculative purposes. 
  
 “Interest Rate Determination Date” means, with respect to any Interest Period, the date that is two Business Days prior to the first day of such Interest Period. 
  
 “Internal Revenue Code” means the Internal
Revenue Code of 1986, as amended to the date hereof and from time to time hereafter, and any successor statute. 
  
 “Investment” means (i) any direct or indirect purchase or other acquisition by Holdings or any of its Subsidiaries of, or
of a beneficial interest in, any of the Securities of any other Person (other than a Guarantor Subsidiary); (ii) any direct or indirect redemption, retirement, purchase or other acquisition for value, by any Subsidiary of Holdings from any Person
(other than Holdings or any Guarantor Subsidiary), of any Capital Stock of such Person; and (iii) any direct or indirect loan, advance (other than advances to employees for moving, entertainment and travel expenses, drawing accounts and similar
expenditures in the ordinary course of business) or capital contribution by Holdings or any of its Subsidiaries to any other Person (other than Holdings or any Guarantor Subsidiary), including all indebtedness and accounts receivable from that other
Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business but excluding accounts receivable that are not so included. The amount of any Investment shall be the original cost of such
Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment. 
  
 “IP Security Agreement” means each IP Security Agreement, dated as of the Closing Date, by
and among Borrower, each Guarantor and Collateral Agent. 
  

 20 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Issuance Notice” means an Issuance Notice in the form of Exhibit A-3.

  
 “Issuing Bank” means (i) in
respect the Existing Letters of Credit, WBNA and (ii) in respect of all other Letters of Credit, LaSalle Bank N.A. or any of its Affiliates as Issuing Bank hereunder, together with its permitted successors and assigns in such capacity. 

 
 “Joinder Agreement” means an agreement
substantially in the form of Exhibit L. 
  
 “Joint Venture” means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other legal form; provided, in no event shall any corporate Subsidiary of any Person be considered
to be a Joint Venture to which such Person is a party. 
  
 “Landlord Consent and Estoppel” means, with respect to any Leasehold Property, a letter, certificate or other instrument in writing from the lessor under the related lease, pursuant to which, among other things, the
landlord consents to the granting of a Mortgage on such Leasehold Property by the Credit Party tenant, such Landlord Consent and Estoppel to be in form and substance acceptable to Collateral Agent in its reasonable discretion, but in any event
sufficient for Collateral Agent to obtain a Title Policy with respect to such Mortgage. 
  
 “Landlord Personal Property Collateral Access Agreement” means a Landlord Waiver and Consent Agreement substantially in
the form of Exhibit K with such amendments or modifications as may be approved by Collateral Agent. 
  
 “Leasehold Property” means any leasehold interest of any Credit Party as lessee under any lease of real property, other
than any such leasehold interest designated from time to time by Collateral Agent in its reasonable discretion as not being required to be included in the Collateral. 
  
 “Lender” means each financial institution listed on the signature pages hereto as a Lender,
and any other Person that becomes a party hereto pursuant to an Assignment Agreement or a Joinder Agreement. 
  
 “Lender Counterparty” means Administrative Agent, each Lender or any Affiliate of a Lender counterparty to a Hedge
Agreement (including any Person who is a Lender (and any Affiliate thereof) as of the Closing Date but subsequently, whether before or after entering into a Hedge Agreement, ceases to be a Lender) including, without limitation, each such Affiliate
that enters into a joinder agreement with Collateral Agent. 
  
 “Letter of Credit” means a commercial or standby letter of credit issued or to be issued by Issuing Bank pursuant to this Agreement. 
  
 “Letter of Credit Sublimit” means the lesser of (i) $10,000,000 and (ii) the aggregate
unused amount of the Revolving Commitments then in effect. 
  
 “Letter of Credit Usage” means, as at any date of determination, the sum of (i) the maximum aggregate amount which is, or at any time thereafter may become, available for 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
drawing under all Letters of Credit then outstanding, and (ii) the aggregate amount of all drawings under Letters of Credit honored by Issuing Bank and not
theretofore reimbursed by or on behalf of the Company. 
  
 “Leverage Ratio” means the ratio as of the last day of any Fiscal Quarter or other date of determination of (i) Consolidated Total Debt as of such day to (ii) Consolidated Adjusted EBITDA for the four-Fiscal Quarter period
ending on such date (or if such date of determination is not the last day of a Fiscal Quarter, for the four-Fiscal Quarter period ending as of the most recently concluded Fiscal Quarter); provided, however, for purposes of determining
Consolidated Total Debt for use in computing the Leverage Ratio at the end of any Fiscal Quarter or other date of determination, the average daily balance of any revolving credit facility during the four-Fiscal Quarter period referred to in clause
(ii) above shall be substituted for the balance of such facility outstanding on the last day of such Fiscal Quarter or other date of determination; provided that with respect to any calculation period ending prior to the first anniversary of
the Closing Date, the foregoing shall be subject to adjustment as set forth in Schedule 1.1(a). 
  
 “Lien” means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including
any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing and
(ii) in the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities. 
  
 “Loan” means a Tranche B Term Loan, a Revolving Loan, a Swing Line Loan and/or a New Term Loan. 
  
 “Management Agreement” means the (i)
Management Advisory Agreement as in effect on the Closing Date by and among Parent, Holdings, the other Credit Parties party thereto, and Fenway Partners, Inc., and (ii) the Management Advisory Agreement as in effect on the Closing Date by and among
Parent, Holdings, the other Credit Parties party thereto and Fenway Partners Resources, Inc., in each case, as amended, waived and modified from time to time in accordance with Section 6.15. 
  
 “Management Fees” means (i) the annual
management fees payable by Holdings pursuant to the Management Agreement in an aggregate amount not to exceed the greater of $3,000,000 in any Fiscal Year and 5% of Consolidated Adjusted EBITDA in any Fiscal Year, plus (ii) any other fees
payable by the Company in connection with other transactions pursuant to the Management Agreement; plus (iii) any out-of-pocket expenses payable in connection with the Management Agreement up to $300,000 in any Fiscal Year provided,
that solely for purposes of calculations made pursuant to clause (g) of the definition of Consolidated Adjusted EBITDA and clause (e) of the definition of Consolidated Excess Cash Flow, such other transaction fees referred to in sub-clause (ii) of
this definition shall be disregarded; provided that the fees described in sub-clauses (i) and (ii) hereof are expressly subordinated to the Obligations pursuant to the terms of a management subordination agreement in form and substance
reasonably satisfactory to the Administrative Agent. 
  

 22 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Management Investors” means the natural persons being the members of
management, officers and employees of Parent and/or its Subsidiaries who are or become investors in Parent. 
  
 “Margin Stock” as defined in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time
to time. 
  
 “Material Adverse
Effect” means a material adverse effect on and/or material adverse developments with respect to (i) the business, results of operations, properties, assets, financial condition or prospects of Holdings and its Subsidiaries taken as a whole;
(ii) the impairment (other than as a result of circumstances covered by clause (i) above) of the ability of any Credit Party to fully and timely perform its Obligations; (iii) the legality, validity, binding effect or enforceability against a Credit
Party of a Credit Document to which it is a party; or (iv) the rights and remedies conferred upon any Agent and any Lender or any Secured Party under any Credit Document. 
  
 “Material Contract” means any contract or other arrangement to which Holdings or any of its
Subsidiaries is a party (other than the Credit Documents) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect. 
  
 “Material Real Estate Asset” means (i) (a)
any fee-owned Real Estate Asset having a fair market value in excess of $1,000,000 as of the date of the acquisition thereof and (b) all Leasehold Properties other than those with respect to which the aggregate payments under the term of the lease
are less than $600,000 per annum, but in any event, including Leasehold Properties that are subject to a sale and leaseback permitted under Section 6.11 or (ii) any Real Estate Asset that the Requisite Lenders have determined is material to the
business, results of operations, properties, assets, financial condition or prospects of Holdings or any Subsidiary thereof, including the Company. 
  
 “Merger” means the merger of Bell Acquisition Corp. with and into BSC, which shall occur on the Closing Date and pursuant
to which, BSC shall be the surviving corporation. 
  
 “Merger Agreement” means the agreement and plan of merger dated as of August 11, 2004 by and among BSC, Riddell Holdings, LLC, Riddell Bell Holdings, Inc, (formerly known as RSG Holdings, LLC), Bell Acquisition Corp., the
stockholders of BSC party thereto and other Persons party thereto. 
  
 “Merger Documents” means the Merger Agreement and all other material documents executed and delivered in accordance with the terms thereof and in connection therewith. 
  
 “Moody’s” means Moody’s Investor
Services, Inc. 
  
 “Mortgage”
means a Mortgage or Deed of Trust substantially in the form of Exhibit J, as it may be amended, supplemented or otherwise modified from time to time. 
  

 23 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Multiemployer Plan” means any “multiemployer plan” as defined
in Section 3(37) of ERISA with respect to which Holdings, any Subsidiary or any ERISA Affiliate has, or would reasonably be expected to have, any liability (whether absolute or contingent). 
  
 “NAIC” means The National Association of
Insurance Commissioners, and any successor thereto. 
  
 “Narrative Report” means, with respect to the financial statements for which such narrative report is required, a narrative report describing the operations of the Company and its Subsidiaries in the form prepared for
presentation to senior management thereof for the applicable Fiscal Quarter or Fiscal Year and for the period from the beginning of the then current Fiscal Year to the end of such period to which such financial statements relate. 
  
 “Net Asset Sale Proceeds” means, with
respect to any Asset Sale, an amount equal to: (i) Cash payments (including any Cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) received by Holdings or
any of its Subsidiaries from such Asset Sale, minus (ii) any bona fide direct costs or expenses incurred in connection with such Asset Sale and payable to a Person that is not Holdings or its Subsidiaries, including without limitation, (a)
income or gains taxes payable by the seller as a result of any gain recognized in connection with such Asset Sale, (b) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness permitted to be
incurred under Section 6.1 (other than the Loans) that is secured by a Lien on the stock or assets in question and that is required to be repaid under the terms thereof as a result of such Asset Sale and (c) a reasonable reserve for any
indemnification payments (fixed or contingent) attributable to seller’s indemnities and representations and warranties to purchaser in respect of such Asset Sale undertaken by Holdings or any of its Subsidiaries in connection with such Asset
Sale. 
  
 “Net Insurance/Condemnation
Proceeds” means an amount equal to: (i) any Cash payments or proceeds received by Holdings or any of its Subsidiaries (a) under any casualty insurance policy in respect of a covered loss thereunder or (b) as a result of the taking of any
assets of Holdings or any of its Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking, minus (ii)
(a) any actual and reasonable costs incurred by Holdings or any of its Subsidiaries in connection with the adjustment or settlement of any claims of Holdings or such Subsidiary in respect thereof and payable to a Person that is not Holdings or its
Subsidiaries, and (b) any bona fide direct costs incurred in connection with any sale of such assets as referred to in clause (i)(b) of this definition, including income taxes payable as a result of any gain recognized in connection therewith.

  
 “New Term Loan Commitments”
as defined in Section 2.24. 
  
 “New Term
Loan Exposure” means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the New Term Loans of such Lender. 
  
 “New Term Loan Lender” as defined in Section 2.24. 
  

 24 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “New Term Loan Maturity Date” means the date that New Term Loans of a
Series shall become due and payable in full hereunder, as specified in the applicable Joinder Agreement, including by acceleration or otherwise. 
  
 “New Term Loans” as defined in Section 2.24. 
  
 “Non-US Lender” as defined in Section 2.20(c). 
  
 “Note” means a Tranche B Term Note, a
Revolving Loan Note or a Swing Line Note. 
  
 “Notice” means a Funding Notice, an Issuance Notice, or a Conversion/Continuation Notice. 
  
 “Obligations” means all obligations of every nature of each Credit Party from time to time owed to the Agents (including
former Agents), the Lenders or any of them and Lender Counterparties, under any Credit Document or Hedge Agreement (including, without limitation, with respect to a Hedge Agreement, obligations owed thereunder to any person who was a Lender or an
Affiliate of a Lender at the time such Hedge Agreement was entered into), whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Credit Party, would have accrued on any
Obligation, whether or not a claim is allowed against such Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under Letters of Credit, payments for early termination of Hedge Agreements, fees,
expenses, indemnification (including, without limitation, pursuant to Section 10.3 hereof) or otherwise. 
  
 “Obligee Guarantor” as defined in Section 7.7. 
  
 “Organizational Documents” means (i) with respect to any corporation, its certificate or
articles of incorporation or organization, as amended, and its by-laws, as amended, (ii) with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended, (iii) with respect to
any general partnership, its partnership agreement, as amended, and (iv) with respect to any limited liability company, its articles of organization, as amended, and its operating agreement, as amended. In the event any term or condition of this
Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only be to a document of a type
customarily certified by such governmental official. 
  
 “Parent” means Riddell Holdings, LLC. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 
  
 “Pension Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA, other than a Multiemployer
Plan, which is subject to Title IV of ERISA, 

  

 25 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
and with respect to which Holdings, any Subsidiary or any ERISA Affiliate has, or would reasonably be expected to have, any liability (whether absolute or
contingent). 
  
 “Permitted
Acquisition” means any acquisition by the Company or any of its wholly-owned Subsidiaries, whether by purchase, merger or otherwise, of all or substantially all of the assets of, all of the Capital Stock of, or a business line or unit or a
division of, any Person; provided, 
  
 (i)
immediately prior to, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom; 
  
 (ii) all transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable laws and
in conformity with all applicable Governmental Authorizations; 
  
 (iii) in the case of the acquisition of Capital Stock, all of the Capital Stock (except for any such Securities in the nature of directors’ qualifying shares required pursuant to applicable law) acquired or
otherwise issued by such Person or any newly formed Subsidiary of the Company in connection with such acquisition shall be owned 100% by the Company or a Guarantor Subsidiary thereof, and the Company shall have taken, or caused to be taken, as of
the date such Person becomes a Subsidiary of the Company, each of the actions set forth in Sections 5.10 and/or 5.11, as applicable; 
  
 (iv) the Company and its Subsidiaries shall be in compliance with the financial covenants set forth in Section 6.8 on a pro forma basis
after giving effect to such acquisition as of the last day of the Fiscal Quarter most recently ended, (as determined in accordance with Section 6.8(d)); 
  
 (v) the Company shall have delivered to Administrative Agent (A) at least ten (10) Business Days prior to such proposed acquisition, a
Compliance Certificate evidencing compliance with Section 6.8 as required under clause (iv) above, together with all relevant financial information with respect to such acquired assets, including, without limitation, the aggregate consideration for
such acquisition and any other information required to demonstrate compliance with Section 6.8; 
  
 (vi) any Person or assets or division as acquired in accordance herewith shall be in the same business or lines of business in which the
Company and/or its Subsidiaries are permitted to engage in under Section 6.13; 
  
 (vii) in the case of any acquisition funded by a Revolving Loan, the Company shall have delivered to Administrative Agent a certificate
evidencing that the borrowing availability under the Revolving Commitments, after giving effect to such acquisition, plus any Cash and Cash Equivalents, will be sufficient to fund the working capital needs of the Company for the twelve months
following such acquisition; and 
  

 26 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 (viii) the board of directors and (if required by applicable law) the shareholders, or
the equivalent thereof, of the business to be acquired has approved such acquisition. 
  
 “Permitted Liens” means each of the Liens permitted pursuant to Section 6.2. 
  
 “Person” means and includes natural
persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts, business
trusts or other organizations, whether or not legal entities, and Governmental Authorities. 
  
 “Phase I Report” means, with respect to any Facility, a report that is either (A) set forth on Schedule 3.1(k), or (B) is
in form and substance reasonably satisfactory to the Administrative Agent (i) conforms to the ASTM Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process, E 1527-00, (ii) was conducted no more than six
months prior to the date such report is required to be delivered hereunder, by one or more environmental consulting firms reasonably satisfactory to Administrative Agent, (iii) at the request of the Administrative Agent includes an assessment of
asbestos-containing materials at such Facility, (iv) at the request of the Administrative Agent is accompanied by (a) an estimate of the reasonable worst-case cost of investigating and remediating any Hazardous Materials Activity identified in the
Phase I Report as giving rise to an actual or potential material violation of any Environmental Law or as presenting a material risk of giving rise to a material Environmental Claim, and (b) a current compliance audit setting forth an assessment of
Holdings’, its Subsidiaries’ and such Facility’s current and past compliance with Environmental Laws and an estimate of the cost of rectifying any non-compliance with current Environmental Laws identified therein and the cost of
compliance with reasonably anticipated pending or future Environmental Laws identified therein. All Phase I Reports shall expressly specify that the report may be relied on by Administrative Agent or the Administrative Agent shall have received a
reliance letter so stating. 
  
 “Pledge
and Security Agreement” means the Pledge and Security Agreement to be executed by the Company and each Guarantor on the Closing Date substantially in the form of Exhibit I, as it may be amended, supplemented or otherwise modified from time
to time. 
  
 “Prime Rate” means
the rate of interest quoted in The Wall Street Journal, Money Rates Section as the Prime Rate (currently defined as the base rate on corporate loans posted by at least 75% of the nation’s thirty (30) largest banks), as in effect from
time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. Administrative Agent or any other Lender may make commercial loans or other loans at rates of interest at,
above or below the Prime Rate. 
  
 “Principal Office” means, for each of Administrative Agent, Swing Line Lender and Issuing Bank, such Person’s “Principal Office” as set forth on Appendix B, or such other office as such Person may from time
to time designate in writing to the Company, Administrative Agent and each Lender. 
  

 27 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Projections” as defined in Section 4.8. 
  
 “Pro Rata Share” means (i) with respect to
all payments, computations and other matters relating to the Tranche B Term Loan of any Lender, the percentage obtained by dividing (a) the Tranche B Term Loan Exposure of that Lender by (b) the aggregate Tranche B Term Loan Exposure of all Lenders;
(ii) with respect to all payments, computations and other matters relating to the Revolving Commitment or Revolving Loans of any Lender or any Letters of Credit issued or participations purchased therein by any Lender or any participations in any
Swing Line Loans purchased by any Lender, the percentage obtained by dividing (a) the Revolving Exposure of that Lender by (b) the aggregate Revolving Exposure of all Lenders; and (iv) with respect to all payments, computations, and other matters
relating to New Term Loan Commitments or New Term Loans of a particular Series, the percentage obtained by dividing (a) the New Term Loan Exposure of that Lender with respect to that Series by (b) the aggregate New Term Loan Exposure of all Lenders
with respect to that Series. For all other purposes with respect to each Lender, “Pro Rata Share” means the percentage obtained by dividing (A) an amount equal to the sum of the Tranche B Term Loan Exposure, the Revolving Exposure and the
New Term Loan Exposure of that Lender, by (B) an amount equal to the sum of the aggregate Tranche B Term Loan Exposure, the aggregate Revolving Exposure and the aggregate New Term Loan Exposure of all Lenders. 
  
 “Real Estate Asset” means, at any time of
determination, any interest (fee or leasehold) then owned by any Credit Party in any real property. 
  
 “Record Document” means, with respect to any Leasehold Property, (i) the lease evidencing such Leasehold Property or a
memorandum thereof, executed and acknowledged by the owner of the affected real property, as lessor, or (ii) if such Leasehold Property was acquired or subleased from the holder of a Recorded Leasehold Interest, the applicable assignment or sublease
document, executed and acknowledged by such holder, in each case in form sufficient to give such constructive notice upon recordation and otherwise in form reasonably satisfactory to Collateral Agent. 
  
 “Recorded Leasehold Interest” means a
Leasehold Property with respect to which a Record Document has been recorded in all places necessary or desirable, in Administrative Agent’s reasonable judgment, to give constructive notice of such Leasehold Property to third-party purchasers
and encumbrancers of the affected real property. 
  
 “Refinancing Note Indenture” means the trust indenture in form and substance reasonably satisfactory to the Administrative Agent pursuant to which any Refinancing Notes may be issued in accordance with the terms of this
Agreement, as such indenture may be further amended, restated, supplemented, modified, extended, renewed or replaced from time to time in accordance with Section 6.16 of this Agreement. 
  
 “Refinancing Notes” as defined in Section 6.1(k). 
  
 “Refunded Swing Line Loans” as defined in
Section 2.3(b)(iv). 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Register” as defined in Section 2.7(b). 
  
 “Regulation D” means Regulation D of the
Board of Governors of the Federal Reserve System, as in effect from time to time. 
  
 “Reimbursement Date” as defined in Section 2.4(d). 
  
 “Related Agreements” means, collectively, the Merger Agreement, the Management Agreement,
the Equityholders Agreement and the documents governing the Senior Subordinated Notes, the Refinancing Notes, Additional Senior Subordinated Notes and the Existing Capital Leases. 
  
 “Related Fund” means any investment fund that is (i) engaged in making, purchasing, holding
or otherwise investing in commercial loans and similar extensions of credit and (ii) is administered, advised and managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or
manages a Lender. 
  
 “Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment
or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater. 
  
 “Replacement Lender” as defined in Section
2.23. 
  
 “Requisite Class
Lenders” means, at any time of determination, (i) for the Class of Lenders having Tranche B Term Loan Exposure, Lenders holding more than 50% of the aggregate Tranche B Term Loan Exposure of all Lenders; (ii) for the Class of Lenders having
Revolving Exposure, Lenders holding more than 50% of the aggregate Revolving Exposure of all Lenders, and (iii) for each Class of Lenders having New Term Loan Exposure, Lenders holding more than 50% of the aggregate New Term Loan Exposure of that
Class. 
  
 “Requisite Lenders”
means one or more Lenders having or holding Tranche B Term Loan Exposure, New Term Loan Exposure and/or Revolving Exposure and representing more than 50% of the sum of (i) the aggregate Tranche B Term Loan Exposure of all Lenders, (ii) the aggregate
Revolving Exposure of all Lenders, and (iii) the aggregate New Term Loan Exposure of all Lenders. 
  
 “Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of
any class of stock of Holdings or the Company now or hereafter outstanding, except a dividend payable solely in shares of that class of stock to the holders of that class; (ii) any redemption, retirement, sinking fund or similar payment, purchase or
other acquisition for value, direct or indirect, of any shares of any class of stock of Holdings or the Company now or hereafter outstanding; (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other
rights to acquire shares of any class of stock of Holdings or the Company now or hereafter outstanding; (iv) management or similar fees 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
payable to Sponsor or any of its Affiliates and (v) any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase,
repurchase, retirement, defeasance (including in-substance or legal defeasance), sinking fund or similar payment (or any offer to do any of the foregoing) with respect to the Senior Subordinated Notes, the Refinancing Notes or the Additional Senior
Subordinated Notes. 
  
 “Revolving
Commitment” means the commitment of a Lender to make or otherwise fund any Revolving Loan and to acquire participations in Letters of Credit and Swing Line Loans hereunder and “Revolving Commitments” means such commitments
of all Lenders in the aggregate. The amount of each Lender’s Revolving Commitment, if any, is set forth on Appendix A-2 or in the applicable Assignment Agreement, Joinder Agreement, subject to any adjustment or reduction pursuant to the terms
and conditions hereof. The aggregate amount of the Revolving Commitments as of the Closing Date is $50,000,000. 
  
 “Revolving Commitment Period” means the period from the Closing Date to but excluding the Revolving Commitment
Termination Date. 
  
 “Revolving
Commitment Termination Date” means the earliest to occur of (i) September 30, 2004, if the Term Loans are not made on or before that date; (ii) the sixth (6) anniversary of the Closing Date, (iii) the date the Revolving Commitments are
permanently reduced to zero pursuant to Section 2.13(b) or 2.14, and (iv) the date of the termination of the Revolving Commitments pursuant to Section 8.1. 
  
 “Revolving Exposure” means, with respect to any Lender as of any date of determination, (i) prior to the termination of
the Revolving Commitments, that Lender’s Revolving Commitment; and (ii) after the termination of the Revolving Commitments, the sum of (a) the aggregate outstanding principal amount of the Revolving Loans of that Lender, (b) in the case of
Issuing Bank, the aggregate Letter of Credit Usage in respect of all Letters of Credit issued by that Lender (net of any participations by Lenders in such Letters of Credit), (c) the aggregate amount of all participations by that Lender in any
outstanding Letters of Credit or any unreimbursed drawing under any Letter of Credit, (d) in the case of Swing Line Lender, the aggregate outstanding principal amount of all Swing Line Loans (net of any participations therein by other Lenders), and
(e) the aggregate amount of all participations therein by that Lender in any outstanding Swing Line Loans. 
  
 “Revolving Loan” means a Loan made by a Lender to the Company pursuant to Section 2.2(a) and/or 2.22. 
  
 “Revolving Loan Note” means a promissory
note in the form of Exhibit B-2, as it may be amended, supplemented or otherwise modified from time to time. 
  
 “Riddell” means Riddell Sports Group Inc. 
  
 “S&P” means Standard & Poor’s Ratings Group, a division of The McGraw Hill
Corporation. 
  

 30 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Secured Parties” has the meaning assigned to that term in the Pledge
and Security Agreement. 
  
 “Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes,
or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or
interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 
  
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute. 

 
 “Sellers” means Wachovia Investors,
Inc., GarMark Partners, L.P. and the other stockholders of BSC set forth on Annex A to the Merger Agreement. 
  
 “Senior Subordinated Note Indenture” means the Indenture dated as of the date hereof pursuant to which Company has issued
its Senior Subordinated Notes due 2012, as such indenture may be further amended, restated, supplemented, modified, extended, renewed or replaced from time to time in accordance with Section 6.16 of this Agreement. 
  
 “Senior Subordinated Notes” means
Company’s unsecured Senior Subordinated Notes due October 1, 2012, dated the date hereof, and any registered senior subordinated notes having substantially identical terms and issued pursuant to the Senior Subordinated Indenture in exchange for
the initial, unregistered Senior Subordinated Notes, together with any additional senior subordinated notes issued under the Senior Subordinated Note Indenture after the Closing Date and expressly permitted hereunder. 
  
 “Series” as defined in Section 2.24.

  
 “Solvency Certificate” means
a Solvency Certificate of the chief financial officer of Holdings substantially in the form of Exhibit G-2. 
  
 “Solvent” means, with respect to any Credit Party, that as of the date of determination, both (i) (a) the sum of such
Credit Party’s debt (including contingent liabilities) does not exceed the present fair saleable value of such Credit Party’s present assets; (b) such Credit Party’s capital is not unreasonably small in relation to its business as
contemplated on the Closing Date and reflected in the Projections or with respect to any transaction contemplated or undertaken after the Closing Date; and (c) such Person has not incurred and does not intend to incur, or believe (nor should it
reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (ii) such Person is “solvent” within the meaning given that term and similar terms under
applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at
such time, represents the amount that can reasonably be expected 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial
Accounting Standard No. 5). 
  
 “Sponsor” means Fenway Partners, Inc. and its Affiliates. 
  
 “Sponsor Equity” means the Capital Stock of Parent purchased by the Sponsor in an aggregate Cash amount equal to not less
than $50,000,000 and by the Management Investors in an amount not to exceed $10,000,000. 
  
 “Subject Transaction” as defined in Section 6.8(d). 
  
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited
liability company, association, joint venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the
election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership
interest in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding. 
  
 “Swing Line Lender” means LaSalle Bank NA in its capacity as Swing Line Lender hereunder, together with its permitted
successors and assigns in such capacity. 
  
 “Swing Line Loan” means a Loan made by Swing Line Lender to the Company pursuant to Section 2.3. 
  
 “Swing Line Note” means a promissory note in the form of Exhibit B-3, as it may be amended, supplemented or otherwise
modified from time to time. 
  
 “Swing
Line Sublimit” means the lesser of (i) $5,000,000, and (ii) the aggregate unused amount of Revolving Commitments then in effect. 
  
 “Syndication Agent” as defined in the preamble hereto. 
  
 “Tax” means any present or future tax, levy, impost, duty, assessment, charge, fee,
deduction or withholding of any nature and whatever called, by whomsoever, on whomsoever and wherever imposed, levied, collected, withheld or assessed; provided, “Tax on the overall net income” of a Person shall (i) be construed as
a reference to a tax imposed by the jurisdiction or any subdivision thereof in which that Person is organized or in which that Person’s applicable principal office (and/or, in the case of a Lender, its lending office) is located or in which
that Person (and/or, in the case of a Lender, its lending office) is deemed to be doing business (a “Relevant Tax Jurisdiction”) on all or part of the net income, profits or gains (whether worldwide, or only insofar as such income,
profits or gains are considered to arise in or to relate to a particular jurisdiction, or otherwise) of that Person (and/or, in the case of a Lender, its applicable lending office) and (ii) include all franchise taxes, branch taxes, taxes on doing

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
business or taxes on the overall capital or net worth of any such Person (and/or in the case of a Lender, its Principal Office), in each case imposed by any
Relevant Tax Jurisdiction in lieu of income, profits or gains taxes. 
  
 “Term Loan” means a Tranche B Term Loan or a New Term Loan. 
  
 “Term Loan Commitment” means the Tranche B Term Loan Commitment or the New Term Loan Commitment of a Lender, and
“Term Loan Commitments” means such commitments of all Lenders. 
  
 “Term Loan Maturity Date” means the Tranche B Term Loan Maturity Date and the New Term Loan Maturity Date of any Series
of New Term Loans. 
  
 “Terminated
Lender” as defined in Section 2.23. 
  
 “Title Policy” as defined in Section 3.1(i). 
  
 “Total Utilization of Revolving Commitments” means, as at any date of determination, the sum of (i) the aggregate principal amount of all outstanding Revolving Loans (other than Revolving Loans made
for the purpose of repaying any Refunded Swing Line Loans or reimbursing Issuing Bank for any amount drawn under any Letter of Credit, but not yet so applied), (ii) the aggregate principal amount of all outstanding Swing Line Loans, and (iii) the
Letter of Credit Usage. 
  
 “Tranche B
Term Loan” means a Tranche B Term Loan made by a Lender to the Company pursuant to Section 2.1(a)(ii). 
  
 “Tranche B Term Loan Commitment” means the commitment of a Lender to make or otherwise fund a Tranche B Term Loan and
“Tranche B Term Loan Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Tranche B Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment
Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Tranche B Term Loan Commitments as of the Closing Date is $110,000,000. 
  
 “Tranche B Term Loan Exposure” means, with
respect to any Lender, as of any date of determination, the outstanding principal amount of the Tranche B Term Loans of such Lender; provided, at any time prior to the making of the Tranche B Term Loans, the Tranche B Term Loan Exposure of
any Lender shall be equal to such Lender’s Tranche B Term Loan Commitment. 
  
 “Tranche B Term Loan Maturity Date” means the earlier of (i) the seventh (7) anniversary of the Closing Date, and (ii)
the date that all Tranche B Term Loans shall become due and payable in full hereunder, whether by acceleration or otherwise. 
  
 “Tranche B Term Loan Note” means a promissory note in the form of Exhibit B-1, as it may be amended, supplemented or
otherwise modified from time to time. 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 “Transaction Costs” means the fees, costs and expenses payable by
Holdings, the Company or any of the Company’s Subsidiaries within three hundred (300) days of the Closing Date in connection with the Transactions. 
  
 “Transactions” means the Merger, the contribution of the Sponsor Equity, the repayment of the Existing Indebtedness, the
redemption of the Bell Preferred Stock, the entering into of this Agreement, the issuance of the Senior Subordinated Notes and the exchange offer in respect of the Senior Subordinated Notes. 
  
 “Type of Loan” means (i) with respect to
either Term Loans or Revolving Loans, a Base Rate Loan or a Eurodollar Rate Loan, and (ii) with respect to Swing Line Loans, a Base Rate Loan. 
  
 “UBSS” as defined in the preamble hereto. 
  
 “UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in
effect in any applicable jurisdiction. 
  
 “Unadjusted Eurodollar Rate Component” means that component of the interest costs to the Company in respect of a Eurodollar Rate Loan that is based upon the rate obtained pursuant to clause (i) of the definition of Adjusted
Eurodollar Rate. 
  
 “Wachovia
Securities” as defined in the preamble hereto. 
  
 “WBNA” as defined in the preamble hereto. 
  
 1.2. Accounting Terms. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity with GAAP. Financial statements and
other information required to be delivered by the Company to Lenders pursuant to Section 5.1(a), 5.1(b) and 5.1(c) shall be prepared in accordance with GAAP as in effect at the time of such preparation (and delivered together with the reconciliation
statements provided for in Section 5.1(e), if applicable). For purposes of determining compliance with the covenants contained in Section 6 and the calculation of Leverage Ratio all accounting terms herein shall be interpreted and all accounting
determinations hereunder (in each case, unless otherwise provided for or defined herein) shall be made in accordance with GAAP as used in the annual financial statements for the Fiscal Year ended December 31, 2004 and applied on a basis consistent
with the application used in such financial statements; provided further, that if Company notifies the Administrative Agent that the Company wishes to amend any covenant in Section 2.14 or Section 6 or the Leverage Ratio or any related
definition to eliminate the effect of any change in GAAP occurring after the date of this Agreement on the operation of such covenant (or if the Administrative Agent notifies the Company that the Required Lenders wish to amend Section 2.14 or
Section 6 or the Leverage Ratio any related definition for such purpose), then (i) the Company and the Administrative Agent shall negotiate in good faith to agree upon an appropriate amendment to such covenant or the Leverage Ratio and (ii) the
Company’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective until such 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
covenant is amended in a manner satisfactory to the Company and the Requisite Lenders. For the purposes of determining compliance under Sections 6.1, 6.2,
6.6, 6.7 and 6.8 with respect to any amount in a currency other than Dollars, such amount shall be deemed to equal the Dollar equivalent thereof at the time such amount was incurred or expended, as the case may be. 
  
 1.3. Interpretation, etc. Any of the terms defined herein may, unless
the context otherwise requires, be used in the singular or the plural, depending on the reference. References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be,
hereof unless otherwise specifically provided. The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the
specific items or matters set forth immediately following such word or to similar items or matters, whether or not no limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used
with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. 
  
 SECTION 2. LOANS AND LETTERS OF CREDIT 
  
 2.1. Term Loans. 
  
 (a) Loan Commitments. Subject to the terms and conditions hereof, each Lender severally agrees to make, on the Closing Date, a
Tranche B Term Loan to the Company in an amount equal to such Lender’s Tranche B Term Loan Commitment. The Company may make only one borrowing under the Tranche B Term Loan Commitments which shall be on the Closing Date. Any amount borrowed
under this Section 2.1(a) and subsequently repaid or prepaid may not be reborrowed. Subject to Sections 2.12, 2.13(a) and 2.14, all amounts owed hereunder with respect to the Tranche B Term Loans shall be paid in full no later than the Tranche B
Term Loan Maturity Date. Each Lender’s Tranche B Term Loan Commitment shall terminate immediately and without further action on the Closing Date after giving effect to the funding of such Lender’s Tranche B Term Loan Commitment on such
date. 
  
 (b) Borrowing Mechanics for Term
Loans. 
  
 (i) The Company shall deliver to
Administrative Agent a fully executed Funding Notice no later than one (1) day prior to the Closing Date. Promptly upon receipt by Administrative Agent of such Certificate, Administrative Agent shall notify each Lender of the proposed borrowing.

  
 (ii) Each Lender shall make its Tranche B
Term Loan, as the case may be, available to Administrative Agent not later than 12:00 p.m. (New York City time) on the Closing Date, by wire transfer of same day funds in Dollars, at Administrative Agent’s Principal Office. Upon satisfaction or
waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of the Term Loans available to the Company on the Closing Date by causing an amount of same day funds in Dollars equal to the proceeds of all such
Loans received by Administrative Agent from 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
Lenders to be credited to the account of the Company at Administrative Agent’s Principal Office or to such other account as may be designated in writing
to Administrative Agent by the Company. 
  
 2.2. Revolving
Loans. 
  
 (a) Revolving Commitments.
During the Revolving Commitment Period, subject to the terms and conditions hereof, each Lender severally agrees to make Revolving Loans to the Company in an aggregate amount up to but not exceeding such Lender’s Revolving Commitment;
provided, that after giving effect to the making of any Revolving Loans in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect. Amounts borrowed pursuant to this Section 2.2(a) may be
repaid and reborrowed during the Revolving Commitment Period. Each Lender’s Revolving Commitment shall expire on the Revolving Commitment Termination Date and all Revolving Loans and all other amounts owed hereunder with respect to the
Revolving Loans and the Revolving Commitments shall be paid in full no later than such date. 
  
 (b) Borrowing Mechanics for Revolving Loans. 
  
 (i) Except pursuant to 2.3(b)(iv) and 2.4(d), Revolving Loans that are Base Rate Loans shall be made in an
aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount, and Revolving Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess
of that amount. 
  
 (ii) Whenever the Company
desires that Lenders make Revolving Loans, the Company shall deliver to Administrative Agent a fully executed and delivered Funding Notice no later than 1:00 p.m. (New York City time) at least three Business Days in advance of the proposed Credit
Date in the case of a Eurodollar Rate Loan, and at least one Business Day in advance of the proposed Credit Date in the case of a Revolving Loan that is a Base Rate Loan. Except as otherwise provided herein, a Funding Notice for a Revolving Loan
that is a Eurodollar Rate Loan shall be irrevocable on and after the related Interest Rate Determination Date, and the Company shall be bound to make a borrowing in accordance therewith. 
  
 (iii) Notice of receipt of each Funding Notice in respect of Revolving Loans, together with the amount of
each Lender’s Pro Rata Share thereof, if any, together with the election of the applicable interest rate, shall be provided by Administrative Agent to each applicable Lender by telefacsimile with reasonable promptness, but (provided
Administrative Agent shall have received such notice by 1:00 p.m. (New York City time)) not later than 2:00 p.m. (New York City time) on the same day as Administrative Agent’s receipt of such Notice from the Company. 
  
 (iv) Each Lender shall make the amount of its Revolving Loan
available to Administrative Agent not later than 12:00 p.m. (New York City time) on the applicable Credit Date by wire transfer of same day funds in Dollars, at Administrative Agent’s 

  

 36 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
Principal Office. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the
proceeds of such Revolving Loans available to the Company on the applicable Credit Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Revolving Loans received by Administrative Agent from Lenders to be credited
to the account of the Company at Administrative Agent’s Principal Office or such other account as may be designated in writing to Administrative Agent by the Company. 
  
 2.3. Swing Line Loans. 
  
 (a) Swing Line Loans Commitments. During the Revolving Commitment Period, subject to the terms and conditions hereof, Swing Line
Lender hereby agrees to make Swing Line Loans to the Company in the aggregate amount up to but not exceeding the Swing Line Sublimit; provided, that after giving effect to the making of any Swing Line Loan, in no event shall the Total
Utilization of Revolving Commitments exceed the Revolving Commitments then in effect. Amounts borrowed pursuant to this Section 2.3 may be repaid and reborrowed during the Revolving Commitment Period. Swing Line Lender’s Revolving Commitment
shall expire on the Revolving Commitment Termination Date and all Swing Line Loans and all other amounts owed hereunder with respect to the Swing Line Loans and the Revolving Commitments shall be paid in full no later than such date. 
  
 (b) Borrowing Mechanics for Swing Line Loans. 
  
 (i) Swing Line Loans shall be made in an aggregate minimum
amount of $100,000 and integral multiples of $25,000 in excess of that amount. 
  
 (ii) Whenever the Company desires that Swing Line Lender make a Swing Line Loan, the Company shall deliver to Administrative Agent a
Funding Notice no later than 1:00 p.m. (New York City time) on the proposed Credit Date. 
  
 (iii) Swing Line Lender shall make the amount of its Swing Line Loan available to Administrative Agent not later than 2:00 p.m. (New York
City time) on the applicable Credit Date by wire transfer of same day funds in Dollars, at Administrative Agent’s Principal Office. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein,
Administrative Agent shall make the proceeds of such Swing Line Loans available to the Company on the applicable Credit Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Swing Line Loans received by
Administrative Agent from Swing Line Lender to be credited to the account of the Company at Administrative Agent’s Principal Office, or to such other account as may be designated in writing to Administrative Agent by the Company. 
  
 (iv) With respect to any Swing Line Loans which have not
been voluntarily prepaid by the Company pursuant to Section 2.13, Swing Line Lender may at any time in its sole and absolute discretion, deliver to Administrative Agent (with a copy to the Company), no later than 11:00 a.m. (New York City time) at
least one Business Day in advance of the proposed Credit Date, a notice (which shall be deemed to be a 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
Funding Notice given by the Company) requesting that each Lender holding a Revolving Commitment make Revolving Loans that are Base Rate Loans to the Company
on such Credit Date in an amount equal to the amount of such Swing Line Loans (the “Refunded Swing Line Loans”) outstanding on the date such notice is given which Swing Line Lender requests Lenders to prepay. Promptly after receipt
by Administrative Agent of such notice, Administrative Agent shall notify each such Lender thereof. Anything contained in this Agreement to the contrary notwithstanding, (1) the proceeds of such Revolving Loans made by the Lenders pursuant to this
Section 2.3(b)(iv) (other than Swing Line Lender) shall be immediately delivered by Administrative Agent to Swing Line Lender (and not to the Company) and applied to repay a corresponding portion of the Refunded Swing Line Loans and (2) on the day
such Revolving Loans are made, Swing Line Lender’s Pro Rata Share of the Refunded Swing Line Loans shall be deemed to be paid with the proceeds of a Revolving Loan made by Swing Line Lender to the Company, and such portion of the Swing Line
Loans deemed to be so paid shall no longer be outstanding as Swing Line Loans and shall no longer be due under the Swing Line Note of Swing Line Lender but shall instead constitute part of Swing Line Lender’s outstanding Revolving Loans to the
Company and shall be due under the Revolving Loan Note issued by the Company to Swing Line Lender. The Company hereby authorizes Administrative Agent and Swing Line Lender to charge the Company’s accounts with Administrative Agent and Swing
Line Lender (up to the amount available in each such account) in order to immediately pay Swing Line Lender the amount of the Refunded Swing Line Loans to the extent of the proceeds of such Revolving Loans made by Lenders, including the Revolving
Loans deemed to be made by Swing Line Lender, are not sufficient to repay in full the Refunded Swing Line Loans. If any portion of any such amount paid (or deemed to be paid) to Swing Line Lender should be recovered by or on behalf of the Company
from Swing Line Lender in bankruptcy, by assignment for the benefit of creditors or otherwise, the loss of the amount so recovered shall be ratably shared among all Lenders in the manner contemplated by Section 2.17. 
  
 (v) If for any reason Revolving Loans are not made pursuant
to Section 2.3(b)(iv) in an amount sufficient to repay any amounts owed to Swing Line Lender in respect of any outstanding Swing Line Loans on or before the third Business Day after demand for payment thereof by Swing Line Lender, each Lender
holding a Revolving Commitment shall be deemed to, and hereby agrees to, have purchased a participation in such outstanding Swing Line Loans, and in an amount equal to its Pro Rata Share of the applicable unpaid amount together with accrued interest
thereon. Upon one Business Day’s notice from Swing Line Lender, each Lender holding a Revolving Commitment shall deliver to Swing Line Lender an amount equal to its respective participation in the applicable unpaid amount in same day funds at
the Principal Office of Swing Line Lender. In order to evidence such participation each Lender holding a Revolving Commitment agrees to enter into a participation agreement at the request of Swing Line Lender in form and substance reasonably
satisfactory to Swing Line Lender. In the event any Lender holding a Revolving Commitment fails to make available to Swing Line Lender the amount of such Lender’s participation as provided in this paragraph, Swing Line Lender shall be entitled
to recover such amount on demand from such Lender together with interest thereon for three Business Days at the rate customarily 

  

 38 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
used by Swing Line Lender for the correction of errors among banks and thereafter at the Base Rate, as applicable. 
  
 (vi) Notwithstanding anything contained herein to the
contrary, (1) each Lender’s obligation to make Revolving Loans for the purpose of repaying any Refunded Swing Line Loans pursuant to the second preceding paragraph and each Lender’s obligation to purchase a participation in any unpaid
Swing Line Loans pursuant to the immediately preceding paragraph shall be absolute and unconditional and shall not be affected by any circumstance, including without limitation (A) any set-off, counterclaim, recoupment, defense or other right which
such Lender may have against Swing Line Lender, any Credit Party or any other Person for any reason whatsoever; (B) the occurrence or continuation of a Default or Event of Default; (C) any adverse change in the business, results of operations,
properties, assets, financial condition or prospects of any Credit Party; (D) any breach of this Agreement or any other Credit Document by any party thereto; or (E) any other circumstance, happening or event whatsoever, whether or not similar to any
of the foregoing; provided that such obligations of each Lender are subject to the condition that Swing Line Lender believed in good faith that all conditions under Section 3.2 to the making of the applicable Refunded Swing Line Loans or
other unpaid Swing Line Loans, were satisfied at the time such Refunded Swing Line Loans or unpaid Swing Line Loans were made, or the satisfaction of any such condition not satisfied had been waived by the Requisite Lenders prior to or at the time
such Refunded Swing Line Loans or other unpaid Swing Line Loans were made; and (2) Swing Line Lender shall not be obligated to make any Swing Line Loans (A) after the occurrence and during the continuation of a Default or Event of Default or (B) at
a time when a Funding Default exists unless Swing Line Lender has entered into arrangements reasonably satisfactory to it and the Company to eliminate Swing Line Lender’s risk with respect to the Defaulting Lender’s participation in such
Swing Line Loan, including by cash collateralizing such Defaulting Lender’s Pro Rata Share of the outstanding Swing Line Loans. 
  
 (vii) Notwithstanding anything contained herein to the contrary, Swing Line Loans in excess of $1,500,000 in the aggregate may not be
outstanding for more than ten (10) consecutive days. To the extent a Swing Line Loan in excess of $1,500,000 in the aggregate has not been voluntarily prepaid by the Company pursuant to Section 2.13 within ten (10) days of the making of such Swing
Line Loan by Swing Line Lender, then Swing Line Lender shall request Lenders make Revolving Loans pursuant to Section 2.3(b)(iv). The amount of any such Swing Line Loans prepaid or repaid pursuant to Section 2.3(b)(iv) may not be reborrowed for a
period of three (3) days. Nothing in this clause (vii) shall be construed to impose any additional obligations, except the obligation to request Revolving Loans pursuant to the immediately preceding sentence, on the Swing Line Lender other than
those obligations otherwise set forth in this Agreement. 
  

 39 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 2.4. Issuance of Letters of Credit and Purchase of Participations Therein. 
  
 (a) Letters of Credit. During the period from the
Closing Date until the thirtieth (30th) day before the end of the Revolving Commitment Period, subject to the terms
and conditions hereof, Issuing Bank agrees to issue Letters of Credit for the account of the Company in the aggregate amount up to but not exceeding the Letter of Credit Sublimit; provided, (i) each Letter of Credit shall be denominated in
Dollars; (ii) the stated amount of each Letter of Credit shall be in an amount as is reasonably acceptable to Issuing Bank; (iii) after giving effect to such issuance, in no event shall the Total Utilization of Revolving Commitments exceed the
Revolving Commitments then in effect; (iv) after giving effect to such issuance, in no event shall the Letter of Credit Usage exceed the Letter of Credit Sublimit then in effect; (v) in no event shall any standby Letter of Credit have an expiration
date later than the earlier of (1) the tenth (10th) Business Day prior to the Revolving Commitment Termination Date
and (2) the date which is one year from the date of issuance of such standby Letter of Credit; (vi) in no event shall any commercial Letter of Credit have an expiration date later than the earlier of (1) the thirtieth (30th) day prior to the Revolving Loan Commitment Termination Date and (2) the date which is one hundred eighty (180) days from the
date of issuance of such commercial Letter of Credit, (vii) in no event shall any Letter of Credit be issued if such Letter of Credit is otherwise unacceptable to Issuing Bank in its reasonable discretion and (viii) all such Letters of Credit shall
provide for sight drawings. Subject to the foregoing, Issuing Bank may agree that a standby Letter of Credit will automatically be extended for one or more successive periods not to exceed one year each, unless Issuing Bank elects not to extend for
any such additional period; provided, Issuing Bank shall not extend any such Letter of Credit if it has received written notice that an Event of Default has occurred and is continuing at the time Issuing Bank must elect to allow such
extension; provided, further, in the event a Funding Default exists, Issuing Bank shall not be required to issue any Letter of Credit unless Issuing Bank has entered into arrangements satisfactory to it, the Administrative Agent and
the Company to eliminate Issuing Bank’s risk with respect to the participation in Letters of Credit of the Defaulting Lender, including by cash collateralizing such Defaulting Lender’s Pro Rata Share of the Letter of Credit Usage.

