Document:

EX-10.11

 Exhibit 10.11 

CUSIP #[            ] 

 
  

 
 $400,000,000 REVOLVING CREDIT
FACILITY 
 CREDIT AGREEMENT 

by and among 
 CNX COAL
RESOURCES LP 
 and 

THE GUARANTORS PARTY HERETO FROM TIME TO TIME 

and 
 THE LENDERS PARTY
HERETO 
 and 

PNC BANK, NATIONAL ASSOCIATION, 

as Administrative Agent 
  

 

[            ], 

as Syndication Agent 

and 

[            ] and 

[            ], 

as Co-Documentation Agents 

and 
 PNC CAPITAL
MARKETS LLC, and 
 [            ], 

as Joint Lead Arrangers and Joint Bookrunners 

Dated as of [            ], 2015 

 
  

 

 TABLE OF CONTENTS 

 

											
	 	 	 	 	 	  	 	  	Page	 
		
	 1.
	 	 CERTAIN DEFINITIONS
	   

				
		 	 1.1
	 	 Certain Definitions.
	  	 	1	  
		 	 1.2
	 	 Construction.
	  	 	45	  
		 	 1.3
	 	 Accounting Principles.
	  	 	45	  
		 	 1.4
	 	 Valuations.
	  	 	46	  
		 	 1.5
	 	 Letter of Credit Amounts.
	  	 	46	  
		
	 2.
	 	 REVOLVING CREDIT AND SWING LOAN FACILITIES
	   

				
		 	 2.1
	 	 Commitments.
	  	 	46	  
		 		 	 2.1.1
	  	 Revolving Credit Loans.
	  	 	46	  
		 		 	 2.1.2
	  	 Swing Loans.
	  	 	47	  
		 	 2.2
	 	 Nature of Lenders’ Obligations with Respect to Revolving Credit Loans.
	  	 	47	  
		 	 2.3
	 	 Commitment Fees.
	  	 	47	  
		 	 2.4
	 	 Voluntary Commitment Reduction.
	  	 	47	  
		 	 2.5
	 	 Loan Requests.
	  	 	48	  
		 		 	 2.5.1
	  	 Revolving Credit Loan Requests.
	  	 	48	  
		 		 	 2.5.2
	  	 Swing Loan Requests.
	  	 	48	  
		 	 2.6
	 	 Making and Repayment of Loans.
	  	 	49	  
		 		 	 2.6.1
	  	 Making Revolving Credit Loans.
	  	 	49	  
		 		 	 2.6.2
	  	 Presumptions by the Administrative Agent.
	  	 	49	  
		 		 	 2.6.3
	  	 Making Swing Loans.
	  	 	49	  
		 		 	 2.6.4
	  	 Repayment of Loans.
	  	 	49	  
		 	 2.7
	 	 Notes.
	  	 	50	  
		 		 	 2.7.1
	  	 Revolving Credit Notes.
	  	 	50	  
		 		 	 2.7.2
	  	 Swing Loan Note.
	  	 	50	  
		 	 2.8
	 	 Use of Proceeds.
	  	 	50	  
		 	 2.9
	 	 Letters of Credit.
	  	 	50	  
		 		 	 2.9.1
	  	 Issuance of Letters of Credit.
	  	 	50	  
		 		 	 2.9.2
	  	 Letter of Credit Fees.
	  	 	52	  
		 		 	 2.9.3
	  	 Participations, Disbursements, Reimbursement.
	  	 	52	  
		 		 	 2.9.4
	  	 Repayment of Participation Advances.
	  	 	53	  
		 		 	 2.9.5
	  	 Documentation.
	  	 	54	  
		 		 	 2.9.6
	  	 Determinations to Honor Drawing Requests.
	  	 	54	  
		 		 	 2.9.7
	  	 Nature of Participation and Reimbursement Obligations.
	  	 	54	  
		 		 	 2.9.8
	  	 Indemnity.
	  	 	55	  
		 		 	 2.9.9
	  	 Liability for Acts and Omissions.
	  	 	56	  
		 		 	 2.9.10
	  	 Cash Collateral Prior to the Maturity Date.
	  	 	57	  
		 		 	 2.9.11
	  	 Issuing Lender Reporting Requirements.
	  	 	57	  
		 	 2.10
	 	 Borrowings to Repay Swing Loans.
	  	 	57	  
		 	 2.11
	 	 Incremental Facilities.
	  	 	58	  
		 	 2.12
	 	 Extended Term Loans and Extended Revolving Credit Commitments.
	  	 	60	  
		 	 2.13
	 	 Defaulting Lenders.
	  	 	63	  

  
 -i- 

											
	 3.
		 RESERVED
	   

		
	 4.
		 INTEREST RATES
	   

				
			 4.1
		 Interest Rate Options.
		 	64	  
					 4.1.1
		 Interest Rate Options; Swing Line Interest Rate.
		 	65	  
					 4.1.2
		 Rate Quotations.
		 	65	  
			 4.2
		 Interest Periods.
		 	65	  
			 4.3
		 Interest After Default.
		 	65	  
			 4.4
		 LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available.
		 	66	  
					 4.4.1
		 Unascertainable.
		 	66	  
					 4.4.2
		 Illegality; Increased Costs; Deposits Not Available.
		 	66	  
					 4.4.3
		 Administrative Agent’s and Lender’s Rights.
		 	66	  
			 4.5
		 Selection of Interest Rate Options.
		 	67	  
		
	 5.
		 PAYMENTS
	   

				
			 5.1
		 Payments.
		 	67	  
			 5.2
		 Pro Rata Treatment of Lenders.
		 	68	  
			 5.3
		 Sharing of Payments by Lenders.
		 	68	  
			 5.4
		 Presumptions by Administrative Agent.
		 	69	  
			 5.5
		 Interest Payment Dates.
		 	69	  
			 5.6
		 Prepayments.
		 	69	  
					 5.6.1
		 Right to Prepay.
		 	69	  
					 5.6.2
		 Replacement of a Lender.
		 	70	  
					 5.6.3
		 Designation of a Different Lending Office.
		 	71	  
					 5.6.4
		 Mandatory Prepayments.
		 	71	  
			 5.7
		 Increased Costs.
		 	71	  
					 5.7.1
		 Increased Costs Generally.
		 	71	  
					 5.7.2
		 Capital Requirements.
		 	72	  
					 5.7.3
		 Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans.
		 	72	  
					 5.7.4
		 Delay in Requests.
		 	72	  
			 5.8
		 Taxes.
		 	73	  
					 5.8.1
		 Payments Free of Taxes.
		 	73	  
					 5.8.2
		 Payment of Other Taxes by the Borrower.
		 	73	  
					 5.8.3
		 Indemnification by the Borrower.
		 	73	  
					 5.8.4
		 Evidence of Payments.
		 	73	  
					 5.8.5
		 Status of Lenders.
		 	74	  
					 5.8.6
		 Refunds.
		 	75	  
					 5.8.7
		 Definition of Lender.
		 	76	  
			 5.9
		 Indemnity.
		 	76	  
			 5.10
		 Settlement Date Procedures.
		 	76	  
		
	 6.
		 REPRESENTATIONS AND WARRANTIES
	   

				
			 6.1
		 Organization and Qualification.
		 	77	  
			 6.2
		 [Reserved].
		 	77	  
			 6.3
		 Subsidiaries.
		 	77	  
			 6.4
		 Power and Authority.
		 	77	  
			 6.5
		 Validity and Binding Effect.
		 	78	  

  
 -ii- 

											
			 6.6
		 No Conflict.
		 	78	  
			 6.7
		 Litigation.
		 	78	  
			 6.8
		 Title to Properties.
		 	78	  
			 6.9
		 Financial Statements.
		 	79	  
			 6.10
		 Use of Proceeds.
		 	79	  
			 6.11
		 Liens in the Collateral.
		 	79	  
			 6.12
		 Full Disclosure.
		 	80	  
			 6.13
		 Taxes.
		 	80	  
			 6.14
		 Consents and Approvals.
		 	80	  
			 6.15
		 No Event of Default; Compliance with Instruments.
		 	81	  
			 6.16
		 Patents, Trademarks, Copyrights, Licenses, Permits, Etc.
		 	81	  
			 6.17
		 Solvency.
		 	81	  
			 6.18
		 Real Property.
		 	81	  
			 6.19
		 Insurance.
		 	81	  
			 6.20
		 Compliance with Laws.
		 	81	  
			 6.21
		 Material Contracts; Burdensome Restrictions.
		 	82	  
			 6.22
		 Investment Companies; Regulated Entities.
		 	82	  
			 6.23
		 ERISA Compliance.
		 	82	  
			 6.24
		 Employment Matters; Coal Act; Black Lung Act.
		 	83	  
			 6.25
		 Environmental Matters.
		 	83	  
			 6.26
		 Anti-Terrorism Laws.
		 	84	  
		
	 7.
		 CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT
	   

				
			 7.1
		 First Loans and Letters of Credit.
		 	84	  
					 7.1.1
		 Deliveries.
		 	84	  
					 7.1.2
		 Payment of Fees.
		 	86	  
					 7.1.3
		 Patriot Act.
		 	87	  
					 7.1.4
		 No Debt or Preferred Stock Outstanding.
		 	87	  
					 7.1.5
		 Transactions.
		 	87	  
			 7.2
		 Each Additional Loan or Letter of Credit.
		 	87	  
			
	 8.
		 COVENANTS
				
				
			 8.1
		 Affirmative Covenants.
		 	88	  
					 8.1.1
		 Preservation of Existence, Etc.
		 	88	  
					 8.1.2
		 Payment of Liabilities, Including Taxes, Etc.
		 	88	  
					 8.1.3
		 Maintenance of Insurance.
		 	88	  
					 8.1.4
		 Maintenance of Properties.
		 	89	  
					 8.1.5
		 Maintenance of Patents, Trademarks, Etc.
		 	89	  
					 8.1.6
		 Visitation Rights.
		 	89	  
					 8.1.7
		 Keeping of Records and Books of Account.
		 	90	  
					 8.1.8
		 Further Assurances.
		 	90	  
					 8.1.9
		 Additional Guarantors.
		 	90	  
					 8.1.10
		 Compliance with Laws.
		 	90	  
					 8.1.11
		 Use of Proceeds.
		 	90	  
					 8.1.12
		 Subordination of Intercompany Loans.
		 	91	  
					 8.1.13
		 Anti-Terrorism Laws; Foreign Corrupt Practices Act.
		 	91	  
					 8.1.14
		 Compliance with Certain Contracts.
		 	91	  
					 8.1.15
		 [Reserved].
		 	92	  
					 8.1.16
		 ERISA Compliance.
		 	92	  

  
 -iii- 

											
					 8.1.17
		 Collateral.
		 	92	  
					 8.1.18
		 Title.
		 	95	  
					 8.1.19
		 Maintenance of Permits.
		 	95	  
					 8.1.20
		 Post-Closing Matters.
		 	95	  
			 8.2
		 Negative Covenants.
		 	96	  
					 8.2.1
		 Indebtedness.
		 	96	  
					 8.2.2
		 Liens.
		 	97	  
					 8.2.3
		 Designation of Unrestricted Subsidiaries.
		 	97	  
					 8.2.4
		 Loans and Investments.
		 	98	  
					 8.2.5
		 Restricted Payments.
		 	100	  
					 8.2.6
		 Liquidations, Mergers, Consolidations, Acquisitions.
		 	101	  
					 8.2.7
		 Dispositions.
		 	102	  
					 8.2.8
		 Affiliate Transactions.
		 	104	  
					 8.2.9
		 Change in Business.
		 	105	  
					 8.2.10
		 Fiscal Year.
		 	106	  
					 8.2.11
		 Amendments to Certain Documents; Prepayments of Certain Indebtedness.
		 	106	  
					 8.2.12
		 Swaps.
		 	106	  
					 8.2.13
		 Financial Covenants.
		 	107	  
					 8.2.14
		 Restrictions on Distributions from Restricted Subsidiaries.
		 	107	  
					 8.2.15
		 Negative Pledge Agreements.
		 	109	  
			 8.3
		 Reporting Requirements.
		 	111	  
					 8.3.1
		 Quarterly Financial Statements.
		 	111	  
					 8.3.2
		 Annual Financial Statements.
		 	111	  
					 8.3.3
		 SEC Website.
		 	111	  
					 8.3.4
		 Certificate of the Borrower.
		 	111	  
					 8.3.5
		 Notice of Default.
		 	112	  
					 8.3.6
		 Certain Events.
		 	112	  
					 8.3.7
		 Budgets, Forecasts, Other Reports and Information.
		 	112	  
			
	 9.
		 DEFAULT
				
				
			 9.1
		 Events of Default.
		 	113	  
					 9.1.1
		 Payments Under Loan Documents.
		 	113	  
					 9.1.2
		 Breach of Warranty.
		 	113	  
					 9.1.3
		 Breach of Certain Covenants.
		 	114	  
					 9.1.4
		 Breach of Other Covenants.
		 	114	  
					 9.1.5
		 Defaults in Other Agreements or Indebtedness.
		 	114	  
					 9.1.6
		 Final Judgments or Orders.
		 	114	  
					 9.1.7
		 Loan Document Unenforceable.
		 	114	  
					 9.1.8
		 Inability to Pay Debts.
		 	115	  
					 9.1.9
		 ERISA.
		 	115	  
					 9.1.10
		 Change of Control.
		 	115	  
					 9.1.11
		 Operating Agreement.
		 	115	  
					 9.1.12
		 Involuntary Proceedings.
		 	115	  
					 9.1.13
		 Voluntary Proceedings.
		 	115	  
					 9.1.14
		 Material Contracts.
		 	115	  
			 9.2
		 Consequences of Event of Default.
		 	116	  
					 9.2.1
		 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings.
		 	116	  
					 9.2.2
		 Bankruptcy, Insolvency or Reorganization Proceedings.
		 	116	  

  
 -iv- 

											
					 9.2.3
		 Set-off.
		 	116	  
					 9.2.4
		 [Reserved].
		 	117	  
					 9.2.5
		 Application of Proceeds.
		 	117	  
					 9.2.6
		 Collateral Agent
		 	118	  
					 9.2.7
		 Other Rights and Remedies.
		 	118	  
			 9.3
		 Notice of Sale.
		 	118	  
		
	 10.
		 THE ADMINISTRATIVE AGENT
	   

				
			 10.1
		 Appointment and Authority.
		 	118	  
			 10.2
		 Rights as a Lender.
		 	119	  
			 10.3
		 Exculpatory Provisions.
		 	119	  
			 10.4
		 Reliance by Agents.
		 	120	  
			 10.5
		 Delegation of Duties.
		 	120	  
			 10.6
		 Resignation of Agents.
		 	120	  
			 10.7
		 Non-Reliance on Administrative Agent and Other Lenders.
		 	122	  
			 10.8
		 No Other Duties, Etc.
		 	122	  
			 10.9
		 Administrative Agent’s Fee.
		 	122	  
			 10.10
		 Authorization to Release Collateral and Guarantors.
		 	122	  
			 10.11
		 No Reliance on Administrative Agent’s Customer Identification Program.
		 	123	  
			 10.12
		 Withholding Tax.
		 	123	  
		
	 11.
		 MISCELLANEOUS
	   

				
			 11.1
		 Modifications, Amendments or Waivers.
		 	123	  
					 11.1.1
		 Required Consents.
		 	123	  
					 11.1.2
		 Certain Amendments.
		 	125	  
					 11.1.3
		 Amendments Affecting the Administrative Agent, Etc.
		 	125	  
					 11.1.4
		 Non-Consenting Lenders.
		 	125	  
					 11.1.5
		 Defaulting Lenders.
		 	125	  
			 11.2
		 No Implied Waivers; Cumulative Remedies.
		 	125	  
			 11.3
		 Expenses; Indemnity; Damage Waiver.
		 	126	  
					 11.3.1
		 Costs and Expenses.
		 	126	  
					 11.3.2
		 Indemnification by the Borrower.
		 	126	  
					 11.3.3
		 Reimbursement by Lenders.
		 	127	  
					 11.3.4
		 Waiver of Consequential Damages, Etc.
		 	127	  
					 11.3.5
		 Payments.
		 	127	  
			 11.4
		 Holidays.
		 	127	  
			 11.5
		 Notices; Effectiveness; Electronic Communication.
		 	128	  
					 11.5.1
		 Notices Generally.
		 	128	  
					 11.5.2
		 Electronic Communications.
		 	128	  
					 11.5.3
		 Change of Address, Etc.
		 	128	  
			 11.6
		 Severability.
		 	129	  
			 11.7
		 Duration; Survival.
		 	129	  
			 11.8
		 Successors and Assigns.
		 	129	  
					 11.8.1
		 Successors and Assigns Generally.
		 	129	  
					 11.8.2
		 Assignments by Lenders.
		 	129	  
					 11.8.3
		 Register.
		 	131	  
					 11.8.4
		 Participations.
		 	131	  
					 11.8.5
		 Limitations upon Participant Rights.
		 	132	  
					 11.8.6
		 Certain Pledges; Successors and Assigns Generally.
		 	132	  

  
 -v- 

											
			 11.9
		 Confidentiality.
		 	132	  
					 11.9.1
		 General.
		 	132	  
					 11.9.2
		 Sharing Information With Affiliates of the Lenders.
		 	133	  
			 11.10
		 Counterparts; Integration; Effectiveness.
		 	133	  
			 11.11
		 Governing Law, Etc.
		 	133	  
					 11.11.1
		 Governing Law.
		 	133	  
					 11.11.2
		 SUBMISSION TO JURISDICTION.
		 	133	  
					 11.11.3
		 WAIVER OF VENUE.
		 	134	  
					 11.11.4
		 SERVICE OF PROCESS.
		 	134	  
					 11.11.5
		 WAIVER OF JURY TRIAL.
		 	134	  
			 11.12
		 Certain Collateral Matters.
		 	135	  
			 11.13
		 USA Patriot Act Notice.
		 	135	  
			 11.14
		 No Fiduciary Duty.
		 	135	  
			 11.15
		 No General Partner’s Liability.
		 	135	  

 LIST OF SCHEDULES AND EXHIBITS 

SCHEDULES 
  

			
	Schedule 1.1(A)		Pricing Grid
	Schedule 1.1(B)		Commitments of Lenders
	Schedule 6.1		Qualifications To Do Business
	Schedule 6.3		Subsidiaries
	Schedule 6.11		Pledged Securities
	Schedule 6.19		Insurance Policies
	Schedule 6.25		Environmental Matters
	Schedule 7.1.1(i)		Lien Searches
	Schedule 8.1.18		Title Requirements
	Schedule 8.1.20		Post-Closing Matters
	Schedule 8.2.1		Existing Indebtedness
	Schedule 8.2.2		Existing Liens
	Schedule 8.2.4		Existing Investments
	Schedule 8.2.14		Existing Restrictions on Subsidiaries
	Schedule 8.2.15		Existing Negative Pledge Agreements
	Schedule 11.5.1		Notice Information

 EXHIBITS 
  

			
	Exhibit 1.1(A)		Assignment and Assumption Agreement
	Exhibit 1.1(G)(1)		Guarantor Joinder
	Exhibit 1.1(G)(2)		Guaranty Agreement
	Exhibit 1.1(I)(1)		Indemnity
	Exhibit 1.1(I)(2)		Intercompany Subordination Agreement
	Exhibit 1.1(N)(1)		Revolving Credit Note
	Exhibit 1.1(N)(2)		Swing Loan Note
	Exhibit 1.1(P)(1)		Perfection Certificate
	Exhibit 1.1(P)(2)		Perfection Certificate Supplement
	Exhibit 1.1(M)		Mortgage
	Exhibit 2.5.1		Loan Request
	Exhibit 2.5.2		Swing Loan Request

  
 -vi- 

			
	Exhibit 7.1.1(d)(i)		Opinion of Counsel (In House Counsel)
	Exhibit 7.1.1(d)(ii)		Opinion of Counsel (Latham & Watkins LLP)
	Exhibit 7.1.1(d)(iii)		Opinion of Local Counsel
	Exhibit 8.2.6		Acquisition Certificate
	Exhibit 8.3.4		Quarterly Compliance Certificate

  
 -vii- 

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT (the “Agreement”) is dated as of
[            ], 2015 and is made by and among CNX COAL RESOURCES LP, a Delaware limited partnership (“CNX Coal” or the “Borrower”), EACH OF THE
GUARANTORS (as hereinafter defined), the LENDERS (as hereinafter defined), PNC BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders under this Agreement (in such capacity, the “Administrative
Agent”). 
 The Borrower has requested the Lenders to provide a revolving credit facility to the Borrower. In consideration of
their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto covenant and agree as follows: 

1. CERTAIN DEFINITIONS 
  

	 	1.1	Certain Definitions. 

 In addition to words and terms defined elsewhere in this
Agreement, the following words and terms shall have the following meanings, respectively, unless the context hereof clearly requires otherwise: 

“Account” shall have the meaning set forth in the Security Agreement. 

“Additional Credit Extension Amendment” means an amendment to this Agreement (which may, at the option of the Administrative
Agent in consultation with the Borrower, be in the form of an amendment and restatement of this Agreement) providing for any Incremental Facilities pursuant to Section 2.11 [Incremental Facilities], Extended Term Loans and/or Extended Revolving
Credit Commitments pursuant to Section 2.12 [Extended Term Loans and Extended Revolving Credit Commitments], which shall be consistent with the applicable provisions of this Agreement and otherwise reasonably satisfactory to the parties
thereto. Each Additional Credit Extension Amendment shall be executed by the Administrative Agent, the Issuing Lenders and/or the Swingline Lender (to the extent Section 11.1 [Modifications, Amendments or Waivers] would require the consent of
Issuing Lenders and/or the Swingline Lender, respectively, for the amendments effected in such Additional Credit Extension Amendment), the Loan Parties and the other parties specified in the applicable Section of this Agreement (but not any other
Lender not specified in the applicable Section of this Agreement), but shall not effect any amendments that would require the consent of each affected Lender or all Lenders pursuant to the proviso in Section 11.1.1 [Required Consents]. Any
Additional Credit Extension Amendment may include conditions for delivery of customary opinions of counsel and other documentation consistent with the conditions in Section 7.1.1 [Deliveries] and certificates confirming satisfaction of
conditions consistent with Section 7.2 [Each Additional Loan or Letter of Credit], all to the extent reasonably requested by the Administrative Agent or the other parties to such Additional Credit Extension Amendment. 

“Administrative Agent” shall have the meaning specified in the preamble hereto. 

“Administrative Agent’s Fee” shall have the meaning specified in Section 10.9 [Administrative Agent’s Fee].

 “Administrative Agent’s Letter” shall have the meaning specified in Section 10.9 [Administrative Agent’s
Fee]. 
 “Affiliate” of any specified Person shall mean any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person. For purposes 

 
of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of Voting Stock, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings. 
 “Affiliate Transaction” shall have the meaning assigned to such term in
Section 8.2.8 [Affiliate Transactions]. 
 “Agreement” shall have the meaning specified in the preamble hereto. 

“Anti-Terrorism Laws” shall mean any Laws relating to terrorism, trade sanctions programs and embargoes, import/export
licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time. 

“Applicable Letter of Credit Fee Rate” shall mean the percentage rate per annum based on the Total Leverage Ratio according
to the pricing grid on Schedule 1.1(A) below the heading “LIBOR Loans.” 
 “Applicable Margin” shall
mean, as applicable: 
 (1) the percentage spread to be added to the Base Rate applicable to Revolving Credit Loans under the
Base Rate Option based on the Total Leverage Ratio according to the pricing grid on Schedule 1.1(A) below the heading “Base Rate Loans,” or 

(2) the percentage spread to be added to the LIBOR Rate applicable to Revolving Credit Loans under the LIBOR Rate Option based
on the Total Leverage Ratio according to the pricing grid on Schedule 1.1(A) below the heading “LIBOR Loans.” 

“Approved Fund” shall mean any fund that is engaged in making, purchasing, holding or investing in bank loans and similar
extensions of credit in the ordinary course of business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Asset Contribution Agreement” shall mean the Contribution Agreement, dated as of
[            ], 2015, among the Co-Owners and the Operator. 

“Assignment and Assumption Agreement” shall mean an assignment and assumption agreement entered into by a Lender and an
assignee permitted under Section 11.8 [Successors and Assigns], in substantially the form of Exhibit 1.1(A). 

“Authorized Officer” shall mean, with respect to any Loan Party, the chief executive officer, president, chief financial
officer, treasurer or assistant treasurer of such Loan Party or such other individuals, designated by written notice to the Administrative Agent from the Borrower, authorized to execute notices, reports and other documents on behalf of the Loan
Parties required hereunder. The Borrower may amend such list of individuals from time to time by giving written notice of such amendment to the Administrative Agent. 

“Available Cash” shall mean “Available Cash” as defined in the Partnership Agreement. 

  
 -2- 

 “Average Life” shall mean, as of the date of determination, with respect to any
Indebtedness or Preferred Stock, the quotient obtained by dividing 
 (1) the sum of the products of the numbers of years
from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by 

(2) the sum of all such payments. 

“Baltimore Dock Facility” shall mean that certain terminal, storage, loading and dock facility, including all facilities and
equipment supporting such facility, located in Baltimore, Maryland owned as of the Closing Date by CNX Marine Terminals, Inc., including all related easements, rights of way and the similar interests used in connection with such facility. 

“Base Rate” shall mean, for any day, a fluctuating per annum rate of interest equal to the highest of (a) the Federal
Funds Open Rate, plus 0.5%, (b) the Prime Rate, and (c) the Daily LIBOR Rate, plus 100 basis points (1.0%). Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such
change occurs. 
 “Base Rate Option” shall mean the option of the Borrower to have Loans bear interest at the rate and
under the terms set forth in Section 4.1.1(a) [Revolving Credit Base Rate Option]. 
 “Black Lung Act” shall mean,
collectively, the Black Lung Benefits Revenue Act of 1977, as amended and the Black Lung Benefits Reform Act of 1977, as amended. 

“Board of Directors” shall mean (a) with respect to the Borrower, the board of directors of the General Partner or any
committee thereof duly authorized to act on behalf of such board and (b) with respect to any other Person, (i) if the Person is a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board or a similar governing body, (ii) if the Person is a partnership, the board of directors of the general partner of the partnership or any committee thereof duly authorized to act on behalf of such board or a similar
governing body and (iii) with respect to any other Person, the functional equivalent of the foregoing. 
 “Board
Resolution” shall mean a copy of a resolution certified by the Secretary or an Assistant Secretary of the General Partner acting on behalf of the Borrower to have been duly adopted by its Board of Directors and to be in full force and
effect on the date of such certification. 
 “Borrower” shall have the meaning specified in the preamble hereto. 

“Borrowing Date” shall mean, with respect to any Loan, the date for the making thereof or the renewal or conversion thereof
at or to the same or a different Interest Rate Option, which shall be a Business Day. 
 “Borrowing Tranche” shall mean
specified portions of Loans outstanding as follows: (i) any Loans to which a LIBOR Rate Option applies which become subject to the same Interest Rate Option under the same Loan Request by the Borrower and which have the same Interest Period
shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate Option applies shall constitute one Borrowing Tranche. 

  
 -3- 

 “Buchanan Mine” shall mean the underground coal mining complex situated in
Mavisdale, Virginia, commonly known as the Buchanan Mine. 
 “Business Day” shall mean any day other than a Saturday or
Sunday or a legal holiday on which commercial banks are authorized or required to be closed for business in Pittsburgh, Pennsylvania and if the applicable Business Day relates to any Loan to which the LIBOR Rate Option applies, such day must also be
a day on which dealings are carried on in the Relevant Interbank Market. 
 “Capital Lease Obligation” shall mean an
obligation that is required to be classified and accounted for as a capital lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such
obligation determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee
without payment of a penalty. Notwithstanding the foregoing, any lease (whether entered into before or after the Closing Date) that would have been classified as an operating lease pursuant to GAAP as in effect on the Closing Date will be deemed not
to represent a Capital Lease Obligation. 
 “Capital Stock” of any Person shall mean (1) in the case of a corporation,
corporate stock; (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (3) in the case of a partnership or limited
liability company, partnership interests (whether general or limited) or membership interests; and (4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of
assets of, the issuing Person, but excluding from all of the foregoing any debt securities exercisable for, exchangeable for or convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital
Stock. 
 “Cardinal States Gathering System” shall mean the gathering system, commonly known as the Cardinal States
Gathering System, comprising approximately 110 miles of pipeline and associated assets located in Virginia, Kentucky and West Virginia and located near the Buchanan Mine. 

“Cash Collateralize” shall mean to pledge and deposit with or deliver to Administrative Agent, for the benefit of each
applicable Issuing Lender, as collateral for the Letter of Credit Obligations, cash or deposit account balances pursuant to documentation reasonably satisfactory to Administrative Agent and each applicable Issuing Lender (which documents are hereby
consented to by the Lenders). Such cash collateral shall be maintained in blocked deposit accounts at the Administrative Agent. At the option of the applicable Issuing Lender, in lieu of cash collateral, the applicable Letter of Credit Obligations
may be supported by one or more back-to-back letters of credit in form and from institutions reasonably satisfactory to such Issuing Lender, and such arrangement shall also be within the meaning of Cash Collateralize. The term “Cash
Collateral” shall have a correlative meaning. 
 “Cash on Hand” shall mean, as of any date of determination, an amount
equal to (i) the aggregate amount of unrestricted cash and Temporary Cash Investments of the Loan Parties as of such date plus (ii) the aggregate amount of cash and Temporary Cash Investments of the Loan Parties pledged to the Collateral
Agent in favor of the Secured Parties to secure the Obligation as of such date. 
 “Casualty Event” shall mean, with
respect to any assets of any Loan Party, any damage to or destruction of, or any condemnation or other taking (including by any Official Body) of, any such assets that occurs after the Closing Date for which the Borrower or any other Loan Party
receives insurance proceeds or proceeds of a condemnation award or any other compensation; provided, however, no such event or series of related events shall constitute a Casualty Event if such proceeds or other compensation

  
 -4- 

 
in respect thereof is less than the Threshold Amount in the aggregate with respect to such event or series of related events. Casualty Event shall include but not be limited to any taking of all
or any part of any real property of the Borrower or any other Loan Party in or by condemnation or other eminent domain proceedings pursuant to any Law, or by reason of the temporary requisition or the use or occupancy of all or any part of any real
property by any Official Body, civil or military. 
 “CEI” shall mean CONSOL Energy Inc., a Delaware corporation. 

“CEI Credit Agreement” shall mean that certain Amended and Restated Credit Agreement, dated as of
[            ], 2015, by and among CEI, certain of its Subsidiaries, the lenders party thereto, Bank of America, N.A., in its capacity as syndication agent, and PNC Bank, National
Association, in its capacity as administrative agent (as amended, restated, supplemented or otherwise modified from time to time). 

“CFC” shall mean a “controlled foreign corporation” as defined in Section 957 of the Code. 

“CFC Holdco” shall mean a Subsidiary that owns no material assets other than Equity Interests in one or more Foreign
Subsidiaries that are CFCs. 
 “Change in Law” shall mean the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Official Body or (c) the making or issuance of any request,
rule, guideline or directive (whether or not having the force of Law) by any Official Body; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, regulations, guidelines, interpretations or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of Law), in each case
pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted, issued, promulgated or implemented. 

“Change of Control” shall mean: 

(1) CEI shall cease, directly or indirectly, to own and control legally and beneficially greater than 50% of the Equity
Interests in the General Partner; 
 (2) CEI shall cease, directly or indirectly to have the power to vote or direct the
voting of Equity Interests in the General Partner having a majority of the ordinary voting power for the election of the Board of Directors of the General Partner; 

(3) the Borrower shall cease, directly or indirectly, to own and control legally and beneficially all of the Equity Interests
in the Operator; 
 (4) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Borrower (including Equity Interests of Restricted Subsidiaries) and its Subsidiaries, taken as a whole, to any Person other than
a Restricted Subsidiary; or 
 (5) a “change of control” or similar event occurred under any agreement governing
any Permitted Unsecured Notes. 

  
 -5- 

 “CIP Regulations” shall have the meaning assigned to such term in
Section 10.11 [No Reliance on Administrative Agent’s Customer Identification Program]. 
 “Class” means
(i) with respect to any Commitment, its character as an Revolving Credit Commitment, Incremental Revolving Credit Commitment, Extended Revolving Credit Commitment, commitment to provide Term Loans or Extended Term Commitment (whether
established by way of new Commitments or by way of conversion or extension of existing Commitments or Loans) designated as a “Class” in an Additional Credit Extension Amendment and (ii) with respect to any Loans, its character as a
Revolving Loan made pursuant to the Revolving Credit Commitment, Incremental Revolving Credit Commitment or Extended Revolving Credit Commitment, a Term Loan or Extended Term Loan or a Swing Loan (whether made pursuant to new Commitments or by way
of conversion or extension of existing Loans) designated as a “Class” in an Additional Credit Extension Amendment; provided that notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, the
borrowing and repayment of Revolving Credit Loans shall be made on a pro rata basis across all Classes of Revolving Credit Loans (except to the extent that any applicable Additional Credit Extension Amendment pursuant to Section 2.12 [Extended
Term Loans and Extended Revolving Credit Commitments] provides that the Class of Revolving Credit Loans established thereunder shall be entitled to less than pro rata repayments), and any termination of Revolving Credit Commitments shall be made on
a pro rata basis across all Classes of Revolving Credit Commitments (except to the extent that any applicable Additional Credit Extension Amendment pursuant to Section 2.12 [Extended Term Loans and Extended Revolving Credit Commitments]
provides that the Class of Revolving Credit Commitments established thereunder shall be entitled to less than pro rata treatment). Commitments or Loans that have different maturity dates, pricing (other than upfront fees) or other terms shall be
designated separate Classes. 
 “Closing Date” shall mean the date of this Agreement. 

“Closing Date Distribution” shall mean payment of a cash distribution by the Borrower on the Closing Date in an amount not to
exceed the net proceeds of the Qualified IPO and the initial borrowings hereunder. 
 “CNX Coal” shall have the meaning
specified in the preamble hereto. 
 “Coal” shall mean all types of solid naturally occurring hydrocarbons (other than oil
shale or Gilsonite), including bituminous and sub-bituminous coal, and lignite. 
 “Coal Act” shall mean the Coal Industry
Retiree Health Benefits Act of 1992, as amended. 
 “Coal Gas” shall mean occluded methane gas and all associated natural
gas and other hydrocarbons of whatever quality or quantity, whether known or unknown, that are, can be, or historically have been produced or emitted from coalbeds, coal formations, coal seams, mined out areas, gob areas, or any related, associated,
or adjacent rock material or strata, together with all substances produced with each of the foregoing or refined therefrom. For the avoidance of doubt, the term “Coal Gas” shall expressly include all substances commonly known as
“coalbed methane,” “coal mine methane,” and “gob gas.” 
 “Code” shall mean the Internal
Revenue Code of 1986. 

  
 -6- 

 “Collateral” shall mean the property of whatever kind and nature subject or
purported to be subject from time to time to a Lien under any Security Document, but shall not include any asset that shall have been released, pursuant to Section 10.10 [Authorization to Release Collateral and Guarantors] or
Section 11.1.1(d) [Required Consents], from the Liens created under such Security Document. 
 “Collateral Agent”
shall mean PNC Bank, National Association, in its capacity as collateral agent under any of the Loan Documents, or any successor collateral agent. 

“Commercial Letter of Credit” shall mean any letter of credit which is a commercial letter of credit issued in respect of the
purchase of goods or services by the Borrower or any of its Subsidiaries. 
 “Commitment” shall mean as to any Lender its
Revolving Credit Commitment, Incremental Revolving Credit Commitment, commitment to provide Term Loans, Extended Revolving Credit Commitment or Extended Term Commitment or any combination thereof (as the context requires), and
“Commitments” shall mean the aggregate Commitments of the appropriate Class or any combinations thereof (as the context requires) of all of the Lenders. 

“Commitment Fee” shall have the meaning specified in Section 2.3 [Commitment Fees]. 

“Commitment Fee Rate” shall mean 0.50% per annum. 

“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to
time, and any successor statute. 
 “Compliance Certificate” shall have the meaning specified in Section 8.3.4
[Certificate of the Borrower]. 
 “Conrhein” shall mean Conrhein Coal Company, a Pennsylvania general partnership. 