  
 (b) Notice of Issuance. Whenever the
Company desires the issuance of a Letter of Credit, it shall deliver to Administrative Agent (with a copy to the Issuing Bank) an Issuance Notice no later than 1:00 p.m. (New York City time) at least three Business Days (in the case of standby
letters of credit) or three Business Days (in the case of commercial letters of credit) or in each case such shorter period as may be agreed to by Issuing Bank in any particular instance, in advance of the proposed date of issuance. Upon
satisfaction or waiver of the conditions set forth in Section 3.2, Issuing Bank shall issue the requested Letter of Credit only in accordance with Issuing Bank’s standard operating procedures. Promptly after the issuance or amendment of a
standby Letter of Credit, the Issuing Bank shall notify the Company and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt of such notice,
the Administrative Agent shall promptly notify each Lender, in writing, of such issuance or amendment and if so requested by a Lender, the Administrative Agent shall furnish such Lender with a copy of such issuance or amendment. With regards to
commercial Letters of Credit, the Issuing Bank shall furnish the Administrative Agent, by facsimile, on the first Business Day of each week with a report detailing the daily aggregate commercial Letter of Credit outstanding for the previous week. In
the event of any conflict between the terms of a Letter of Credit or Letter of Credit application and this Agreement, the terms of this Agreement shall govern and control. 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 (c) Responsibility of Issuing Bank With Respect to Requests for Drawings and
Payments. In determining whether to honor any drawing under any Letter of Credit by the beneficiary thereof, Issuing Bank shall be responsible only to examine the documents delivered under such Letter of Credit with reasonable care so as to
ascertain whether they appear on their face to be in accordance with the terms and conditions of such Letter of Credit. As between the Company and Issuing Bank, the Company assumes all risks of the acts and omissions of, or misuse of the Letters of
Credit issued by Issuing Bank, by the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, Issuing Bank shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or
legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or
forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason; (iii) failure of the beneficiary of any such Letter of Credit to comply fully with any conditions required in order to draw upon such Letter of Credit so long as such conditions are complied with in all
material respects; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi)
any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the
proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of Issuing Bank, including any Governmental Acts; none of the above shall affect or impair, or prevent the vesting of, any of
Issuing Bank’s rights or powers hereunder. Without limiting the foregoing and in furtherance thereof, any action taken or omitted by Issuing Bank under or in connection with the Letters of Credit or any documents and certificates delivered
thereunder, if taken or omitted in good faith, shall not give rise to any liability on the part of Issuing Bank to the Company. Notwithstanding anything to the contrary contained in this Section 2.4(c), the Company shall retain any and all rights it
may have against Issuing Bank for any liability arising solely out of the gross negligence or willful misconduct of Issuing Bank or from honoring a Letter of Credit that does not substantially comply with the conditions to draw on such Letter of
Credit under the relevant documents entered into between the Company and the Issuing Bank relating thereto. 
  
 (d) Reimbursement by the Company of Amounts Drawn or Paid Under Letters of Credit. In the event Issuing Bank has determined to
honor a drawing under a Letter of Credit, it shall immediately notify the Company and Administrative Agent, and the Company shall reimburse Issuing Bank on or before the Business Day immediately following the date on which such drawing is honored
(the “Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing; provided, anything contained herein to the contrary notwithstanding, (i) unless the Company shall have
notified Administrative Agent and Issuing Bank prior to 11:00 a.m. (New York City time) on the date such drawing is honored that the Company intends to reimburse Issuing Bank for the amount of such honored drawing with funds other than the proceeds
of Revolving Loans, the Company shall be deemed to have given a timely Funding Notice to Administrative Agent requesting Lenders having a Revolving Commitment to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
an amount in Dollars equal to the amount of such honored drawing (and Administrative Agent shall promptly notify each such Lender having a Revolving
Commitment of such deemed request), and (ii) subject to satisfaction or waiver of the conditions specified in Section 3.2, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the amount of such honored drawing,
the proceeds of which shall be applied directly by Administrative Agent to reimburse Issuing Bank for the amount of such honored drawing; and provided further, if for any reason proceeds of Revolving Loans are not received by Issuing
Bank on the Reimbursement Date in an amount equal to the amount of such honored drawing, the Company shall reimburse Issuing Bank, on demand, in an amount in same day funds equal to the excess of the amount of such honored drawing over the aggregate
amount of such Revolving Loans, if any, which are so received. Nothing in this Section 2.4(d) shall be deemed to relieve any Lender having a Revolving Commitment from its obligation to make Revolving Loans on the terms and conditions set forth
herein, and the Company shall retain any and all rights it may have against any such Lender resulting from the failure of such Lender to make such Revolving Loans under this Section 2.4(d). 
  
 (e) Lenders’ Purchase of Participations in Letters
of Credit. Immediately upon the issuance of each Letter of Credit (or on the Closing Date in respect of Letters of Credit which were previously Existing Letters of Credit), each Lender having a Revolving Commitment shall be deemed to have
purchased, and hereby agrees to irrevocably purchase, from Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Lender’s Pro Rata Share (with respect to the Revolving Commitments)
of the maximum amount which is or at any time may become available to be drawn thereunder. In the event that the Company shall fail for any reason to reimburse Issuing Bank as provided in Section 2.4(d), Issuing Bank shall promptly notify each
Lender having a Revolving Commitment of the unreimbursed amount of such honored drawing and of such Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Commitments. Each Lender having a
Revolving Commitment shall make available to Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on
the first Business Day (under the laws of the jurisdiction in which such office of Issuing Bank is located which is also a Business Day in New York City) after the date notified by Issuing Bank. In the event that any Lender having a Revolving
Commitment fails to make available to Issuing Bank on such business day the amount of such Lender’s participation in such Letter of Credit as provided in this Section 2.4(e), Issuing Bank shall be entitled to recover such amount on demand from
such Lender together with interest thereon for three Business Days at the rate customarily used by Issuing Bank for the correction of errors among banks and thereafter at the Base Rate. Nothing in this Section 2.4(e) shall be deemed to prejudice the
right of any Lender having a Revolving Commitment to recover from Issuing Bank any amounts made available by such Lender to Issuing Bank pursuant to this Section in the event that it is determined that the payment with respect to a Letter of Credit
in respect of which payment was made by such Lender constituted gross negligence or willful misconduct on the part of Issuing Bank. In the event Issuing Bank shall have been reimbursed by other Lenders pursuant to this Section 2.4(e) for all or any
portion of any drawing honored by Issuing Bank under a Letter of Credit, such Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under this Section 2.4(e) with respect to such honored drawing such Lender’s Pro
Rata Share of all payments subsequently 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
received by Issuing Bank from the Company in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a
Lender having a Revolving Commitment at its primary address set forth below its name on Appendix B or at such other address as such Lender may request. 
  
 (f) Obligations Absolute. The obligation of the Company to reimburse Issuing Bank for drawings honored under the Letters of Credit
issued by it and to repay any Revolving Loans made by Lenders pursuant to Section 2.4(d) and the obligations of Lenders under Section 2.4(e) shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms hereof under
all circumstances including any of the following circumstances: (i) any lack of validity or enforceability of any Letter of Credit; (ii) the existence of any claim, set-off, defense or other right which the Company or any Lender may have at any time
against a beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such transferee may be acting), Issuing Bank, Lender or any other Person or, in the case of a Lender, against the Company, whether in connection herewith,
the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the Company or one of its Subsidiaries and the beneficiary for which any Letter of Credit was procured); (iii) any draft or other
document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (iv) payment by Issuing Bank under any Letter of Credit
against presentation of a draft or other document which does not substantially comply with the terms of such Letter of Credit; (v) any adverse change in the business, results of operations, properties, assets, financial condition or prospects of
Holdings or any of its Subsidiaries; (vi) any breach hereof or any other Credit Document by any party thereto; (vii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing; or (viii) the fact that an Event of
Default or a Default shall have occurred and be continuing; provided, in each case, that payment by Issuing Bank under the applicable Letter of Credit shall not have constituted gross negligence or willful misconduct of Issuing Bank under the
circumstances in question. 
  
 (g)
Indemnification. Without duplication of any obligation of the Company under Section 10.2 or 10.3, in addition to amounts payable as provided herein, the Company hereby agrees to protect, indemnify, pay and save harmless Issuing Bank from and
against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable fees, expenses and disbursements of counsel and allocated costs of internal counsel) which Issuing Bank may incur or be subject to
as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit by Issuing Bank, other than as a result of (1) the gross negligence or willful misconduct of Issuing Bank or (2) the wrongful dishonor by Issuing Bank of a proper
demand for payment made under any Letter of Credit issued by it, or (ii) the failure of Issuing Bank to honor a drawing under any such Letter of Credit as a result of any Governmental Act. 
  
 (h) Notwithstanding anything to the contrary herein, the
Existing Letters of Credit shall be deemed to be Letters of Credit issued hereunder. 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 2.5. Pro Rata Shares; Availability of Funds. 
  
 (a) Pro Rata Shares. All Loans shall be made, and all
participations purchased, by Lenders simultaneously and proportionately to their respective Pro Rata Shares, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender’s obligation to make a
Loan requested hereunder or purchase a participation required hereby nor shall any Term Loan Commitment or any Revolving Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender’s
obligation to make a Loan requested hereunder or purchase a participation required hereby. 
  
 (b) Availability of Funds. Unless Administrative Agent shall have been notified by any Lender prior to the applicable Credit Date
that such Lender does not intend to make available to Administrative Agent the amount of such Lender’s Loan requested on such Credit Date, Administrative Agent may assume that such Lender has made such amount available to Administrative Agent
on such Credit Date and Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to the Company a corresponding amount on such Credit Date. If such corresponding amount is not in fact made available to
Administrative Agent by such Lender, Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each day from such Credit Date until the date such amount is paid to
Administrative Agent, at the customary rate set by Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. If such Lender does not pay such corresponding amount forthwith upon
Administrative Agent’s demand therefor, Administrative Agent shall promptly notify the Company and the Company shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from such Credit
Date until the date such amount is paid to Administrative Agent, at the rate payable hereunder for Base Rate Loans for such Class of Loans. Nothing in this Section 2.5(b) shall be deemed to relieve any Lender from its obligation to fulfill its Term
Loan Commitments and Revolving Commitments hereunder or to prejudice any rights that the Company may have against any Lender as a result of any default by such Lender hereunder. 
  
 2.6. Use of Proceeds. The proceeds of the Tranche B Term Loans, and up to $15,000,000 of Revolving Loans, shall be
applied by the Company together with the proceeds from the issuance of the Senior Subordinated Notes to fund in part, the Merger, the repayment of the Existing Indebtedness, the redemption or repurchase of the Bell Preferred Stock, and the payment
of fees and expenses in connection with the foregoing. The proceeds of the Revolving Loans, Swing Line Loans and Letters of Credit made after the Closing Date shall be applied by the Company for working capital and general corporate purposes of
Holdings and its Subsidiaries, including Permitted Acquisitions and permitted capital expenditures. No portion of the proceeds of any Credit Extension shall be used in any manner that causes or might cause such Credit Extension or the application of
such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or any other regulation thereof or to violate the Exchange Act. 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 2.7. Evidence of Debt; Register; Lenders’ Books and Records; Notes. 
  
 (a) Lenders’ Evidence of Debt. Each Lender shall
maintain on its internal records an account or accounts evidencing the Obligations of the Company to such Lender, including the amounts of the Loans made by it and each repayment and prepayment in respect thereof. Any such recordation shall be
conclusive and binding on the Company, absent manifest error; provided, that the failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Revolving Commitments or the Company’s
Obligations in respect of any applicable Loans; and provided further, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern. 
  
 (b) Register. Administrative Agent shall maintain at
its Principal Office a register for the recordation of the names and addresses of Lenders and the Revolving Commitments and Loans of each Lender from time to time (the “Register”). The Register shall be available for inspection by
the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. Administrative Agent shall record in the Register the Revolving Commitments and the Loans, and each repayment or prepayment in respect of the
principal amount of the Loans, and any such recordation shall be conclusive and binding on the Company and each Lender, absent manifest error; provided, failure to make any such recordation, or any error in such recordation, shall not affect
any Lender’s Revolving Commitments or the Company’s Obligations in respect of any Loan. The Company hereby designates GSCP to serve as the Company’s agent solely for purposes of maintaining the Register as provided in this Section
2.7, and the Company hereby agrees that, to the extent GSCP serves in such capacity, GSCP and its officers, directors, employees, agents and affiliates shall constitute “Indemnitees.” 
  
 (c) Notes. If so requested by any Lender by written
notice to the Company (with a copy to Administrative Agent) at least two Business Days prior to the Closing Date, or at any time thereafter, the Company shall execute and deliver to such Lender (and/or, if applicable and if so specified in such
notice, to any Person who is an assignee of such Lender pursuant to Section 10.6) on the Closing Date (or, if such notice is delivered after the Closing Date, promptly after the Company’s receipt of such notice) a Note or Notes to evidence such
Lender’s Tranche B Term Loan, New Term Loan, Revolving Loan or Swing Line Loan, as the case may be. 
  
 2.8. Interest on Loans. 
  
 (a) Except as otherwise set forth herein, each Class of Loan shall bear interest on the unpaid principal amount thereof from the date made
through repayment (whether by acceleration or otherwise) thereof as follows: 
  
 (i) in the case of Revolving Loans: 
  
 (1) if a Base Rate Loan, at the Base Rate plus the Applicable Margin; or 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 (2) if a Eurodollar Rate Loan, at the Adjusted Eurodollar Rate plus the Applicable
Margin; 
  
 (ii) in the case of Swing Line Loans,
at the Base Rate plus the Applicable Margin; and 
  
 (iii) in the case of Tranche B Term Loans: 
  
 (1) if a Base Rate Loan, at the Base Rate plus the Applicable Margin; or 
  
 (2) if a Eurodollar Rate Loan, at the Adjusted Eurodollar Rate plus the Applicable Margin; 
  
 (b) The basis for determining the rate of interest with
respect to any Loan (except a Swing Line Loan which can be made and maintained as Base Rate Loans only), and the Interest Period with respect to any Eurodollar Rate Loan, shall be selected by the Company and notified to Administrative Agent and
Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be; provided, (i) the Term Loans initially shall be made as Base Rate Loans until the earlier of (x) the date which is fifteen (15) days
following the Closing Date or such earlier date otherwise agreed by the Administrative Agent and (y) the date upon which the primary syndication of the Loans and Revolving Commitments as determined by the Administrative Agent has been completed and
(ii) until the date that Administrative Agent notifies the Company that the primary syndication of the Loans and Revolving Commitments has been completed, as determined by Administrative Agent, the Term Loans shall be maintained as either (1)
Eurodollar Rate Loans having an Interest Period of no longer than one month or (2) Base Rate Loans. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to Administrative
Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan. 
  
 (c) In connection with Eurodollar Rate Loans there shall be no more than eight (8) Interest Periods
outstanding at any time. In the event the Company fails to specify between a Base Rate Loan or a Eurodollar Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, such Loan (if outstanding as a Eurodollar Rate Loan) will be
automatically converted into a Base Rate Loan on the last day of the then-current Interest Period for such Loan (or if outstanding as a Base Rate Loan will remain as, or (if not then outstanding) will be made as, a Base Rate Loan). In the event the
Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Company shall be deemed to have selected an Interest Period of one month. As soon as practicable after
10:00 a.m. (New York City time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply
to the Eurodollar Rate Loans for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Company and each Lender. 

 

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 (d) Interest payable pursuant to Section 2.8(a) shall be computed (i) in the case of Base
Rate Loans on the basis of a 365-day or 366-day year, as the case may be, and (ii) in the case of Eurodollar Rate Loans, on the basis of a 360-day year, in each case for the actual number of days elapsed in the period during which it accrues. In
computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted from a Eurodollar Rate Loan, the date of conversion of such
Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to a
Eurodollar Rate Loan, the date of conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid
on that Loan. 
  
 (e) Except as otherwise set
forth herein, interest on each Loan shall be payable in arrears on and to (i) each Interest Payment Date applicable to that Loan; (ii) upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being
prepaid; and (iii) at maturity, including final maturity; provided, however, with respect to any voluntary prepayment of a Base Rate Loan, accrued interest shall instead be payable on the applicable Interest Payment Date. 
  
 (f) The Company agrees to pay to Issuing Bank, with respect
to drawings honored under any Letter of Credit, interest on the amount paid by Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of the
Company at a rate equal to (i) for the period from the date such drawing is honored to but excluding the applicable Reimbursement Date, the rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans, and
(ii) thereafter, a rate which is 2% per annum in excess of the rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans. 
  
 (g) Interest payable pursuant to Section 2.8(f) shall be computed on the basis of a 365/366-day year for the
actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the related drawing under a Letter of Credit is reimbursed in full. Promptly upon receipt by Issuing
Bank of any payment of interest pursuant to Section 2.8(f), Issuing Bank shall distribute to each Lender, out of the interest received by Issuing Bank in respect of the period from the date such drawing is honored to but excluding the date on which
Issuing Bank is reimbursed for the amount of such drawing (including any such reimbursement out of the proceeds of any Revolving Loans), the amount that such Lender would have been entitled to receive in respect of the letter of credit fee that
would have been payable in respect of such Letter of Credit for such period if no drawing had been honored under such Letter of Credit. In the event Issuing Bank shall have been reimbursed by Lenders for all or any portion of such honored drawing,
Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under Section 2.4(e) with respect to such honored drawing such Lender’s Pro Rata Share of any interest received by Issuing Bank in respect of that portion of
such honored drawing so reimbursed by Lenders for the period from the date on which Issuing Bank was so reimbursed by Lenders to but excluding the date on which such portion of such honored drawing is reimbursed by the Company. 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 2.9. Conversion/Continuation. 
  
 (a) Subject to Section 2.18 and so long as no Default or Event of Default shall have occurred and then be
continuing, the Company shall have the option: 
  
 (i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $1,000,000 and integral multiples of $100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a Eurodollar Rate
Loan may only be converted on the expiration of the Interest Period applicable to such Eurodollar Rate Loan unless the Company shall pay all amounts due under Section 2.18 in connection with any such conversion; or 
  
 (ii) upon the expiration of any Interest Period applicable
to any Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $1,000,000 and integral multiples of $100,000 in excess of that amount as a Eurodollar Rate Loan. 
  
 (b) The Company shall deliver a Conversion/Continuation Notice to Administrative Agent no later than 1:00
p.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed conversion/continuation date (in the case of
a conversion to, or a continuation of, a Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be
irrevocable on and after the related Interest Rate Determination Date, and the Company shall be bound to effect a conversion or continuation in accordance therewith. 
  
 2.10. Default Interest. The principal amount of all Loans not paid when due and, to the extent permitted by
applicable law, any interest payments on the Loans or any fees or other amounts owed hereunder not paid when due, shall thereafter bear interest (including post-petition interest in any proceeding under the Bankruptcy Code or other applicable
bankruptcy laws) payable on demand at a rate that is 2% per annum in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees and other amounts, at a rate which is 2% per annum in
excess of the highest interest rate otherwise then payable hereunder for Base Rate Loans); provided, in the case of Eurodollar Rate Loans, upon the expiration of the Interest Period in effect at the time any such increase in interest rate is
effective such Eurodollar Rate Loans shall thereupon become Base Rate Loans and shall thereafter bear interest payable upon demand at a rate which is 2% per annum in excess of the highest interest rate otherwise then payable hereunder for Base Rate
Loans. Payment or acceptance of the increased rates of interest provided for in this Section 2.10 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights
or remedies of Administrative Agent or any Lender. 
  
 2.11.
Fees. 
  
 (a) The Company agrees to pay to
Lenders having Revolving Exposure: 
  
 (i)
commitment fees equal to (1) the average of the daily difference between (a) the Revolving Commitments, and (b) the sum of (x) the aggregate principal amount of outstanding Revolving Loans (but not any outstanding Swing Line Loans) plus (y) the
Letter of Credit Usage, times (2) the Commitment Fee Percentage; and 
  

 48 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 (ii) letter of credit fees equal to (1) the Applicable Margin for Revolving Loans that
are Eurodollar Rate Loans, times (2) the aggregate daily maximum amount available to be drawn under all such Letters of Credit (regardless of whether any conditions for drawing could then be met and determined as of the close of business on any date
of determination). 
  
 All fees referred to in this Section 2.11(a) shall be paid
to Administrative Agent at its Principal Office and upon receipt, Administrative Agent shall promptly distribute to each Lender its Pro Rata Share thereof. 
  
 (b) The Company agrees to pay directly to Issuing Bank, for its own account, the following fees (including, without limitation, in respect
of the Existing Letters of Credit on and after the Closing Date): 
  
 (i) a fronting fee equal to 0.125%, per annum, times the aggregate daily maximum amount available to be drawn under all Letters of Credit outstanding (determined as of the close of business on any date of
determination); and 
  
 (ii) such documentary and
processing charges for any issuance, amendment, transfer or payment of a Letter of Credit as are in accordance with Issuing Bank’s standard schedule for such charges and as in effect at the time of such issuance, amendment, transfer or payment,
as the case may be. 
  
 (c) All fees referred to
in Section 2.11(a) and 2.11(b)(i) shall be calculated on the basis of a 360-day year and the actual number of days elapsed and shall be payable quarterly in arrears on each of the dates specified in Section 2.12(a) for payment of principal during
the Revolving Commitment Period, commencing on the first such date to occur after the Closing Date, and on the Revolving Commitment Termination Date. 
  
 (d) In addition to any of the foregoing fees, the Company agrees to pay to Agents such other fees in the amounts and at the times
separately agreed upon. 
  

 49 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 2.12. Scheduled Payments/Commitment Reductions. 
  
 (a) Scheduled Installments. The principal amounts of
the Tranche B Term Loans shall be repaid in consecutive quarterly installments (each, an “Installment”) in the aggregate amounts set forth below on the Business Day immediately following the last day of each Fiscal Quarter (each, an
“Installment Date”), commencing December 31, 2004: 
  

				
	 Fiscal Quarter

	  	Tranche B Term Loan
Installments

	 December 31, 2004
	  	$	275,000
	 March 30, 2005
	  	$	275,000
	 June 30, 2005
	  	$	275,000
	 September 30, 2005
	  	$	275,000
	 December 31, 2005
	  	$	275,000
	 March 30, 2006
	  	$	275,000
	 June 30, 2006
	  	$	275,000
	 September 30, 2006
	  	$	275,000
	 December 31, 2006
	  	$	275,000
	 March 30, 2007
	  	$	275,000
	 June 30, 2007
	  	$	275,000
	 September 30, 2007
	  	$	275,000
	 December 31, 2007
	  	$	275,000
	 March 30, 2008
	  	$	275,000
	 June 30, 2008
	  	$	275,000
	 September 30, 2008
	  	$	275,000
	 December 31, 2008
	  	$	275,000
	 March 30, 2009
	  	$	275,000
	 June 30, 2009
	  	$	275,000
	 September 30, 2009
	  	$	275,000
	 December 31, 2009
	  	$	275,000
	 March 30, 2010
	  	$	275,000
	 June 30, 2010
	  	$	275,000
	 September 30, 2010
	  	$	275,000
	 December 31, 2010
	  	$	275,000
	 March 30, 2011
	  	$	275,000
	 June 30, 2011
	  	$	275,000
	 Tranche B Term Loan Maturity Date
	  	$	102,575,000

  
 ; provided, in the event any
New Term Loans are made, such New Term Loans shall be repaid on each Installment Date occurring on or after the applicable Increased Amount Date in an amount equal to (i) the aggregate principal amount of New Term Loans of the applicable Series of
New Term Loans, times (ii) the ratio (expressed as a percentage) of (y) the amount of all other Term 

  

 50 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
Loans being repaid on such Installment Date and (z) the total aggregate principal amount of all other Term Loans outstanding on such Increased Amount Date.

  
 Notwithstanding the foregoing, (x) such Installments shall be reduced in
connection with any voluntary or mandatory prepayments of the Tranche B Term Loans, in accordance with Sections 2.13, 2.14 and 2.15, as applicable; and (y) the Tranche B Term Loans, together with all other amounts owed hereunder with respect
thereto, shall, in any event, be paid in full no later than the Tranche B Term Loan Maturity Date. 
  
 (b) Revolving Loans shall be paid in full on the Revolving Commitment Termination Date. 
  
 2.13. Voluntary Prepayments/Commitment Reductions. 
  
 (a) Voluntary Prepayments. 
  
 (i) Any time and from time to time: 
  
 (1) with respect to Base Rate Loans, the Company may prepay
any such Loans on any Business Day in whole or in part, in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount; 
  

(2) with respect to Eurodollar Rate Loans, the Company may prepay any such Loans on any Business Day in whole or in part in an
aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; and 
  
 (3) with respect to Swing Line Loans, the Company may prepay any such Loans on any Business Day in whole or in part in an aggregate
minimum amount of $100,000, and in integral multiples of $25,000 in excess of that amount. 
  
 (ii) All such prepayments shall be made: 
  
 (1) upon not less than one Business Day’s prior written or telephonic notice in the case of Base Rate Loans; 
  
 (2) upon not less than three Business Days’ prior
written or telephonic notice in the case of Eurodollar Rate Loans; and 
  
 (3) upon written or telephonic notice on the date of prepayment, in the case of Swing Line Loans; 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 in each case given to Administrative Agent or Swing Line Lender, as the case may be, by 1:00 p.m. (New York City time) on
the date required and, if given by telephone, promptly confirmed in writing to Administrative Agent (and Administrative Agent will promptly transmit such telephonic or original notice for Term Loans or Revolving Loans, as the case may be, by
telefacsimile or telephone promptly confirmed in writing to each Lender) or Swing Line Lender, as the case may be. Upon the giving of any such notice, the principal amount of the Loans specified in such notice shall become due and payable on the
prepayment date specified therein. Any such voluntary prepayment shall be applied as specified in Section 2.15(a). 
  
 (b) Voluntary Commitment Reductions. 
  
 (i) The Company may, upon not less than three Business Days’ prior written or telephonic notice confirmed in writing to
Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone promptly confirmed in writing to each applicable Lender), at any time and from time to time terminate in
whole or permanently reduce in part, without premium or penalty, the Revolving Commitments in an amount up to the amount by which the Revolving Commitments exceed the Total Utilization of Revolving Commitments at the time of such proposed
termination or reduction; provided, any such partial reduction of the Revolving Commitments shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount. 
  
 (ii) The Company’s notice to Administrative Agent shall
designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Revolving Commitments shall be effective on the date specified in the
Company’s notice and shall reduce the Revolving Commitment of each Lender proportionately to its Pro Rata Share thereof. 
  
 2.14. Mandatory Prepayments/Commitment Reductions. 
  
 (a) Asset Sales. No later than the first Business Day following the date of receipt by Holdings or any of its Subsidiaries of any
Net Asset Sale Proceeds in excess of $2,000,000 from the Closing Date through the applicable date of determination, the Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.15(b) in
an aggregate amount equal to such amount of Net Asset Sale Proceeds in excess of $2,000,000 from the Closing Date; provided, so long as no Default or Event of Default shall have occurred and be continuing, the Company shall have the option, directly
or through one or more of its Subsidiaries, to invest Net Asset Sale Proceeds within three hundred-sixty (360) days of receipt thereof in long-term productive assets of the general type used in the business of the Company and its Subsidiaries;
provided further, pending any such investment all such Net Asset Sale Proceeds shall be applied to prepay Revolving Loans to the extent outstanding (without a reduction in Revolving Commitments). Notwithstanding anything to the contrary herein, (i)
in the event of the sale of Chicago Real Property, the Net Asset Sale Proceeds thereof shall not be subject to this Section 2.14(a) to the extent that such proceeds are used to consummate Permitted Acquisitions pursuant to Section 6.9(e) or for
plant relocation purposes (moving, facility improvement and related expenses) without time limit, provided, that, within  

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
180 days of the receipt of such proceeds, the Company shall deliver to the Administrative Agent a certificate setting forth a schedule and estimated costs
for such plant relocation and (ii) in the event of the sale of the Bell Fitness Business Unit, the Net Asset Sale Proceeds thereof shall not be subject to this Section 2.14(a) to the extent that such proceeds are used to consummate Permitted
Acquisitions pursuant to Section 6.9(e). 
  
 (b) Insurance/Condemnation Proceeds. No later than the first Business Day following the date of receipt by Holdings or any of its Subsidiaries, or Administrative Agent as loss payee, of any Net Insurance/Condemnation Proceeds in
excess of $2,000,000 from the Closing Date through the applicable date of determination, the Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.15(b) in an aggregate amount equal to
such amount of Net Insurance/Condemnation Proceeds in excess of $2,000,000; provided, so long as no Default or Event of Default shall have occurred and be continuing, the Company shall have the option, directly or through one or more of its
Subsidiaries to invest such Net Insurance/Condemnation Proceeds within three hundred-sixty (360) days of receipt thereof in long term productive assets of the general type used in the business of Holdings and its Subsidiaries, which investment may
include the repair, restoration or replacement of the applicable assets thereof; provided further, pending any such investment all such Net Insurance/Condemnation Proceeds, as the case may be, shall be applied to prepay Revolving Loans
to the extent outstanding (without a reduction in Revolving Commitments). 
  
 (c) Issuance of Equity Securities. On the date of receipt by Parent or Holdings of any Cash proceeds from a capital contribution to, or the issuance of any Capital Stock of, Parent or Holdings or any of their
respective Subsidiaries (other than pursuant to any employee stock or stock option compensation plan or equity issued to the Equity Investors; it being acknowledged that any Capital Stock issued in connection with a Permitted Acquisition in exchange
for the Capital Stock of the acquired entity does not constitute receipt of Cash proceeds under this Section 2.14(c)), the Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.15(b)
in an aggregate amount equal to 75.0% of such proceeds, net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, payable to a Person that is not Parent, Holdings or their Subsidiaries, including
reasonable legal fees and expenses; provided, during any period in which the Leverage Ratio (determined for any such period by reference to the most recent Compliance Certificate delivered pursuant to Section 5.1(d) calculating the Leverage
Ratio) shall be 4.00:1.00 or less, the Company shall only be required to make the prepayments and/or reductions otherwise required hereby in an amount equal to 50.0% of such issuance. 
  
 (d) Issuance of Debt. No later than the first Business Day following the date of receipt by Holdings
or any of its Subsidiaries of any Cash proceeds from the incurrence of any Indebtedness of Holdings or any of its Subsidiaries (other than with respect to any Indebtedness permitted to be incurred pursuant to Section 6.1, but expressly including the
proceeds of any sale and leaseback pursuant to Section 6.11), the Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.15(b) in an aggregate amount equal to 100% of such proceeds, net
of underwriting discounts and 

  

 53 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
commissions and other reasonable costs and expenses associated therewith, payable to a Person that is not Holdings or its Subsidiaries, including reasonable
legal fees and expenses. 
  
 (e) Consolidated
Excess Cash Flow. In the event that there shall be Consolidated Excess Cash Flow for any Fiscal Year (commencing with Fiscal Year 2005), the Company shall, no later than one hundred-twenty (120) days after the end of such Fiscal Year, prepay the
Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.15(b) in an aggregate amount equal to 75.0% of such Consolidated Excess Cash Flow; provided, during any period in which the Leverage Ratio
(determined for any such period by reference to the most recent Compliance Certificate delivered pursuant to Section 5.1(d) calculating the Leverage Ratio) shall be 4.00:1.00 or less, the Company shall only be required to make the prepayments and/or
reductions otherwise required hereby in an amount equal to 50.0% of such Consolidated Excess Cash Flow. In computing amounts owing under this clause (e), credit shall be given for any voluntary prepayments of the Loans (excluding repayments of
Revolving Loans or Swing Line Loans except to the extent the Revolving Commitments are permanently reduced in connection with such repayments). Notwithstanding anything to the contrary in this Section 2.14(e), to the extent that any prepayment
required by this Section 2.14(e) would result in the Company and its Subsidiaries having Cash and Cash Equivalents of less than $12,500,000 immediately after giving effect to such prepayment the amount of such prepayment required hereby shall be
reduced by an amount such that after giving effect to such prepayment Company and its Subsidiaries shall have Cash and Cash Equivalents equal to $12,500,000. 
  

(f) Revolving Loans and Swing Loans. The Company shall from time to time prepay first, the Swing Line Loans, and
second, the Revolving Loans to the extent necessary so that the Total Utilization of Revolving Commitments shall not at any time exceed the Revolving Commitments then in effect. 
  
 (g) Prepayment Certificate. Concurrently with any prepayment of the Loans and/or reduction of the
Revolving Commitments pursuant to Sections 2.14(a) through 2.14(e), the Company shall deliver to Administrative Agent a certificate of an Authorized Officer demonstrating the calculation of the amount of the applicable net proceeds or Consolidated
Excess Cash Flow, as the case may be. In the event that the Company shall subsequently determine that the actual amount received exceeded the amount set forth in such certificate, the Company shall promptly make an additional prepayment of the Loans
and/or the Revolving Commitments shall be permanently reduced in an amount equal to such excess, and the Company shall concurrently therewith deliver to Administrative Agent a certificate of an Authorized Officer demonstrating the derivation of such
excess. 
  
 (h) Subordinated Indebtedness.
In the event that the Company shall otherwise be required to make any mandatory prepayment of Indebtedness under the Senior Subordinated Notes (other than Refinancing Notes), any Refinancing Notes or the Additional Senior Subordinated Notes, the
Company shall prepay the Loans and reduce the Commitments in accordance with Section 2.15 in an aggregate amount equal to the amount of such mandatory prepayment. 
  

 54 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 2.15. Application of Prepayments/Reductions. 
  
 (a) Application of Voluntary Prepayments by Type of
Loans. Any prepayment of any Loan pursuant to Section 2.13(a) shall be applied as specified by the Company in the applicable notice of prepayment; provided, in the event the Company fails to specify the Loans to which any such prepayment
shall be applied, such prepayment shall be applied as follows: 
  
 first, to repay outstanding Swing Line Loans to the full extent thereof; 
  
 second, to repay outstanding Revolving Loans to the full extent thereof; and 
  
 third, to prepay the Term Loans on a pro rata basis
(in accordance with the respective outstanding principal amounts thereof). 
  
 Any prepayment of any Term Loan pursuant to Section 2.13(a) shall be further applied on a pro rata basis to reduce the scheduled remaining Installments of principal on such Term Loan. 
  
 (b) Application of Mandatory Prepayments by Type of
Loans. Any amount required to be paid pursuant to Sections 2.14(a) through 2.14(e) and 2.14(h) shall be applied as follows: 
  
 first, to prepay Term Loans on a pro rata basis (in accordance with the respective outstanding principal amounts thereof) and shall
be further applied on a pro rata basis to the remaining scheduled Installments of the applicable Term Loans; 
  
 second, to prepay the Swing Line Loans to the full extent thereof and to permanently reduce the Revolving Commitments by the amount
of such prepayment; 
  
 third, to prepay
the Revolving Loans to the full extent thereof and to further permanently reduce the Revolving Commitments by the amount of such prepayment; 
  
 fourth, to prepay outstanding reimbursement obligations with respect to Letters of Credit and to further permanently reduce the
Revolving Loan Commitments by the amount of such prepayment; 
  
 fifth, to cash collateralize Letters of Credit and to further permanently reduce the Revolving Loan Commitments by the amount of such cash collateralization; and 
  
 sixth, to further permanently reduce the Revolving
Commitments to the full extent thereof. 
  
 (c)
Application of Prepayments of Loans to Base Rate Loans and Eurodollar Rate Loans. Considering each Class of Loans being prepaid separately, any prepayment thereof 

  

 55 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes
the amount of any payments required to be made by the Company pursuant to Section 2.18(c). 
  
 (d) Notwithstanding the foregoing, so long as an Event of Default exists and is continuing, any amount required to be paid pursuant to
Section 2.14(a) through Section 2.14(e) and 2.14(h) shall be applied to prepay the Term Loans and outstanding Revolving Loans on a pro rata basis and, in respect of the Term Loans, any such amounts shall be applied to reduce on a pro rata basis the
remaining scheduled Installments of principal on the Term Loans. 
  
 2.16. General Provisions Regarding Payments. 
  
 (a) All payments by the Company of principal, interest, fees and other Obligations shall be made in Dollars in same day funds, without defense, setoff or counterclaim, free of any restriction or condition, and
delivered to Administrative Agent not later than 12:00 p.m. (New York City time) on the date due at Administrative Agent’s Principal Office for the account of Lenders; funds received by Administrative Agent after that time on such due date
shall be deemed to have been paid by the Company on the next succeeding Business Day. 
  
 (b) All payments in respect of the principal amount of any Loan (other than voluntary prepayments of Base Rate Revolving Loans) shall be
accompanied by payment of accrued interest on the principal amount being repaid or prepaid. 
  
 (c) Administrative Agent shall promptly distribute to each Lender at such address as such Lender shall indicate in writing, such
Lender’s applicable Pro Rata Share of all payments and prepayments of principal and interest due hereunder, together with all other amounts due thereto, including, without limitation, all fees payable with respect thereto, to the extent
received by Administrative Agent. 
  
 (d)
Notwithstanding the foregoing provisions hereof, if any Conversion/Continuation Notice is withdrawn as to any Affected Lender or if any Affected Lender makes Base Rate Loans in lieu of its Pro Rata Share of any Eurodollar Rate Loans, Administrative
Agent shall give effect thereto in apportioning payments received thereafter. 
  
 (e) Subject to the provisos set forth in the definition of “Interest Period”, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be
made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or of the Revolving Commitment fees and any Letter of Credit fees hereunder. 
  
 (f) The Company hereby authorizes Administrative Agent to
charge the Company’s accounts with Administrative Agent in order to cause timely payment to be made to Administrative Agent of all principal, Letter of Credit reimbursements, interest, fees and expenses due hereunder (subject to sufficient
funds being available in its accounts for that purpose). 
  

 56 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 (g) Administrative Agent shall deem any payment by or on behalf of the Company hereunder
that is not made in same day funds prior to 12:00 p.m. (New York City time) to be a non-conforming payment. Any such payment shall not be deemed to have been received by Administrative Agent until the later of (i) the time such funds become
available funds, and (ii) the applicable next Business Day. Administrative Agent shall give prompt telephonic notice to the Company and each applicable Lender (confirmed in writing) if any payment is non-conforming. Any non-conforming payment may
constitute or become a Default or Event of Default in accordance with the terms of Section 8.1(a). Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no
event less than the period from the date of such payment to the next succeeding applicable Business Day) at the rate determined pursuant to Section 2.10 from the date such amount was due and payable until the date such amount is paid in full.

  
 (h) If an Event of Default shall have
occurred and not otherwise been waived, and the maturity of the Obligations shall have been accelerated pursuant to Section 8.1, all payments or proceeds received by Agents hereunder in respect of any of the Obligations, shall be applied in
accordance with the application arrangements described in Section 7.2 of the Pledge and Security Agreement. 
  
 2.17. Ratable Sharing. Lenders hereby agree among themselves that, except as otherwise provided in the Collateral Documents with respect to amounts
realized from the exercise of rights with respect to Liens on the Collateral, if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans made and applied in accordance with the terms hereof), through the exercise
of any right of set-off or banker’s lien, by counterclaim or cross action or by the enforcement of any right under the Credit Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under the Bankruptcy Code,
receive payment or reduction of a proportion of the aggregate amount of principal, interest, amounts payable in respect of Letters of Credit, fees and other amounts then due and owing to such Lender hereunder or under the other Credit Documents
(collectively, the “Aggregate Amounts Due” to such Lender) which is greater than the proportion received by any other Lender in respect of the Aggregate Amounts Due to such other Lender, then the Lender receiving such
proportionately greater payment shall (a) notify Administrative Agent and each other Lender of the receipt of such payment and (b) apply a portion of such payment to purchase participations (which it shall be deemed to have purchased from each
seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders in
proportion to the Aggregate Amounts Due to them; provided, if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of the Company
or otherwise (and whether as a result of any demand, settlement, litigation or otherwise), those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Lender ratably to the extent of
such recovery, but without interest. The Company expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker’s lien, set-off or counterclaim with respect
to any and all monies owing by the Company to that holder 

  

 57 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
with respect thereto as fully as if that holder were owed the amount of the participation held by that holder directly by the Company. 
  
 2.18. Making or Maintaining Eurodollar Rate Loans. 
  
 (a) Inability to Determine Applicable Interest Rate.
In the event that Administrative Agent shall have determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason
of circumstances affecting the London interbank market adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Administrative Agent
shall on such date give notice (by telefacsimile or by telephone confirmed in writing) to the Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans until such time as
Administrative Agent notifies the Company and Lenders that the circumstances giving rise to such notice no longer exist, and (ii) any Funding Notice or Conversion/Continuation Notice given by the Company with respect to the Loans in respect of which
such determination was made shall be deemed to be rescinded by the Company. 
  
 (b) Illegality or Impracticability of Eurodollar Rate Loans. In the event that on any date any Lender shall have determined (which determination shall be final and conclusive and binding upon all parties hereto
but shall be made only after consultation with the Company and Administrative Agent) that the making, maintaining or continuation of its Eurodollar Rate Loans (i) has become unlawful as a result of compliance by such Lender in good faith with any
law, treaty, governmental rule, regulation, guideline or order (or would conflict with any such treaty, governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful),
or (ii) has become impracticable, as a result of contingencies occurring after the date hereof which materially and adversely affect the London interbank market or the position of such Lender in that market, then, and in any such event, such Lender
shall be an “Affected Lender” and it shall on that day give notice (by telefacsimile or by telephone confirmed in writing) to the Company and Administrative Agent of such determination (which notice Administrative Agent shall
promptly transmit to each other Lender). Thereafter (1) the obligation of the Affected Lender to make Loans as, or to convert Loans to, Eurodollar Rate Loans shall be suspended until such notice shall be withdrawn by the Affected Lender, (2) to the
extent such determination by the Affected Lender relates to a Eurodollar Rate Loan then being requested by the Company pursuant to a Funding Notice or a Conversion/Continuation Notice, the Affected Lender shall make such Loan as (or continue such
Loan as or convert such Loan to, as the case may be) a Base Rate Loan, (3) the Affected Lender’s obligation to maintain its outstanding Eurodollar Rate Loans (the “Affected Loans”) shall be terminated at the earlier to occur of
the expiration of the Interest Period then in effect with respect to the Affected Loans or when required by law, and (4) the Affected Loans shall automatically convert into Base Rate Loans on the date of such termination. Notwithstanding the
foregoing, to the extent a determination by an Affected Lender as described above relates to a Eurodollar Rate Loan then being requested by the Company pursuant to a Funding Notice or a Conversion/Continuation Notice, the Company shall have the
option, subject to the provisions of Section 2.18(c), to rescind such Funding Notice or Conversion/Continuation Notice as to all Lenders by giving notice (by telefacsimile or by telephone confirmed in writing) to 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
Administrative Agent of such rescission on the date on which the Affected Lender gives notice of its determination as described above (which notice of
rescission Administrative Agent shall promptly transmit to each other Lender). Except as provided in the immediately preceding sentence, nothing in this Section 2.18(b) shall affect the obligation of any Lender other than an Affected Lender to make
or maintain Loans as, or to convert Loans to, Eurodollar Rate Loans in accordance with the terms hereof. 
  
 (c) Compensation for Breakage or Non-Commencement of Interest Periods. The Company shall compensate each Lender, upon written
request by such Lender (which request shall set forth the basis for requesting such amounts), for all reasonable losses, expenses and liabilities (including any interest paid by such Lender to lenders of funds borrowed by it to make or carry its
Eurodollar Rate Loans and any loss, expense or liability sustained by such Lender in connection with the liquidation or re-employment of such funds but excluding loss of anticipated profits including, without limitation, the Applicable Margin) which
such Lender may sustain: (i) if for any reason (other than a default by such Lender) a borrowing of any Eurodollar Rate Loan does not occur on a date specified therefor in a Funding Notice or a telephonic request for borrowing, or a conversion to or
continuation of any Eurodollar Rate Loan does not occur on a date specified therefor in a Conversion/Continuation Notice or a telephonic request for conversion or continuation; (ii) if any prepayment or other principal payment of, or any conversion
of, any of its Eurodollar Rate Loans occurs on a date prior to the last day of an Interest Period applicable to that Loan; or (iii) if any prepayment of any of its Eurodollar Rate Loans is not made on any date specified in a notice of prepayment
given by the Company. 
  
 (d) Booking of
Eurodollar Rate Loans. Any Lender may make, carry or transfer Eurodollar Rate Loans at, to, or for the account of any of its branch offices or the office of an Affiliate of such Lender. 
  
 (e) Assumptions Concerning Funding of Eurodollar Rate
Loans. Calculation of all amounts payable to a Lender under this Section 2.18 and under Section 2.19 shall be made as though such Lender had actually funded each of its relevant Eurodollar Rate Loans through the purchase of a Eurodollar deposit
bearing interest at the rate obtained pursuant to clause (i) of the definition of Adjusted Eurodollar Rate in an amount equal to the amount of such Eurodollar Rate Loan and having a maturity comparable to the relevant Interest Period and through the
transfer of such Eurodollar deposit from an offshore office of such Lender to a domestic office of such Lender in the United States of America; provided, however, each Lender may fund each of its Eurodollar Rate Loans in any manner it
sees fit and the foregoing assumptions shall be utilized only for the purposes of calculating amounts payable under this Section 2.18 and under Section 2.19. 
  
 2.19. Increased Costs; Capital Adequacy. 
  
 (a) Compensation For Increased Costs and Taxes. Subject to the provisions of Section 2.20 (which shall be controlling with respect
to the matters covered thereby), in the event that any Lender (which term shall include Issuing Bank for purposes of this Section 2.19(a)) shall determine (which determination shall, absent manifest error, be final and conclusive and binding upon
all parties hereto) that any law, treaty or governmental rule, regulation or order, or 

  

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any change therein or in the interpretation, administration or application thereof (including the introduction of any new law, treaty or governmental rule,
regulation or order), or any determination of a court or governmental authority, in each case that becomes effective after the date hereof, or compliance by such Lender with any guideline, request or directive issued or made after the date hereof by
any central bank or other governmental or quasi-governmental authority (whether or not having the force of law): (i) subjects such Lender (or its applicable lending office) to any additional Tax (other than any Tax on the overall net income of such
Lender) with respect to this Agreement or any of the other Credit Documents or any of its obligations hereunder or thereunder or any payments to such Lender (or its applicable lending office) of principal, interest, fees or any other amount payable
hereunder; (ii) imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, compulsory loan, FDIC insurance or similar requirement against assets held by, or
deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender (other than any such reserve or other requirements with respect to
Eurodollar Rate Loans that are reflected in the definition of Adjusted Eurodollar Rate); or (iii) imposes any other condition (other than with respect to a Tax matter) on or affecting such Lender (or its applicable lending office) or its obligations
hereunder or the London interbank market; and the result of any of the foregoing is to increase the cost to such Lender of agreeing to make, making or maintaining Loans hereunder or to reduce any amount received or receivable by such Lender (or its
applicable lending office) with respect thereto; then, in any such case, the Company shall promptly pay to such Lender, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an increased
rate of, or a different method of calculating, interest or otherwise as such Lender in its sole discretion shall determine) as may be necessary to compensate such Lender for any such increased cost or reduction in amounts received or receivable
hereunder. Such Lender shall deliver to the Company (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Lender under this Section 2.19(a), which
statement shall be conclusive and binding upon all parties hereto absent manifest error. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs incurred or reductions
suffered more than nine months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Company of the change giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s
intention to claim compensation therefor (except that, if the change giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect
thereof). 
  
 (b) Capital Adequacy
Adjustment. In the event that any Lender (which term shall include Issuing Bank for purposes of this Section 2.19(b)) shall have determined that the adoption, effectiveness, phase-in or applicability after the Closing Date of any law, rule or
regulation (or any provision thereof) regarding capital adequacy, or any change therein or in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any Lender (or its applicable lending office) with any guideline, request or directive regarding 

  

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capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, has or would have the effect
of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of, or with reference to, such Lender’s Loans or Revolving Commitments or Letters of Credit, or participations therein or
other obligations hereunder with respect to the Loans or the Letters of Credit to a level below that which such Lender or such controlling corporation could have achieved but for such adoption, effectiveness, phase-in, applicability, change or
compliance (taking into consideration the policies of such Lender or such controlling corporation with regard to capital adequacy), then from time to time, within five Business Days after receipt by the Company from such Lender of the statement
referred to in the next sentence, the Company shall pay to such Lender such additional amount or amounts as will compensate such Lender or such controlling corporation on an after-tax basis for such reduction. Such Lender shall deliver to the
Company (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to Lender under this Section 2.19(b), which statement shall be conclusive and binding upon
all parties hereto absent manifest error. Notwithstanding the foregoing, the Company shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs incurred or reductions suffered more than nine
months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Company of the change giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim
compensation therefor (except that, if the change giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 
  
 2.20. Taxes; Withholding, etc. 
  
 (a) Payments to Be Free and Clear. All sums payable
by any Credit Party hereunder and under the other Credit Documents shall (except to the extent required by law) be paid free and clear of, and without any deduction or withholding on account of, any Tax (other than a Tax on the overall net income of
any Lender) imposed, levied, collected, withheld or assessed by or within the United States of America or any political subdivision in or of the United States of America or any other jurisdiction from or to which a payment is made by or on behalf of
any Credit Party or by any federation or organization of which the United States of America or any such jurisdiction is a member at the time of payment. 
  
 (b) Withholding of Taxes. If any Credit Party or any other Person is required by law to make any deduction or withholding on
account of any such Tax from any sum paid or payable by any Credit Party to Administrative Agent or any Lender (which term shall include Issuing Bank for purposes of this Section 2.20(b)) under any of the Credit Documents: (i) the Company shall
notify Administrative Agent of any such requirement or any change in any such requirement as soon as the Company becomes aware of it; (ii) the Company shall pay any such Tax before the date on which penalties attach thereto, such payment to be made
(if the liability to pay is imposed on any Credit Party) for its own account or (if that liability is imposed on Administrative Agent or such Lender, as the case may be) on behalf of and in the name of Administrative Agent or such Lender; (iii) the
sum payable by such Credit Party in respect of which the relevant deduction, withholding or payment is required shall be increased to the extent necessary to ensure that, after the making of that deduction, withholding or payment, 

  

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Administrative Agent or such Lender, as the case may be, receives on the due date a net sum equal to what it would have received had no such deduction,
withholding or payment been required or made; and (iv) within thirty days after paying any sum from which it is required by law to make any deduction or withholding, and within thirty days after the due date of payment of any Tax which it is
required by clause (ii) above to pay, the Company shall deliver to Administrative Agent evidence satisfactory to the other affected parties of such deduction, withholding or payment and of the remittance thereof to the relevant taxing or other
authority; provided, no such additional amount shall be required to be paid to any Lender under clause (iii) above except to the extent that any change after the date hereof (in the case of each Lender listed on the signature pages hereof on the
Closing Date) or after the effective date of the Assignment Agreement pursuant to which such Lender became a Lender (in the case of each other Lender) in any such requirement for a deduction, withholding or payment as is mentioned therein shall
result in an increase in the rate of such deduction, withholding or payment from that in effect at the date hereof or at the date of such Assignment Agreement, as the case may be, in respect of payments to such Lender. 
  
 (c) Evidence of Exemption From U.S. Withholding Tax.
Each Lender that is not a United States Person (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) for U.S. federal income tax purposes (a “Non-US Lender”) shall deliver to Administrative Agent for
transmission to the Company, on or prior to the Closing Date (in the case of each Lender listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Lender (in the
case of each other Lender), and at such other times as may be necessary in the determination of the Company or Administrative Agent (each in the reasonable exercise of its discretion), (i) two original copies of Internal Revenue Service Form W-8ECI
(or any successor forms), properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by the Company to establish that such Lender is not subject to deduction or
withholding of United States federal income tax with respect to any payments to such Lender of principal, interest, fees or other amounts payable under any of the Credit Documents, or (ii) if such Lender is not a “bank” or other Person
described in Section 881(c)(3) of the Internal Revenue Code and cannot deliver either Internal Revenue Service Form W-8BEN or W-8ECI pursuant to clause (i) above, a Certificate re Non-Bank Status together with two original copies of Internal Revenue
Service Form W-8BEN (or any successor form), properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by the Company to establish that such Lender is not
subject to deduction or withholding of United States federal income tax with respect to any payments to such Lender of interest payable under any of the Credit Documents. Each Lender required to deliver any forms, certificates or other evidence with
respect to United States federal income tax withholding matters pursuant to this Section 2.20(c) hereby agrees, from time to time after the initial delivery by such Lender of such forms, certificates or other evidence, whenever a lapse in time or
change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any material respect, that such Lender shall promptly deliver to Administrative Agent for transmission to the Company two new original copies of
Internal Revenue Service Form W-8BEN or W-8ECI, or a Certificate re Non-Bank Status and two original copies of Internal Revenue Service Form W-8BEN (or any successor form), as the case may be, properly completed and duly executed by 

  

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such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by the Company to confirm or establish that such
Lender is not subject to deduction or withholding of United States federal income tax with respect to payments to such Lender under the Credit Documents, or notify Administrative Agent and the Company of its inability to deliver any such forms,
certificates or other evidence. The Company shall not be required to pay any additional amount to any Non-US Lender under Section 2.20(b)(iii) if such Lender shall have failed (1) to deliver the forms, certificates or other evidence referred to in
the second sentence of this Section 2.20(c), or (2) to notify Administrative Agent and the Company of its inability to deliver any such forms, certificates or other evidence, as the case may be; provided, if such Lender shall have satisfied
the requirements of the first sentence of this Section 2.20(c) on the Closing Date or on the date of the Assignment Agreement pursuant to which it became a Lender, as applicable, nothing in this last sentence of Section 2.20(c) shall relieve the
Company of its obligation to pay any additional amounts pursuant this Section 2.20 in the event that, as a result of any change in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation,
administration or application thereof, such Lender is no longer properly entitled to deliver forms, certificates or other evidence at a subsequent date establishing the fact that such Lender is not subject to withholding as described herein.

  
 2.21. Obligation to Mitigate. Each Lender (which term
shall include Issuing Bank for purposes of this Section 2.21) agrees that, as promptly as practicable after the officer of such Lender responsible for administering its Loans or Letters of Credit, as the case may be, becomes aware of the occurrence
of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under Section 2.18, 2.19 or 2.20, it will, to the extent not inconsistent with the internal
policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts to (a) make, issue, fund or maintain its Credit Extensions, including any Affected Loans, through another office of such Lender, or (b) take such
other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Lender would cease to exist or the additional amounts which would otherwise be required to be paid to such
Lender pursuant to Section 2.18, 2.19 or 2.20 would be materially reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of such Revolving Commitments, Loans or Letters of Credit through such
other office or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Revolving Commitments, Loans or Letters of Credit or the interests of such Lender; provided, such Lender will not be
obligated to utilize such other office pursuant to this Section 2.21 unless the Company agrees to pay all incremental expenses incurred by such Lender as a result of utilizing such other office as described in clause (i) above. A certificate as to
the amount of any such expenses payable by the Company pursuant to this Section 2.21 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to the Company (with a copy to Administrative Agent) shall be
conclusive absent manifest error. 
  
 2.22. Defaulting
Lenders. Anything contained herein to the contrary notwithstanding, in the event that any Lender, at the direction or request of any regulatory agency or authority, defaults (a “Defaulting Lender”) in its obligation to fund (a
“Funding Default”) any Revolving Loan or its portion of any unreimbursed payment under Section 2.3(b)(iv) or 2.4(e) (in each case, 

  

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a “Defaulted Loan”), then (a) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender shall be deemed not
to be a “Lender” for purposes of voting on any matters (including the granting of any consents or waivers) with respect to any of the Credit Documents; (b) to the extent permitted by applicable law, until such time as the Default Excess
with respect to such Defaulting Lender shall have been reduced to zero, (i) any voluntary prepayment of the Revolving Loans shall, if the Company so directs at the time of making such voluntary prepayment, be applied to the Revolving Loans of other
Lenders as if such Defaulting Lender had no Revolving Loans outstanding and the Revolving Exposure of such Defaulting Lender were zero, and (ii) any mandatory prepayment of the Revolving Loans shall, if the Company so directs at the time of making
such mandatory prepayment, be applied to the Revolving Loans of other Lenders (but not to the Revolving Loans of such Defaulting Lender) as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender, it being understood and
agreed that the Company shall be entitled to retain any portion of any mandatory prepayment of the Revolving Loans that is not paid to such Defaulting Lender solely as a result of the operation of the provisions of this clause (b); (c) such
Defaulting Lender’s Revolving Commitment and outstanding Revolving Loans and such Defaulting Lender’s Pro Rata Share of the Letter of Credit Usage shall be excluded for purposes of calculating the Revolving Commitment fee payable to
Lenders pursuant to Section 2.11 in respect of any day during any Default Period with respect to such Defaulting Lender, and such Defaulting Lender shall not be entitled to receive any Revolving Commitment fee pursuant to Section 2.11 with respect
to such Defaulting Lender’s Revolving Commitment in respect of any Default Period with respect to such Defaulting Lender; and (d) the Total Utilization of Revolving Commitments as at any date of determination shall be calculated as if such
Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender. No Revolving Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 2.22, performance by the Company
of its obligations hereunder and the other Credit Documents shall not be excused or otherwise modified as a result of any Funding Default or the operation of this Section 2.22. The rights and remedies against a Defaulting Lender under this Section
2.22 are in addition to other rights and remedies which the Company may have against such Defaulting Lender with respect to any Funding Default and which Administrative Agent or any Lender may have against such Defaulting Lender with respect to any
Funding Default. 
  
 2.23. Removal or Replacement of a
Lender. Anything contained herein to the contrary notwithstanding, in the event that: (a) (i) any Lender (an “Increased-Cost Lender”) shall give notice to the Company that such Lender is an Affected Lender or that such Lender is
entitled to receive payments under Section 2.18, 2.19 or 2.20, (ii) the circumstances which have caused such Lender to be an Affected Lender or which entitle such Lender to receive such payments shall remain in effect, and (iii) such Lender shall
fail to withdraw such notice within five Business Days after the Company’s request for such withdrawal; or (b) (i) any Lender shall become a Defaulting Lender, (ii) the Default Period for such Defaulting Lender shall remain in effect, and (iii)
such Defaulting Lender shall fail to cure the default as a result of which it has become a Defaulting Lender within five Business Days after the Company’s request that it cure such default; or (c) in connection with any proposed amendment,
modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 10.5(b), the consent of Requisite Lenders shall have been obtained but the consent of one or more of such other Lenders (each a
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shall not have been obtained; then, with respect to each such Increased-Cost Lender, Defaulting Lender or Non-Consenting Lender (the “Terminated
Lender”), the Company may, by giving written notice to Administrative Agent and any Terminated Lender of its election to do so, elect to cause such Terminated Lender (and such Terminated Lender hereby irrevocably agrees) to assign its
outstanding Loans and its Revolving Commitments, if any, in full to one or more Eligible Assignees (each a “Replacement Lender”) in accordance with the provisions of Section 10.6; provided, (1) on the date of such assignment,
the Replacement Lender shall pay to Terminated Lender an amount equal to the sum of (A) an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Terminated Lender, (B) an amount equal to all unreimbursed
drawings that have been funded by such Terminated Lender, together with all then unpaid interest with respect thereto at such time and (C) an amount equal to all accrued, but theretofore unpaid fees owing to such Terminated Lender pursuant to
Section 2.11; (2) on the date of such assignment, the Company shall pay any amounts payable to such Terminated Lender pursuant to Section 2.18(c), 2.19 or 2.20; or otherwise as if it were a prepayment and (3) in the event such Terminated Lender is a
Non-Consenting Lender, each Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Terminated Lender was a Non-Consenting Lender; provided, the Company may not make such election with respect
to any Terminated Lender that is also an Issuing Bank unless, prior to the effectiveness of such election, the Company shall have caused each outstanding Letter of Credit issued thereby to be cancelled. Upon the prepayment of all amounts owing to
any Terminated Lender and the termination of such Terminated Lender’s Revolving Commitments, if any, such Terminated Lender shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such Terminated
Lender to indemnification hereunder shall survive as to such Terminated Lender. 
  
 2.24. Incremental Facilities. The Company may by written notice to Administrative Agent elect to request the establishment of one or more new term loan commitments (the “New Term Loan
Commitments”), by an amount not in excess of $50,000,000 in the aggregate and not less than $10,000,000 individually (or such lesser amount which shall be approved by Administrative Agent), and integral multiples of $1,000,000 in excess of
that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Company proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than 10 Business Days
after the date on which such notice is delivered to Administrative Agent and (B) the identity of each Lender or other Person that is an Eligible Assignee (each, a “New Term Loan Lender”) to whom the Company proposes any portion of
such New Term Loan Commitments be allocated and the amounts of such allocations; provided that any Lender approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New
Term Loan Commitment. Such New Term Loan Commitments shall become effective, as of such Increased Amount Date; provided that (1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such
New Term Loan Commitments; (2) both before and after giving effect to the making of any Series of New Term Loans, each of the conditions set forth in Section 3.2 shall be satisfied; (3) the Company and its Subsidiaries shall be in pro forma
compliance with each of the covenants set forth in Section 6.8 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Term Loan Commitments; (4) the New Term Loan Commitments shall be effected pursuant to one or
more Joinder Agreements executed and delivered by the Company, Administrative Agent, and each of which shall be recorded in the Register and shall 

  

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be subject to the requirements set forth in Section 2.20(c); (5) the Company shall make any payments in respect of breakage or non-commencement of an
Interest Period required pursuant to Section 2.18(c) in connection with the New Term Loan Commitments; (6) the Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in
connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement; and (7) the Leverage Ratio on a pro
forma basis as of the last day of the most recently ended Fiscal Quarter after giving effect to any Loans made pursuant to such New Term Loan Commitments and after giving effect to use of proceeds thereof, shall be no greater than the maximum
Leverage Ratio as set forth for such Fiscal Quarter in Section 6.8(b) minus 0.25. 
  
 On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and
conditions, (i) each New Term Loan Lender of any Series shall make a Loan to the Company (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall
become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. 
  
 Administrative Agent shall notify Lenders promptly upon receipt of the Company’s notice of each Increased Amount Date and in respect thereof the
Series of New Term Loan Commitments and the New Term Loan Lenders of such Series. 
  
 The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the Joinder Agreement, identical to the Tranche B Term Loans. In any
event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the weighted average life to maturity of the Tranche B Terms Loans, (ii) the applicable New Term Loan Maturity Date of each Series shall be
no shorter than the final maturity of the Revolving Loans and the Tranche B Term Loans and (iii) the rate of interest applicable to the New Term Loans of each Series shall be determined by the Company and the applicable new Lenders and shall be set
forth in each applicable Joinder Agreement; provided however that the interest rate applicable to the New Term Loans shall not be greater than the highest interest rate that may, under any circumstances, be payable with respect to
Tranche B Term Loans plus 0.50% per annum unless the interest rate with respect to the Tranche B Term Loan is increased so as to equal the interest rate applicable to the New Term Loans. Each Joinder Agreement may, without the consent of any other
Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.24. 
  
 SECTION 3. CONDITIONS PRECEDENT 
  
 3.1. Closing Date. The obligation of any Lender to make a Credit
Extension on the Closing Date is subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions on or before the Closing Date: 
  
 (a) Credit Documents. Administrative Agent shall have received sufficient copies of each Credit
Document originally executed and delivered by each applicable Credit Party for each Lender. 
  

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 (b) Organizational Documents; Incumbency. Administrative Agent shall have received
(i) sufficient copies of each Organizational Document executed and delivered by each Credit Party, as applicable, and, to the extent applicable, certified as of a recent date by the appropriate governmental official, for each Lender, each dated the
Closing Date or a recent date prior thereto; (ii) signature and incumbency certificates of the officers of such Person executing the Credit Documents to which it is a party; (iii) resolutions of the Board of Directors or similar governing body of
each Credit Party approving and authorizing the execution, delivery and performance of this Agreement and the other Credit Documents and the Related Agreements to which it is a party or by which it or its assets may be bound as of the Closing Date,
certified as of the Closing Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment; (iv) a good standing certificate from the applicable Governmental Authority of each Credit Party’s
jurisdiction of incorporation, organization or formation and in each jurisdiction listed on Schedule 4.1 in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the Closing Date; and (v)
such other documents as Administrative Agent may reasonably request. 
  
 (c) Organizational and Capital Structure. The organizational structure and capital structure of Parent and its Subsidiaries, both before and after giving effect to Transactions, shall be as set forth on
Schedule 4.1. 
  
 (d) Capitalization of
Holdings and the Company. (i) Simultaneously with the first borrowings hereunder, Equity Investors shall have made the contribution of the Sponsor Equity and the Company shall have received the proceeds thereof; and (ii) simultaneously with the
first borrowings hereunder, the Company shall have issued $140,000,000 of Senior Subordinated Notes which together with the Sponsor Equity and the proceeds of the Loans made hereunder on the Closing Date shall be sufficient (with the use of up to
$15,000,000 of Revolving Loans) to consummate the Merger, the refinancing of the Existing Indebtedness, and the transactions contemplated in connection therewith and pay all Transaction Costs. 
  
 (e) Consummation of Transactions. 
  
 (i) (1) All conditions set forth in the Merger Documents and
documents related to the Senior Subordinated Notes shall have been satisfied or the fulfillment of any such conditions shall have been waived with the consent of Administrative Agent (which consent shall not be unreasonably withheld), (2) the
Transactions shall have become effective in accordance with the terms of the Related Agreements and (3) after giving effect to the Transaction, no default or event of default shall exist under the Senior Subordinated Notes Indenture or any of the
documents related thereto or the Existing Capital Leases. 
  
 (ii) Administrative Agent shall have received a fully executed or conformed copy of each Related Agreement and any documents executed in connection 

  

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therewith. Each Related Agreement shall be in full force and effect, shall include terms and provisions reasonably satisfactory to Administrative Agent and
no provision thereof shall have been modified or waived in any respect reasonably determined by Administrative Agent to be material, in each case without the consent of Administrative Agent (which consent shall not be unreasonably withheld).

  
 (iii) Since the date of execution thereof,
there shall have been no amendment, restatement, or other modification or waiver of the terms and conditions of the Merger Agreement which, in the reasonable opinion of the Administrative Agent, is in any manner adverse to the Lenders without the
prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld). 
  
 (iv) The Company shall have issued the Senior Subordinated Notes in the aggregate principal amount of not less than $140,000,000 pursuant
to the Senior Subordinated Note Indenture. 
  
 (f) Existing Indebtedness; Preferred Stock. On the Closing Date, Holdings and its Subsidiaries shall have (i) repaid in full all outstanding Existing Indebtedness, (ii) terminated any commitments to lend or make other extensions of
credit thereunder, (iii) delivered to Administrative Agent all documents or instruments necessary to release all Liens securing Existing Indebtedness or other obligations of Holdings and its Subsidiaries thereunder being repaid on the Closing Date,
(iv) made arrangements reasonably satisfactory to Administrative Agent with respect to the cancellation of any letters of credit outstanding thereunder or the issuance of Letters of Credit to support the obligations of Holdings and its Subsidiaries
with respect thereto and (v) redeemed or repurchased the Bell Preferred Stock. 
  
 (g) Transaction Costs. On or prior to the Closing Date, the Company shall have delivered to Administrative Agent the Company’s
reasonable best estimate of the Transaction Costs (other than fees payable to any Agent). 
  
 (h) Governmental Authorizations and Consents. Each Credit Party shall have obtained all Governmental Authorizations and all
material consents of other Persons, in each case that are necessary in connection with the transactions contemplated by the Credit Documents and the Related Agreements and each of the foregoing shall be in full force and effect and in form and
substance reasonably satisfactory to Administrative Agent. All applicable waiting periods shall have expired without any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose adverse conditions
on the transactions contemplated by the Credit Documents or the Related Agreements or the financing thereof and no action, request for stay, petition for review or rehearing, reconsideration, or appeal with respect to any of the foregoing shall be
pending, and the time for any applicable agency to take action to set aside its consent on its own motion shall have expired. 
  
 (i) Real Estate Assets. In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject
to any filing and/or recording referred to herein, perfected First Priority security interest in certain Real Estate Assets, Company and each applicable Guarantor shall have used their commercially reasonable efforts to obtain and deliver 

  

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to Collateral Agent, in the case of each Leasehold Property listed on Schedule 3.1(i), (I) a Landlord Consent and Estoppel and (II) evidence that such
Leasehold Property is a Recorded Leasehold Interest, and Collateral Agent shall have received from the Company and each applicable Guarantor: 
  
 (i) fully executed and notarized Mortgages, in proper form for recording in all appropriate places in all applicable jurisdictions,
encumbering each Real Estate Asset listed in Schedule 3.1(i) (each, a “Closing Date Mortgaged Property”); 
  
 (ii) an opinion of counsel (which counsel shall be reasonably satisfactory to Collateral Agent) in each state in which a Closing Date
Mortgaged Property is located addressed to the Agents and the Lenders and dated as of the Closing Date with respect to the enforceability of the form(s) of Mortgages to be recorded in such state and such other matters as Collateral Agent may
reasonably request, in each case in form and substance reasonably satisfactory to Collateral Agent; 
  
 (iii) (A) ALTA mortgagee title insurance policies or unconditional commitments therefor issued by one or more title companies reasonably
satisfactory to Collateral Agent with respect to each Closing Date Mortgaged Property (each, a “Title Policy”), in amounts not less than the fair market value of each Closing Date Mortgaged Property, together with a title report
issued by a title company with respect thereto, dated not more than thirty days prior to the Closing Date and copies of all recorded documents listed as exceptions to title or otherwise referred to therein, each in form and substance reasonably
satisfactory to Collateral Agent and (B) evidence reasonably satisfactory to Collateral Agent that such Credit Party has paid to the title company or to the appropriate governmental authorities all expenses and premiums of the title company and all
other sums required in connection with the issuance of each Title Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Mortgages for each Closing Date Mortgaged
Property in the appropriate real estate records; 
  
 (iv) evidence of flood insurance with respect to each Flood Hazard Property that is located in a community that participates in the National Flood Insurance Program, in each case in compliance with any applicable regulations of the Board of
Governors of the Federal Reserve System, in form and substance reasonably satisfactory to Collateral Agent; and 
  
 (v) ALTA surveys on all Closing Date Mortgaged Properties which are not Leasehold Properties (other than the York, Pennsylvania site) and
dated June 7, 2001. 
  
 (j) Personal Property
Collateral. In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid, perfected First Priority security interest in the personal property Collateral, Collateral Agent shall have received: 
  
 (i) evidence reasonably satisfactory to Collateral Agent of
the compliance by each Credit Party with their obligations under the Pledge and Security 

  

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Agreement and the other Collateral Documents (including, without limitation, their obligations to execute and deliver UCC financing statements, originals of
securities, instruments and chattel paper and any agreements perfecting the security interest in the deposit and/or securities accounts as provided therein); 
  

(ii) A completed Collateral Questionnaire dated the Closing Date and executed by an Authorized Officer of each Credit Party, together
with all attachments contemplated thereby, including (A) the results of a recent search, by a Person satisfactory to Collateral Agent, of all effective UCC financing statements (or equivalent filings) made with respect to any personal or mixed
property of any Credit Party in the jurisdictions specified in the Collateral Questionnaire, together with copies of all such filings disclosed by such search, and (B) UCC amendment financing statements (or similar documents) duly authorized for
filing by all applicable Persons for filing in all applicable jurisdictions as may be necessary to terminate any effective UCC financing statements (or equivalent filings) disclosed in such search (other than any such financing statements in respect
of Permitted Liens); 
  
 (iii) opinions of
counsel (which counsel shall be reasonably satisfactory to Collateral Agent) with respect to the creation and perfection of the security interests in favor of Collateral Agent in such Collateral and such other matters governed by the laws of each
jurisdiction in which any Credit Party or any personal property Collateral is located addressed to the Agents and the Lenders and dated as of the Closing Date (for the purposes of the UCC) and the laws of other applicable jurisdictions, in each case
as Collateral Agent may reasonably request, in form and substance reasonably satisfactory to Collateral Agent; and 
  
 (iv) evidence that each Credit Party shall have taken or caused to be taken any other action, executed and delivered or caused to be
executed and delivered any other agreement, document and instrument (including without limitation, (i) a Landlord Personal Property Collateral Access Agreement executed by the landlord of any Leasehold Property and by the applicable Credit Party and
(ii) any intercompany notes evidencing Indebtedness permitted to be incurred pursuant to Section 6.1(b)) and made or caused to be made any other filing and recording (other than as set forth herein) reasonably required by Collateral Agent.

  
 (k) Environmental Reports.
Administrative Agent shall have received reports and other information, in form, scope and substance reasonably satisfactory to Administrative Agent, regarding environmental matters relating to the Facilities. Schedule 3.1(k) sets forth the Phase I
Reports which have been received by the Administrative Agent. 
  
 (l) Historical Financial Statements; Projections. Lenders shall have received from Holdings (i) the Historical Financial Statements, and (ii) the Projections. 
  
 (m) Evidence of Insurance. Collateral Agent shall
have received a certificate from the Company’s insurance broker or other evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to Section 5.5 is in full force and effect, together 

  

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with endorsements naming the Collateral Agent, for the benefit of the Secured Parties as additional insured and loss payee for any covered loss (after giving
effect to any deductible) in excess of $500,000 thereunder to the extent required under Section 5.5. 
  
 (n) Opinions of Counsel to Credit Parties. Lenders shall have received originally executed copies of the favorable written opinions
of Ropes & Gray LLP, counsel for Credit Parties, addressed to the Administrative Agent and the Lenders, as to such matters as Administrative Agent may reasonably request, dated as of the Closing Date and otherwise in form and substance
reasonably satisfactory to Administrative Agent (and each Credit Party hereby instructs such counsel to deliver such opinions to Agents and Lenders). 
  
 (o) Fees. The Company shall have paid to Administrative Agent the fees payable on the Closing Date referred to in Section 2.11(d).

  
 (p) Solvency Certificate. On the
Closing Date, Administrative Agent shall have received a Solvency Certificate from the chief financial officer of the Company, dated the Closing Date and addressed to Administrative Agent and Lenders, in form, scope and substance reasonably
satisfactory to Administrative Agent, with appropriate attachments and demonstrating that after giving effect to the consummation of Transactions, the Company and its Subsidiaries are and will be Solvent. 
  
 (q) Closing Date Certificate. Holdings and the
Company shall have delivered to Administrative Agent an originally executed Closing Date Certificate, together with all attachments thereto. 
  
 (r) Closing Date. Lenders shall have made the Tranche B Term Loans to the Company on or before September 30, 2004. 
  
 (s) No Litigation. There shall not exist any action,
suit, investigation, litigation or proceeding or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable opinion of Administrative Agent, singly or in the
aggregate, materially impairs the Transactions, the financing thereof or any of the other transactions contemplated by the Credit Documents or the Related Agreements, or that could have a Material Adverse Effect. 
  
 (t) Chief Financial Officer Certificate. The Company
shall have delivered to Administrative Agent and Lenders an originally executed chief financial officer certificate certifying that the pro forma Leverage Ratio for the twelve-month period ended June 30, 2004 of the Company and its Subsidiaries
(which pro forma ratio shall be calculated reflecting the Transactions on a pro forma basis and shall be acceptable to the Lenders) is not greater than 5.55 to 1.00 and pro forma Consolidated Adjusted EBITDA in respect of BSC for the twelve-month
period ended June 30, 2004 is not less than $27,000,000. 
  
 (u) Completion of Proceedings. All partnership, corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby and all documents incidental thereto not previously
found acceptable by Administrative Agent and its counsel shall 

  

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be reasonably satisfactory in form and substance to Administrative Agent and such counsel, and Administrative Agent and such counsel shall have received all
such counterpart originals or certified copies of such documents as Administrative Agent may reasonably request. 
  
 Each Lender, by delivering its signature page to this Agreement and funding a Loan on the Closing Date, shall be deemed to have acknowledged receipt of, and consented to
and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the Closing Date. 
  
 3.2. Conditions to Each Credit Extension. 
  
 (a) Conditions Precedent. The obligation of each Lender to make any Loan, or Issuing Bank to issue
any Letter of Credit, on any Credit Date, including the Closing Date, are subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions precedent: 
  
 (i) Administrative Agent shall have received a fully executed and delivered Funding Notice or Issuance
Notice, as the case may be; 
  
 (ii) after making
the Credit Extensions requested on such Credit Date, the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect; 
  

(iii) as of such Credit Date, the representations and warranties contained herein and in the other Credit Documents shall be true and
correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such
representations and warranties shall have been true and correct in all material respects on and as of such earlier date; 
  
 (iv) as of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit
Extension that would constitute an Event of Default or a Default; 
  
 (v) on or before the date of issuance of any Letter of Credit, Administrative Agent shall have received all other information required by the applicable Issuance Notice, and such other documents or information as
Issuing Bank may reasonably require in connection with the issuance of such Letter of Credit; and 
  
 (vi) after giving effect to such Credit Extension the aggregate Cash and Cash Equivalents of Holdings and its Subsidiaries will not exceed
$20,000,000. 
  
 Any Agent or Requisite Lenders shall be entitled, but not
obligated to, request and receive, prior to the making of any Credit Extension, additional information reasonably satisfactory to the requesting party confirming the satisfaction of any of the foregoing if, in the good faith judgment of such Agent
or Requisite Lender such request is warranted under the circumstances. 
  

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 (b) Notices. Any Notice shall be executed by an Authorized Officer in a writing
delivered to Administrative Agent. In lieu of delivering a Notice, the Company may give Administrative Agent telephonic notice by the required time of any proposed borrowing, conversion/continuation or issuance of a Letter of Credit, as the case may
be; provided each such notice shall be promptly confirmed in writing by delivery of the applicable Notice to Administrative Agent on or before the applicable date of borrowing, continuation/conversion or issuance. Neither Administrative Agent
nor any Lender shall incur any liability to the Company in acting upon any telephonic notice referred to above that Administrative Agent believes in good faith to have been given by a duly authorized officer or other person authorized on behalf of
the Company or for otherwise acting in good faith. 
  
 SECTION 4.
REPRESENTATIONS AND WARRANTIES 
  
 In order to induce Lenders
and Issuing Bank to enter into this Agreement and to make each Credit Extension to be made thereby, each Credit Party represents and warrants to each Lender and Issuing Bank, on the Closing Date and on each Credit Date, that the following statements
are true and correct (it being understood and agreed that the representations and warranties made on the Closing Date are deemed to be made concurrently with the consummation of the Transactions contemplated hereby): 
  
 4.1. Organization; Requisite Power and Authority; Qualification. Each
of Holdings and its Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization as identified in Schedule 4.1, (b) has all requisite power and authority to own and operate its
properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Credit Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good
standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably
expected to have, a Material Adverse Effect. 
  
 4.2. Capital
Stock and Ownership. The Capital Stock of each of Holdings and its Subsidiaries has been duly authorized and validly issued and is fully paid and non-assessable. Except as set forth on Schedule 4.2, as of the date hereof, there is no existing
option, warrant, call, right, commitment or other agreement to which Holdings or any of its Subsidiaries is a party requiring, and there is no membership interest or other Capital Stock of Holdings or any of its Subsidiaries outstanding which upon
conversion or exchange would require, the issuance by Holdings or any of its Subsidiaries of any additional membership interests or other Capital Stock of Holdings or any of its Subsidiaries or other Securities convertible into, exchangeable for or
evidencing the right to subscribe for or purchase, a membership interest or other Capital Stock of Holdings or any of its Subsidiaries. Schedule 4.2 correctly sets forth the ownership interest of Parent and each of its Subsidiaries in their
respective Subsidiaries as of the Closing Date both before and after giving effect to the Merger. 
  

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 4.3. Due Authorization. The execution, delivery and performance of the Credit Documents have been
duly authorized by all necessary action on the part of each Credit Party that is a party thereto. 
  
 4.4. No Conflict. The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and the consummation
of the transactions contemplated by the Credit Documents do not and will not (a) violate any provision of any law or any governmental rule or regulation applicable to Holdings or any of its Subsidiaries, any of the Organizational Documents of
Holdings or any of its Subsidiaries, or any order, judgment or decree of any court or other agency of government binding on Holdings or any of its Subsidiaries; (b) conflict with, result in a breach of or constitute (with due notice or lapse of time
or both) a default under any Contractual Obligation of Holdings or any of its Subsidiaries; (c) result in or require the creation or imposition of any Lien upon any of the properties or assets of Holdings or any of its Subsidiaries (other than any
Liens created under any of the Credit Documents in favor of Collateral Agent, on behalf of Secured Parties); or (d) require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation
of Holdings or any of its Subsidiaries, except for such approvals or consents which will be obtained on or before the Closing Date and disclosed in writing to Lenders. 
  
 4.5. Governmental Consents. The execution, delivery and performance by Credit Parties of the Credit Documents to
which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority
except as otherwise set forth in the Merger Agreement, and except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to Collateral Agent for filing and/or recordation, as of the Closing Date. 
  
 4.6. Binding Obligation. Each Credit Document has been duly executed
and delivered by each Credit Party that is a party thereto and is the legally valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 
  
 4.7. Historical Financial Statements. The Historical Financial Statements were prepared in conformity with GAAP
(other than the pro forma statements) and fairly present, in all material respects, the financial position, on a consolidated basis, of the Persons described in such financial statements as at the respective dates thereof and the results of
operations and cash flows, on a consolidated basis, of the entities described therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end
adjustments and in the case of interim statements, the absence of footnotes. As of the Closing Date, neither Holdings nor any of its Subsidiaries has any contingent liability or liability for taxes, long-term lease or unusual forward or long-term
commitment that is not reflected in the Historical Financial Statements or the notes thereto and 

  

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which in any such case is material in relation to the business, results of operations, properties, assets, financial condition or prospects of Holdings and
any of its Subsidiaries taken as a whole. 
  
 4.8.
Projections. On and as of the Closing Date, the Projections of Holdings and its Subsidiaries for the period Fiscal Year 2004 through and including Fiscal Year 2011 (the “Projections”) are based on good faith estimates and
assumptions made by the management of Holdings; provided, the Projections are not to be viewed as facts and that actual results during the period or periods covered by the Projections may differ from such Projections and that the differences
may be material; provided further, as of the Closing Date, management of Holdings believed that the Projections were reasonable. 
  
 4.9. No Material Adverse Change. Since December 31, 2003, no event, circumstance or change has occurred that has caused or evidences, either in any
case or in the aggregate, a Material Adverse Effect. 
  
 4.10.
No Restricted Junior Payments. Since December 31, 2003, neither Holdings nor any of its Subsidiaries has directly or indirectly declared, ordered, paid or made, or set apart any sum or property for, any Restricted Junior Payment or agreed to do
so except as permitted pursuant to Section 6.5. 
  
 4.11.
Adverse Proceedings, etc. There are no Adverse Proceedings, individually or in the aggregate, that could reasonably be expected to have a Material Adverse Effect. Neither Holdings nor any of its Subsidiaries (a) is in violation of any applicable
laws (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, or (b) is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or
regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. 
  
 4.12. Payment of Taxes. Except
as otherwise permitted under Section 5.3, all tax returns and reports of Holdings and each of its Subsidiaries required to be filed by any of them have been timely filed, and all taxes shown on such tax returns to be due and payable and all
assessments, fees and other governmental charges upon Holdings and each of its Subsidiaries and upon their respective properties, assets, income, businesses and franchises which are due and payable have been paid when due and payable. Holdings knows
of no proposed tax assessment against Holdings or any of its Subsidiaries which is not being contested by Holdings or such Subsidiary in good faith and by appropriate proceedings; provided, such reserves or other appropriate provisions, if
any, as shall be required in conformity with GAAP shall have been made or provided therefor. 
  
 4.13. Properties. 
  
 (a) Title. Each of Holdings and its Subsidiaries has, subject to Permitted Liens, (i) good, sufficient and legal title to (in the case of fee interests in real property), (ii) valid leasehold interests in (in
the case of leasehold interests in real or personal property), and 

  

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(iii) good title to (in the case of all other personal property), all of their respective properties and assets reflected in their respective Historical
Financial Statements referred to in Section 4.5 and in the most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial statements in the ordinary course of business
or as otherwise permitted under Section 6.9. Except as permitted by this Agreement, all such properties and assets are free and clear of Liens. 
  
 (b) Real Estate. As of the Closing Date, Schedule 4.13 contains a true, accurate and complete list of (i) all Real Estate Assets,
and (ii) all leases, subleases or assignments of leases (together with all amendments, modifications, supplements, renewals or extensions of any thereof) affecting each Real Estate Asset of any Credit Party, regardless of whether such Credit Party
is the landlord or tenant (whether directly or as an assignee or successor in interest) under such lease, sublease or assignment. Each agreement listed in clause (ii) of the immediately preceding sentence is in full force and effect and Holdings
does not have knowledge of any default that has occurred and is continuing thereunder, and to Holdings’ knowledge, each such agreement constitutes the legally valid and binding obligation of each applicable Credit Party, enforceable against
such Credit Party in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles.

  
 4.14. Environmental Matters. None of Holdings or any of
its Subsidiaries nor any of their respective past or present Facilities or operations are subject to any outstanding written order, consent decree or settlement agreement with any Person relating to any Environmental Law, any Environmental Claim, or
any Hazardous Materials Activity that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. None of Holdings or any of its Subsidiaries has either been notified in writing by a Governmental Agency or by
any other Person that it may be a potentially responsible party or received any letter or request for information under Section 104 of the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9604) or any
comparable state law which could reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule 4.14, there are and, to each of Holdings’ and its Subsidiaries’ knowledge, have been, no conditions, occurrences, or
Hazardous Materials Activities which could reasonably be expected to form the basis of an Environmental Claim against Holdings or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. None of Holdings or any of its Subsidiaries nor, to any Credit Party’s knowledge, any predecessor of Holdings or any of its Subsidiaries has filed any notice under any Environmental Law indicating past or present treatment of Hazardous
Materials at any Facility, and none of Holdings’ or any of its Subsidiaries’ operations involves the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260-270 or any state
equivalent except as set forth on Schedule 4.14. Compliance with all current or reasonably foreseeable future or pending requirements pursuant to or under Environmental Laws could not be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect. Except as set forth on Schedule 4.14, no event or condition has occurred or is occurring with respect to Holdings or any of its Subsidiaries relating to any Environmental Law, any Release of Hazardous Materials, or any
Hazardous Materials Activity which individually or in the aggregate has had, or could reasonably be expected to have, a Material Adverse Effect. 
  

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 4.15. No Defaults. Neither Holdings nor any of its Subsidiaries is in default in the performance,
observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists which, with the giving of notice or the lapse of time or both, could constitute such a default,
except where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect. 
  
 4.16. Material Contracts. Schedule 4.16 contains a true, correct and complete list of all the Material Contracts in effect on the Closing Date, and
except as described thereon, all such Material Contracts are in full force and effect and no defaults currently exist thereunder. 
  
 4.17. Governmental Regulation. Neither Holdings nor any of its Subsidiaries is subject to regulation under the Public Utility Holding Company Act
of 1935, the Federal Power Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations
unenforceable. Neither Holdings nor any of its Subsidiaries is a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a
“registered investment company” as such terms are defined in the Investment Company Act of 1940. 
  
 4.18. Margin Stock. Neither Holdings nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the Loans made to such Credit Party will be used to purchase or carry any such margin stock or to extend credit to others for the purpose of
purchasing or carrying any such margin stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X of said Board of Governors. 
  
 4.19. Employee Matters. None of Holdings or any of its Subsidiaries is engaged in any unfair labor practice that
could reasonably be expected to have a Material Adverse Effect. There is (a) no unfair labor practice complaint pending against Holdings or any of its Subsidiaries, or to the knowledge of Holdings and the Company, threatened against any of them
before the National Labor Relations Board and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is so pending against Holdings or any of its Subsidiaries or to the knowledge of Holdings and the
Company, threatened against any of them, (b) no strike or work stoppage in existence or to the knowledge of Holdings threatened involving Holdings or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect, and
(c) to the knowledge of Holdings and the Company, no union representation question existing with respect to the employees of Holdings or any of its Subsidiaries and, to the knowledge of Holdings and the Company, no union organization activity that
is taking place, except (with respect to any matter specified in clause (a), (b) or (c) above, either individually or in the aggregate) such as is not reasonably likely to have a Material Adverse Effect. 
  
 4.20. Employee Benefit Plans. Holdings and each of its Subsidiaries
are in compliance with all applicable provisions and requirements of ERISA and the Internal Revenue Code and the regulations and published interpretations thereunder with respect to each Employee Benefit Plan, 

  

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and have performed all their obligations under each Employee Benefit Plan except as would not reasonably be expected to cause a Material Adverse Effect. Each
Employee Benefit Plan which is intended to qualify under Section 401(a) of the Internal Revenue Code has received a favorable determination letter from the Internal Revenue Service indicating that such Employee Benefit Plan is so qualified and
nothing has occurred subsequent to the issuance of such determination letter which would reasonably be expected to cause such Employee Benefit Plan to lose its qualified status. No liability to the PBGC (other than required premium payments), the
Internal Revenue Service, any Employee Benefit Plan (other than the payment of benefits in the ordinary course) or any trust established under Title IV of ERISA has been or is expected to be incurred by Holdings, any of its Subsidiaries except as
would not reasonably be expected to cause a Material Adverse Effect. No liability to the PBGC or any trust established under Title IV of ERISA has been, or is reasonably expected to be, incurred by any ERISA Affiliate of Holdings or any of its
Subsidiaries, except as would not reasonably be expected to cause a Material Adverse Effect. No ERISA Event has occurred or is reasonably expected to occur except as would not reasonably be expected to cause a Material Adverse Effect. Except to the
extent required under Section 4980B of the Internal Revenue Code or similar state laws or as set forth on Schedule 4.20, no Employee Benefit Plan provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or
former employee of Holdings or any of its Subsidiaries or any of their respective ERISA Affiliates. Holdings and its Subsidiaries and each of their ERISA Affiliates have complied in all material respects with the requirements of Section 515 of ERISA
with respect to each Multiemployer Plan and are not in material “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan. 
  
 4.21. Certain Fees. No broker’s or finder’s fee or commission will be payable with respect hereto or any of
the transactions contemplated hereby. 
  
 4.22. Solvency.
Each Credit Party is and, upon the incurrence of any Obligation by such Credit Party on any date on which this representation and warranty is made, will be, Solvent. 
  
 4.23. Related Agreements. 
  

(a) Delivery. Holdings and the Company have delivered to Administrative Agent complete and correct copies of (i) each Related
Agreement and of all exhibits and schedules thereto as of the date hereof and (ii) copies of any material amendment, restatement, supplement or other modification to or waiver of each Related Agreement entered into after the date hereof. 

 
 (b) Representations and Warranties. Except to the
extent otherwise expressly set forth herein or in the schedules hereto, and subject to the qualifications set forth therein, each of the representations and warranties given by any Credit Party in any Related Agreement is true and correct in all
material respects as of the Closing Date (or as of any earlier date to which such representation and warranty specifically relates). Notwithstanding anything in the Related Agreement to the contrary, the representations and warranties of each Credit
Party set forth in this Section 4.23 shall, solely for purposes hereof, survive the Closing Date for the benefit of Lenders. 
  

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 (c) Governmental Approvals. All Governmental Authorizations and all other material
authorizations, approvals and consents of any other Person required by the Related Agreements or to consummate the Transactions have been obtained and are in full force and effect. 
  
 (d) Conditions Precedent. On the Closing Date, (i) all of the conditions to effecting or consummating
the Transactions set forth in the Related Agreements have been duly satisfied or, with the consent of Administrative Agent waived, and (ii) the Related Transactions have been consummated in accordance with the Related Agreements and all applicable
laws. 
  
 4.24. Compliance with Statutes, etc. Each of
Holdings and its Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its
property (including compliance with all applicable Environmental Laws with respect to any Real Estate Asset or governing its business and the requirements of any permits issued under such Environmental Laws with respect to any such Real Estate Asset
or the operations of Holdings or any of its Subsidiaries), except such non-compliance that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 4.25. Disclosure. No representation or warranty of any Credit Party
contained in any Credit Document or in any other documents, certificates or written statements furnished to Lenders by or on behalf of Holdings or any of its Subsidiaries for use in connection with the transactions contemplated hereby contains any
untrue statement of a material fact or omits to state a material fact (known to Holdings or the Company, in the case of any document not furnished by either of them) necessary in order to make the statements contained herein or therein not
misleading in light of the circumstances in which the same were made. Any projections and pro forma financial information contained in such materials are based upon good faith estimates and assumptions believed by Holdings or the Company to be
reasonable at the time made, it being recognized by Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected
results. There are no facts known (or which should upon the reasonable exercise of diligence be known) to Holdings or the Company (other than matters of a general economic nature or affecting the Company’s industry generally) that, individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Effect and that have not been disclosed herein or in such other documents, certificates and statements furnished to Lenders for use in connection with the transactions
contemplated hereby. 
  
 4.26. Subordination. Designation of
the Credit Documents as “Designated Senior Debt”; Etc. 
  
 (a) (i) The subordination provisions contained in documents governing the Senior Subordinated Notes, the Refinancing Notes and the Additional Senior Subordinated Notes are enforceable against Holdings, the Company and
any of its Subsidiaries party thereto and the holders of such Indebtedness, and (ii) all Obligations of the Credit Parties (to the extent they are obligors with respect to the Senior Subordinated Notes, the Refinancing Notes or the Additional Senior
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definitions of “Designated Senior Debt” and “Senior Indebtedness” included in the respective subordination provisions. In addition, the
Company hereby designates the Obligations under this Agreement as “Designated Senior Indebtedness” for the purposes of the definition of “Designated Senior Indebtedness” contained in the Senior Subordinated Notes, the Refinancing
Notes and the Additional Senior Subordinated Notes. 
  
 (b) All incurrences of Loans and issuances of Letters of Credit as permitted under this Agreement are, and when incurred or issued will be, permitted under (and shall give rise to no breach or violation of any of) the Senior Subordinated
Notes, the Refinancing Notes or the Additional Senior Subordinated Notes. 
  
 SECTION 5. AFFIRMATIVE COVENANTS 
  
 Each
Credit Party covenants and agrees that so long as any Commitment is in effect and until payment in full of all Obligations and cancellation or expiration of all Letters of Credit, each Credit Party shall perform, and shall cause each of its
Subsidiaries to perform, all covenants in this Section 5. 
  