“Consideration” shall mean, with respect to any acquisition, without duplication, the aggregate of (i) the cash paid by
the Borrower or any Restricted Subsidiary, directly or indirectly, to the seller in connection therewith, (ii) the Indebtedness assumed by the Borrower or any Restricted Subsidiary in connection therewith and (iii) any other consideration
given by the Borrower or any Restricted Subsidiary in connection therewith. 
 “Consolidated Cash Interest Expense” shall
mean, for any period, Consolidated Interest Expense for such period paid or payable in cash. 
 “Consolidated EBITDA” shall
mean, for any period, the sum of Consolidated Net Income, plus (a) other than in the case of clause (8), to the extent deducted in calculating such Consolidated Net Income: 

(1) Consolidated Interest Expense, net of interest income; 

(2) provision for taxes based on income or profits (including state franchise taxes accounted for as income taxes in accordance
with GAAP) of the Borrower and the Restricted Subsidiaries for such period; 
 (3) depletion, depreciation and impairment
charges and expenses of the Borrower and the Restricted Subsidiaries for such period; 

  
 -7- 

 (4) amortization expense (including amortization of goodwill and other
intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) of the Borrower and the Restricted Subsidiaries for such period; 

(5) losses for such period from the early extinguishment of Indebtedness; 

(6) non-recurring transaction costs expensed (in accordance with GAAP) by the Borrower and the Restricted Subsidiaries in
connection with the Transactions; 
 (7) non-cash charges related to pension liabilities; and 

(8) net cash proceeds of insurance received, or recognized as a receivable in accordance with GAAP, for such period in respect
of a casualty event (to the extent such amount is reducing an expense on the statement of operations of the Borrower for such period relating to such casualty event) or business interruption; provided that to the extent such amount is
actually not received in cash, the amount not received that increased Consolidated EBITDA shall be deducted from Consolidated EBITDA in the period in which it is determined that such amount has not been or is not likely to be received; 

minus (b) to the extent increasing Consolidated Net Income for such period, gains for such period from the early extinguishment of Indebtedness.
Consolidated EBITDA shall be calculated on a Pro Forma Basis. 
 “Consolidated Indebtedness” shall mean (a) the
aggregate principal amount of Indebtedness of the Borrower and the Restricted Subsidiaries of the type referenced under clauses (1), (2) and (3) of the definition of “Indebtedness” outstanding on such date, after giving effect to
all incurrences and repayments of such Indebtedness occurring on such date; provided that (x) all obligations under undrawn standby letters of credit (whether or not issued under this Agreement) issued with respect to performance
obligations under sales contracts, mine reclamation, black lung benefit liabilities, workers compensation and other employee benefit liabilities shall be excluded from this clause (a) and (y) the face amount of all other letters of credit
(other than to the extent Cash Collateralized) shall be included in this clause (a), whether or not drawn minus (b) the lesser of (x) Cash on Hand as of such date after giving effect to all transactions occurring on such date and
(y) $10,000,000. 
 “Consolidated Interest Expense” shall mean, for any period, the total interest expense of the
Borrower and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding (i) write-off of deferred financing costs and (ii) accretion of interest charges on future plugging and
abandonment obligations, future retirement benefits and other obligations that do not constitute Indebtedness), plus, to the extent not included in such total interest expense, and to the extent incurred by the Borrower or any Restricted Subsidiary,
without duplication: 
 (1) interest expense attributable to Capital Lease Obligations; 

(2) capitalized interest; 

(3) non-cash interest expense; and 

(4) net costs (including amortization of fees and up-front payments) associated with interest rate caps and other interest rate
and currency options that, at the time entered into, resulted in such Person and its Restricted Subsidiaries being net payees as to future payouts under such caps or options, and interest rate and currency swaps and forwards for which the Borrower
or any Restricted Subsidiary has paid a premium; 

  
 -8- 

 provided that “Consolidated Interest Expense” shall not include any amortization of costs
relating to original debt issuances other than the amortization of debt discount related to the issuance of zero coupon securities or other securities with an original issue price of not more than 90% of the principal thereof. Consolidated Interest
Expense shall be calculated on a Pro Forma Basis. 
 “Consolidated Net Income” shall mean the aggregate net income
(loss) attributable to the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP; provided that there shall not be included in such Consolidated Net Income: 

(1) any net income of any other Person if such other Person is not a Restricted Subsidiary, except that: 

(a) subject to the exclusion contained in clause (4) of this definition, the Borrower’s equity in the net income of
such other Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such other Person during such period to the Borrower or any Restricted Subsidiary as a dividend or other
distribution (subject, in the case of a dividend or other distribution paid to a Restricted Subsidiary, to the limitations contained in clause (2) of this definition); and 

(b) the Borrower’s equity in a net loss of any such other Person for such period shall be included in determining such
Consolidated Net Income; 
 (2) any net income of any Restricted Subsidiary (other than a Guarantor) if such Restricted
Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Borrower, except that: 

(a) subject to the exclusion contained in clause (3) below, the Borrower’s equity in the net income of any such
Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Restricted Subsidiary during such period to the Borrower or another Restricted Subsidiary as a
dividend or other distribution (subject, in the case of a dividend or other distribution paid to another Restricted Subsidiary, to the limitation contained in this clause); and 

(b) the Borrower’s equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining
such Consolidated Net Income; 
 (3) any income or loss attributed to discontinued operations; 

(4) any extraordinary gains or losses, together with any related provision for taxes on such gains or losses; 

(5) any gain or loss, together with any related provision for taxes on such gains or losses, on Dispositions outside the
ordinary course of business; 

  
 -9- 

 (6) any non-cash compensation expense realized for grants of performance shares,
stock, stock options or other equity-based awards; 
 (7) unrealized losses and gains under derivative instruments included
in the determination of Consolidated Net Income, including those resulting from the application of FASB ASC 815; 
 (8) any
non-cash asset impairment or write-downs (other than of any current assets) under GAAP or SEC guidelines; provided that any reversal or other benefit of any such impairment or write-down in any future period shall be excluded from
Consolidated Net Income in such future period; and 
 (9) the cumulative effect of a change in accounting principles. 

“Contract Agency Agreement” shall mean the Contract Agency Agreement, dated as of
[            ], 2015, among the Consol Energy Sales Company and the Operator. 

“Contractual Requirements” shall have the meaning assigned to that term in Section 6.6 [No Conflict]. 

“Contribution Agreements” shall mean the Asset Contribution Agreement and the Equity Contribution Agreement. 

“Co-Owners” shall mean, collectively, CPCC and Conrhein. 

“Covered Entity” shall mean (a) the Borrower, each of Borrower’s Subsidiaries, all Guarantors and all pledgors of
Collateral, and (b) each Person that, directly or indirectly, is an Affiliate of a Person described in clause (a) above. 

“CPCC” shall mean Consol Pennsylvania Coal Company LLC, a Delaware limited liability company. 

“CTA” shall mean, at any time, the amount which, in accordance with GAAP, would be set forth under the caption “Total
Assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries, excluding the accounts of Unrestricted Subsidiaries and all assets that are considered to be intangible assets under GAAP, as of (unless
otherwise specified) the end of the latest fiscal period for which financial statements have been delivered pursuant to Section 8.3.1 [Quarterly Financial Statements] or 8.3.2 [Annual Financial Statements] at or prior to such time. 

“Currency Agreement” shall mean in respect of a Person any foreign exchange contract, currency swap agreement or other
similar agreement to which such Person is a party or a beneficiary. 
 “Current Lender” shall have the meaning assigned to
such term in Section 2.11(b) [No Obligation to Increase]. 
 “Customary Recourse Exceptions” shall mean, with respect
to any Non-Recourse Debt of any Person, exclusions from the exculpation provisions with respect to such Non-Recourse Debt for the voluntary bankruptcy of such Person, fraud, misapplication of cash, environmental claims, waste, willful destruction
and other circumstances customarily excluded by lenders from exculpation provisions or included in separate indemnification agreements in non-recourse financings. 

  
 -10- 

 “Daily LIBOR Rate” shall mean, for any day, the rate per annum determined by the
Administrative Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the LIBOR Reserve Percentage on such day. 

“Defaulting Lender” shall mean any Lender that (a) has failed, within two Business Days of the date required to be
funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swing Loans or (iii) pay over to the Administrative Agent, any Issuing Lender, the Swingline Lender or any
Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a
condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or the Administrative Agent in writing, or has made a public statement to the effect,
that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition
precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within two
Business Days after request by the Administrative Agent or the Borrower, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet
such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swing Loans under this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
the Administrative Agent’s or the Borrower’s receipt of such certification in form and substance satisfactory to the Administrative Agent or the Borrower, as the case may be, (d) has become the subject of a Bankruptcy Event or
(e) has failed at any time to comply with the provisions of Section 5.3 [Sharing of Payments by Lenders] with respect to purchasing participations from the other Lenders, whereby such Lender’s share of any payment received, whether by
setoff or otherwise, is in excess of its Ratable Share of such payments due and payable to all of the Lenders. 
 As used in this definition
and in Section 2.13 [Defaulting Lenders], the term “Bankruptcy Event” shall mean, with respect to any Person, such Person or such Person’s direct or indirect parent company becoming the subject of a bankruptcy or
insolvency proceeding, or having had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good
faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; provided that a Bankruptcy Event shall not result
solely by virtue of (i) any ownership interest, or the acquisition of any ownership interest, in such Person or such Person’s direct or indirect parent company by an Official Body or instrumentality thereof if, and only if, such ownership
interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Official Body or
instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person or (ii) the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official
by a supervisory authority or regulator with respect to a Person or a Person’s direct or indirect parent company under the Dutch Financial Supervision Act 2007 (as amended from time to time and including any successor legislation) if applicable
law prohibits the public disclosure of such appointment and so long as such appointment has in fact not been publicly disclosed. 

“Designated Non-Cash Consideration” shall mean the Fair Market Value of non-cash Consideration received by the Borrower or a
Restricted Subsidiary of the Borrower in connection with an Disposition that is so designated as Designated Non-Cash Consideration pursuant to an officers’ certificate, setting forth the basis of such valuation and executed by the chief
financial officer and one other officer of the Borrower, less the amount of cash or Temporary Cash Investments received in connection with a subsequent sale of or collection on such Designated Non-Cash Consideration. 

  
 -11- 

 “Disposition” or “Dispose” shall mean the sale, conveyance,
assignment, lease, sale and leaseback, abandonment or other transfer or disposal of, voluntarily or involuntarily, of any property or assets, tangible or intangible, including the sale, assignment, discount or other disposition of Accounts,
equipment or general intangibles with or without recourse, the issuance or sale of Capital Stock of a Subsidiary or granting of options or rights of first refusal in such assets. In the case of the grant of an option or right of first refusal with
respect to any asset, the date of such grant shall be deemed to be the date of Disposition of such asset. 
 “Disqualified
Stock” shall mean any Equity Interests of a Person or any Restricted Subsidiary that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, in either case at the option of the holder
thereof) or otherwise (a) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (b) is or may become redeemable or repurchaseable at the option of the holder thereof, in whole or in part or (c) is
convertible or exchangeable at the option of the holder thereof for Indebtedness or Disqualified Stock, on or prior to the earlier of, in the case of clause (a), (b) or (c), (i) 91 days after the then Latest Maturity Date and
(ii) upon Payment In Full (provided that only the portion of Equity Interests which is mandatorily redeemable or matures or is redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock), in
each case other than in exchange for Equity Interests of the Borrower (other than Disqualified Stock). 
 Notwithstanding the preceding
sentence: 
 (1) any Equity Interests that would constitute Disqualified Stock solely because the holders thereof have the
right to require the Borrower to repurchase such Equity Interests upon the occurrence of a change of control or an asset disposition will not constitute Disqualified Stock if such Equity Interests provide that the issuer thereof will not redeem any
such Equity Interests pursuant to such provisions prior to the repayment in full of the Obligations (other than unasserted contingent obligations); 

(2) any Equity Interests issued to any plan for the benefit of employees of the Borrower or its Subsidiaries or by any such
plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations; and

 (3) any Equity Interests held by any future, current or former employee, director, manager or consultant (or their
respective trusts, estates, investment funds, investment vehicles or immediate family members) of the Borrower or any of its Subsidiaries, in each case upon the termination of employment or death of such person pursuant to any stock option plan or
any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or its Subsidiaries. 

“Dollar,” “Dollars,” “U.S. Dollars” and the symbol “$” shall mean lawful
money of the United States of America. 
 “Eligibility Date” shall mean, with respect to each Loan Party and each Swap, the
date on which this Agreement or any other Loan Document becomes effective with respect to such Swap (for the avoidance of doubt, the Eligibility Date shall be the effective date of such Swap if this Agreement or any other Loan Document is then in
effect with respect to such Loan Party, and otherwise it shall be the Closing Date). 

  
 -12- 

 “Eligible Contract Participant” shall mean an “eligible contract
participant” as defined in the Commodity Exchange Act and regulations thereunder. 
 “Employee Services Agreement” means the
Employee Services Agreement, dated as of [            ], 2015, among the Operator and CPCC. 

“Environment” shall mean ambient air, indoor air, surface water, groundwater, drinking water, land surface and sub-surface
strata and natural resources such as wetlands, flora and fauna. 
 “Environmental Laws” shall mean any and all applicable
current and future federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions or common law causes
of action relating to (a) protection of the Environment or to emissions, discharges, Releases or threatened Releases of Hazardous Materials, (b) human health as affected by Hazardous Materials, or (c) mining operations and activities
to the extent relating to protection of the Environment or reclamation, including the Surface Mining Control and Reclamation Act or to occupational or miner health and safety, provided that “Environmental Laws” do not include any
laws relating to worker or retiree benefits, including benefits arising out of occupational diseases. 
 “Environmental
Liability” shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any other Loan Party directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Contribution Agreement” shall mean the Contribution, Conveyance and Assumption Agreement, dated as of
[                    ], among the Borrower, CNX Operating LLC, CEI and the General Partner. 

“Equity Interests” of any Person shall mean (1) any and all Capital Stock of such Person and (2) all rights to
purchase, warrants or options (whether or not currently exercisable), participations or other equivalents of or interests in (however designated) such Capital Stock of such Person, but excluding from all of the foregoing any debt securities
exercisable for, exchangeable for or convertible into Equity Interests, regardless of whether such debt securities include any right of participation with Equity Interests. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time
to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 

“ERISA Affiliate” shall mean, at any relevant time, any trade or business (whether or not incorporated) under common control
with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” shall mean (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by Borrower or any
ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal
under Section 4062(e) of ERISA; (c) a complete 

  
 -13- 

 
or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification to the Borrower or any ERISA Affiliate that a Multiemployer Plan is insolvent or in
reorganization within the meaning of Title IV of ERISA or experienced a mass withdrawal within the meaning of Section 4219 of ERISA; (d) the filing of a notice of intent to terminate a Pension Plan, or the treatment of a plan amendment as
a termination of a Pension Plan or a Multiemployer Plan under Sections 4041 or 4041A of ERISA, respectively; (e) the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition
which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (g) the determination that any Pension Plan is considered an at-risk plan
within the meaning of Section 430 of the Code or Section 303 of ERISA; (h) Borrower or an ERISA Affiliate is informed that any Multiemployer Plan to which Borrower or the ERISA Affiliate contributes is in endangered or critical status
within the meaning of Section 432 of the Code or Section 305 of ERISA; (i) the failure by the Borrower or any ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or
not waived, or a failure by the Borrower or any ERISA Affiliate to make any required contribution to a Multiemployer Plan; or (j) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent
under Section 4007 of ERISA, upon Borrower or any ERISA Affiliate. 
 “European Interbank Market” shall mean the
European interbank market for Euro operating in Participating Member States. 
 “Event of Default” shall mean any of the
events described in Section 9.1 [Events of Default] and referred to therein as an “Event of Default.” 
 “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Excluded Assets” shall have the meaning
specified in Section 8.1.17 [Collateral]. 
 “Excluded Subsidiaries” shall mean (a) each Unrestricted Subsidiary,
(b) each CFC and each CFC Holdco, (c) each Immaterial Subsidiary and (d) each Restricted Subsidiary of the Borrower that is not directly or indirectly wholly-owned by the Borrower; provided that (i) a Restricted Subsidiary
that is a Loan Party shall not become an Excluded Subsidiary by virtue of a transfer of a portion of the equity in such Restricted Subsidiary (except pursuant to a bona fide joint venture transaction permitted hereunder) until a majority of the
Equity Interests in such Restricted Subsidiary are Disposed of in accordance with the provisions of Section 8.2.4 [Loans and Investments] or Section 8.2.7 [Dispositions] and (ii) in no event shall the Operator or any Subsidiary of the
Borrower that owns Equity Interests in the Operator be an Excluded Subsidiary. Notwithstanding the foregoing, any Person that is an obligor or guarantor under any Permitted Unsecured Notes shall not be an Excluded Subsidiary and, if not already a
Guarantor, shall become a Guarantor pursuant to Section 8.1.9 [Additional Guarantors]. 
 “Excluded Swap Obligation”
shall mean, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure
for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder (after giving effect to Section 22 of the Guaranty Agreement and any and all other Guaranties of
such Guarantor’s Swap Obligations by the Borrower and any other Guarantor) at the time the Guaranty of such Guarantor or the grant by such Guarantor of a security interest becomes effective with respect to such Swap Obligation. If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps of such Guarantor for which such Guaranty or security interest is or
becomes illegal. 

  
 -14- 

 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any
Lender, any Issuing Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder or under any other Loan Document, (a) Taxes imposed on or measured by such recipient’s net income or
profits (however denominated), and franchise Taxes imposed on it (in lieu of net income Taxes), by a jurisdiction (or any political subdivision thereof) as a result of such recipient being organized or having its principal office located or, in the
case of any Lender, applicable lending office in such jurisdiction or that are Other Connection Taxes, (b) any branch profits Taxes imposed under section 884(a) of the Code, or any similar Tax, imposed by any jurisdiction described in clause
(a), (c) in the case of a Lender, any U.S. federal withholding Tax that is imposed on amounts payable to such Foreign Lender pursuant to a Law in effect at the time such Foreign Lender becomes a party hereto (or designates a new lending
office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such
withholding Tax pursuant to Section 5.8.1 [Payments Free of Taxes], (d) any withholding Tax attributable to a Lender’s failure to comply with Section 5.8.5 [Status of Lenders] and (e) any U.S. federal withholding Tax imposed
pursuant to FATCA. 
 “Executive Order No. 13224” shall mean the Executive Order No. 13224 on Terrorist
Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

“Existing Class” means a Class of Existing Term Loans or a Class of Existing Revolving Commitments. 

“Existing Revolving Credit Commitments” shall have the meaning set forth in Section 2.12 [Extended Term Loans and
Extended Revolving Credit Commitments]. 
 “Existing Term Loans” shall have the meaning set forth in Section 2.12
[Extended Term Loans and Extended Revolving Credit Commitments]. 
 “Extended Class” shall mean a Class of Extended Term
Loans or a Class of Extended Revolving Commitments. 
 “Extended Revolving Credit Commitments” shall have the meaning set
forth in Section 2.12 [Extended Term Loans and Extended Revolving Credit Commitments]. 
 “Extended Term Loans” shall
have the meaning set forth in Section 2.12 [Extended Term Loans and Extended Revolving Credit Commitments]. 
 “Extending
Lender” shall have the meaning set forth in Section 2.12 [Extended Term Loans and Extended Revolving Credit Commitments]. 

“Extension Effective Date” shall have the meaning set forth in Section 2.12 [Extended Term Loans and Extended Revolving
Credit Commitments]. 
 “Extension Election” shall have the meaning set forth in Section 2.12 [Extended Term Loans and
Extended Revolving Credit Commitments]. 

  
 -15- 

 “Extension Request” shall mean a Revolving Credit Extension Request or a Term
Loan Extension Request. 
 “Fair Market Value” shall mean the value that would be paid by a willing buyer to an
unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of the Borrower in the case of amounts of $50,000,000 or more and otherwise by a Responsible
Officer, any such determination being conclusive for all purposes under this Agreement. 
 “FATCA” shall mean Sections 1471
through 1474 of the Code as of the date hereof (and any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreement entered into pursuant to current Section 1471(b)(1) of the Code (and any amended or successor version described above), and any intergovernmental agreements (and any related laws or official administrative guidance) implementing the
foregoing. 
 “Federal Funds Effective Rate” for any day shall mean the rate per annum (based on a year of 360 days
and actual days elapsed and rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by
federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as
the “Federal Funds Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall
be the Federal Funds Effective Rate for the last day on which such rate was announced. 
 “Federal Funds Open Rate” for any
day shall mean the rate per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day
opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute screen), as set forth on such
other recognized electronic source used for the purpose of displaying such rate as selected by the Administrative Agent (for the purposes of this definition only, an “Alternate Source”) (or if such rate for such day does not appear
on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute screen) or any Alternate Source, a comparable replacement
rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error); provided, however, that if such day is not a Business Day, the Federal Funds Open Rate for such day shall be the
“open” rate on the immediately preceding Business Day. If and when the Federal Funds Open Rate changes, the rate of interest with respect to any advance to which the Federal Funds Open Rate applies will change automatically without notice
to the Borrower, effective on the date of any such change. 
 “Finance Co” shall mean any direct, wholly-owned Subsidiary
of the Borrower incorporated to become or otherwise serving as a co-issuer or co-borrower of Indebtedness permitted by this Agreement, which Subsidiary meets the following conditions at all times: (a) the provisions of Section 8.1.9
[Additional Guarantors] have been complied with in respect of such Subsidiary, and such Subsidiary is a Restricted Subsidiary and a Loan Party, (b) such Subsidiary shall be a domestic Subsidiary that is a corporation, and (d) such
Subsidiary does not (i) incur, directly or indirectly any Indebtedness or any other obligation or liability whatsoever other than Indebtedness of the Borrower for which it serves as co-issuer or co-borrower, (ii) engage in any business,
activity or transaction, or own any property, assets or Equity Interests, other than (A) performing its obligations and activities incidental to the coissuance or co-borrowing 

  
 -16- 

 
of Indebtedness of the Borrower and (B) other activities incidental to the maintenance of its existence, including legal, tax and accounting administration, (iii) consolidate with or
merge with or into any Person, or (iv) fail to hold itself out to the public as a legal entity separate and distinct from all other Persons. 

“Financial Covenants” shall mean the covenants set forth in Section 8.2.13 [Financial Covenants]. 

“Financial Projections” shall have the meaning assigned to that term in Section 6.9(b) [Financial Projections]. 

“Flood Laws” shall mean (i) the National Flood Insurance Act of 1994 (which comprehensively revised the National Flood
Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (ii) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto,
(iii) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto, and (iv) all other applicable Laws relating to policies and procedures that address requirements placed on
federally regulated lenders relating to flood matters, in each case, as now or hereafter in effect or any successor statute thereto. 

“Foreign Lender” shall mean any Lender that is not a “United States person” as defined in section 7701 of the Code.

 “Foreign Subsidiaries” shall mean, for any Person, each Subsidiary of such Person that is incorporated or organized
under the laws of any jurisdiction other than the United States of America, any state thereof or the District of Columbia. 

“GAAP” shall mean generally accepted accounting principles as are in effect from time to time, subject to the provisions of
Section 1.3 [Accounting Principles], and applied on a consistent basis both as to classification of items and amounts. 

“General Partner” shall mean the general partner of the Borrower under, and pursuant to, the Partnership Agreement. 

“Guarantor” shall mean each of the parties to this Agreement that is designated as a “Guarantor” on the signature
page hereof and each other Person that joins this Agreement as a Guarantor after the date hereof, in each case, until such Person ceases to be a Guarantor in accordance with this Agreement. 

“Guarantor Joinder” shall mean a joinder by a Person as a Guarantor under the Loan Documents in the form of
Exhibit 1.1(G)(1). 
 “Guaranty” of any Person shall mean any obligation of such Person guarantying or in
effect guarantying any liability or obligation of any other Person in any manner, whether directly or indirectly, including any agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship arrangement and any
other form of assurance against loss, including Letters of Credit issued for the account of Persons other than Loan Parties, except endorsement of negotiable or other instruments for deposit or collection in the ordinary course of business. 

  
 -17- 

 “Guaranty Agreement” shall mean the Continuing Agreement of Guaranty and
Suretyship in substantially the form of Exhibit 1.1(G)(2) executed and delivered by each of the Guarantors. 

“Hazardous Materials” shall mean (i) any explosive substances or wastes and (ii) any chemicals, pollutants or
contaminants, substances, materials or wastes, in any form, regulated under, or that could reasonably be expected to give rise to liability under, any applicable Environmental Law, including, without limitation, asbestos and asbestos containing
materials, polychlorinated biphenyls, urea-formaldehyde insulation, gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any Coal Gas, coal ash, coal combustion by-products or waste, boiler slag, scrubber
residue or flue desulphurization residue. 
 “Hedging Contract” shall mean any puts, cap transactions, floor transactions,
collar transactions, forward contract, commodity Swap Agreement, commodity option agreement or other similar agreement or arrangement in respect of Hydrocarbons to be used, produced, processed or sold by the Borrower or any Restricted Subsidiary
that are customary in the Permitted Business and designed to protect such Person against fluctuations in or manage exposure to Hydrocarbon prices and not for speculative purposes. 

“Hedging Obligations” of any Person shall mean the obligations of such Person pursuant to any Hedging Contract, Interest Rate
Agreement or Currency Agreement. 
 “Historical Statements” shall have the meaning specified in Section 6.9(a)
[Historical Statements]. 
 “Hydrocarbons” shall mean coal, oil, natural gas, casing head gas, drip gasoline, natural
gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all constituents, elements or compounds thereof and products refined or processed therefrom. 

“Immaterial Subsidiary” shall mean as of any date, any Subsidiary of the Borrower that had (1) assets having an
aggregate book value, as of the end of the fiscal year most recently ended, not exceeding $1,000,000 and (2) Consolidated Net Income not exceeding $1,000,000 for such fiscal year, in each case, as shown in the most recently delivered combined
or consolidated quarterly financial statements of the Borrower; provided that a Restricted Subsidiary will not be considered to be an Immaterial Subsidiary if it, directly or indirectly, Guaranties or otherwise provides direct credit support
for any Indebtedness of the Borrower. 
 “Increase Period” shall have the meaning assigned to such term in
Section 8.2.13 [Financial Covenants]. 
 “Incremental Facilities” shall have the meaning assigned to such term in
Section 2.11 [Incremental Facilities]. 
 “Incremental Lender” shall mean any Person that provides an Incremental
Facility. 
 “Indebtedness” shall mean, with respect to any Person on any date of determination (without duplication): 

(1) the principal of and premium (if any) in respect of (a) indebtedness of such Person for money borrowed and
(b) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; 

  
 -18- 

 (2) all Capital Lease Obligations of such Person; 

(3) all obligations of such Person issued or assumed as the deferred purchase price of property (which purchase price is due
more than six months after the date of taking delivery of title to such property), including all obligations of such Person for the deferred purchase price of property under any title retention agreement (but excluding trade accounts payable arising
in the ordinary course of business); 
 (4) all obligations of such Person for the reimbursement of any obligor on any letter
of credit, bankers’ acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) through (3) of this paragraph) entered into
in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following receipt by such Person of a
demand for reimbursement following payment on the letter of credit); 
 (5) Hedging Obligations; 

(6) all obligations of the type referred to in clauses (1) through (5) of this paragraph of other Persons and all
dividends of other Persons with respect to Preferred Stock and Disqualified Stock for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any
Guaranty; and 
 (7) all obligations of the type referred to in clauses (1) through (6) of this paragraph of other
Persons secured by any Lien on any property or asset of such first-mentioned Person (whether or not such obligation is assumed by such first-mentioned Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of
such property or assets or the amount of the obligation so secured. 
 The “amount” or “principal amount” of any
Indebtedness or Disqualified Stock or other Preferred Stock outstanding at any time of determination as used herein shall be as set forth below or, if not set forth below, determined in accordance with GAAP: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 

(2) the principal amount of the Indebtedness, in the case of any other Indebtedness; 

(3) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:
(a) the Fair Market Value of such assets at the date of determination; and (b) the amount of the Indebtedness of the other Person; 

(4) in the case of any Capital Lease Obligation, the amount determined in accordance with the definition thereof; 

(5) in the case of any Preferred Stock, (a) if other than Disqualified Stock, the greater of its voluntary or involuntary
liquidation preference and its maximum fixed redemption price or repurchase price or (b) if Disqualified Stock, as specified in the definition thereof; 

(6) in the case of any Interest Rate Agreements permitted by Section 8.2.1(f) [Indebtedness], zero; 

  
 -19- 

 (7) in the case of all other unconditional obligations, the amount of the
liability thereof determined in accordance with GAAP; 
 (8) in the case of all other contingent obligations, the maximum
liability at such date of such Person; and 
 (9) in the case of a Qualified Receivables Transaction, solely the aggregate
amount of cash borrowings thereunder. 
 For purposes of determining any particular amount of Indebtedness, Guaranties of, or obligations in
respect of letters of credit relating to, Indebtedness otherwise included in the determination of such amount shall not also be included. If Indebtedness is secured by a letter of credit that serves only to secure such Indebtedness, then the total
amount deemed incurred shall be equal to the greater of (a) the principal of such Indebtedness and (b) the amount that may be drawn under such letter of credit. 

None of the following shall constitute Indebtedness: 

(1) Indebtedness arising from agreements providing for indemnification or adjustment of purchase price or from Guaranties
securing any obligations of the Borrower or any of its Subsidiaries pursuant to such agreements, incurred or assumed in connection with the disposition of any business, assets or Subsidiary of the Borrower, other than Guaranties or similar credit
support by the Borrower or any of its Subsidiaries of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(2) obligations to pay accrued expenses, any trade payables or other similar liabilities to trade creditors and other accrued
current liabilities incurred in the ordinary course of business as the deferred purchase price of property; 
 (3) any
liability for Federal, state, local or other taxes owed or owing by such Person; 
 (4) obligations to pay royalties and
other amounts due in the ordinary course of business to royalty and working interest owners; 
 (5) obligations arising from
Guaranties to suppliers, lessors, licensees, contractors, franchisees or customers incurred in the ordinary course of business; 

(6) obligations (other than express Guaranties of Indebtedness for borrowed money) in respect of Indebtedness of other Persons
arising in connection with (a) trade acceptances and (b) endorsements of instruments for deposit in the ordinary course of business; 

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

(8) obligations in respect of any obligations under workers’ compensation laws and similar legislation; 

(9) [reserved]; 

  
 -20- 

 (10) any unrealized losses or charges in respect of Hedging Obligations
(including those resulting from the application of FASB ASC 815); 
 (11) Indebtedness consisting of the financing of
insurance premiums in customary amounts consistent with the operations and business of the Borrower and the Restricted Subsidiaries; 

(12) any repayment or reimbursement obligation of such Person or any Restricted Subsidiary with respect to Customary Recourse
Exceptions, unless and until an event or circumstance occurs that triggers the Person’s or such Restricted Subsidiary’s direct repayment or reimbursement obligation (as opposed to contingent or performance obligations) to the lender or
other Person to whom such obligation is actually owed, in which case the amount of such direct payment or reimbursement obligation shall constitute Indebtedness; and 

(13) earn-out obligations in respect of Consideration in an acquisition permitted hereunder until such obligations would be
required to be reflected on a balance sheet in accordance with GAAP (provided that the amount of such earn-out obligations reflected on a balance sheet shall be counted in the Consideration at such time). 

“Indemnified Taxes” shall mean (a) all Taxes, other than Excluded Taxes, imposed on or with respect to any payment made
by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitee” shall have the meaning specified in Section 11.3.2 [Indemnification by the Borrower]. 

“Indemnity” shall mean the Regulated Substances Certificate and Indemnity Agreement, in substantially the form of Exhibit
1.1(I)(1), executed and delivered by each of the Loan Parties to the Administrative Agent for the benefit of the Secured Parties. 

“Information” shall mean all information received from the Loan Parties or any of their Subsidiaries relating to the Loan
Parties or any of such Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Lender on a non-confidential
basis prior to disclosure by the Loan Parties or any of their Subsidiaries. 
 “Insolvency Proceeding” shall mean, with
respect to any Person, (a) a case, action or proceeding with respect to such Person (i) before any court or any other Official Body under any bankruptcy, insolvency, reorganization or other similar Law now or hereafter in effect, or
(ii) for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of any Loan Party or otherwise relating to the liquidation, dissolution, winding-up or relief of such Person, or
(b) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of such Person’s creditors generally or any substantial portion of its creditors; undertaken
under any Law. 
 “Intercompany Subordination Agreement” shall mean the Subordination Agreement among the Loan Parties and
the Restricted Subsidiaries, dated as of the Closing Date, in substantially the form of Exhibit 1.1(I)(2), executed and delivered by the Loan Parties and the Restricted Subsidiaries. 

“Interest Coverage Ratio” shall mean, as of any date of determination, the ratio of Consolidated EBITDA to Consolidated Cash
Interest Expense, in each case, for the latest period of four fiscal quarters ended prior to the date of determination. 

  
 -21- 

 “Interest Period” shall mean the period of time selected by the Borrower in
connection with (and to apply to) any election permitted hereunder by the Borrower to have Revolving Credit Loans bear interest under the LIBOR Rate Option. Subject to the last sentence of this definition, such period shall be two weeks or one, two,
three or six Months. Such Interest Period shall commence on the effective date of such Interest Rate Option, which shall be the Borrowing Date. Notwithstanding the second sentence hereof: (a) any Interest Period which would otherwise end on a
date which is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (b) the
Borrower shall not select, convert to or renew an Interest Period for any portion of any Loans that would end after the Maturity Date of such Loans. 

“Interest Rate Agreement” shall mean any interest rate swap agreement, interest rate cap agreement or other financial
agreement or arrangement relating to fluctuations in interest rates. 
 “Interest Rate Option” shall mean any LIBOR Rate
Option or Base Rate Option. 
 “Investment” in any Person shall mean any (1) direct or indirect advance, loan or other
extensions of credit (including by way of Guaranty or similar arrangement) or capital contribution to (including any transfer of cash or other property to others or any payment for property or services for the account or use of others but excluding
(a) advances to customers and contract miners or joint interest partners in the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender, and (b) trade payables and extensions of trade credit
on commercially reasonable terms in accordance with normal trade practices), (2) all items that are or would be classified as investments on a balance sheet or (3) any purchase or acquisition of Capital Stock, Indebtedness or other similar
securities issued by such Person. Except as otherwise provided for in this Agreement, the amount of an Investment shall be its Fair Market Value at the time the Investment is made and without giving effect to subsequent changes in value. If the
Borrower or any Restricted Subsidiary sells or otherwise disposes of any Capital Stock of any Restricted Subsidiary, or any Restricted Subsidiary issues any Capital Stock, in either case, such that, after giving effect to any such sale or
disposition, such Person is no longer a Subsidiary, the Borrower shall be deemed to have made an Investment on the date of any such sale or other disposition equal to the Fair Market Value of the Capital Stock of and all other Investments in such
Restricted Subsidiary retained. 
 For purposes of Section 8.2.4 [Loans and Investments] with respect to Investments in Unrestricted
Subsidiaries: 
 (1) “Investment” shall include the portion (proportionate to the Borrower’s equity interest
in such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the Borrower at the time that such Subsidiary is designated an Unrestricted Subsidiary; and upon a redesignation of an Unrestricted Subsidiary as a Restricted
Subsidiary, the aggregate amount of Investments outstanding under Section 8.2.4(h) shall be reduced (but not below zero) by an amount equal to the Fair Market Value of the Borrower’s proportionate interest in such Subsidiary immediately
following such redesignation; and 
 (2) any property transferred to or from an Unrestricted Subsidiary shall be valued at
its Fair Market Value at the time of such transfer. 
 “Investment Grade Rating” shall mean a rating of Baa3 or better by
Moody’s (or its equivalent under any successor rating categories of Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P). 

  
 -22- 

 “IRS” shall mean the Internal Revenue Service. 

“ISP” shall mean, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance of such Letter of Credit). 

“Issuer Documents” shall mean with respect to any Letter of Credit, the Letter of Credit application, and any other document,
agreement and instrument entered into by the applicable Issuing Lender and any Loan Party or in favor of the applicable Issuing Lender and relating to such Letter of Credit. 

“Issuing Lenders” shall mean each Lender (or Affiliate thereof) in its capacity as the issuer of a Letter of Credit.
References to the “Issuing Lender” shall be to the applicable Issuing Lender(s). 
 “Joint Venture” shall mean
any Person that is not a direct or indirect Subsidiary of the Borrower in which the Borrower or any Restricted Subsidiary makes any equity Investment. 

“Labor Contracts” shall mean all employment agreements, employment contracts, collective bargaining agreements and other
agreements among the Borrower or any Restricted Subsidiary and its employees. 
 “Latest Maturity Date” shall mean, at any
date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including after giving effect to any extension pursuant to Section 2.12 [Extended Term Loans and Extended Revolving Credit
Commitments]. 
 “Law” shall mean any law (including common law), constitution, statute, treaty, regulation, rule,
ordinance, opinion, issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any Official
Body, foreign or domestic. 
 “LC Disbursement” shall mean a payment made by an Issuing Lender pursuant to a Letter of
Credit issued by such Issuing Lender. 
 “Lead Arrangers” shall mean PNC Capital Markets LLC and
[            ], in their capacities as joint lead arrangers and joint bookrunners of the revolving credit facility hereunder. 

“Lenders” shall mean the financial institutions named on Schedule 1.1(B) and their respective successors and
assigns as permitted hereunder, each of which is referred to herein as a Lender. For the purpose of any grant in any Loan Document of a security interest or other Lien to the Lenders or to the Collateral Agent for the benefit of the Lenders as
security for the Obligations, “Lenders” shall include any Affiliate of a Lender to which such Obligation is owed. 

“Letter of Credit” shall have the meaning assigned to that term in Section 2.9.1(a) [Issuance of Letters of Credit].

 “Letter of Credit Aggregate Sublimit” shall mean, at any time, the lesser of (i) $150,000,000 and (ii) the
Revolving Credit Commitments at such time. 
 “Letter of Credit Borrowing” shall have the meaning assigned to such term in
Section 2.9.3(d) [Participations, Disbursements, Reimbursement]. 