 5.1. Financial Statements and Other Reports. The Company will deliver to Administrative Agent (and Administrative Agent shall promptly deliver to each Lender): 
  
 (a) Monthly Reports. As soon as available, and in any event within thirty (30) days of the first two
(2) months of any Fiscal Quarter (beginning November 2004) or within fifty (50) days of the first two (2) months of any Fiscal Quarter from the Closing Date until the month ended February 28, 2005, within forty-five (45) days of the calendar month
that ends a Fiscal Quarter, and within one hundred-five (105) days of the calendar month that ends a Fiscal Year, the consolidated balance sheet of the Company and its Subsidiaries as at the end of such month and the related consolidated statements
of income, stockholders’ equity and cash flows of the Company and its Subsidiaries for such month and, commencing the month ended October 31, 2005, setting forth in each case in comparative form the corresponding figures for the corresponding
periods of the previous Fiscal Year and the corresponding figures from the Financial Plan for the current Fiscal Year, to the extent prepared on a monthly basis, all in reasonable detail (it being understood that such monthly statements are not, for
this purpose, required to be prepared in accordance with GAAP); 
  
 (b) Quarterly Financial Statements. As soon as available, and in any event within forty-five days (45) after the end of each of the first three Fiscal Quarters of each Fiscal Year, the consolidated balance
sheets of the Company and its Subsidiaries as at the end of such Fiscal Quarter and the related consolidated statements of income, stockholders’ equity and cash flows of the Company and its Subsidiaries for such Fiscal Quarter and, commencing
the Fiscal Quarter ended December 31, 2005, setting forth in each case in respect of each period on and after the first anniversary of the Closing Date, in comparative form the corresponding figures for the corresponding periods of the previous
Fiscal Year and the corresponding figures from the Financial Plan for the current Fiscal Year, all in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto; 
  

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 (c) Annual Financial Statements. As soon as available, and in any event within one
hundred-five (105) days after the end of each Fiscal Year, (i) the consolidated balance sheets of the Company and its Subsidiaries as at the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and
cash flows of the Company and its Subsidiaries for such Fiscal Year and, commencing the Fiscal Year ended December 31, 2005, setting forth in comparative form the corresponding figures for the previous Fiscal Year and the corresponding figures from
the Financial Plan for the Fiscal Year covered by such financial statements, in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto; and (ii) with respect to such consolidated financial
statements a report thereon of Ernst & Young LLP or other independent certified public accountants of recognized national standing selected by the Company, and reasonably satisfactory to Administrative Agent (which report shall be unqualified as
to going concern and scope of audit, and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of the Company and its Subsidiaries as at the dates indicated and the
results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such
accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards) together with a written statement by such independent certified public accountants stating (1) that their
audit examination has included a review of the terms of the Credit Documents, (2) whether, in connection therewith, any condition or event that constitutes a Default or an Event of Default has come to their attention and, if such a condition or
event has come to their attention, specifying the nature and period of existence thereof, and (3) that nothing has come to their attention that causes them to believe that the information contained in any Compliance Certificate is not correct or
that the matters set forth in such Compliance Certificate are not stated in accordance with the terms hereof; it being understood that although such audit was conducted with respect to accounting matters and was not directed primarily at determining
the existence of a Default or an Event of Default, it did include a detailed review of the financial covenants in Section 6.8; 
  
 (d) Compliance Certificate. Together with each delivery of financial statements of the Company and its Subsidiaries pursuant to
Sections 5.1(b) and 5.1(c), a duly executed and completed Compliance Certificate; 
  
 (e) Statements of Reconciliation after Change in Accounting Principles. If, as a result of any change in accounting principles and
policies from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of the Company and its Subsidiaries delivered pursuant to Section 5.1(b) or 5.1(c) will differ in any material respect from the
consolidated financial statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change,
one or more statements of reconciliation for all such prior financial statements in form and substance reasonably satisfactory to Administrative Agent; 
  
 (f) Notice of Default. Promptly upon any officer of Holdings or the Company obtaining knowledge (i) of any condition or event that
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Default or that notice has been given to Holdings or the Company with respect thereto; (ii) that any Person has given any notice to Holdings or any of its
Subsidiaries or taken any other action with respect to any event or condition set forth in Section 8.1(b); (iii) of the occurrence of any event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse
Effect, a certificate of its Authorized Officers specifying the nature and period of existence of such condition, event or change, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default,
Default, default, event or condition, and what action the Company has taken, is taking and proposes to take with respect thereto or (iv) that any Person has given any notice to Holdings or any of its Subsidiaries or taken any other action with
respect to any condition or event that constitutes a default under any lease of a Real Estate Asset subject to a Mortgage; 
  
 (g) Notice of Litigation. Promptly upon any officer of Holdings or the Company obtaining knowledge of (i) the institution of, or
non-frivolous threat of, any Adverse Proceeding not previously disclosed in writing by the Company to Lenders, or (ii) any material development in any Adverse Proceeding that, in the case of either (i) or (ii) if adversely determined, could be
reasonably expected to have a Material Adverse Effect, or seeks to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the transactions contemplated hereby, written notice thereof together with
such other information as may be reasonably available to Holdings or the Company to enable Lenders and their counsel to evaluate such matters; provided, that with respect to any product liability case (other than a product liability
case that could be reasonably expected to have a Material Adverse Effect) the Company shall be required to furnish such notices only contemporaneously with the delivery of the financial statements under Section 5.1(b) hereof; 
  
 (h) ERISA. (i) Promptly upon becoming aware of the
occurrence of or forthcoming occurrence of any ERISA Event, a written notice specifying the nature thereof, what action Holdings or any of its Subsidiaries or any of their then-existing ERISA Affiliates has taken, is taking or proposes to take with
respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto; and (ii) with reasonable promptness, copies of (1) all notices received by Holdings or any of
its Subsidiaries or any of their then-existing ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event; and (2) copies of such other documents or governmental reports or filings relating to any Employee Benefit Plan (including
without limitation any Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by Holdings or any of its Subsidiaries or any of their then-existing ERISA Affiliates with the Internal Revenue Service with respect to each
Pension Plan) as Administrative Agent shall reasonably request; 
  
 (i) Financial Plan. As soon as practicable and in any event no later than thirty days (30) after the beginning of each Fiscal Year, a consolidated plan and financial forecast for such Fiscal Year and each
Fiscal Year (or portion thereof) through the final maturity date of the Loans (a “Financial Plan”), including (i) a forecasted consolidated balance sheet and forecasted consolidated statements of income and cash flows of the Company
and its Subsidiaries for each such Fiscal Year, together with pro forma Compliance Certificates for each such Fiscal Year and an explanation of the assumptions on which such forecasts are based, and (ii) forecasted 

  

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consolidated statements of income and cash flows of the Company and its Subsidiaries for each month of the first Fiscal Year included in the Financial Plan;

  
 (j) Insurance Report. As soon as
practicable and in any event by no later than five (5) Business Days after the annual renewal date, a summary report in form and substance reasonably satisfactory to Administrative Agent outlining all material insurance coverage maintained as of the
date of such report by Holdings and its Subsidiaries and all material insurance coverage planned to be maintained by Holdings and its Subsidiaries in the immediately succeeding Fiscal Year; 
  
 (k) Notice of Change in Board of Directors. With
reasonable promptness, written notice of any change in the board of directors (or similar governing body) of Parent, Holdings or the Company; 
  
 (l) Notice Regarding Material Contracts. Promptly, and in any event within ten Business Days (i) after any Material Contract of
Holdings or any of its Subsidiaries is terminated or amended in a manner that is materially adverse to Holdings or such Subsidiary, as the case may be, or (ii) any new Material Contract is entered into, a written statement describing such event,
with copies of such material amendments or new contracts, delivered to Administrative Agent (to the extent such delivery is permitted by the terms of any such Material Contract, provided, no such prohibition on delivery shall be effective if it were
bargained for by Holdings or its applicable Subsidiary with the intent of avoiding compliance with this Section 5.1(l)), and an explanation of any actions being taken with respect thereto; 
  
 (m) Environmental Reports and Audits. As soon as
practicable following receipt thereof, copies of all environmental audits and reports with respect to environmental matters at any Facility (including any Phase I Reports) or which relate to any environmental liabilities of Holdings or its
Subsidiaries which, in any such case, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect; 
  
 (n) Information Regarding Collateral. (a) The Company will furnish to Collateral Agent prompt written notice of any change (i) in
any Credit Party’s organizational name, (ii) in any Credit Party’s identity or organizational structure (iii) in any Credit Party’s jurisdiction of organization (to the extent permitted by the Pledge and Security Agreement) or (iv) in
any Credit Party’s Federal Taxpayer Identification Number or organizational identification number. Company agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform
Commercial Code or otherwise that are required in order for Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral and for the Collateral at all times following
such change to have a valid, legal and perfected security interest as contemplated in the Collateral Documents. Company also agrees promptly to notify Collateral Agent if any material portion of the Collateral is damaged or destroyed; 
  
 (o) Annual Collateral Verification. Each year, at the
time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1(c), the Company shall deliver to Collateral Agent an Officer’s Certificate either confirming that there 

  

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has been no material change in such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent
certificate delivered pursuant to this Section and/or identifying such changes; and 
  
 (p) Other Information. (A) Promptly upon their becoming available, copies of (i) all financial statements, reports, notices and
proxy statements sent or made available generally by Parent to all of its security holders acting in such capacity or by any Subsidiary of Parent to its security holders other than Holdings or another Subsidiary of Holdings, (ii) all regular and
periodic reports and all registration statements and prospectuses, if any, filed by Parent, Holdings or any of their Subsidiaries with any securities exchange or with the Securities and Exchange Commission or any governmental or private regulatory
authority, (iii) all press releases and other statements made available generally by Parent, Holdings or any of their Subsidiaries to the public concerning material developments in the business of Holdings or any of its Subsidiaries, and (B) such
other information and data with respect to Holdings or any of its Subsidiaries as from time to time may be reasonably requested by Administrative Agent or any Lender. 
  
 Documents required to be delivered pursuant to Sections 5.1(a), 5.1(b), 5.1(c), 5.1(e) or 5.1(i) may be
delivered electronically, and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents or provides a link thereto on the Company’s website on the Internet at the website address listed on
Appendix B; or (ii) on which such documents are posted on the Company’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); provided, however, that: (x) the Company shall deliver paper copies of such documents to the Administrative Agent until a written request to cease delivering paper copies is
given by the Administrative Agent and (y) the Company shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic
versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Company shall be required to provide paper copies of the Compliance Certificates to the Administrative Agent. Except for such Compliance
Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such
request for delivery. 
  
 5.2. Existence. Except as
otherwise permitted under Section 6.9, each Credit Party will, and will cause each of its Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its
business; provided, no Credit Party or any of its Subsidiaries shall be required to preserve any such right or franchise, licenses and permits if the preservation thereof is no longer desirable in the conduct of the business of such Person,
and that the loss thereof is not disadvantageous in any material respect to such Person or to Lenders. 
  
 5.3. Payment of Taxes and Claims. Each Credit Party will, and will cause each of its Subsidiaries to, pay all Taxes imposed upon it or any of its
properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become 

  

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due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred
with respect thereto; provided, no such Tax or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (a) adequate reserve or other appropriate provision,
as shall be required in conformity with GAAP shall have been made therefor, and (b) in the case of a Tax or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any
portion of the Collateral to satisfy such Tax or claim. None of the Credit Parties will, nor will it permit any of its Subsidiaries to, file or consent to the filing of any consolidated income tax return with any Person (other than Holdings or any
of its Subsidiaries). 
  
 5.4. Maintenance of Properties.
Each Credit Party will, and will cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear excepted, all material properties used or useful in the business of Holdings
and its Subsidiaries and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof. 
  
 5.5. Insurance. Holdings will maintain or cause to be maintained, with financially sound and reputable insurers, such public liability insurance,
third party property damage insurance, business interruption insurance and casualty insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of Holdings and its Subsidiaries as may customarily be
carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such
terms and conditions as shall be customary for such Persons. Without limiting the generality of the foregoing, Holdings will maintain or cause to be maintained (a) flood insurance with respect to each Flood Hazard Property that is located in a
community that participates in the National Flood Insurance Program, in each case in compliance with any applicable regulations of the Board of Governors of the Federal Reserve System and (b) replacement value casualty insurance on the Collateral
under such policies of insurance, with such insurance companies, in such amounts, with such deductibles, and covering such risks as are at all times carried or maintained under similar circumstances by Persons of established reputation engaged in
similar businesses. Each such policy of insurance shall (i) name Collateral Agent, on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy contain a loss
payable clause or endorsement, reasonably satisfactory in form and substance to Collateral Agent, that names Collateral Agent, on behalf of the Secured Parties as the loss payee thereunder for any covered loss (after giving effect to any deductible)
in excess of $500,000 and provides for at least thirty days’ prior written notice to Collateral Agent of any modification or cancellation of such policy. 
  

5.6. Inspections. Each Credit Party will, and will cause each of its Subsidiaries to, permit any authorized representatives designated by any
Lender to visit and inspect any of the properties of any Credit Party and any of its respective Subsidiaries, to inspect, copy and take extracts from its and their financial and accounting records, and to discuss its and their affairs, finances and
accounts with its and their officers and independent public accountants, all upon reasonable notice and at such reasonable times during normal business hours and as often as may 

  

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reasonably be requested; provided, however, that each Lender shall at all times coordinate with the Administrative Agent regarding the
frequency and timing of such visits and inspections so as to reasonably minimize the burden imposed on the Credit Parties. 
  
 5.7. Lenders Meetings. Holdings and the Company will, upon the request of Administrative Agent or Requisite Lenders, participate in a meeting of
Administrative Agent and Lenders once during each Fiscal Year to be held at the Company’s corporate offices (or at such other location as may be agreed to by the Company and Administrative Agent) at such time as may be agreed to by the Company
and Administrative Agent. 
  
 5.8. Compliance with Laws.
Each Credit Party will comply, and shall cause each of its Subsidiaries and all other Persons, if any, on or occupying any Facilities to comply, with the requirements of all applicable laws, rules, regulations and orders of any Governmental
Authority (including all Environmental Laws), noncompliance with which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
  
 5.9. Environmental. 
  
 (a) Environmental Disclosure. Holdings will deliver to Administrative Agent: 
  
 (i) as soon as practicable following receipt thereof, copies
of all environmental audits, investigations, analyses and reports (including any Phase I Reports) of any kind or character, whether prepared by personnel of Holdings or any of its Subsidiaries or by independent consultants, Governmental Authorities
or any other Persons, with respect to material environmental matters at any Facility or with respect to any Environmental Claims which could reasonably be expected to have a Material Adverse Effect; 
  
 (ii) promptly upon the occurrence thereof, written notice
describing in reasonable detail (1) any Release required to be reported to any Governmental Authority under any applicable Environmental Laws other than any report (A) in the ordinary course of business required under any Environmental Law (or any
Governmental Authorization issued thereunder) and (B) in material compliance with Environmental Law and that does not have a reasonable possibility of becoming an Environmental Claim which could reasonably be expected to have a Material Adverse
Effect, (2) any remedial action taken by Holdings or any other Person in response to (A) any Hazardous Materials Activities the existence of which has a reasonable possibility of resulting in one or more Environmental Claims having, individually or
in the aggregate, a Material Adverse Effect, or (B) any Environmental Claims that, individually or in the aggregate, have a reasonable possibility of resulting in a Material Adverse Effect, and (3) Holdings or the Company’s discovery of any
occurrence or condition on any real property adjoining or in the vicinity of any Facility that could cause such Facility or any part thereof to be subject to any material restrictions on the ownership, occupancy, transferability or use thereof under
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 (iii) as soon as practicable following the sending or receipt thereof by Holdings or any
of its Subsidiaries, a copy of any and all written communications with respect to (1) any Environmental Claims that, individually or in the aggregate, have a reasonable possibility of giving rise to a Material Adverse Effect, and (2) any request for
information from any Governmental Authority that suggests such Governmental Authority is investigating whether Holdings or any of its Subsidiaries may be potentially responsible for any Hazardous Materials Activity; 
  
 (iv) prompt written notice describing in reasonable detail
(1) any proposed acquisition of stock, assets, or property by Holdings or any of its Subsidiaries that could reasonably be expected to (A) expose Holdings or any of its Subsidiaries to, or result in, Environmental Claims that could reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect or (B) affect the ability of Holdings or any of its Subsidiaries to maintain in full force and effect all material Governmental Authorizations required under any
Environmental Laws for their respective operations and (2) any proposed action to be taken by Holdings or any of its Subsidiaries to modify current operations in a manner that could reasonably be expected to subject Holdings or any of its
Subsidiaries to any additional material obligations or requirements under any Environmental Laws; and 
  
 (v) with reasonable promptness, such other documents and information as from time to time may be reasonably requested by Administrative
Agent in relation to any matters disclosed pursuant to this Section 5.9(a). 
  
 (b) Hazardous Materials Activities. Each Credit Party shall, at its sole cost and expense, promptly take, and shall cause each of its Subsidiaries promptly to take, any and all actions necessary to (i) cure any
violation of applicable Environmental Laws by such Credit Party or its Subsidiaries that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (ii) reasonably effectuate remediation of any Hazardous
Materials in, on, under or from any Facility or otherwise related to any Hazardous Material Activity which could reasonably be expected to have a Material Adverse Effect that may be required (A) under any Environmental Law or (B) under any
reasonable written request of Administrative Agent, and (iii) make an appropriate response to any Environmental Claim against such Credit Party or any of its Subsidiaries and discharge any obligations it may have to any Person thereunder where
failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
  
 (c) Environmental Covenants. Each Credit Party will take, and shall cause each of its Subsidiaries to take, such actions as
reasonably necessary to ensure that: (a) all uses and operations on or of any Facility shall be in material compliance with all Environmental Laws and Governmental Authorizations issued pursuant thereto; (b) there shall be no Releases of Hazardous
Materials in, on, under or from any Facility that would be reasonably likely to result in an Environmental Claim which could reasonably be expected to have a Material Adverse Effect; and (c) there shall be no Hazardous Materials in, on, or under any
Facility, except those that are both (i) in material compliance with all Environmental Laws and with Governmental Authorizations issued pursuant thereto, if and to the extent required, and (ii) in amounts not in 

  

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material excess of that reasonably necessary to operate the Facility for the purposes set forth herein. 
  
 5.10. Subsidiaries. In the event that any Person becomes a
Domestic Subsidiary of the Company, the Company shall (a) promptly cause such Domestic Subsidiary to become a Guarantor hereunder and a Grantor under the Pledge and Security Agreement by executing and delivering to Administrative Agent and
Collateral Agent a Counterpart Agreement, and (b) take all such actions and execute and deliver, or cause to be executed and delivered, all such documents, instruments, agreements, and certificates as are similar to those described in Sections
3.1(b), 3.1(i), 3.1(j), 3.1(k) and 3.1(n). In the event that any Person becomes a Foreign Subsidiary of the Company, and the ownership interests of such Foreign Subsidiary are owned by the Company or by any Domestic Subsidiary thereof, the Company
shall, or shall cause such Domestic Subsidiary to, deliver, all such documents, instruments, agreements, and certificates as are similar to those described in Sections 3.1(b), and the Company shall take, or shall cause such Domestic Subsidiary to
take, all of the actions referred to in Section 3.1(j)(i) necessary to grant and to perfect a First Priority Lien in favor of Collateral Agent, for the benefit of Secured Parties, under the Pledge and Security Agreement in 65% of such ownership
interests. With respect to each such Subsidiary, the Company shall promptly send to Administrative Agent written notice setting forth with respect to such Person (i) the date on which such Person became a Subsidiary of the Company, and (ii) all of
the data required to be set forth in Schedules 4.1 and 4.2 with respect to all Subsidiaries of the Company; provided, such written notice shall be deemed to supplement Schedule 4.1 and 4.2 for all purposes hereof. 
  
 5.11. Additional Material Real Estate Assets. In the event that
any Credit Party acquires a Material Real Estate Asset or a Real Estate Asset owned or leased on the Closing Date becomes a Material Real Estate Asset and such interest has not otherwise been made subject to the Lien of the Collateral Documents in
favor of Collateral Agent, for the benefit of Secured Parties, then such Credit Party, as soon as practical after and, in any event, no later than sixty (60) days after acquiring such Material Real Estate Asset, shall take all such actions and
execute and deliver, or cause to be executed and delivered, all such mortgages, documents, instruments, agreements, opinions and certificates similar to those described in Sections 3.1(i), 3.1(j) and 3.1(k) with respect to each such Material Real
Estate Asset (provided, that, in the case of Leasehold Properties, the applicable Credit Party shall use its commercially reasonable efforts to obtain the foregoing documents, as applicable) that Collateral Agent shall reasonably
request to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in such Material Real Estate Assets. In addition
to the foregoing, the Company shall, at the request of Requisite Lenders, deliver, from time to time, to Administrative Agent such appraisals as are required by law or regulation of Real Estate Assets with respect to which Collateral Agent has been
granted a Lien. 
  
 5.12. Interest Rate Protection. No
later than sixty (60) days following the Closing Date and at all times thereafter, the Company shall maintain, or cause to be maintained, in effect one or more Interest Rate Agreements for a term of not less than three (3) years and otherwise in
form and substance reasonably satisfactory to Administrative Agent, such that the amount of not less than 50.0% of the aggregate principal amount of the total Indebtedness (excluding 

  

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Revolving Loans, Letters of Credit and Swing Line Loans) of the Company and its Subsidiaries outstanding from time to time (based on the assumption that such
notional principal amount was a Eurodollar Rate Loan with an Interest Period of three months) shall be either (i) fixed rate Indebtedness or (ii) subject to Interest Rate Agreements effectively limiting the Unadjusted Eurodollar Rate Component of
the interest costs to the Company to a rate reasonably acceptable to the Administrative Agent. 
  
 5.13. Further Assurances. At any time or from time to time upon the request of Administrative Agent, each Credit Party will, at its expense, promptly execute, acknowledge and deliver such further documents and
do such other acts and things as Administrative Agent or Collateral Agent may reasonably request to ensure that the Obligations are guarantied by the Guarantors and are secured by substantially all of the assets of Holdings, and its Subsidiaries and
all of the outstanding Capital Stock of the Company and its Subsidiaries (subject to limitations contained in the Credit Documents with respect to Foreign Subsidiaries). In addition, each Credit Party will provide Lenders with any information
requested pursuant to Section 10.21. 
  
 5.14. Cash Management
Systems. Within ninety (90) days after the Closing Date, Holdings and its Subsidiaries shall establish and maintain cash management systems reasonably acceptable to the Administrative Agent. Such systems shall be outlined on Schedule 5.14 (as it
may be amended from time to time with the consent of the Administrative Agent). Notwithstanding any of the foregoing, with respect to any deposit account or investment account of Holdings and its Subsidiaries in which Collateral Agent does not have
a perfected First Priority Lien pursuant to a Control Agreement, Holdings shall (or shall cause such Subsidiary to) on the last Business Day of each month ensure that no more than $2,500,000 is held in all such accounts in the aggregate. 

 
 5.15. Certain Post-Closing Obligations. 
  
 (a) Within thirty (30) days after the Closing Date (or such
longer period deemed reasonably necessary by the Administrative Agent), each Credit Party shall use all of its commercially reasonable efforts to obtain an ALTA survey in respect of the York, Pennsylvania site, a Landlord Consent and Estoppel and a
Landlord Personal Property Collateral Access Agreement in respect of each Leasehold Property listed on Schedule 5.15(a) and ALTA mortgagee title insurance policies or unconditional commitments therefor in an amount not to exceed $2,000,000 issued by
one or more title companies reasonably satisfactory to Collateral Agent with respect to 1924 County Road 3000 North, Rantoul, Illinois. 
  
 (b) Within ninety (90) days after the Closing Date (or such longer period deemed reasonably necessary by the Administrative Agent), each
Credit Party shall use its commercially reasonable efforts to obtain duly executed Control Agreements, in form reasonably satisfactory to the Collateral Agent, in respect of those accounts necessary for the Credit Parties to comply with Section 5.14
and the Company shall provide a revised Schedule 5.14 reflecting the cash management systems of Holdings and its Subsidiaries implemented after the Closing Date, as reasonably acceptable to the Administrative Agent. 
  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 SECTION 6. NEGATIVE COVENANTS 
  
 Each Credit Party covenants and agrees that, so long as any Commitment is in effect and until payment in full of all
Obligations and cancellation or expiration of all Letters of Credit, such Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 6. 
  
 6.1. Indebtedness. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly,
create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, except: 
  
 (a) the Obligations (including under Section 2.24); 
  
 (b) Indebtedness of any Guarantor Subsidiary to the Company or to any other Guarantor Subsidiary, or of the
Company to any Guarantor Subsidiary; provided, (i) all such Indebtedness shall be evidenced by promissory notes and all such notes shall be subject to a First Priority Lien pursuant to the Pledge and Security Agreement, (ii) all such
Indebtedness shall be unsecured and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the applicable promissory notes or an intercompany subordination agreement that in any such case, is reasonably
satisfactory to Administrative Agent, and (iii) any payment by any such Guarantor Subsidiary under any guaranty of the Obligations shall result in a pro tanto reduction of the amount of any Indebtedness owed by such Subsidiary to the Company or to
any of its Subsidiaries for whose benefit such payment is made; 
  
 (c) Indebtedness incurred by the Company or any of its Subsidiaries arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or from guaranties or letters of credit,
surety bonds or performance bonds securing the performance of the Company or any such Subsidiary pursuant to such agreements, in connection with Permitted Acquisitions or permitted dispositions of any business, assets or Subsidiary of Holdings or
any of its Subsidiaries; 
  
 (d) Indebtedness
which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, appeal or similar obligations incurred in the ordinary course of business; 
  
 (e) Indebtedness in respect of netting services, overdraft protections and otherwise in connection with
deposit accounts; 
  
 (f) guaranties in the
ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of the Company and its Subsidiaries; 
  
 (g) guaranties by the Company of Indebtedness of a Guarantor Subsidiary or guaranties by a Subsidiary of the Company of Indebtedness of
the Company or a Guarantor Subsidiary with respect, in each case, to Indebtedness otherwise permitted to be incurred pursuant to this Section 6.1 and guaranties by the Company or a Guarantor Subsidiary of the Indebtedness of a Foreign Subsidiary
(which Indebtedness is otherwise permitted hereunder) to 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
the extent that the aggregate amount of such guaranties, when aggregated with all Investments pursuant to Section 6.7(j), does not exceed $5,000,000 per
Fiscal Year; 
  
 (h) Indebtedness described in
Schedule 6.1, but not any extensions, renewals or replacements of such Indebtedness except (i) renewals and extensions expressly provided for in the agreements evidencing any such Indebtedness as the same are in effect on the date of this Agreement
and (ii) refinancings and extensions of any such Indebtedness if the terms and conditions thereof are not less favorable to the obligor thereon or to the Lenders than the Indebtedness being refinanced or extended, and the average life to maturity
thereof is greater than or equal to that of the Indebtedness being refinanced or extended; provided, such Indebtedness permitted under the immediately preceding clause (i) or (ii) above shall not (A) include Indebtedness of an obligor that
was not an obligor with respect to the Indebtedness being extended, renewed or refinanced, (B) exceed in a principal amount the Indebtedness being renewed, extended or refinanced or (C) be incurred, created or assumed if any Default or Event of
Default has occurred and is continuing or would result therefrom; 
  
 (i) Indebtedness with respect to (i) Capital Leases in an aggregate amount not to exceed at any time $5,000,000 when aggregated with outstanding Indebtedness permitted pursuant to Section 6.1(j) and (ii) the Existing
Capital Leases; 
  
 (j) purchase money
Indebtedness in an aggregate amount not to exceed at any time $5,000,000 when aggregated with indebtedness pursuant to clause (i) of Section 6.1(i); provided, any such Indebtedness (i) shall be secured only to the asset acquired in connection
with the incurrence of such Indebtedness, and (ii) shall constitute not less than 75% of the aggregate consideration paid with respect to such asset; 
  
 (k) Senior Subordinated Notes and senior subordinated unsecured debt securities issued to redeem the Senior Subordinated Notes in full, in
an amount of up to the aggregate outstanding principal amount of the Senior Subordinated Notes (but in any event not to exceed $140,000,000) plus any reasonable and customary transaction costs and fees (approved by the Administrative Agent) and
required premium incurred in connection therewith (the “Refinancing Notes”); provided that the proceeds thereof are used to prepay or redeem the Senior Subordinated Notes and/or prepay the Term Loans, or a portion thereof,
and reasonable and customary fees, commissions, legal fees and other costs and expenses incurred in connection with such issuance and redemption or prepayment; provided further that (i)(A) the terms of such additional Indebtedness
shall not contain any cross-default provisions (other than for material non-payment, and may include a cross-acceleration provision), (B) the terms of such additional Indebtedness shall not contain any financial maintenance covenants, (C) such
additional Indebtedness shall not be secured by any asset of Company or any of its Subsidiaries (other than restricted Cash or Cash Equivalents allocated from the funds representing such Indebtedness securing prefunded interest payments), (D) no
portion of the principal of such additional Indebtedness shall be scheduled to be redeemed, repurchased or otherwise repaid or prepaid (other than as a result of a change of control, acceleration or such other provision as shall be customary for
comparable high-yield debt securities) prior to the date that is six months after the Term Loan Maturity Date, and (E) such Indebtedness shall otherwise, taken as a whole, be on terms no less favorable to the Lenders than the terms of the Senior
Subordinated Notes; and 

  

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(ii) after giving effect to the incurrence of such Indebtedness, (A) Company and its Subsidiaries shall be in pro forma compliance with the financial
covenants set forth in Section 6.8 and (B) no Default or Event of Default shall exist or would result therefrom; 
  
 (l) Indebtedness under Hedge Agreements or any commodities hedging agreement entered into for the purpose of hedging risks associated with
Holdings’ and its Subsidiaries’ operations and not for speculative purposes; 
  
 (m) (i) Indebtedness of any Foreign Subsidiary, consisting of local lines of credit incurred in the ordinary course of business of such
Foreign Subsidiary and not guaranteed by Holdings, the Company or a Guarantor Subsidiary, in an aggregate amount not to exceed at any time the U.S. dollar equivalent of $7,500,000 and (ii) Indebtedness of any Foreign Subsidiary, consisting of an
Investment made by a Credit Party to such Foreign Subsidiary as permitted by Section 6.7(j); 
  
 (n) Indebtedness of any Subsidiary of Holdings assumed in connection with a Permitted Acquisition existing at the time of such Permitted
Acquisition was consummated provided that such Indebtedness was not incurred in connection with or in anticipation of such Permitted Acquisition in an aggregate amount not to exceed at any time $5,000,000; 
  
 (o) other unsecured Indebtedness of the Company and its
Domestic Subsidiaries and secured or unsecured Indebtedness of the Foreign Subsidiaries of Holdings in an aggregate amount not to exceed at any time $10,000,000; 
  
 (p) Indebtedness of any Foreign Subsidiary owed to any other Foreign Subsidiary; and 
  
 (q) senior subordinated unsecured debt securities, in an
amount not to exceed $25,000,000 aggregate principal amount (the “Additional Senior Subordinated Notes”); provided further that (i)(A) the terms of such additional Indebtedness shall not contain any cross-default
provisions (other than for material non-payment, and may include a cross-acceleration provision), (B) the terms of such additional Indebtedness shall not contain any financial maintenance covenants, (C) such additional Indebtedness shall not be
secured by any asset of Holdings or any of its Subsidiaries (other than restricted Cash or Cash Equivalents allocated from the funds representing such Indebtedness securing prefunded interest payments), (D) no portion of the principal of such
additional Indebtedness shall be scheduled to be redeemed, repurchased or otherwise repaid or prepaid (other than as a result of a change of control, acceleration or such other provision as shall be customary for comparable high-yield debt
securities) prior to the date that is six months after the Term Loan Maturity Date, and (E) such Indebtedness shall otherwise, taken as a whole, be on terms no less favorable to the Lenders than the terms of the Senior Subordinated Notes; (ii) such
Indebtedness is subordinated in right of payment to the Obligations under this Agreement on terms at least as favorable to the Lenders as those contained in the documentation governing the Senior Subordinated Notes and (iii) after giving effect to
the incurrence of such Indebtedness, (A) Company and its Subsidiaries shall be in pro forma compliance with the financial covenants set forth in Section 6.8, (B) the Leverage Ratio calculated as of the last day of the most recently ended Fiscal
Quarter, determined on a pro 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
forma basis giving effect to the incurrence of such Indebtedness, is no greater than the maximum Leverage Ratio permitted as of such date pursuant to Section
6.8 less 0.50 and (C) no Default or Event of Default shall exist or would result therefrom. 
  
 6.2. Liens. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist
any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of Holdings or any of its Subsidiaries, whether now owned or hereafter acquired, or any income or
profits therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income or profits under the UCC of any State or under any
similar recording or notice statute, except: 
  
 (a) Liens in favor of Collateral Agent for the benefit of Secured Parties granted pursuant to any Credit Document; 
  
 (b) Liens for Taxes not then due or if due if obligations with respect to such Taxes are being contested in good faith by appropriate
proceedings promptly instituted and diligently conducted; 
  
 (c) statutory Liens of landlords, banks (and rights of set-off), of carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law (other than any such Lien imposed pursuant to
Section 401 (a)(29) or 412(n) of the Internal Revenue Code or by ERISA), in each case incurred in the ordinary course of business (i) for amounts not yet overdue or (ii) for amounts that are overdue and that are being contested in good faith by
appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts; 
  
 (d) Liens incurred in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other
similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion of the Collateral on account thereof;

  
 (e) easements, rights-of-way, restrictions,
encroachments, and other minor defects or irregularities in title, in each case which do not and will not interfere in any material respect with the ordinary conduct of the business of Holdings or any of its Subsidiaries; 
  
 (f) any interest or title of a lessor or sublessor under any
lease of real estate permitted hereunder and any restriction, lien or encumbrance that the interest or title of such lessor or sublessor may be subject to; 
  

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 (g) Liens solely on any cash earnest money deposits made by Holdings or any of its
Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder; 
  
 (h) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal
property entered into in the ordinary course of business; 
  
 (i) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 
  
 (j) any zoning or similar law or right reserved to or vested
in any governmental office or agency to control or regulate the use of any real property; 
  
 (k) (i) licenses of patents, trademarks and other intellectual property rights granted by Holdings or any of its Subsidiaries in the
ordinary course of business and not interfering in any respect with the ordinary conduct of the business of the Company or such Subsidiary and (ii) leases or subleases granted by Holdings or any of its Subsidiaries to third parties in respect of
surplus property which is not fundamental to the operation of the business in the ordinary course of business; provided that such leases and subleases are on arms-length, commercial terms and otherwise satisfactory to the Administrative
Agent; 
  
 (l) Liens described in Schedule 6.2 or
on a title report delivered pursuant to Section 3.1(i)(iii); 
  
 (m) Liens securing Indebtedness permitted pursuant to 6.1(i) and 6.1(j); provided, any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness; 
  
 (n) Liens securing Indebtedness of Foreign Subsidiaries
permitted pursuant to Section 6.1(m), (o) and (p) provided that such Liens only attach to the assets of Foreign Subsidiaries; 
  
 (o) Liens securing Indebtedness permitted by Section 6.1(n); 
  
 (p) Liens securing judgments for the payment of money (except to the extent giving rise to an Event of
Default under Section 8.1(h)); 
  
 (q) Liens that
are contractual rights of setoff (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness or (ii) pertaining to pooled deposit and/or sweep accounts of the Company and/or any
Subsidiary of the Company to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Company and the Subsidiaries of the Company; and 
  
 (r) other Liens securing Indebtedness in an aggregate amount not to exceed $2,500,000 at any time
outstanding. 
  

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 6.3. Equitable Lien. If any Credit Party or any of its Subsidiaries shall create or assume any
Lien upon any of its properties or assets, whether now owned or hereafter acquired, other than Permitted Liens, it shall make or cause to be made effective provisions whereby the Obligations will be secured by such Lien equally and ratably with any
and all other Indebtedness secured thereby as long as any such Indebtedness shall be so secured; provided, notwithstanding the foregoing, this covenant shall not be construed as a consent by Requisite Lenders to the creation or assumption of
any such Lien not otherwise permitted hereby. 
  
 6.4. No
Further Negative Pledges. Except with respect to (a) specific property encumbered to secure payment of particular Indebtedness or to be sold pursuant to an executed agreement with respect to a permitted Asset Sale; (b) restrictions contained in
agreements with respect to Indebtedness incurred by Foreign Subsidiaries in accordance with this Agreement (provided that such restrictions are limited to the property or assets of such Foreign Subsidiary and its Subsidiaries); (c) restrictions
contained in the Senior Subordinated Notes Indenture; (d) restrictions by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses and similar agreements entered into in the ordinary course
of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be); (e) Liens permitted to be incurred under
Section 6.2 and restrictions in the agreements relating thereto that limit the right of the Company to dispose of or transfer the assets subject to such Liens; (f) provisions limiting the disposition or distribution of assets or property in joint
venture agreements, sale-leaseback agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the subject of such agreements; (g) any encumbrance or restriction in connection with an
acquisition of property, so long as such encumbrance or restriction relates solely to the property so acquired and was not created in connection with or in anticipation of such acquisition; and (h) restrictions imposed by customary provisions in
partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements that restrict the transfer of ownership interests in such partnership, limited liability company, joint
venture or similar Person, no Credit Party nor any of its Subsidiaries shall enter into any agreement prohibiting the creation or assumption of any Lien upon any of its properties or assets, whether now owned or hereafter acquired. 
  
 6.5. Restricted Junior Payments. No Credit Party shall, nor shall it
permit any of its Subsidiaries through any manner or means or through any other Person to, directly or indirectly, declare, order, pay, make or set apart, or agree to declare, order, pay, make or set apart, any sum for any Restricted Junior Payment
except that (a) the Company may make regularly scheduled payments of interest in respect of Senior Subordinated Notes, Refinancing Notes and Additional Senior Subordinated Note in accordance with the terms of, and only to the extent required by, and
subject to the subordination provisions contained in, the indenture or other agreement pursuant to which such Subordinated Indebtedness was issued; (b) the Company may prepay or redeem the Senior Subordinated Notes in full with the proceeds of the
Refinancing Notes; (c) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, the Company may make Restricted Junior Payments to Holdings (and Holdings may make Restricted Junior Payments to
Parent) (i) in an aggregate amount not to exceed $200,000 in any Fiscal Year, to the extent necessary to permit Holdings or Parent to pay general 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
administrative costs and expenses and (ii) to the extent necessary to permit Holdings or Parent to discharge the consolidated tax liabilities of Holdings or
Parent and its Subsidiaries, in each case so long as Holdings applies the amount of any such Restricted Junior Payment for such purpose; (d) the Company may on the Closing Date pay a transaction fee to the Sponsor pursuant to and as expressly
required by the Management Agreement and reimburse the Sponsor for reasonable out of pocket fees, costs and expenses incurred in connection with the Transactions within three hundred (300) days of the Closing Date; (e) so long as no Default or Event
of Default pursuant to Sections 8.1(a), 8.1(f) or 8.1(g) shall have occurred and be continuing or shall be caused thereby, the Company may pay the Management Fees (plus reasonable expenses in connection with the Management Agreement and unpaid
amounts accrued for prior periods); (f) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, the Company and Holdings may declare and pay dividends or make other distributions to Parent the
proceeds of which are to be used by Parent to purchase or redeem Capital Stock of Parent (including related stock appreciation rights or similar securities) held by then present or former officers or employees of Holdings, Company or any of their
Subsidiaries or by any Pension Plan upon such person’s death, disability, retirement or termination of employment or under the terms of any such Pension Plan or any other agreement under which such shares of stock or related rights were issued
or to redeem any notes issued by the Parent in lieu of such repurchases or redemptions; provided that the aggregate amount of such Cash purchases or redemptions under this paragraph (f) and any payments in respect of any such notes shall not
exceed in any Fiscal Year $3,000,000 plus the unused portion of the permitted Restricted Junior Payments from this paragraph (f) from the immediately prior Fiscal Year (which carryover amount may only be utilized in such current Fiscal Year and not
in subsequent Fiscal Years); and (h) Holdings may make on the Closing Date the payments required by the Merger Agreement. 
  
 6.6. Restrictions on Subsidiary Distributions. Except as provided herein, in the Senior Subordinated Notes Indenture, the Refinancing Notes
Indenture or the Additional Senior Subordinated Note Indenture or (with respect to encumbrances or restrictions on the ability of any Foreign Subsidiary of Holdings only) in any documentation evidencing the local lines of credit of Foreign
Subsidiaries expressly permitted by Section 6.1(m) or (o), no Credit Party shall, nor shall it permit any of its Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind
on the ability of any Subsidiary of the Company to (a) pay dividends or make any other distributions on any of such Subsidiary’s Capital Stock owned by the Company or any other Subsidiary of the Company, (b) repay or prepay any Indebtedness
owed by such Subsidiary to the Company or any other Subsidiary of the Company, (c) make loans or advances to the Company or any other Subsidiary of the Company, or (d) transfer any of its property or assets to the Company or any other Subsidiary of
the Company other than restrictions (i) in agreements evidencing Indebtedness permitted by Section 6.1(i) and (j) that impose restrictions on the property so acquired and (ii) by reason of customary provisions restricting assignments, subletting or
other transfers contained in leases, licenses, joint venture agreements and similar agreements entered into in the ordinary course of business, (iii) that are or were created by virtue of any transfer of, agreement to transfer or option or right
with respect to any property, assets or Capital Stock not otherwise prohibited under this Agreement; (iv) in any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Subsidiaries as in effect at the
time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person,
other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted by Section 6.1 to be incurred; (v) in any agreement for the sale or other
disposition of a Subsidiary that restricts distributions by that Subsidiary pending the sale or other disposition; and (vi) in provisions in agreements or instruments which prohibit the payment of dividends or the making of other distributions with
respect to any class of Capital Stock of a Person other than on a pro rata basis. 
  
 6.7. Investments. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, make or own any Investment in any Person, including without limitation any Joint Venture, except:

  
 (a) Investments in Cash and Cash Equivalents;

  
 (b) equity Investments owned as of the
Closing Date in any Subsidiary and Investments made after the Closing Date in any wholly owned Guarantor Subsidiaries of the Company; 
  
 (c) Investments (i) in any Securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors,
(ii) consisting of deposits, prepayments and other credits to suppliers made in the ordinary course of business of Holdings and its Subsidiaries and (iii) any Securities received in satisfaction or partial satisfaction in connection with defaulted
receivables; 
  
 (d) intercompany loans to the
extent permitted under Section 6.1(b) and intercompany guaranties to the extent permitted under Section 6.1(g); 
  
 (e) Consolidated Capital Expenditures permitted by Section 6.8(c); 
  
 (f) loans and advances to employees of Holdings and its Subsidiaries made in the ordinary course of business
in an aggregate principal amount not to exceed $500,000 in the aggregate at any one time outstanding; 
  
 (g) Investments made in connection with Permitted Acquisitions permitted pursuant to Section 6.9; 
  
 (h) Investments described in Schedule 6.7; 
  
 (i) other Investments (excluding Investments in Foreign
Subsidiaries) in an aggregate amount not to exceed at any time $10,000,000; 
  
 (j) Investments in Foreign Subsidiaries of Holdings in an aggregate amount not to exceed $5,000,000 per Fiscal Year when aggregated with all guaranties of Indebtedness of Foreign Subsidiaries pursuant to Section
6.1(g) (which Indebtedness is otherwise permitted hereunder); 
  

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 (k) Investments in vendors of Holdings and its Subsidiaries made in the ordinary course
of business in an aggregate amount not to exceed at any time $1,000,000; 
  
 (l) Investments consisting of notes from employees and directors of the Company and its Subsidiaries used as consideration for the purchase price of the Capital Stock of Parent in an aggregate amount not to exceed at
any time $1,000,000; and 
  
 (m) Investments
received in lieu of Cash in connection with Asset Sales expressly permitted by Section 6.9. 
  
 Notwithstanding the foregoing, in no event shall any Credit Party make any Investment which results in or facilitates in any manner any Restricted Junior Payment not otherwise permitted under the terms of Section 6.5.

  
 6.8. Financial Covenants. 
  
 (a) Interest Coverage Ratio. The Company shall not
permit the Interest Coverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending December 31, 2004, to be less than the correlative ratio indicated: 
  

			
	 Fiscal Quarter Ending

	  	Interest
Coverage Ratio

	 December 31, 2004 through December 31, 2005
	  	2.10:1.00
	 March 31, 2006 through June 30, 2006
	  	2.20:1.00
	 September 30, 2006 through June 30, 2007
	  	2.35:1.00
	 September 30, 2007 through June 30, 2008
	  	2.60:1.00
	 September 30, 2008 through June 30, 2009
	  	3.00:1.00
	 Thereafter
	  	3.50:1.00

  
 (b)
Leverage Ratio. The Company shall not permit the Leverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending December 31, 2004, to exceed the correlative ratio indicated: 
  

			
	 Fiscal Quarter Ending

	  	Leverage
Ratio

	 December 31, 2004 through June 30, 2005
	  	6.50:1.00
	 September 30, 2005
	  	6.25:1.00
	 December 31, 2005
	  	6.00:1.00
	 March 31, 2006 through June 30, 2006
	  	5.75:1.00
	 September 30, 2006 through June 30, 2007
	  	5.25:1.00

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	 Fiscal Quarter Ending

	  	Leverage
Ratio

	 September 30, 2007 through June 30, 2008
	  	4.25:1.00
	 September 30, 2008 through June 30, 2009
	  	3.50:1.00
	 Thereafter
	  	3.00:1.00

  
 (c)
Maximum Consolidated Capital Expenditures. The Company shall not, and shall not permit its Subsidiaries to, make or incur Consolidated Capital Expenditures (other than Consolidated Capital Expenditures which are made with the proceeds of
equity issued to the Equity Investors), in any period indicated below, in an aggregate amount for the Company and its Subsidiaries in excess of the corresponding amount set forth below opposite such Fiscal Year; provided, such amount for any
Fiscal Year shall be increased by an amount equal to 50% of the excess, if any (without giving effect to any adjustment in accordance with this proviso) over the actual amount of Consolidated Capital Expenditures for the previous Fiscal Year:

  

				
	 Period

	  	Consolidated
Capital
Expenditures

	 Six months ended December 31, 2004
	  	$	3,250,000
	 2005
	  	$	7,500,000
	 2006
	  	$	8,500,000
	 2007
	  	$	9,500,000
	 2008
	  	$	8,000,000
	 2009
	  	$	8,000,000
	 Thereafter
	  	$	8,000,000

  
 (d)
Certain Calculations. With respect to any period during which a Permitted Acquisition or an Asset Sale has occurred (each, a “Subject Transaction”), for purposes of determining compliance with the financial covenants set
forth in this Section 6.8, Consolidated Adjusted EBITDA shall be calculated with respect to such period on a pro forma basis (including pro forma adjustments arising out of events which are directly attributable to a specific transaction or which
are to be implemented by the business subject to that transaction or by the Company and its Subsidiaries as a result of such Transaction, are factually supportable and are expected to have a continuing impact, in each case determined on a basis
consistent with Article 11 of Regulation S-X promulgated under the Securities Act and as interpreted by the staff of the Securities and Exchange Commission or as otherwise approved by the Administrative Agent, which would include cost savings
resulting from head count reduction, closure of facilities and similar restructuring charges, which pro forma adjustments shall be certified by the chief financial officer of the Company) using the historical financial statements of any business so
acquired or to be acquired or sold or to be sold and the consolidated financial statements of the Company and its Subsidiaries which shall be reformulated as if such Subject Transaction, and any Indebtedness incurred or repaid in connection
therewith, had been consummated or incurred 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
or repaid at the beginning of such period (and assuming that such Indebtedness bears interest during any portion of the applicable measurement period prior
to the relevant acquisition at the weighted average of the interest rates applicable to outstanding Loans incurred during such period). 
  
 6.9. Fundamental Changes; Disposition of Assets; Acquisitions. No Credit Party shall, nor shall it permit any of its Subsidiaries to, enter into
any transaction of merger or consolidation, or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease or sub-lease (as lessor or sublessor), exchange, transfer or otherwise dispose of, in one
transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or hereafter acquired, or acquire by purchase
or otherwise (other than purchases or other acquisitions of inventory, materials, supplies, and equipment and Capital Expenditures in the ordinary course of business) the business, property or fixed assets of, or stock or other evidence of
beneficial ownership of, any Person or any division or line of business or other business unit of any Person, except: 
  
 (a) any Subsidiary of Holdings may be merged with or into the Company or any Guarantor Subsidiary or if not the Company or any Guarantor
Subsidiaries, another non-Guarantor Subsidiary, or be liquidated, wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series of
transactions, to the Company or any Guarantor Subsidiary or if not the Company or any Guarantor Subsidiaries, another non-Guarantor Subsidiary; provided, in the case of such a merger, the Company or such Guarantor Subsidiary or if not the
Company or any Guarantor Subsidiaries, another non-Guarantor Subsidiary, as applicable shall be the continuing or surviving Person; 
  
 (b) sales or other dispositions of assets that do not constitute Asset Sales; 
  
 (c) Asset Sales, the proceeds of which (valued at the
principal amount thereof in the case of non-Cash proceeds consisting of notes or other debt Securities and valued at fair market value in the case of other non-Cash proceeds) are less than $10,000,000 when aggregated with the proceeds of all other
Asset Sales made within the same Fiscal Year and less than $25,000,000 in the aggregate from the Closing Date to the date of determination; provided (1) the consideration received for such assets shall be in an amount at least equal to the
fair market value thereof (determined in good faith by the board of directors of the Company (or similar governing body)), (2) no less than 75% thereof shall be paid in Cash, and (3) the Net Asset Sale Proceeds thereof shall be applied as required
by Section 2.14(a); provided, that, if the Company or any of its Subsidiaries disposes of the Chicago Real Property or the Bell Fitness Business Unit, such dispositions shall not be included in the computation of the foregoing amounts;

  
 (d) disposals of obsolete, worn out or
surplus property; 
  
 (e) Permitted Acquisitions,
the consideration for which (other than the consideration in respect of the acquisition of Bell Racing Corp.) constitutes less than 

  

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$35,000,000 per Fiscal Year and less than $60,000,000 in the aggregate from the Closing Date to the date of determination; plus in each case, (i) the
amount of the Net Asset Sale Proceeds received in connection with the disposition of the Chicago Real Property and the Bell Fitness Business Unit and (ii) the amount of any Cash proceeds from a capital contribution to Holdings or any of its
Subsidiaries by the Equity Investors for the sole purpose of consummating a Permitted Acquisition in an amount not to exceed $25,000,000 in the aggregate from the Closing Date to the date of determination; and 
  
 (f) Investments made in accordance with Section 6.7.

  
 6.10. Disposal of Subsidiary Interests. Except for any
sale of all of its interests in the Capital Stock of any of its Subsidiaries in compliance with the provisions of Section 6.9, no Credit Party shall, nor shall it permit any of its Subsidiaries to, (a) directly or indirectly sell, assign, pledge or
otherwise encumber or dispose of any Capital Stock of any of its Subsidiaries, except to qualify directors if required by applicable law; or (b) permit any of its Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or
dispose of any Capital Stock of any of its Subsidiaries, except to another Credit Party (subject to the restrictions on such disposition otherwise imposed hereunder), or to qualify directors if required by applicable law. 
  
 6.11. Sales and Lease-Backs. Unless the proceeds resulting from such
transaction are used to prepay Loans to the extent required by Section 2.14, no Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with
respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which such Credit Party (a) has sold or transferred or is to sell or to transfer to any other Person (other than Holdings or any of its
Subsidiaries), or (b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by such Credit Party to any Person (other than Holdings or any of its Subsidiaries) in connection with such
lease. 
  
 6.12. Transactions with Shareholders and
Affiliates. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any
service) with any holder of 10% or more of any class of Capital Stock of Holdings or any of its Subsidiaries or with any Affiliate of Holdings or of any such holder, on terms that are less favorable to Holdings or that Subsidiary, as the case may
be, than those that might be obtained at the time from a Person who is not such a holder or Affiliate; provided, the foregoing restriction shall not apply to (a) any transaction between the Company and any Guarantor Subsidiary; (b) reasonable
and customary fees paid to members of the board of directors (or similar governing body) of Holdings and its Subsidiaries; (c) compensation arrangements for officers and other employees of Holdings and its Subsidiaries entered into in the ordinary
course of business; (d) payment of or on account of the Management Fee or similar fees payable to the Sponsor pursuant to the Management Agreement in each case made in accordance with Section 6.5(e); (e) transactions described in Schedule 6.12 and
(f) transactions permitted under Sections 6.1(g), (m)(ii), (p), Sections 6.5(c), (f), (g) and (h) and Sections 6.7(d), (f), (j) and (l). 
  

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 6.13. Conduct of Business. From and after the Closing Date, no Credit Party shall, nor shall it
permit any of its Subsidiaries to, engage in any business other than (i) the businesses engaged in by such Credit Party on the Closing Date and similar or related businesses and (ii) such other lines of business as may be consented to by Requisite
Lenders. 
  
 6.14. Permitted Activities of Holdings.
Holdings shall not (a) incur, directly or indirectly, any Indebtedness or any other obligation or liability whatsoever other than the Management Fee and other obligations not constituting Indebtedness incurred in the ordinary course of business as a
holding company and not otherwise restricted by this Section 6.14; (b) create or suffer to exist any Lien upon any property or assets now owned or hereafter acquired by it other than the Liens created under the Collateral Documents to which it is a
party or permitted pursuant to Section 6.2; (c) engage in any business or activity or own any assets other than (i) holding 100% of the Capital Stock of the Company, (ii) performing its obligations and activities incidental thereto under the Credit
Documents, and to the extent not inconsistent therewith, the Related Agreements; and (iii) making Restricted Junior Payments and Investments to the extent permitted by this Agreement; (d) consolidate with or merge with or into, or convey, transfer
or lease all or substantially all its assets to, any Person; (e) sell or otherwise dispose of any Capital Stock of any of its directly owned Subsidiaries; (f) create or acquire any Subsidiary or make or own any Investment in any Person other than
the Company; or (g) fail to hold itself out to the public as a legal entity separate and distinct from all other Persons. 
  
 6.15. Amendments or Waivers of Certain Related Agreements. Except as set forth in Section 6.16, no Credit Party shall nor shall it permit any of
its Subsidiaries to, agree to any amendment, restatement, supplement or other modification to, or waiver of, any of its rights under any Related Agreement (other than agreements with respect to the Senior Subordinated Notes, the Refinancing Notes or
the Additional Senior Subordinated Notes which are subject to the provisions of Section 6.16) after the Closing Date that would be materially adverse to the Company, any other Credit Party, Administrative Agent or the Lenders. 
  
 6.16. Amendments or Waivers of with respect to Subordinated
Indebtedness. No Credit Party shall, nor shall it permit any of its Subsidiaries to, amend or otherwise change the terms of the Senior Subordinated Notes, the Refinancing Notes or the Additional Senior Subordinated Notes, or make any payment
consistent with an amendment thereof or change thereto, if the effect of such amendment or change is to increase the interest rate on the Senior Subordinated Notes, the Refinancing Notes or the Additional Senior Subordinated Notes, change (to
earlier dates) any dates upon which payments of principal or interest are due thereon, change any event of default or condition to an event of default with respect thereto (other than to eliminate any such event of default or increase any grace
period related thereto), change the redemption, prepayment or defeasance provisions thereof, change the subordination provisions of the Senior Subordinated Notes, the Refinancing Notes or the Additional Senior Subordinated Notes (or of any guaranty
thereof), or if the effect of such amendment or change, together with all other amendments or changes made, is to increase materially the obligations of the obligor thereunder or to confer any additional rights on the holders of such the Senior
Subordinated Notes, the Refinancing Notes or the Additional Senior Subordinated Notes (or a trustee or other representative on their behalf) which would be adverse to any Credit Party or Lenders. 
  

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 6.17. Fiscal Year. No Credit Party shall, nor shall it permit any of its Subsidiaries to, change
its Fiscal Year-end from (i) December 31 (or the Saturday closest thereto), (ii) a 52-53 week Fiscal Year-ending on or about December 31, or (iii) in the case of Bell Sports Asia Limited, March 31. 
  
 6.18. No Other “Designated Senior Indebtedness”. No Credit
Party shall designate, or permit the designation of, any Indebtedness (other than under this Agreement or other Credit Documents) as “Designated Senior Debt” for the purposes of the definition of the same or the subordination provisions
contained in the Senior Subordinated Note Indenture, the Refinancing Note Indenture or the Additional Senior Subordinated Note Indenture without the consent of Administrative Agent. 
  
 SECTION 7. GUARANTY 
  
 7.1. Guaranty of the Obligations. Subject to the provisions of Section 7.2, Guarantors jointly and severally hereby irrevocably and unconditionally
guaranty to Administrative Agent for the ratable benefit of the Beneficiaries the due and punctual payment and performance in full of all Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration,
acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) or any other provision of the Bankruptcy Code, 11 U.S.C. § 362(a)) (collectively, the
“Guaranteed Obligations”). 
  
 7.2.
Contribution by Guarantors. All Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”), in a fair and equitable manner, their obligations arising under this Guaranty. Accordingly, in the
event any payment or distribution is made on any date by a Guarantor (a “Funding Guarantor”) under this Guaranty such that its Aggregate Payments exceeds its Fair Share as of such date, such Funding Guarantor shall be entitled to a
contribution from each of the other Contributing Guarantors in an amount sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date. “Fair Share” means, with respect to a
Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor to (ii) the aggregate of the Fair Share Contribution Amounts with respect
to all Contributing Guarantors multiplied by (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty in respect of the obligations Guaranteed. “Fair Share Contribution
Amount” means, with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under this Guaranty that would not render its obligations hereunder or
thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable applicable provisions of state law; provided, solely for purposes of calculating the
“Fair Share Contribution Amount” with respect to any Contributing Guarantor for purposes of this Section 7.2, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or
indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing Guarantor. “Aggregate Payments” means, with 

  

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respect to a Contributing Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or
before such date by such Contributing Guarantor in respect of this Guaranty (including, without limitation, in respect of this Section 7.2), minus (2) the aggregate amount of all payments received on or before such date by such Contributing
Guarantor from the other Contributing Guarantors as contributions under this Section 7.2. The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable
Funding Guarantor. The allocation among Contributing Guarantors of their obligations as set forth in this Section 7.2 shall not be construed in any way to limit the liability of any Contributing Guarantor hereunder. Each Guarantor is a third party
beneficiary to the contribution agreement set forth in this Section 7.2. 
  
 7.3. Payment by Guarantors. Subject to Section 7.2, Guarantors hereby jointly and severally agree, in furtherance of the foregoing and not in limitation of any other right which any Beneficiary may have at law
or in equity against any Guarantor by virtue hereof, that upon the failure of the Company to pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration,
demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) or any other provision of the Bankruptcy Code, 11 U.S.C. § 362(a)), Guarantors will upon demand pay, or cause to be
paid, in Cash, to Administrative Agent for the ratable benefit of Beneficiaries, an amount equal to the sum of the unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed
Obligations (including interest which, but for the Company’s becoming the subject of a case under the Bankruptcy Code, would have accrued on such Guaranteed Obligations, whether or not a claim is allowed against the Company for such interest in
the related bankruptcy case) and all other Guaranteed Obligations then owed to Beneficiaries as aforesaid. 
  
 7.4. Liability of Guarantors Absolute. Each Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent and
unconditional, and constitute primary obligations of such Guarantor and not a contract of surety to the maximum extent permitted by law and to the extent permitted by applicable law shall not be affected by any circumstance which constitutes a legal
or equitable discharge of a guarantor or surety other than payment in full of the Guaranteed Obligations. In furtherance of the foregoing and without limiting the generality thereof, each Guarantor agrees as follows: 
  
 (a) this Guaranty is a guaranty of payment when due and not
of collectability. This Guaranty is a primary obligation of each Guarantor and not merely a contract of surety; 
  
 (b) the obligations of each Guarantor hereunder are independent of the obligations of the Company and the obligations of any other
guarantor (including any other Guarantor) of the obligations of the Company, and a separate action or actions may be brought and prosecuted against such Guarantor whether or not any action is brought against the Company or any of such other
guarantors and whether or not the Company is joined in any such action or actions; 
  

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 (c) payment by any Guarantor of a portion, but not all, of the Guaranteed Obligations
shall in no way limit, affect, modify or abridge any Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid. Without limiting the generality of the foregoing, if Administrative Agent is awarded a judgment in
any suit brought to enforce any Guarantor’s covenant to pay a portion of the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant to pay the portion of the Guaranteed Obligations that is not the
subject of such suit, and such judgment shall not, except to the extent satisfied by such Guarantor, limit, affect, modify or abridge any other Guarantor’s liability hereunder in respect of the Guaranteed Obligations; 
  
 (d) any Beneficiary, upon such terms as it deems
appropriate, without notice or demand and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to time may
(i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer of
performance with respect to, or substitutions for, the Guaranteed Obligations or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other obligations; (iii) request and accept other guaranties of the
Guaranteed Obligations and take and hold security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration,
any security for payment of the Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect to the Guaranteed Obligations (provided that no Credit
Document to which such Guarantor is a party may be amended without its written consent); (v) enforce and apply any security now or hereafter held by or for the benefit of such Beneficiary in respect hereof or the Guaranteed Obligations and direct
the order or manner of sale thereof, or exercise any other right or remedy that such Beneficiary may have against any such security, in each case as such Beneficiary in its discretion may determine consistent herewith or the applicable Hedge
Agreement and any applicable security agreement, including foreclosure on any such security pursuant to one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable, and even though such action
operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against the Company or any security for the Guaranteed Obligations; and (vi) exercise any other rights available to it under the
Credit Documents or the Hedge Agreements; and 
  
 (e) this Guaranty and the obligations of Guarantors hereunder shall be valid and enforceable and to the extent permitted by applicable law shall not be subject to any reduction, limitation, impairment, discharge or termination for any
reason (other than payment in full of the Guaranteed Obligations), including the occurrence of any of the following, whether or not any Guarantor shall have had notice or knowledge of any of them: (i) any failure or omission to assert or enforce or
agreement or election not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under the Credit
Documents or the Hedge Agreements, at law, in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the 

  

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payment of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or modification of, or any consent to departure from, any of the terms or
provisions (including provisions relating to events of default) hereof, any of the other Credit Documents, any of the Hedge Agreements or any agreement or instrument executed pursuant thereto, or of any other guaranty or security for the Guaranteed
Obligations, in each case whether or not in accordance with the terms hereof or such Credit Document, such Hedge Agreement or any agreement relating to such other guaranty or security; (iii) the Guaranteed Obligations, or any agreement relating
thereto, at any time being found to be illegal, invalid or unenforceable in any respect; (iv) the application of payments received from any source (other than payments received pursuant to the other Credit Documents or any of the Hedge Agreements or
from the proceeds of any security for the Guaranteed Obligations, except to the extent such security also serves as collateral for indebtedness other than the Guaranteed Obligations) to the payment of indebtedness other than the Guaranteed
Obligations, even though any Beneficiary might have elected to apply such payment to any part or all of the Guaranteed Obligations (provided that no Credit Document to which such Guarantor is a party may be amended without its written consent); (v)
any Beneficiary’s consent to the change, reorganization or termination of the corporate structure or existence of Holdings or any of its Subsidiaries and to any corresponding restructuring of the Guaranteed Obligations; (vi) any failure to
perfect or continue perfection of a security interest in any collateral which secures any of the Guaranteed Obligations; (vii) any defenses, set-offs or counterclaims which the Company may allege or assert against any Beneficiary in respect of the
Guaranteed Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and (viii) any other act or thing or omission, or delay to do any other act or
thing, which may or might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the Guaranteed Obligations. 
  
 7.5. Waivers by Guarantors. Each Guarantor hereby waives, for the benefit of Beneficiaries to the extent permitted by applicable law: (a)
any right to require any Beneficiary, as a condition of payment or performance by such Guarantor, to (i) proceed against the Company, any other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed
against or exhaust any security held from the Company, any such other guarantor or any other Person, (iii) proceed against or have resort to any balance of any Deposit Account or credit on the books of any Beneficiary in favor of the Company or any
other Person, or (iv) pursue any other remedy in the power of any Beneficiary whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Company or any other Guarantor including any
defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Company or any other Guarantor from
any cause other than payment in full in Cash of the Guaranteed Obligations; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome
than that of the principal; (d) any defense based upon any Beneficiary’s errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith; (e) (i) any principles or provisions of law, statutory
or otherwise, which are or might be in conflict with the terms hereof and any legal or equitable discharge of such Guarantor’s obligations hereunder, (ii) the benefit of any statute of limitations affecting such Guarantor’s liability
hereunder or the enforcement hereof, (iii) any rights to set-offs, recoupments and counterclaims, and 

  

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(iv) promptness, diligence and any requirement that any Beneficiary protect, secure, perfect or insure any security interest or lien or any property subject
thereto; (f) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of default hereunder, the Hedge Agreements or any agreement or instrument
related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, notices of any extension of credit to the Company and notices of any of the matters referred to in Section 7.4 and any
right to consent to any thereof; and (g) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms hereof. 
  
 7.6. Guarantors’ Rights of Subrogation, Contribution, etc. Until
the Guaranteed Obligations shall have been indefeasibly paid in full and the Revolving Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled or collateralized with Cash, each Guarantor hereby waives any
claim, right or remedy, direct or indirect, that such Guarantor now has or may hereafter have against the Company or any other Guarantor or any of its assets in connection with this Guaranty or the performance by such Guarantor of its obligations
hereunder, in each case whether such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise and including without limitation (a) any right of subrogation, reimbursement or indemnification that such
Guarantor now has or may hereafter have against the Company with respect to the Guaranteed Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that any Beneficiary now has or may hereafter have against the
Company, and (c) any benefit of, and any right to participate in, any collateral or security now or hereafter held by any Beneficiary. In addition, until the Guaranteed Obligations shall have been indefeasibly paid in full and the Revolving
Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled or collateralized with Cash, each Guarantor shall withhold exercise of any right of contribution such Guarantor may have against any other guarantor
(including any other Guarantor) of the Guaranteed Obligations, including, without limitation, any such right of contribution as contemplated by Section 7.2. Each Guarantor further agrees that, to the extent the waiver or agreement to withhold the
exercise of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or
indemnification such Guarantor may have against the Company or against any collateral or security, and any rights of contribution such Guarantor may have against any such other guarantor, shall be junior and subordinate to any rights any Beneficiary
may have against the Company, to all right, title and interest any Beneficiary may have in any such collateral or security, and to any right any Beneficiary may have against such other guarantor. If any amount shall be paid to any Guarantor on
account of any such subrogation, reimbursement, indemnification or contribution rights at any time when all Guaranteed Obligations shall not have been finally and indefeasibly paid in full, such amount shall be held in trust for Administrative Agent
on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms hereof.

  

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 7.7. Subordination of Other Obligations. Any Indebtedness of the Company or any Guarantor now or
hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such indebtedness collected or received by the Obligee Guarantor after an Event of Default
has occurred and is continuing shall be held in trust for Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Guaranteed
Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. 
  
 7.8. Continuing Guaranty. This Guaranty is a continuing guaranty and shall remain in effect until all of the Guaranteed Obligations shall have been
paid in full and the Revolving Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled. Each Guarantor hereby irrevocably waives any right to revoke this Guaranty as to future transactions giving rise to any
Guaranteed Obligations. 
  
 7.9. Authority of Guarantors or the
Company. It is not necessary for any Beneficiary to inquire into the capacity or powers of any Guarantor or the Company or the officers, directors or any agents acting or purporting to act on behalf of any of them. 
  
 7.10. Financial Condition of the Company and Guarantors. Any
Credit Extension may be made to the Company or continued from time to time, and any Hedge Agreements may be entered into from time to time, in each case without notice to or authorization from any Guarantor regardless of the financial or other
condition of the Company or any other Guarantor at the time of any such grant or continuation or at the time such Hedge Agreement is entered into, as the case may be. No Beneficiary shall have any obligation to disclose or discuss with any Guarantor
its assessment, or any Guarantor’s assessment, of the financial condition of the Company or any other Guarantor. Each Guarantor has adequate means to obtain information from the Company and each other Guarantor on a continuing basis concerning
the financial condition of the Company and the other Guarantors and their respective abilities to perform their respective obligations under the Credit Documents and the Hedge Agreements, and each Guarantor assumes the responsibility for being and
keeping informed of the financial condition of the Company and the other Guarantors and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of any
Beneficiary to disclose any matter, fact or thing relating to the business, operations or conditions of the Company and any other Guarantor now known or hereafter known by any Beneficiary. 
  
 7.11. Bankruptcy, etc. (a) (a) So long as any Guaranteed Obligations
remain outstanding, no Guarantor shall, without the prior written consent of Administrative Agent acting pursuant to the instructions of Requisite Lenders, commence or join with any other Person in commencing any bankruptcy, reorganization or
insolvency case or proceeding of or against the Company or any other Guarantor. The obligations of Guarantors hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary or
involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of the Company or any other Guarantor or by any defense which the Company or 

  

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any other Guarantor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding. 

 
 (b) Each Guarantor acknowledges and agrees that any
interest on any portion of the Guaranteed Obligations which accrues after the commencement of any case or proceeding referred to in clause (a) above (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation of law
by reason of the commencement of such case or proceeding, such interest as would have accrued on such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed Obligations because it
is the intention of Guarantors and Beneficiaries that the Guaranteed Obligations which are guaranteed by Guarantors pursuant hereto should be determined without regard to any rule of law or order which may relieve the Company of any portion of such
Guaranteed Obligations. Guarantors will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar person to pay Administrative Agent, or allow the claim of Administrative Agent in respect of,
any such interest accruing after the date on which such case or proceeding is commenced. 
  
 (c) In the event that all or any portion of the Guaranteed Obligations are paid by the Company, the obligations of Guarantors hereunder
shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from any Beneficiary as a preference, fraudulent transfer
or otherwise (and whether as a result of any demand, settlement, litigation or otherwise), and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder. 
  
 7.12. Discharge of Guaranty Upon Sale of Guarantor. If all of the
Capital Stock of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such
successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale. 
  
 SECTION 8. EVENTS OF DEFAULT 
  
 8.1. Events of Default. If any one or more of the following
conditions or events shall occur: 
  
 (a)
Failure to Make Payments When Due. Failure by the Company to pay (i) when due any installment of principal of any Loan, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; (ii)
when due any amount payable to Issuing Bank in reimbursement of any drawing under a Letter of Credit; or (iii) any interest on any Loan or any fee or any other amount due hereunder within five days after the date due; or 
  

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 (b) Default in Other Agreements. (i) Failure of any Credit Party or any of their
respective Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in Section 8.1(a)) in an individual or aggregate principal
amount of $5,000,000 or more, in each case beyond the grace period, if any, provided therefor; (ii) breach or default by any Credit Party with respect to any other material term of (1) one or more items of Indebtedness in the individual or aggregate
principal amounts referred to in clause (i) above or (2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, in each case 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), or to require the
prepayment, redemption, repurchase or defeasance of, or to cause Holdings, Company or any of its Subsidiaries to make any offer to prepay, redeem, repurchase or defease that Indebtedness (other than an asset proceeds offer under the Senior
Subordinated Notes to the extent otherwise permitted hereunder), prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; or (iii) any Event of Default (as defined in the Senior Subordinated Note
Indenture, any Refinancing Note Indenture or any Additional Senior Subordinated Note Indenture) shall occur under the Senior Subordinated Note Indenture, any Refinancing Note Indenture or any Additional Senior Subordinated Note Indenture; or

  
 (c) Breach of Certain Covenants. (i)
Failure of any Credit Party to perform or comply with any term or condition contained in Section 2.6, Section 5.2, Section 5.14 or Section 6 and (ii) failure of any Credit Party to perform or comply with any term or condition contained in Section
5.5 for a period in excess of fifteen days; or 
  
 (d) Breach of Representations, etc. Any representation, warranty, certification or other statement made or deemed made by any Credit Party in any Credit Document or in any statement or certificate at any time given by any Credit
Party or any of its Subsidiaries in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect as of the date made or deemed made; or 
  
 (e) Other Defaults Under Credit Documents. Any Credit
Party shall default in the performance of or compliance with any term contained herein or any of the other Credit Documents, other than any such term referred to in any other provision of this Section 8.1, and such default shall not have been
remedied or waived within thirty days after the earlier of (i) an Authorized Officer of such Credit Party becoming aware of such default or (ii) receipt by the Company of notice from Administrative Agent or any Lender of such default; or 

 
 (f) Involuntary Bankruptcy; Appointment of Receiver,
etc. (i) A court of competent jurisdiction shall enter a decree or order for relief in respect of Parent, Holdings or any of their Subsidiaries other than an Immaterial Subsidiary in an involuntary case under the Bankruptcy Code or under any
other applicable bankruptcy, insolvency or similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be
commenced against Parent, Holdings or any of their Subsidiaries other than its Immaterial Subsidiaries under the 

  

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Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order of a court having
jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Parent, Holdings or any of their Subsidiaries other than its Immaterial Subsidiaries, or over
all or a substantial part of its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of Parent, Holdings or any of their Subsidiaries other than its
Immaterial Subsidiaries for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Parent, Holdings or any of their Subsidiaries
other than its Immaterial Subsidiaries, and any such event described in this clause (ii) shall continue for sixty days without having been dismissed, bonded or discharged; or 
  
 (g) Voluntary Bankruptcy; Appointment of Receiver, etc.. (i) Parent, Holdings or any of their
Subsidiaries shall have an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, or shall consent to
the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for
all or a substantial part of its property; or Parent, Holdings or any of their Subsidiaries shall make any assignment for the benefit of creditors; or (ii) Parent, Holdings or any of their Subsidiaries shall be unable, or shall fail generally, or
shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of Parent, Holdings or any of their Subsidiaries (or any committee thereof) shall adopt any resolution or
otherwise authorize any action to approve any of the actions referred to herein or in Section 8.1(f); or 
  
 (h) Judgments and Attachments. Any money judgment, writ or warrant of attachment or similar process involving in any individual
case or in the aggregate at any time an amount in excess of $5,000,000 (in either case to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed
against Holdings or any of their Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of sixty days (or in any event later than five days prior to the date of any proposed sale
thereunder); or 
  
 (i) Dissolution. Any
order, judgment or decree shall be entered against any Credit Party decreeing the dissolution or split up of such Credit Party and such order shall remain undischarged or unstayed for a period in excess of thirty days; or 
  
 (j) Employee Benefit Plans. (i) There shall occur one
or more ERISA Events which individually or in the aggregate results in or would reasonably be expected to result in liability of Holdings or any of its Subsidiaries in excess of $4,000,000 during the term hereof; or (ii) there shall occur the
imposition of a Lien or security interest under Section 412(n) of the Internal Revenue Code or under ERISA. 
  
 (k) Change of Control. A Change of Control shall occur; or 
  

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 (l) Guaranties, Collateral Documents and other Credit Documents. At any time after
the execution and delivery thereof, (i) the Guaranty for any reason, other than the satisfaction in full in Cash of all Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null
and void or any Guarantor shall repudiate its obligations thereunder, (ii) this Agreement or any Collateral Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or
thereof or the satisfaction in full in Cash of the Obligations in accordance with the terms hereof) or shall be declared null and void, or Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral purported
to be covered by the Collateral Documents with the priority required by the relevant Collateral Document, in each case for any reason other than the failure of Collateral Agent or any Secured Party to take any action within its control, or (iii) any
Credit Party shall contest the validity or enforceability of any Credit Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Credit Document to which it is a party
or (iv) the Loans shall cease to constitute senior indebtedness under the subordination provisions of the Senior Subordinated Notes, the Refinancing Notes or the Additional Senior Subordinated Notes or shall be invalidated or otherwise cease to be
legal, valid and binding obligations of the parties thereto, enforceable in accordance with their terms; or 
  
 (m) Failure to Effect Merger. The Merger shall not have occurred by close of business on the day immediately following the Closing
Date. 
  
 THEN, (1) upon the occurrence of any Event of Default described
in Section 8.1(f) or 8.1(g), automatically, and (2) upon the occurrence and during the continuance, of any other Event of Default, at the request of (or with the consent of) Requisite Lenders, upon notice to the Company by Administrative Agent, (A)
the Revolving Commitments, if any, of each Lender having such Revolving Commitments and the obligation of Issuing Bank to issue any Letter of Credit shall immediately terminate; (B) each of the following shall immediately become due and payable, in
each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each Credit Party: (I) the unpaid principal amount of and accrued interest on the Loans, (II) an amount equal to the
maximum amount that may at any time be drawn under all Letters of Credit then outstanding (regardless of whether any beneficiary under any such Letter of Credit shall have presented, or shall be entitled at such time to present, the drafts or other
documents or certificates required to draw under such Letters of Credit), and (III) all other Obligations; provided, the foregoing shall not affect in any way the obligations of Lenders under Section 2.3(b)(iv) or Section 2.4(e); (C)
Administrative Agent may cause Collateral Agent to enforce any and all Liens and security interests created pursuant to Collateral Documents; and (D) Administrative Agent shall direct the Company to pay (and the Company hereby agrees upon receipt of
such notice, or upon the occurrence of any Event of Default specified in Section 8.1(f) and (g) to pay) to Administrative Agent such additional amounts of Cash, to be held as security for the Company’s reimbursement Obligations in respect of
Letters of Credit then outstanding, equal to the Letter of Credit Usage at such time. 
  

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 SECTION 9. AGENTS 
  
 9.1. Appointment of Agents. GSCP and Wachovia Securities are hereby appointed Joint Lead Arrangers and Joint Bookrunners, hereunder, and each
Lender hereby authorizes, each such Joint Lead Arranger and Joint Bookrunner to act as its agent in accordance with the terms hereof and the other Credit Documents. WBNA is hereby appointed Syndication Agent hereunder, and each Lender hereby
authorizes Syndication Agent to act as its agent in accordance with the terms hereof and the other Credit Documents. GSCP is hereby appointed Administrative Agent hereunder and under the other Credit Documents and each Lender hereby authorizes
Administrative Agent to act as its agent in accordance with the terms hereof and the other Credit Documents. Each of UBSS, Antares and GMAC is hereby appointed a Co-Documentation Agent hereunder, and each Lender hereby authorizes each such
Co-Documentation Agent to act as its agent in accordance with the terms hereof and the other Credit Documents. Each Agent hereby agrees to act upon the express conditions contained herein and the other Credit Documents, as applicable. The provisions
of this Section 9 are solely for the benefit of Agents and Lenders and no Credit Party shall have any rights as a third party beneficiary of any of the provisions thereof. In performing its functions and duties hereunder, each Agent shall act solely
as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for Holdings or any of its Subsidiaries. Each of Syndication Agent and each Co-Documentation Agent,
without consent of or notice to any party hereto, may assign any and all of its rights or obligations hereunder to any of its Affiliates. As of the Closing Date, neither GSCP in its capacity as a Joint Lead Arranger and Joint Bookrunner, Wachovia,
in its capacity as a Joint Lead Arranger and Joint Bookrunner, WBNA, in its capacity as Syndication Agent, Antares, in its capacity as a Co-Documentation Agent, GMAC, in its capacity as a Co-Documentation Agent nor UBSS, in its capacity as a
Co-Documentation Agent shall have any obligations but shall be entitled to all benefits of this Section 9. 
  
 9.2. Powers and Duties. Each Lender irrevocably authorizes each Agent to take such action on such Lender’s behalf and to exercise such powers,
rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto. Each
Agent shall have only those duties and responsibilities that are expressly specified herein and the other Credit Documents. Each Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees. No
Agent shall have, by reason hereof or any of the other Credit Documents, a fiduciary relationship in respect of any Lender; and nothing herein or any of the other Credit Documents, expressed or implied, is intended to or shall be so construed as to
impose upon any Agent any obligations in respect hereof or any of the other Credit Documents except as expressly set forth herein or therein. 
  
 9.3. General Immunity. 
  
 (a) No Responsibility for Certain Matters. No Agent shall be responsible to any Lender for the execution, effectiveness,
genuineness, validity, enforceability, collectability or sufficiency hereof or any other Credit Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any
financial or other statements, instruments, reports or certificates or any other documents furnished or made by any Agent to Lenders or by or on behalf of any Credit Party to any Agent or any Lender in 

  

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connection with the Credit Documents and the transactions contemplated thereby or for the financial condition or business affairs of any Credit Party or any
other Person liable for the payment of any Obligations, nor shall any Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Credit
Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Event of Default or Default or to make any disclosures with respect to the foregoing. Anything contained herein to the contrary
notwithstanding, Administrative Agent shall not have any liability arising from confirmations of the amount of outstanding Loans or the Letter of Credit Usage or the component amounts thereof. 
  
 (b) Exculpatory Provisions. No Agent or any of its
officers, partners, directors, employees or agents shall be liable to Lenders for any action taken or omitted by any Agent under or in connection with any of the Credit Documents except to the extent caused by such Agent’s gross negligence or
willful misconduct. Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Credit Documents or from the exercise of any power, discretion
or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from Requisite Lenders (or such other Lenders as may be required to give such instructions under Section 10.5) and,
upon receipt of such instructions from Requisite Lenders (or such other Lenders, as the case may be), such Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance
with such instructions. Without prejudice to the generality of the foregoing, (i) each Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct
and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for Holdings and its Subsidiaries), accountants, experts
and other professional advisors selected by it; and (ii) no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Credit
Documents in accordance with the instructions of Requisite Lenders (or such other Lenders as may be required to give such instructions under Section 10.5). 
  
 9.4. Agents Entitled to Act as Lender. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any
duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. With respect to its participation in the Loans and the Letters of Credit, each Agent shall have the same rights and powers hereunder as any other Lender and may
exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term “Lender” shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity. Any Agent and
its Affiliates may accept deposits from, lend money to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other business with Holdings or any of its Affiliates as if it were not performing the duties
specified herein, and may accept fees and other consideration from the Company for services in connection herewith and otherwise without having to account for the same to Lenders. 
  

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 9.5. Lenders’ Representations, Warranties and Acknowledgment. 
  
 (a) Each Lender represents and warrants that it has made its
own independent investigation of the financial condition and affairs of Holdings and its Subsidiaries in connection with Credit Extensions hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of
Holdings and its Subsidiaries. No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other
information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of any information
provided to Lenders. 
  
 (b) Each Lender, by
delivering its signature page to this Agreement or a Joinder Agreement and funding its Tranche B Term Loan and/or Revolving Loans on the Closing Date or by the funding of any New Term Loans, as the case may be, shall be deemed to have acknowledged
receipt of, and consented to and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the Closing Date or as of the date of funding of such New Term Loans.

  
 9.6. Right to Indemnity. Each Lender, in proportion to
its Pro Rata Share, severally agrees to indemnify each Agent, to the extent that such Agent shall not have been reimbursed by any Credit Party, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such Agent in exercising its powers, rights and remedies or performing its
duties hereunder or under the other Credit Documents or otherwise in its capacity as such Agent in any way relating to or arising out of this Agreement or the other Credit Documents; provided, no Lender shall be liable for any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence or willful misconduct. If any indemnity furnished to any Agent for any purpose shall,
in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event
shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender’s Pro Rata Share thereof; and provided
further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in the
immediately preceding sentence. 
  
 9.7. Successor
Administrative Agent, Collateral Agent and Swing Line Lender. Administrative Agent may resign at any time by giving thirty days’ prior written notice thereof to Lenders and the Company, and Administrative Agent may be removed at any time
with or without cause by an instrument or concurrent instruments in writing delivered to the Company and Administrative Agent and signed by Requisite Lenders. Upon any such notice of resignation or any such removal, Requisite Lenders shall have the
right, upon five Business Days’ notice to the Company, to appoint a successor Administrative Agent. Upon the acceptance of any 

  

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appointment as Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent and the retiring or removed Administrative Agent shall promptly (i) transfer to such successor Administrative Agent all records and other
documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent under the Credit Documents, and (ii) take such other actions, as may be necessary or appropriate in connection with the
assignment to such successor Administrative Agent whereupon such retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder. After any retiring or removed Administrative Agent’s resignation or removal
hereunder as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent hereunder. Any resignation or removal of Administrative Agent
pursuant to this Section shall also constitute the resignation or removal of GSCP or its successor as Collateral Agent, and any successor Administrative Agent appointed pursuant to this Section shall, upon its acceptance of such appointment, become
the successor Collateral Agent for all purposes hereunder and under the Credit Documents and such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed
Collateral Agent under this Agreement and the other Credit Documents, and the retiring or removed Collateral Agent under this Agreement and the other Credit Documents shall promptly (i) transfer to such successor Collateral Agent all sums,
Securities and other items of Collateral held under this Agreement or the Credit Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent
under this Agreement or the other Credit Documents, and (ii) execute and deliver to such successor Collateral Agent or otherwise authorize the filing of such amendments to financing statements, and take such other actions, as may be necessary or
appropriate in connection with the assignment to such successor Collateral Agent of the security interests created under the Credit Documents, whereupon such retiring or removed Collateral Agent shall be discharged from its duties and obligations
under this Agreement and other Credit Documents. After any retiring or removed Collateral Agent’s resignation or removal under this Agreement and other Credit Documents, the provisions of this Section 9 and the other Credit Documents shall
inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement or the other Credit Documents while it was the Collateral Agent hereunder or thereunder. Any resignation or removal of Administrative Agent pursuant to
this Section shall also constitute the resignation or removal of GSCP or its successor as Swing Line Lender, and any successor Administrative Agent appointed pursuant to this Section shall, upon its acceptance of such appointment, become the
successor Swing Line Lender for all purposes hereunder. In such event (a) the Company shall prepay any outstanding Swing Line Loans made by the retiring or removed Administrative Agent in its capacity as Swing Line Lender, (b) upon such prepayment,
the retiring or removed Administrative Agent and Swing Line Lender shall surrender any Swing Line Note held by it to the Company for cancellation, and (c) the Company shall issue, if so requested by successor Administrative Agent and Swing Line Loan
Lender, a new Swing Line Note to the successor Administrative Agent and Swing Line Lender, in the principal amount of the Swing Line Loan Sublimit then in effect and with other appropriate insertions. 
  

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 9.8. Collateral Documents and Guaranty. 
  
 (a) Agents under Collateral Documents and Guaranty.
Each Lender hereby further authorizes Administrative Agent or Collateral Agent, as applicable, on behalf of and for the benefit of Lenders, to be the agent for and representative of Lenders with respect to the Guaranty, the Collateral and the
Collateral Documents. Subject to Section 10.5, without further written consent or authorization from Lenders, Administrative Agent or Collateral Agent, as applicable, may execute any documents or instruments necessary to (i) release any Lien
encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted hereby or to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise
consented or (ii) release any Guarantor from the Guaranty pursuant to Section 7.12 or with respect to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise consented. 
  
 (b) Right to Realize on Collateral and Enforce
Guaranty. Anything contained in any of the Credit Documents to the contrary notwithstanding, the Company, Administrative Agent, Collateral Agent and each Lender hereby agree that (i) no Lender shall have any right individually to realize upon
any of the Collateral or to enforce the Guaranty, it being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by Administrative Agent, on behalf of Lenders in accordance with the terms hereof and all powers,
rights and remedies under the Collateral Documents may be exercised solely by Collateral Agent, and (ii) in the event of a foreclosure by Collateral Agent on any of the Collateral pursuant to a public or private sale, Collateral Agent or any Lender
may be the purchaser of any or all of such Collateral at any such sale and Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Requisite Lenders
shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as
a credit on account of the purchase price for any collateral payable by Collateral Agent at such sale. 
  
 SECTION 10. MISCELLANEOUS 
  
 10.1. Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given to a Credit Party, Syndication Agent, Collateral Agent, Administrative Agent, Swing Line Lender
or Issuing Bank, shall be sent to such Person’s address as set forth on Appendix B or in the other relevant Credit Document, and in the case of any Lender, the address as indicated on Appendix B or otherwise indicated to Administrative Agent in
writing. Each notice hereunder shall be in writing and may be personally served, telexed or sent by telefacsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and
signed for against receipt thereof, upon receipt of telefacsimile or telex, or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed; provided, no notice to any Agent shall be effective
until received by such Agent. 
  

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 10.2. Expenses. Whether or not the transactions contemplated hereby shall be consummated, the
Company agrees to pay promptly (a) all the actual and reasonable costs and expenses of preparation of the Credit Documents and any consents, amendments, waivers or other modifications thereto; (b) all the reasonable costs of furnishing all opinions
by counsel for the Company and the other Credit Parties; (c) the reasonable fees, expenses and disbursements of counsel to Agents (in each case including allocated costs of internal counsel) in connection with the negotiation, preparation, execution
and administration of the Credit Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters requested by the Company; (d) all the actual costs and reasonable expenses of creating and perfecting
Liens in favor of Collateral Agent, for the benefit of Lenders pursuant hereto, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, title insurance premiums and reasonable fees, expenses and
disbursements of counsel to each Agent and of counsel providing any opinions that any Agent or Requisite Lenders may request in respect of the Collateral or the Liens created pursuant to the Collateral Documents; (e) all the actual costs and
reasonable fees, expenses and disbursements of any auditors, accountants, consultants or appraisers retained by any Agent with the prior consent of Company (not to be unreasonably withheld); (f) all the actual costs and reasonable expenses
(including the reasonable fees, expenses and disbursements of any appraisers, consultants, advisors and agents employed or retained by Collateral Agent and its counsel) in connection with the custody or preservation of any of the Collateral; (g) all
other actual and reasonable costs and expenses incurred by each Agent in connection with the syndication of the Loans and Commitments and the negotiation, preparation and execution of the Credit Documents and any consents, amendments, waivers or
other modifications thereto and the transactions contemplated thereby; and (h) after the occurrence of a Default or an Event of Default, all reasonable costs and expenses, including reasonable attorneys’ fees (including allocated costs of
internal counsel) and costs of settlement, incurred by any Agent and Lenders in enforcing any Obligations of or in collecting any payments due from any Credit Party hereunder or under the other Credit Documents by reason of such Default or Event of
Default (including in connection with the sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guaranty) or in connection with any refinancing or restructuring of the credit arrangements provided
hereunder in the nature of a “work-out” or pursuant to any insolvency or bankruptcy cases or proceedings. 
  
 10.3. Indemnity. 
  
 (a) In addition to the payment of expenses pursuant to Section 10.2, whether or not the transactions contemplated hereby shall be
consummated, each Credit Party agrees to defend (subject to Indemnitees’ selection of counsel), indemnify, pay and hold harmless, each Agent and Lender and the officers, partners, directors, trustees, employees, agents, advisors and Affiliates
of each Agent and each Lender (each, an “Indemnitee”), from and against any and all Indemnified Liabilities; provided, no Credit Party shall have any obligation to any Indemnitee hereunder with respect to any Indemnified
Liabilities to the extent such Indemnified Liabilities arise from the gross negligence or willful misconduct of such Indemnitee. To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this Section 10.3 may be
unenforceable in whole or in part because they are violative of any law or public policy, the applicable Credit Party shall contribute the maximum portion that it is permitted to pay and 

  

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satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. 
  
 (b) To the extent permitted by applicable law, no Credit
Party shall assert, and each Credit Party hereby waives, any claim against Lenders, Agents and their respective Affiliates, directors, employees, attorneys, agents or advisors, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, arising out of, as a result of, or in
any way related to, this Agreement or any Credit Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof or
any act or omission or event occurring in connection therewith, and Holdings and the Company hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist
in its favor. 
  
 10.4. Set-Off. 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 of any Event of Default each Lender is hereby authorized by each Credit Party at any time or from time to time subject to the consent
of Administrative Agent (such consent not to be unreasonably withheld or delayed), without notice to any Credit Party or to any other Person (other than Administrative Agent), any such notice being hereby expressly waived, to set off and to
appropriate and to apply any and all deposits (general or special, including Indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts) and any other Indebtedness at any time held or owing by
such Lender to or for the credit or the account of any Credit Party against and on account of the obligations and liabilities of any Credit Party to such Lender hereunder, the Letters of Credit and participations therein and under the other Credit
Documents, including all claims of any nature or description arising out of or connected hereto, the Letters of Credit and participations therein or with any other Credit Document, irrespective of whether or not (a) such Lender shall have made any
demand hereunder or (b) the principal of or the interest on the Loans or any amounts in respect of the Letters of Credit or any other amounts due hereunder shall have become due and payable pursuant to Section 2 and although such obligations and
liabilities, or any of them, may be contingent or unmatured. 
  
 10.5. Amendments and Waivers. 
  
 (a) Requisite Lenders’ Consent. Subject to Section 10.5(b) and 10.5(c), no amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall
in any event be effective without the written concurrence of the Requisite Lenders. 
  
 (b) Affected Lenders’ Consent. Without the written consent of each Lender (other than a Defaulting Lender) that would be
directly affected thereby, no amendment, modification, termination, or consent shall be effective if the effect thereof would: 
  
 (i) extend the scheduled final maturity of any Loan or Note; 
  

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 (ii) waive, reduce or postpone any scheduled repayment (but not prepayment); 

 
 (iii) extend the stated expiration date of any Letter of
Credit beyond the Revolving Commitment Termination Date; 
  
 (iv) reduce the rate of interest on any Loan (other than any waiver of any increase in the interest rate applicable to any Loan pursuant to Section 2.10) or any fee payable hereunder or any other amount payable under
any Credit Document; 
  
 (v) reduce the amount
due and payable or extend the time for payment of any such interest or fees; 
  
 (vi) reduce the principal amount of any Loan or any reimbursement obligation in respect of any Letter of Credit; 
  
 (vii) amend, modify, terminate or waive any provision of this Section 10.5(b) or Section 10.5(c); 
  
 (viii) amend any provision of Section 2.16(c), Section 2.17
or amend the definition of “Requisite Lenders” or “Pro Rata Share”; provided, with the consent of Requisite Lenders, additional extensions of credit pursuant hereto may be included in the determination of
“Requisite Lenders” or “Pro Rata Share” on substantially the same basis as the Term Loan Commitments, the Term Loans, the Revolving Commitments and the Revolving Loans are included on the Closing Date; 

 
 (ix) release all or substantially all of the Collateral
or all or substantially all of the Guarantors from the Guaranty except as expressly provided in the Credit Documents; or 
  
 (x) consent to the assignment or transfer by any Credit Party of any of its rights and obligations under any Credit Document. 

 
 (c) Other Consents. No amendment, modification,
termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall: 
  
 (i) increase, or postpone the scheduled date of expiration of, any Revolving Commitment of any Lender over the amount thereof then in
effect without the consent of such Lender; provided, no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an increase in any Revolving Commitment of any Lender; 
  
 (ii) amend, modify, terminate or waive any provision hereof
relating to the Swing Line Sublimit or the Swing Line Loans without the consent of Swing Line Lender; 
  

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 (iii) amend the definition of “Requisite Class Lenders” without the
consent of Requisite Class Lenders of each Class; provided, with the consent of the Requisite Lenders, additional extensions of credit pursuant hereto may be included in the determination of such “Requisite Class Lenders” on
substantially the same basis as the Term Loan Commitments, the Term Loans, the Revolving Commitments and the Revolving Loans are included on the Closing Date; 
  

(iv) alter the required application of any repayments or prepayments as between Classes pursuant to Section 2.15 without the consent of
Requisite Class Lenders of each Class which is being allocated a lesser repayment or prepayment as a result thereof; provided, Requisite Lenders may waive, in whole or in part, any prepayment so long as the application, as between Classes, of
any portion of such prepayment which is still required to be made is not altered; 
  
 (v) amend, modify, terminate or waive any obligation of Lenders relating to the purchase of participations in Letters of Credit as
provided in Section 2.4(e) without the written consent of Administrative Agent and of Issuing Bank; or 
  
 (vi) amend, modify, terminate or waive any provision of Section 9 as the same applies to any Agent, or any other provision hereof as the
same applies to the rights or obligations of any Agent, in each case without the consent of such Agent. 
  
 (d) Execution of Amendments, etc. Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender,
execute amendments, modifications, waivers or consents on behalf of such Lender. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on any Credit Party
in any case shall entitle any 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 10.5 shall be binding upon
each Lender at the time outstanding, each future Lender and, if signed by a Credit Party, on such Credit Party. 
  
 10.6. Successors and Assigns; Participations. 
  
 (a) Generally. This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure
to the benefit of the parties hereto and the successors and assigns of Lenders. No Credit Party’s rights or obligations hereunder nor any interest therein may be assigned or delegated by any Credit Party without the prior written consent of all
Lenders. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby,
Affiliates of each of the Agents and Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Register. The Company, Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as
the holders and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
any such Commitment or Loan shall be effective, in each case, unless and until an Assignment Agreement effecting the assignment or transfer thereof shall
have been delivered to and accepted by Administrative Agent and recorded in the Register as provided in Section 10.6(e). Prior to such recordation, all amounts owed with respect to the applicable Commitment or Loan shall be owed to the Lender listed
in the Register as the owner thereof, and any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any
subsequent holder, assignee or transferee of the corresponding Commitments or Loans. 
  
 (c) Right to Assign. Each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and
obligations under this Agreement, including, without limitation, all or a portion of its Commitment or Loans owing to it or other Obligation (provided, however, that each such assignment shall be of a uniform, and not varying,
percentage of all rights and obligations under and in respect of any Loan and any related Commitments): 
  
 (i) to any Person meeting the criteria of clause (i) of the definition of the term of “Eligible Assignee” upon the giving of
notice to the Company and Administrative Agent; and 
  
 (ii) to any Person meeting the criteria of clause (ii) of the definition of the term of “Eligible Assignee” (except in the case of assignments made by or to GSCP as part of initial syndication), consented to by each of the Company
and Administrative Agent (such consent not to be, in the case of the Company, required at any time an Event of Default shall have occurred and then be continuing); provided, further each such assignment pursuant to this Section 10.6(c)(ii)
shall be in an aggregate amount of not less than (A) $2,500,000 (or such lesser amount as may be agreed to by the Company and Administrative Agent or as shall constitute the aggregate amount of the Revolving Commitments and Revolving Loans of the
assigning Lender) with respect to the assignment of the Revolving Commitments and Revolving Loans and (B) $500,000 (or such lesser amount as may be agreed to by the Company and Administrative Agent or as shall constitute the aggregate amount of the
Tranche B Term Loan or New Term Loans of a Series of the assigning Lender) with respect to the assignment of Term Loans. 
  
 (d) Mechanics. The assigning Lender and the assignee thereof shall execute and deliver to Administrative Agent an Assignment
Agreement, and such forms, certificates or other evidence, if any, with respect to United States federal income tax withholding matters as the assignee under such Assignment Agreement may be required to deliver to Administrative Agent pursuant to
Section 2.20(c). Notwithstanding anything to the contrary herein or in any Assignment Agreement, in the case of an assignment to a Person meeting the criteria of clause (i) of the definition of the term “Eligible Assignee” of the assigning
Lender, such assignment shall be effective between such assigning Lender and such Eligible Assignee immediately without compliance with the conditions for assignment under Sections 10.6(b) through (d), but shall not be effective with respect to any
Credit Party, Administrative Agent, any other Agent, any Issuing Bank, any Swing Line Lender or any Lender, and each Credit Party, Administrative Agent, each other Agent, each Issuing Bank, each Swing Line Lender and each Lender shall be entitled to

  

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deal solely and directly with such assigning Lender under any such assignment, in each case, until the conditions for assignment under Sections 10.6(b)
through (d) have been complied with. 
  
 (e)
Notice of Assignment. Upon its receipt of a duly executed and completed Assignment Agreement (and any forms, certificates or other evidence required by this Agreement in connection therewith), Administrative Agent shall record the information
contained in such Assignment Agreement in the Register, shall give prompt notice thereof to the Company and shall maintain a copy of such Assignment Agreement. 
  

(f) Representations and Warranties of Assignee. Each Lender, upon execution and delivery hereof or upon executing and delivering
an Assignment Agreement, as the case may be, represents and warrants as of the Closing Date or as of the applicable Effective Date (as defined in the applicable Assignment Agreement) that (i) it is an Eligible Assignee; (ii) it has experience and
expertise in the making of or investing in commitments or loans such as the applicable Commitments or Loans, as the case may be; and (iii) it will make or invest in, as the case may be, its Commitments or Loans for its own account in the ordinary
course of its business and without a view to distribution of such Commitments or Loans within the meaning of the Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of this Section
10.6, the disposition of such Revolving Commitments or Loans or any interests therein shall at all times remain within its exclusive control). 
  