  
 -23- 

 “Letter of Credit Fee” shall have the meaning assigned to that term in
Section 2.9.2 [Letter of Credit Fees]. 
 “Letter of Credit Issuing Lender Sublimit” shall mean, for each Issuing
Lender, such Issuing Lender’s (or its Lender Affiliate’s) Ratable Share of the Letter of Credit Aggregate Sublimit; provided that any Issuing Lender may increase its own Letter of Credit Issuing Lender Sublimit by written notice to
the Borrower and the Administrative Agent. 
 “Letter of Credit Maturity Date” shall mean the date which is 10 Business
Days prior to the Maturity Date. 
 “Letter of Credit Obligations” shall mean, as of any date of determination, the
aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any
such future increase) plus the aggregate outstanding Reimbursement Obligations and Letter of Credit Borrowings on such date. The Letter of Credit Obligations of any Lender at any time shall be its Ratable Share of the total Letter of Credit
Obligations at such time. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.5. For all purposes of this Agreement, if on
any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the
amount so remaining available to be drawn. 
 “LIBOR Rate” shall mean, with respect to the Loans comprising any Borrowing
Tranche to which the LIBOR Rate Option applies for any Interest Period, the interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per
annum) (i) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which US dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is
quoted by another source selected by the Administrative Agent as an authorized information vendor for the purpose of displaying rates at which US dollar deposits are offered by leading banks in the London interbank deposit market (an
“Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the Relevant Interbank Market offered rate for U.S. Dollars for an amount comparable to
such Borrowing Tranche and having a borrowing date and a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, a
comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error)), by (ii) a number equal to 1.00 minus the LIBOR Reserve Percentage. LIBOR may also be expressed by
the following formula: 
  

					
	LIBOR Rate            =		 London interbank offered rates quoted by Bloomberg

or appropriate successor as shown on Bloomberg Page BBAM1
		
			1.00 - LIBOR Reserve Percentage		

 The LIBOR Rate shall be adjusted with respect to any Loan to which the LIBOR Rate Option applies that is
outstanding on the effective date of any change in the LIBOR Reserve Percentage as of such effective date. The Administrative Agent shall give prompt notice to the Borrower of the LIBOR Rate as determined or adjusted in accordance herewith, which
determination shall be conclusive absent manifest error. Notwithstanding the foregoing, in no event shall the LIBOR Rate be less than 0.00%. 

  
 -24- 

 “LIBOR Rate Option” shall mean the option of the Borrower to have Loans bear
interest at the rate and under the terms set forth in Section 4.1.1(a) [Revolving Credit LIBOR Rate Option]. 
 “LIBOR Reserve
Percentage” shall mean as of any day the maximum percentage in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental,
marginal and emergency reserve requirements) with respect to eurocurrency funding. 
 “Lien” shall mean any mortgage, deed
of trust, pledge, lien, security interest, charge or other similar encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including any conditional sale or title retention arrangement, and any
assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the
filing), but shall not include any operating lease. 
 “LLC Interests” shall have the meaning specified in Section 6.3
[Subsidiaries]. 
 “Loan Documents” shall mean this Agreement, the Administrative Agent’s Letter, the Guaranty
Agreement, the Indemnity, the Intercompany Subordination Agreement, the Notes, the Security Documents and amendments, supplements, joinders or assignments to the foregoing and any other instruments, certificates or documents (expressly excluding any
Other Lender Provided Financial Service Product, any Specified Swap Agreements or any other Swap Agreements) delivered or contemplated to be delivered hereunder or thereunder or in connection herewith or therewith, and Loan Document shall mean any
of the Loan Documents. 
 “Loan Parties” shall mean the Borrower and the Guarantors. 

“Loan Request” shall have the meaning specified in Section 2.5.1 [Revolving Credit Loan Requests]. 

“Loans” shall mean the loans made to the Borrower under this Agreement. 

“Material Acquisition/Disposition” shall mean any Investment, Permitted Acquisition or Disposition that involves (a) an
acquisition or disposition of assets, the Fair Market Value of which assets exceeds $25,000,000 or (b) a change in Consolidated EBITDA that exceeds $10,000,000 per four fiscal quarter period. 

“Material Adverse Change” shall mean any set of circumstances or events that (a) has or would reasonably be expected to
have any material adverse effect whatsoever upon the validity or enforceability of this Agreement or any other Loan Document, (b) is or would reasonably be expected to be material and adverse to the business, properties, assets, financial
condition, or results of operations of the Loan Parties taken as a whole, (c) impairs materially or would reasonably be expected to impair materially the ability of the Loan Parties taken as a whole to duly and punctually pay their Indebtedness
under this Agreement or any other Loan Document, or (d) impairs materially or would reasonably be expected to impair materially the rights and remedies of the Administrative Agent or any of the Lenders pursuant to this Agreement or any other
Loan Document. 
 “Material Contract” shall mean any contract, agreement or other instrument to which the Borrower or any
of its Subsidiaries is or becomes party, the termination, breach or non-renewal of which could reasonably be expected to result in a Material Adverse Change. 

  
 -25- 

 “Material Permitted Acquisition” shall mean (i) a Permitted Acquisition or
(ii) increase in the ownership percentage of the Undivided Interests held by the Borrower or any Restricted Subsidiary; provided that, in either case of clause (i) or (ii), the requirements of clause (a) or (b) of the
definition of “Material Acquisition/Disposition” are satisfied. 
 “Maturity Date” shall mean (a) with
respect to the Revolving Credit Commitments, the fifth anniversary of the Closing Date, (b) with respect to Extended Revolving Credit Commitments, the maturity date applicable to such Extended Revolving Credit Commitments and (c) with
respect to Term Loans, the maturity date applicable to such Term Loans. 
 “Maximum Facility Amount” shall mean
$600,000,000. 
 “Month,” with respect to an Interest Period under the LIBOR Rate Option, shall mean the interval between
the days in consecutive calendar months numerically corresponding to the first day of such Interest Period. If any LIBOR Rate Interest Period begins on a day of a calendar month for which there is no numerically corresponding day in the month in
which such Interest Period is to end, the final month of such Interest Period shall be deemed to end on the last Business Day of such final month. 

“Moody’s” shall mean Moody’s Investors Service, Inc. and its successors. 

“Mortgages” shall mean collectively, (i) the mortgages or deeds of trust with respect to Real Property in which a
security interest has been granted on the Closing Date and (ii) the mortgages or deeds of trust with respect to Real Property in which a security interest is granted after the Closing Date in substantially the form of Exhibit 1.1(M), in
each case, executed and delivered by the applicable Loan Parties to the Collateral Agent to secure the Obligations, for the benefit of the Secured Parties, and “Mortgage” shall mean, individually, any of the Mortgages. 

“Multiemployer Plan” shall mean any employee benefit plan which is a “multiemployer plan” within the meaning of
Section 4001(a)(3) of ERISA and to which the Borrower or any ERISA Affiliate is then making or accruing an obligation to make contributions or, within the preceding five plan years, has made or had an obligation to make such contributions or
has any ongoing obligation with respect to withdrawal liability (within the meaning of Title IV of ERISA). 
 “Non-Consenting
Lender” shall have the meaning specified in Section 11.1.3 [Non-Consenting Lenders]. 
 “Non-Recourse Debt”
shall mean, with respect to Indebtedness of any Unrestricted Subsidiary or Joint Venture, Indebtedness: 
 (1) as to which
neither the Borrower nor any Restricted Subsidiary (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or
otherwise, except for Customary Recourse Exceptions and except by the pledge of (or a Guaranty limited in recourse solely to) the Equity Interests of such Unrestricted Subsidiary or Joint Venture; and 

(2) as to which the lenders will not have any recourse to the Capital Stock or assets of the Borrower or any Restricted
Subsidiary (other than the Equity Interests of such Unrestricted Subsidiary or Joint Venture), except for Customary Recourse Exceptions. 

  
 -26- 

 “Notes” shall mean Revolving Credit Notes, the Swing Loan Notes and, if any Term
Loans are made hereunder, promissory notes of the Borrower evidencing such Term Loans in a form reasonably satisfactory to the Administrative Agent. 

“Obligation” shall mean any obligation or liability of any of the Loan Parties, howsoever created, arising or evidenced,
whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due (including interest, fees and other monetary obligations accruing and/or incurred during the pendency of any bankruptcy, insolvency, receivership
or other similar proceeding, regardless of whether allowed or allowable in such proceeding), under or in connection with (i) this Agreement, the Loans, the Notes, the Letters of Credit, the Administrative Agent’s Letter or any other Loan
Document whether to the Administrative Agent, the Collateral Agent, any Issuing Lender, any of the Lenders or their Affiliates or other persons provided for under such Loan Documents, (ii) any Specified Swap Agreement (other than, with respect
to any Guarantor that is not a Qualified ECP Loan Party, Excluded Swap Obligations of such Guarantor) or (iii) any Other Lender Provided Financial Service Product. 

“Officers’ Certificate” shall mean a certificate signed by an officer of the Borrower or an officer of the General
Partner acting on behalf of the Borrower. 
 “Official Body” shall mean the government of the United States of America or
any other nation, or in each case any political subdivision thereof, whether state, local, county, provincial or otherwise, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting
financial accounting or regulatory capital rules or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of
the foregoing). 
 “Omnibus Agreement” shall mean the Omnibus Agreement, dated as of
[            ], 2015, among the General Partner, the Borrower, the Co-Owners, CEI and certain other Subsidiaries of CEI. 

“Operating Agreement” shall mean the Pennsylvania Mine Complex Operating Agreement, dated as of
[            ], 2015, among the Co-Owners and the Operator; provided that if any Permitted Other Undivided Interest is acquired in a Permitted Acquisition, the operating agreement for such
Permitted Other Undivided Interest shall also be included in the definition of “Operating Agreement”. 

“Operator” shall mean the “Operator” under, and pursuant to, the Operating Agreement; provided that if any
Permitted Other Undivided Interest is acquired in a Permitted Acquisition, the “operator” under, and pursuant to, the operating agreement for such Permitted Other Undivided Interest shall also be included in the definition of
“Operator”. 
 “Order” shall have the meaning specified in Section 2.9.9(b) [Liability for Acts and
Omissions]. 
 “Other Connection Taxes” shall mean, with respect to any recipient, Taxes imposed as a result of a present
or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received
or perfected a security interest under, engaged in any other transaction pursuant to and/or enforced any Loan Document, or sold or assigned an interest in any Note or Loan Document). 

  
 -27- 

 “Other Lender Provided Financial Service Product” shall mean agreements or other
arrangements under which the Administrative Agent, any Lender or Affiliate of the Administrative Agent or a Lender provides any of the following products or services to any of the Loan Parties: (a) credit cards, (b) credit card processing
services, (c) debit cards, (d) purchase cards, (e) ACH transactions, (f) cash management, including controlled disbursement, accounts or services, or (g) foreign currency exchange. 

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

“Participant” shall have the meaning specified in Section 11.8.4 [Participations]. 

“Participating Member State” shall mean any member State of the European Communities that adopts or has adopted the euro as
its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union. 

“Participation Advance” shall have the meaning specified in Section 2.9.3(d) [Participations, Disbursements,
Reimbursement]. 
 “Partnership Agreement” shall mean the First Amended and Restated Agreement of Limited Partnership of
CNX Coal Resources LP, dated as of [            ], 2015, among the General Partner, CEI and the other parties thereto. 

“Partnership Interests” shall have the meaning specified in Section 6.3 [Subsidiaries]. 

[“Patent, Trademark and Copyright Security Agreement” shall mean the Patent, Trademark and Copyright Security Agreement,
dated as of the Closing Date, executed and delivered by each of the Loan Parties to the Collateral Agent for the benefit of the Secured Parties.] 

“Payment Date” shall mean the first Business Day of each calendar quarter after the date hereof and on the Maturity Date for
the applicable Loans or Commitments or upon termination of the Commitments. 
 “Payment In Full” and “Paid in
Full” shall mean the payment in full in cash of the Loans and other Obligations (other than contingent indemnity obligations not then due) under the Loan Documents, termination of the Commitments and expiration or termination of all Letters
of Credit (or with respect to any Letter of Credit with an expiration date that extends beyond the Revolving Maturity Date, the pledge of Cash Collateral for such Letter of Credit pursuant to Section 2.9.10 [Cash Collateral Prior to the
Maturity Date]). 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title
IV of ERISA or any successor. 
 “Pennsylvania Mine Complex” shall mean those certain coal mines in Greene and Washington
Counties, Pennsylvania and Marshall County, West Virginia, commonly known as the Bailey Mine, the Enlow Fork Mine, the Harvey Mine, and the related preparation plant commonly known as the Bailey preparation plant. 

  
 -28- 

 “Pension Funding Rules” shall mean the rules of the Code and ERISA regarding
minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in Sections 412 and 430 of the Code and Sections 302 and 303 of ERISA. 

“Pension Plan” shall mean any “employee pension benefit plan” (as such term is defined in Section 3(2) of
ERISA), other than a “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA, that is subject to Title IV of ERISA and is sponsored or maintained by Borrower or any ERISA Affiliate or to which Borrower or any ERISA
Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any times during the immediately preceding five plan years. 

“Perfection Certificate” shall mean a certificate in the form of Exhibit 1.1(P)(1) or any other form reasonably
acceptable to the Administrative Agent. 
 “Perfection Certificate Supplement” shall mean a certificate supplement in the
form of Exhibit 1.1(P)(2) or any other form reasonably acceptable to the Administrative Agent. 
 “Permitted
Acquisition” shall have the meaning assigned to such term in Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions]. 

“Permitted Business” shall mean the businesses conducted by the Borrower and its Subsidiaries on the Closing Date (after
giving effect to the Transactions) and any activity that is ancillary or complementary to or necessary or desirable for, or otherwise reasonably related to, such businesses. For the avoidance of doubt, ownership and operation of any of the Specified
Additional Assets shall be a Permitted Business. 
 “Permitted Liens” shall mean: 

(1) Liens existing on the Closing Date and described on Schedule 8.2.2; 

(2) Liens securing the Obligations in favor of the Collateral Agent for the benefit of the Secured Parties; 

(3) Liens on cash or Temporary Cash Investments securing Letter of Credit Obligations with respect to Letters of Credit that
have an expiration date that extends beyond the Letter of Credit Maturity Date in favor of the applicable Issuing Lender of such Letters of Credit; 

(4) Liens in favor of (a) the Borrower or a Guarantor or (b) by a Restricted Subsidiary that is not a Guarantor in
favor of any other Restricted Subsidiary that is not a Guarantor; 
 (5) Liens on the Collateral securing obligations in
respect of Indebtedness incurred pursuant to Section 8.2.1(i) [Indebtedness]; provided that such Liens shall be subordinated to the Liens securing the Obligations pursuant to an intercreditor agreement reasonably satisfactory to the
Administrative Agent; 
 (6) Liens for taxes, assessments and governmental charges not yet delinquent or the validity of
which are being contested in good faith by appropriate proceedings, promptly instituted and diligently conducted, and for which adequate reserves have been established to the extent required by GAAP as in effect at such time, and which proceedings
(or orders entered in connection with such proceedings) have the effect of suspending the enforcement or collection of such Liens; 

  
 -29- 

 (7) Liens incurred to secure appeal bonds and judgment Liens not constituting an
Event of Default or Potential Default, in each case in connection with litigation or legal proceedings that are being contested in good faith by appropriate proceedings; 

(8) Liens upon real or personal property other than the Collateral, including any attachment of personal property or real
property or other legal process prior to adjudication of a dispute on the merits, (a) if the validity or amount thereof is being contested in good faith by appropriate and lawful proceedings diligently conducted so long as levy and execution
thereon have been stayed or bonded and continue to be stayed or bonded, (b) if a final judgment is entered and such judgment is discharged within thirty (30) days of entry, or (c) the payment of which is covered in full (subject to
customary deductible) by insurance; 
 (9) [Reserved]; 

(10) Liens securing Capital Lease Obligations, mortgage financings, equipment leases, purchase money obligations or other
Indebtedness incurred pursuant to Section 8.2.1(d) [Indebtedness]; provided that such Liens shall attach only to the property (a) acquired with the proceeds of such Indebtedness or (b) which is the subject of such Capital Lease
Obligations; 
 (11) [Reserved]; 

(12) Liens on the Equity Interests of a Person that is not a Restricted Subsidiary to secure obligations of such Person; 

(13) claims, Liens or encumbrances upon, and defects of title to, real or personal property, including any attachment of
personal or real property or real property or other legal process prior to adjudication of a dispute on the merits, (a) if the validity or amount thereof is being contested in good faith by appropriate and lawful proceedings diligently
conducted so long as levy and execution thereon have been stayed and continue to be stayed, (b) if a final judgment is entered and such judgment is discharged within thirty (30) days of entry, or (c) the payment of which is covered in
full (subject to customary deductible) by insurance; 
 (14) precautionary filings under the UCC by a lessor with respect to
personal property leased to such Person; 
 (15) Liens on insurance policies and proceeds thereof, or other deposits, to
secure insurance premium financings; 
 (16) Liens on Receivables and related assets of the type specified in the definition
of “Qualified Receivables Transaction” incurred in connection with a Qualified Receivables Transaction permitted by Section 8.2.1(j) [Indebtedness]; 

(17) Liens on cash or Temporary Cash Investments arising in connection with the defeasance, discharge or redemption of
Indebtedness permitted hereunder; 
 (18) [Reserved]; 

(19) other Liens not otherwise permitted hereunder with respect to Indebtedness or other obligations that do not in the
aggregate exceed at any one time outstanding $10,000,000; 

  
 -30- 

 (20) Liens to renew, extend, refinance or refund a Lien referred to in clause
(1) above; provided that (i) such new Lien shall be limited to all or part of the same property (including future improvements thereon and accessions thereto) subject to the original Lien and (ii) the obligations secured by
such Lien at such time is not increased to any amount greater than the amount permitted by Refinancing Indebtedness; 
 (21)
statutory and common law banker’s Liens and rights of setoff on bank deposits; 
 (22) option agreements and rights of
first refusal granted with respect to assets that are permitted to be disposed of pursuant to the terms of Section 8.2.7 [Dispositions]; 

(23) [Reserved]; 

(24) any leases of assets permitted by Section 8.2.7 [Dispositions]; 

(25) [Reserved]; 

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

(27) pledges, deposits or bonds made in the ordinary course of business to secure payment of reclamation liabilities or
workmen’s compensation, or to participate in any fund in connection with workers’ compensation, unemployment insurance or other social security programs (including pledges or deposits of cash securing Letters of Credit that secure payment
of such workmen’s compensation, unemployment insurance or other social security programs); 
 (28) Liens of mechanics,
materialmen, warehousemen, carriers, or other like Liens (including any other statutory nonconsensual or common law Liens), securing obligations incurred in the ordinary course of business that are not yet due and payable and Liens of landlords
securing obligations to pay lease payments that are not yet due and payable or in default (including pledges or deposits of cash securing Letters of Credit that secure such Liens of landlords securing obligations to make lease payments that are not
yet due and payable or in default) or, with respect to any of the foregoing, that are being contested in good faith by appropriate proceedings and as to which appropriate reserves have been established in accordance with GAAP and which proceedings
(or orders entered in connection with such proceedings) have the effect of suspending the enforcement or collection of such Liens; 

(29) good-faith pledges or deposits made or other Liens granted in the ordinary course of business to secure performance of
bids, tenders, contracts (other than for the repayment of borrowed money) or leases, not in excess of the aggregate amount due thereunder or other amounts as may be customary, or to secure statutory obligations, or surety, appeal, indemnity,
performance or other similar bonds required in the ordinary course of business (including pledges or deposits of cash securing Letters of Credit that secure such performance of bids, tenders, contracts (other than for the repayment of borrowed
money) or leases, not in excess of the aggregate amount due thereunder or other amounts as may be customary, or that secure such statutory obligations, or such surety, appeal, indemnity, performance or other similar bonds required in the ordinary
course of business); 

  
 -31- 

 (31) Liens on cash and Temporary Cash Investments securing Indebtedness permitted
by Section 8.2.1(f) in an amount not to exceed $5,000,000 at any one time outstanding; and 
 (32) deposits and escrows
of cash pursuant to customary purchase price adjustment, indemnity or similar obligations under agreements related to acquisitions and Dispositions permitted hereunder. 

“Permitted Other Undivided Interests” shall mean undivided co-ownership interests in any of the Specified Other Assets;
provided that the terms and conditions of such co-ownership shall be substantially similar to the terms and conditions of the Undivided Interests set forth in the Specified Material Contracts, including that (i) a Loan Party shall be the
operator of such Specified Other Asset on terms and conditions substantially similar to those set forth in the Operating Agreement, (ii) the Loan Parties shall have the benefit of services substantially similar to those set forth in the
Employee Services Agreement and, in the case of the Buchanan Mine, the Water Agreement, (iii) title to personal property (other than inventory and accounts receivable) relating to such Specified Other Asset will be transferred to, or acquired
by, the Loan Parties, and the other co-owners will retain the right to use such assets, (iv) the other co-owner(s) of such Specified Other Asset shall agree not to encumber or permit any Lien on its (or their) undivided co-ownership interest
other than certain limited liens consistent with the negative pledge in the Operating Agreement, (v) the Operator will solely control the disposition of the undivided interest owned by it, subject to the limitation on disposition of related
personal property consistent with the Operating Agreement, (vi) any transferee of the undivided interest from the other co-owners shall be subject to the same obligations as the other co-owners with respect to such undivided interest except
that any “right of first offer” will not apply to the transferee and (vii) the material contracts related to such undivided interest shall not restrict the ability of the Loan Parties to pledge their interests in such material
contracts to secure the Obligations and any refinancings thereof. 
 “Permitted Unsecured Notes” shall mean any unsecured
notes issued by the Borrower and/or Finance Co. in one or more transactions; provided that (i) no payment of principal in respect of such notes shall be required prior to six months after the Latest Maturity Date in effect at the time of
issuance (except for customary offers to purchase with proceeds of asset sales or upon the occurrence of a change of control), (ii) such notes shall not include any financial maintenance covenants, and the covenants and events of default shall
be customary for high yield debt securities but in any event shall not be more restrictive than the covenants and events of default hereunder, taken as a whole, and (iii) no Subsidiary of the Borrower shall Guaranty such notes unless such
Subsidiary is (or concurrently with any such Guaranty becomes) a Guarantor hereunder. 
 “Person” shall mean any
individual, corporation, partnership, limited liability company, association, joint-stock company, trust, unincorporated organization, joint venture, Official Body, or any other entity. 

“Pledged Securities” shall mean all of the property described as “Pledged Securities” in the Security Agreement.

 “Pledgor” shall have the meaning set forth in the Security Agreement. 

“PNC” shall mean PNC Bank, National Association, its successors and assigns. 

“Potential Default” shall mean any event or condition which with notice or passage of time, or any combination of the
foregoing, would constitute an Event of Default. 

  
 -32- 

 “Preferred Stock” shall mean, with respect to any Person, Capital Stock of such
Person of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over Capital
Stock of any other class of such Person. 
 “Prime Rate” shall mean the interest rate per annum announced from time to time
by the Administrative Agent at its Principal Office as its then prime rate, which rate may not be the lowest or most favorable rate then being charged to commercial borrowers or others by the Administrative Agent. Any change in the Prime Rate shall
take effect at the opening of business on the day such change is announced. 
 “Principal Office” shall mean the main
banking office of the Administrative Agent in Pittsburgh, Pennsylvania. 
 “Pro Forma Basis” shall mean: 

(1) any Material Acquisition/Disposition and any dividend or distribution on, or repurchases or redemptions of, Capital Stock
of the Borrower made or to be made by the Borrower or any Restricted Subsidiary during the applicable reference period or subsequent to such reference period and on or prior to the date of determination will be given pro forma effect as if it had
occurred on the first day of the applicable reference period; 
 (2) any Person that is a Restricted Subsidiary on the date
of determination will be deemed to have been a Restricted Subsidiary at all times during such reference period; 
 (3) any
Person that is not a Restricted Subsidiary on the date of determination will be deemed not to have been a Restricted Subsidiary at any time during such reference period; 

(4) Consolidated Cash Interest Expense shall be calculated after giving pro forma effect to incurrences and repayments of
Indebtedness (other than ordinary course working capital borrowings and repayments under revolving credit facilities) during the applicable reference period or subsequent to such reference period and on or prior to the date of determination to the
extent in connection with any transaction referred to in clause (1) above as if it had occurred on the first day of the applicable reference period; and 

(5) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if
the rate in effect on the calculation date had been the applicable rate for the entire period (taking into account the effect on such interest rate of any Specified Swap Agreement applicable to such Indebtedness). 

For purposes of this definition, whenever pro forma effect is given to a transaction, the pro forma calculations shall be made in good faith
by a Responsible Officer of the Borrower and in a manner consistent with Article 11 of Regulation S-X of the Securities Act, as set forth in a certificate of a Responsible Officer of the Borrower (with supporting calculations) and reasonably
acceptable to the Administrative Agent. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility (to the extent required to be computed on a pro forma basis) shall be computed based
upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate,
or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate. 

  
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 “Properties” shall have the meaning assigned to such term in
Section 6.25(b) [Environmental Matters]. 
 “Published Rate” shall mean the rate of interest published each Business
Day in The Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the
rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market for a one month period as published in another publication selected by the Administrative Agent). 

“Qualified ECP Loan Party” shall mean each Loan Party that on the Eligibility Date is (a) a corporation, partnership,
proprietorship, organization, trust, or other entity other than a “commodity pool” as defined in Section 1a(10) of the Commodity Exchange Act and CFTC regulations thereunder that has total assets exceeding $10,000,000, or (b) an
Eligible Contract Participant that can cause another person to qualify as an Eligible Contract Participant on the Eligibility Date under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act by entering into or otherwise providing a
“letter of credit or keepwell, support, or other agreement” for purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

“Qualified IPO” shall mean the initial offer and sale of equity of the Borrower in an underwritten public offering for cash
pursuant to the Registration Statement; provided, however, that immediately after such offering, the Borrower is treated as a publicly traded limited partnership for United States federal income tax purposes. 

“Qualified Receivables Transaction” shall mean any transaction or series of transactions that may be entered into by the
Borrower or any Restricted Subsidiary in which the Borrower or any such Restricted Subsidiary may sell, contribute, convey or otherwise transfer to (1) a Receivables Subsidiary (in the case of a transfer by the Borrower or any Restricted
Subsidiaries of the Borrower) and (2) any other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any Receivables (whether now existing or arising in the future) of the Borrower or any
Restricted Subsidiary, and any related assets, including all collateral securing such Receivables, all contracts and all Guaranties or other obligations in respect of such Receivables, proceeds of such Receivables and other assets (including
contract rights) which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Receivables. 

“Ratable Share” shall mean the proportion that a Lender’s Commitment bears to the Commitments of all of the Lenders. If
the Commitments have terminated or expired, the Ratable Shares shall be determined based upon the Commitments most recently in effect, giving effect to any assignments; provided that in the case of Section 2.13 [Defaulting Lenders] when
a Defaulting Lender shall exist, “Ratable Share” shall mean the percentage of the aggregate Commitments (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment. 

“Real Property” shall mean, individually as the context requires, real property that is owned or leased by any Loan Party,
including, but not limited to, the surface, Coal, methane gas and other mineral rights, interests and coal leases associated with such property, and “Real Properties” shall mean, collectively, as the context requires, all of the
foregoing. In determining whether the $20,000,000 threshold in Section 8.1.17(a)(iii) [Collateral] is met, a subsurface interest of a Loan Party shall be deemed part of the same Real Property as other subsurface interests of such Loan Party or
other Loan Parties when such subsurface interest is, or could reasonably be, part of the same operating complex as such other subsurface interests. 

“Receivable Obligor” shall mean, with respect to any Receivable, the Person obligated to make payments pursuant to the
contract relating to such Receivable. 

  
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 “Receivables” shall mean any Indebtedness and other payment obligations owed to
the Borrower, any Restricted Subsidiary or any Receivables Subsidiary, whether constituting an account, chattel paper, payment intangible, instrument or general intangible, in each case arising in connection with the sale of Coal and related
inventory in the ordinary course of business. 
 “Receivables Subsidiary” shall mean a wholly owned Subsidiary of the
Borrower (or another Person formed for the purpose of engaging in a Qualified Receivables Transaction with the Borrower or a Restricted Subsidiary in which the Borrower or any Restricted Subsidiary makes an Investment and to which the Borrower or
any Restricted Subsidiary transfers Receivables) that engages in no activities other than in connection with the financing of Receivables, all proceeds thereof and all rights (contractual or other), collateral and other assets, in each case,
relating to such Receivables, and any business or activities incidental or related to such business, and that is designated by the Borrower’s Board of Directors (as provided below) as a Receivables Subsidiary and 

(1) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which: 

(a) is Guarantied by the Borrower or any Restricted Subsidiary (excluding Guaranties of obligations (other than the principal
of, and interest on, Indebtedness) pursuant to representations, warranties, covenants, indemnities and performance guarantees customarily entered into in connection with accounts receivables financings); 

(b) is recourse to or obligates the Borrower or any Restricted Subsidiary in any way other than pursuant to representations,
warranties, covenants and indemnities customarily entered into in connection with accounts receivables financings; or 
 (c)
subjects any property or asset of the Borrower or of any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to representations, warranties, covenants and indemnities customarily
entered into in connection with accounts receivables financings and limited to assets financed thereunder; 
 (2) with which
neither the Borrower nor any Restricted Subsidiary has any material contract, agreement, arrangement or understanding other than on terms no less favorable to the Borrower or such Restricted Subsidiary than those that might be obtained at the time
from Persons who are not Affiliates of the Borrower, other than fees payable in the ordinary course of business in connection with servicing Receivables; and 

(3) with which neither the Borrower nor any Restricted Subsidiary has any obligation to maintain or preserve such Receivables
Subsidiary’s financial condition (other than customary requirements for the maintenance of a minimum net worth) or cause such Receivables Subsidiary to achieve certain levels of operating results. 

Any designation of a Receivables Subsidiary by the Borrower’s Board of Directors after the Closing Date shall be evidenced to the
Administrative Agent by delivering to the Administrative Agent a Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions. 

“Recipient” shall mean (i) the Administrative Agent, (ii) any Lender and (iii) any Issuing Lender, as
applicable. 

  
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 “Refinance” shall mean, in respect of any Indebtedness, to refinance, extend,
renew, refund, repay, prepay, redeem, replace, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings.

 “Refinancing Indebtedness” shall mean Indebtedness that Refinances any Indebtedness of the Borrower or any Restricted
Subsidiary existing on the Closing Date or incurred in compliance with this Agreement, including Indebtedness that Refinances Refinancing Indebtedness; provided that: 

(1) such Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being
Refinanced; 
 (2) such Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is incurred
that is equal to or greater than the Average Life of the Indebtedness being Refinanced; 
 (3) such Refinancing Indebtedness
has an aggregate principal amount (or if incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if incurred with original issue discount, the aggregate accreted value) then
outstanding (plus fees and expenses, including any premium and defeasance costs) under the Indebtedness being Refinanced; 

(4) if the refinanced Indebtedness was subordinated in right of payment to the Obligations or the Guaranties thereof, as the
case may be, then such Refinancing Indebtedness, by its terms, is subordinate in right of payment to the Obligations or the Guaranties thereof, as the case may be, at least to the same extent as the refinanced Indebtedness; and 

(5) if the refinanced Indebtedness is purchase money obligations, (a) the holders of such Refinancing Indebtedness agree
that they will look solely to the fixed assets so acquired which secure such Refinancing Indebtedness, and neither the Borrower nor any Restricted Subsidiary (i) is directly or indirectly liable for such Refinancing Indebtedness or
(ii) provides credit support, including any undertaking, Guaranty, agreement or instrument, related to such Refinancing Indebtedness that would constitute Indebtedness (other than the grant of a Lien on such acquired fixed assets) and
(b) no default or event of default with respect to such Refinancing Indebtedness would cause, or permit (after notice or passage of time or otherwise), any holder of any other Indebtedness of the Borrower or a Guarantor to declare a default or
event of default on such other Indebtedness or cause the payment, repurchase, redemption, defeasance or other acquisition or retirement for value thereof to be accelerated or payable prior to any scheduled principal payment, scheduled sinking fund
payment or maturity; 
 provided further, however, that Refinancing Indebtedness shall not include: 

(a) Indebtedness of a Subsidiary that Refinances Indebtedness of the Borrower; or 

(b) Indebtedness of the Borrower or a Restricted Subsidiary of the Borrower that Refinances Indebtedness of an Unrestricted
Subsidiary. 
 “Registration Statement” shall mean the Registration Statement number 333-203165 on Form S-1, under the
Exchange Act, of the Borrower filed with the SEC, as amended prior to the Closing Date. 

  
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 “Regulation U” shall mean Regulation U, T or X as promulgated by the Board of
Governors of the Federal Reserve System, as amended from time to time. 
 “Reimbursement Date” shall have the meaning
specified in Section 2.9.3(b) [Participations, Disbursements, Reimbursement]. 
 “Reimbursement Obligation” shall have
the meaning specified in Section 2.9.3(b) [Participations, Disbursements, Reimbursement]. 
 “Related Parties” shall
mean, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 

“Related Security” shall mean, with respect to any Receivable subject to a Qualified Receivables Transaction: 

(1) all of the Loan Parties’ interests in any goods (including returned goods), and documentation of title evidencing the
shipment or storage of any goods (including returned goods), relating to any sale giving rise to such Receivable, 
 (2) all
instruments and chattel paper that may evidence such Receivable, 
 (3) all other security interests or liens and property
subject thereto from time to time purporting to secure payment of such Receivable, whether pursuant to the contract related to such Receivable or otherwise, together with all UCC financing statements or similar filings relating thereto, and 

(4) all of the Loan Parties’ rights, interests and claims under the contracts and all guaranties, indemnities, insurance
and other agreements (including the related contract) or arrangements of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such Receivable, whether pursuant to the contract related to
such Receivable or otherwise. 
 “Release” shall mean any spilling, leaking, pumping, pouring, emitting, emptying,
discharge, injecting, escaping, leaching, dumping, disposing, depositing or migration into the Environment, or into, from or through any building or structure. 

“Relevant Interbank Market” shall mean in relation to Euro, the European Interbank Market, and, in relation to any other
currency, the London interbank market or other applicable offshore interbank market. 
 “Removal Effective Date” shall have
the meaning assigned to such term in Section 10.6 [Resignation of Agents]. 
 “Reportable Compliance Event” shall mean
that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any
Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in violation of any Anti-Terrorism Law. 

  
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 “Reportable Event” shall mean a reportable event described in Section 4043
of ERISA and regulations thereunder with respect to a Plan or Multiemployer Plan. 
 “Required Lenders” shall mean Lenders
(other than any Defaulting Lender) having more than 50% of the aggregate amount of the Revolving Credit Commitments of the Lenders (excluding any Defaulting Lender) or, after the termination of the Revolving Credit Commitments, the outstanding
Revolving Credit Loans and Ratable Share of Letter of Credit Obligations of the Lenders (excluding any Defaulting Lender). 

“Required Permits” shall mean all permits, licenses, authorizations, plans, approvals and bonds necessary under the
applicable Laws for the Loan Parties to continue to conduct coal mining and related operations on, in or under such parties’ real property, and any and all other mining properties owned or leased by the Borrower or any such Loan Party
(collectively “Mining Property”) substantially in the manner as such operations had been authorized immediately prior to such Loan Party’s acquisition of its interests in such real property and as may be necessary for such Loan
Party to conduct, in all material respects, coal mining and related operations on, in or under the Mining Property as described in any plan of operation. 

“Required Share” shall have the meaning assigned to such term in Section 5.10 [Settlement Date Procedures]. 

“Responsible Officer” shall mean each of the chief executive officer, president, chief financial officer, treasurer and
assistant treasurer of each Loan Party or of the General Partner acting on behalf of such Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party or of the General Partner acting on behalf of a Loan Party
or Loan Parties shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of
such Loan Party. 
 “Restricted Payment” shall mean: 

(1) the declaration or payment of any dividends or any other distributions of any sort in respect of Equity Interests of the
Borrower or any Restricted Subsidiary (including any payment in connection with any merger or consolidation involving the Borrower or any Restricted Subsidiary) or similar payment to the direct or indirect holders of such Equity Interests, other
than: 
 (a) dividends or distributions payable solely in Equity Interests of the Borrower (other than Disqualified Stock);

 (b) dividends or distributions payable solely to the Borrower or a Restricted Subsidiary; and 

(c) pro rata dividends or other distributions made by a Restricted Subsidiary to minority stockholders (or owners of an
equivalent interest in the case of a Subsidiary that is an entity other than a corporation); 
 (2) the purchase, repurchase,
redemption or other acquisition or retirement for value of any Equity Interests of the Borrower or any Restricted Subsidiary held by any other Person (other than any acquisition or retirement for value from, or payment to, the Borrower or any
Restricted Subsidiary); or 
 (3) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for
value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment of any Subordinated Obligations of the Borrower or any Guarantor (other than (a) any intercompany Indebtedness between or among the Borrower and any
Restricted Subsidiary and (b) the purchase, repurchase or other acquisition of Subordinated Obligations acquired in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year
of the date of acquisition). 

  
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 “Restricted Subsidiary” shall mean any Subsidiary of the Borrower that is not an
Unrestricted Subsidiary. 
 “Revolving Credit Commitment” shall mean, as to any Lender at any time, the amount initially
set forth opposite its name on Schedule 1.1(B) in the column labeled “Amount of Commitment,” as such Commitment is thereafter assigned pursuant to an Assignment and Assumption Agreement, increased pursuant to Section 2.11
[Incremental Facilities], extended pursuant to Section 2.12 [Extended Term Loans and Revolving Credit Commitments] or decreased pursuant to Section 2.4 [Voluntary Commitment Reduction], and “Revolving Credit Commitments”
shall mean the aggregate Revolving Credit Commitments of all of the Lenders. 
 “Revolving Credit Loans” shall mean
collectively and “Revolving Credit Loan” shall mean separately all Revolving Credit Loans or any Revolving Credit Loan made by the Lenders or one of the Lenders to the Borrower pursuant to Section 2.1.1 [Revolving Credit
Commitments] or Section 2.9.3 [Participations, Disbursements, Reimbursement]. 
 “Revolving Credit Notes” shall mean
collectively and “Revolving Credit Note” shall mean separately all the promissory notes of the Borrower in the form of Exhibit 1.1(N)(1) evidencing the Revolving Credit Loans. 

“Revolving Exposure” shall mean, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender’s Revolving Credit Loans and its Letter of Credit Obligations and Swingline Exposure at such time. 
 “Revolving
Extension Request” shall have the meaning set forth in Section 2.12 [Extended Term Loans and Extended Revolving Credit Commitments]. 

“Revolving Facility Usage” shall mean at any time the sum of the outstanding Revolving Credit Loans, the outstanding Swing
Loans, and the Letter of Credit Obligations. 
 “Revolving Lender” shall mean a Lender with a Revolving Credit Commitment
or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure. 
 “Revolving Maturity Date”
shall mean the Maturity Date for the Revolving Credit Commitments or the Extended Revolving Credit Commitments, as the case may be. 

“Sanctioned Country” shall mean a country subject to a sanctions program maintained under any Anti-Terrorism Law. 

“Sanctioned Person” shall mean any individual person, group, regime, entity or thing listed or otherwise recognized as a
specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any
Anti-Terrorism Law. 

  
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 “SEC” shall mean the Securities and Exchange Commission, or any Official Body
succeeding to any of its principal functions. 
 “Secured Parties” shall mean collectively, the Collateral Agent, the
Administrative Agent, the Swingline Lender, the Issuing Lenders, the Lenders and any provider of a Specified Swap Agreement or Other Lender Provided Financial Service Product. 

“Securities Act” shall mean the Securities Act of 1933. 

“Security Agreement” shall mean the Security Agreement, dated as of the Closing Date, executed and delivered by each of the
Loan Parties to the Collateral Agent for the benefit of the Secured Parties. 
 “Security Documents” shall mean,
collectively, the Security Agreement, the Mortgages, [the Patent, Trademark and Copyright Security Agreement] and each other security document or pledge agreement delivered in accordance with applicable local Law to grant a valid, perfected security
interest in any property as Collateral for the Obligations, and all UCC or other financing statements or instruments of perfection required by this Agreement or any other such security document or pledge agreement to be filed with respect to the
security interests in property and fixtures created pursuant to any document or instrument utilized to pledge or grant or purport to pledge or grant a security interest or lien on any property as Collateral for the Obligations, and amendments,
supplements or joinders to the foregoing. 
 “Settlement Date” shall mean the Business Day on which the Administrative
Agent elects to effect settlement pursuant to Section 5.10 [Settlement Date Procedures]. 
 “Solvent” shall mean, with
respect to any Person on any date of determination, taking into account such right of reimbursement, contribution or similar right available to such Person from other Persons, that on such date (a) the fair value of the property of such Person
is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability
of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they
mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital after giving due consideration to
the prevailing practice in the industry in which such Person is engaged, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. In computing
the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expect to
become an actual or matured liability. 
 “S&P” shall mean Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. 
 “Specified Material Contracts” shall mean (i) the Partnership Agreement,
(ii) the Contribution Agreements, (iii) the Omnibus Agreement, (iv) the Operating Agreement, (v) the Contract Agency Agreement, (vi) the Employee Services Agreement, and (vii) the Water Supply and Services Agreement.

 “Specified Other Assets” shall mean (i) the Baltimore Dock Facility, (ii) the Buchanan Mine and (iii) the
Cardinal States Gathering System. 

  
 -40- 

 “Specified Swap Agreement” shall mean any Swap Agreement between
(a) any Loan Party and (b) any counterparty that is, or was at the Closing Date or at the time such Swap Agreement was entered into, the Administrative Agent, a Lender or an Affiliate of an entity that is the Administrative Agent or an
entity that is a Lender. 
 “Standby Letter of Credit” shall mean a Letter of Credit issued to support obligations of one
or more of the Loan Parties, contingent or otherwise, which finance the working capital and business needs of the Loan Parties. 

“Stated Maturity” shall mean, with respect to any security, the date specified in such security as the fixed date on which
the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency unless such contingency has occurred). 
 “Step-Up” shall have the meaning assigned to such
term in Section 8.2.13. 
 “Subordinated Obligation” shall mean any Indebtedness of the Borrower or any Guarantor
(whether outstanding on the Closing Date or thereafter incurred) which is subordinate or junior in right of payment to, in the case of the Borrower, the Obligations or, in the case of a Guarantor, its Guaranty of the Obligations pursuant to a
written agreement to that effect. 
 “Subsidiary” shall mean, with respect to any Person, any corporation, association,
partnership or other business entity of which more than 50% of the total voting power of the Voting Stock thereof is at the time owned or controlled, directly or indirectly, by: 

(1) such Person; 
 (2) such Person
and one or more Subsidiaries of such Person; or 
 (3) one or more Subsidiaries of such Person. 

“Subsidiary Shares” shall have the meaning specified in Section 6.3 [Subsidiaries]. 

“Swap” shall mean any “swap” as defined in Section 1a(47) of the Commodity Exchange Act and regulations
thereunder, other than (a) a swap entered into, or subject to the rules of, a board of trade designated as a contract market under Section 5 of the Commodity Exchange Act, or (b) a commodity option entered into pursuant to Commodity
Futures Trading Commission Regulation 32.3(a). 
 “Swap Agreement” shall mean (i) any interest or currency rate swap,
rate cap, rate floor, rate collar, exchange transaction, put or call option, forward agreement, foreign exchange or other exchange or rate protection agreement or any option with respect to any such transaction and (ii) any cap, floor, collar,
exchange transaction, hedging contract, forward contract, swap agreement, futures contract, call or put option or any other similar agreement or other exchange or protection agreement relating to Hydrocarbons or any option with respect to any such
transaction, in either case entered into for the purpose of hedging risk related to commodity prices, interest rates, currency exchange rates, securities prices or financial market conditions (specifically excluding contracts entered into in the
ordinary course of business for the future sale and delivery of commodities, including but not limited to take-or-pay contracts). 

  
 -41- 

 “Swap Obligation” shall mean, with respect to any Guarantor, any obligation to
pay or perform under any agreement, contract or transaction that constitutes a Swap. 
 “Swingline Cap” shall mean, at any
time, the lesser of (i) $25,000,000 and (ii) the Revolving Credit Commitments at such time. 
 “Swingline
Exposure” shall mean, at any time, the aggregate principal amount of all Swing Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its Ratable Share of the total Swingline Exposure at such time. 

“Swingline Lender” shall mean the Administrative Agent in its capacity as the lender of Swing Loans. 

“Swingline Note” shall mean a promissory note of the Borrower in the form of Exhibit 1.1(N)(2) evidencing the
Swing Loans. 
 “Swing Loan Request” shall mean a request for Swing Loans made in accordance with Section 2.5.2 [Swing
Loan Requests]. 
 “Swing Loans” shall mean collectively and “Swing Loan” shall mean separately all Swing
Loans or any Swing Loan made by the Swingline Lender to the Borrower pursuant to Section 2.6.3 [Making Swing Loans]. 

“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other
charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. “Taxation” shall have a correlative meaning. 

“Temporary Cash Investments” shall mean any of the following: 

(1) any Investment in direct obligations of the United States of America or any agency thereof or obligations guaranteed by the
United States of America or any agency thereof; 
 (2) Investments in time deposit accounts, certificates of deposit and
money market deposits maturing within one year of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United
States, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $250.0 million (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A-” (or such similar
equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Section 3(a)(62) of the Exchange Act) or any money-market fund sponsored by a registered broker dealer or mutual fund distributor
whose assets consist of obligations of the types described in clauses (1), (2), (3), (4) and (5) of this definition; 

(3) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause
(1) of this definition entered into with a bank meeting the qualifications described in clause (2) of this definition; 

(4) Investments in commercial paper, maturing not more than 180 days after the date of acquisition, issued by a Person (other
than an Affiliate of the Borrower) organized and in existence under the laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any Investment therein is made of

  
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“P-2” (or higher) according to Moody’s or “A-2” (or higher) according to S&P or “R-1” (or higher) by Dominion Bond Rating Service Limited or Canadian Bond
Rating Service, Inc. (in the case of a Canadian issuer); 
 (5) Investments in securities with maturities of six months or
less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or
“A-2” by Moody’s; 
 (6) Investments in asset-backed securities maturing within one year of the date of
acquisition thereof with a long-term rating at the time as of which any Investment therein is made of “A” (or higher) by Dominion Bond Rating Service Limited or Canadian Bond Rating Service, Inc. (in the case of a Canadian issuer); 

(7) obligations of any foreign government or obligations that possess a guaranty of the full faith and credit of any foreign
government; 
 (8) obligations of United States government-sponsored enterprises, Federal agencies, and Federal financing
banks that are not otherwise authorized including, but not limited to, (i) United States government-sponsored enterprises such as instrumentalities of the Federal Credit System (Bank for Cooperatives, Federal Land Banks), Federal Home Loan
Banks and Federal National Mortgage Association and (ii) Federal agencies such as instrumentalities of the Department of Housing and Urban Development (Federal Housing Administration, Government National Mortgage Association), Export-Import
Bank, Farmers Home Administration and Tennessee Valley Authority; 
 (9) debt obligations (other than commercial paper
obligations) of domestic or foreign corporations; 
 (10) preferred stock obligations with a floating rate dividend that is
reset periodically at auction; 
 (11) Investments in repurchase agreements collateralized by any of the above securities
eligible for outright purchase; provided that the collateral is delivered to a bank custody account in accordance with the terms of a written repurchase agreement with a dealer or bank; and 

(12) Investments in shares of institutional mutual funds whose investment policies are essentially in agreement with the type
and criteria for Investments otherwise set forth in this definition, 
 provided that Investments described in clauses (7) through (12) of
this definition are restricted to obligations rated no lower than “A3” or “P-1” by Moody’s or “A-” or “A-1” by S&P. 

“Term Extension Request” shall have the meaning set forth in Section 2.12 [Extended Term Loans and Extended Revolving
Credit Commitments]. 
 “Term Loans” shall mean term loans established pursuant to Section 2.11 [Incremental
Facilities]. 

  
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 [“Thermal Term Loan Credit Agreement” shall mean that certain Credit Agreement,
dated as of [                    ], by and among CPCC, Conrhein, PNC Bank, National Association, in its capacity as administrative agent, and the
other parties thereto.] 
 “Threshold Amount” shall mean $20,000,000. 

“Total Leverage Ratio” shall mean, on any date of determination, the ratio of (1) Consolidated Indebtedness to
(2) Consolidated EBITDA of the Borrower for the most recent four-quarter period ended prior to the date of determination for which internal financial statements are available. 

“Transactions” shall mean, collectively, (1) the execution and delivery of the Specified Material Contracts, and the
other Material Contracts contemplated by the Registration Statement to be effective as of the Closing Date, by the parties thereto, (2) the contribution of the Contributed Assets (as defined in the Asset Contribution Agreement) to the Operator
pursuant to the Asset Contribution Agreement, (3) the contribution of all of the Equity Interests in CNX Operating LLC, which owns all of the Equity Interests in the Operator, to the Borrower pursuant to the Equity Contribution Agreement,
(4) the Qualified IPO (including any issuance and sale of additional common units of the Borrower pursuant to the underwriters’ “green shoe” option), (5) the execution and delivery of the Loan Documents to be entered into as
of the Closing Date by the parties thereto, (6) the Closing Date Distribution and any distribution pursuant to Section 8.2.5(a)(ii) [Restricted Payments], and (7) the payment of the fees and expenses incurred in connection with the
foregoing. 
 “UCP” shall have the meaning assigned to such term in Section 11.11.1 [Governing Law]. 

“Undivided Interests” shall mean the undivided co-ownership interests in the Pennsylvania Mine Complex. 

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as in effect in each applicable
jurisdiction or other applicable Law entitled to all the rights, benefits and priorities provided by the Uniform Commercial Code or such Law. 

“United States Tax Compliance Certificate” shall have the meaning assigned to such term in Section 5.8.5(b)(i)(C)
[Status of Lenders]. 
 “Unrestricted Subsidiary” shall mean any Subsidiary of the Borrower (including any newly acquired
or newly formed Subsidiary or a Person becoming a Subsidiary through merger or consolidation or Investment therein) that is designated by the Board of Directors of the Borrower as an Unrestricted Subsidiary pursuant to a Board Resolution in
accordance with Section 8.2.3 [Designation of Unrestricted Subsidiaries]; provided that in no event shall the Operator or any Subsidiary of the Borrower that owns Equity Interests in the Operator be designated an Unrestricted Subsidiary.
All Subsidiaries of an Unrestricted Subsidiary shall also be Unrestricted Subsidiaries. 
 “USA Patriot Act” shall mean the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

“Voting Stock” of a Person shall mean all classes of Capital Stock of such Person then outstanding and normally entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

  
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 “Water Agreement” means the Water Supply and Services Agreement, dated as of
[            ], 2015, among the Borrower and [            ]. 

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

“Wholly-Owned Subsidiary” of any specified Person means a Subsidiary of such Person all of the outstanding Equity Interests
or other ownership interest of which (other than directors’ qualifying shares) will at that time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person. 

 

	 	1.2	Construction. 

 Unless the context of this Agreement otherwise clearly requires, the
following rules of construction shall apply to this Agreement and each of the other Loan Documents: (i) references to the plural include the singular, the plural, the part and the whole and the words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”; (ii) the words “hereof,” “herein,” “hereunder,” “hereto” and similar terms in this Agreement or any
other Loan Document refer to this Agreement or such other Loan Document as a whole; (iii) article, section, subsection, clause, schedule and exhibit references are to this Agreement or other Loan Document, as the case may be, unless otherwise
specified; (iv) reference to any Person includes such Person’s permitted successors and assigns; (v) unless otherwise provided, reference to any agreement, including this Agreement and any other Loan Document together with the
schedules and exhibits hereto or thereto, document or instrument, order, declaration, understanding or other arrangement means such agreement, document, instrument, order, declaration, understanding or other arrangement as amended, restated,
supplemented, modified, extended, renewed, refunded, superseded, substituted for, replaced, refinanced or increased in whole or in part, from time to time; (vi) any reference to any Law shall include all statutory and regulatory provisions
consolidating, amending, replacing or interpreting such Law and any reference to any Law shall, unless otherwise specified, refer to such Law as amended, modified, supplemented or replaced from time to time; (vii) relative to the determination
of any period of time, “from” means “from and including,” “to” means “to but excluding,” and “through” means “through and including”; (viii) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights; (ix) section headings herein and in
each other Loan Document are included for convenience and shall not affect the interpretation of this Agreement or such Loan Document; (x) unless otherwise specified, all references herein to times of day shall be references to Eastern time and
(xi) references to the “date hereof” or “date of this Agreement” shall be to the Closing Date. 
  

	 	1.3	Accounting Principles. 

 Except as otherwise provided in this Agreement, all computations
and determinations as to accounting or financial matters and all financial statements to be delivered pursuant to this Agreement shall be made and prepared in accordance with GAAP (including principles of consolidation where appropriate), and all
accounting or financial terms shall have the meanings ascribed to such terms by GAAP; provided, however, that all accounting terms used in Section 8.2 [Negative Covenants] (and all defined terms used in the definition of any
accounting term used in Section 8.2 [Negative Covenants] shall have the meaning given to such terms (and defined terms) under GAAP as in effect on the date 

  
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hereof applied on a basis consistent with those used in preparing the Historical Statements referred to in Section 6.9(a) [Historical Statements]. If at any time any change in GAAP would
affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to
amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided until so amended, (i) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested
hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 
  

	 	1.4	Valuations. 

 Whenever this Agreement requires the determination of the monetary value of
“other consideration,” a Guaranty, “other obligations” or an Investment and the computation method to determine such monetary value is not already addressed by GAAP, (i) the monetary value of “other consideration”
or an Investment of tangible property shall be calculated as the Fair Market Value of such consideration or tangible property, (ii) the monetary value of any Guaranty at any time of a fixed monetary obligation shall be the amount of such fixed
monetary obligation at such time, (iii) the monetary value of any Guaranty of a fixed stream of monetary obligations at any time shall be the present value of the remaining amounts of such stream of monetary obligations at such time discounted
at a rate equal to the Borrower’s cost of funds at such time, (iv) the monetary value of a Guaranty of performance or of contingent liabilities at any time shall be the amount which, in light of all the facts and circumstances existing at
the time, represent the amount which would reasonably be expected to become an actual or matured monetary obligation or liability of the Person making such Guaranty determined by such Person in good faith, or (v) the monetary value of
“other obligations,” contingent or otherwise, at any time shall be the amount which, in light of all the facts and circumstances existing at the time, represent the amount which would reasonably be expected to become an actual or matured
monetary obligation or liability of the Person who is obligated for such “other obligations.” 
  

	 	1.5	Letter of Credit Amounts. 

 Unless otherwise specified herein, the amount of a Letter of
Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related
thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or
not such maximum stated amount is in effect at such times. 
 2. REVOLVING CREDIT AND SWING LOAN FACILITIES 

 

	 	2.1	Commitments. 

  

	 	2.1.1	Revolving Credit Loans. 

 Subject to the terms and conditions hereof and relying upon the
representations and warranties herein set forth, each Lender severally agrees to make Revolving Credit Loans to the Borrower at any time or from time to time on or after the date hereof to the Revolving Maturity Date; provided that after
giving effect to each such Loan, (i) such Lender’s Revolving Exposure shall not exceed such Lender’s Revolving Credit Commitment and (ii) the Revolving Facility Usage shall not exceed the Revolving

  
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Credit Commitments. Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.1
[Revolving Credit Loans]. 
  

	 	2.1.2	Swing Loans. 

 Subject to the terms and conditions hereof and relying upon the
representations and warranties herein set forth, and in order to facilitate loans and repayments between Settlement Dates, the Swingline Lender may, at its option, cancelable at any time for any reason whatsoever, make swing loans (the
“Swing Loans”) to the Borrower at any time or from time to time after the date hereof to, but not including, the Revolving Maturity Date, in an aggregate principal amount up to but not in excess of the Swingline Cap; provided
that the Revolving Facility Usage shall not at any time exceed the Revolving Credit Commitments. Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to
this Section 2.1.2 [Swing Loans]. 
  

	 	2.2	Nature of Lenders’ Obligations with Respect to Revolving Credit Loans. 

 Each Lender
shall be obligated to participate in each request for Revolving Credit Loans pursuant to Section 2.5 [Loan Requests] in accordance with its Ratable Share. The obligations of each Lender hereunder are several. The failure of any Lender to
perform its obligations hereunder shall not affect the Obligations of the Borrower to any other party nor shall any other party be liable for the failure of such Lender to perform its obligations hereunder. The Lenders shall have no obligation to
make Revolving Credit Loans hereunder on or after the Revolving Maturity Date. 
  

	 	2.3	Commitment Fees. 

 Accruing from the date hereof until the Revolving Maturity Date, the
Borrower agrees to pay to the Administrative Agent for the account of each Lender, as consideration for such Lender’s Revolving Credit Commitment hereunder, a nonrefundable commitment fee (the “Commitment Fee”) equal to the
Commitment Fee Rate (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) on the average daily difference between the amount of (a) such Lender’s Revolving Credit Commitment as the same may be
constituted from time to time and (b) such Lender’s Revolving Exposure (for purposes of this computation, Swing Loans shall not be deemed to be borrowed amounts under its Revolving Credit Commitment); provided, however, that
any Commitment Fee accrued with respect to the Revolving Credit Commitment of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such
Lender shall be a Defaulting Lender except to the extent that such Commitment Fee shall otherwise have been due and payable by the Borrower prior to such time; and provided further that no Commitment Fee shall accrue with respect to the
Revolving Credit Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Subject to the proviso in the directly preceding sentence, all Commitment Fees shall be payable in arrears on each Payment Date. 

 

	 	2.4	Voluntary Commitment Reduction. 

 The Borrower shall have the right any time and from
time to time, without premium or penalty, upon three (3) Business Days’ prior written, irrevocable notice to the Administrative Agent to permanently reduce, in whole multiples of $5,000,000, or terminate the Revolving Credit Commitments;
provided that any such reduction or termination shall be accompanied by (a) the payment in full of any Commitment Fee then accrued on the amount of such reduction or termination and (b) the prepayment of the Revolving Credit Loans,
together with the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.9 [Indemnity] hereof), to the extent that the Revolving 

  
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Facility Usage exceeds the Revolving Credit Commitment as so reduced or terminated; and provided further that the Revolving Credit Commitments may not be reduced below the Revolving
Facility Usage. Each reduction of Revolving Credit Commitments shall ratably reduce the Revolving Credit Commitments of the Lenders, except as otherwise provided in an Additional Credit Extension Amendment as permitted in the definition of
“Class.” From the effective date of any such reduction or termination, the obligations of the Borrower to pay the Commitment Fee pursuant to Section 2.3 [Commitment Fees] shall correspondingly be reduced or cease. 

 

	 	2.5	Loan Requests. 

  

	 	2.5.1	Revolving Credit Loan Requests. 

 Except as otherwise provided herein, the Borrower may
from time to time prior to the Revolving Maturity Date request the Lenders to make Revolving Credit Loans, or renew or convert the Interest Rate Option applicable to existing Revolving Credit Loans pursuant to Section 4.2 [Interest Periods], by
delivering to the Administrative Agent, not later than 11:00 a.m., (i) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Revolving Credit Loans to which the LIBOR Rate Option applies or the
conversion to or the renewal of the LIBOR Rate Option for any Loans; and (ii) the same Business Day of the proposed Borrowing Date with respect to the making of a Revolving Credit Loan to which the Base Rate Option applies or the last day of
the preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, of a duly completed request therefor substantially in the form of Exhibit 2.5.1 or a request by telephone immediately confirmed in writing
in such form and delivered by facsimile or email (in “pdf,” “tif” or similar format) (each, a “Loan Request”); it being understood that the Administrative Agent may rely on the authority of any individual making
such a telephonic request without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify or certify, as applicable (i) the proposed Borrowing Date; (ii) the aggregate amount of the
proposed Loans comprising each Borrowing Tranche, which amount shall be in (x) an integral multiple of $1,000,000 and not less than $5,000,000 for each Borrowing Tranche under the LIBOR Rate Option and (y) an integral multiple of $50,000
and not less than the lesser of $500,000 or the maximum amount available for Borrowing Tranches to which the Base Rate Option applies; (iii) whether the LIBOR Rate Option or Base Rate Option shall apply to the proposed Loans comprising the
applicable Borrowing Tranche; and (iv) in the case of a Borrowing Tranche to which the LIBOR Rate Option applies, an appropriate Interest Period for the Loans comprising such Borrowing Tranche. 

 

	 	2.5.2	Swing Loan Requests. 

 Except as otherwise provided herein, the Borrower may from time to
time prior to the Revolving Maturity Date request the Swingline Lender to make Swing Loans by delivery to the Swingline Lender not later than 2:00 p.m. on the proposed Borrowing Date of a duly completed request therefor substantially in the form of
Exhibit 2.5.2 hereto or a request by telephone immediately confirmed in writing in such form and delivered by facsimile or email (in “pdf,” “tif” or similar format) (each, a “Swing Loan Request”); it being
understood that the Swingline Lender may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation. Each Swing Loan Request shall be irrevocable and shall specify the
proposed Borrowing Date and the principal amount of such Swing Loan, which shall be in integral multiples of $50,000 and shall be not less than $100,000. 

  
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	 	2.6	Making and Repayment of Loans. 

  

	 	2.6.1	Making Revolving Credit Loans. 

 The Administrative Agent shall, promptly after receipt
by it of a Loan Request pursuant to Section 2.5.1 [Revolving Credit Loan Requests], notify the Lenders of its receipt of such Loan Request specifying the information provided by the Borrower and the apportionment among the Lenders of the
requested Revolving Credit Loans as determined by the Administrative Agent in accordance with Section 2.2 [Nature of Lenders’ Obligations with Respect to Revolving Credit Loans]. Each Lender shall remit the principal amount of each
Revolving Credit Loan to the Administrative Agent such that the Administrative Agent is able to, and the Administrative Agent shall, to the extent the Lenders have made funds available to it for such purpose and subject to Section 7.2 [Each
Additional Loan or Letter of Credit], fund such Revolving Credit Loans to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m. on the applicable Borrowing Date; provided that if any
Lender fails to remit such funds to the Administrative Agent in a timely manner, the Administrative Agent may elect in its sole discretion to fund with its own funds the Revolving Credit Loans of such Lender on such Borrowing Date, and such Lender
shall be subject to the repayment obligation in Section 2.6.2 [Presumptions of the Administrative Agent]. 
  

	 	2.6.2	Presumptions by the Administrative Agent. 

 Unless the Administrative Agent shall have
received notice from a Lender prior to 1:00 p.m. on the proposed date of any Loan that such Lender will not make available to the Administrative Agent such Lender’s share of such Loan, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with Section 2.6.1 [Making Revolving Credit Loans] and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact
made its share of the applicable Loan available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Loans under the
Base Rate Option. If such Lender pays its share of the applicable Loan to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan. Any payment by the Borrower shall be without prejudice to any claim the Borrower
may have against a Lender that shall have failed to make such payment to the Administrative Agent. 
  

	 	2.6.3	Making Swing Loans. 

 So long as the Swingline Lender elects to make Swing Loans, the
Swingline Lender shall, after receipt by it of a Swing Loan Request pursuant to Section 2.5.2 [Swing Loan Requests], fund such Swing Loan to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 3:00 p.m.
on the Borrowing Date. 
  

	 	2.6.4	Repayment of Loans. 

 The Borrower shall repay all Loans together with all outstanding
interest thereon on the Maturity Date. 

  
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	 	2.7	Notes. 

  

	 	2.7.1	Revolving Credit Notes. 

 If requested by any Lender, the obligation of the Borrower to
repay the aggregate unpaid principal amount of the Revolving Credit Loans made to it by such Lender, together with interest thereon, shall be evidenced by a Revolving Credit Note payable to the order of such Lender in a face amount equal to the
Revolving Credit Commitment of such Lender. The Revolving Credit Loans shall mature, and the Borrower unconditionally agrees to pay in full the unpaid principal amount and all amounts outstanding and unpaid in respect of the Revolving Credit Loans
to the Administrative Agent for the account of each Lender, on the Revolving Maturity Date. 
  

	 	2.7.2	Swing Loan Note. 

 The obligation of the Borrower to repay the unpaid principal amount of
the Swing Loans made to it by the Swingline Lender together with interest thereon shall be evidenced by a Swing Loan Note payable to the order of the Swingline Lender in a face amount equal to the Swingline Cap. 

 

	 	2.8	Use of Proceeds. 

 The proceeds of the Revolving Credit Loans will be used in accordance
with Section 8.1.11 [Use of Proceeds]. 
  

	 	2.9	Letters of Credit. 

  

	 	2.9.1	Issuance of Letters of Credit. 

 (a) The Borrower or any Loan Party may at any time prior
to the Letter of Credit Maturity Date request the issuance of a letter of credit (each, a “Letter of Credit”), for its own account or the account of another Loan Party or any Subsidiary thereof, or the amendment or extension of an
existing Letter of Credit, by delivering or transmitting by facsimile or email (in “pdf,” “tif” or similar format), or having such other Loan Party or such Subsidiary deliver or transmit by facsimile or email (in “pdf,”
“tif” or similar format) to an Issuing Lender selected by the Borrower (with a copy to the Administrative Agent) a completed application for letter of credit, or request for such amendment or extension, as applicable, in such form as such
Issuing Lender may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by such Issuing Lender, in advance of the proposed date of issuance. The Borrower or any Loan
Party shall authorize and direct each Issuing Lender to name the Borrower or such other Loan Party or Subsidiary thereof as the “Applicant” or “Account Party” of each Letter of Credit. Promptly after receipt of any letter of
credit application, such Issuing Lender shall confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit application and if not, such Issuing Lender will provide the
Administrative Agent with a copy thereof. Letters of Credit may be issued in the form of a Standby Letter of Credit or a Commercial Letter of Credit. Letters of Credit shall be issued only in U.S. Dollars. For the avoidance of doubt, the Loan
Parties acknowledge that each Letter of Credit issued for the account of Persons other than the Loan Parties (even though the Borrower is a co-applicant thereon) shall constitute an Investment and Guaranty in an amount equal to the face amount of
such Letter of Credit, without duplication, and shall be subject to the limitations set forth herein. 
 (b) Unless an Issuing Lender has
received notice from any Lender, the Administrative Agent or any Loan Party, at least one day prior to the requested date of issuance, amendment or extension of the applicable Letter of Credit, that one or more applicable conditions in
Section 7 [Conditions 

  
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of Lending and Issuance of Letters of Credit] is not satisfied, then, subject to the terms and conditions hereof and in reliance on the agreements of the other Lenders set forth in this
Section 2.9, such Issuing Lender or any of such Issuing Lender’s Affiliates will issue the proposed Letter of Credit or agree to such amendment or extension; provided that after giving effect thereto: 

(i) no Letter of Credit shall expire later than the earlier of (x) subject to Section 2.9.1(c), twelve
(12) months from the date of issuance or extension, unless the applicable Issuing Lender agrees, and (y) the Letter of Credit Maturity Date, unless the applicable Issuing Lender agrees and the Borrower complies with the requirements of
Section 2.9.10 [Cash Collateral Prior to the Maturity Date]; and 
 (ii) in no event shall (x) the aggregate amount
of Letter of Credit Obligations exceed the Letter of Credit Aggregate Sublimit at any one time outstanding, (y) the aggregate amount of Letter of Credit Obligations with respect to Letters of Credit issued and outstanding by any Issuing Lender
exceed its Letter of Credit Issuing Lender Sublimit at any one time or (z) the Revolving Facility Usage exceed, at any one time, the Revolving Credit Commitments. 

Each request for the issuance, amendment or extension of a Letter of Credit shall be deemed to be a representation by the Borrower that it shall be in
compliance with the preceding sentence and with Section 7 [Conditions of Lending and Issuance of Letters of Credit] after giving effect to the requested issuance, amendment or extension of such Letter of Credit. Promptly after its delivery of
any Letter of Credit or any amendment to a Letter of Credit to the beneficiary thereof, the applicable Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c) If the Borrower so requests in any applicable request for a Letter of Credit, the Issuing Lender may, in its discretion, agree to issue a
Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the Issuing Lender to prevent any such extension at
least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such
twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Lender, the Borrower shall not be required to make a specific request to the Issuing Lender for any such extension. Once an
Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the extension of such Letter of Credit at any time to an expiry date not later than
the Letter of Credit Maturity Date; provided, however, that the Issuing Lender shall not permit any such extension if (A) the Issuing Lender has determined that it would not be permitted to issue such Letter of Credit in its
revised form (as extended) under the terms hereof, or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative
Agent that the Required Revolving Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified in Section 7.2
[Each Loan or Letter of Credit] is not then satisfied, and in each such case directing the Issuing Lender not to permit such extension. 

(d) Notwithstanding Section 2.9(a), no Issuing Lender shall be under any obligation to issue any Letter of Credit if (i) any order,
judgment or decree of any Official Body or arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from issuing the Letter of Credit, or any Law applicable to such Issuing Lender or any request or directive (whether or not
having the force of law) from any Official Body with jurisdiction over such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or

  
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shall impose upon such Issuing Lender with respect to the Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder)
not in effect on the Closing Date, or shall impose upon such Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Issuing Lender in good faith deems material to it, or (ii) the
issuance of the Letter of Credit would violate one or more policies of such Issuing Lender applicable to letters of credit generally. 
  

	 	2.9.2	Letter of Credit Fees. 

 The Borrower shall pay (i) to the Administrative Agent for
the ratable account of the Lenders a fee (the “Letter of Credit Fee”) equal to the Applicable Letter of Credit Fee Rate on the daily amount available to be drawn under each Letter of Credit, and (ii) to each Issuing Lender for
its own account a fronting fee equal to 0.125% per annum on the daily amount available to be drawn under each Letter of Credit issued by such Issuing Lender. All Letter of Credit Fees and fronting fees shall be computed on the basis of a year
of 360 days and actual days elapsed and shall be payable in arrears on each Payment Date following issuance of each Letter of Credit; provided, however, that fronting fees on commercial or trade Letters of Credit shall be payable at
the time of issuance. The Borrower shall also pay to each Issuing Lender for such Issuing Lender’s sole account such Issuing Lender’s then in effect customary fees and administrative expenses payable with respect to the Letters of Credit
issued by such Issuing Lender as such Issuing Lender may generally charge or incur from time to time in connection with the issuance, maintenance, extension, renewal, amendment (if any), assignment or transfer (if any), negotiation, and
administration of Letters of Credit. 
  

	 	2.9.3	Participations, Disbursements, Reimbursement. 

 (a) Immediately upon the issuance of each
Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such Issuing Lender a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Lender’s
Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 
 (b)
In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the applicable Issuing Lender will promptly notify the Borrower and the Administrative Agent thereof. Provided that it shall have received
such notice, the Borrower shall reimburse (such obligation to reimburse such Issuing Lender shall sometimes be referred to as a “Reimbursement Obligation”) such Issuing Lender prior to 12:00 noon on the next Business Day following
each date that an amount is paid by such Issuing Lender under any Letter of Credit (each such date, a “Reimbursement Date”) by paying to the Administrative Agent for the account of such Issuing Lender an amount equal to the amount
so paid by such Issuing Lender plus interest at the interest rate applicable to Loans under the Base Rate Option from the date on which the amount was paid by such Issuing Lender to the date such Issuing Lender is reimbursed, unless otherwise
required by the Administrative Agent or such Issuing Lender. In the event the Borrower fails to reimburse such Issuing Lender (through the Administrative Agent) for the full amount of any drawing under any Letter of Credit by 12:00 noon on the
Reimbursement Date, the Administrative Agent will promptly notify each Lender thereof, and the Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Lenders under the Base Rate Option to be disbursed on the
Reimbursement Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Loan or Letter of Credit] other than any notice
requirements. Any notice given by the Administrative Agent or Issuing Lender pursuant to this Section 2.9.3(b) may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice. 

  
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 (c) Each Lender shall upon any notice pursuant to Section 2.9.3(b) make available to the
Administrative Agent for the account of the applicable Issuing Lender immediately available funds equal to its Ratable Share of the amount of the drawing, whereupon the participating Lenders shall (subject to Section 2.9.3 [Participations,
Disbursements, Reimbursement]) each be deemed to have made a Revolving Credit Loan under the Base Rate Option to the Borrower in that amount. If any Lender so notified fails to make available to the Administrative Agent for the account of
such Issuing Lender the amount of such Lender’s Ratable Share of such amount by no later than 2:00 p.m. on the Reimbursement Date, then interest shall accrue on such Lender’s obligation to make such payment, from the Reimbursement Date to
the date on which such Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Reimbursement Date and (ii) at a rate per annum equal to the rate
applicable to Revolving Credit Loans under the Base Rate Option on and after the fourth day following the Reimbursement Date. The Administrative Agent and the applicable Issuing Lender will promptly give notice (as described in Section 2.9.3(b)
above) of the occurrence of the Reimbursement Date, but failure of the Administrative Agent or such Issuing Lender to give any such notice on the Reimbursement Date or in sufficient time to enable any Lender to effect such payment on such date shall
not relieve such Lender from its obligation under this Section 2.9.3(c). 
 (d) With respect to any unreimbursed drawing that is not
converted into Revolving Credit Loans under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.9.3(b), because of the Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each
Additional Loan or Letter of Credit] other than any notice requirements, or for any other reason, the Borrower shall be deemed to have incurred from the applicable Issuing Lender a borrowing (each a “Letter of Credit Borrowing”) in
the amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each
Lender’s payment to the Administrative Agent for the account of the Issuing Lender pursuant to Section 2.9.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing
(each, a “Participation Advance”) from such Lender in satisfaction of its participation obligation under this Section 2.9.3. 
  

	 	2.9.4	Repayment of Participation Advances. 

 (a) Upon (and only upon) receipt by the
Administrative Agent for the account of an Issuing Lender of immediately available funds from the Borrower (i) in reimbursement of any payment made by such Issuing Lender under the Letter of Credit with respect to which any Lender has made a
Participation Advance to the Administrative Agent, or (ii) in payment of interest on such a payment made by such Issuing Lender under such a Letter of Credit, the Administrative Agent on behalf of such Issuing Lender will pay to each Lender, in
the same funds as those received by the Administrative Agent, the amount of such Lender’s Ratable Share of such funds, except the Administrative Agent shall retain for the account of such Issuing Lender the amount of the Ratable Share of such
funds of any Lender that did not make a Participation Advance in respect of such payment by such Issuing Lender. 
 (b) If an Issuing Lender
or the Administrative Agent is required at any time to return to any Loan Party, or to a trustee, receiver, liquidator, custodian, or any official in any Insolvency Proceeding, any portion of any payment made by any Loan Party to the Administrative
Agent for the account of the Issuing Lender pursuant to this Section in reimbursement of a payment made under any Letter of Credit or interest or fees thereon, each Lender shall, on demand of the Administrative Agent or such Issuing Lender,
forthwith return to the Administrative Agent for the account of such Issuing Lender the amount of its Ratable Share of any amounts so returned by the Administrative Agent plus interest thereon from the date such demand is made to the date such
amounts are returned by such Lender to the Administrative Agent, at a rate per annum equal to the Federal Funds Effective Rate in effect from time to time. 

  
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	 	2.9.5	Documentation. 

 Each Loan Party agrees to be bound by the terms of each Issuing
Lender’s Issuer Documents and written regulations and customary practices relating to letters of credit, though such interpretation may be different from such Loan Party’s own. In the event of a conflict between an Issuer Document and this
Agreement, this Agreement shall govern. It is understood and agreed that, except in the case of gross negligence or willful misconduct, no Issuing Lender shall be liable for any error, negligence and/or mistakes, whether of omission or commission,
in following any Loan Party’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto. 
  