 (g) Effect of Assignment. Subject to the terms and conditions of this Section 10.6, as of the “Effective Date” specified
in the applicable Assignment Agreement: (i) the assignee thereunder shall have the rights and obligations of a “Lender” hereunder to the extent such rights and obligations hereunder have been assigned to it pursuant to such Assignment
Agreement and shall thereafter be a party hereto and a “Lender” for all purposes hereof; (ii) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned thereby pursuant to such Assignment
Agreement, relinquish its rights (other than any rights which survive the termination hereof under Section 10.8) and be released from its obligations hereunder (and, in the case of an Assignment Agreement covering all or the remaining portion of an
assigning Lender’s rights and obligations hereunder, such Lender shall cease to be a party hereto; provided, anything contained in any of the Credit Documents to the contrary notwithstanding, (y) Issuing Bank shall continue to have all
rights and obligations thereof with respect to such Letters of Credit until the cancellation or expiration of such Letters of Credit and the reimbursement of any amounts drawn thereunder and (z) such assigning Lender shall continue to be entitled to
the benefit of all indemnities hereunder as specified herein with respect to matters arising out of the prior involvement of such assigning Lender as a Lender hereunder); (iii) the Commitments shall be modified to reflect the Commitment of such
assignee and any Revolving Commitment of such assigning Lender, if any; and (iv) if any such assignment occurs after the issuance of any Note hereunder, the assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter
as practicable, surrender its applicable Notes to Administrative Agent for cancellation, and thereupon the Company shall issue and deliver new Notes, if so requested by the assignee and/or assigning Lender, to such assignee and/or to such assigning
Lender, with appropriate insertions, to reflect the outstanding Loans of the assignee and/or the assigning Lender. 
  

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 (h) Participations. Each Lender shall have the right at any time to sell one or
more participations to any Person (other than Holdings, any of its Subsidiaries or any of its Affiliates) in all or any part of its Commitments, Loans or in any other Obligation. The holder of any such participation, other than an Affiliate of the
Lender granting such participation, shall not be entitled to require such Lender to take or omit to take any action hereunder except with respect to any amendment, modification or waiver that would (i) extend the final scheduled maturity of any
Loan, Note or Letter of Credit (unless such Letter of Credit is not extended beyond the Revolving Commitment Termination Date) in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon
(except in connection with a waiver of applicability of any post-default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant’s participation over the amount thereof then in effect (it
being understood that a waiver of any Default or Event of Default or of a mandatory reduction in the Commitment shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted
without the consent of any participant if the participant’s participation is not increased as a result thereof), (ii) consent to the assignment or transfer by any Credit Party of any of its rights and obligations under this Agreement or (iii)
release all or substantially all of the Collateral under the Collateral Documents (except as expressly provided in the Credit Documents) supporting the Loans hereunder in which such participant is participating. The Company agrees that each
participant shall be entitled to the benefits of Sections 2.18(c), 2.19 and 2.20 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (c) of this Section; provided, (i) a participant
shall not be entitled to receive any greater payment under Section 2.19 or 2.20 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 Company’s prior written consent and (ii) a participant that would be a Non-US Lender if it were a Lender shall not be entitled to the benefits of Section 2.20 unless the Company is notified of the participation sold
to such participant and such participant agrees, for the benefit of the Company, to comply with Section 2.20 as though it were a Lender. To the extent permitted by law, each participant also shall be entitled to the benefits of Section 10.4 as
though it were a Lender, provided such Participant agrees to be subject to Section 2.17 as though it were a Lender. 
  
 (i) Certain Other Assignments. In addition to any other assignment permitted pursuant to this Section 10.6, (i) any Lender may
assign and/or pledge all or any portion of its Loans, the other Obligations owed by or to such Lender, and its Notes, if any, to secure obligations of such Lender including, without limitation, any Federal Reserve Bank as collateral security
pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any operating circular issued by such Federal Reserve Bank and (ii) any Lender may assign and/or pledge all or any portion of its Loans, the other Obligations owned
by or to such Lender, and its Notes, if any, to secure obligations of such Lender to any holders of obligations owed, or securities issued, by such Lender as collateral security for such obligations or securities, or to any trustee for, or any other
representative of such holders; provided, no Lender, as between the Company and such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and provided, further, in no event
shall the applicable Federal Reserve Bank, pledgee or trustee be considered to be a “Lender” or be entitled to require the assigning Lender to take or omit to take any action hereunder. 
  

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 10.7. Independence of Covenants. All covenants hereunder shall be given independent effect so that
if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or
an Event of Default if such action is taken or condition exists. 
  
 10.8. Survival of Representations, Warranties and Agreements. All representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Credit Extension. Notwithstanding anything
herein or implied by law to the contrary, the agreements of each Credit Party set forth in Sections 2.18(c), 2.19, 2.20, 10.2, 10.3 and 10.4 and the agreements of Lenders set forth in Sections 2.17, 9.3(b) and 9.6 shall survive the payment of the
Loans, the cancellation or expiration of the Letters of Credit and the reimbursement of any amounts drawn thereunder, and the termination hereof. 
  
 10.9. No Waiver; Remedies Cumulative. No failure or delay on the part of any Agent or any Lender in the exercise of any power, right or privilege
hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other power, right or privilege. The rights, powers and remedies given to each Agent and each Lender hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies
existing by virtue of any statute or rule of law or in any of the other Credit Documents or any of the Hedge Agreements. Any forbearance or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any
such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or remedy. 
  
 10.10. Marshalling; Payments Set Aside. Neither any Agent nor any Lender shall be under any obligation to marshal any assets in favor of any Credit
Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any Credit Party makes a payment or payments to Administrative Agent or Lenders (or to Administrative Agent, on behalf of Lenders), or
Administrative Agent or Lenders enforce any security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent
or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable cause or otherwise (and whether as a result of any demand,
settlement, litigation or otherwise), then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full
force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred. 
  
 10.11. Severability. In case any provision in or obligation hereunder or under any Note shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
  

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 10.12. Obligations Several; Independent Nature of Lenders’ Rights. The obligations of Lenders
hereunder are several and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder. Nothing contained herein or in any other Credit Document, and no action taken by Lenders pursuant hereto or thereto, shall be
deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled to
protect and enforce its rights arising out hereof and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose. 
  
 10.13. Headings. Section headings herein are included herein for convenience of reference only and shall not
constitute a part hereof for any other purpose or be given any substantive effect. 
  
 10.14. APPLICABLE LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
(INCLUDING NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401) WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF. 
  
 10.15. CONSENT TO JURISDICTION. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY CREDIT PARTY ARISING OUT OF OR RELATING HERETO OR ANY OTHER CREDIT
DOCUMENT, OR ANY OF THE OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH CREDIT PARTY, FOR ITSELF AND IN CONNECTION WITH
ITS PROPERTIES, IRREVOCABLY (a) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (b) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (c) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH
COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE CREDIT PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 10.1; (d) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (c) ABOVE IS SUFFICIENT TO CONFER
PERSONAL JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (e) AGREES AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION. 
  
 10.16. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING HEREUNDER OR 

  

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UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/COMPANY
RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO
THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES
ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 10.16 AND
EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE
HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  
 10.17. Confidentiality. Each Lender shall hold all non-public information regarding the Company and its Subsidiaries and their businesses obtained
by such Lender pursuant to the requirements hereof in accordance with such Lender’s customary procedures for handling confidential information of such nature, it being understood and agreed by the Company that, in any event, a Lender may make
(i) disclosures of such information to Affiliates of such Lender and to such Lender’s and such Lender’s Affiliates’ directors, officers, employees, agents and advisors (and to other persons authorized by a Lender or Agent to organize,
present or disseminate such information in connection with disclosures otherwise made in accordance with this Section 10.17), (ii) disclosures of such information reasonably required by any bona fide or potential assignee, transferee or participant
in connection with the contemplated assignment, transfer or participation by such Lender of any Loans or any participations therein or by any direct or indirect contractual counterparties (or the professional advisors thereto) in Hedge Agreements
(provided, such counterparties and advisors are advised of and agree to be bound by the provisions of this Section 10.17), (iii) disclosure to any rating agency when required by it, provided that, prior to any disclosure, such rating agency
shall undertake in writing to preserve the confidentiality of any confidential information relating to the Credit Parties received by it from any of the Agents or any Lender, and (iv) disclosures required or requested by any governmental agency or
representative thereof or by the NAIC or pursuant to legal or judicial process; provided, unless specifically prohibited by applicable law or court order, each Lender shall make reasonable efforts to notify the Company of any request by any
governmental agency 

  

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	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 
or representative thereof (other than any such request in connection with any examination of the financial condition or other routine examination of such
Lender by such governmental agency) for disclosure of any such non-public information prior to disclosure of such information. 
  
 10.18. Usury Savings Clause. Notwithstanding any other provision herein, the aggregate interest rate charged with respect to any of the
Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the preceding sentence) under
this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would
have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase
provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, the Company shall pay
to Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the
intention of Lenders and the Company to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such
excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Loans made hereunder or be refunded to the Company. 
  
 10.19. Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. 
  
 10.20. Effectiveness. This Agreement shall become effective upon the execution of a counterpart hereof by each of the
parties hereto and receipt by the Company and Administrative Agent of written or telephonic notification of such execution and authorization of delivery thereof. 
  
 10.21. USA Patriot Act. Each Lender hereby notifies the Company that pursuant to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will
allow such Lender to identify the Company in accordance with such Act. 
  
 [Remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their
respective officers thereunto duly authorized as of the date first 
  

					
	 RIDDELL BELL HOLDINGS, INC., as Company

		
	 By:
	 	 /S/    TIMOTHY
BRASHER

	 	 	 Name:
	 	 Timothy Brasher

	 	 	 Title:
	 	 CFO

	
	RBG HOLDINGS CORP.
	RIDDELL SPORTS GROUP, INC.
	RIDDELL, INC.
	ALL AMERICAN SPORTS CORPORATION
	MACMARK CORPORATION
	RIDMARK CORPORATION
	PROACQ CORPORATION
	EQUILINK LICENSING LLC
	RHC LICENSING LLC
	PRO-LINE ATHLETIC EQUIPMENT, INC.
	PRO-LINE TEAM SPORTS, INC.
		
	 By:
	 	 /S/    LAWRENCE
SIMON

	 	 	 Name:
	 	 Lawrence Simon

	 	 	 Title:
	 	 
	
	BELL SPORTS, CORP.
	BELL SPORTS, INC.
	GIRO SPORT DESIGN INTERNATIONAL, INC.
	BELL POWERSPORTS, INC.
		
	 By:
	 	 /S/    TIMOTHY
BRASHER

	 	 	 Name:
	 	 Timothy Brasher

	 	 	 Title:
	 	 Vice President & Secretary

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	GOLDMAN SACHS CREDIT PARTNERS L.P., as Joint Lead Arranger, Joint Bookrunner, Sole Administrative Agent, Collateral Agent and a Lender
		
	By:	 	 /s/    R.T. Wager
	 	 	Authorized Signatory

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

					
	 WACHOVIA CAPITAL MARKETS, LLC, 
 as
Joint Lead Arranger and Joint Bookrunner,

		
	 By:
	 	 /S/    DAVID
FELTY

	 	 	 Name:
	 	 David Felty

	 	 	 Title:
	 	 Associate

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as Sole Syndication Agent, a Lender and Issuing
 Bank in respect of the Existing Letters of Credit

		
	 By:
	 	 /S/    DAVID
FELTY

	 	 	 Name:
	 	 David Felty

	 	 	 Title:
	 	 Associate

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

					
	UBS SECURITIES LLC,
	 as a Co-Documentation Agent

		
	 By:
	 	 /s/    Reto Jenal

	 	 	 Name: Reto Jenal

	 	 	 Title: Executive Director

		
	 By:
	 	 /s/    Oliver O. Trumbo II

	 	 	 Name: Oliver O. Trumbo II

	 	 	 Title: Director

	
	UBS LOAN FINANCE LLC
	 as a Lender

		
	 By:
	 	 /s/    WINIFRED V.
SALM

	 	 	 Name: Winifred V. Salm

	 	 	 Title: Director

		
	 By:
	 	 /s/    OLIVER O. TRUMBO
II

	 	 	 Name: Oliver O. Trumbo II

	 	 	 Title: Director

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

					
	LASALLE BANK NA
	 as Issuing Bank, Swing Line Lender and a Lender

		
	 By:
	 	  /s/    Henry J. Munez

	 	 	 Name: Henry J. Munez

	 	 	 Title: First Vice President

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

					
	ANTARES CAPITAL CORPORATION,
	 as a Co-Documentation Agent and a Lender

		
	 By:
	 	  /s/    Daniel B. Glickman

	 	 	 Name: Daniel B. Glickman

	 	 	 Title: Director

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

					
	GMAC COMMERCIAL FINANCE LLC,
	 as a Co-Documentation Agent and a Lender

		
	 By:
	 	  /s/    Thomas Brent

	 	 	 Name: Thomas Brent

	 	 	 Title: V.P.

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	 CITIBANK FSB,
 as a Lender

		
	By:	 	  /s/    Kristen Burke

	 	 	 Name: Kristen Burke

	 	 	 Title: Vice President

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	 NORTH FORK BUSINESS CAPITAL CORP.,
 as a Lender

		
	By:	 	  /s/    Steve Goetschivez

	 	 	 Name: Steve Goetschivez

	 	 	 Title: SVP

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	 CIT LENDING SERVICES CORPORATION,
 as a Lender

		
	By:	 	  /s/    John P. Sirico II

	 	 	 Name: John P. Sirico II

	 	 	 Title: Vice President

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	 NATIONAL CITY BANK,
 as a Lender

		
	By:	 	  /s/    Frank E. Byrne

	 	 	 Name: Frank E. Byrne

	 	 	 Title: Account Officer

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

			
	 SOVEREIGN BANK,
 as a Lender

		
	By:	 	  /s/    Daniel Grondin

	 	 	 Name: Daniel Grondin

	 	 	 Title: Senior VP

  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 APPENDIX A-1 
 TO CREDIT AND GUARANTY AGREEMENT 
  
 Tranche B Term Loan Commitments 
  

							
	 Lender

	  	Tranche B Term Loan
Commitment

	  	Pro Rata
Share

	 
	 Goldman Sachs Credit Partners L.P.
	  	$	95,500,000	  	87.1	%
	 Antares Capital Corporation
	  	$	3,500,000	  	3.0	%
	 GMAC Commercial Finance LLC
	  	$	3,500,000	  	3.0	%
	 CIT Lending Services Corporation
	  	$	2,500,000	  	2.3	%
	 National City Bank, N.A.
	  	$	2,500,000	  	2.3	%
	 North Fork Business Capital Corp.
	  	$	2,500,000	  	2.3	%
	 Total
	  	$	110,000,000	  	100	%

  

 APPENDIX A-1-1 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 APPENDIX A-2 
 TO CREDIT AND GUARANTY AGREEMENT 
  
 Revolving Commitments 
  

							
	 Lender

	  	 Revolving
 Commitment

	  	Pro Rata Share

	 
	 Goldman Sachs Credit Partners L.P.
	  	$	2,500,000	  	5.0	%
	 Wachovia Bank, National Association
	  	$	5,000,000	  	10.0	%
	 Antares Capital Corporation
	  	$	5,000,000	  	10.0	%
	 GMAC Commercial Finance LLC
	  	$	5,000,000	  	10.0	%
	 UBS Loan Finance LLC
	  	$	2,500,000	  	5.0	%
	 LaSalle Bank National Association
	  	$	5,000,000	  	10.0	%
	 North Fork Business Capital Corp.
	  	$	5,000,000	  	10.0	%
	 National City Bank, N.A.
	  	$	5,000,000	  	10.0	%
	 Sovereign Bank
	  	$	5,000,000	  	10.0	%
	 Citibank N.A.
	  	$	5,000,000	  	10.0	%
	 CIT Lending Services Corporation
	  	$	5,000,000	  	10.0	%
	 Total
	  	$	50,000,000	  	100	%

  

 APPENDIX A-2-1 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 APPENDIX B 
 TO CREDIT AND GUARANTY AGREEMENT 
  
 Notice Addresses 
  
 Riddell Bell Holdings, Inc. 
  

			
	 c/o Fenway Partners Inc.
 152 E. 57th Street, 59th Floor
 New York, NY 10019

	 Attention:
	  	     Timothy Mayhew
     Aron Schwartz

	 Telecopier:
	  	    (212) 658-9449

  
 in each case, with a copy to:

  

			
	 Ropes & Gray LLP
 One International Place
 Boston, MA 02110-2624

	 Attention:
	  	    Thomas Draper
	 Telecopier:
	  	    (617) 951-7050

  

 B-1 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 GOLDMAN SACHS CREDIT PARTNERS L.P., 
 as Joint Lead Arranger, Joint Bookrunner, 
 Administrative Agent, Collateral Agent and a Lender 
  

			
	 Goldman Sachs Credit Partners L.P.
 85 Broad Street
 New York, New York 10004

	 Attention:
	  	    Laurie Perper
	 Telecopier:
	  	    (212) 357-0932

  
 with a copy to: 
  

			
	 Latham & Watkins LLP
 885 Third Avenue
 New York, New York 10022

	 Attention:
	  	    Marcus J. Dougherty
	 Telecopier:
	  	    (212) 751-4864

  
 WACHOVIA CAPITAL MARKETS, LLC,

 as Joint Lead Arranger and Joint Bookrunner, 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION 
 as Syndication Agent and a
Lender 
  
 301 South College Street, NC0760 
 Charlotte, NC 28288 
 Attention: Louis Beasley 
 Telecopier: 704-383-6647 
  
 ANTARES CAPITAL CORPORATION 
 as a Co-Documentation Agent 
  
 311 S. Wacker Drive, Suite 4400 
 Chicago, IL 60606 
 Attention: Riddell Bell Account Manager 
 Telecopier: 312-697-3998 
  
 GMAC COMMERCIAL
FINANCE LLC 
 as a Co-Documentation Agent 
  
 500 West Madison Street, Suite 3130 
 Chicago, IL 60661 
 Attention: Thomas Brent 
 Telecopier: 312-775-6006 
  

 APPENDIX B-2 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 UBS SECURITIES LLC 
 as a Co-Documentation Agent 
 UBS LOAN FINANCE LLC 
 as a Lender 
  
 677 Washington Boulevard 
 Stamford, CT 06901 
 Attention: Denise Conzo 
 Telecopier: 203-719-3888 
  
 LASALLE BANK NATIONAL ASSOCIATION 
  
 135
S. LaSalle Street 
 Chicago, IL 60603 
 Attention: Henry Munez

 Telecopier: 312-904-6242 
  
 CITIBANK FSB 
  
 666 Fifth Avenue, 3rd Floor 
 New York, NY 10103 
 Attention: Gus Ziozis 
 Telecopier: 212-830-4905 
  
 NORTH FORK BUSINESS CAPITAL CORP. 
  
 275
Broadhollow Road 
 Melville, NY 11747 
 Attention: Ron Walker

 Telecopier: 631-501-5524 
  
 CIT LENDING SERVICES CORPORATION 
  
 1211 Avenue of the Americas 
 New York, NY 10036 
 Attention: Michael LaManes 
 Telecopier: 973-740-5721 
  
 NATIONAL CITY BANK 
  
 1900 East 9th Street 
 Locator 01-2077 
 Cleveland, OH 44114

 Attention: Frank Byrne 
 Telecopier: 216-222-0003 

 

 APPENDIX B-3 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 SOVEREIGN BANK 
  
 75 State Street 
 MA1 SST 04/10 
 Boston, MA 02109 
 Attention: Daniel Grondin 
 Telecopier: 617-346-7249 
  

 APPENDIX B-4 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 Section 1.1(b) 
  
 Existing Letters of Credit 
  

														
	 Customer

	  	 LC #

	  	 Type

	  	 Beneficiary

	  	 LC
 Amount

	  	 Issue
 Date

	  	Expiration
Date

	 Riddell Sports Group Inc
	  	SM205248	  	Standby	  	Hartford Fire Insurance Co.	  	$	285,000.00	  	10/9/2003	  	8/22/2005
	 Riddell Sports Group Inc
	  	SM203817	  	Standby	  	Hartford Fire Insurance Co.	  	$	330,000.00	  	6/24/2003	  	6/22/2005

  

 Schedule 1.1(b)-1 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTION

 Section 1.1(d) 
 Historical Financial Statements 
  
 RSG
Holdings, LLC and its Subsidiaries 
  
 Audited Financial Statements

  
 Consolidated Balance Sheet as of December 31, 2003 
 Consolidated Statement of Operations for the period from June 25, 2003 to 
 December 31, 2003 
 Consolidated Statement of Member’s Equity for the period from June 25, 2003 to December 31, 2003 
 Consolidated Statement of Cash Flows for the period from June 25, 2003 to December 31, 2003 
 Notes to Consolidated Financial Statements 
  
 Unaudited Financial Statements 
  
 Condensed Consolidated Balance
Sheet as of June 30, 2004 
 Condensed Consolidated Statement of Operations for the six months ended June 30, 2004 
 Condensed Consolidated Statement of Member’s Equity for the six months ended June 30, 2004 
 Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2004 
 Notes to Consolidated Financial
Statements 
  
 Riddell Sports Group, Inc. and its Subsidiaries 

 
 Audited Financial Statements 
  
 Consolidated Balance Sheet as of June 25, 2003 
 Consolidated Statement of Operations for the period from January 1, 2003 to June 25, 2003 
 Consolidated Statement of Stockholders’ Equity for the period from January 1, 2003 to June 25, 2003 
 Consolidated
Statement of Cash Flows for the period from January 1, 2003 to June 25, 2003 
 Notes to Consolidated Financial Statements 
 Consolidated Balance Sheets as of December 31, 2002 and 2001 
 Consolidated
Statements of Operations for the year ended December 31, 2002 and for the period from June 22, 2001 to December 31, 2001 
 Consolidated Statements of
Stockholders’ Equity for the year ended December 31, 2002 and for the period from June 22, 2001 to December 31, 2001 
 Consolidated Statements of Cash
Flows for the year ended December 31, 2002 and for the period from June 22, 2001 to December 31, 2001 
 Notes to Consolidated Financial Statements

  
 Bell Sports Corp. and Subsidiaries 
  
 Audited and Unaudited Financial Statements 
  
 Consolidated Balance Sheets as of January 3, 2004, June 28, 2003, June 29, 2002, and July 3,
2004 
 Consolidated Statements of Operations for the six months ended January 3, 2004, the fiscal years ended June 28, 2003, June 29, 2002 and June 30, 2001
and the six months ended 
 December 28, 2002, January 3, 2004 and July 3, 2004 
 Consolidated Statements of Stockholders’ Deficit for the six months ended January 3, 2004, the fiscal years ended June 28, 2003, June 29, 2002 and June 30, 2001 and the six months ended December 28, 2002, January
3, 2004, July 3, 2004 
 Consolidated Statements of Cash Flows for the six months ended January 3, 2004, the fiscal years ended June 28, 2003, June 29, 2002
and June 30, 2001 and the six months ended 
 December 28, 2002, January 3, 2004, July 3, 2004 
 Notes to Consolidated Financial Statements 
  

 Schedule 1.1(b)-1 
  

			
	CREDIT AND GUARANTY AGREEMENT	  	EXECUTIONPledge and Security Agreement

 EXHIBIT 10.2 
  
 PLEDGE AND SECURITY AGREEMENT 
  
 dated as of September 30, 2004 
  
 between 
  
 EACH OF THE GRANTORS PARTY HERETO 
  
 and 
  
 GOLDMAN SACHS
CREDIT PARTNERS L.P., 
  
 as the Collateral Agent

  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	PAGE

	 SECTION 1. DEFINITIONS; GRANT OF SECURITY
	  	1
	 1.1
	  	 General Definitions
	  	1
	 1.2
	  	 Definitions; Interpretation
	  	8
		
	 SECTION 2. GRANT OF SECURITY
	  	8
	 2.1
	  	 Grant of Security
	  	8
	 2.2
	  	 Certain Limited Exclusions
	  	9
		
	 SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE
	  	9
	 3.1
	  	 Security for Obligations
	  	9
	 3.2
	  	 Continuing Liability Under Collateral
	  	10
		
	 SECTION 4. REPRESENTATIONS AND WARRANTIES AND COVENANTS
	  	10
	 4.1
	  	 Generally
	  	10
	 4.2
	  	 Equipment and Inventory
	  	13
	 4.3
	  	 Receivables
	  	14
	 4.4
	  	 Investment Related Property
	  	16
	 4.5
	  	 [Reserved]
	  	22
	 4.6
	  	 Letter of Credit Rights
	  	22
	 4.7
	  	 Intellectual Property
	  	23
	 4.8
	  	 Commercial Tort Claims
	  	26
		
	 SECTION 5. ACCESS; RIGHT OF INSPECTION AND FURTHER ASSURANCES; ADDITIONAL GRANTORS
	  	27
	 5.1
	  	 Further Assurances
	  	27
	 5.2
	  	 Additional Grantors
	  	27
		
	 SECTION 6. COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT
	  	28
	 6.1
	  	 Power of Attorney
	  	28
	 6.2
	  	 No Duty on the Part of Collateral Agent or Secured Parties
	  	29
		
	 SECTION 7. REMEDIES
	  	29
	 7.1
	  	 Generally
	  	29
	 7.2
	  	 Application of Proceeds
	  	30
	 7.3
	  	 Sales on Credit
	  	31
	 7.4
	  	 Deposit Accounts
	  	31
	 7.5
	  	 Investment Related Property
	  	31
	 7.6
	  	 Intellectual Property
	  	32
	 7.7
	  	 Cash Proceeds
	  	33
		
	 SECTION 8. COLLATERAL AGENT
	  	33
		
	 SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS
	  	34
		
	 SECTION 10. STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM
	  	34
		
	 SECTION 11. MISCELLANEOUS
	  	35

  

 i 

 SCHEDULE 4.1 — GENERAL INFORMATION 
  
 SCHEDULE 4.2 — LOCATION OF EQUIPMENT AND INVENTORY 
  
 SCHEDULE 4.4 — INVESTMENT RELATED PROPERTY 
  
 SCHEDULE 4.6 — DESCRIPTION OF LETTERS OF CREDIT 
  
 SCHEDULE 4.7 — INTELLECTUAL PROPERTY - EXCEPTIONS 
  
 EXHIBIT A — PLEDGE SUPPLEMENT 
  
 EXHIBIT B — UNCERTIFICATED SECURITIES CONTROL AGREEMENT 
  
 EXHIBIT C — SECURITIES ACCOUNT CONTROL AGREEMENT 
  
 EXHIBIT D — DEPOSIT ACCOUNT CONTROL AGREEMENT 
  

 ii 

 This PLEDGE AND SECURITY AGREEMENT, dated as of September 30, 2004 (this
“Agreement”), between EACH OF THE UNDERSIGNED, whether as an original signatory hereto or as an Additional Grantor (as herein defined) (each, a “Grantor”), and Goldman Sachs Credit Partners L.P., as
collateral agent for the Secured Parties (as herein defined) (together with its permitted successors in such capacity, the “Collateral Agent”). 
  

RECITALS: 
  
 WHEREAS, reference is made to that certain Credit and Guaranty Agreement, dated as of the date hereof (as it may be amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), by and among RIDDELL BELL HOLDINGS, INC., a Delaware corporation (the “Company”), RBG HOLDINGS CORP., a Delaware corporation
(“Holdings”), CERTAIN SUBSIDIARIES OF RIDDELL BELL HOLDINGS, INC., as Guarantors, the Lenders party hereto from time to time, GOLDMAN SACHS CREDIT PARTNERS L.P. (“GSCP”), as Joint Lead Arranger, Joint
Book Runner, Administrative Agent (together with its permitted successors in such capacity, “Administrative Agent”) and as Collateral Agent (together with its permitted successors in such capacity, “Collateral
Agent”), WACHOVIA CAPITAL MARKETS, LLC (“Wachovia Securities”), as a Joint Lead Arranger and Joint Bookrunner, WACHOVIA BANK, NATIONAL ASSOCIATION (“WBNA”), as Sole Syndication Agent (in such
capacity, “Syndication Agent”), and ANTARES CAPITAL CORPORATION (“Antares”), as a Co-Documentation Agent, GMAC COMMERCIAL FINANCE LLC (“GMAC”), as a
Co-Documentation Agent and UBS SECURITIES LLC (“UBSS”), as a Co-Documentation Agent (each, in such capacity, a “Co-Documentation Agent”). 
  
 WHEREAS, subject to the terms and conditions of the Credit Agreement,
certain Grantors may enter into one or more Hedge Agreements with one or more Lender Counterparties; 
  
 WHEREAS, in consideration of the extensions of credit and other accommodations of Lenders and Lender Counterparties as set forth in the Credit
Agreement and the Hedge Agreements, respectively, each Grantor has agreed to secure such Grantor’s obligations under the Credit Documents and the Hedge Agreements as set forth herein; and 
  
 NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, each Grantor and the Collateral Agent agree as follows: 
  
 SECTION 1. DEFINITIONS; GRANT OF SECURITY. 
  
 1.1 General Definitions. In this Agreement, the following terms shall have the following meanings: 
  
 “Account Debtor” shall mean each Person who is obligated on a Receivable or any Supporting Obligation related thereto.

  
 “Accounts” shall mean all
“accounts” as defined in Article 9 of the UCC, including Health-Care Insurance Receivables. 
  
 “Additional Grantors” shall have the meaning assigned in Section 5.2. 
  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 “Agreement” shall have the meaning set forth in the preamble.

  
 “Assigned Agreements” shall
mean all agreements and contracts to which such Grantor is a party as of the date hereof, or to which such Grantor becomes a party after the date hereof, including, without limitation, each Material Contract, as each such agreement may be amended,
supplemented or otherwise modified from time to time. 
  
 “Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or any successor statute. 
  
 “Cash Proceeds” shall have the meaning assigned in Section 7.7. 
  
 “Chattel Paper” shall mean all
“chattel paper” as defined in Article 9 of the UCC, including, without limitation, “electronic chattel paper” or “tangible chattel paper”, as each term is defined in Article 9 of the UCC. 
  
 “Collateral” shall have the meaning
assigned in Section 2.1. 
  
 “Collateral
Account” shall mean any account established by the Collateral Agent. 
  
 “Collateral Agent” shall have the meaning set forth in the preamble. 
  
 “Collateral Records” shall mean books, records, ledger cards, files, correspondence, customer lists, blueprints,
technical specifications, manuals, computer software, computer printouts, tapes, disks and related data processing software and similar items that at any time evidence or contain information relating to any of the Collateral or are otherwise
necessary or helpful in the collection thereof or realization thereupon. 
  
 “Collateral Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Collateral and shall include any security agreement or other agreement granting a lien
or security interest in such real or personal property. 
  
 “Commercial Tort Claims” shall mean all “commercial tort claims” as defined in Article 9 of the UCC asserted by any Grantor, including, without limitation, all commercial tort claims listed
on Schedule 4.8 (as such schedule may be amended or supplemented from time to time). 
  
 “Commodities Accounts” (i) shall mean all “commodity accounts” as defined in Article 9 of the UCC and (ii)
shall include, without limitation, all of the accounts listed on Schedule 4.4 under the heading “Commodities Accounts” (as such schedule may be amended or supplemented from time to time). 
  
 “Company” shall have the meaning set forth
in the preamble. 
  
 “Controlled Foreign
Corporation” shall mean “controlled foreign corporation” as defined in the Tax Code. 
  
 “Copyright Licenses” shall mean any and all agreements providing for the granting of any right in or to Copyrights
(whether such Grantor is licensee or licensor thereunder) 

  

 2 
  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
including, without limitation, each agreement referred to in Schedule 4.7(B) (as such schedule may be amended or supplemented from time to time). 

 
 “Copyrights” shall mean all United
States, and foreign copyrights (including Community designs), including but not limited to copyrights in software and databases, and all Mask Works (as defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered, and,
with respect to any and all of the foregoing: (i) all registrations and applications therefor including, without limitation, the registrations and applications referred to in Schedule 4.7(A) (as such schedule may be amended or supplemented from time
to time), (ii) all extensions and renewals thereof, (iii) all rights corresponding thereto throughout the world, (iv) all rights to sue for past, present and future infringements thereof, and (v) all Proceeds of the foregoing, including, without
limitation, licenses, royalties, income, payments, claims, damages and proceeds of suit. 
  
 “Credit Agreement” shall have the meaning set forth in the recitals. 
  
 “Deposit Accounts” (i) shall mean all
“deposit accounts” as defined in Article 9 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4 under the heading “Deposit Accounts” (as such schedule may be amended or supplemented
from time to time). 
  
 “Documents” shall mean all “documents” as defined in Article 9 of the UCC. 
  
 “Equipment” shall mean: (i) all “equipment” as defined in Article 9 of the UCC, (ii) all machinery,
manufacturing equipment, data processing equipment, computers, office equipment, furnishings, furniture, appliances, fixtures and tools (in each case, regardless of whether characterized as equipment under the UCC) and (iii) all accessions or
additions thereto, all parts thereof, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements therefor, wherever located, now or hereafter existing, including any fixtures. 

 
 “General Intangibles” (i) shall mean all
“general intangibles” as defined in Article 9 of the UCC, including “payment intangibles” also as defined in Article 9 of the UCC and (ii) shall include, without limitation, all interest rate or currency protection or hedging
arrangements, all tax refunds, all licenses, permits, concessions and authorizations, all Assigned Agreements and all Intellectual Property (in each case, regardless of whether characterized as general intangibles under the UCC). 
  
 “Goods” (i) shall mean all
“goods” as defined in Article 9 of the UCC and (ii) shall include, without limitation, all Inventory and Equipment (in each case, regardless of whether characterized as goods under the UCC). 
  
 “Grantors” shall have the meaning set forth
in the preamble. 
  
 “Health-Care
Insurance Receivable” shall mean all “health-care-insurance receivable” as defined in Article 9 of the UCC. 
  
 “Instruments” shall mean all “instruments” as defined in Article 9 of the UCC. 
  

 3 
  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 “Insurance” shall mean (i) all insurance policies covering any or all of
the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies. 
  
 “Intellectual Property” shall mean, collectively, the Copyrights, the Copyright Licenses, the Patents, the Patent
Licenses, the Trademarks, the Trademark Licenses, the Trade Secrets, and the Trade Secret Licenses. 
  
 “Inventory” shall mean (i) all “inventory” as defined in Article 9 of the UCC and (ii) all goods held for sale
or lease or to be furnished under contracts of service or so leased or furnished, all raw materials, work in process, finished goods, and materials used or consumed in the manufacture, packing, shipping, advertising, selling, leasing, furnishing or
production of such inventory or otherwise used or consumed in any Grantor’s business; all goods in which any Grantor has an interest in mass or a joint or other interest or right of any kind; and all goods which are returned to or repossessed
by any Grantor, all computer programs embedded in any goods and all accessions thereto and products thereof (in each case, regardless of whether characterized as inventory under the UCC). 
  
 “Investment Accounts” shall mean the
Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts. 
  
 “Investment Related Property” shall mean: (i) all “investment property” (as such term is defined in Article 9
of the UCC) and (ii) all of the following (regardless of whether classified as investment property under the UCC): all Pledged Equity Interests, Pledged Debt, the Investment Accounts and certificates of deposit. 
  
 “Lender” shall have the meaning set forth
in the recitals. 
  
 “Lender
Counterparty” shall mean each Lender or any Affiliate of a Lender counterparty to a Hedge Agreement including, without limitation, each such Affiliate that enters into a joinder agreement with the Collateral Agent. 
  
 “Letter of Credit Right” shall mean
“letter-of-credit right” as defined in Article 9 of the UCC. 
  
 “Lien” shall mean (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other
title retention agreement, and any lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing and (ii) in the case of Pledged Equity Interests, any purchase option, call
or similar right of a third party with respect to such Pledged Equity Interests. 
  
 “Material Receivables” is defined in Section 4.3(iii) hereof. 
  
 “Money” shall mean “money” as
defined in the UCC. 
  
 “Patent
Licenses” shall mean all agreements providing for the granting of any right in or to Patents (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.7(D) (as such
schedule may be amended or supplemented from time to time). 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 “Patents” shall mean all United States and foreign patents and
certificates of invention, or similar industrial property rights, and applications for any of the foregoing, including, but not limited to: (i) each patent and patent application referred to in Schedule 4.7(C) hereto (as such schedule may be amended
or supplemented from time to time), (ii) all reissues, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (ii) all rights corresponding thereto throughout the world, (ii) all inventions and
improvements described therein, (iv) all rights to sue for past, present and future infringements thereof, (v) all licenses, claims, damages, and proceeds of suit arising therefrom, and (v) all Proceeds of the foregoing, including, without
limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
  
 “Permitted Sale” shall mean those sales, transfers or assignments permitted by the Credit Agreement. 
  
 “Pledge Supplement” shall mean any
supplement to this agreement in substantially the form of Exhibit A. 
  
 “Pledged Debt” shall mean all Indebtedness owed to such Grantor, including, without limitation, all Indebtedness described on Schedule 4.4(A) under the heading “Pledged Debt” (as such
schedule may be amended or supplemented from time to time), issued by the obligors named therein, the instruments evidencing such Indebtedness, and all interest, cash, instruments and other property or proceeds from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of such Indebtedness. 
  
 “Pledged Equity Interests” shall mean all Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged
Trust Interests. 
  
 “Pledged LLC
Interests” shall mean all interests in any limited liability company including, without limitation, all limited liability company interests listed on Schedule 4.4(A) under the heading “Pledged LLC Interests” (as such schedule may
be amended or supplemented from time to time) and the certificates, if any, representing such limited liability company interests and any interest of such Grantor on the books and records of such limited liability company or on the books and records
of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such limited liability company interests. 
  
 “Pledged Partnership Interests” shall mean all interests in any general partnership, limited partnership, limited
liability partnership or other partnership including, without limitation, all partnership interests listed on Schedule 4.4(A) under the heading “Pledged Partnership Interests” (as such schedule may be amended or supplemented from time to
time) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership or on the books and records of any securities intermediary pertaining to such interest and all
dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such partnership
interests. 
  
 “Pledged Stock”
shall mean all shares of capital stock owned by such Grantor, including, without limitation, all shares of capital stock described on Schedule 4.4(A) under the heading “Pledged Stock” (as such schedule may be amended or supplemented from
time to time), 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
and the certificates, if any, representing such shares and any interest of such Grantor in the entries on the books of the issuer of such shares or on the
books of any securities intermediary pertaining to such shares, and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of such shares. 
  
 “Pledged Trust Interests” shall mean all interests in a Delaware business trust or other trust including, without limitation, all trust interests listed on Schedule 4.4(A) under the heading
“Pledged Trust Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such trust interests and any interest of such Grantor on the books and records of such trust or on the
books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of such trust interests. 
  
 “Proceeds” shall mean: (i) all “proceeds” as defined in Article 9 of the UCC, (ii) payments or distributions
made with respect to any Investment Related Property and (iii) whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary. 

 
 “Quarterly Reporting Date” shall mean
the date on which quarterly financial statements are delivered by the Company pursuant to Section 5.1(b) of the Credit Agreement. 
  
 “Receivables” shall mean all rights to payment, whether or not earned by performance, for goods or other property sold,
leased, licensed, assigned or otherwise disposed of, or services rendered or to be rendered, including, without limitation all such rights constituting or evidenced by any Account, Chattel Paper, Instrument, General Intangible or Investment Related
Property, together with all of Grantor’s rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Receivables Records. 
  
 “Receivables Records” shall mean (i) all
original copies of all documents, instruments or other writings or electronic records or other Records evidencing the Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers
relating to Receivables, including, without limitation, all tapes, cards, computer tapes, computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the
control of Grantor or any computer bureau or agent from time to time acting for Grantor or otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments,
supplements or other modifications thereto, notices to other creditors or secured parties, and certificates, acknowledgments, or other writings, including, without limitation, lien search reports, from filing or other registration officers, (iv) all
credit information, reports and memoranda relating thereto and (v) all other written or nonwritten forms of information related in any way to the foregoing or any Receivable. 
  
 “Record” shall have the meaning specified in Article 9 of the UCC. 
  
 “Secured Obligations” shall have the
meaning assigned in Section 3.1. 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 “Secured Parties” shall mean the Lenders, the Agents and the Lender
Counterparties and shall include, without limitation, all former Lenders, Agents and Lender Counterparties to the extent that any Obligations owing to such Persons were incurred while such Persons were Lenders, Agents or Lender Counterparties and
such Obligations have not been paid or satisfied in full. 
  
 “Securities” shall mean any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options,
warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or
participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 
  
 “Securities Accounts” (i) shall mean all “securities accounts” as defined in
Article 8 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4(A) under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time). 
  
 “Supporting Obligation” shall mean all
“supporting obligations” as defined in Article 9 of the UCC. 
  
 “Tax Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to time. 
  
 “Trademark Licenses” shall mean any and all agreements providing for the granting of any right in or to Trademarks
(whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.7(F) (as such schedule may be amended or supplemented from time to time). 
  
 “Trademarks” shall mean all United States,
and foreign trademarks, trade names, corporate names, company names, business names, fictitious business names, Internet domain names, service marks, certification marks, collective marks, logos, other source or business identifiers, designs and
general intangibles of a like nature, all registrations and applications for any of the foregoing including, but not limited to: (i) the registrations and applications referred to in Schedule 4.7(E) (as such schedule may be amended or supplemented
from time to time), (ii) all extensions or renewals of any of the foregoing, (iii) all of the goodwill of the business connected with the use of and symbolized by the foregoing, (iv) the right to sue for past, present and future infringement or
dilution of any of the foregoing or for any injury to goodwill, and (v) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
  
 “Trade Secret Licenses” shall mean any and
all agreements providing for the granting of any right in or to Trade Secrets (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.7(G) (as such schedule may be amended or
supplemented from time to time). 
  
 “Trade Secrets” shall mean all trade secrets and all other confidential or proprietary information and know-how whether or not such Trade Secret has been reduced to a writing or other tangible form, including all documents
and things embodying, incorporating, or referring in any way to such Trade Secret, including but not limited to: (i) the right to sue for 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
past, present and future misappropriation or other violation of any Trade Secret, and (ii) all Proceeds of the foregoing, including, without limitation,
licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
  
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York or, when the context implies, the Uniform Commercial Code as in effect from time to time in any
other applicable jurisdiction. 
  
 “United States” shall mean the United States of America. 
  
 1.2 Definitions; Interpretation. All capitalized terms used herein (including the preamble and recitals hereto) and not otherwise defined herein shall have the meanings ascribed thereto in the
Credit Agreement or, if not defined therein, in the UCC. References to “Sections,” “Exhibits” and “Schedules” shall be to Sections, Exhibits and Schedules, as the case may be, of this Agreement unless otherwise
specifically provided. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. Any of the terms defined
herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. The use herein of the word “include” or “including”, when following any general statement, term or matter,
shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such as “without limitation” or
“but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. If
any conflict or inconsistency exists between this Agreement and the Credit Agreement, the Credit Agreement shall govern. To the extent any Grantor is permitted to dispose of the Collateral under the Credit Agreement, no notice or consent shall be
required hereunder. All references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of the UCC. 
  
 SECTION 2. GRANT OF SECURITY. 
  
 2.1 Grant of Security. Each Grantor hereby grants to the Collateral Agent a security interest in and continuing lien on all of such
Grantor’s right, title and interest in, to and under all personal property of such Grantor including, but not limited to the following, in each case whether now owned or existing or hereafter acquired or arising and wherever located (all of
which being hereinafter collectively referred to as the “Collateral”): 
  
 (a) Accounts; 
  
 (b) Chattel Paper; 
  
 (c) Documents; 
  
 (d) General Intangibles; 
  
 (e) Goods; 
  
 (f) Instruments; 
  
 (g) Insurance; 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 (h) Intellectual Property; 
  
 (i) Investment Related Property; 
  
 (j) Letter of Credit Rights; 
  
 (k) Money; 
  
 (l) Receivables and Receivable Records; 
  
 (m) Commercial Tort Claims to the extent listed in Schedule 4.8 hereto (as such schedule may be amended, supplemented or modified from
time to time); 
  
 (n) to the extent not
otherwise included above, all Collateral Records, Collateral Support and Supporting Obligations relating to any of the foregoing; and 
  
 (o) to the extent not otherwise included above, all Proceeds, products, accessions, rents and profits of or in respect of any of the
foregoing. 
  
 2.2 Certain Limited
Exclusions. Notwithstanding anything herein to the contrary, in no event shall the security interest granted under Section 2.1 hereof attach to (a) any lease, license, contract, property rights or agreement to which any Grantor is a party
or any of its rights or interests thereunder if and for so long as the grant of such security interest shall constitute or result in (i) the abandonment, invalidation or unenforceability of any right, title or interest of any Grantor therein or (ii)
in a breach or termination pursuant to the terms of, or a default under, any such lease, license, contract property rights or agreement (other than to the extent that any such term is rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or
9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity), provided however that such security interest shall attach immediately at
such time as the condition causing such abandonment, invalidation or unenforceability shall be remedied and to the extent severable, shall attach immediately to any portion of such Lease, license, contract, property rights or agreement that does not
result in any of the consequences specified in (i) or (ii) above; or (b) in any of the outstanding capital stock of a Controlled Foreign Corporation in excess of 65% of the voting power of all classes of capital stock of such Controlled Foreign
Corporation entitled to vote; provided that immediately upon the amendment of the Tax Code to allow the pledge of a greater percentage of the voting power of capital stock in a Controlled Foreign Corporation without resulting in repatriation of
earnings, the Collateral shall include, and the security interest granted by each Grantor shall attach to, such greater percentage of capital stock of each Controlled Foreign Corporation. 
  
 SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE. 
  
 3.1 Security for Obligations. This Agreement secures, and the Collateral is collateral security for,
the prompt and complete payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)), of all Obligations with respect to every Grantor (the “Secured Obligations”). 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 3.2 Continuing Liability Under Collateral. Notwithstanding anything herein to the
contrary, (i) each Grantor shall remain liable for all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Collateral Agent or any Secured Party, (ii) each Grantor shall remain liable
under each of the agreements included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform all of the obligations undertaken by it thereunder all in
accordance with and pursuant to the terms and provisions thereof and neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other
document related thereto nor shall the Collateral Agent nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take any action to collect or enforce any
rights under any agreement included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, and (iii) the exercise by the Collateral Agent of any of its rights hereunder
shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral. 
  
 SECTION 4. REPRESENTATIONS AND WARRANTIES AND COVENANTS. 
  
 4.1 Generally.  
  
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on each Quarterly
Reporting Date, that: 
  
 (i) it owns the
Collateral purported to be owned by it or otherwise has the rights it purports to have in each item of Collateral free and clear of any and all Liens, rights or claims of all other Persons, including, without limitation, liens arising as a result of
such Grantor becoming bound (as a result of merger or otherwise) as debtor under a security agreement entered into by another Person, other than Permitted Liens; 
  
 (ii) it has indicated on Schedule 4.1(A)(as such schedule may be amended or supplemented from time to time):
(w) the type of organization of such Grantor, (x) the jurisdiction of organization of such Grantor, (y) its organizational identification number, if any and (z) the jurisdiction where the chief executive office or its sole place of business is (or
the principal residence if such Grantor is a natural person), and for the one-year period preceding the date hereof has been, located; 
  
 (iii) the full legal name of such Grantor is as set forth on Schedule 4.1(A) and it has not done in the five (5) years prior to the
Closing Date, business under any other name except for those names set forth on Schedule 4.1(B) (as such schedule may be amended or supplemented from time to time); 
  
 (iv) except as provided on Schedule 4.1(C), it has not changed its name, jurisdiction of organization, chief
executive office or sole place of business (or principal residence if such Grantor is a natural person) or its corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) within the five (5) years prior to
the Closing Date; 
  
 (v) it has not within the
five (5) years prior to the Closing Date become bound (whether as a result of merger or otherwise) as debtor under a security agreement entered into by another Person, which has not heretofore been terminated 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
other than the agreements identified on Schedule 4.1(D) hereof (as such schedule may be amended or supplemented from time to time); 
  
 (vi) (u) upon the filing of all UCC financing statements
naming each Grantor as “debtor” and the Collateral Agent as “secured party” and describing the Collateral in the filing offices set forth opposite such Grantor’s name on Schedule 4.01(E) hereof (as such schedule may be
amended or supplemented from time to time) and other filings delivered by each Grantor, (v) upon delivery of all Instruments, Chattel Paper and certificated Pledged Equity Interests and Pledged Debt, (w) upon sufficient identification of Commercial
Tort Claims, (x) upon execution of a control agreement establishing the Collateral Agent’s “control” (within the meaning of Section 9-806, 9-106 or 9-104 of the UCC, as applicable) with respect to any Investment Account, (y) upon
consent of the issuer with respect to Letter of Credit Rights, and (z) upon recordation of the security interests granted hereunder in Patents, Trademarks and Copyrights in the applicable intellectual property registries, including but not limited
to the United States Patent and Trademark Office and the United States Copyright Office, the security interests granted to the Collateral Agent hereunder constitute valid and perfected first priority Liens (subject in the case of priority only to
Permitted Liens and the rights of the United States government (including any agency or department thereof) with respect to United States government Receivables) on all of the Collateral; 
  
 (vii) [reserved] 
  
 (viii) other than the financing statements filed in favor of
the Collateral Agent, no effective UCC financing statement, fixture filing or other instrument similar in effect under any applicable law covering all or any part of the Collateral is on file in any filing or recording office except for (x)
financing statements for which proper termination statements have been delivered to the Collateral Agent for filing and (y) financing statements filed in connection with Permitted Liens; 
  
 (ix) no authorization, approval or other action by, and no notice to or filing with, any Governmental
Authority or regulatory body is required for either (i) the pledge or grant by any Grantor of the Liens purported to be created in favor of the Collateral Agent hereunder or (ii) the exercise by Collateral Agent of any rights or remedies in respect
of any Collateral (whether specifically granted or created hereunder or created or provided for by applicable law), except (A) for the filings contemplated by clause (vii) above and (B) as may be required, in connection with the disposition of any
Investment Related Property, by laws generally affecting the offering and sale of Securities; 
  
 (x) all information supplied by any Grantor with respect to any of the Collateral (in each case taken as a whole with respect to any
particular Collateral) is accurate and complete in all material respects; 
  
 (xi) none of the Collateral constitutes, or is the Proceeds of, “farm products” (as defined in the UCC); 
  
 (xii) it does not own any “as extracted collateral” (as defined in the UCC) or any timber to be cut; and 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 (xiii) Such Grantor has been duly organized as an entity of the type as set forth
opposite such Grantor’s name on Schedule 4.1(A) solely under the laws of the jurisdiction as set forth opposite such Grantor’s name on Schedule 4.1(A) and remains duly existing as such. Such Grantor has not filed any certificates of
domestication, transfer or continuance in any other jurisdiction. 
  