	 	2.9.6	Determinations to Honor Drawing Requests. 

 In determining whether to honor any request
for drawing under any Letter of Credit by the beneficiary thereof, the applicable Issuing Lender shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and
that they comply on their face with the requirements of such Letter of Credit. 
  

	 	2.9.7	Nature of Participation and Reimbursement Obligations. 

 Each Lender’s obligation in
accordance with this Agreement to make the Revolving Credit Loans or Participation Advances, as contemplated by Section 2.9.3 [Disbursements, Reimbursement] and the Obligations of the Borrower to reimburse each respective Issuing Lender upon a
draw under a Letter of Credit shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Section 2.9 [Letters of Credit] under all circumstances, including the following circumstances:

 (a) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the applicable
Issuing Lender or any of its Affiliates, the Borrower or any other Person for any reason whatsoever, or which any Loan Party may have against the applicable Issuing Lender or any of its Affiliates, any Lender or any other Person for any reason
whatsoever; 
 (b) with respect to Letters of Credit, the failure of any Loan Party or any other Person to comply, in
connection with a Letter of Credit Borrowing, with the conditions set forth in Section 2.1 [Commitments], Section 2.5 [Loan Requests], Section 2.6 [Making and Repayment of Loans] or Section 7.2 [Each Additional Loan or Letter of
Credit] or as otherwise set forth in this Agreement for the making of a Revolving Credit Loan, it being acknowledged that such conditions are not required for the making of a Letter of Credit Borrowing and the obligation of the Lenders to make
Participation Advances under Section 2.9.3 [Participations, Disbursements, Reimbursement]; 
 (c) any lack of validity
or enforceability of any Letter of Credit; 
 (d) any claim of breach of warranty that might be made by any Loan Party or any
Lender against any beneficiary of a Letter of Credit, or the existence of any claim, set-off, recoupment, counterclaim, crossclaim, defense or other right which any Loan Party or any Lender may have at any time against a beneficiary, successor
beneficiary any transferee or assignee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), any Issuing Lender or its Affiliates or any Lender or any other Person or, whether in connection with
this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between any Loan Party or Subsidiaries of a Loan Party and the beneficiary for which any Letter of Credit was procured); 

  
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 (e) the lack of power or authority of any signer of (or any defect in or forgery
of any signature or endorsement on) or the form of or lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document presented under or in connection with any Letter of Credit,
or any fraud or alleged fraud in connection with any Letter of Credit, or the transport of any property or provisions of services relating to a Letter of Credit, in each case even if such Issuing Lender or any of such Issuing Lender’s
Affiliates has been notified thereof; 
 (f) payment by such Issuing Lender or any of its Affiliates under any Letter of
Credit against presentation of a demand, draft or certificate or other document which does not comply with the terms of such Letter of Credit; 

(g) the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in
any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic of any property or services relating to a Letter of Credit; 

(h) any failure by such Issuing Lender or any of such Issuing Lender’s Affiliates to issue any Letter of Credit in the
form requested by any Loan Party, unless such Issuing Lender has received written notice from such Loan Party of such failure within three (3) Business Days after such Issuing Lender shall have furnished such Loan Party and the Administrative
Agent a copy of such Letter of Credit and such error is material and no drawing has been made thereon prior to receipt of such notice; 

(i) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of the
Borrower or any of its Subsidiaries; 
 (j) any breach of this Agreement or any other Loan Document by any party thereto;

 (k) the occurrence or continuance of an Insolvency Proceeding with respect to any Loan Party; 

(l) the fact that an Event of Default or a Potential Default shall have occurred and be continuing; 

(m) the fact that the Revolving Maturity Date shall have passed or this Agreement or the Commitments hereunder shall have been
terminated; and 
 (n) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. 

 

	 	2.9.8	Indemnity. 

 The Borrower hereby agrees to protect, indemnify, pay and save harmless each
Issuing Lender and any of its Affiliates that has issued a Letter of Credit from and against any and all claims, demands, liabilities, damages, taxes, penalties, interest, judgments, losses, costs, charges and expenses (including reasonable fees,
expenses and disbursements of counsel) which such Issuing Lender or any of such Issuing Lender’s Affiliates may incur or be subject to as a consequence, direct or indirect, of the issuance of any Letter of Credit issued by it, other than as a
result of the gross negligence or willful misconduct of such Issuing Lender as determined by a final non-appealable judgment of a court of competent jurisdiction. 

  
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	 	2.9.9	Liability for Acts and Omissions. 

 (a) As between any Loan Party and an Issuing Lender,
or such Issuing Lender’s Affiliates, such Loan Party assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the
foregoing, no Issuing Lender shall be responsible for any of the following including any losses or damages to any Loan Party or other Person or property relating therefrom: (i) the form, validity, sufficiency, accuracy, genuineness or legal
effect of any document (including all sight drafts, certificates and all other instruments) submitted by any party in connection with the application for an 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 (even if such Issuing Lender or such Issuing Lender’s Affiliates shall have been notified thereof); (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) the failure of the
beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim of any Loan Party against any
beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among any Loan Party and any beneficiary of any Letter of Credit or any such transferee; (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 such Issuing Lender or such Issuing Lender’s Affiliates, as applicable, including any acts of any Official Body, and none of the above shall affect or impair, or prevent the vesting of, any
of such Issuing Lender’s or such Issuing Lender’s Affiliates rights or powers hereunder. Nothing in the preceding sentence shall relieve the Issuing Lender from liability for such Issuing Lender’s gross negligence or willful
misconduct in connection with actions or omissions described in clauses (i) through (viii) of such sentence. In no event shall any Issuing Lender or any Issuing Lender’s Affiliates be liable to any Loan Party for any indirect,
consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation attorneys’ fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit. 

(b) Without limiting the generality of the foregoing, each Issuing Lender and each of its Affiliates (i) may rely on any oral or other
communication believed in good faith by such Issuing Lender or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit, (ii) may honor any presentation if the documents presented appear on their
face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or
compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by such Issuing Lender or its Affiliate;
(iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately), and
shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or
practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on such Issuing Lender or its Affiliate in any way related to any order issued at the applicant’s request to an air carrier, a letter
of guarantee or of indemnity issued to a carrier or any similar document (each, an “Order”) and honor any drawing in connection with any Letter of Credit that is the subject to such Order, notwithstanding that any drafts or other
documents presented in connection with such Letter of Credit fail to conform 

  
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in any way with such Letter of Credit. In furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted by such Issuing Lender or such
Issuing Lender’s Affiliates under or in connection with the Letters of Credit issued by it, the Issuer Documents or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not put such Issuing Lender or
such Issuing Lender’s Affiliates under any resulting liability to the Borrower or any Lender, unless such action taken or omitted is found in a final and nonappealable judgment by a court of competent jurisdiction to have constituted gross
negligence or willful misconduct. 
  

	 	2.9.10	Cash Collateral Prior to the Maturity Date. 

 If the Borrower or any other Loan Party
requests the issuance, extension or renewal of any Letter of Credit and such Letter of Credit would have an expiration date which is after the Letter of Credit Maturity Date, no Issuing Lender shall be required to issue, extend or renew such Letter
of Credit, but may elect to do so if the requirements of this Section 2.9.10 are satisfied. The Borrower shall, on or before the issuance, extension or renewal of such Letter of Credit, deposit and pledge Cash Collateral for each such Letter of
Credit in an amount equal to 105% of the face value of such outstanding Letter of Credit plus the amount of fees that would be due under such Letter of Credit through the expiry date of such Letter of Credit. Such Cash Collateral shall be deposited
pursuant to documentation reasonably satisfactory to the Administrative Agent and such Issuing Lender and the Borrower and shall be maintained in blocked deposit accounts at such Issuing Lender. The Borrower hereby grants to the applicable Issuing
Lender a security interest in all Cash Collateral pledged to such Issuing Lender pursuant to this Section or otherwise under this Agreement. The Cash Collateral related to a particular Letter of Credit shall be released by the applicable Issuing
Lender upon termination or expiration of such Letter of Credit and the reimbursement by the Loan Parties of all amounts drawn thereon and the payment in full of all fees accrued thereon through the date of such expiration or termination. After the
Revolving Maturity Date, the Borrower shall pay any and all fees associated with any such Letter of Credit with an expiration date that extends beyond the Revolving Maturity Date directly to the applicable Issuing Lender. 

 

	 	2.9.11	Issuing Lender Reporting Requirements. 

 Each Issuing Lender shall, on the first Business
Day of each month, provide to Administrative Agent and Borrower a schedule of the Letters of Credit issued by it, in form and substance satisfactory to Administrative Agent, showing the date of issuance of each Letter of Credit, the account party,
the original face amount (if any), and the expiration date of any Letter of Credit outstanding at any time during the preceding month, and any other information relating to such Letter of Credit that the Administrative Agent may request. 

 

	 	2.10	Borrowings to Repay Swing Loans. 

 The Swingline Lender may, at its option, exercisable
at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans,
plus, if the Swingline Lender so requests, accrued interest thereon; provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of the amount that would cause its Revolving Exposure to exceed its
Revolving Credit Commitment. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5.1 [Revolving Credit Loan
Requests] without regard to any of the requirements of that provision. The Administrative Agent on behalf of the Swingline Lender shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or email (in
“pdf,” “tif” or similar format)) no later than 11:00 a.m. on any Business Day that such Revolving Credit Loans are to be made under this Section 2.10 [Borrowings to Repay Swing Loans] and of the

  
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apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.5 [Loan
Requests] or Section 7.2 [Each Additional Loan or Letter of Credit] are then satisfied) to the Administrative Agent on behalf of the Swingline Lender, no later than 3:00 p.m. on the Settlement Date. 

 

	 	2.11	Incremental Facilities. 

 (a) Establishment of Incremental Facilities. The
Borrower may by written notice to the Administrative Agent elect to seek (1) commitments to increase the Revolving Credit Commitments of any Class (any such increase, an “Incremental Revolving Credit Commitment”) and/or
(2) commitments for the establishment of a Class of Term Loans or, following the establishment of any Class of Term Loans hereunder, increase the principal amount of such Class of Term Loans (any such new Class or increase, a “Term
Loan” and, together with any Incremental Revolving Credit Commitment, the “Incremental Facilities”); provided that the establishment of any Incremental Facility shall be subject to the following terms and conditions: 

(i) No Obligation to Increase. No Person that is a Lender prior to such establishment (a “Current
Lender”) shall be obligated to provide an Incremental Facility, and any commitment of any Current Lender to provide an Incremental Facility shall be in the sole discretion of such Current Lender; 

(ii) Borrowing Conditions. Each of the conditions set forth in Section 7.2 shall be satisfied, and the Borrower
shall deliver to the Administrative Agent a certificate dated as of the effective date of such Incremental Facility signed by a Responsible Officer of the Borrower certifying that, before and after giving effect to such Incremental Facility (and
assuming full utilization thereof), (x) the representations and warranties contained in Section 6 [Representations and Warranties] and in the other Loan Documents shall be true and correct in all material respects on and as of such date
with the same effect as though such representations and warranties had been made on and as of such date (except that (I) any representation and warranty that is already qualified as to materiality shall be true and correct in all respects as so
qualified and (II) representations and warranties which expressly relate solely to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein, except that for
purposes of this Section 2.11, the representations and warranties contained in Sections 6.9(a), (b) and (c) [Financial Statements] shall be deemed to refer to the most recent financial statements furnished pursuant to
Section 8.3.1 [Quarterly Financial Statements] and 8.3.2 [Annual Financial Statements], as applicable), (y) no Potential Default or Event of Default exists and (z) the Borrower shall be in compliance on a Pro Forma Basis with the
Financial Covenants recomputed as of the last day of the most recently ended fiscal quarter of the Borrower for which financial statements have been or were required to have been delivered pursuant to Section 8.3.1 [Quarterly Financial
Statements] or 8.3.2 [Annual Financial Statements]; 
 (iii) Amount of Incremental Facilities. The amount of any
Incremental Facility is at least $25,000,000, and after giving effect to such Incremental Facility, the aggregate amount of the Revolving Credit Commitments and all Term Loans outstanding shall not exceed the Maximum Facility Amount; 

(iv) Resolutions; Opinion; Mortgage Amendments. The Loan Parties shall deliver to the Administrative Agent on or before
the effective date of such Incremental Facility the following documents in a form reasonably acceptable to the Administrative Agent: (1) certifications of their corporate secretaries with attached resolutions certifying that the Incremental
Facility has been approved by the Loan Parties, (2) opinions of counsel, addressed to the Administrative 

  
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Agent and the Lenders addressing the authorization, execution and enforceability of the Loan Documents executed in connection with such Incremental Facility, and (3) amendments to the
Mortgages executed and delivered by the applicable Loan Parties to the Collateral Agent for the benefit of the Secured Parties to reflect the Incremental Facility, in form and substance reasonably satisfactory to the Administrative Agent, together
with (A) a “Life-of-Loan” flood hazard determination with respect to each Mortgage, and evidence of flood insurance in compliance with the Flood Laws, as applicable, and (B) if reasonably requested by the Administrative Agent or
the Lenders providing the Incremental Facility, local counsel opinions regarding the due authorization, execution, delivery, and enforceability of such mortgage amendments. The Loan Parties shall cause the amendments described in clause (3) to
be properly recorded and/or filed in the applicable filing or recording offices. 
 (v) Notes. The Borrower shall
execute and deliver (1) to each Current Lender with an Incremental Revolving Credit Commitment that requests a Revolving Credit Note a replacement Revolving Credit Note reflecting the new amount of such Lender’s Revolving Credit Commitment
after giving effect to its Incremental Revolving Credit Commitment (and the prior Note issued to such Lender shall be deemed to be canceled and shall be returned to the Borrower as soon as practicable), (2) to each new Lender with an
Incremental Revolving Credit Commitment that requests a Revolving Credit Note, a Revolving Credit Note reflecting the amount of such Lender’s Revolving Credit Commitment and (3) to each Lender that requests a note evidencing its Term
Loans, a note reflecting the amount of such Lender’s Term Loans; 
 (vi) Approval of Incremental Lenders. Each
Incremental Lender shall be subject to the consents specified in Section 11.8.2(c) [Required Consents] as if the Incremental Facility were an assignment; 

(vii) Documentation. Each Incremental Facility shall be documented by an Additional Credit Extension Amendment executed
by the Incremental Lenders providing such Incremental Facility (and the other Persons specified in the definition of Additional Credit Extension Amendment but no other existing Lender), and the Additional Credit Extension Amendment may provide for
such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.11, including, in the case of
an Incremental Facility that is a Class of Term Loans, such clarifying and/or conforming changes to reflect that a Class of Term Loans is being added to this Agreement and to clarify that certain provisions of this Agreement that are specific to
revolving credit facilities do not apply to Term Loans. 
 (b) Syndication. In the event that the Borrower elects to request an
Incremental Facility, the Borrower and the Administrative Agent agree to mutually develop a syndication strategy, including timelines for commitments. 

(c) Treatment of Outstanding Loans and Letters of Credit. 

(i) Repayment of Outstanding Revolving Credit Loans; Borrowing of New Revolving Credit Loans. On the effective date of each Incremental
Revolving Credit Commitment, the Borrower shall (x) repay the Revolving Credit Loans then outstanding to each of the Current Lenders to the extent necessary so that after giving effect to the Incremental Revolving Credit Commitments each
Current Lender will have its Ratable Share of the outstanding Revolving Credit Loans, subject to the Borrower’s indemnity obligations under Section 5.9 [Indemnity] and (y) borrow Revolving Credit Loans from Incremental Lenders to the
extent necessary so that after giving effect to the Incremental Revolving Credit Commitments, each such Lender will have its Ratable Share of the outstanding Revolving Credit Loans. 

  
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To facilitate the foregoing, the Borrower may, subject to its compliance with the other terms of this Agreement, borrow new Revolving Credit Loans on the effective date of such increase. The
Administrative Agent is hereby authorized to update Schedule 1.1(B) to reflect the increase in Revolving Credit Commitments. 

(ii) Outstanding Letters of Credit; Repayment of Outstanding Revolving Credit Loans; Borrowing of New Revolving Credit Loans. On the
effective date of each Incremental Revolving Credit Commitment, (a) each Current Lender shall be deemed to have sold its existing participation in each then outstanding Letter of Credit and purchased a participation in each then outstanding
Letter of Credit equal to its Ratable Share of such Letters of Credit, and (b) each Incremental Lender will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of
Credit. All fees shall accrue and be paid on the Letters of Credit based upon each Lender’s participation therein over the relevant period of time. To the extent necessary to enable each of the Current Lenders and the Incremental Lenders to own
a Ratable Share of the Participation Advances after any increase in the Revolving Credit Commitments, (a) the Current Lenders will sell a portion of its Participation Advances, and (b) the Incremental Lenders will acquire Participation
Advances (and will pay to the Administrative Agent, for the account of each selling Lender, in immediately available funds, an amount) equal to its Ratable Share of all outstanding Participation Advances. All fees and interest on Participation
Advances shall be allocated based upon each Lender’s ownership therein from time to time. 
 (d) Term Loans. 

(i) Any Term Loans (i) shall not have a final maturity date earlier than the Maturity Date, (ii) shall amortize in a
manner customary in the market for term loans of such type, (iii) may be subject to mandatory prepayment provisions that are customary in the market for term loans of such type, (iv) may have the benefit of customary “most favored
nation” pricing provisions if any additional Class of Term Loans is established, (v) shall not receive credit support from any Persons other than the Loan Parties, (vi) shall not be secured by any assets other than the Collateral and
(vii) shall otherwise be on terms to be mutually agreed between the lenders providing such Term Loans and the Borrower. 

(ii) On the effective date of any Term Loans, each Incremental Lender with a commitment to provide such Term Loans shall make a
Term Loan to the Borrower in a principal amount equal to such Incremental Lender’s commitment. 
 (e) This Section 2.11 shall
supersede any provisions in Section 5.2 [Pro Rata Treatment of Lenders], Section 5.3 [Sharing of Payments by Lenders], Section 9.2.5 [Application of Proceeds] or Section 11.1 [Modifications, Amendments or Waivers] to the
contrary. 
  

	 	2.12	Extended Term Loans and Extended Revolving Credit Commitments. 

 (a) The Borrower may at
any time and from time to time request that all or a portion of the Term Loans of any Class (the Loans of such applicable Class, the “Existing Term Loans”) be converted into a new Class of Term Loans (the Loans of such applicable
Class, the “Extended Term Loans”) with terms consistent with this Section 2.12. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (a “Term Extension
Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to those applicable to the Existing Term Loans from which such Extended Term Loans are to be converted except that: 

(i) the maturity date of the Extended Term Loans shall be later than the maturity date of the Existing Term Loans and the
Weighted Average Life to Maturity of such Extended Term Loans shall be longer than the then remaining Weighted Average Life to Maturity of the Existing Term Loans; 

  
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 (ii) all or any of the scheduled amortization payments of principal of the
Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Existing Term Loans; 

(iii) (A) the interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding
discounts, original issue discounts and premiums with respect to the Extended Term Loans may be different than those for the Existing Term Loans and (B) additional fees and/or premiums may be payable to the Extending Lenders providing such
Extended Term Loans in addition to any of the items contemplated by the preceding clause (A); 
 (iv) the Extended Term Loans
may have optional prepayment terms (including call protection and prepayment premiums) and mandatory prepayment terms as may be agreed between the Borrower and the Extending Lenders so long as such Extended Term Loans do not participate on a greater
than pro rata basis in any such mandatory prepayments as compared to Lenders of existing Term Loans; and 
 (v) Borrower and
its Subsidiaries may be subject to covenants and other terms for the benefit of the Extending Lenders that apply only after the Latest Maturity Date (before giving effect to the Extended Term Loans). 

(b) The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of any Class (the
Commitments of such applicable Class, the “Existing Revolving Credit Commitments”) be converted into a new Class of Revolving Credit Commitments (the Commitments of such applicable Class, the “Extended Revolving Credit
Commitments”) with terms consistent with this Section 2.12(b). In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (a “Revolving Extension
Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which terms shall be identical to those applicable to the Existing Revolving Credit Commitments except that: 

(i) the maturity date of the Extended Revolving Credit Commitments shall be later than the maturity date of the Existing
Revolving Credit Commitments; 
 (ii) (A) the interest rates, interest margins, rate floors, upfront fees, funding discounts,
OID and premiums with respect to the Extended Revolving Credit Commitments may be different than those for the Existing Revolving Credit Commitments and/or (B) additional fees and/or premiums may be payable to the Extending Lenders in addition
to or in lieu of any of the items contemplated by the preceding subclause (A) and/or (C) the undrawn revolving credit commitment fee rate with respect to the Extended Revolving Credit Commitments may be different than those for the
Existing Revolving Credit Commitments; 
 (iii) Borrower and its Subsidiaries may be subject to covenants and other terms for
the benefit of the Extending Lenders that apply only after the Latest Maturity Date (before giving effect to the Extended Revolving Credit Commitments. 

(c) Each Extension Request shall specify the date (the “Extension Effective Date”) on which the Borrower proposes that the
conversion of any Existing Term Loans or Existing Revolving Credit Commitments into Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall be effective, which shall be a date reasonably satisfactory to the Administrative
Agent. Each 

  
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Lender of Loans of an Existing Class that are requested to be extended shall be offered the opportunity to convert its Existing Term Loans or Existing Revolving Credit Commitments into Extended
Term Loans or Extended Revolving Credit Commitments, as applicable, on the same basis as each other Lender of Loans of the same Existing Class. Any Lender (to the extent applicable, an “Extending Lender”) wishing to have all or a
portion of its Existing Term Loans or Existing Revolving Credit Commitments subject to such Extension Request converted into Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (an
“Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Existing Term Loans or Existing Revolving Credit Commitments subject to such Extension Request that it has elected to convert
into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. In the event that the aggregate portion of the Existing Term Loans or Existing Revolving Credit Commitments subject to Extension Elections exceeds the amount of the
Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested pursuant to the Extension Request, the portion of the Existing Term Loans or Existing Revolving Credit Commitments converted shall be allocated on a pro
rata basis based on the amount of the Existing Term Loans or Existing Revolving Credit Commitments, as applicable, included in each such Extension Election. Notwithstanding the conversion of any Existing Revolving Credit Commitment into an
Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically with all Existing Revolving Credit Commitments for purposes of the obligations of a Revolving Lender in respect of Swing Loans under
Section 2.10 [Borrowings to Repay Swing Loans] and Letters of Credit under Section 2.9 [Letters of Credit], except that the applicable Additional Credit Extension Amendment may provide that the maturity date for Swing Loans and/or the
Letters of Credit may be extended and the related obligations to make Swing Loans and issue Letters of Credit may be continued so long as the Swingline Lender and/or the applicable Issuing Lender, as applicable, have consented to such extensions in
their sole discretion (it being understood that no consent of any other Lender shall be required in connection with any such extension). 

(d) An Extended Class shall be established pursuant to an Additional Credit Extension Amendment executed by the Extending Lenders (and the
other Persons specified in the definition of Additional Credit Extension Amendment but no other existing Lender). No Additional Credit Extension Amendment shall provide for any Class of (x) Extended Term Loans in an aggregate principal amount
that is less than $10,000,000 or (y) Extended Revolving Credit Commitments in an aggregate principal amount that is less than $5,000,000. In addition to any terms and changes required or permitted by Section 2.12(a), the Additional Credit
Extension Amendment shall amend the scheduled amortization payments with respect to the Existing Term Loans from which the Extended Term Loans were converted to reduce each scheduled principal repayment amounts for the Existing Term Loans in the
same proportion as the amount of Existing Term Loans to be converted pursuant to such Additional Credit Extension Amendment. 
 (e)
Notwithstanding anything to the contrary contained in this Agreement, on the Extension Effective Date, (i) the principal amount of each Existing Term Loan shall be deemed reduced by an amount equal to the principal amount converted into an
Extended Term Loan, (ii) the amount of each Existing Revolving Credit Commitment shall be deemed reduced by an amount equal to the amount converted into an Extended Revolving Credit Commitment and (iii) if, on any Extension Effective Date,
any Loans of any Extending Lender are outstanding under the applicable Existing Revolving Credit Commitments, such Loans (and any related participations) shall be deemed to be converted into Loans (and related participations) made pursuant to the
Extended Revolving Credit Commitments in the same proportion as such Extending Lender’s Existing Revolving Credit Commitments are converted to Extended Revolving Credit Commitments. 

(f) This Section 2.12 shall supersede any provisions in Section 5.2 [Pro Rata Treatment of Lenders], Section 5.3 [Sharing of
Payments by Lenders], Section 9.2.5 [Application of Proceeds] 

  
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or Section 11.1 [Modifications, Amendments or Waivers] to the contrary. Each Extended Class shall be documented by an Additional Credit Extension Amendment executed by the Extending Lenders
providing such Extended Class (and the other persons specified in the definition of Additional Credit Extension Amendment but no other existing Lender), and the Additional Credit Extension Amendment may provide for such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.12. 

 

	 	2.13	Defaulting Lenders. 

 (a) Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(i) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.3
[Commitment Fees]; 
 (ii) the Commitment and outstanding Loans of such Defaulting Lender shall not be included in
determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 11.1 [Modifications, Amendments or Waivers]); provided, that
this clause (ii) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of all Lenders or each Lender directly affected thereby; 

(iii) if any Swing Loans are outstanding or any Letter of Credit Obligations exist at the time such Lender becomes a Defaulting
Lender, then: 
 (A) all or any part of the outstanding Swing Loans and Letter of Credit Obligations of such Defaulting
Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Ratable Shares but only to the extent that (x) the Revolving Facility Usage does not exceed the total of all non-Defaulting Lenders’ Revolving
Credit Commitments, and (y) no Potential Default or Event of Default has occurred and is continuing at such time; 
 (B)
if the reallocation described in clause (A) above cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent (x) first, prepay such outstanding Swing Loans, and
(y) second, Cash Collateralize for the benefit of the Issuing Lenders (ratably among the Issuing Lenders) the Borrower’s obligations corresponding to such Defaulting Lender’s Letter of Credit Obligations (after giving effect to any
partial reallocation pursuant to clause (A) above) in a deposit account held at the Administrative Agent for so long as such Letter of Credit Obligations are outstanding; 

(C) if the Borrower Cash Collateralizes any portion of such Defaulting Lender’s Letter of Credit Obligations pursuant to
clause (B) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.9.2 [Letter of Credit Fees] with respect to such Defaulting Lender’s Letter of Credit Obligations during the period
such Defaulting Lender’s Letter of Credit Obligations are cash collateralized; 
 (D) if the Letter of Credit
Obligations of the non-Defaulting Lenders are reallocated pursuant to clause (A) above, then the fees payable to the Lenders pursuant to Section 2.9.2 [Letter of Credit Fees] shall be adjusted in accordance with such non-Defaulting
Lenders’ Ratable Share; and 

  
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 (E) if all or any portion of such Defaulting Lender’s Letter of Credit
Obligations are neither reallocated nor Cash Collateralized pursuant to clause (A) or (B) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all Letter of Credit Fees payable under
Section 2.9.2 [Letter of Credit Fees] with respect to such Defaulting Lender’s Letter of Credit Obligations shall be payable to the Issuing Lenders ((ratably among them) and not to such Defaulting Lender) until and to the extent that such
Letter of Credit Obligations are reallocated and/or Cash Collateralized; and 
 (iv) so long as such Lender is a Defaulting
Lender, (x) no Issuing Lender shall be required to issue, amend or increase any Letter of Credit, unless such Issuing Lender is satisfied that the related exposure and the Defaulting Lender’s then outstanding Letter of Credit Obligations
will be 100% covered by the Revolving Credit Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.13(a)(iii)(B), and (y) participating interests in any newly made
Swing Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.13(a)(iii)(A) (and such Defaulting Lender shall not participate therein). 

(b) In the event that the Administrative Agent, the Borrower, the Swingline Lender and the Issuing Lenders agree in writing that a Defaulting
Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Administrative Agent will so notify the parties hereto, and the Ratable Share of the Swing Loans and Letter of Credit Obligations of the Lenders
shall be readjusted to reflect the inclusion of such Lender’s Commitment, and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swing Loans) as the Administrative Agent shall determine may be
necessary in order for such Lender to hold such Loans in accordance with its Ratable Share. 
 3. RESERVED 

4. INTEREST RATES 
  

	 	4.1	Interest Rate Options. 

 The Borrower shall pay interest in respect of the outstanding
unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different
Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans
comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential
Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be
converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by
any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate. 

  
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	 	4.1.1	Interest Rate Options; Swing Line Interest Rate. 

 (a) The Borrower shall have the right
to select from the following Interest Rate Options applicable to the Revolving Credit Loans: 
 (i) Revolving Credit Base
Rate Option: A fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time
to time effective as of the effective date of each change in the Base Rate; or 
 (ii) Revolving Credit LIBOR Rate
Option: A rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to the LIBOR Rate as determined for each applicable Interest Period plus the Applicable Margin. 

(b) Subject to Section 4.3 [Interest After Default], only the Base Rate Option applicable to Revolving Credit Loans shall apply to Swing
Loans. 
  

	 	4.1.2	Rate Quotations. 

 The Borrower may call the Administrative Agent on or before the date
on which a Loan Request is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Lenders nor affect the rate of interest which
thereafter is actually in effect when the election is made. 
  

	 	4.2	Interest Periods. 

 At any time when the Borrower shall select, convert to or renew a
LIBOR Rate Option, the Borrower shall notify the Administrative Agent thereof at least three (3) Business Days prior to the effective date of such LIBOR Rate Option by delivering a Loan Request. The notice shall specify an Interest Period
during which such Interest Rate Option shall apply. Notwithstanding the preceding sentence, the following provisions shall apply to any selection of, renewal of, or conversion to a LIBOR Rate Option: 

(a) Each Borrowing Tranche of Loans under the LIBOR Rate Option shall be in integral multiples of $1,000,000 and not less than
$5,000,000; and 
 (b) In the case of the renewal of a LIBOR Rate Option at the end of an Interest Period, the first day of
the new Interest Period shall be the last day of the preceding Interest Period, without duplication in payment of interest for such day. 
  

	 	4.3	Interest After Default. 

 To the extent permitted by Law, upon the occurrence of an Event
of Default and until such time such Event of Default shall have been cured or waived, and upon written demand by the Required Lenders to the Administrative Agent: 

(a) the Letter of Credit Fees and the rate of interest for each Loan otherwise applicable pursuant to Section 2.9.2
[Letter of Credit Fees] or Section 4.1 [Interest Rate Options], respectively, shall be increased by 2.0% per annum; and 

(b) each other Obligation hereunder if not paid when due shall bear interest at a rate per annum equal to the sum of the rate
of interest applicable under the Base Rate Option plus an additional 2.0% per annum from the time such Obligation becomes due and payable and until it is paid in full. 

  
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 The Borrower acknowledges that the increase in rates referred to in this Section 4.3
reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be
payable by Borrower upon demand by Administrative Agent. 
  

	 	4.4	LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available. 

  

	 	4.4.1	Unascertainable. 

 If on any date on which a LIBOR Rate would otherwise be determined,
the Administrative Agent shall have determined that: 
 (a) adequate and reasonable means do not exist for ascertaining such
LIBOR Rate, or 
 (b) a contingency has occurred which materially and adversely affects the Relevant Interbank Market
relating to the LIBOR Rate, 
 the Administrative Agent shall have the rights specified in Section 4.4.3 [Administrative Agent’s and Lender’s
Rights]. 
  

	 	4.4.2	Illegality; Increased Costs; Deposits Not Available. 

 If at any time any Lender shall
have determined that: 
 (a) the making, maintenance or funding of any Loan to which a LIBOR Rate Option applies has been
made impracticable or unlawful by compliance by such Lender in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of
Law), or 
 (b) such LIBOR Rate Option will not adequately and fairly reflect the cost to such Lender of the establishment or
maintenance of any such Loan, or 
 (c) after making all reasonable efforts, deposits of the relevant amount in Dollars for
the relevant Interest Period for a Loan, or to banks generally, to which a LIBOR Rate Option applies, respectively, are not available to such Lender with respect to such Loan, or to banks generally, in the interbank eurodollar market, 

then the Administrative Agent shall have the rights specified in Section 4.4.3 [Administrative Agent’s and Lender’s Rights]. 

 

	 	4.4.3	Administrative Agent’s and Lender’s Rights. 

 In the case of any event
specified in Section 4.4.1 [Unascertainable] above, the Administrative Agent shall promptly so notify the Lenders and the Borrower thereof, and in the case of an event specified in Section 4.4.2 [Illegality; Increased Costs; Deposits Not
Available] above, such Lender shall 

  
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promptly so notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrative Agent shall promptly send copies of
such notice and certificate to the other Lenders and the Borrower. Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (A) the Lenders, in the case of such
notice given by the Administrative Agent, or (B) such Lender, in the case of such notice given by such Lender, to allow the Borrower to select, convert to or renew a LIBOR Rate Option shall be suspended until the Administrative Agent shall have
later notified the Borrower, or such Lender shall have later notified the Administrative Agent, of the Administrative Agent’s or such Lender’s, as the case may be, determination that the circumstances giving rise to such previous
determination no longer exist. If at any time the Administrative Agent makes a determination under Section 4.4.1 [Unascertainable] and the Borrower has previously notified the Administrative Agent of its selection of, conversion to or renewal
of a LIBOR Rate Option and such Interest Rate Option has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans. If any
Lender notifies the Administrative Agent of a determination under Section 4.4.2 [Illegality; Increased Costs; Deposits Not Available], the Borrower shall, subject to the Borrower’s indemnification Obligations under Section 5.9
[Indemnity], as to any Loan of the Lender to which a LIBOR Rate Option applies, on the date specified in such notice either convert such Loan to the Base Rate Option otherwise available with respect to such Loan or prepay such Loan in accordance
with Section 5.6 [Prepayments]. Absent due notice from the Borrower of conversion or prepayment, such Loan shall automatically be converted to the Base Rate Option otherwise available with respect to such Loan upon such specified date. 

 

	 	4.5	Selection of Interest Rate Options. 

 If the Borrower fails to select a new Interest
Period to apply to any Borrowing Tranche of Loans under the LIBOR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 4.2 [Interest Periods], the
Borrower shall be deemed to have selected an Interest Period of one month, commencing upon the last day of the existing Interest Period. 

5. PAYMENTS 
  

	 	5.1	Payments. 

 All payments and prepayments to be made in respect of principal, interest,
Commitment Fees, Letter of Credit Fees, Administrative Agent’s Fee or other fees or amounts due from the Borrower hereunder shall be payable prior to 1:00 p.m. on the date when due without presentment, demand, protest or notice of any kind, all
of which are hereby expressly waived by the Borrower, and without set-off, counterclaim or other deduction of any nature, and an action therefor shall immediately accrue. Such payments shall be made to the Administrative Agent at the Principal
Office for the account of PNC with respect to the Swing Loans and for the ratable accounts of the Lenders with respect to the Revolving Credit Loans in U.S. Dollars and in immediately available funds, and the Administrative Agent shall promptly
distribute such amounts to the Lenders in immediately available funds; provided that in the event payments are received by 1:00 p.m. by the Administrative Agent with respect to the Loans and such payments are not distributed to the Lenders on
the same day received by the Administrative Agent, the Administrative Agent shall pay the Lenders interest at the Federal Funds Effective Rate with respect to the amount of such payments for each day held by the Administrative Agent and not
distributed to the Lenders. The Administrative Agent’s and each Lender’s statement of account, ledger or other relevant record shall, in the absence of manifest error, be conclusive as the statement of the amount of principal of and
interest on the Loans and other amounts owing under this Agreement and shall be deemed an “account stated.” 

  
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	 	5.2	Pro Rata Treatment of Lenders. 

 Each Borrowing Tranche shall be allocated to each Lender
according to its Ratable Share, and each selection of, conversion to or renewal of any Interest Rate Option and each payment or prepayment by the Borrower with respect to principal, interest, Commitment Fees, Letter of Credit Fees, or other fees
(except for the Administrative Agent’s Fee and the fees payable to the Issuing Lender pursuant to Section 2.9.2 [Letter of Credit Fees]) or amounts due from the Borrower hereunder to the Lenders with respect to the Revolving Credit
Commitments and the Loans, shall (except as otherwise may be provided with respect to a Defaulting Lender and except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights] in the case of an event specified in
Section 4.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available], Section 5.6.2 [Replacement of a Lender] or Section 5.7 [Increased Costs]) be payable ratably among the Lenders entitled to such payment in
accordance with the amount of principal, interest, Commitment Fees, Letter of Credit Fees, and other fees or amounts then due to such Lender as set forth in this Agreement. Notwithstanding any of the foregoing, each borrowing or payment or
prepayment by the Borrower of principal, interest, fees or other amounts from the Borrower with respect to Swing Loans shall be made by or to the Swingline Lender according to Section 2.10 [Borrowings to Repay Swing Loans]. 

 

	 	5.3	Sharing of Payments by Lenders. 

 If any Lender shall, by exercising any right of setoff,
counterclaim or banker’s lien, by receipt of voluntary payment, by realization upon security, or by any other non-pro rata source, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder
resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than the pro rata share of the amount such Lender is entitled thereto, then the
Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them,
provided that: 
 (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, together with interest or other amounts, if any, required by Law (including court order) to be paid by the Lender or the
holder making such purchase; and 
 (ii) the provisions of this Section 5.3 shall not be construed to apply to
(x) any payment made by the Loan Parties pursuant to and in accordance with the express terms of the Loan Documents or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Loans or Participation Advances to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 5.3 shall apply). 

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Loan Party in the amount of such
participation. 

  
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	 	5.4	Presumptions by Administrative Agent. 

 Unless the Administrative Agent shall have
received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due. In such event, if the Borrower has not
in fact made such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation. 
  

	 	5.5	Interest Payment Dates. 

 Interest on Loans to which the Base Rate Option applies shall
be due and payable in arrears on each Payment Date. Interest on Loans to which the LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period for those Loans and, if such Interest Period is longer than three
(3) Months, also on each date that falls every three (3) Months after the beginning of such Interest Period. Interest on the principal amount of each Loan or other monetary Obligation shall be due and payable on demand after such principal
amount or other monetary Obligation becomes due and payable (whether on the stated Maturity Date, upon acceleration or otherwise). 
  

	 	5.6	Prepayments. 

  

	 	5.6.1	Right to Prepay. 

 The Borrower shall have the right at its option from time to time to
prepay the Loans in whole or part, without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.7 [Increased Costs] and Section 5.9 [Indemnity]). Whenever the Borrower desires to prepay
any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans to which the LIBOR Rate Option applies or no later
than 11:00 a.m. on the date of prepayment of Swing Loans and Revolving Credit Loans to which the Base Rate Option applies, setting forth the following information: 

(a) the date, which shall be a Business Day, on which the proposed prepayment is to be made; 

(b) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans; 

(c) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to
which the LIBOR Rate Option applies; and 
 (d) the total principal amount of such prepayment, which shall not be less than
the lesser of (x) the aggregate principal amount of all outstanding Loans or (y) $100,000 for any Swing Loan or $5,000,000 for any Revolving Credit Loan and increments of $5,000,000 in excess thereof. 

  
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 All prepayment notices shall be irrevocable. The principal amount of the Loans for which a
prepayment notice is given, together with interest on such principal amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in
Section 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Swing
Loans and then to Revolving Credit Loans; and (ii) after giving effect to the allocations in clause (i) above first to Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any prepayment
hereunder shall be subject to the Borrower’s obligation to indemnify the Lenders under Section 5.9 [Indemnity]. 
  

	 	5.6.2	Replacement of a Lender. 

 In the event any Lender (a) gives notice under
Section 4.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available], (b) requests compensation under Section 5.7 [Increased Costs], or requires the Borrower to pay any Indemnified Taxes or additional amount
to any Lender or any Official Body for the account of any Lender pursuant to Section 5.8 [Taxes], (c) is a Defaulting Lender, or (d) is a Non-Consenting Lender referred to in Section 11.1.3 [Non-Consenting Lenders], then in any
such event the Borrower may, at its sole expense, upon notice to such Lender and the Administrative Agent, either: 
 (a)
prepay the Loans and Participation Advances of such Lender in whole, together with all interest accrued thereon and any accrued fees and all other amounts payable to such Lender hereunder and under the other Loan Documents (including any amounts
under Section 5.9 [Indemnity]), and terminate such Lender’s Commitment; or 
 (b) at its sole expense, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.8 [Successors and Assigns]), all of its interests, rights (other than existing rights to
payments pursuant to Sections 5.7 [Increased Costs] or 5.8 [Taxes]) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment), provided that: 
 (i) the Borrower or such assignee shall have paid to the Administrative Agent the
assignment fee specified in Section 11.8 [Successors and Assigns]; 
 (ii) such Lender shall have received payment of an
amount equal to the outstanding principal of its Loans and Participation Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.9
[Indemnity]) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

(iii) in the case of any such assignment resulting from a claim for compensation under Section 5.7.1 [Increased Costs
Generally] or payments required to be made pursuant to Section 5.8 [Taxes], such assignment will result in a reduction in such compensation or payments thereafter; and 

(iv) such assignment does not conflict with applicable Law. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment 

  
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and delegation cease to apply. Each Lender agrees that, if the Borrower elects to replace such Lender in accordance with this Section 5.6.2 [Replacement of a Lender], it shall promptly
execute and deliver to the Administrative Agent an Assignment and Assumption Agreement to evidence the assignment and shall deliver to the Administrative Agent any Note (if Notes have been issued in respect of such Lender’s Loans) subject to
such Assignment and Assumption Agreement; provided that the failure of any such Lender to execute an Assignment and Assumption Agreement shall not render such assignment invalid, and such assignment shall be recorded in the register if all
other requirements of such assignments have been satisfied. 
  

	 	5.6.3	Designation of a Different Lending Office. 

 If any Lender requests compensation under
Section 5.7 [Increased Costs], or the Borrower is or will be required to pay any Indemnified Taxes or additional amounts to any Lender or any Official Body for the account of any Lender pursuant to Section 5.8 [Taxes], then such Lender
shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if,
in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.7 [Increased Costs] or Section 5.8 [Taxes], as the case may be, in the future, and
(ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment. 
  

	 	5.6.4	Mandatory Prepayments. 

 (a) If at any time the Revolving Facility Usage is in excess of
the Revolving Credit Commitments (as used in this Section 5.6.4(a) [Mandatory Prepayments], a “deficiency”), the Borrower shall immediately make a principal payment on the Loans sufficient to cause the principal balance of the
Loans then outstanding to be equal to or less than the Revolving Credit Commitments then in effect. If a deficiency cannot be eliminated pursuant to this Section 5.6.4(a) [Mandatory Prepayments] by prepayment of the Revolving Credit Loans as a
result of outstanding Letter of Credit Obligations, the Borrower shall also deposit cash collateral with the Administrative Agent, to be held by the Administrative Agent to secure such outstanding Letter of Credit Obligations. 

(b) All prepayments required pursuant to this Section 5.6.4 [Mandatory Prepayments] shall first be applied among the Interest Rate
Options to the principal amount of the Loans subject to the Base Rate Option, then to Loans subject to a LIBOR Rate Option. In accordance with Section 5.9 [Indemnity], the Borrower shall indemnify the Lenders for any loss or expense, including
loss of margin, incurred with respect to any such prepayments applied against Loans subject to a LIBOR Rate Option on any day other than the last day of the applicable Interest Period. 

 

	 	5.7	Increased Costs. 

  

	 	5.7.1	Increased Costs Generally. 

 If any Change in Law shall: 

(a) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or the Issuing Lender; 

  
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 (b) subject any Lender or the Issuing Lender to any Tax of any kind whatsoever
with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Loan under the LIBOR Rate Option made by it, or change the basis of Taxation of payments to such Lender or the Issuing Lender in respect thereof
(except for Indemnified Taxes indemnifiable under Section 5.8 [Taxes] and any Excluded Taxes); or 
 (c) impose on any
Lender, the Issuing Lender or the Relevant Interbank Market any other condition, cost or expense affecting this Agreement or any Loan under the LIBOR Rate Option made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or
maintaining any Loan under the LIBOR Rate Option (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of
Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, the Issuing Lender, or other Recipient hereunder (whether of principal, interest
or any other amount) then, upon request of such Lender or the Issuing Lender, the Borrower will pay to such Lender, the Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or the
Issuing Lender, as the case may be, for such additional costs incurred or reduction suffered. 
  

	 	5.7.2	Capital Requirements. 

 If any Lender or the Issuing Lender determines that any Change in
Law affecting such Lender or the Issuing Lender or any lending office of such Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the
rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans
made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding company with respect to capital
adequacy and liquidity), then from time to time the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the
Issuing Lender’s holding company for any such reduction suffered. 
  

	 	5.7.3	Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans. 

A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender
or its holding company, as the case may be, as specified in Sections 5.7.1 [Increased Costs Generally] or Section 5.7.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay
such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof. 
  

	 	5.7.4	Delay in Requests. 

 Failure or delay on the part of any Lender or the Issuing Lender to
demand compensation pursuant to this Section 5.7 shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to 

  
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demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section 5.7 for any increased costs incurred
or reductions suffered more than nine (9) months prior to the date that such Lender or the Issuing Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or the Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred to above shall be
extended to include the period of retroactive effect thereof). 
  

	 	5.8	Taxes. 

  

	 	5.8.1	Payments Free of Taxes. 

 Any and all payments by or on account of any obligation of any
Loan Party hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Taxes; provided that if any Loan Party or any other applicable withholding agent shall be required by
applicable Law to deduct any Taxes from such payments, then (i) if the Tax in question is an Indemnified Tax, the sum payable by the applicable Loan Party shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section 5.8 [Taxes]) each Lender (or, in the case of a payment made to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it
would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant Official Body in
accordance with applicable Law. 
  

	 	5.8.2	Payment of Other Taxes by the Borrower. 

 Without limiting the provisions of
Section 5.8.1 [Payments Free of Taxes] above, the Borrower shall timely pay any Other Taxes to the relevant Official Body in accordance with applicable Law. 
  

	 	5.8.3	Indemnification by the Borrower. 

 The Borrower shall indemnify the Administrative Agent
and each Lender, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5.8) paid by the
Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error. 
  

	 	5.8.4	Evidence of Payments. 

 As soon as practicable after any payment of any Taxes by the
Borrower to an Official Body, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent. 

  
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	 	5.8.5	Status of Lenders. 

 (a) Each Lender that is entitled to an exemption from or reduction
of withholding Tax with respect to any payments hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable Law or reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. Each such Lender shall, whenever a
lapse in time or change in circumstances renders any such documentation (including any specific documentation required below in this Section 5.8.5) obsolete, expired or inaccurate in any respect, deliver promptly to the Borrower and the
Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its legal
ineligibility to do so. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as
will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Each Lender hereby authorizes the Administrative Agent to deliver to the Borrower
and to any successor Administrative Agent any documentation provided to the Administrative Agent pursuant to this Section 5.8.5 [Status of Lenders]. 

(b) Without limiting the generality of the foregoing: 

(i) Each Foreign Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such
Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(A) two (2) duly completed valid originals of IRS Form W-8BEN or W-8BEN-E (or any successor forms) claiming eligibility for benefits of an income tax treaty to which the United States of America is a party, 

(B) two (2) duly completed valid originals of IRS Form W-8ECI (or any successor forms), 

(C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the
Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of
section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and that no payments in connection with any Loan Document are effectively connected with such Foreign
Lender’s conduct of a U.S. trade or business (a “United States Tax Compliance Certificate”) and (y) two duly completed valid originals of IRS Form W-8BEN or W-8BEN-E (or any successor forms), 
 (D) to the
extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or a participating Lender), two (2) duly completed valid originals of IRS Form W-8IMY (or any successor forms) of the Foreign Lender,
accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, United States Tax Compliance Certificate, Form W-9, Form W-8IMY or any other required information (or any successor
forms) from each beneficial owner that would be required under this Section 5.8.5 [Status of Lenders] if such beneficial owner were a Lender, as applicable (provided 

  
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that if the Foreign Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, the United States Tax
Compliance Certificate may be provided by such Foreign Lender on behalf of such direct or indirect partner(s)), or 
 (E) two
(2) duly completed valid originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in United States federal withholding Tax duly completed together with such supplementary documentation as
may be prescribed by applicable Law to permit the Borrower to determine the withholding or deduction required to be made. 

(ii) Each Lender that is a “United States person” as defined in section 7701 of the Code shall deliver to the
Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) two (2) originals of an IRS
Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding. 
 (iii) If a payment made to a Lender
under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their FATCA obligations, to determine whether such Lender has or has not complied with such Lender’s FATCA obligations and to determine the amount, if any, to deduct and withhold from such payment. 

(c) Notwithstanding any other provision of this Section 5.8.5 [Status of Lenders], a Lender shall not be required to deliver any
documentation that such Lender is not legally eligible to deliver. 
  

	 	5.8.6	Refunds. 

 If the Administrative Agent or any Lender receives a refund of any Indemnified
Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 5.8, it shall pay to the Borrower an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower under this Section 5.8 with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes imposed with respect to such
refund) of the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Official Body with respect to such refund); provided that the Borrower, upon the request of the
Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Official Body) to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such Official Body. This Section 5.8 [Taxes] shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other
information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

  
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	 	5.8.7	Definition of Lender. 

 For the avoidance of doubt, the term “Lender” shall,
for purposes of this Section 5.8 [Taxes], include any Issuing Lender. 
  

	 	5.9	Indemnity. 

 In addition to the compensation or payments required by Section 5.7
[Increased Costs] or Section 5.8 [Taxes], the Borrower shall indemnify each Lender against all liabilities, losses, claims, damages or expenses (including loss of anticipated profits, any foreign exchange losses and any loss or expense arising
from the liquidation or reemployment of funds obtained by it to maintain such Loan, from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract) which such Lender sustains
or incurs as a consequence of any: 
 (a) payment, prepayment, conversion or renewal of any Loan to which a LIBOR Rate Option
applies on a day other than the last day of the corresponding Interest Period (whether or not such payment or prepayment is mandatory, voluntary or automatic and whether or not such payment or prepayment is then due), 

(b) attempt by the Borrower to revoke (expressly, by later inconsistent notices or otherwise) in whole or part any Loan
Requests under Section 2.5 [Loan Requests] or Section 4.2 [Interest Periods] or notice relating to prepayments under Section 5.6 [Prepayments], 

(c) default by the Borrower in the performance or observance of any covenant or condition contained in this Agreement or any
other Loan Document, including any failure of the Borrower to pay when due (by acceleration or otherwise) any principal, interest, Commitment Fee or any other amount due hereunder, or 

(d) the assignment of any Revolving Credit Loans under the LIBOR Rate Option other than on the last day of the Interest Period
as a result of a request by the Borrower pursuant to Section 5.6.2 [Replacement of a Lender]; provided, however, that with respect to this clause (iv), the Borrower shall not be required to indemnify any Defaulting Lender
whose Revolving Credit Loans are being replaced as a result of a request by the Borrower pursuant to Section 5.6.2 [Replacement of a Lender]. 

If any Lender sustains or incurs any such loss or expense, it shall from time to time notify the Borrower of the amount determined in good
faith by such Lender (which determination may include such assumptions, allocations of costs and expenses and averaging or attribution methods as such Lender shall deem reasonable) to be necessary to indemnify such Lender for such loss or expense.
Such notice shall set forth in reasonable detail the basis for such determination. Such amount shall be due and payable by the Borrower to such Lender ten (10) Business Days after such notice is given. 

 

	 	5.10	Settlement Date Procedures. 

 In order to minimize the transfer of funds between the
Lenders and the Administrative Agent, the Borrower may borrow, repay and reborrow Swing Loans and PNC may make Swing Loans as provided in Section 2.1.2 [Swing Loan Commitment] hereof during the period between Settlement Dates. The
Administrative Agent shall notify each Lender of its Ratable Share of the total of the Revolving Credit Loans and the Swing Loans (each a “Required Share”). On such Settlement Date, each Lender shall pay to the Administrative Agent
the amount equal to the difference between its Required Share and its Revolving Credit Loans, and the Administrative Agent shall pay to each Lender its Ratable Share of all 

  
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payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans. The Administrative Agent shall also effect settlement in accordance with the foregoing
sentence on the proposed Borrowing Dates for Revolving Credit Loans and on dates on which mandatory prepayments are due under Section 5.6.4 [Mandatory Prepayments] and may at its option effect settlement on any other Business Day. These
settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 5.10 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on dates other than a Settlement
Date pursuant to Section 2.1.2 [Swing Loan Commitment]. The Administrative Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Administrative Agent such Lender’s Ratable Share of the
outstanding Revolving Credit Loans and each Lender may at any time require the Administrative Agent to pay immediately to such Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving
Credit Loans. 
 6. REPRESENTATIONS AND WARRANTIES 

The Loan Parties, jointly and severally, represent and warrant to the Administrative Agent and each of the Lenders as follows: 

 

	 	6.1	Organization and Qualification. 

 Each Loan Party is a corporation, partnership or
limited liability company duly organized, validly existing and in good standing (if the concept of “good standing” is recognized under the laws of the applicable jurisdiction with respect to such Loan Party) under the laws of its
jurisdiction of organization. Each Loan Party has the lawful power to own or lease its properties and to conduct its business in which it is currently engaged, except where the failure to have such power would not reasonably be expected to result in
any Material Adverse Change. Each Loan Party is duly licensed or qualified and in good standing in each jurisdiction listed on Schedule 6.1 and in all other jurisdictions where the property owned or leased by it or the nature of the business
transacted by it or both makes such licensing or qualification necessary except to the extent that the failure to be so duly licensed or qualified or in good standing would not reasonably be expected to result in any Material Adverse Change. 

 

	 	6.2	[Reserved]. 

  

	 	6.3	Subsidiaries. 

 As of the Closing Date, Schedule 6.3 states the name of each
Subsidiary of the Borrower, its jurisdiction of incorporation, the issued and outstanding shares (referred to herein as the “Subsidiary Shares”) and the owners thereof if it is a corporation, its outstanding partnership interests
(the “Partnership Interests”) if it is a partnership, its outstanding limited liability company interests, interests assigned to managers thereof and the voting rights associated therewith (the “LLC Interests”) if
it is a limited liability company, identifies each Subsidiary as either a Restricted Subsidiary or an Unrestricted Subsidiary and for each Restricted Subsidiary whether or not it is a Guarantor. There are no options, warrants or other rights
outstanding to purchase any such Subsidiary Shares, Partnership Interests or LLC Interests except as indicated on Schedule 6.3. 
  

	 	6.4	Power and Authority. 

 Each Loan Party has full power to enter into, execute, deliver and
carry out this Agreement and the other Loan Documents to which it is a party, to incur the Indebtedness contemplated by the Loan Documents and to perform its Obligations under the Loan Documents to which it is a party, and all such actions have been
duly authorized by all necessary proceedings on its part. 

  
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	 	6.5	Validity and Binding Effect. 

 This Agreement has been duly and validly executed and
delivered by each Loan Party, and each other Loan Document which any Loan Party is required to execute and deliver has been duly executed and delivered by such Loan Party. This Agreement and each other Loan Document constitutes legal, valid and
binding obligations of each Loan Party which is a party thereto, enforceable against such Loan Party in accordance with its terms, except to the extent that enforceability of any of such Loan Document may be limited by bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium or other similar laws affecting the enforceability of creditors’ rights generally or limiting the right of specific performance. 

 

	 	6.6	No Conflict. 

 Neither the execution and delivery of this Agreement or the other Loan
Documents to which it is a party by any Loan Party nor the consummation of the transactions herein or therein contemplated or compliance with the terms and provisions hereof or thereof by any of them will conflict with, constitute a default under or
result in any breach of (i) the terms and conditions of the certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement or other organizational
documents of any Loan Party, (ii) any material Law, instrument, order, writ, judgment, injunction or decree to which any Loan Party is a party or by which it is bound or to which it is subject, or result in the creation or enforcement of any
Lien, charge or encumbrance whatsoever upon any property (now or hereafter acquired) of any Loan Party (other than Liens granted under the Loan Documents) or (iii) the terms, covenants, conditions or provisions of, or constitute a default
under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any material property or assets of such Loan Party or any of the Restricted Subsidiaries (other than Liens created under the Loan Documents and
Liens permitted hereunder) pursuant to the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other instrument to which such Loan Party or any of the Restricted Subsidiaries is a party or by which
it or any of its property or assets is bound (any such term, covenant, condition or provision, a “Contractual Requirement”), except that certain consents may be required under various contracts and agreements in connection with any
attempt to assign such various contracts and agreements pursuant to the assertion of remedies under the Loan Documents. 
  

	 	6.7	Litigation. 

 There are no actions, suits, proceedings or investigations pending or, to
the knowledge of any Responsible Officer of the Borrower, threatened against any Loan Party at law or equity before any Official Body or arbitrator that individually or in the aggregate would reasonably be expected to result in any Material Adverse
Change. To the knowledge of any Responsible Officer of the Borrower, none of the Loan Parties is in violation of any order, writ, injunction or any decree of any Official Body that would reasonably be expected to result in any Material Adverse
Change. 
  

	 	6.8	Title to Properties. 

 Each Loan Party has good and marketable title to or valid
leasehold interest in all properties, assets and other rights, which it purports to own or lease or which are reflected as owned or leased on its books and records, free and clear of all Liens and encumbrances except Permitted Liens, and subject to
the terms and conditions of the applicable leases or conveyance instrument, except to the extent that the failure to hold such title or interest, either alone or together with all other title defects, would not reasonably be expected to result in a
Material Adverse Change. 

  
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	 	6.9	Financial Statements. 

 (a) Historical Statements. The Borrower has delivered to
the Administrative Agent copies of (i) its audited combined year-end financial statements as of December 31, 2014 and for the fiscal year then ended and (ii) the unaudited combined financial statements of the Borrower as of
March 31, 2015 and for the three months ended March 31, 2015 and 2014 (the “Historical Statements”). The Historical Statements were compiled from the books and records maintained by management of the Borrower and its
Subsidiaries, are correct and complete in all material respects and fairly represent the combined financial condition of the Borrower and its Subsidiaries as of their dates and their results of operations and cash flows for the fiscal periods
specified and have been prepared in accordance with GAAP consistently applied, except that the unaudited financial statements are subject to normal year-end adjustments. 

(b) Financial Projections. The Borrower has delivered to the Administrative Agent financial projections (including balance sheets and
statements of operation and cash flows) for the period 2015 through 2019 derived from various assumptions of the Borrower’s management (the “Financial Projections”). The Financial Projections have been prepared in good faith
based upon reasonable assumptions; it being understood that such Financial Projections are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control, and that no assurance can be given that the
Financial Projections will be realized. 
 (c) Accuracy of Financial Statements. Neither the Borrower nor any of its Subsidiaries has
any material liabilities, contingent or otherwise, or forward or long-term commitments that are not disclosed in the Historical Statements or in the notes thereto, and except as disclosed therein there are no unrealized or anticipated losses from
any commitments of the Borrower or any of its Subsidiaries that would reasonably be expected to cause a Material Adverse Change. Since December 31, 2014, no event, circumstance or condition has occurred or exists that has resulted in or could
be reasonably expected, either individually or in the aggregate, to result in a Material Adverse Change. 
  

	 	6.10	Use of Proceeds. 

 The Loan Parties intend to use the proceeds of the Loans in accordance
with Section 8.1.11 [Use of Proceeds]. 
  

	 	6.11	Liens in the Collateral. 

 (a) Security Interests. Except to the extent that the
Loan Parties are not required to perfect Liens in certain Collateral pursuant to the Security Documents or any other Loan Document, the Liens and security interests granted to the Collateral Agent for the benefit of the Secured Parties pursuant to
the Security Agreement in the Collateral (of the type that can be perfected by filing under the Uniform Commercial Code), subject to the actions described in the following sentence, constitute and will continue to constitute first-priority security
interests, subject to Permitted Liens, under the Uniform Commercial Code as in effect in each applicable jurisdiction or other applicable Law entitled to all the rights, benefits and priorities provided by the Uniform Commercial Code or such Law.
Upon the due filing of financing statements relating to said security interests in each office and in each jurisdiction where required in order to perfect the security interests described above and taking possession of any stock certificates or
other certificates evidencing the Pledged Securities, all such action as is necessary or advisable to perfect the Lien in favor of the Collateral Agent with respect to the Collateral described above will have been taken except to the extent that the
Loan Parties are not required to perfect Liens in certain Collateral pursuant to the Security Documents or any other Loan Document. All filing fees and other expenses in connection with each such action have been or will be paid by the Borrower.

  
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 (b) Mortgage Liens. Subject to the qualifications and limitations set forth expressly in
the Mortgages, the Liens granted to the Collateral Agent pursuant to each Mortgage constitute a valid first priority Lien on the Real Property under applicable law, subject only to Permitted Liens. 

(c) Pledged Securities. All Equity Interests included in the Pledged Securities to be pledged pursuant to the Security Agreement are or
will be upon issuance validly issued and nonassessable and owned beneficially and of record by the pledgor free and clear of any Lien or restriction on transfer, except for nonconsensual Permitted Liens, Liens contemplated by clause (5) of the
definition of “Permitted Liens” and inchoate Permitted Liens that do not have priority over the Liens granted under the Loan Documents and as otherwise provided by the Security Agreement and except as the right of the Lenders to dispose of
such Equity Interests may be limited by the Securities Act and the regulations promulgated by the SEC thereunder and by applicable state securities laws. There are no shareholder or other agreements or understandings other than partnership
agreements, limited liability company agreements or operating agreements, with respect to the Equity Interests included in the Pledged Securities, except as described on Schedule 6.11. The Loan Parties have delivered true and correct
copies of such partnership agreements and limited liability company agreements to the Administrative Agent pursuant to Section 7.1.1(b)(iii). 
  

	 	6.12	Full Disclosure. 

 Neither this Agreement nor any other Loan Document, nor any
certificate, statement, agreement or other documents furnished to the Administrative Agent or any Lender in connection herewith or therewith, contains any untrue statement of a material fact or omits to state a material fact necessary in order to
make the statements contained herein and therein, in light of the circumstances under which they were made, not misleading. There is no fact known to any Loan Party which materially adversely affects the business, property, assets, financial
condition, or results of operations of the Loan Parties taken as a whole that has not been set forth in this Agreement or in the certificates, statements, agreements or other documents furnished in writing to the Administrative Agent and the Lenders
prior to or at the date hereof in connection with the transactions contemplated hereby. 
  

	 	6.13	Taxes. 

 All material federal, state, local and other Tax returns required to have been
filed with respect to each Loan Party have been filed, and payment or adequate provision has been made for the payment of all material Taxes, fees, assessments and other governmental charges (including in its capacity as withholding agent), except
to the extent that such Taxes, fees, assessments and other charges are being contested in good faith by appropriate proceedings diligently conducted and for which such reserves or other appropriate provisions, if any, as shall be required by GAAP
shall have been made. There are no agreements or waivers extending the statutory period of limitations applicable to any material federal income Tax return of any Loan Party for any period. 

 

	 	6.14	Consents and Approvals. 

 Except for the filings or recordings required pursuant to
Section 7.1.1(c) [Delivery of Loan Documents], no consent, approval, exemption, order or authorization of, or a registration or filing with, any Official Body or any other Person is necessary to authorize or permit the execution, delivery or
performance of this Agreement and the other Loan Documents or for the validity or enforceability hereof or thereof. 

  
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	 	6.15	No Event of Default; Compliance with Instruments. 

 No event has occurred and is
continuing and no condition exists or will exist after giving effect to the borrowings or other extensions of credit to be made on the Closing Date under or pursuant to the Loan Documents which constitutes an Event of Default or Potential Default.
None of the Loan Parties is in violation of (i) any term of its certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement or other
organizational documents or (ii) any material agreement or instrument to which it is a party or by which it or any of its properties may be subject or bound where such violation would reasonably be expected to result in a Material Adverse
Change. 
  

	 	6.16	Patents, Trademarks, Copyrights, Licenses, Permits, Etc. 

 The Borrower and the
Restricted Subsidiaries own or possess all the material patents, trademarks, service marks, trade names, copyrights, licenses, registrations, franchises, Required Permits and rights, without known or actual conflict with the rights of others,
necessary for the Borrower and the Restricted Subsidiaries, taken as a whole, to own and operate their properties and to carry on their businesses as presently conducted and planned to be conducted by them, except where the failure to so own or
possess with or without such conflict would reasonably be expected to result in a Material Adverse Change. 
  

	 	6.17	Solvency. 

 The Loan Parties, taken as a whole, are Solvent. On the Closing Date, at the
time of each borrowing of the Loans, the issuance of the Letters of Credit (including extensions, renewals and amendments thereof) and at the time of selection of, renewal of or conversion to an Interest Rate Option, the Loan Parties, taken as a
whole, shall be Solvent after giving effect to the transactions contemplated by the Loan Documents and any incurrence of Indebtedness and all other Obligations. 
  

	 	6.18	Real Property. 

 Schedule 3 to the Perfection Certificate sets forth a complete and
accurate list as of the Closing Date of all Real Properties of any Loan Party, indicating which have a “Building” (as defined by the Flood Laws) on them and which Real Properties are subject to Mortgages. 

 

	 	6.19	Insurance. 

 Schedule 6.19 lists all material insurance policies of the
Borrower and the Restricted Subsidiaries as of the Closing Date, all of which are valid and in full force and effect as of the Closing Date. Such policies provide adequate insurance coverage from reputable and financially sound insurers in amounts
sufficient to insure the assets and risks of the Borrower and the Restricted Subsidiaries in accordance with prudent business practice in the industry of the Borrower and the Restricted Subsidiaries. 

 

	 	6.20	Compliance with Laws. 

 The Borrower and its Subsidiaries are in compliance with all
applicable Laws (other than Environmental Laws which are specifically addressed in Section 6.25 [Environmental Matters]) in all jurisdictions in which the Borrower or any of its Subsidiaries is presently or will be doing business, except where
the failure to do so would not reasonably be expected to result in a Material Adverse Change. 

  
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	 	6.21	Material Contracts; Burdensome Restrictions. 

 The exhibit list to the Registration
Statement sets forth all Material Contracts to which the Borrower or any of its Subsidiaries is or is contemplated to be a party as of the Closing Date. Except to the extent that the failure to be in full force and effect or such default would not
reasonably be expected to result in a Material Adverse Change, (i) none of the Borrower or any of its Subsidiaries is in default under a Material Contract and (ii) all Material Contracts are in full force and effect. None of the Loan
Parties is bound by any contractual obligation, or subject to any restriction in any organization document, or any requirement of Law which would reasonably be expected to result in a Material Adverse Change. 

 

	 	6.22	Investment Companies; Regulated Entities. 

 None of the Loan Parties is an
“investment company” registered or required to be registered under the Investment Company Act of 1940 or under the “control” of an “investment company” as such terms are defined in the Investment Company Act of 1940 and
shall not become such an “investment company” or under such “control.” None of the Loan Parties is subject to any other Law limiting its ability to incur Indebtedness for borrowed money. 

 

	 	6.23	ERISA Compliance. 

 Except as could not reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Change: 
 (a) each Pension Plan and Multiemployer Plan is in compliance with the
applicable provisions of ERISA, the Code and other Federal or state Laws (except that with respect to any Multiemployer Plan, such representation is deemed made only to the knowledge of the Borrower); 

(b) the Borrower and each ERISA Affiliate have met all applicable minimum funding requirements under the Pension Funding Rules
in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; 

(c) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in
Section 430(d)(2) of the Code and Section 303(d)(2) of ERISA) is 80% or higher and neither the Borrower or any ERISA Affiliate knows of any facts or circumstances which would cause the funding target attainment percentage for any such plan
to drop below 80% as of the most recent valuation date; 
 (d) with respect to any Multiemployer Plan to which the Borrower
or its ERISA Affiliates contribute, the Borrower has not been notified of an “accumulated funding deficiency” (within the meaning of Section 412 of the Code) or that application for a funding waiver or an extension of any amortization
period pursuant to Section 412 of the Code has been made; 
 (e) there has been no nonexempt “prohibited
transaction” (as defined in Section 406 of ERISA) or violation of the fiduciary responsibility rules with respect to any Pension Plan; 

(f) no ERISA Event has occurred or is reasonably expected to occur; and 

(g) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or
4212(c) of ERISA. 

  
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	 	6.24	Employment Matters; Coal Act; Black Lung Act. 

 Each of the Loan Parties is in compliance
with the Labor Contracts and all applicable federal, state and local labor and employment Laws including those related to equal employment opportunity and affirmative action, labor relations, minimum wage, overtime, child labor, medical insurance
continuation, worker adjustment and relocation notices, immigration controls and worker and unemployment compensation, except where the failure to comply would not reasonably be expected to constitute a Material Adverse Change. There are no
outstanding grievances, arbitration awards or appeals therefrom arising out of the Labor Contracts or current or threatened strikes, picketing, handbilling or other work stoppages or slowdowns at facilities of any of the Loan Parties which in any
case would constitute a Material Adverse Change. The Borrower, the Restricted Subsidiaries and its “related persons” (as defined in the Coal Act) are in compliance in all material respects with the Coal Act and none of the Borrower, the
Restricted Subsidiaries or its related persons has any liability under the Coal Act except with respect to premiums or other payments required thereunder which have been paid when due and except to the extent that the liability thereunder would not
reasonably be expected to result in a Material Adverse Change. The Borrower and its Subsidiaries are in compliance in all material respects with the Black Lung Act, and neither the Borrower nor any of its Subsidiaries has any liability under the
Black Lung Act except with respect to premiums, contributions or other payments required thereunder which have been paid when due and except to the extent that the liability thereunder would not reasonably be expected to result in a Material Adverse
Change. 
  

	 	6.25	Environmental Matters. 

 Except as set forth in Schedule 6.25 or as otherwise could not
reasonably be expected, either individually or in the aggregate, to result in a Material Adverse Change: 
 (a) The Borrower
and its Subsidiaries, their operations, facilities and properties are in compliance with all applicable Environmental Laws. 

(b) The facilities and properties currently or formerly owned, leased or operated by the Borrower or any of its Subsidiaries
(the “Properties”) do not contain any Hazardous Materials in amounts or concentrations which (i) constitute or constituted a violation of, or (ii) could reasonably be expected to give rise to liability for the Borrower or
any of its Subsidiaries under, any applicable Environmental Law. 
 (c) Neither the Borrower nor any of its Subsidiaries has
received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws, including any with regard to their activities at any of the Properties or
the business currently or formerly operated by the Borrower or any of its Subsidiaries, or any prior business for which the Borrower or any of its Subsidiaries has retained liability under any Environmental Law. 

(d) Hazardous Materials have not been transported or disposed of from the Properties in violation of, or in a manner or to a
location which could reasonably be expected to give rise to liability for the Borrower or any of its Subsidiaries under, any applicable Environmental Law, nor have any Hazardous Materials been generated, treated, stored or disposed of by or on
behalf of the Borrower or any of its Subsidiaries at, on or under any of the Properties in violation of, or in a manner that could reasonably be expected to give rise to liability under, any applicable Environmental Law for the Borrower or any of
its Subsidiaries. 

  
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	 	6.26	Anti-Terrorism Laws. 

 (i) No Covered Entity, nor, to the knowledge of the Borrower, any
directors, officers or employees of any Covered Entity, is a Sanctioned Person, and (ii) no Covered Entity, nor, to the knowledge of the Borrower, any directors, officers or employees of any Covered Entity, either in its own right or through
any third party, (a) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law, (b) does business in or with, or derives any of its income from
investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (c) engages in any dealings or transactions prohibited by any Anti-Terrorism Law. 

7. CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT 

The obligation of each Lender to make Loans, of an Issuing Lender to issue Letters of Credit hereunder, and of the Swingline Lender to make
Swing Loans is subject to the following conditions: 
  

	 	7.1	First Loans and Letters of Credit. 

  

	 	7.1.1	Deliveries. 

 On the Closing Date, the Administrative Agent shall have received each of
the following, in form and substance reasonably satisfactory to the Administrative Agent: 
 (a) Officer’s
Certificate. A certificate of each of the Loan Parties signed by a Responsible Officer, dated the Closing Date stating that (i) each of the representatives and warranties of the Loan Parties are true and accurate on and as of the Closing
Date (except representations and warranties which relate solely to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein), (ii) no Event of Default
or Potential Default exists, (iii) since December 31, 2014, no event, circumstance or condition has occurred or exists that has resulted in or could be reasonably expected, either individually or in the aggregate, to result in a Material
Adverse Change and (iv) the conditions set forth in Sections 7.1.4 and 7.1.5 are satisfied. 
 (b) Secretary’s
Certificate. A certificate dated the Closing Date and signed by the Secretary or an Assistant Secretary of each of the Loan Parties, certifying: 

(i) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors of such Loan Party
(or its managing general partner, managing member or equivalent) authorizing the execution, delivery and performance of the Loan Documents to which such person is a party and, in the case of the Borrower, the borrowings hereunder, and that such
resolutions have not been modified, rescinded or amended and are in full force and effect on the Closing Date; 
 (ii) the
names of the officer or officers authorized to sign this Agreement and the other Loan Documents and the true signatures of such officer or officers and specifying the Authorized Officers permitted to act on behalf of such Loan Party for purposes of
this Agreement and the true signatures of such officers, on which the Administrative Agent, the Issuing Lenders, and each Lender may conclusively rely; and 

(iii) copies of its organizational documents, including its certificate of incorporation, bylaws, certificate of limited
partnership, partnership agreement, certificate of formation, and limited liability company agreement as in effect on the Closing Date, recently certified by the appropriate state official where such documents are filed in a state office, together
with recently dated certificates from the appropriate state officials as to the continued existence and good standing of such Loan Party in each state where organized. 

  
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 (c) Delivery of Loan Documents. [Subject to Section 8.1.20
[Post-Closing Matters],] This Agreement, each of the other Loan Documents and the Perfection Certificate signed by an Authorized Officer of each of the Loan Parties party thereto, and to the extent required under applicable requirements of Law, the
Security Documents shall be properly recorded or filed with the applicable recording or filing offices and be in proper form for such recording; provided that Mortgages (and related documents and instruments) on Real Property that is not,
prior to the Closing Date, mortgaged to secure the obligations under the CEI Credit Agreement shall be permitted to be delivered within 60 days after the Closing Date (or such later date as the Administrative Agent may agree in its reasonable
discretion) so long as the Borrower shall have used its commercially reasonable efforts to deliver such Mortgages (and related documents and instruments) by the Closing Date. 

(d) Opinion of Counsel. 

(i) A written opinion of in-house counsel for the Loan Parties (who may rely on the opinions of such other counsel as may be
acceptable to the Administrative Agent), dated the Closing Date, addressed to the Lenders, the Issuing Lenders, the Swingline Lender and the Administrative Agent: (i) as to the matters set forth in Exhibit 7.1.1(d)(i) and (ii) as to
such other matters incident to the transactions contemplated herein as the Administrative Agent may reasonably request. 

(ii) A written opinion of Latham & Watkins LLP, counsel to the Loan Parties (who may rely on the opinions of such
other counsel as may be acceptable to the Administrative Agent), dated the Closing Date, addressed to the Lenders, the Issuing Lenders, the Swingline Lender and the Administrative Agent: (i) as to matters set forth in Exhibit
7.1.1(d)(ii) and (ii) as to such other matters incident to the transactions contemplated herein as the Administrative Agent may reasonably request. 