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that: 
  
 (i) except for the security interest created by this Agreement, it shall not create or suffer to exist any Lien upon or with respect to
any of the Collateral, except Permitted Liens, and such Grantor shall defend the Collateral against all Persons at any time claiming any interest therein; 
  
 (ii) it shall not produce, use or permit any Collateral to be used in violation of any provision of this Agreement or in any material
respect unlawfully or in violation of any applicable statute, regulation or ordinance or any policy of insurance covering the Collateral; 
  
 (iii) it shall not change such Grantor’s name, identity, corporate structure (e.g., by merger, consolidation, change in corporate
form or otherwise) sole place of business (or principal residence if such Grantor is a natural person), chief executive office, type of organization or jurisdiction of organization or unless it shall have (a) notified the Collateral Agent in
writing, by executing and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, at least fifteen (15) days prior to any such
change or establishment (unless the Collateral Agent consents to a shorter period or notice after the fact), identifying such new proposed name, identity, corporate structure, sole place of business (or principal residence if such Grantor is a
natural person), chief executive office, jurisdiction of organization and providing such other information in connection therewith as the Collateral Agent may reasonably request and (b) taken all actions reasonably requested by the Collateral Agent
to maintain the continuous validity, perfection and the same or better priority of the Collateral Agent’s security interest in the Collateral intended to be granted and agreed to hereby; 
  
 (iv) if the Collateral Agent or any Secured Party gives
value to enable Grantor to acquire rights in or the use of any Collateral, it shall use such value for such purposes and such Grantor further agrees that repayment of any Obligation shall apply on a “first-in, first-out” basis so that the
portion of the value used to acquire rights in any Collateral shall be paid in the chronological order such Grantor acquired rights therein; 
  
 (v) it shall not take or permit any action which could impair the Collateral Agent’s rights in the Collateral other than Permitted
Sales and the granting of Permitted Liens; and 
  
 (vi) it shall not sell, transfer or assign (by operation of law or otherwise) any Collateral except as Permitted Sales and the granting of Permitted Liens. 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 4.2 Equipment and Inventory. 
  
 (a) Representations and Warranties. Each Grantor represents and warrants, on the Closing Date and on
each Quarterly Reporting Date, that: 
  
 (i)
substantially all material Equipment and Inventory included in the Collateral was kept for five (5) years prior to the Closing Date only at one or more of the locations specified in Schedule 4.2 (as such schedule may be amended or supplemented from
time to time) or in the possession of salesmen, processors or repairmen in transit or in the ordinary course of business; and 
 (ii) any Goods now or hereafter produced by any Grantor included in the Collateral have been and will be produced in compliance with the requirements of the Fair Labor Standards Act of 1938, as amended. 
  
 (b) Covenants and Agreements. Each Grantor covenants
and agrees that: 
  
 (i) it shall notify the
Collateral Agent in writing, contemporaneously with the delivery of the annual financial statements under Section 5.1(c) of the Credit Agreement and at such other times as the Collateral Agent may reasonably request by executing and delivering to
the Collateral Agent the annual collateral verification required by Section 5.1(o) of the Credit Agreement or an amendment or supplement to Schedule 4.2, as applicable, of any change in location of where it keeps the Equipment, Inventory and any
Document evidencing any Equipment and Inventory, identifying such new locations and providing such other information in connection therewith as the Collateral Agent may reasonably request and (b) take all actions necessary to maintain the continuous
validity, perfection and the same or better priority of the Collateral Agent’s security interest in the Collateral intended to be granted and agreed to hereby, or to enable the Collateral Agent to exercise and enforce its rights and remedies
hereunder, with respect to such Equipment and Inventory; 
  
 (ii) it shall keep correct and accurate records of the Inventory, as is customarily maintained under similar circumstances by Persons of established reputation engaged in similar business, and in any event in
conformity with GAAP; 
  
 (iii) it shall not
deliver any Document evidencing any Equipment and Inventory to any Person other than the issuer of such Document to claim the Goods evidenced therefor or the Collateral Agent; 
  
 (iv) if any Equipment or Inventory with a value in excess of $300,000 individually or $2,500,000 in the
aggregate is in possession or control of any third party for a period of more than 30 days, each Grantor shall notify the Collateral Agent thereof no later than the next Quarterly Reporting Date and thereafter, upon reasonable request by the
Collateral Agent, each Grantor shall join with the Collateral Agent in notifying the third party of the Collateral Agent’s security interest and obtaining an acknowledgment from the third party that it is holding the Equipment and Inventory for
the benefit of the collateral Agent; 
  
 (v) with
respect to any item of Equipment in excess of $300,000 individually or $2,500,000 in the aggregate which is covered by a certificate of title under a statute of any jurisdiction under the law of which indication of a security interest on such
certificate is required as a condition of perfection thereof, upon the reasonable request of the Collateral Agent, (A) provide information with respect to any such 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
Equipment, (B) execute and file with the registrar of motor vehicles or other appropriate authority in such jurisdiction an application or other document
requesting the notation or other indication of the security interest created hereunder on such certificate of title, and (C) deliver to the Collateral Agent copies of all such applications or other documents filed during such calendar quarter and
copies of all such certificates of title issued during such calendar quarter indicating the security interest created hereunder in the items of Equipment covered thereby; and 
  
 (vi) it shall notify the Collateral Agent no later than the next Quarterly Reporting Date of any Inventory
or Equipment in excess of $300,000 individually or $2,500,000 in the aggregate coming in the possession of an issuer of a negotiable document (as defined in Section 7-104 of the UCC) therefor. 
  
 4.3 Receivables. 
  
 (a) Representations and Warranties. Each Grantor
represents and warrants, on the Closing Date and on each Credit Date, that: 
  
 (i) each Receivable arose from bona fide transactions in the ordinary course of business; 
  
 (ii) none of the Account Debtors in respect of any Receivable in excess of $500,000 in aggregate is the government of the United States,
any agency or instrumentality thereof, any state or municipality or any foreign sovereign; and 
  
 (iii) no Receivable is evidenced by, or constitutes, an Instrument or Chattel Paper which has not been delivered to, or otherwise
subjected to the control of, the Collateral Agent to the extent required by, and in accordance with Section 4.3(c). 
  
 (b) Covenants and Agreements: Each Grantor hereby covenants and agrees that: 
  
 (i) it shall keep and maintain at its own cost and expense
accurate and complete records of the Receivables, as is customarily maintained under similar circumstances by Persons of established reputation engaged in similar businesses, and in any event in conformity with GAAP; 
  
 (ii) [reserved] 
  
 (iii) it shall not amend, modify, terminate or waive any
provision of any Receivable in excess of $250,000 individually for any invoice or $1,000,000 in the aggregate for any account (“Material Receivables”) in any manner which could reasonably be expected to have a Material Adverse
Effect on the value of such Material Receivable as Collateral other than in the ordinary course of business. Other than in the ordinary course of business and except as otherwise provided in subsection (iv) below, following and during the
continuance of an Event of Default, such Grantor shall not (w) grant any extension or renewal of the time of payment of any Material Receivable, (x) compromise or settle any dispute, claim or legal proceeding with respect to any Material Receivable
for less than the total unpaid balance thereof, (y) release, wholly or partially, any Person liable for the payment thereof, or (z) allow any credit or discount thereon; 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 (iv) except as otherwise provided in this subsection, each Grantor may continue to
collect all amounts due or to become due to such Grantor under the Receivables and any Supporting Obligation and may exercise each right it may have under any Receivable any Supporting Obligation or Collateral Support, in each case, at its own
expense; provided however, at any time following the occurrence and during the continuation of an Event of Default, the Collateral Agent may: (1) direct the Account Debtors under any Receivables to make payment of all amounts due or to become due to
such Grantor thereunder directly to the Collateral Agent; (2) notify, or require any Grantor to notify, each Person maintaining a lockbox or similar arrangement to which Account Debtors under any Receivables have been directed to make payment to
remit all amounts representing collections on checks and other payment items from time to time sent to or deposited in such lockbox or other arrangement directly to the Collateral Agent; and (3) enforce, at the expense of such Grantor, collection of
any such Receivables and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done. If the Collateral Agent notifies any Grantor that it has elected to collect the
Receivables in accordance with the preceding sentence, any payments of Receivables received by such Grantor shall be forthwith (and in any event within two (2) Business Days) deposited by such Grantor in the exact form received, duly indorsed by
such Grantor to the Collateral Agent if required, in the Collateral Account maintained under the sole dominion and control of the Collateral Agent, and until so turned over, all amounts and proceeds (including checks and other instruments) received
by such Grantor in respect of the Receivables, any Supporting Obligation or Collateral Support shall be received for the benefit of the Collateral Agent hereunder and shall be segregated from other funds of such Grantor and such Grantor shall not
adjust, settle or compromise the amount or payment of any Receivable, or release wholly or partly any Account Debtor or obligor thereof, or allow any credit or discount thereon; 
  
 (v) except as it shall determine otherwise in the ordinary course of business, it shall use its commercially
reasonable efforts to keep in full force and effect any Supporting Obligation or Collateral Support relating to any Receivable; and 
  
 (vi) it shall notify the Collateral Agent in writing the next Quarterly Reporting Date following receipt of any Material Receivable in
respect of which the Account Debtor is the government of the United States, any agency or instrumentality thereof, any state or municipality or any foreign sovereign. 
  
 (c) Delivery and Control of Receivables. With respect to any Material Receivables that is evidenced
by, or constitutes, Chattel Paper or Instruments, each Grantor shall cause each originally executed copy thereof to be delivered to the Collateral Agent (or its agent or designee) appropriately indorsed to the Collateral Agent or indorsed in blank:
(i) with respect to any such Receivables in existence on the date hereof, on or prior to the date hereof and (ii) with respect to any such Receivables hereafter arising, such Grantor acquiring rights therein. With respect to any Material Receivables
which would constitute “electronic chattel paper” under Article 9 of the UCC, each Grantor shall take all steps necessary to give the Collateral Agent control over such Material Receivables (within the meaning of Section 9-105 of the UCC):
(i) with respect to any such Material Receivables in existence on the date hereof, on or prior to the date hereof and (ii) with respect to any such Receivables hereafter arising, the next Quarterly Reporting Date following such Grantor acquiring
rights therein. Any Material Receivable not otherwise required to be delivered or subjected to the control of the Collateral Agent in 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
accordance with this subsection (c) shall be delivered or subjected to such control upon request of the Collateral Agent. 
  
 4.4 Investment Related Property. Investment Related Property Generally

  
 (a) Covenants and Agreements. Each
Grantor hereby covenants and agrees that: 
  
 (i)
in the event it acquires rights in any Investment Related Property after the date hereof, it shall deliver to the Collateral Agent, no less frequently than on a quarterly basis or as otherwise expressly required by the Credit Agreement, a completed
Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, reflecting such new Investment Related Property and all other Investment Related Property. Notwithstanding the foregoing,
it is understood and agreed that the security interest of the Collateral Agent shall attach to all Investment Related Property immediately upon any Grantor’s acquisition of rights therein and shall not be affected by the failure of any Grantor
to deliver a supplement to Schedule 4.4 as required hereby; 
  
 (ii) except as provided in the next sentence, in the event such Grantor receives any dividends, interest or distributions on any Investment Related Property, or any securities or other property upon the merger,
consolidation, liquidation or dissolution of any issuer of any Investment Related Property, then (a) such dividends, interest or distributions and securities or other property shall be included in the definition of Collateral without further action
and (b) such Grantor shall immediately take all steps reasonably requested by the Collateral Agent to ensure the validity, perfection, priority and, if applicable, control of the Collateral Agent over such Investment Related Property (including,
without limitation, delivery thereof to the Collateral Agent) and pending any such action such Grantor shall be deemed to hold such dividends, interest, distributions, securities or other property for the benefit of the Collateral Agent and shall
segregate such dividends, distributions, Securities or other property from all other property of such Grantor. Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be continuing, the Collateral Agent authorizes each
Grantor to retain all cash dividends and distributions and all payments of interest; 
  
 (iii) each Grantor consents to the grant by each other Grantor of a Security Interest in all Investment Related Property to the Collateral
Agent. 
  
 (b) Delivery and Control.

  
 (i) Each Grantor agrees that with respect to
any Investment Related Property in which it currently has rights it shall comply with the provisions of this Section 4.4(b) on or before the Credit Date and with respect to any Investment Related Property hereafter acquired by such Grantor it shall
comply with the provisions of this Section 4.4(b) no later than the next Quarterly Reporting Date after acquiring rights therein, in each case in form and substance satisfactory to the Collateral Agent. With respect to any Investment Related
Property that is represented by a certificate or that is an “instrument” (other than any Investment Related Property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Collateral Agent,
indorsed in blank by an “effective indorsement” (as defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
“certificated security” for purposes of the UCC. With respect to any Investment Related Property that is an “uncertificated security” for
purposes of the UCC (other than any “uncertificated securities” credited to a Securities Account), it shall cause any issuer of such uncertificated security which is a Subsidiary, and shall use commercially reasonable efforts to cause any
issuer of such uncertificated security which is not a Subsidiary, to either (i) register the Collateral Agent as the registered owner thereof on the books and records of the issuer or (ii) upon request by the Collateral Agent, execute an agreement
substantially in the form of Exhibit B hereto, pursuant to which such issuer agrees to comply with the Collateral Agent’s instructions with respect to such uncertificated security without further consent by such Grantor. 
  
 (c) Voting and Distributions. 
  
 (i) So long as no Event of Default shall have occurred and
be continuing and no notice shall have been given pursuant to clause (ii) below: 
  

	 	(1)	except as otherwise provided under the covenants and agreements relating to investment related property in this Agreement or elsewhere herein or in the Credit Agreement, each
Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Investment Related Property or any part thereof for any purpose not inconsistent with the terms of this Agreement or
the Credit Agreement; it being understood, however, that neither the voting by such Grantor of any Pledged Stock for, or such Grantor’s consent to, the election of directors (or similar governing body) at a regularly scheduled annual or other
meeting of stockholders or with respect to incidental matters at any such meeting, nor such Grantor’s consent to or approval of any action otherwise permitted under this Agreement and the Credit Agreement, shall be deemed inconsistent with the
terms of this Agreement or the Credit Agreement within the meaning of this Section 4.4(c)(i)(1), and no notice of any such voting or consent need be given to the Collateral Agent; and 

  

	 	(2)	the Collateral Agent shall promptly execute and deliver (or cause to be executed and delivered) to each Grantor all proxies, and other instruments as such Grantor may from time to
time reasonably request for the purpose of enabling such Grantor to exercise the voting and other consensual rights when and to the extent which it is entitled to exercise pursuant to clause (1) above; 

  
 (ii) Upon either delivery by any Grantor to the Collateral
Agent of written notice that an Event of Default has occurred and is continuing, or delivery by the Collateral Agent or the Administrative Agent to Grantor of written notice that the Event of Default exists: 
  

	 	(A)	all rights of each Grantor to exercise or refrain from exercising the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease
and all such rights shall thereupon become vested in the Collateral Agent who shall thereupon have the sole right to exercise such voting and other consensual rights; and 

  

	 	(B)	 in order to permit the Collateral Agent to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all
dividends and other distributions which it may be 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

	 	 
entitled to receive hereunder: (1) each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Collateral Agent all
proxies, dividend payment orders and other instruments as the Collateral Agent may from time to time reasonably request and (2) each Grantor acknowledges that the Collateral Agent may utilize the power of attorney set forth in Section 6.1.

  
 4.4.2 Pledged Equity
Interests 
  
 (a) Representations and
Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on each Quarterly Reporting Date, that: 
  
 (i) Schedule 4.4(A) (as such schedule may be amended or supplemented from time to time) sets forth under the headings “Pledged Stock,
“Pledged LLC Interests,” “Pledged Partnership Interests” and “Pledged Trust Interests,” respectively, all of the Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust Interests owned by
any Grantor and such Pledged Equity Interests constitute the percentage of issued and outstanding shares of stock, percentage of membership interests, percentage of partnership interests or percentage of beneficial interest of the respective issuers
thereof indicated on such Schedule, all of which is true, accurate and complete as of the Closing Date or thereafter, as of the date on which financial statements were required to be provided under the Credit Agreement for the last Fiscal Quarter
then ended or the last date such Schedule 4.4(A) was otherwise required to be amended or supplemented in accordance with the Credit Agreement; 
  
 (ii) except as set forth on Schedule 4.4(B), it has not acquired any significant equity interests of another entity or substantially all
the assets of another entity within the five (5) years prior to the Closing Date; 
  
 (iii) it is the record and beneficial owner of the Pledged Equity Interests free of all Liens, rights or claims of other Persons other
than Permitted Liens and there are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or
sale of, any Pledged Equity Interests; 
  
 (iv)
no material consent of any Person including any other general or limited partner, any other member of a limited liability company, any other shareholder or any other trust beneficiary is necessary in connection with the creation, perfection or first
priority status of the security interest of the Collateral Agent in any Pledged Equity Interests or the exercise by the Collateral Agent of the voting or other rights provided for in this Agreement or the exercise of remedies in respect thereof; and

  
 (v) except as otherwise set forth in Schedule
4.4 hereto, none of the Pledged LLC Interests nor Pledged Partnership Interests issued by any Grantor or any Subsidiary thereof are or represent interests in issuers that: (a) are registered as investment companies or (b) are dealt in or traded on
securities exchanges or markets. 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that:

  
 (i) without the prior written consent of the
Collateral Agent (which shall not be unreasonably withheld), it shall not vote to enable or take any other action to: (a) amend or terminate any partnership agreement, limited liability company agreement, certificate of incorporation, by-laws or
other organizational documents in any way that adversely affects the validity, perfection or priority of the Collateral Agent’s security interest except for Permitted Liens and Permitted Sales, (b) permit any issuer of any Pledged Equity
Interest that is a Grantor or a Subsidiary thereof to issue any additional stock, partnership interests, limited liability company interests or other equity interests of any nature or to issue securities convertible into or granting the right of
purchase or exchange for any stock or other equity interest of any nature of such issuer unless such stock or interests is pledged hereunder, (c) other than as permitted under the Credit Agreement, permit any issuer of any Pledged Equity Interest
that is a Subsidiary to dispose of all or a material portion of their assets, (d) waive any default under or breach of any terms of organizational document relating to the issuer of any Pledged Equity Interest or the terms of any Pledged Debt that
would individually or in the aggregate cause a Material Adverse Effect, or (e) cause any Subsidiary of Holdings that is an issuer of any Pledged Partnership Interests or Pledged LLC Interests which are not securities (for purposes of the UCC) on the
date hereof to elect or otherwise take any action to cause such Pledged Partnership Interests or Pledged LLC Interests to be treated as securities for purposes of the UCC; provided, however, notwithstanding the foregoing, if any issuer of any
Pledged Partnership Interests or Pledged LLC Interests takes any such action in violation of the foregoing in this clause (e), such Grantor shall promptly notify the Collateral Agent in writing of any such election or action and, in such event,
shall take all steps reasonably requested by the Collateral Agent to establish the Collateral Agent’s “control” thereof; 
  
 (ii) each Grantor consents to the grant by each other Grantor of a security interest in all Investment Related Property to the Collateral
Agent and, without limiting the foregoing, consents to the transfer of any Pledged Partnership Interest and any Pledged LLC Interest to the Collateral Agent or its nominee following the occurrence and during the continuance of an Event of Default
and to the substitution of the Collateral Agent or its nominee as a partner in any partnership or as a member in any limited liability company with all the rights and powers related thereto; and 
  
 (iii) it shall notify the Collateral Agent in writing, by
executing and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, promptly if any issuer of Pledged LLC Interests or Pledged
Partnership Interests that is a Grantor or a Subsidiary thereof has not opted to be treated as securities under the uniform commercial code of any jurisdiction. 
  
 4.4.3 Pledged Debt 
  
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date
and each Quarterly Reporting Date, that: 
  
 (i)
Schedule 4.4 (as such schedule may be amended or supplemented from time to time) sets forth under the heading “Pledged Debt” all of the Pledged Debt owned by any Grantor as of the Closing Date or thereafter, as of the date on which
financial statements were required to be provided under the Credit Agreement for the last Fiscal Quarter then ended or the last date such Schedule 4.4 was otherwise 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
required to be amended or supplemented in accordance with the Credit Agreement and all of such Pledged Debt has been duly authorized, authenticated or
issued, and delivered and is the legal, valid and binding obligation of the issuers thereof and is not in default and constitutes all of the issued and outstanding inter-company Indebtedness. 
  
 4.4.4 Investment Accounts 
  
 (a) Representations and Warranties. Each Grantor
hereby represents and warrants, on the Closing Date and each Quarterly Reporting Date, that: 
  
 (i) Schedule 4.4 hereto (as such schedule may be amended or supplemented from time to time) sets forth under the headings “Securities
Accounts” and “Commodities Accounts,” respectively, all of the Securities Accounts and Commodities Accounts in which each Grantor has an interest as of the Closing Date or thereafter, as of the date on which financial statements were
required to be provided under the Credit Agreement for the last Fiscal Quarter then ended or the last date such Schedule 4.4 was otherwise required to be amended or supplemented in accordance with the Credit Agreement. Each Grantor is the sole
entitlement holder of each such Securities Account and Commodity Account, and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Collateral Agent pursuant thereto) having “control” (within the
meanings of Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or Commodity Account or securities or other property credited thereto; 
  
 (ii) Schedule 4.4 hereto (as such schedule may be amended or supplemented from time to time) sets forth
under the headings “Deposit Accounts” all of the Deposit Accounts in which each Grantor has an interest as of the Closing Date or thereafter, as of the date on which financial statements were required to be provided under the Credit
Agreement for the last Fiscal Quarter then ended or the last date such Schedule 4.4 was otherwise required to be amended or supplemented in accordance with the Credit Agreement. Each Grantor is the sole account holder of each such Deposit Account
and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Collateral Agent pursuant thereto) having either sole dominion and control (within the meaning of common law) or “control” (within the
meanings of Section 9-104 of the UCC) over, or any other interest in, any such Deposit Account or any money or other property deposited therein; and 
  
 (iii) Unless otherwise in accordance with the Credit Agreement, each Grantor has taken all actions reasonably requested by the Collateral
Agent, including those specified in Section 4.4.4(c), to: (a) establish the Collateral Agent’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the Investment Related Property constituting
Certificated Securities, Uncertificated Securities, Securities Accounts, Securities Entitlements or Commodities Accounts (each as defined in the UCC); (b) establish the Collateral Agent’s “control” (within the meaning of Section 9-104
of the UCC) over all Deposit Accounts; and (c) deliver all Instruments to the Collateral Agent. 
  
 (b) Delivery and Control 
  
 (i) With respect to any Investment Related Property consisting of Securities Accounts or Securities Entitlements, no later than the
immediately following 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
Quarterly Reporting Date, it shall, to the extent required under the Credit Agreement and upon request by the Collateral Agent, cause the securities
intermediary maintaining such Securities Account or Securities Entitlement to enter into an agreement substantially in the form of Exhibit C hereto or such other form as approved by the Collateral Agent, pursuant to which it shall agree to comply
with the Collateral Agent’s “entitlement orders” without further consent by such Grantor. With respect to any Investment Related Property that is a “Deposit Account,” no later than the immediately following Quarterly
Reporting Date it shall, to the extent required under the Credit Agreement and upon request by the Collateral Agent, cause the depositary institution maintaining such account to enter into an agreement substantially in the form of Exhibit D hereto
or such other form as approved by the Collateral Agent, pursuant to which the Collateral Agent shall have both sole dominion and control over such Deposit Account (within the meaning of the common law) and “control” (within the meaning of
Section 9-104 of the UCC) over such Deposit Account. Unless otherwise in accordance with the Credit Agreement, each Grantor shall have entered into such control agreement or agreements, to the extent required under the Credit Agreement and upon
request by the Collateral Agent, with respect to: (i) any Securities Accounts, Securities Entitlements or Deposit Accounts that exist on the Credit Date, as of or prior to the Credit Date and (ii) any Securities Accounts, Securities Entitlements or
Deposit Accounts that are created or acquired after the Credit Date, no later than the Quarterly Reporting Date following the deposit or transfer of any such Securities Entitlements or funds, whether constituting moneys or investments, into such
Securities Accounts or Deposit Accounts. 
  
 In addition to the
foregoing, if any issuer of any Investment Related Property is located in a jurisdiction outside of the United States, if requested by the Collateral Agent, each Grantor shall take such additional actions, including, without limitation, causing the
issuer to register the pledge on its books and records or making such filings or recordings, in each case as may be reasonably requested by the Collateral Agent, under the laws of such issuer’s jurisdiction to insure the validity, perfection
and priority of the security interest of the Collateral Agent. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the right, without notice to any Grantor, to transfer all or any portion of the
Investment Related Property to its name or the name of its nominee or agent. In addition, the Collateral Agent shall have the right at any time, without notice to any Grantor, to exchange any certificates or instruments representing any Investment
Related Property for certificates or instruments of smaller or larger denominations. 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 4.5 Material Contracts. 
  
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date
and on each Quarterly Reporting Date, that: 
  
 (i) Schedule 4.5 (as such schedule may be amended or supplemented from time to time) sets forth all of the Material Contracts to which such Grantor has rights; 
  
 (ii) the Material Contracts, true and complete copies (including any amendments or supplements thereof) of
which have been furnished to the Collateral Agent, have been duly authorized, executed and delivered by the Grantors party thereto, are in full force and effect and are binding upon and enforceable against the Grantors party thereto in accordance
with their respective terms. There exists no material default under any Material Contract by the Grantors party thereto; and 
  
 (iii) no Material Contract prohibits assignment or requires consent of or notice to any Person in connection with the assignment to the
Collateral Agent hereunder, except such as has been given or made or is currently sought. 
  
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that: 
  
 (i) in addition to any rights under the Section of this
Agreement relating to Receivables, upon the occurrence and during the continuation of an Event of Default, the Collateral Agent may at any time notify, or require any Grantor to so notify, the counterparty on any Material Contract of the security
interest of the Collateral Agent therein. In addition, after the occurrence and during the continuance of an Event of Default, the Collateral Agent may upon written notice to the applicable Grantor, notify, or require any Grantor to notify, the
counterparty to make all payments under the Material Contracts directly to the Collateral Agent; 
  
 (ii) each Grantor shall deliver promptly to the Collateral Agent a copy of any notice of a material default under any Material Contract;

  
 (iii) it shall perform in all material
respects all of its obligations with respect to the Material Contracts in a manner consistent with its reasonable business judgment; and 
  
 (iv) except as it shall otherwise determine in its business judgment, it shall promptly and diligently exercise each material right
(except the right of termination) it may have under any Material Contract, any Supporting Obligation or Collateral Support, in each case, at its own expense. 
  
 4.6 Letter of Credit Rights. 
  
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on each Quarterly
Reporting Date, that: 
  
 (i) all material
letters of credit to which such Grantor has rights as of the Closing Date or thereafter, as of the date on which financial statements were required to be provided under the Credit Agreement for the last Fiscal Quarter then ended or the last date
such Schedule 4.6 was otherwise required to be amended or supplemented in accordance with the Credit Agreement is listed on Schedule 4.6 (as such schedule may be amended or supplemented from time to time) hereto; and 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 (ii) it has obtained the consent of each issuer of any material letter of credit to the
assignment of the proceeds of the letter of credit to the Collateral Agent. 
  
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that with respect to any material letter of credit hereafter arising it shall promptly and in no event later than the next Quarterly
Reporting Date of its obtaining rights in such material letter of credit rights obtain the consent of the issuer thereof to the assignment of the proceeds of the letter of credit to the Collateral Agent and shall deliver to the Collateral Agent a
completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto. 
  
 4.7 Intellectual Property. 
  
 (a) Representations and Warranties. Except as disclosed in Schedule 4.7(H) (as such schedule may be amended or supplemented from
time to time), each Grantor hereby represents and warrants, on the Closing Date and on each Quarterly Reporting Date, that: 
  
 (i) Schedule 4.7 (as such schedule may be amended or supplemented from time to time) sets forth a true and complete list of (i) all United
States, state and foreign registrations of and applications for Patents, Trademarks, and Copyrights owned by each Grantor and (ii) all Patent Licenses, Trademark Licenses, Trade Secret Licenses and Copyright Licenses material to the business of such
Grantor as of the Closing Date or thereafter, as of the date on which financial statements were required to be provided under the Credit Agreement for the last Fiscal Quarter then ended or the last date such Schedule 4.7 was otherwise required to be
amended or supplemented in accordance with the Credit Agreement; 
  
 (ii) it is the owner of the right, title, and interest in and to all material Intellectual Property listed on Schedule 4.7 that it purports to own (as such schedule may be amended or supplemented from time to time),
and owns or has the valid right to use all other material Intellectual Property used in or necessary to conduct its business, free and clear of all Liens, claims, encumbrances and licenses, except for Permitted Liens and the licenses set forth on
Schedule 4.7(B), (D), (F) and (G) (as each may be amended or supplemented from time to time); 
  
 (iii) each Grantor has performed all acts and has paid all renewal, maintenance, and other fees and taxes required to maintain each and
every registration and application of material Intellectual Property in full force and effect; 
  
 (iv) all material Intellectual Property is valid and enforceable; no holding, decision, or judgment has been rendered in any action or
proceeding before any court or administrative authority challenging the validity of such Grantor’s right to register, or such Grantor’s rights to own or use, any material Intellectual Property and no such action or proceeding is pending
or, to the best of such Grantor’s knowledge, threatened; 
  
 (v) all registrations and applications for material Copyrights, Patents and Trademarks purported to be owned by any Grantor are standing in the name of each Grantor, and none of the material Trademarks, Patents,
Copyrights or Trade Secret Collateral has been licensed by any Grantor to any affiliate or third party, except 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
as disclosed on Schedule 4.7(B), (D), (F) and (G) as of the Closing Date or, with respect to licenses entered into after the Closing Date to the Collateral
Agent on the next Quarterly Reporting Date; 
  
 (vi) except as would not have a Material Adverse Effect, each Grantor uses adequate standards of quality in the manufacture, distribution, and sale of all products sold and in the provision of all services rendered under or in connection
with all Trademark Collateral and has taken all action reasonably necessary to insure that all licensees of the Trademark Collateral owned by such Grantor use such adequate standards of quality; 
  
 (vii) to such Grantor’s knowledge, the conduct of such
Grantor’s business does not infringe upon or otherwise violate any trademark, patent, copyright, trade secret or similar intellectual property right owned or controlled by a third party in a manner reasonably likely to result in a Material
Adverse Effect; no written claim has been made that the use of any Intellectual Property owned or used by Grantor (or any of its respective licensees) violates the asserted rights of any third party that could reasonably be expected to result in a
Material Adverse Effect; 
  
 (viii) to each
Grantor’s knowledge, no third party is infringing upon or otherwise violating any rights in any Intellectual Property owned or used by such Grantor, or any of its respective licensees in a manner reasonably likely to result in a Material
Adverse Effect; 
  
 (ix) no settlement or
consents, covenants not to sue, nonassertion assurances, or releases have been entered into by Grantor or to which Grantor is bound that adversely effect Grantor’s rights to own or use any Intellectual Property in a manner reasonably likely to
result in a Material Adverse Effect; and 
  
 (x)
except as permitted under the Credit Agreement, each Grantor has not made a previous assignment, sale, transfer or agreement constituting a present or future assignment, sale, transfer or agreement of any Intellectual Property disclosed on Schedule
4.7(A), (B), (C), (D), (E), (F) or (G) that has not been terminated or released. There is no effective financing statement or other document or instrument now executed, or on file or recorded in any public office, granting a security interest in or
otherwise encumbering any material part of the Intellectual Property, other than the financing statements filed in favor of the Collateral Agent or as otherwise disclosed on Schedule 4.7. 
  
 (b) Covenants and Agreements. Each Grantor hereby
covenants and agrees as follows: 
  
 (i) it shall
not do any act or omit to do any act whereby any of the Intellectual Property which is material to the business of Grantor may lapse, or become abandoned, dedicated to the public, or unenforceable, or which would adversely affect the validity,
grant, or enforceability of the security interest granted therein; 
  
 (ii) it shall not, with respect to any Trademarks which are material to the business of any Grantor, cease the use of any of such Trademarks or fail to maintain the level of the quality of products sold and services
rendered under any of such Trademark at a level at least substantially consistent with the quality of such products and 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
services as of the date hereof, and each Grantor shall take all steps reasonably necessary to insure that licensees of such Trademarks use such consistent
standards of quality; 
  
 (iii) it shall, no
later than the next Quarterly Reporting Date following the creation or acquisition of any Copyrightable work which is material to the business of Grantor, apply to register the Copyright in the United States Copyright Office except for works with
respect to which the Grantor has determined with the exercise of its commercially reasonable judgment that it shall not so apply; 
  
 (iv) it shall promptly notify the Collateral Agent if it knows that any item of the Intellectual Property that is material to the business
of any Grantor may become (a) abandoned or dedicated to the public or placed in the public domain, (b) invalid or unenforceable, or (c) subject to any adverse determination or development (including the institution of proceedings) in any action or
proceeding in the United States Patent and Trademark Office, the United States Copyright Office, and state registry, any foreign counterpart of the foregoing, or any court, except as would not have a Material Adverse Effect; 
  
 (v) it shall take all reasonable steps in the United States
Patent and Trademark Office, the United States Copyright Office, any state registry or any foreign counterpart of the foregoing, to pursue any application and maintain any registration of each Trademark, Patent, and Copyright owned by any Grantor
and material to its business which is now or shall become included in the Intellectual Property including, but not limited to, those items on Schedule 4.7(A), (C) and (E) (as each may be amended or supplemented from time to time, except as would not
have a Material Adverse Effect; 
  
 (vi) in the
event that any Intellectual Property owned by or exclusively licensed to any Grantor that is material to the business of such Grantor is, to such Grantor’s knowledge, infringed, misappropriated, or diluted by a third party, such Grantor shall
promptly take all reasonable actions to stop such infringement, misappropriation, or dilution and protect its rights in such Intellectual Property (except for such works in respect to which such Grantor has determined in the exercise of its
commercially reasonable judgment that it shall not take any action); 
  
 (vii) On the Quarterly Reporting Date after a filing or registration described in clause (i) or (ii) takes place, it shall promptly (but in no event more than thirty (30) days after any Grantor obtains knowledge
thereof) report to the Collateral Agent (i) the filing of any application to register any material Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office, or any state registry or foreign
counterpart of the foregoing (whether such application is filed by such Grantor or through any agent, employee, licensee, or designee thereof) and (ii) the registration of any Intellectual Property by any such office, in each case by executing and
delivering to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto; 
  
 (viii) it shall, promptly upon the reasonable request of the Collateral Agent, execute and deliver to the
Collateral Agent any document required to acknowledge, confirm, register, record, or perfect the Collateral Agent’s interest in any part of the Intellectual Property, whether now owned or hereafter acquired; 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 (ix) except with the prior consent of the Collateral Agent (not to be unreasonably
withheld) or as permitted under the Credit Agreement, each Grantor shall not execute, and there will not be on file in any public office, any financing statement or other document or instruments, except financing statements or other documents or
instruments filed or to be filed in favor of the Collateral Agent and each Grantor shall not sell, assign, transfer, license, grant any option, or create or suffer to exist any Lien upon or with respect to the Intellectual Property, except for the
Lien created by and under this Agreement and the other Credit Documents; and 
  
 (x) it shall hereafter use commercially reasonable efforts so as not to permit the inclusion in any Material Contract to which it hereafter becomes a party of any provision that could or might in any way materially
impair or prevent the creation of a security interest in, or the assignment of, such Grantor’s rights and interests in any property included within the definitions of any Intellectual Property acquired under such contracts, provided that this
shall not apply to standard form contracts entered into in the ordinary course of business. 
  
 (xi) it shall use proper statutory notice in connection with its use of any Patent, except where the failure to do so would not have a
Material Adverse Effect; and 
  
 (xii) unless
otherwise determined in the exercise of business judgment, it shall continue to collect, at its own expense, all amounts due or to become due to such Grantor in respect of the material Intellectual Property or any portion thereof. Following the
occurrence and during the continuance of an Event of Default, in connection with such collections, each Grantor may take (and, at the Collateral Agent’s reasonable direction, shall take) such action as such Grantor or the Collateral Agent may
deem reasonably necessary to enforce collection of such amounts. Notwithstanding the foregoing, the Collateral Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default, to notify, or require
any Grantor to notify, any obligors with respect to any such amounts of the existence of the security interest created hereby. 
  
 4.8 Commercial Tort Claims 
  
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on each Credit Date, that
Schedule 4.8 (as such schedule may be amended or supplemented from time to time) sets forth all Commercial Tort Claims of each Grantor in excess of $500,000 individually or $2,500,000 in the aggregate as of the Closing Date or thereafter, as of the
date on which financial statements were required to be provided under the Credit Agreement for the last Fiscal Quarter then ended or the last date such Schedule 4.8 was otherwise required to be amended or supplemented in accordance with the Credit
Agreement; and 
  
 (b) Covenants and
Agreements. Each Grantor hereby covenants and agrees that with respect to any Commercial Tort Claim in excess of $500,000 individually or $2,500,000 in the aggregate hereafter arising it shall on the next Quarterly Reporting Date after it
acquires rights in such Commercial Tort Claims deliver to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, identifying such new Commercial
Tort Claims. 
  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 SECTION 5. FURTHER ASSURANCES; ADDITIONAL GRANTORS. 
  
 5.1 Further Assurances. 
  
 (a) Each Grantor agrees that from time to time, at the expense of such Grantor, that it shall promptly execute and deliver all further
instruments and documents, and take all further action, that the Collateral Agent may reasonably request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted hereby or to enable the
Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, each Grantor shall: 
  
 (i) file such financing or continuation statements, or amendments thereto, and execute and deliver such
other agreements, instruments, endorsements, powers of attorney or notices, as the Collateral Agent may reasonably request, in order to perfect and preserve the security interests granted or purported to be granted hereby; and 
  
 (ii) take all actions necessary to ensure the recordation of
appropriate evidence of the liens and security interest granted hereunder in the Intellectual Property with any intellectual property registry in which said Intellectual Property is registered or in which an application for registration is pending
including, without limitation, the United States Patent and Trademark Office, the United States Copyright Office, the various Secretaries of State, and the foreign counterparts on any of the foregoing. 
  
 (b) Each Grantor hereby authorizes the Collateral Agent to
file a Record or Records, including, without limitation, financing or continuation statements, and amendments thereto, in any jurisdictions and with any filing offices as the Collateral Agent may determine, in its sole discretion, are necessary to
perfect the security interest granted to the Collateral Agent herein. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property
in any other manner as the Collateral Agent may determine, in its sole discretion, is necessary, to ensure the perfection of the security interest in the Collateral granted to the Collateral Agent herein, including, without limitation, describing
such property as “all assets” or “all personal property, whether now owned or hereafter acquired.” 
  
 (c) Each Grantor hereby authorizes the Collateral Agent to modify this Agreement after obtaining such Grantor’s approval of or
signature to such modification by amending Schedule 4.7 (as such schedule may be amended or supplemented from time to time) to include reference to any right, title or interest in any existing Intellectual Property or any Intellectual Property
acquired or developed by any Grantor after the execution hereof or to delete any reference to any right, title or interest in any Intellectual Property in which any Grantor no longer has or claims any right, title or interest. 
  
 5.2 Additional Grantors. From time to time subsequent to the
date hereof, additional Persons may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a Counterpart Agreement. Upon delivery of any such counterpart agreement to the Collateral Agent, notice of
which is hereby waived by Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if Additional Grantor were an original signatory hereto. Each Grantor expressly agrees that its obligations arising hereunder
shall not be affected or diminished by the addition or release of any other Grantor hereunder, nor by any election of the Collateral Agent not to cause any Subsidiary of Company to become an 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
Additional Grantor hereunder. This Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether any other
Person becomes or fails to become or ceases to be a Grantor hereunder. 
  
 SECTION 6. COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT. 
  
 6.1 Power of Attorney. To the extent permitted by applicable law, each Grantor hereby irrevocably appoints the Collateral Agent (such appointment being coupled with an interest) as such Grantor’s
attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor, the Collateral Agent or otherwise, from time to time, to take any of the following actions: 
  
 (a) upon the occurrence and during the continuance of any
Event of Default, to obtain and adjust insurance required to be maintained by such Grantor or paid to the Collateral Agent pursuant to the Credit Agreement; 
  
 (b) upon the occurrence and during the continuance of any Event of Default, to ask for, demand, collect, sue for, recover, compound,
receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 
  
 (c) upon the occurrence and during the continuance of any Event of Default, to receive, endorse and collect any drafts or other
instruments, documents and chattel paper in connection with clause (b) above; 
  
 (d) upon the occurrence and during the continuance of any Event of Default, to file any claims or take any action or institute any proceedings that the Collateral Agent may reasonably request for the collection of any
of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Collateral; 
  
 (e) to prepare and file any UCC financing statements against such Grantor as debtor; 
  
 (f) to prepare, sign, and file for recordation in any
intellectual property registry, appropriate evidence of the lien and security interest granted herein in the Intellectual Property in the name of such Grantor as debtor; 
  
 (g) upon the occurrence and during the continuance of an Event of Default, to take or cause to be taken all
actions necessary to perform or comply or cause performance or compliance with the terms of this Agreement, including, without limitation, access to pay or discharge taxes or Liens (other than Permitted Liens) levied or placed upon or threatened
against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Collateral Agent in its sole discretion, any such payments made by the Collateral Agent to become obligations of such
Grantor to the Collateral Agent, due and payable immediately without demand; and 
  
 (h) upon the occurrence and during the continuance of an Event of Default, generally to sell, transfer, pledge, make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes, and to do, at the Collateral Agent’s option and such Grantor’s expense, at any
time or from time to time, all acts and things that the Collateral Agent deems reasonably necessary to protect, preserve or realize upon the Collateral and the Collateral Agent’s security 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
interest therein in order to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
  
 6.2 No Duty on the Part of Collateral Agent or Secured Parties.
The powers conferred on the Collateral Agent hereunder are solely to protect the interests of the Secured Parties in the Collateral and shall not impose any duty upon the Collateral Agent or any Secured Party to exercise any such powers. The
Collateral Agent and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to
any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 
  
 SECTION 7. REMEDIES. 
  
 7.1 Generally. 
  
 (a) If any Event of Default shall have occurred and be continuing, the Collateral Agent may exercise in respect of the Collateral, in
addition to all other rights and remedies provided for herein or otherwise available to it at law or in equity, all the rights and remedies of the Collateral Agent on default under the UCC (whether or not the UCC applies to the affected Collateral)
to collect, enforce or satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and also may to the fullest extent permitted by applicable law pursue any of the following separately, successively or simultaneously:

  
 (i) require any Grantor to, and each Grantor
hereby agrees that it shall at its expense and promptly upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place to be
designated by the Collateral Agent that is reasonably convenient to both parties; 
  
 (ii) enter onto the property owned or leased by any Grantor where any Collateral is located and take possession thereof with or without
judicial process; 
  
 (iii) prior to the
disposition of the Collateral, store the Collateral or otherwise prepare the Collateral for disposition in any manner to the extent the Collateral Agent deems appropriate; and 
  
 (iv) without notice except as specified below or under the UCC, sell, assign, lease, license (on an
exclusive or nonexclusive basis) or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, at
such time or times and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable. 
  
 (b) The Collateral Agent or any Secured Party may be the purchaser of any or all of the Collateral at any public or private (to the extent
to the portion of the Collateral being privately sold is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations) sale in accordance with the UCC and the Collateral Agent, as
collateral agent for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
Collateral sold at any such sale made in accordance with the UCC, to use and apply any of the Secured Obligations as a credit on account of the purchase
price for any Collateral payable by the Collateral Agent at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent
permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of
sale shall be required by law, at least ten (10) days notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be
obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without
further notice, be made at the time and place to which it was so adjourned. Each Grantor agrees that it would not be commercially unreasonable for the Collateral Agent to dispose of the Collateral or any portion thereof by using Internet sites that
provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets. Each Grantor hereby waives any claims against the Collateral Agent arising by
reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not
offer such Collateral to more than one offeree. If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations, Grantors shall be liable for the deficiency and the reasonable fees of any
attorneys employed by the Collateral Agent to collect such deficiency. Each Grantor further agrees that a breach of any of the covenants contained in this Section will cause irreparable injury to the Collateral Agent, that the Collateral Agent has
no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any
defenses against an action for specific performance of such covenants except for a defense that no default has occurred giving rise to the Secured Obligations becoming due and payable prior to their stated maturities. Nothing in this Section shall
in any way alter the rights of the Collateral Agent hereunder. 
  
 (c) The Collateral Agent may sell the Collateral without giving any warranties as to the Collateral. The Collateral Agent may specifically disclaim or modify any warranties of title or the like. This procedure will
not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 
  
 (d) The Collateral Agent shall have no obligation to marshal any of the Collateral. 
  
 7.2 Application of Proceeds. All proceeds received by the
Collateral Agent in respect of any sale, any collection from, or other realization upon all or any part of the Collateral shall be applied in full or in part by the Collateral Agent against, the Secured Obligations in the following order of
priority: first, to the payment of all costs and expenses of such sale, collection or other realization, including reasonable compensation to the Collateral Agent and its agents and counsel, and all other reasonable expenses, liabilities and
advances made or incurred by the Collateral Agent in connection therewith, and all advances made by the Collateral Agent hereunder for the account of the applicable Grantor, and to the payment of all reasonable costs and expenses paid or incurred by
the Collateral Agent in connection with the exercise of any right or remedy hereunder or under the Credit Agreement, all in accordance with the terms hereof or thereof; second, to the extent of any excess of such proceeds, to the payment of all
other Secured 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
Obligations for the ratable benefit of the Secured Parties; and third, to the extent of any excess of such proceeds, to the payment to or upon the order of
such Grantor or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 
  
 7.3 Sales on Credit. If the Collateral Agent sells any of the Collateral upon credit, Grantor will be credited only with payments actually
made by purchaser and received by the Collateral Agent and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, the Collateral Agent may resell the Collateral and Grantor shall be credited with
proceeds of the sale. 
  
 7.4 Deposit Accounts. 

 
 If any Event of Default shall have occurred and be continuing, the
Collateral Agent may apply the balance from any Deposit Account that is subject to a control agreement pursuant to the Credit Agreement or instruct the bank at which any such Deposit Account is maintained to pay the balance of any such Deposit
Account to or for the benefit of the Collateral Agent. Unless an Event of Default shall have occurred and be continuing, the Collateral Agent agrees not to instruct any bank in which any Deposit Account that is subject to a control agreement
pursuant to the Credit Agreement is maintained as provided in the immediately preceding sentence. 
  
 7.5 Investment Related Property. 
  
 Each Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws, the Collateral Agent
may be compelled, with respect to any sale of all or any part of the Investment Related Property conducted without prior registration or qualification of such Investment Related Property under the Securities Act and/or such state securities laws, to
limit purchasers to those who will agree, among other things, to acquire the Investment Related Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges that any such private
sale may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such
circumstances, each Grantor agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale
of any Investment Related Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer
would, or should, agree to so register it. If the Collateral Agent determines to exercise its right to sell any or all of the Investment Related Property, upon written request, each Grantor shall and shall cause each issuer of any Pledged Stock to
be sold hereunder, each partnership and each limited liability company from time to time to furnish to the Collateral Agent all such information as the Collateral Agent may request in order to determine the number and nature of interest, shares or
other instruments included in the Investment Related Property which may be sold by the Collateral Agent in exempt transactions under the Securities Act and the rules and regulations of the Securities and Exchange Commission thereunder, as the same
are from time to time in effect. 
  

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 7.6 Intellectual Property. 
  
 (a) Anything contained herein to the contrary notwithstanding, upon the occurrence and during the
continuation of an Event of Default: 
  
 (i) the
Collateral Agent shall have the right (but not the obligation) to bring suit or otherwise commence any action or proceeding in the name of any Grantor, the Collateral Agent or otherwise, in the Collateral Agent’s sole discretion, to enforce any
Intellectual Property, in which event such Grantor shall, at the request of the Collateral Agent, do any and all lawful acts and execute any and all documents required by the Collateral Agent in aid of such enforcement and such Grantor shall
promptly, upon demand, reimburse and indemnify the Collateral Agent as provided in the Credit Agreement hereof in connection with the exercise of its rights under this Section, and, to the extent that the Collateral Agent shall elect not to bring
suit to enforce any Intellectual Property as provided in this Section, each Grantor agrees to use all reasonable measures, whether by action, suit, proceeding or otherwise, to prevent the infringement or other violation of any of such Grantor’s
rights in the Intellectual Property that is material to the business by others and for that purpose agrees to diligently maintain any action, suit or proceeding against any Person so infringing as shall be necessary to prevent such infringement or
violation; and 
  
 (ii) [reserved] 
  
 (iii) the Collateral Agent shall have the right to notify,
or require each Grantor to notify, any obligors with respect to amounts due or to become due to such Grantor in respect of the Intellectual Property, of the existence of the security interest created herein, to direct such obligors to make payment
of all such amounts directly to the Collateral Agent, and, upon such notification and at the expense of such Grantor, to enforce collection of any such amounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and
to the same extent as such Grantor might have done; 
  

	 	(1)	all amounts and proceeds (including checks and other instruments) received by Grantor in respect of amounts due to such Grantor in respect of the Collateral or any portion thereof
shall be received for the benefit of the Collateral Agent hereunder, shall be segregated from other funds of such Grantor and shall be forthwith paid over or delivered to the Collateral Agent in the same form as so received (with any necessary
endorsement) to be held as cash Collateral and applied as provided by Section 7.7 hereof; and 

  

	 	(2)	Grantor shall not adjust, settle or compromise the amount or payment of any such amount or release wholly or partly any obligor with respect thereto or allow any credit or discount
thereon. 

  
 (b) If (i) an Event of
Default shall have occurred and, by reason of cure, waiver, modification, amendment or otherwise, no longer be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment or other transfer to the Collateral
Agent of any rights, title and interests in and to the Intellectual Property shall have been previously made and shall have become absolute and effective, and (iv) the Secured Obligations shall not have become immediately due and payable, upon the
written request of any Grantor, the Collateral Agent shall promptly execute and deliver to such Grantor, at such Grantor’s sole cost and expense, such assignments or other transfer as may be necessary to reassign to such Grantor any such
rights, title and interests as may have been assigned to the Collateral Agent as aforesaid, subject to any disposition thereof that may have been made by the Collateral Agent; provided, after giving effect to such reassignment, the Collateral
Agent’s security interest granted pursuant hereto, as well as all other rights and remedies of the Collateral 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
Agent granted hereunder, shall continue to be in full force and effect; and provided further, the rights, title and interests so reassigned shall be free and
clear of any other Liens granted by or on behalf of the Collateral Agent and the Secured Parties. 
  
 (c) Solely for the purpose of enabling the Collateral Agent to exercise rights and remedies under this Section 7 and at such time as the
Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Collateral Agent, to the extent it has the right to do so, an irrevocable, nonexclusive license (exercisable without payment of
royalty or other compensation to such Grantor), subject, in the case of Trademarks, to sufficient rights to quality control and inspection in favor of such Grantor to avoid the risk of invalidation of said Trademarks, to use, operate under, license,
or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located. 
  
 7.7 Cash Proceeds. In addition to the rights of the Collateral Agent specified in Section 4.3 with respect to payments of
Receivables, all proceeds of any Collateral received by any Grantor consisting of cash, checks and other non-cash items (collectively, “Cash Proceeds”) shall be held by such Grantor for the Collateral Agent, segregated from other
funds of such Grantor, and shall, forthwith upon receipt by such Grantor, unless otherwise provided pursuant to Section 4.4(a)(ii), be turned over to the Collateral Agent in the exact form received by such Grantor (duly indorsed by such Grantor to
the Collateral Agent, if required) and held by the Collateral Agent in the Collateral Account. Any Cash Proceeds received by the Collateral Agent (whether from a Grantor or otherwise): (i) if no Event of Default shall have occurred and be
continuing, shall be held by the Collateral Agent for the ratable benefit of the Secured Parties, as collateral security for the Secured Obligations (whether matured or unmatured) and (ii) if an Event of Default shall have occurred and be
continuing, may, in the sole discretion of the Collateral Agent, (A) be held by the Collateral Agent for the ratable benefit of the Secured Parties, as collateral security for the Secured Obligations (whether matured or unmatured) and/or (B) then or
at any time thereafter may be applied by the Collateral Agent against the Secured Obligations then due and owing. 
  
 SECTION 8. COLLATERAL AGENT. 
  
 The Collateral Agent has been appointed to act as the Collateral Agent hereunder by Lenders and, by their acceptance of the benefits hereof, the other
Secured Parties. The Collateral Agent shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without
limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Credit Agreement; provided, the Collateral Agent shall, after payment in full of all Obligations under the Credit Agreement and the other Credit
Documents, exercise, or refrain from exercising, any remedies provided for herein in accordance with the instructions of the holders of a majority of the aggregate notional amount (or, with respect to any Hedge Agreement that has been terminated in
accordance with its terms, the amount then due and payable (exclusive of expenses and similar payments but including any early termination payments then due) under such Hedge Agreement) under all Hedge Agreements. In furtherance of the foregoing
provisions of this Section, each Secured Party, by its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Collateral hereunder, it being understood and agreed by such Secured Party that all
rights and remedies hereunder may be exercised solely by the Collateral Agent for the benefit of Secured Parties in accordance with the terms of this Section. The Collateral Agent may resign at any time by giving thirty (30) days’ prior written
notice thereof to Lenders and the Grantors, and the Collateral Agent 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to the Grantors and the Collateral Agent
signed by the Requisite Lenders holding more than 50% of the outstanding Commitments under the Credit Agreement. Upon any such notice of resignation or any such removal, Requisite Lenders shall have the right, upon five (5) Business Days’
notice to the Collateral Agent, following receipt of the Grantors’ consent (which shall not be unreasonably withheld or delayed and which shall not be required while an Event of Default exists), to appoint a successor Collateral Agent. Upon the
acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed
Collateral Agent under this Agreement, and the retiring or removed Collateral Agent under this Agreement shall promptly (i) transfer to such successor Collateral Agent all sums, Securities and other items of Collateral held hereunder, together with
all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent under this Agreement, and (ii) execute and deliver to such successor Collateral Agent or otherwise authorize
the filing of such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Collateral Agent of the security interests created hereunder, whereupon such
retiring or removed Collateral Agent shall be discharged from its duties and obligations under this Agreement. After any retiring or removed Collateral Agent’s resignation or removal hereunder as the Collateral Agent, the provisions of this
Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Collateral Agent hereunder. 
  
 SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. 
  
 This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the payment in full of all
Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, be binding upon each Grantor, its successors and assigns, and inure, together with the rights and
remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and its successors, transferees and assigns. Without limiting the generality of the foregoing, but subject to the terms of the Credit Agreement, any Lender may assign
or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations
(other than unmatured indemnification obligations), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate hereunder and of
record and all rights to the Collateral shall revert to Grantors. Upon any such termination the Collateral Agent shall, at Grantors’ expense, execute and deliver to Grantors such documents as Grantors shall reasonably request to evidence such
termination. 
  
 SECTION 10. STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM.

  
 The powers conferred on the Collateral Agent hereunder
are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys
actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The Collateral
Agent shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Collateral Agent 

  

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	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

 
accords its own property. Neither the Collateral Agent nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect
or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or otherwise. If any Grantor fails to perform any
agreement contained herein, the Collateral Agent may itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by each Grantor under Section 10.2 of the Credit
Agreement. 
  
 SECTION 11. MISCELLANEOUS. 
  
 Any notice required or permitted to be given under this Agreement shall be
given in accordance with Section 10.1 of the Credit Agreement. No failure or delay on the part of the Collateral Agent in the exercise of any power, right or privilege hereunder or under any other Credit Document shall impair such power, right or
privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. All
rights and remedies existing under this Agreement and the other Credit Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available. In case any provision in or obligation under this Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of,
another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. This Agreement shall be binding upon and inure to the benefit of the Collateral Agent and Grantors and their respective
successors and assigns. No Grantor shall, without the prior written consent of the Collateral Agent given in accordance with the Credit Agreement, assign any right, duty or obligation hereunder. This Agreement and the other Credit Documents embody
the entire agreement and understanding between Grantors and the Collateral Agent and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof. Accordingly, the Credit Documents may not
be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. This Agreement may be executed in one or more counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. 
  
 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAWS). 
  

 35 
  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

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

			
	RIDDELL BELL HOLDINGS, INC.
		
	 By:
	 	 /S/    TIMOTHY
BRASHER

	 Name:
	 	 Timothy Brasher

	 Title:
	 	 CEO

			
	
	RBG HOLDINGS CORP.
		
	 By:
	 	 /S/    TIMOTHY
BRASHER

	 Name:
	 	 Timothy Brasher

	 Title:
	 	 CFO

			
	
	 RIDDELL SPORTS GROUP, INC.
 RIDDELL, INC.
 EQUILINK LICENSING, LLC
 RHC LICENSING, LLC
 ALL AMERICAN SPORTS CORPORATION
 PRO-LINE TEAM SPORTS, INC.
 PRO-LINE ATHLETIC EQUIPMENT, INC.
 MACMARK CORPORATION
 RIDMARK CORPORATION
 PROACQ CORP.

			
		
	 By:
	 	/S/    LAWRENCE SIMON
	 Name:
	 	 Lawrence Simon

	 Title:
	 	 VP & Treasurer

			
	
	 BELL SPORTS CORP.
 BELL SPORTS,
INC.
 GIRO SPORT DESIGN INTERNATIONAL, INC.
 BELL
POWERSPORTS, INC.

			
		
	 By:
	 	/S/    TIMOTHY BRASHER
	 Name:
	 	 Timothy Brasher

	 Title:
	 	 Vice President & Secretary

			
	
	 GOLDMAN SACHS CREDIT PARTNERS L.P.,
     as the Collateral Agent

		
	 By:
	 	/S/    ROBERT WAGNER
	 Name:
	 	 Robert Wagner

	 Title:
	 	 Authorized Signatory

  

 36 
  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

  
 SCHEDULE 4.1 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 GENERAL INFORMATION 
  

	(A)	Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and Organizational
Identification Number of each Grantor: 

  

									
	 Full Legal
 Name

	 	 Type of
 Organization

	 	 Jurisdiction of
 Organization

	  	 Chief Executive
 Office/Sole Place of
 Business (or
 Residence if Grantor
 is a Natural Person)

	  	Organization I.D.#

  

	(B)	Other Names (including any Trade-Name or Fictitious Business Name) under which each Grantor has conducted business for the past five (5) years: 

  

			
	 Full Legal Name

	 	 Trade Name or Fictitious Business Name

  

	(C)	Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person) and Corporate Structure
within past five (5) years: 

  

					
	 Name of Grantor

	 	 Date of Change

	 	 Description of Change

  

	(D)	Agreements pursuant to which any Grantor is found as debtor within past five (5) years: 

  

			
	 Name of Grantor

	 	 Description of Agreement

  

	(E)	Financing Statements: 

  

			
	 Name of Grantor

	 	 Filing Jurisdiction(s)

  

 SCHEDULE 4.1-1 
  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

  
 SCHEDULE 4.2 
 TO PLEDGE AND SECURITY AGREEMENT 
  

			
	 Name of Grantor

	 	 Location of Equipment and Inventory

  

 SCHEDULE 4.2-1 
  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

  
 SCHEDULE 4.4 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 INVESTMENT RELATED PROPERTY 
  

	(A)	Pledged Stock: 

  

															
	 Grantor

	 	 Stock Issuer

	 	 Class of
 Stock

	  	 Certificated
 (Y/N)

	  	Stock
Certificate
No.

	  	Par Value

	  	No. of
Pledged
Stock

	  	% of
Outstanding
Stock of the
Stock Issuer

	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 

  
 Pledged LLC Interests: 
  

											
	 Grantor

	 	 Limited Liability
Company

	 	 Certificated (Y/N)

	  	 Certificate
 No. (if any)

	  	 No. of Pledged
 Units

	  	% of Outstanding
LLC Interests of the
Limited Liability
Company

	 	 	 	 	 	  	 	  	 	  	 

  
 Pledged Partnership Interests:

  

											
	 Grantor

	 	 Partnership

	 	 Type of Partnership
Interests (e.g., general or
limited)

	  	Certificated (Y/N)

	  	 Certificate No.
 (if any)

	  	% of Outstanding
Partnership
Interests of the
Partnership

	 	 	 	 	 	  	 	  	 	  	 

  
 Pledged Trust Interests: 

 

											
	 Grantor

	 	 Trust

	 	 Class of Trust Interests

	  	Certificated (Y/N)

	  	 Certificate No.
 (if any)

	  	% of Outstanding
Trust Interests of
the Trust

	 	 	 	 	 	  	 	  	 	  	 

  

 SCHEDULE 4.5-1 

 Pledged Debt: 
  

											
	 Grantor

	 	 Issuer

	 	 Original Principal
Amount

	  	Outstanding
Principal Balance

	  	Issue Date

	  	Maturity Date

	 	 	 	 	 	  	 	  	 	  	 

  
 Securities Account: 
  

							
	 Grantor

	 	 Share of Securities
 Intermediary

	 	 Account Number

	  	Account Name

	 	 	 	 	 	  	 

  
 Commodities Accounts: 
  

							
	 Grantor

	 	 Name of Commodities
 Intermediary

	 	 Account Number

	  	Account Name

	 	 	 	 	 	  	 

  
 Deposit Accounts: 
  

							
	 Grantor

	 	 Name of
 Depositary Bank

	 	 Account Number

	  	Account Name

	 	 	 	 	 	  	 

  

	(B)	

  

					
	 Name of Grantor

	 	 Date of Acquisition

	 	 Description of Acquisition

  

 SCHEDULE 4.5-2 

  
 SCHEDULE 4.6 
 TO PLEDGE AND SECURITY AGREEMENT 
  

			
	 Name of Grantor

	 	 Description of Letters of Credit

  

 SCHEDULE 4.6-1 

 SCHEDULE 4.7 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 INTELLECTUAL PROPERTY 
  

	(A)	Copyrights 

  

	(B)	Copyright Licenses 

  

	(C)	Patents 

  

	(D)	Patent Licenses 

  

	(E)	Trademarks 

  

	(F)	Trademark Licenses 

  

	(G)	Trade Secret Licenses 

  

	(H)	Intellectual Property Exceptions 

  

 SCHEDULE 4.7-1 

 SCHEDULE 4.8 
  
 TO PLEDGE AND SECURITY AGREEMENT 
  

			
	 Name of Grantor

	  	Commercial Tort Claims

  

 SCHEDULE 4.8-1 

  
 EXHIBIT A 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 PLEDGE SUPPLEMENT 
  
 This PLEDGE SUPPLEMENT, dated [mm/dd/yy], is delivered by [NAME OF GRANTOR] a [NAME OF STATE OF INCORPORATION] [Corporation]
(the “Grantor”) pursuant to the Pledge and Security Agreement, dated as of September 30, 2004 (as it may be from time to time amended, restated, modified or supplemented, the “Security Agreement”), among RIDDELL BELL
HOLDINGS, INC., the other Grantors named therein, and GOLDMAN SACHS CREDIT PARTNERS L.P., as the Collateral Agent. Capitalized terms used herein not otherwise defined herein shall have the meanings ascribed thereto in the Security
Agreement. 
  
 Grantor hereby confirms the grant to the Collateral
Agent set forth in the Security Agreement of, and does hereby grant to the Collateral Agent, a security interest in all of Grantor’s right, title and interest in and to all Collateral to secure the Secured Obligations, in each case whether now
or hereafter existing or in which Grantor now has or hereafter acquires an interest and wherever the same may be located. Grantor represents and warrants that the attached Supplements to Schedules accurately and completely set forth all additional
information required pursuant to the Security Agreement and hereby agrees that such Supplements to Schedules shall constitute part of the Schedules to the Security Agreement. 
  
 IN WITNESS WHEREOF, Grantor has caused this Pledge Supplement to be duly executed and delivered by its duly
authorized officer as of [mm/dd/yy]. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 EXHIBIT A-1 

  
 SUPPLEMENT TO SCHEDULE 4.1

 TO PLEDGE AND SECURITY AGREEMENT 
  
 Additional Information: 
  

	(A)	Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and Organizational
Identification Number of each Grantor: 

  

									
	 Full Legal Name

	  	Type of Organization

	  	Jurisdiction of
Organization

	  	 Chief Executive
 Office/Sole Place of
Business (or
Residence if Grantor
is a Natural Person)

	  	Organization I.D.#

  

	(B)	Other Names (including any Trade-Name or Fictitious Business Name) under which each Grantor has conducted business for the past five (5) years: 

  

			
	 Full Legal Name

	  	Trade Name or Fictitious Business Name

  

	(C)	Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person) and Corporate Structure
within past five (5) years: 

  

					
	 Name of Grantor

	  	Date of Change

	  	Description of Change

  

	(D)	Agreements pursuant to which any Grantor is found as debtor within past five (5) years: 

  

			
	 Name of Grantor

	  	Description of Agreement

  

 EXHIBIT A-2 

	(E)	Financing Statements: 

  

			
	 Name of Grantor

	  	Filing Jurisdiction(s)

  

 EXHIBIT A-3 

  
 SUPPLEMENT TO SCHEDULE 4.2

 TO PLEDGE AND SECURITY AGREEMENT 
  
 Additional Information: 
  

			
	 Name of Grantor

	  	Location of Equipment and Inventory

  

 EXHIBIT A-4 

  
 SUPPLEMENT TO SCHEDULE 4.4

 TO PLEDGE AND SECURITY AGREEMENT 
  
 Additional Information: 
  
 (A) 
  
 Pledged Stock: 
  
 Pledged Partnership Interests: 
  
 Pledged LLC Interests: 
  
 Pledged Trust Interests: 
  
 Pledged Debt: 
  
 Securities Account: 

 
 Commodities Accounts: 
  
 Deposit Accounts: 
  
 (B) 
  

					
	 Name of Grantor

	  	Date of Acquisition

	  	Description of Acquisition

  

 EXHIBIT A-5 

  
 SUPPLEMENT TO SCHEDULE 4.6

 TO PLEDGE AND SECURITY AGREEMENT 
  
 Additional Information: 
  

			
	 Name of Grantor

	  	Description of Letters of Credit

  

 EXHIBIT A-6 

  
 SUPPLEMENT TO SCHEDULE 4.7

 TO PLEDGE AND SECURITY AGREEMENT 
  
 Additional Information: 
  

	(A)	Copyrights 

  

	(B)	Copyright Licenses 

  

	(C)	Patents 

  

	(D)	Patent Licenses 

  

	(E)	Trademarks 

  

	(F)	Trademark Licenses 

  

	(G)	Trade Secret Licenses 

  

	(H)	Intellectual Property Exceptions 

  

 EXHIBIT A-7 

  
 SUPPLEMENT TO SCHEDULE 4.8

 TO PLEDGE AND SECURITY AGREEMENT 
  
 Additional Information: 
  

			
	 Name of Grantor

	  	Commercial Tort Claims

  

 EXHIBIT A-8 

  
 EXHIBIT B 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 UNCERTIFICATED SECURITIES CONTROL AGREEMENT 
  
 This Uncertificated Securities Control Agreement dated as of
[                    ] among
                     (the “Pledgor”), Goldman Sachs Credit Partners L.P., as collateral agent for the Secured Parties, (the
“Collateral Agent”) and                     , a
            corporation (the “Issuer”). Capitalized terms used but not defined herein shall have the meaning assigned in the Pledge and Security Agreement dated [as
of the date hereof], among the Pledgor, the other Grantors party thereto and the Collateral Agent (the “Security Agreement”). All references herein to the “UCC” shall mean the Uniform Commercial Code as in effect in
the State of New York. 
  
 Section 1. Registered Ownership of
Shares. The Issuer hereby confirms and agrees that as of the date hereof the Pledgor is the registered owner of                     
shares of the Issuer’s [common] stock (the “Pledged Shares”) and the Issuer shall not change the registered owner of the Pledged Shares without the prior written consent of the Collateral Agent. 
  
 Section 2. Instructions. If at any time the Issuer shall receive
instructions originated by the Collateral Agent relating to the Pledged Shares, the Issuer shall comply with such instructions without further consent by the Pledgor or any other person. 
  
 Section 3. Additional Representations and Warranties of the Issuer. The Issuer hereby represents and warrants to the
Collateral Agent: 
  
 (a) It has not entered into, and until the
termination of this agreement will not enter into, any agreement with any other person relating the Pledged Shares pursuant to which it has agreed to comply with instructions issued by such other person; and 
  
 (b) It has not entered into, and until the termination of this agreement will
not enter into, any agreement with the Pledgor or the Collateral Agent purporting to limit or condition the obligation of the Issuer to comply with Instructions as set forth in Section 2 hereof. 
  
 (c) Except for the claims and interest of the Collateral Agent and of the
Pledgor in the Pledged Shares, the Issuer does not know of any claim to, or interest in, the Pledged Shares. If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or
similar process) against the Pledged Shares, the Issuer will promptly notify the Collateral Agent and the Pledgor thereof. 
  
 (d) This Uncertificated Securities Control Agreement is the valid and legally binding obligation of the Issuer. 
  
 Section 4. Choice of Law. This Agreement shall be governed by the laws
of the State of New York. 
  
 Section 5. Conflict with Other
Agreements. In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered 

  

 EXHIBIT B-1 

 
into, the terms of this Agreement shall prevail. No amendment or modification of this Agreement or waiver of any right hereunder shall be binding on any
party hereto unless it is in writing and is signed by all of the parties hereto. 
  
 Section 6. Voting Rights. Until such time as the Collateral Agent shall otherwise instruct the Issuer in writing, the Pledgor shall have the right to vote the Pledged Shares. 
  
 Section 7. Successors; Assignment. The terms of this Agreement shall
be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors or heirs and personal representatives who obtain such rights solely by operation of law. The Collateral Agent may assign its rights
hereunder only with the express written consent of the Issuer and by sending written notice of such assignment to the Pledgor. 
  
 Section 8. Indemnification of Issuer. The Pledgor and the Collateral Agent hereby agree that (a) the Issuer is released from any and all
liabilities to the Pledgor and the Collateral Agent arising from the terms of this Agreement and the compliance of the Issuer with the terms hereof, except to the extent that such liabilities arise from the Issuer’s negligence and (b) the
Pledgor, its successors and assigns shall at all times indemnify and save harmless the Issuer from and against any and all claims, actions and suits of others arising out of the terms of this Agreement or the compliance of the Issuer with the terms
hereof, except to the extent that such arises from the Issuer’s negligence, and from and against any and all liabilities, losses, damages, costs, charges, counsel fees and other expenses of every nature and character arising by reason of the
same, until the termination of this Agreement. 
  
 Section 9.
Agreement with Debtor. The Collateral Agent hereby agrees that until such time as an Event of Default shall have occurred and so long as such Event of Default is continuing and the Secured Obligations have become due and payable, it will
not exercise its right to control the Pledged Shares pursuant to Section 2, it being understood that this agreement is for the benefit of the Debtor only and if the Collateral Agent, notwithstanding this Agreement, shall exercise such control, the
Issuer shall be entitled to be fully protected in relying and acting on such exercise or request. 
  
 Section 10. Notices. Any notice, request or other communication required or permitted to be given under this Agreement shall be in writing and
deemed to have been properly given when delivered in person, or when sent by telecopy or other electronic means and electronic confirmation of error free receipt is received or two (2) days after being sent by certified or registered United States
mail, return receipt requested, postage prepaid, addressed to the party at the address set forth below. 
  

			
	Pledgor:	  	[INSERT ADDRESS]
	 	  	Attention:
	 	  	Telecopier:
		
	Collateral Agent:	  	Goldman Sachs Credit Partners L.P.
	 	  	85 Broad Street
	 	  	New York, New York 10004
	 	  	Attention:
	 	  	Telecopier:

  

 EXHIBIT B-2 

			
	Issuer:	  	[INSERT ADDRESS]
	 	  	Attention:
	 	  	Telecopier:

  
 Any party may change
its address for notices in the manner set forth above. 
  
 Section 11. Termination. The obligations of the Issuer to the Collateral Agent pursuant to this Control Agreement shall continue in effect until the security interests of the Collateral Agent in the Pledged Shares have been
terminated pursuant to the terms of the Security Agreement and the Collateral Agent has notified the Issuer of such termination in writing. The Collateral Agent agrees to provide Notice of Termination in substantially the form of Exhibit A hereto to
the Issuer upon the request of the Pledgor on or after the termination of the Collateral Agent’s security interest in the Pledged Shares pursuant to the terms of the Security Agreement. The termination of this Control Agreement shall not
terminate the Pledged Shares or alter the obligations of the Issuer to the Pledgor pursuant to any other agreement with respect to the Pledged Shares. 
  
 Section 12. Counterparts. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument,
and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 
  

			
	[NAME OF PLEDGOR]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 GOLDMAN SACHS CREDIT PARTNERS L.P.,
 as Collateral Agent

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	[NAME OF ISSUER]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 EXHIBIT B-3 

  
 Exhibit A 

 
 [Letterhead of Collateral Agent] 
  
 [Date] 
  
 [Name and Address of Issuer] 
  
 Attention:
                                 
  

	 	Re:	Termination of Control Agreement 

  
 You are hereby notified that the Uncertificated Securities Control Agreement between you, [the Pledgor] and the undersigned (a copy of which is attached)
is terminated and you have no further obligations to the undersigned pursuant to such Agreement. Notwithstanding any previous instructions to you, you are hereby instructed to accept all future directions with respect to Pledged Shares (as defined
in the Uncertificated Control Agreement) from [the Pledgor]. This notice terminates any obligations you may have to the undersigned with respect to the Pledged Shares, however nothing contained in this notice shall alter any obligations which you
may otherwise owe to [the Pledgor] pursuant to any other agreement. 
  
 You are instructed to deliver a copy of this notice by facsimile transmission to [insert name of Pledgor]. 
  

					
	 Very truly yours,

	
	GOLDMAN SACHS CREDIT PARTNERS L.P.,
	 as Collateral Agent

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 EXHIBIT B-A-1 

  
 EXHIBIT C 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 SECURITIES ACCOUNT CONTROL AGREEMENT 
  
 This Securities Account Control Agreement dated as of
[                    ] (this “Agreement”) among
                     (the “Debtor”), Goldman Sachs Credit Partners L.P., as collateral agent for the Secured Parties (the
“Collateral Agent”) and                     , in its capacity as a “securities intermediary” as defined in Section
8-102 of the UCC (in such capacity, the “Securities Intermediary”). Capitalized terms used but not defined herein shall have the meaning assigned thereto in the Pledge and Security Agreement, dated [as of the date hereof], among the
Debtor, the other Grantors party thereto and the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”). All references herein to the “UCC” shall mean
the Uniform Commercial Code as in effect in the State of New York. 
  
 Section 1. Establishment of Securities Account. The Securities Intermediary hereby confirms and agrees that: 
  
 (a) The Securities Intermediary has established account number [IDENTIFY ACCOUNT NUMBER] in the name “[IDENTIFY EXACT TITLE OF
ACCOUNT]” (such account and any successor account, the “Securities Account”) and the Securities Intermediary shall not change the name or account number of the Securities Account without the prior written consent of the
Collateral Agent; 
  
 (b) All securities or other property
underlying any financial assets credited to the Securities Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name
of the Securities Intermediary and in no case will any financial asset credited to the Securities Account be registered in the name of the Debtor, payable to the order of the Debtor or specially indorsed to the Debtor except to the extent the
foregoing have been specially indorsed to the Securities Intermediary or in blank; 
  
 (c) All property delivered to the Securities Intermediary pursuant to the Security Agreement will be promptly credited to the Securities Account; and 
  
 (d) The Securities Account is a “securities account” within the meaning of Section 8-501 of the UCC. 

 
 Section 2. “Financial Assets” Election. The Securities
Intermediary hereby agrees that each item of property (including, without limitation, any investment property, financial asset, security, instrument, general intangible or cash) credited to the Securities Account shall be treated as a
“financial asset” within the meaning of Section 8-102(a)(9) of the UCC. 
  
 Section 3. Control of the Securities Account. If at any time the Securities Intermediary shall receive any order from the Collateral Agent directing transfer or redemption of 

  

 EXHIBIT C-1 

 
any financial asset relating to the Securities Account, the Securities Intermediary shall comply with such entitlement order without further consent by the
Debtor or any other person. If the Debtor is otherwise entitled to issue entitlement orders and such orders conflict with any entitlement order issued by the Collateral Agent, the Securities Intermediary shall follow the orders issued by the
Collateral Agent. 
  
 Section 4. Subordination of Lien; Waiver
of Set-Off. In the event that the Securities Intermediary has or subsequently obtains by agreement, by operation of law or otherwise a security interest in the Securities Account or any security entitlement credited thereto, the Securities
Intermediary hereby agrees that such security interest shall be subordinate to the security interest of the Collateral Agent. The financial assets and other items deposited to the Securities Account will not be subject to deduction, set-off,
banker’s lien, or any other right in favor of any person other than the Collateral Agent (except that the Securities Intermediary may set off (i) all amounts due to the Securities Intermediary in respect of customary fees and expenses for the
routine maintenance and operation of the Securities Account and (ii) the face amount of any checks which have been credited to such Securities Account but are subsequently returned unpaid because of uncollected or insufficient funds). 
  
 Section 5. Choice of Law. This Agreement and the Securities Account
shall each be governed by the laws of the State of New York. Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction (within the meaning of Section
8-110 of the UCC) and the Securities Account (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York. 
  
 Section 6. Conflict with Other Agreements. 
  
 (a) In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms
of this Agreement shall prevail; 
  
 (b) No amendment or
modification of this Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto; 
  
 (c) The Securities Intermediary hereby confirms and agrees that: 
  
 (i) There are no other control agreements entered into
between the Securities Intermediary and the Debtor with respect to the Securities Account; 
  
 (ii) It has not entered into, and until the termination of this Agreement, will not enter into, any agreement with any other person
relating to the Securities Account and/or any financial assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the UCC) of such other person; and 
  
 (iii) It has not entered into, and until the termination of
this Agreement, will not enter into, any agreement with the Debtor or the Collateral Agent purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 3 hereof. 

 

 EXHIBIT C-2 

 Section 7. Adverse Claims. Except for the claims and interest of the Collateral Agent and of the
Debtor in the Securities Account, the Securities Intermediary does not know of any claim to, or interest in, the Securities Account or in any “financial asset” (as defined in Section 8-102(a) of the UCC) credited thereto. If any person
asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Securities Account or in any financial asset carried therein, the Securities Intermediary
will promptly notify the Collateral Agent and the Debtor thereof. 
  
 Section 8. Maintenance of Securities Account. In addition to, and not in lieu of, the obligation of the Securities Intermediary to honor entitlement orders as agreed in Section 3 hereof, the Securities Intermediary agrees to maintain
the Securities Account as follows: 
  
 (a) Notice of Sole
Control. If at any time the Collateral Agent delivers to the Securities Intermediary a Notice of Sole Control in substantially the form set forth in Exhibit A hereto, the Securities Intermediary agrees that after receipt of such notice, it will
take all instruction with respect to the Securities Account solely from the Collateral Agent. 
  
 (b) Voting Rights. Until such time as the Securities Intermediary receives a Notice of Sole Control pursuant to subsection (a) of this Section 8, the Debtor shall direct the Securities Intermediary with respect
to the voting of any financial assets credited to the Securities Account. 
  
 (c) Permitted Investments. Until such time as the Securities Intermediary receives a Notice of Sole Control signed by the Collateral Agent, the Debtor shall direct the Securities Intermediary with respect to
the selection of investments to be made for the Securities Account; provided, however, that the Securities Intermediary shall not honor any instruction to purchase any investments other than investments of a type described on Exhibit B hereto.

  
 (d) Statements and Confirmations. Upon the reasonable
request of the Collateral Agent, the Securities Intermediary will promptly send copies of all statements, confirmations and other correspondence concerning the Securities Account and/or any financial assets credited thereto simultaneously to each of
the Debtor and the Collateral Agent at the address for each set forth in Section 13 of this Agreement. 
  
 (e) Tax Reporting. All items of income, gain, expense and loss recognized in the Securities Account shall be reported to the Internal Revenue
Service and all state and local taxing authorities under the name and taxpayer identification number of the Debtor. 
  
 Section 9. Representations, Warranties and Covenants of the Securities Intermediary. The Securities Intermediary hereby makes the following
representations, warranties and covenants: 
  
 (a) The Securities
Account has been established as set forth in Section 1 above and such Securities Account will be maintained in the manner set forth herein until termination of this Agreement; and 
  
 (b) This Agreement is the valid and legally binding obligation of the Securities Intermediary. 
  
 Section 10 Indemnification of Securities Intermediary. The Debtor and
the Collateral Agent hereby agree that (a) the Securities Intermediary is released from any and all liabilities to the Debtor and the Collateral Agent arising from the terms of this Agreement and the compliance 

  

 EXHIBIT C-3 

 
of the Securities Intermediary with the terms hereof, except to the extent that such liabilities arise from the Securities Intermediary’s negligence and
(b) the Debtor, its successors and assigns shall at all times indemnify and save harmless the Securities Intermediary from and against any and all claims, actions and suits of others arising out of the terms of this Agreement or the compliance of
the Securities Intermediary with the terms hereof, except to the extent that such arises from the Securities Intermediary’s negligence, and from and against any and all liabilities, losses, damages, costs, charges, counsel fees and other
expenses of every nature and character arising by reason of the same, until the termination of this Agreement. 
  
 Section 11. Agreement with Debtor. The Collateral Agent hereby agrees that until such time as an Event of Default shall have occurred and so long
as such Event of Default is continuing and the Secured Obligations have become due and payable, it will not exercise its right to control the Securities Account pursuant to Section 3 or to request statements and confirmations pursuant to Section 8,
it being understood that this agreement is for the benefit of the Debtor only and if the Collateral Agent, notwithstanding this Agreement, shall exercise such control or request such statements and confirmations, the Securities Intermediary shall be
entitled to be fully protected in relying and acting on such exercise or request. 
  
 Section 12. Successors; Assignment. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors or heirs and personal
representatives who obtain such rights solely by operation of law. The Collateral Agent may assign its rights hereunder only with the express written consent of the Securities Intermediary and by sending written notice of such assignment to the
Debtor. 
  
 Section 13. Notices. Any notice, request or
other communication required or permitted to be given under this Agreement shall be in writing and deemed to have been properly given when delivered in person, or when sent by telecopy or other electronic means and electronic confirmation of error
free receipt is received or two (2) days after being sent by certified or registered United States mail, return receipt requested, postage prepaid, addressed to the party at the address set forth below. 
  

			
	Debtor:	  	[INSERT ADDRESS]
	 	  	Attention:
	 	  	Telecopier:
		
	Collateral Agent:	  	Goldman Sachs Credit Partners L.P.
	 	  	85 Broad Street
	 	  	New York, New York 10004
	 	  	Attention:
	 	  	Telecopier:
		
	Securities Intermediary:	  	[INSERT ADDRESS]
	 	  	Attention:
	 	  	Telecopier:

  
 Any party may change
its address for notices in the manner set forth above. 
  
 Section 14. Termination. The obligations of the Securities Intermediary to the Collateral Agent pursuant to this Agreement shall continue in effect until the security interest of the Collateral Agent in the Securities Account has
been terminated pursuant to the terms of the Security Agreement and the Collateral Agent has notified the Securities Intermediary of such 

  

 EXHIBIT C-4 

 
termination in writing. The Collateral Agent agrees to provide Notice of Termination in substantially the form of Exhibit C hereto to the Securities
Intermediary upon the request of the Debtor on or after the termination of the Collateral Agent’s security interest in the Securities Account pursuant to the terms of the Security Agreement. The termination of this Agreement shall not terminate
the Securities Account or alter the obligations of the Securities Intermediary to the Debtor pursuant to any other agreement with respect to the Securities Account. 
  
 Section 15. Counterparts. This Agreement may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 
  

 EXHIBIT C-5 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Account Control Agreement to be
executed as of the date first above written by their respective officers thereunto duly authorized. 
  

					
	[DEBTOR]
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	GOLDMAN SACHS CREDIT PARTNERS L.P.,
	 as Collateral Agent

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	[NAME OF SECURITIES INTERMEDIARY],
	 as Securities Intermediary

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 EXHIBIT C-6 

  
 EXHIBIT A 
 TO SECURITIES ACCOUNT CONTROL AGREEMENT 
  
 [Letterhead of Collateral Agent] 
  
 [Date] 
  
 [Name and Address of Securities Intermediary] 
  
 Attention: 
  

	 	Re:	Notice of Sole Control 

  
 Ladies and Gentlemen: 
  
 As referenced in the Securities Account Control Agreement dated as of
                    , 200   among [NAME OF THE DEBTOR], you and the undersigned (a copy of which is attached), we
hereby give you notice of our sole control over securities account number                      (the “Securities Account”) and
all financial assets credited thereto. You are hereby instructed not to accept any direction, instructions or entitlement orders with respect to the Securities Account or the financial assets credited thereto from any person other than the
undersigned, unless otherwise ordered by a court of competent jurisdiction. 
  
 You are instructed to deliver a copy of this notice by facsimile transmission to [NAME OF THE DEBTOR]. 
  

					
	 Very truly yours,

	
	 GOLDMAN SACHS CREDIT PARTNERS L.P.,
 as Collateral Agent

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
 cc: [NAME OF THE DEBTOR]

  

 EXHIBIT C-A-1 
  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

  
 EXHIBIT B 
 TO SECURITIES ACCOUNT CONTROL AGREEMENT 
  
 Permitted Investments 
  

 EXHIBIT C-B-1 

  
 EXHIBIT C 
 TO SECURITIES ACCOUNT CONTROL AGREEMENT 
  
 [Letterhead of the Collateral Agent] 
  
 [Date] 
  
 [Name and Address of Securities Intermediary] 
  
 Attention: 
  
 Re: Termination of Securities Account
Control Agreement 
  
 You are hereby notified that the
Securities Account Control Agreement dated as of                     , 200   among you, [NAME OF THE DEBTOR] and the
undersigned (a copy of which is attached) is terminated and you have no further obligations to the undersigned pursuant to such Agreement. Notwithstanding any previous instructions to you, you are hereby instructed to accept all future directions
with respect to account number(s)                          from [NAME OF THE DEBTOR]. This notice terminates any
obligations you may have to the undersigned with respect to such account, however nothing contained in this notice shall alter any obligations which you may otherwise owe to [NAME OF THE DEBTOR] pursuant to any other agreement. 
  
 You are instructed to deliver a copy of this notice by facsimile transmission
to [NAME OF THE DEBTOR]. 
  

					
	 Very truly yours,

	
	GOLDMAN SACHS CREDIT PARTNERS L.P.,
	 as Collateral Agent

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 EXHIBIT C-C-1 

  
 EXHIBIT D 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 DEPOSIT ACCOUNT CONTROL AGREEMENT 
  
 This Deposit Account Control Agreement dated as of
                    , 200   (this “Agreement”) among
                     (the “Debtor”), Goldman Sachs Credit Partners L.P., as collateral agent for the Secured Parties (the
“Collateral Agent”) and                     , in its capacity as a “bank” as defined in Section 9-102 of the UCC
(in such capacity, the “Financial Institution”). Capitalized terms used but not defined herein shall have the meaning assigned thereto in the Pledge and Security Agreement, dated [as of the date hereof], between the Debtor, the
other Grantors party thereto and the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”). All references herein to the “UCC” shall mean the Uniform
Commercial Code as in effect in the State of New York. 
  
 Section 1. Establishment of Deposit Account. The Financial Institution hereby confirms and agrees that: 
  
 (a) The Financial Institution has established account number [IDENTIFY ACCOUNT NUMBER] in the name “[IDENTIFY EXACT TITLE OF
ACCOUNT]” (such account and any successor account, the “Deposit Account”) and the Financial Institution shall not change the name or account number of the Deposit Account without the prior written consent of the Collateral
Agent and, prior to delivery of a Notice of Sole Control in substantially the form set forth in Exhibit A hereto, the Debtor; and 
  
 (b) The Deposit Account is a “deposit account” within the meaning of Section 9-102(a)(29) of the UCC. 
  
 Section 2. Control of the Deposit Account. If at any time the
Financial Institution shall receive any instructions originated by the Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or
any other person. The Financial Institution hereby acknowledges that it has received notice of the security interest of the Collateral Agent in the Deposit Account and hereby acknowledges and consents to such lien. 
  
 Section 3. Subordination of Lien; Waiver of Set-Off. In the event that
the Financial Institution has or subsequently obtains by agreement, by operation of law or otherwise a security interest in the Deposit Account or any funds credited thereto, the Financial Institution hereby agrees that such security interest shall
be subordinate to the security interest of the Collateral Agent. Money and other items credited to the Deposit Account will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any person other than the Collateral
Agent (except that the Financial Institution may set off (i) all amounts due to the Financial Institution in respect of customary fees and expenses for the routine maintenance and operation of the Deposit Account and (ii) the face amount of any
checks which have been credited to such Deposit Account but are subsequently returned unpaid because of uncollected or insufficient funds). 
  
 Section 4. Choice of Law. This Agreement and the Deposit Account shall each be governed by the laws of the State of New York. Regardless of any
provision in any other 

  

 EXHIBIT D-1 

 
agreement, for purposes of the UCC, New York shall be deemed to be the Financial Institution’s jurisdiction (within the meaning of Section 9-304 of the
UCC) and the Deposit Account shall be governed by the laws of the State of New York. 
  
 Section 5. Conflict with Other Agreements. 
  
 (a) In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail; 
  
 (b) No amendment or modification of this Agreement or waiver of any right
hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto; and 
  
 (c) The Financial Institution hereby confirms and agrees that: 
  

(i) There are no other agreements entered into between the Financial Institution and the Debtor with respect to the Deposit Account;
and 
  
 (ii) It has not entered into, and until
the termination of this Agreement, will not enter into, any agreement with any other person relating the Deposit Account and/or any funds credited thereto pursuant to which it has agreed to comply with instructions originated by such persons as
contemplated by Section 9-104 of the UCC. 
  
 Section 6.
Adverse Claims. The Financial Institution does not know of any liens, claims or encumbrances relating to the Deposit Account. If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of
attachment, execution or similar process) against the Deposit Account, the Financial Institution will promptly notify the Collateral Agent and the Debtor thereof. 
  
 Section 7. Maintenance of Deposit Account. In addition to, and not in lieu of, the obligation of the Financial
Institution to honor instructions as set forth in Section 2 hereof, the Financial Institution agrees to maintain the Deposit Account as follows: 
  
 (a) Statements and Confirmations. The Financial Institution will promptly send copies of all statements, confirmations and other correspondence
concerning the Deposit Account simultaneously to each of the Debtor and the Collateral Agent at the address for each set forth in Section 11 of this Agreement; and 
  
 (b) Tax Reporting. All interest, if any, relating to the Deposit Account, shall be reported to the Internal Revenue
Service and all state and local taxing authorities under the name and taxpayer identification number of the Debtor. 
  
 Section 8. Representations, Warranties and Covenants of the Financial Institution. The Financial Institution hereby makes the following
representations, warranties and covenants: 
  
 (a) The Deposit
Account has been established as set forth in Section 1 and such Deposit Account will be maintained in the manner set forth herein until termination of this Agreement; and 
  

 EXHIBIT D-2 

 (b) This Agreement is the valid and legally binding obligation of the Financial Institution. 

 
 Section 9. Indemnification of Financial Institution. The Debtor and
the Collateral Agent hereby agree that (a) the Financial Institution is released from any and all liabilities to the Debtor and the Collateral Agent arising from the terms of this Agreement and the compliance of the Financial Institution with the
terms hereof, except to the extent that such liabilities arise from the Financial Institution’s negligence and (b) the Debtor, its successors and assigns shall at all times indemnify and save harmless the Financial Institution from and against
any and all claims, actions and suits of others arising out of the terms of this Agreement or the compliance of the Financial Institution with the terms hereof, except to the extent that such arises from the Financial Institution’s negligence,
and from and against any and all liabilities, losses, damages, costs, charges, counsel fees and other expenses of every nature and character arising by reason of the same, until the termination of this Agreement. 
  
 Section 10. Successors; Assignment. The terms of this Agreement shall
be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors or heirs and personal representatives who obtain such rights solely by operation of law. The Collateral Agent may assign its rights
hereunder only with the express written consent of the Financial Institution and by sending written notice of such assignment to the Debtor. 
  
 Section 11 Notices. Any notice, request or other communication required or permitted to be given under this Agreement shall be in writing and
deemed to have been properly given when delivered in person, or when sent by telecopy or other electronic means and electronic confirmation of error free receipt is received or two (2) days after being sent by certified or registered United States
mail, return receipt requested, postage prepaid, addressed to the party at the address set forth below. 
  

			
	Debtor:	  	[INSERT ADDRESS]
	 	  	Attention:
	 	  	Telecopier:
		
	Collateral Agent:	  	[INSERT ADDRESS]
	 	  	Attention:
	 	  	Telecopier:
		
	Financial Institution:	  	[INSERT ADDRESS]
	 	  	Attention:
	 	  	Telecopier:

  
 Any party may change
its address for notices in the manner set forth above. 
  
 Section 12. Termination. The obligations of the Financial Institution to the Collateral Agent pursuant to this Agreement shall continue in effect until the security interest of the Collateral Agent in the Deposit Account has been
terminated pursuant to the terms of the Security Agreement and the Collateral Agent has notified the Financial Institution of such termination in writing. The Collateral Agent agrees to provide Notice of Termination in substantially the form of
Exhibit A hereto to the Financial Institution upon the request of the Debtor on or after the termination of the Collateral Agent’s security interest in the Deposit Account pursuant to the terms of the Security Agreement. The termination of this
Agreement shall not terminate the 

  

 EXHIBIT D-3 

 
Deposit Account or alter the obligations of the Financial Institution to the Debtor pursuant to any other agreement with respect to the Deposit Account.

  
 Section 13. Counterparts. This Agreement may be
executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Deposit Account
Control Agreement to be executed as of the date first above written by their respective officers thereunto duly authorized. 
  

					
	[DEBTOR]
		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 GOLDMAN SACHS CREDIT PARTNERS L.P.,
 as Collateral Agent

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 [NAME OF FINANCIAL INSTITUTION],
 as
Financial Institution

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 EXHIBIT D-4 

  
 EXHIBIT A 
 TO DEPOSIT ACCOUNT CONTROL AGREEMENT 
  
 [Letterhead of the Collateral Agent] 
  
 [Date] 
  
 [Name and Address of Financial Institution] 
  
 Attention: 
  

	 	Re:	Termination of Deposit Account Control Agreement 

  
 You are hereby notified that the Deposit Account Control Agreement dated as of
                    , 200[  ] among [NAME OF THE DEBTOR], you and the undersigned (a copy of which is attached) is terminated
and you have no further obligations to the undersigned pursuant to such Agreement. Notwithstanding any previous instructions to you, you are hereby instructed to accept all future directions with respect to account number(s) from [NAME OF THE
DEBTOR]. This notice terminates any obligations you may have to the undersigned with respect to such account, however nothing contained in this notice shall alter any obligations which you may otherwise owe to [NAME OF THE DEBTOR]
pursuant to any other agreement. 
  
 You are instructed to deliver
a copy of this notice by facsimile transmission to [NAME OF THE DEBTOR]. 
  

					
	Very truly yours,
	
	 GOLDMAN SACHS CREDIT PARTNERS L.P.,
 as Collateral Agent

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 EXHIBIT D-A-1 
  

			
	PLEDGE AND SECURITY AGREEMENT	  	EXECUTION

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