(iii) Written opinions of counsel covering matters under the laws of Pennsylvania and West Virginia, who shall be selected by
the Loan Parties and reasonably acceptable to the Administrative Agent, dated the Closing Date, addressed to the Lenders, the Issuing Lenders, the Swingline Lender and the Administrative Agent: (i) as to matters set forth in Exhibit
7.1.1(d)(iii) and (ii) as to such other matters incident to the transactions contemplated herein as the Administrative Agent may reasonably request. 

(e) Legal Details. All legal details and proceedings in connection with the transactions contemplated by this Agreement
and the other Loan Documents shall be in form and substance reasonably satisfactory to the Administrative Agent and its counsel, and the Administrative Agent shall have received all such other counterpart originals or certified or other copies of
such documents and proceedings in connection with such transactions, in form and substance reasonably satisfactory to the Administrative Agent and its counsel, as the Administrative Agent or its counsel may reasonably request. 

  
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 (f) Insurance. Evidence that adequate insurance, including flood
insurance, if applicable, required to be maintained under the Loan Documents is in full force and effect, and evidence that the Loan Parties have taken all actions required under the Flood Laws and reasonably requested by the Administrative Agent to
assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including delivering to the Administrative Agent a completed “Life-of-Loan” Federal Emergency Management Agency standard flood hazard
determination with respect to each Real Property which is to be encumbered by a Mortgage and which has a “Building” (as such term is defined in the Flood Laws) on it, together with a notice about special flood hazard area status and flood
disaster assistance executed by the applicable Loan Party and, to the extent required, obtaining flood insurance in form and substance satisfactory to the Administrative Agent for such property, structures and contents prior to such property,
structures and contents becoming Collateral. 
 (g) Evidence of Filing. UCC financing statements in appropriate form
for filing under the UCC and such other documents under applicable requirements of Law in each jurisdiction as may be necessary or appropriate or, in the reasonable opinion of the Administrative Agent, desirable to perfect the Liens created, or
purported to be created, by the Security Documents. 
 (h) CEI Indebtedness. All documents and instruments required to
(i) evidence the discharge of the Liens under the CEI Credit Agreement on any Collateral and (ii) evidence the release of the Guaranties of the Loan Parties of all Indebtedness of CEI and its Subsidiaries (other than the Borrower and its
Subsidiaries). 
 (i) Lien Searches. The lien searches listed on Schedule 7.1.1(i), and the Administrative
Agent shall be satisfied with the results thereof. 
 (j) Pledged Securities. Except as set forth on Schedule
8.1.20, all certificates, agreements or instruments representing or evidencing the Pledged Securities accompanied by instruments of transfer and stock powers undated and endorsed in blank have been delivered to the Collateral Agent. 

(k) Other Documentation. All other certificates, agreements, including instruments necessary to perfect the Collateral
Agent’s security interest (to the extent required by the Security Documents) in all Chattel Paper, Instruments and Investment Property (as each such term is defined in the Security Agreement) of each Loan Party have been delivered or assigned
to the Collateral Agent. 
 (l) Solvency Certificate. A certificate of the chief financial officer of the General
Partner on behalf of the Borrower stating that, after giving effect to the Transactions, the Loan Parties, taken as a whole, are Solvent. 
  

	 	7.1.2	Payment of Fees. 

 The Borrower shall have paid or caused to be paid to the
Administrative Agent and the Lenders to the extent not previously paid, all fees payable on or before the Closing Date (including upfront fees) and, to the extent invoiced at least one Business Day prior to the Closing Date, all costs and expenses
for which the Administrative Agent is entitled to be reimbursed, including the reasonable fees and expenses of Cahill Gordon & Reindel LLP. 

  
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	 	7.1.3	Patriot Act. 

 The Administrative Agent shall have received, at least three
(3) Business Days prior to the Closing Date (or such later date satisfactory to the Administrative Agent), all documentation and other information required by bank regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including but not restricted to the USA Patriot Act to the extent requested at least ten (10) Business Days prior to the Closing Date. 

 

	 	7.1.4	No Debt or Preferred Stock Outstanding. 

 The Borrower and its Subsidiaries shall have no
Indebtedness for borrowed money or Preferred Stock outstanding, other than (i) Capital Lease Obligations and (ii) Indebtedness set forth on Schedule 8.2.1. [The Borrower shall have prepaid, or shall concurrently with the
effectiveness and initial borrowings under this Credit Agreement prepay, in full all amounts outstanding under the Thermal Term Loan Credit Agreement, including all unpaid principal, interest, breakage fees and all other fees and charges thereunder
as of the Closing Date, and the Administrative Agent shall have received a “pay-off” letter in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent shall have received all documents and
instruments required to evidence the discharge of the Liens under the Thermal Term Loan Credit Agreement on the Collateral.] 
  

	 	7.1.5	Transactions. 

 The transactions described in clauses (1) through (4) of the
definition of “Transactions” shall have been consummated (other than issuance and sale and redemption of units of the Borrower pursuant to the “underwriters’ exercise of the “green shoe” option). The Borrower shall have
delivered to the Administrative Agent fully executed copies of the Material Contracts to which the Borrower or any of its Subsidiaries is or is contemplated to be a party as of the Closing Date, which shall be consistent with the forms filed as
exhibits to the Registration Statement, and no default or termination, or any waiver or amendment materially adverse to the Lenders, shall have occurred with respect thereto. The aggregate principal amount of Loans made on the Closing Date shall not
exceed $250,000,000. 
  

	 	7.2	Each Additional Loan or Letter of Credit. 

 At the time of making any Loans or issuing
any Letters of Credit (or amendments or extensions thereto) and after giving effect to the proposed extensions of credit: 

(a) the representations and warranties of the Loan Parties contained in Section 6 [Representations and Warranties] and in
the other Loan Documents shall be true and correct in all material respects on and as of the date of the making of any Loan Request, any Swing Loan Request and the making of such additional Loan or the issuance such Letter of Credit (or amendments
or extensions thereto) with the same effect as though such representations and warranties had been made on and as of such date (except that (i) any representation and warranty that is already qualified as to materiality shall be true and
correct in all respects as so qualified and (ii) representations and warranties which expressly relate solely to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times
referred to therein); 
 (b) no Event of Default or Potential Default shall have occurred and be continuing; and 

(c) the Borrower shall have delivered to the Administrative Agent a duly executed and completed Loan Request or to the
applicable Issuing Lender the Issuer Documents for a Letter of Credit, as the case may be. 

  
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 8. COVENANTS 
  

	 	8.1	Affirmative Covenants. 

 The Loan Parties, jointly and severally, covenant and agree that
until payment in full of the Loans, Reimbursement Obligations and Letter of Credit Borrowings, and interest thereon, expiration or termination of all Letters of Credit, and satisfaction of all of the Loan Parties’ other Obligations under the
Loan Documents and termination of the Commitments, the Loan Parties shall comply at all times with the following affirmative covenants: 
  

	 	8.1.1	Preservation of Existence, Etc. 

 Each of Borrower and the Restricted Subsidiaries shall
maintain its legal existence as a corporation, limited partnership or limited liability company and its license or qualification and good standing in each jurisdiction in which its failure to so qualify, individually or in the aggregate, would
reasonably be expected to result in a Material Adverse Change, except as otherwise expressly permitted by Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions]. 

 

	 	8.1.2	Payment of Liabilities, Including Taxes, Etc. 

 Each of Borrower and the Restricted
Subsidiaries shall duly pay and discharge all liabilities to which it is subject or which are asserted against it, promptly as and when the same shall become due and payable (including extensions), including all Taxes, assessments and governmental
charges upon it or any of its properties, assets, income or profits, prior to the date on which penalties attach thereto, except to the extent that such liabilities, including Taxes, assessments or charges, are being contested in good faith and by
appropriate and lawful proceedings diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made, but only to the extent that failure to pay or discharge any such
liabilities would not result in any additional liability which would adversely affect to a material extent the financial condition of the Borrower and the Restricted Subsidiaries, taken as a whole, or which would materially and adversely affect the
Collateral; provided that the Loan Parties will pay all such liabilities forthwith upon the commencement of proceedings to enforce any Lien which may have attached as security therefor or take other action as is required to suspend such
enforcement action unless such Lien otherwise qualifies as a Permitted Lien. 
  

	 	8.1.3	Maintenance of Insurance. 

 The Borrower and the Restricted Subsidiaries shall insure
their properties and assets against loss or damage by fire and such other insurable hazards (including flood, fire, property damage, workers’ compensation and public liability insurance) and against other risks, and in such amounts as similar
properties and assets, as are commonly insured by prudent companies in similar circumstances carrying on similar businesses, and with reputable and financially sound insurers, including self-insurance to the extent customary. At the request of the
Administrative Agent, the Borrower shall deliver to the Administrative Agent (x) annually an original certificate of insurance signed by its independent insurance broker describing and certifying as to the existence of the insurance on the
Collateral required to be maintained by this Agreement and the other Loan Documents, together with a copy of the endorsement described in the next sentence attached to such certificate and (y) from time to time a summary schedule indicating all
commercial insurance then in force with respect to the Borrower and the Restricted Subsidiaries. 

  
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Such policies of insurance shall contain the necessary endorsements or policy language, which shall (i) specify the Collateral Agent on behalf of the Secured Parties as an additional insured
on the liability policies and mortgagee and lender loss payee as their interests may appear on the property policies, with the understanding that any obligation imposed upon the insured (including the liability to pay premiums) shall be the sole
obligation of the Borrower and the Restricted Subsidiaries and not that of the additional insured, (ii) provide that the interest of the Lenders, under the lender’s loss payable endorsement in a form similar to the form provided on the
Closing Date, shall be insured regardless of any breach or violation by the Borrower or any of its Subsidiaries of any warranties, declarations or conditions contained in such policies or any action or inaction of the Borrower or any of its
Subsidiaries, (iii) provide a waiver of any right of the insurers to set off or counterclaim or any other deduction, whether by attachment or otherwise (to the extent that the Loan Parties are able on a commercially reasonable efforts basis to
obtain such waiver from the insurers), (iv) provide that no cancellation of such policies for any reason (including non-payment of premium) nor any change therein shall be effective until at least ten (10) days after notification to the
Administrative Agent of such cancellation or change, (v) be primary without right of contribution of any other liability insurance carried by or on behalf of any additional insureds with respect to their respective interests in the Collateral,
and (vi) provide that inasmuch as any liability policy covers more than one insured, all terms, conditions, insuring agreements and endorsements (except limits of liability) shall operate as if there were a separate policy covering each
insured. Each Loan Party shall take all actions required under the Flood Laws to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to, (i) maintaining such flood
insurance in full force and effect and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Laws and (ii) delivering to the Administrative Agent evidence of such compliance in form and
substance reasonably acceptable to the Administrative Agent. If a Casualty Event occurs, the Borrower shall promptly notify the Administrative Agent of such event and the estimated (or actual, if available) amount of such loss. 

 

	 	8.1.4	Maintenance of Properties. 

 The Borrower and the Restricted Subsidiaries shall
(x) maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those material properties useful or necessary to their
businesses and (y) make or cause to be made, in a reasonably diligent fashion, all appropriate repairs, renewals or replacements thereof, in each case if the failure to so maintain, repair, renew or replace the same would reasonably be expected
to constitute a Material Adverse Change. 
  

	 	8.1.5	Maintenance of Patents, Trademarks, Etc. 

 The Borrower and the Restricted Subsidiaries
shall maintain in full force and effect all patents, trademarks, service marks, trade names, copyrights, licenses, franchises, permits and other authorizations necessary for the ownership and operation of their properties and business if the failure
so to maintain the same would constitute a Material Adverse Change. 
  

	 	8.1.6	Visitation Rights. 

 The Borrower and the Restricted Subsidiaries shall permit any of the
officers or authorized employees or representatives of the Administrative Agent or any of the Lenders (so long as no Event of Default has occurred and is continuing, at the Administrative Agent’s or such Lender’s expense) to visit and
inspect their properties during normal business hours and to examine (including, without limitation, any field examinations) and make excerpts from their books and records and discuss their business affairs, finances and accounts with their
officers, all in such detail and at such times and as often as any of the Lenders may reasonably request; provided that each Lender shall provide the Borrower and the Administrative 

  
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Agent with reasonable notice prior to any visit or inspection, all such visits and inspections shall be made in accordance with the standard safety, visit, and inspection procedures of the
Borrower and the Restricted Subsidiaries and no such visit or inspection shall interfere with their normal business operation. In the event any Lender desires to conduct an audit of the Borrower or any Restricted Subsidiary, such Lender shall make a
reasonable effort to conduct such audit contemporaneously with any audit to be performed by the Administrative Agent. 
  

	 	8.1.7	Keeping of Records and Books of Account. 

 The Borrower and the Restricted Subsidiaries
shall maintain and keep proper books of record and account which enable the Borrower to issue financial statements in accordance with GAAP and as otherwise required by applicable Laws, and in which full, true and correct entries shall be made in all
material respects of all their dealings and business and financial affairs. Without limiting the generality of the foregoing, the Borrower and the Restricted Subsidiaries shall maintain adequate allowances on their books in accordance with GAAP for
(i) future costs associated with any lung disease claim alleging pneumoconiosis or silicosis or arising out of exposure or alleged exposure to coal dust or the coal mining environment, (ii) future costs associated with retiree and health
care benefits, (iii) future costs associated with reclamation of disturbed acreage, removal of facilities and other closing costs in connection with its mining activities and (iv) future costs associated with other potential Environmental
Liabilities. 
  

	 	8.1.8	Further Assurances. 

 Each Loan Party shall, from time to time, at its expense,
faithfully preserve and protect the Lien on the Collateral in favor of the Collateral Agent for the benefit of the Secured Parties as a continuing first priority perfected Lien, subject only to Permitted Liens, and shall do such other acts and
things as the Administrative Agent in its reasonable discretion may deem necessary or advisable from time to time in order to preserve, perfect and protect the Liens granted under the Loan Documents and to exercise and enforce the Collateral
Agent’s rights and remedies thereunder with respect to the Collateral. 
  

	 	8.1.9	Additional Guarantors. 

 Each Loan Party shall cause any Subsidiary (other than an
Excluded Subsidiary) formed or acquired after the Closing Date to join this Agreement within 30 days after the date of acquisition or formation thereof (or such longer period as the Collateral Agent may agree in its reasonable discretion) as a
Guarantor by delivering to the Administrative Agent and Collateral Agent, as applicable, (A) a signed Guarantor Joinder, (B) documents in the forms described in Section 7.1.1(b), (c), (d) (if requested by the Administrative
Agent), (f) (other than with respect to flood insurance, if requested by the Administrative Agent), (g), (i) and (j) [Deliveries], and 8.1.17 [Collateral], modified as appropriate, and (C) documents necessary to grant and perfect
Liens to the Collateral Agent for the benefit of the Secured Parties in the Collateral held by such Subsidiary. 
  

	 	8.1.10	Compliance with Laws. 

 The Borrower and its Subsidiaries shall comply with all
applicable Laws, including all Environmental Laws, in all material respects, except where the failure to so comply would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. 

 

	 	8.1.11	Use of Proceeds. 

 (a) The Loan Parties will use the Letters of Credit and the proceeds
of the Loans only as follows: (i) to fund a portion of the Closing Date Distribution, (ii) to pay fees and expenses related 

  
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to the Revolving Facility, and (iii) to provide for general company purposes of the Borrower and the Restricted Subsidiaries, including working capital and capital expenditures of the
Borrower and the Restricted Subsidiaries, purchases of the Co-Owners’ retained Undivided Interests, Permitted Acquisitions and the payment of cash distributions by the Borrower as permitted hereunder. 

(b) None of the Loan Parties engages or will engage principally, or as one of its important activities, in the business of extending credit
for the purpose, immediately, incidentally or ultimately, of purchasing or carrying margin stock (within the meaning of Regulation U). No part of the proceeds of any Loan has been or shall be used for any purpose which entails a violation of or
which is inconsistent with the provisions of the regulations of the Board of Governors of the Federal Reserve System, and the Borrower shall assist the Lenders, as reasonably requested by the Administrative Agent, with the Lenders’ compliance
with Regulation U as such compliance relates to the Borrower and the Loans, including by providing the Administrative Agent with all documents, forms and certificates reasonably requested by the Administrative Agent in relation thereto. 

 

	 	8.1.12	Subordination of Intercompany Loans. 

 Each Loan Party shall cause any Indebtedness,
loans or advances owed by any Loan Party to any Restricted Subsidiary that is not a Guarantor to be subordinated pursuant to the terms of the Intercompany Subordination Agreement. 

 

	 	8.1.13	Anti-Terrorism Laws; Foreign Corrupt Practices Act. 

 (a) No Covered Entity, nor to the
knowledge of the Borrower, any directors, officers or employees of any Covered Entity, will become a Sanctioned Person, (b) no Covered Entity, either in its own right or through any third party, nor to the knowledge of the Borrower, any of a
Covered Entity’s directors, officers or employees, will (i) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) do business in or
with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (iii) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or
(iv) use the Loans or Letters of Credit to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person or in any manner that would cause a violation of the Anti-Terrorism
Laws by any party to this Agreement, (c) the funds used to repay the Obligations will not be derived from any unlawful activity, (d) each Covered Entity shall comply with all Anti-Terrorism Laws in all material respects and (e) the
Borrower shall promptly notify the Administrative Agent in writing upon the occurrence of a Reportable Compliance Event. 
 (b) No part of
the proceeds of any Loans shall be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
  

	 	8.1.14	Compliance with Certain Contracts. 

 (a) The Borrower and the Restricted Subsidiaries
shall comply with the terms and conditions of all Specified Material Contracts and enforce its rights under each such Specified Material Contract, except to the extent non-compliance or non-enforcement could not reasonably be expected to be
materially adverse to the Lenders. 
 (b) The Borrower and the Restricted Subsidiaries shall comply with the terms and conditions of all
Material Contracts (other than Specified Material Contracts) and enforce its rights under each such Material Contract, except, in each case, where the failure to do so, either individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Change. 

  
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	 	8.1.15	[Reserved]. 

  

	 	8.1.16	ERISA Compliance. 

 The Borrower shall, and shall cause each of its ERISA Affiliates to:
(a) maintain each Pension Plan in compliance with the applicable provisions of ERISA and the Code and (b) make all required contributions to any Pension Plan or Multiemployer Plan when due, except in the case of each of the foregoing
clauses, to the extent such failure to do so could not reasonably be expected to result in a Material Adverse Change. 
  

	 	8.1.17	Collateral. 

 (a) Pursuant to the Loan Documents, the Loan Parties shall grant, or cause
to be granted, to the Collateral Agent, for the benefit of the Secured Parties, a first priority lien and security interest, subject only to Permitted Liens: 

(i) on the date hereof and, with respect to any Equity Interests acquired after the Closing Date, not later than 30 days (or
such longer period as reasonably acceptable to the Administrative Agent) after the acquisition of the Equity Interests, in all Equity Interests owned by the Loan Parties; 

(ii) [Reserved]; 

(iii) (a) on the Closing Date, in all Real Property owned or leased by a Loan Party, including as-extracted collateral from
each Loan Party’s present and future coal operations, regardless of whether such mineral interests are presently owned, and all other minerals extracted from the ground and all accounts receivable, inventory, equipment, chattel paper, general
intangibles and investment property, and proceeds and products of the foregoing, including (x) all Undivided Interests held by the Loan Parties and (y) the rights of the Loan Parties in the Material Contracts and (b) after the Closing
Date, (x) any Undivided Interests acquired by any Loan Party after the Closing Date, (y) rights of Loan Parties in any Material Contracts entered into after the Closing Date and (z) all Real Property having a Fair Market Value of over
$20,000,000 acquired (including by lease) by a Loan Party after the Closing Date, in which case the Borrower shall notify the Administrative Agent of such acquisition, and within 30 days of such acquisition (or such longer period as the
Administrative Agent may agree in its discretion) the applicable Loan Party shall deliver to the Administrative Agent a Mortgage with respect thereto, local counsel opinions with respect thereto as reasonably requested by the Administrative Agent, a
“Life-of-Loan” flood hazard determination with respect thereto, and evidence of flood insurance in compliance with the Flood Laws, as applicable; and 

(iv) on the date hereof and with respect to any Loan Party formed or acquired after the Closing Date, not later than 30 days
(or such longer period as reasonably acceptable to the Administrative Agent) after the acquisition or formation of such Loan Party, in all of the other assets of the Loan Parties in which a security interest is perfected by the filing of a UCC-1
financing statement with the secretary of state or similar agency in the applicable Loan Party’s jurisdiction of organization (except as excluded or limited above or below or as excluded or limited in

  
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any other Loan Document) (including without limitation all accounts receivable (other than accounts receivable subject to a Qualified Receivables Transaction), inventory, chattel paper, general
intangibles, equipment, and investment property whether owned on the Closing Date or subsequently acquired). 
 (b) Notwithstanding the
foregoing, Liens will not be required on any of the following (collectively, the “Excluded Assets”): 
 (i)
any cash in the “Operating Account” (as defined in the Operating Agreement) to the extent constituting property of the Co-Owners; 

(ii) any right, title and interests in and to any Manufactured (Mobile) Home (as defined in the applicable Flood Laws); 

(iii) buildings and structures as defined in the Flood Laws that are immaterial as reasonably determined by the Borrower and
agreed to in writing (which may be by e-mail) by the Administrative Agent; 
 (iv) leased motor vehicles (including
bulldozers and other heavy equipment); 
 (v) except to the extent the security interest in such assets can be perfected by
the filing of a UCC financing statement, owned motor vehicles (including bulldozers and other heavy equipment) and other assets the ownership of which is evidenced by certificates of title, to the extent the Fair Market Value thereof does not exceed
$[        ] in the aggregate or $[        ] individually; 

(vi) except to the extent the security interest in such assets can be perfected by the filing of a UCC financing statement,
Letter-of-Credit Rights (as defined in the UCC in the State of New York); 
 (vii) Commercial Tort Claims (as defined in the
UCC) that do not exceed $5,000,000 in the aggregate for all Pledgors; 
 (viii) assets owned by any Pledgor on the Closing
Date or hereafter acquired and any proceeds thereof that are subject to a Lien permitted by clause (10) in the definition of “Permitted Liens” to the extent and for so long as the contract or other agreement in which such Lien is
granted (or the documentation providing for the Capital Lease Obligations, equipment lease, purchase money obligation or substantially similar obligation subject to such Lien) validly prohibits the creation of any other Lien on such assets and
proceeds; 
 (ix) those assets over which the granting of security interests in such assets would be prohibited by contract
in effect on the Closing Date and listed on Schedule 8.2.15 (or, as to any assets acquired after the Closing Date, in effect at the time of acquisition thereof and not entered into in contemplation thereof), applicable law or regulation or to
the extent that such security interests would require obtaining the consent of any governmental or regulatory authority; 

(x) any intent-to-use trademark application to the extent and for so long as creation by a Pledgor of a security interest
therein would result in the loss by such Pledgor of any material rights therein; 

  
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 (xi) any Equity Interests in any Person that is not a Wholly-Owned Subsidiary of
the Borrower to the extent not permitted by the terms of such Person’s organizational or joint venture documents; 

(xii) any Voting Stock of any Foreign Subsidiary or CFC Holdco in excess of 65% of the total voting power of all outstanding
Voting Stock of such Subsidiary, it being understood that any Equity Interests constituting “stock entitled to vote” within the meaning of Treasury Regulation Section 1.956-2(c)(2) shall be treated as Voting Stock for purposes of this
clause (xii); 
 (xiii) assets owned by any Pledgor on the Closing Date or hereafter acquired and any proceeds thereof as to
which the Borrower reasonably determines (and the Collateral Agent agrees in writing (which may be by e-mail)) that the cost of obtaining such a security interest or perfection thereof are excessive in relation to the benefit to the Secured Parties
of the security to be afforded thereby; 
 (xiv) any lease, permit, license or other agreement permitted to be entered into
under this Agreement, in each case, only to the extent and for so long as a grant of a security interest therein in favor of the Administrative Agent would violate or invalidate such permit, license or agreement, cause the acceleration or the
termination thereof or create a right of termination in favor of any other party thereto (other than the Borrower or any of its Subsidiaries); 

(xv) (A) any rights, title and interests in and to any Receivables that have been transferred to (or subject to a security
interest in favor of) a Securitization Subsidiary pursuant to a Qualified Receivables Transaction, (B) all rights to, but not the obligations under, all Related Security, (C) all monies due or to become due with respect to any of the
foregoing set forth in clauses (A) and (B) above, (D) all books and records related to any of the foregoing set forth in clauses (A) and (B) above, (E) all collections and other Proceeds (as defined in the UCC) of any
of the foregoing set forth in clauses (A) and (B) above that are or were received by any Loan Party, including all funds which either are received by such Loan Party from or on behalf of the Receivable Obligors in payment of any amounts
owed (including invoice price, finance charges, interest and all other charges) in respect of Receivables, or are applied to such amounts owed by the Receivable Obligors (including insurance payments that such Loan Party applies in the ordinary
course of its business to amounts owed in respect of any Receivable and net proceeds of sale or other disposition of repossessed goods or other collateral or property of the Receivable Obligors or any other parties directly or indirectly liable for
payment of such Receivables; 
 (xvi) all locomotives, rail cars and rolling stock now or hereafter leased by the Loan
Parties; 
 (xvii) any right, title and interests in and to any ship, boat or other vessel; and 

(xviii) the Loan Parties’ timber to be cut other than to the extent encumbered by any Mortgage; 

provided that clauses (viii), (ix), (xi) and (xiv) shall be after giving effect to applicable provisions of the Uniform Commercial Code of
any applicable jurisdiction or other applicable law, and shall not include proceeds and receivables of assets described in such clauses, the assignment of which is expressly deemed effective under the Uniform Commercial Code of any applicable
jurisdiction notwithstanding the prohibition described in such clause. 

  
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 (c) No actions shall be required to perfect security interests in locomotive, rail cars and
rolling stock owned by the Loan Parties until the aggregate Fair Market Value of such assets exceeds $5,000,000. 
 (d) No actions in any
non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction shall be required to be taken (x) to create any security interests in assets located or titled outside of the U.S. or (y) to perfect or make enforceable any
security interests in any assets (other than delivery of Equity Interests pursuant to Section 8.1.17(a)(i)) (it being understood that no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction shall be
required). 
 (e) No Loan Party shall effect any change (i) in any Loan Party’s legal name, (ii) in the location of any Loan
Party’s chief executive office, (iii) in any Loan Party’s identity or organizational structure, (iv) in any Loan Party’s Federal Taxpayer Identification Number or organizational identification number, if any, or (v) in
any Loan Party’s jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), until (A) it shall have given
the Collateral Agent and the Administrative Agent not less than 5 days’ prior written notice, or such lesser notice period agreed to by the Collateral Agent, of its intention so to do, clearly describing such change and providing such other
information in connection therewith as the Collateral Agent or the Administrative Agent may reasonably request and (B) it shall have taken all action reasonably satisfactory to the Collateral Agent to maintain the perfection and priority of the
security interest of the Collateral Agent for the benefit of the Secured Parties in the Collateral, if applicable. Each Loan Party agrees to promptly provide the Collateral Agent with certified organizational documents reflecting any of the changes
described in the preceding sentence. 
  

	 	8.1.18	Title. 

 The Loan Parties shall comply with the requirements set forth on Schedule
8.1.18. 
  

	 	8.1.19	Maintenance of Permits. 

 The Borrower and the Restricted Subsidiaries shall maintain all
Required Permits in full force and effect in accordance with their terms except where the failure to do so would not reasonably be expected to result in a Material Adverse Change. 

 

	 	8.1.20	Post-Closing Matters. 

 The Loan Parties will execute and deliver to the Administrative
Agent the documents and complete the tasks set forth on Schedule 8.1.20, within the time frames set forth therein, unless otherwise waived or extended by the Administrative Agent in its sole discretion. 

  
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	 	8.2	Negative Covenants. 

 The Loan Parties, jointly and severally, covenant and agree that
until payment in full of the Loans, Reimbursement Obligations and Letter of Credit Borrowings and interest thereon, expiration or termination of all Letters of Credit, satisfaction of all of the Loan Parties’ other Obligations hereunder and
termination of the Commitments, the Loan Parties shall comply with the following negative covenants: 
  

	 	8.2.1	Indebtedness. 

 The Borrower shall not, and shall not cause or permit any Restricted
Subsidiary to, directly or indirectly, incur, assume or otherwise become liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness, and the Borrower will not issue any Disqualified Stock and will
not permit any Restricted Subsidiary to issue any Preferred Stock, except: 
 (a) Indebtedness under the Loan Documents; 

(b) Indebtedness existing on the Closing Date and set forth on Schedule 8.2.1, and Refinancing Indebtedness of such
Indebtedness; 
 (c) Indebtedness owed by (i) a Loan Party to another Loan Party, (ii) a Restricted Subsidiary that
is not a Loan Party to another Restricted Subsidiary that is not a Loan Party, (iii) a Restricted Subsidiary to a Loan Party and (iv) any Loan Party to a Restricted Subsidiary that is not a Loan Party; provided that (x) any
Indebtedness pursuant to clause (iii) is permitted by Section 8.2.4(h) or (l) [Loans and Investments] and (y) any Indebtedness pursuant to clause (iv) is subordinated to the extent required by, and in accordance with,
Section 8.1.12 [Subordination of Intercompany Loans]; 
 (d) Indebtedness represented by mortgage financings, purchase
money obligations or other Indebtedness, in each case incurred for the purpose of financing all or any part of the price or cost of design, construction, installation, development, repair or improvement of plant, property or equipment used in the
business of the Borrower or any Restricted Subsidiary, and Capital Lease Obligations, and Refinancing Indebtedness of any of the foregoing, in an aggregate amount, when taken together with the outstanding amount of all other Indebtedness or
Refinancing Indebtedness incurred pursuant to this clause (d), not to exceed at any time outstanding under this clause (d), the greater of (i) $50,000,000 and (ii) 10% of CTA at such time; 

(e) Indebtedness of any Person that becomes a Restricted Subsidiary after the Closing Date as permitted by this Agreement,
which Indebtedness is existing at the time such Person becomes a Restricted Subsidiary (and was not incurred in connection with or in contemplation of such Person’s becoming a Subsidiary of the Borrower) in an aggregate amount not to exceed
$25,000,000 at any time outstanding; 
 (f) Indebtedness under Hedging Contracts, Interest Rate Agreements and Currency
Agreements entered into for the purpose of limiting risks and not for speculation; 
 (g) Indebtedness in respect of
self-insurance obligations or bid, plugging and abandonment, appeal, reimbursement, performance, reclamation, employment, surety and similar obligations and completion guarantees provided by or for the account of the Borrower or any Restricted
Subsidiary in the ordinary course of business, and any Guaranties and letters of credit functioning as or supporting any of the foregoing in the ordinary course of business; 

(h) [Reserved]; 

(i) Indebtedness secured by a Lien permitted by clause (5) of the definition of “Permitted Liens” in an amount
at any time outstanding not to exceed the greater of (i) $10,000,000 and (ii) 2% of CTA at such time; 

  
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 (j) Indebtedness incurred in a Qualified Receivables Transaction in an aggregate
amount not to exceed $100,000,000 at any time outstanding; 
 (k) liability in respect of the Indebtedness of any
Unrestricted Subsidiary or any Joint Venture in an aggregate amount not to exceed $10,000,000 at any time outstanding; provided that, in the case of Indebtedness of an Unrestricted Subsidiary, (i) such liability shall arise only as a
result of the pledge of (or a Guaranty limited in recourse solely to) Equity Interests in such Unrestricted Subsidiary held by the Borrower or a Restricted Subsidiary to secure such Indebtedness and (ii) such Indebtedness shall be Non-Recourse
Debt; 
 (l) Indebtedness of the Borrower or any Restricted Subsidiary or the issuance of any Disqualified Stock by the
Borrower or Preferred Stock by any Restricted Subsidiary in an aggregate amount not exceeding, at any one time outstanding, $20,000,000; and 

(m) (x) Permitted Unsecured Notes and (y) Refinancing Indebtedness thereof; provided that the Borrower is in
compliance, on a Pro Forma Basis, with the Financial Covenants immediately after giving effect to such Indebtedness; 
 provided that in the case of
clauses (j), (l) or (m), at the time of and after giving effect to the incurrence of any such Indebtedness no Potential Default or Event of Default shall exist. 

In the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in the clauses of
the preceding paragraph, the Borrower shall, in its sole discretion, divide, classify or reclassify (or later divide, classify, redivide or reclassify) such item of Indebtedness in any manner that complies with this covenant (including splitting
into multiple exceptions) and will only be required to include the amount and type of such Indebtedness in one of such clauses of the preceding paragraph. 

The accrual of interest or Preferred Stock or Disqualified Stock dividends or distributions, the accretion or amortization of original issue
discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of Preferred Stock or Disqualified Stock as Indebtedness due to a change in accounting principles, and the payment
of dividends or distributions on Preferred Stock or Disqualified Stock in the form of additional securities of the same class of Preferred Stock or Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Preferred
Stock or Disqualified Stock for purposes of this covenant; provided that the amount thereof shall be included in the calculation of Consolidated Interest Expense of the Borrower as accrued to the extent required by the definition of such
term. 
  

	 	8.2.2	Liens. 

 The Borrower shall not, and shall not cause or permit any Restricted Subsidiary
to, at any time, directly or indirectly, create, incur, assume or suffer to exist any Lien on any property or assets of the Borrower or any Restricted Subsidiary, tangible or intangible, now owned or hereafter acquired, or agree or become liable to
do so, except Permitted Liens. 
  

	 	8.2.3	Designation of Unrestricted Subsidiaries. 

 (a) The Board of Directors of the Borrower
may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary (including any newly acquired or newly formed Restricted Subsidiary at or prior to the time it is so acquired or formed but excluding any Restricted Subsidiary that
was previously an Unrestricted Subsidiary), or any Unrestricted Subsidiary as a Restricted Subsidiary; provided 

  
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that (i) immediately before and after such designation, no Potential Default or Event of Default shall have occurred and be continuing, (ii) immediately after giving effect to such
designation, the Borrower shall be in compliance, on a Pro Forma Basis, with the Financial Covenants and (iii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a “Restricted Subsidiary” for the purpose of any
Permitted Unsecured Notes (unless it is substantially concurrently being designated as an Unrestricted Subsidiary under such Permitted Unsecured Notes). Any (x) designation of a Subsidiary as an Unrestricted Subsidiary or (y) redesignation
as a Restricted Subsidiary will be evidenced to the Administrative Agent by delivering to the Administrative Agent a copy of a Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation
complied with the requirements of this Section 8.2.3. The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower or the relevant Restricted Subsidiary (as applicable) therein at the date of
designation in an amount equal to the Fair Market Value of the Borrower’s or such relevant Restricted Subsidiary’s (as applicable) investment therein, as determined in good faith by such Borrower or such relevant Restricted Subsidiary, and
the Investment resulting from such designation must otherwise be permitted under Section 8.2.4 [Loans and Investments]. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of
designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time. 
 (b) No Unrestricted Subsidiary shall: 

(1) have any Indebtedness other than Non-Recourse Debt; 

(2) except as permitted by Section 8.2.8 [Affiliate Transactions], be party to any agreement, contract, arrangement or
understanding with the Borrower or any Restricted Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Borrower or such Restricted Subsidiary than those that might be obtained at the
time from Persons who are not Affiliates of the Borrower; 
 (3) be a Person with respect to which either the Borrower or any
Restricted Subsidiary has any direct or indirect obligation (x) to subscribe for additional Equity Interests or (y) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of
operating results; or 
 (4) Guaranty or otherwise directly or indirectly provide credit support for any Indebtedness of the
Borrower or any Restricted Subsidiary, except to the extent such Guaranty would be and is released upon such designation as an Unrestricted Subsidiary. 
  

	 	8.2.4	Loans and Investments. 

 The Borrower shall not, and shall not cause or permit any
Restricted Subsidiary to, at any time, directly or indirectly, make or suffer to remain outstanding any Investment or become or remain liable for any Investments, except: 

(a) (i) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be
treated as expenses for accounting purposes and that are made in the ordinary course of business and (ii) loans or advances to officers, directors or employees made in the ordinary course of business; provided that such loans and
advances to all such officers, directors and employees do not exceed an aggregate amount of $5,000,000 outstanding at any time; 

(b) Temporary Cash Investments; 

  
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 (c) any transaction permitted under Section 8.2.6 [Liquidations, Mergers,
Consolidations, Acquisitions] (including any Permitted Acquisition); 
 (d) such Investments consisting of prepaid expenses,
negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Borrower or any Restricted Subsidiary; 

(e) any Investment existing on, or made pursuant to binding commitments existing on, the Closing Date and described on
Schedule 8.2.4, and any Investment consisting of an extension, modification or renewal of any such Investment existing on, or made pursuant to a binding commitment existing on, the Closing Date; provided that the amount of any
such Investment may be increased as otherwise permitted under this Section 8.2.4 [Loans and Investments]; 
 (f)
Investments (i) in any Loan Party or (ii) by any Restricted Subsidiary that is not a Loan Party in any other Restricted Subsidiary that is not a Loan Party; 

(g) any Investments received in compromise or resolution of (i) obligations of trade creditors or customers that were
incurred in the ordinary course of business of the Borrower or any Restricted Subsidiary, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer or
(ii) litigation, arbitration or other disputes; 
 (h) other Investments in an aggregate amount not to exceed at any one
time outstanding the greater of (i) $25,000,000 and (ii) 5% of CTA at such time; 
 (i) Investments in the form of
an increase in the ownership percentage of the Undivided Interests by the Loan Parties; 
 (j) Investments in (i) the
Pennsylvania Mine Complex in accordance with the ratable ownership of the Undivided Interests by the Loan Parties or (ii) any Specified Other Asset in accordance with the ratable ownership of the Permitted Other Undivided Interest therein by
the Loan Parties; provided that, in the case of this clause (ii), such Permitted Other Undivided Interest (and any increase in the ownership percentage therein) shall have been acquired in a Permitted Acquisition; 

(k) Investments in Unrestricted Subsidiaries; provided Investments pursuant to this clause (k) shall not exceed
$10,000,000 in the aggregate at any time; 
 (l) Investments in Joint Ventures; provided Investments pursuant to this
clause (l) shall not exceed in the aggregate at any time the greater of (i) $10,000,000 and (ii) 2% of CTA at such time; 

(m) an Investment in receivables owing to the Borrower or any Restricted Subsidiary if created or acquired in the ordinary
course of business and payable or dischargeable in accordance with customary trade terms, including such concessionary trade terms as the Borrower or any such Restricted Subsidiary deems reasonable under the circumstances; 

(n) Hedging Obligations permitted under Section 8.2.1(f) [Indebtedness]; 

(o) Investments in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection
with a Qualified Receivables Transaction permitted 

  
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under Section 8.2.1(j) [Indebtedness], including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Transaction or any
related Indebtedness; 
 (p) endorsements of negotiable instruments and documents in the ordinary course of business; 

(q) guarantees by the Borrower or a Restricted Subsidiary of performance of obligations incurred in the ordinary course of
business (other than for payment of Indebtedness or letter of credit reimbursement obligations); provided guarantees pursuant to this clause (q) of such obligations of Persons that are not Loan Parties shall not exceed $10,000,000 in the
aggregate at any time; and 
 (r) any Investment made as a result of the receipt of Designated Non-Cash Consideration in an
aggregate amount not to exceed the Threshold Amount at any one time outstanding; 
 provided that, in the case of clauses (h), (i), (k) or
(l) after giving effect to any such Investment no Event of Default or Potential Default shall exist or shall result from any such Investment. 
  

	 	8.2.5	Restricted Payments. 

 The Borrower shall not, and shall not cause or permit any
Restricted Subsidiary to, directly or indirectly, make a Restricted Payment, except: 
 (a) (i) the Closing Date
Distribution and (ii) to the extent the underwriters in the Qualified IPO exercise their “green shoe” option as contemplated in the Registration Statement, the Borrower may (A) use the net proceeds from the issuance and sale of
additional common units of the Borrower to make a cash distribution to CEI or one of its Subsidiaries concurrently with or promptly following the receipt of such proceeds and (B) purchase, redeem or otherwise acquire its common Equity Interests
from CEI, in an aggregate amount not to exceed the net proceeds received therefrom; 
 (b) so long as no Event of Default
exists or would be caused thereby, and only to the extent permitted by the Partnership Agreement, the Borrower may make distributions with respect to any fiscal quarter to the holders of its Equity Interests up to the amount of Available Cash with
respect to such fiscal quarter; 
 (c) payments of cash, dividends, distributions, advances or other Restricted Payments by
the Borrower or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or (ii) the conversion or exchange of Equity Interests of any such Person;

 (d) the repurchase, redemption or other acquisition or retirement for value of Equity Interests of the Borrower or any of
its Subsidiaries held by any current or former officer, director or employee of the Borrower, any of its Subsidiaries or the General Partner (to the extent granted to such person in respect of performance of services for the Borrower or any of its
Subsidiaries) (or their respective estates, heirs, family members, spouses, former spouses or beneficiaries under their estates or other permitted transferees), pursuant to the terms of any equity subscription agreement, stock option agreement,
shareholders’ agreement, compensation agreement or arrangement or similar agreement; provided that the aggregate amount of such acquisitions or retirements (excluding amounts representing cancellation of Indebtedness) shall not exceed

  
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$2,000,000 in any calendar year (with any portion of such $2,000,000 amount that is unused in any calendar year to be carried forward to successive calendar years and added to such amount,
provided that the amount carried forward shall not exceed $6,000,000 at any time); provided further that such amount in any calendar year may be increased by an amount not to exceed the cash proceeds of key man life insurance policies
received by the Borrower after the Closing Date; 
 (e) the Borrower and each of the Restricted Subsidiaries may purchase,
redeem or otherwise acquire its Equity Interests or make other Restricted Payments with the net cash proceeds received by the Borrower from the substantially concurrent issuance and sale of its new common or subordinated Equity Interests; 

(f) the repurchase of Equity Interests deemed to occur upon the exercise of stock or other equity options to the extent such
Equity Interests represent a portion of the exercise price of those stock or other equity options and any repurchase or other acquisition of Equity Interests made in lieu of withholding taxes in connection with any exercise or exchange of stock
options, warrants, incentives or other rights to acquire Equity Interests; 
 (g) prepayment of any Subordinated Obligations
with Refinancing Indebtedness thereof; 
 (h) repurchases of Subordinated Obligations of the Borrower or any Restricted
Subsidiary at a purchase price not greater than 100% of the principal amount of such Subordinated Obligations in the event of an asset disposition, in each case plus accrued and unpaid interest thereon, to the extent required by the terms of such
Subordinated Obligations, but only if the Borrower has complied with and fully satisfied its obligations in accordance with Section 8.2.7 [Dispositions]; and 

(i) any other Restricted Payments may be made in an amount not to exceed $10,000,000 in the aggregate per fiscal year. 

 

	 	8.2.6	Liquidations, Mergers, Consolidations, Acquisitions. 

 The Borrower shall not, and shall
not cause or permit any Restricted Subsidiary to, dissolve, liquidate or wind-up its affairs, or become a party to any merger or consolidation, or acquire all or substantially all of a business or division of any other Person; provided that:

 (a) (i) any Restricted Subsidiary may consolidate or merge into any other Restricted Subsidiary; provided that in
the case of a consolidation or merger involving a Loan Party, a Loan Party is the surviving entity and (ii) any Restricted Subsidiary may consolidate or merge into the Borrower; provided that the Borrower is the surviving entity; 

(b) the Borrower or any Restricted Subsidiary may acquire whether by purchase or by merger or consolidation, (x) all of
the ownership interests of another Person that becomes a Restricted Subsidiary, (y) substantially all of the assets of another Person or the assets constituting a business or division of another Person, or (z) any of the Specified Other
Assets, or Permitted Other Undivided Interests (including any increase in the ownership percentage of Permitted Other Undivided Interests) (each, a “Permitted Acquisition”); provided that each of the following requirements is
met: 
 (i) no Potential Default or Event of Default shall exist immediately prior to and after giving effect to such
Permitted Acquisition; 

  
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 (ii) after giving effect to such Permitted Acquisition, the amount of unused
Revolving Credit Commitments that could be drawn without breaching the Financial Covenants must be greater than or equal to at least 10% of the aggregate outstanding Revolving Credit Commitments at such time; 

(iii) after giving effect to such Permitted Acquisition, the Borrower and its Restricted Subsidiaries shall be in compliance on
a Pro Forma Basis with the Financial Covenants 
 (iv) to the extent that the acquisition includes the acquisition of Equity
Interests in any Person that is not a Loan Party or that does not become a Loan Party in connection with such acquisition, or of assets by any Restricted Subsidiary that is not a Loan Party, such acquisition shall be subject to Section 8.2.4
[Loans and Investments] (without giving effect to clause (c) thereof) and the aggregate Consideration attributable to such Equity Interests or assets shall count against availability under Section 8.2.4 [Loans and Investments] (other than
clause (c) thereof); and 
 (v) if the Consideration to be paid by the Restricted Subsidiaries for such Permitted
Acquisition exceeds the Threshold Amount, the Restricted Subsidiaries shall deliver to the Administrative Agent before or contemporaneously with such Permitted Acquisition: (1) a certificate of the Borrower in substantially the form of
Exhibit 8.2.6 evidencing (x) compliance, on a Pro Forma Basis, with the Financial Covenants and (y) compliance with the applicable requirements of clauses (b)(i), (ii) and (iii) of this Section 8.2.6 and (2) to
the extent reasonably requested by the Administrative Agent and not subject to confidentiality obligations owed to any Person other than CEI or any of its Subsidiaries, copies of any agreements entered into or proposed to be entered into by such
Loan Parties in connection with such Permitted Acquisition and such other information about such Person or its assets, and the Administrative Agent may, to the extent it receives any such copies of agreements or information, provide such copies of
agreements or information to the Lenders; 
 (c) Dispositions permitted by Section 8.2.7 [Dispositions] and any
liquidation, merger, consolidation or acquisition to effect such Disposition; provided that in the case of a consolidation or merger, the requirements of Section 8.2.6(a) are complied with, to the extent applicable; and 

(d) any Restricted Subsidiary that holds only de minimis assets and is not conducting any material business may dissolve. 

 

	 	8.2.7	Dispositions. 

 The Borrower shall not, and shall not cause or permit any Restricted
Subsidiary to, make any Disposition, except: 
 (a) any Disposition between or among the Borrower and the Restricted
Subsidiaries; provided that in the case of a consolidation or merger, the requirements of Section 8.2.6(a) are complied with, to the extent applicable; 

(b) any Disposition that constitutes a Restricted Payment permitted by Section 8.2.5 [Restricted Payments] or an
Investment permitted by Section 8.2.4 [Loans and Investments]; 

  
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 (c) an issuance or sale of Equity Interests by a Restricted Subsidiary to the
Borrower or to a Restricted Subsidiary; 
 (d) the sale of extracted Coal, other mineral products or other inventory in the
ordinary course of business; 
 (e) a sale, contribution, conveyance or other disposition of Receivables and related assets
of the type specified in the definition of Qualified Receivables Transaction by or to a Receivables Subsidiary in a Qualified Receivables Transaction permitted by Section 8.2.1(j) [Indebtedness]; 

(f) any Disposition of surplus, damaged, worn-out or obsolete assets in the ordinary course of business (including the
abandonment or other disposition of intellectual property, including seismic data and interpretations thereof, that is, in the reasonable judgment of the Borrower, no longer economically practicable to maintain or useful in the conduct of the
business of the Borrower and the Restricted Subsidiaries taken as whole); 
 (g) licenses and sublicenses by the Borrower or
any Restricted Subsidiary of software or intellectual property, including seismic data and interpretations thereof, in the ordinary course of business; 

(h) any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other
claims in the ordinary course of business; 
 (i) the granting of Permitted Liens and dispositions in connection with
Permitted Liens; 
 (j) the sale or other disposition of cash or Temporary Cash Investments or other financial instruments;

 (k) the early termination or unwinding of any Hedging Obligations; 

(l) any Disposition; provided that (i) within 365 days following any such Disposition of assets that were the
subject thereof are replaced by substitute, replacement or other assets of the type used in the business of the Borrower or any Restricted Subsidiary, and (ii) all such substitute assets are subject to the Collateral Agent’s Lien for the
benefit of the Secured Parties to the extent such substitute assets are required to be part of the Collateral pursuant to this Agreement or the other Loan Documents; provided that the fair market value of all assets Disposed of under this
clause in any given fiscal year (other than transfers of property subject to a Casualty Event or condemnation proceeding) shall not exceed $60,000,000; 

(m) leases or subleases of subsurface interests in Real Property that are not part of the Pennsylvania Mine Complex and are in
the reasonable judgment of the Borrower not economically practical for the Borrower or any of its Subsidiaries to mine or operate; 

(n) other Dispositions; provided that the fair market value of all assets Disposed of under this clause in any given
fiscal year (other than transfers of property subject to a Casualty Event or condemnation proceeding) shall not exceed the greater of (i) $10,000,000 and (ii) 2% of CTA as of the end of the preceding fiscal year; and 

(o) any Disposition that is not permitted by the other clauses of this Section 8.2.7 [Dispositions], which is approved by
the Required Lenders; 

  
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 provided that, (i) in the case of clauses (e), (l) and (n), no Potential Default or Event of
Default is then in existence or will result therefrom. 
  

	 	8.2.8	Affiliate Transactions. 

 The Borrower shall not, and shall not cause or permit any
Restricted Subsidiary to, enter into or permit to exist any transaction or series of transactions (including the purchase, sale, lease or exchange of any property, employee compensation arrangements or the rendering of any service) with, or for the
benefit of, any Affiliate of the Borrower (an “Affiliate Transaction”) unless the terms thereof, taken as a whole, are not materially less favorable to the Borrower or such Restricted Subsidiary than those that could be obtained at
the time of such transaction in arm’s-length dealings with a Person who is not such an Affiliate or, if in the good faith judgment of the Board of Directors, no comparable transaction is available with which to compare such Affiliate
Transaction, such Affiliate Transaction is otherwise fair to the Borrower or the relevant Restricted Subsidiary from a financial point of view. 

The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of foregoing
paragraph: 
 (a) any employment agreement, employee benefit plan, officer or director indemnification agreement or any
similar arrangement entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business and payments pursuant thereto; 

(b) any sale of Hydrocarbons or other mineral products to an Affiliate of the Borrower or the entering into or performance of
Hedging Contracts, contracts for exploring for, producing, gathering, marketing, processing, storing or otherwise handling Hydrocarbons, or activities or services reasonably related or ancillary thereto, or other operational contracts entered into
in the ordinary course of business which are fair to the Borrower and the Restricted Subsidiaries taken as a whole, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party, as determined
in good faith by the Borrower; 
 (c) the sale or issuance to an Affiliate of the Borrower of Capital Stock of the Borrower
that does not constitute Disqualified Stock, and the sale to an Affiliate of the Borrower of Indebtedness (including Disqualified Stock) of the Borrower in connection with an offering of such Indebtedness in a market transaction and on terms
substantially identical to those of other purchasers in such market transaction; 
 (d) transactions between the Borrower or
any Restricted Subsidiary with a Person that is an Affiliate of the Borrower (other than an Unrestricted Subsidiary of the Borrower) solely because of the ownership by the Borrower or any Restricted Subsidiary of Equity Interests in such Person
(including the transaction pursuant to which the Borrower or any Restricted Subsidiary acquired such Equity Interests); 

(e) transactions between the Borrower or any Restricted Subsidiary and any Person, a director of which is also a director of
the Borrower and such director is the sole cause for such Person to be deemed an Affiliate of the Borrower or such Restricted Subsidiary; provided that such director shall abstain from voting as a director of the Borrower on any matter
involving such other person; 

  
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 (f) the payment of reasonable fees to and reimbursements of expenses (including
travel and entertainment expenses and similar expenditures in the ordinary course of business) of employees, officers, directors or consultants of the Borrower or any of its Subsidiaries; 

(g) transactions between or among the Borrower and the Restricted Subsidiaries; 

(h) payments that are permitted under Section 8.2.5 [Restricted Payments]; 

(i) sales, contributions, conveyances and other transfers of Receivables and related assets of the type specified in the
definition of Qualified Receivables Transaction to a Receivables Subsidiary or any other similar transactions in connection with any Qualified Receivables Transaction permitted by Section 8.2.1(j) [Indebtedness]; 

(j) transactions effected, and payments made, in accordance with the terms of any agreement to which the Borrower or any
Restricted Subsidiary is a party as of the Closing Date and listed as an exhibit to the Registration Statement (but not including any acquisition of assets pursuant to the Omnibus Agreement, which shall be subject, in each case, to either the first
paragraph of this covenant or clause (m) below) and any amendments, modifications, supplements, extensions, renewals or replacements thereof so long as such amendments, modifications, supplements, extensions, renewals or replacements
(i) do not materially and adversely affect the rights, taken as a whole, of the Lenders as compared to the terms of such agreement in effect on the Closing Date, as determined in good faith by the Borrower or (ii) have received
“Special Approval” by the “Conflicts Committee” (as each term is defined in the Partnership Agreement); 

(k) any transaction in which the Borrower or any Restricted Subsidiary, as the case may be, delivers to the Administrative
Agent a letter from an accounting, appraisal or investment banking firm of national standing (or otherwise reasonably acceptable to the Administrative Agent) stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a
financial point of view or that such transaction meets the requirements of the preceding paragraph; 
 (l) loans or advances
to employees, officers or directors in the ordinary course of business and approved by the Borrower’s Board of Directors in an aggregate principal amount not to exceed $5,000,000 outstanding at any one time; 

(m) transactions that have received “Special Approval” by the “Conflicts Committee” (as each term is
defined in the Partnership Agreement); 
 (n) pledges by the Borrower or any Restricted Subsidiary of (or any Guaranty by the
Borrower or any Restricted Subsidiary limited in recourse solely to) Equity Interests in Unrestricted Subsidiaries for the benefit of lenders or other creditors of the Borrower’s Unrestricted Subsidiaries; and 

(o) the consummation of the Transactions and the payment of fees and expenses in connection therewith. 

 

	 	8.2.9	Change in Business. 

 The Borrower shall not, and shall not cause or permit any
Restricted Subsidiary to, engage in any business other than a Permitted Business. 

  
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	 	8.2.10	Fiscal Year. 

 The Borrower shall not, and shall not cause or permit any Restricted
Subsidiary to, change its fiscal year from the twelve-month period beginning January 1 and ending December 31. 
  

	 	8.2.11	Amendments to Certain Documents; Prepayments of Certain Indebtedness. 

 (a) The Borrower
shall not, and shall not cause or permit any Restricted Subsidiary to, amend its certificate of incorporation (including any provisions or resolutions relating to Capital Stock), by-laws, certificate of limited partnership, partnership agreement,
certificate of formation, limited liability company agreement or other organizational documents in a manner that would be adverse in any material respect to the Lenders. 

(b) The Borrower shall not, and shall not cause or permit any Restricted Subsidiary to, amend or modify or grant any waiver or release under
any Specified Material Contract, if such amendment, modification, waiver or release would be adverse in any material respect to the Lenders (including by affecting the assignability of any such contract or agreement in a manner that would have a
material and adverse effect on the rights of the Secured Parties in the Collateral (including in such agreement as Collateral); provided that amendments, waivers and consents under multiple Specified Material Contracts entered into
substantially contemporaneously shall be viewed taken as a whole. 
 (c) The Borrower shall not, and shall not cause or permit any
Restricted Subsidiary to, amend or modify or grant any waiver or release under any Material Contract, if such amendment, modification, waiver or release affects the assignability of any such contract or agreement in a manner that would have a
material and adverse effect on the rights of the Secured Parties in the Collateral (including in such agreement as Collateral) or could reasonably be expected to result in a Material Adverse Change; provided that amendments, waivers and
consents under multiple Material Contracts entered into substantially contemporaneously shall be viewed taken as a whole. 
 (d) The
Borrower shall not, and shall not cause or permit any of its Subsidiaries to, enter into any agreements governing Permitted Unsecured Notes or a Qualified Receivables Transaction, or any amendments to any of them, that would make any of them more
restrictive, to the Borrower or any Restricted Subsidiary in any material respect than the Loan Documents, except, in the case of a Qualified Receivables Transaction, as to assets relating to such Qualified Receivables Transaction. 

(e) The Borrower shall not, and shall not cause or permit any Restricted Subsidiary to, defease or make any prepayments, purchases,
repurchases, or redemptions of or in respect of any Permitted Unsecured Notes, unless at the time of any such prepayment, purchase, repurchase or redemption (or irrevocable notice thereof), no Event of Default or Potential Default shall exist or
shall result from such prepayment, purchase, repurchase or redemption after giving effect thereto. 
  

	 	8.2.12	Swaps. 

 The Borrower shall not, and shall not cause or permit any Restricted Subsidiary
to, enter into any Swap Agreement, other than those entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Restricted Subsidiary is exposed in the conduct of its business or the management of its
liabilities. 

  
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	 	8.2.13	Financial Covenants. 

 (a) Minimum Interest Coverage Ratio. Commencing with the
fiscal quarter ending [            ], 2015, the Borrower shall not permit the Interest Coverage Ratio, calculated as of the end of each fiscal quarter, to be less than 3.00 to 1.00. 

(b) Maximum Total Leverage Ratio. Commencing with the fiscal quarter ending
[            ], 2015, the Borrower shall not permit the Total Leverage Ratio to exceed, calculated as of the end of each fiscal quarter, 3.50 to 1.00. Notwithstanding the foregoing, upon
the consummation of a Material Permitted Acquisition and until the end of the second full fiscal quarter thereafter (the “Increase Period”), the maximum permitted Total Leverage Ratio shall be increased to 4.00 to 1.00 (the
“Step-Up”) during such Increase Period; provided that an Increase Period may not immediately following another Increase Period (that is, following an Increase Period, there shall be at least one fiscal quarter as of the end
of which the Total Leverage Ratio has been complied with without giving effect to the Step-Up). 
  

	 	8.2.14	Restrictions on Distributions from Restricted Subsidiaries. 

 The Borrower shall not, and
shall not cause or permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

(1) pay dividends or make any other distributions on its Capital Stock or pay any Indebtedness owed to the Borrower or any
Restricted Subsidiary (provided that (x) the priority that any series of Preferred Stock of a Restricted Subsidiary has in receiving dividends or liquidating distributions shall not be deemed to be a restriction on the ability to pay
dividends or make other distributions on its Capital Stock for purposes of this covenant and (y) the subordination of Indebtedness owed to the Borrower or any Restricted Subsidiary to other Indebtedness incurred by any Restricted Subsidiary
shall not be deemed a restriction on the ability to pay Indebtedness); 
 (2) make any loans or advances to the Borrower or a
Restricted Subsidiary (it being understood that the subordination of loans or advances made to the Borrower or any Restricted Subsidiary to other Indebtedness incurred by the Borrower or any Restricted Subsidiary shall not be deemed a restriction on
the ability to make loans or advances); or 
 (3) sell, lease or transfer any of its property or assets to the Borrower or a
Restricted Subsidiary. 
 The foregoing restrictions of this Section 8.2.14 [Restrictions on Distributions from Restricted
Subsidiaries] will not apply to encumbrances or restrictions existing under or by reason of: 
 (a) any encumbrance or
restriction in any agreement in effect on the Closing Date and set forth on Schedule 8.2.14; 
 (b) any encumbrance or
restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to any Indebtedness incurred by such Restricted Subsidiary on or prior to the date on which such Restricted Subsidiary was acquired by the Borrower or became a
Restricted Subsidiary (other than Indebtedness incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted
Subsidiary became a Restricted Subsidiary or was acquired by the Borrower) and outstanding on such date; 

  
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 (c) any encumbrance or restriction pursuant to an agreement effecting a
Refinancing of Indebtedness incurred pursuant to an agreement referred to in clause (a) or (b) of this paragraph or this clause (c) or contained in any amendment to an agreement referred to in clause (a) or (b) of this
paragraph or this clause (c); provided that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such refinancing agreement or amendment are no less favorable to the Lenders than encumbrances and
restrictions with respect to such Restricted Subsidiary contained in such agreements, as determined in good faith by the Borrower; 

(d) (i) customary non-assignment provisions in any contract, license, lease or sale or exchange agreement and (ii) cash,
other deposits, or net worth or similar requirements, in each case, imposed by suppliers, customers or lessors under contracts or leases, in the case of each of clauses (i) and (ii), entered into in the ordinary course of business; 

(e) in the case of clause (3) of the preceding paragraph, restrictions contained in Capital Lease Obligations, purchase
money obligations, security agreements or mortgages securing Indebtedness of a Restricted Subsidiary to the extent such restrictions restrict the transfer of the property subject to such Capital Lease Obligations, purchase money obligations,
security agreements or mortgages; 
 (f) any restriction with respect to a Restricted Subsidiary imposed pursuant to an
agreement entered into for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition; 

(g) any encumbrance or restriction in any agreement or instrument in the Existing Receivables Financing and in connection with
a Qualified Receivables Transaction; 
 (h) Liens otherwise permitted to be incurred under the provisions of
Section 8.2.2 [Liens] that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (i)
provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including, without limitation, agreements
entered into in connection with an Investment) entered into with the approval of the Borrower’s Board of Directors, which limitation is applicable only to the assets that are the subject of such agreements; 

(j) encumbrances or restrictions applicable only to a Foreign Subsidiary; 

(k) agreements governing Hedging Contracts, Interest Rate Agreements and Currency Agreements incurred not for speculative
purposes; 
 (l) any encumbrance or restriction with respect to an Unrestricted Subsidiary pursuant to or by reason of an
agreement that the Unrestricted Subsidiary is a party to or entered into before the date on which such Unrestricted Subsidiary became a Restricted Subsidiary; provided that such agreement was not entered into in anticipation of the
Unrestricted Subsidiary becoming a Restricted Subsidiary and any such encumbrance or restriction does not extend to any assets or property of the Borrower or any other Restricted Subsidiary other than the assets and property of such Unrestricted
Subsidiary; and 
 (m) any encumbrances or restrictions imposed by any amendments of the contracts, instruments or
obligations referred to in clauses (a) through (m) of this paragraph; provided that such amendments are not materially more restrictive with respect to such encumbrances and restrictions than those prior to such amendment or
refinancing, as determined in good faith by the Borrower. 

  
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	 	8.2.15	Negative Pledge Agreements. 

 The Borrower shall not, and shall not cause or permit any
Restricted Subsidiary to, enter into or permit to exist any Contractual Requirement (other than this Agreement or any other Loan Document) that limits the ability of the Borrower or any Restricted Subsidiary to create, incur, assume or suffer to
exist Liens on property of such Person (other than property specifically excluded from the Collateral requirements pursuant to Section 8.1.17(b) [Collateral]) for the benefit of the Secured Parties with respect to the Obligations or under the
Loan Documents; provided that the foregoing shall not apply to each of the following Contractual Requirements that: 

(a) (i) exist on the Closing Date and (to the extent not otherwise permitted by this Section 8.2.15) are listed on
Schedule 8.2.15 and (ii) to the extent Contractual Requirements permitted by subclause (i) are set forth in an agreement evidencing Indebtedness or other obligations, are set forth in any agreement evidencing any Refinancing
Indebtedness of such Indebtedness or obligation so long as such Refinancing Indebtedness does not expand the scope of such Contractual Requirement; 

(b) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary, so
long as such Contractual Requirements were not entered into solely in contemplation of such Person becoming a Restricted Subsidiary; 

(c) arise pursuant to agreements entered into with respect to any Disposition permitted by Section 8.2.7 [Dispositions]
and applicable solely to assets under such Disposition; 
 (d) are customary provisions in joint venture agreements and other
similar agreements permitted by Section 8.2.4 [Loans and Investments] and applicable to the joint ventures owned by the Borrower or any Restricted Subsidiary; 

(e) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 8.2.1
[Indebtedness], but solely to the extent any negative pledge relates to the property financed by or the subject of such Indebtedness; 

(f) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as
such restrictions relate to the assets subject thereto; 
 (g) comprise restrictions imposed by any agreement relating to
secured Indebtedness permitted pursuant to 8.2.1 [Indebtedness] to the extent that such restrictions apply only to the property or assets securing such Indebtedness; 

(h) are customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the Borrower
or any Restricted Subsidiary; 
 (i) are customary provisions restricting assignment of any agreement entered into in the
ordinary course of business; 
 (j) restrict the use of cash or other deposits imposed by customers under contracts entered
into in the ordinary course of business; 

  
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 (k) are imposed by requirements of Law; 

(l) customary net worth provisions contained in real property leases entered into by any Restricted Subsidiary, so long as the
Borrower has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of the Borrower and the Restricted Subsidiaries to meet their ongoing obligation; 

(m) are customary restrictions and conditions contained in the document relating to any Lien, so long as (i) such Lien is
a Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien and (ii) such restrictions and conditions are not created for the purpose of avoiding the restrictions imposed by this
Section 8.2.15; 
 (n) are restrictions imposed by any agreement relating to Indebtedness incurred pursuant to
Section 8.2.1 [Indebtedness] or Refinancing Indebtedness in respect thereof, to the extent such restrictions are not materially more restrictive, taken as a whole, than the restrictions contained in the Loan Documents as determined by the
Borrower in good faith and do not restrict Liens on the Collateral to secure the Obligations; 
 (o) are restrictions
regarding licenses or sublicenses by the Borrower and the Restricted Subsidiaries of intellectual property in the ordinary course of business (in which case such restriction shall relate only to such intellectual property); 

(p) are encumbrances or restrictions contained in an agreement or other instrument of a Person acquired by or merged or
consolidated with or into the Borrower or any Restricted Subsidiary, or of an Unrestricted Subsidiary that is designated a Restricted Subsidiary, or that is assumed in connection with the acquisition of assets from such Person, in each case that is
in existence at the time of such transaction (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the
property or assets of the Person and its Subsidiaries, so acquired or designated; and 
 (q) are encumbrances or restrictions
imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (a) through (p) above; provided
that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower’s Board of Directors, no more restrictive in any material respect with
respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

  
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	 	8.3	Reporting Requirements. 

 The Loan Parties, jointly and severally, covenant and agree
that until payment in full of the Loans, Reimbursement Obligations and Letter of Credit Borrowings and interest thereon, expiration or termination of all Letters of Credit, satisfaction of all of the Loan Parties’ other Obligations hereunder
and under the other Loan Documents and termination of the Commitments, the Loan Parties will furnish or cause to be furnished to the Administrative Agent and each of the Lenders: 

 

	 	8.3.1	Quarterly Financial Statements. 

 Commencing with the fiscal quarter ending after the
Closing Date, as soon as available and in any event within 45 calendar days after the end of each of the first three fiscal quarters in each fiscal year (or by the date that is 45 days after the Closing Date, in the case of the first fiscal quarter
ending after the Closing Date), (i) financial statements of the Borrower, consisting of a consolidated balance sheet as of the end of such fiscal quarter and related consolidated statements of operations, net investment and cash flows for the
fiscal quarter then ended and the fiscal year through that date, all in reasonable detail and certified (subject to normal year-end audit adjustments) by the Chief Financial Officer or Treasurer of the Borrower (or the General Partner) as having
been prepared in accordance with GAAP, consistently applied, and setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal year (which, for the first four full fiscal quarters
following the Qualified IPO may be the financial statements for the predecessor as described in the Registration Statement) and (ii) a management’s discussion and analysis of financial condition and results of operations for each period
for which financial statements are delivered pursuant to clause (i) above. 
  

	 	8.3.2	Annual Financial Statements. 

 As soon as available and in any event within 90 days after
the end of each fiscal year of the Borrower, (i) financial statements of the Borrower consisting of a consolidated balance sheet as of the end of such fiscal year, and related consolidated statements of operations, net investment and cash flows
for the fiscal year then ended, all in reasonable detail and setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal year (which, for the first fiscal year following the
Qualified IPO may be the financial statements for the predecessor as described in the Registration Statement), and certified by independent certified public accountants of nationally recognized standing reasonably satisfactory to the Administrative
Agent and (ii) a management’s discussion and analysis of financial condition and results of operations for each fiscal year for which financial statements are delivered pursuant to clause (i) above. The certificate or report of
accountants shall be free of qualifications (other than any consistency qualification that may result from a change in the method used to prepare the financial statements as to which such accountants concur) or explanation statement as to
“going concern” or similar matter or the scope of such audit. 
  

	 	8.3.3	SEC Website. 

 Reports or other information required to be delivered pursuant to
Section 8.3.1 [Quarterly Financial Statements], Section 8.3.2 [Annual Financial Statements] and Sections 8.3.7(a) and (b) [Budgets, Forecasts, Other Reports and Information] shall be deemed to have been delivered on the date on
which such report or other information is posted on the SEC’s website at www.sec.gov, and such posting shall be deemed to satisfy the reporting and delivery requirements of Sections 8.3.1 [Quarterly Financial Statements], 8.3.2 [Annual
Financial Statements] and 8.3.7(a) and (b) [Budgets, Forecasts, Other Reports and Information]. 
  

	 	8.3.4	Certificate of the Borrower. 

 On or prior to the date that the financial statements of
the Borrower furnished to the Administrative Agent and to the Lenders pursuant to Section 8.3.1 [Quarterly Financial Statements] and Section 8.3.2 [Annual Financial Statements] are required to be furnished, a certificate (each a
“Compliance Certificate”) of the Borrower signed by the Chief Financial Officer or Treasurer of the Borrower, in the form of Exhibit 8.3.4, to the effect that, except as described pursuant to Section 8.3.5 [Notice
of Default], (i) the representations and warranties of the Borrower contained in Section 6 [Representations and Warranties] and in the other Loan Documents are true in all material respects on and as of the date of such

  
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certificate (except representations and warranties which expressly relate solely to an earlier date or time), (ii) no Event of Default or Potential Default exists and is continuing on the
date of such certificate, (iii) specifying the occurrence of a Step-Up pursuant to the terms of Section 8.2.13(b) [Maximum Total Leverage Ratio] and the related Increase Period, (iv) containing calculations in sufficient detail to
demonstrate compliance as of the date of such financial statements with the Financial Covenants, (v) describing the commodity Swap Agreements in place to which any Loan Party is a party and confirming that all such Swap Agreements are Swap
Agreements that the Loan Parties are permitted to enter under Section 8.2.12 [Swaps]. 
  

	 	8.3.5	Notice of Default. 

 Promptly after any Responsible Officer of the Borrower has learned
of the occurrence of an Event of Default or Potential Default, a certificate signed by a Responsible Officer of the Borrower setting forth the details of such Event of Default or Potential Default and the action that the Borrower proposes to take
with respect thereto. 
  

	 	8.3.6	Certain Events. 

 Written notice to the Administrative Agent, for provision to the
Lenders: 
 (a) promptly after any Responsible Officer of the Borrower has learned of the commencement thereof, notice of all
actions, suits, proceedings or investigations before or by any Official Body or any other Person against the Borrower or any of its Subsidiaries (that would reasonably be expected to result in a liability against such Person) (i) relating to
the Collateral involving a claim or series of claims in excess of the Threshold Amount or (ii) which if adversely determined would constitute a Material Adverse Change; 

(b) promptly after any Responsible Officer of the Borrower has knowledge thereof, any event which could reasonably be expected
to result in a Material Adverse Change; 
 (c) promptly after any Responsible Officer of the Borrower has knowledge thereof,
any material breach under any Material Contract; 
 (d) promptly after any Loan Party incurs obligations or liabilities that
are due and payable arising in connection with or as a result of the early or premature termination of Swap Agreements (whether or not occurring as a result of a default thereunder), which would exceed the Threshold Amount in the aggregate; and 

(e) within five (5) Business Days after any Responsible Officer of the Borrower has knowledge thereof, of the occurrence
of any ERISA Event that would reasonably be expected to constitute a Material Adverse Change. 
  

	 	8.3.7	Budgets, Forecasts, Other Reports and Information. 

 (a) Concurrently with or prior to
the delivery of financial statements pursuant to Section 8.3.2 [Annual Financial Statements] for any fiscal year, the budget for the succeeding fiscal year; 

(b) Any reports, notices or proxy statements generally distributed by the Borrower to its stockholders on a date no later than the date
supplied to such stockholders; 

  
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 (c) Regular or periodic reports, including Forms 10-K, 10-Q and 8-K, registration statements and
prospectuses, filed by the Borrower or any of its Subsidiaries with the SEC; 
 (d) Simultaneously with each delivery of financial
statements referred to in Sections 8.3.1 [Quarterly Financial Statements] and 8.3.2 [Annual Financial Statements], the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted
Subsidiaries (if any) from such consolidated financial statements; 
 (e) Simultaneously with each delivery of financial statements referred
to in Section 8.3.2 [Annual Financial Statements], a certificate of a Responsible Officer of the Borrower setting forth the information required pursuant to the Perfection Certificate Supplement or confirming that there has been no change in
such information since the date of the Perfection Certificate or latest Perfection Certificate Supplement; 
 (f) Promptly upon their
becoming available to the Borrower, a copy of any order in any proceeding to which the Borrower or any of its Subsidiaries is a party issued by any Official Body to the extent it could reasonably be expected to result in a Material Adverse Change;
and 
 (g) Promptly upon request, such other reports and information as any of the Lenders may from time to time reasonably request,
including five year projections of the Borrower. 
 9. DEFAULT 
  

	 	9.1	Events of Default. 

 An Event of Default shall mean the occurrence or existence of any
one or more of the following events or conditions (whatever the reason therefor and whether voluntary, involuntary or effected by operation of Law): 
  

	 	9.1.1	Payments Under Loan Documents. 

 (a) The Borrower shall fail to make (i) any payment
of principal on any Loan when due or (ii) payment on any Letter of Credit Borrowing within one (1) Business Day after such amount becomes due; 

(b) The Borrower shall fail to pay any interest on any Loan or any Letter of Credit Borrowing within three (3) Business Days after such
interest becomes due in accordance with the terms hereof; or 
 (c) The Borrower shall fail to pay any other amount owing hereunder
(specifically excluding principal, Letter of Credit Borrowings and interest, which are addressed in subparagraphs (a) and (b) above) or under the other Loan Documents within three (3) Business Days after the time period specified
herein or therein and, if no time period is specified, then within ten (10) Business Days after a demand or notice has been provided to the Borrower requesting payment of such amount; 

 

	 	9.1.2	Breach of Warranty. 

 Any representation or warranty made at any time by any of the Loan
Parties herein or by any of the Loan Parties in any other Loan Document, or in any certificate, other instrument or statement furnished pursuant to the provisions hereof or thereof, shall prove to have been false or incorrect in any material respect
as of the time it was made or furnished; 

  
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	 	9.1.3	Breach of Certain Covenants. 

 Any of the Loan Parties shall default in the observance or
performance of any covenant contained in Section 8.1.1 [Preservation of Existence, Etc.] (with respect to the legal existence of the Borrower only), Section 8.1.6 [Visitation Rights], Section 8.1.11 [Use of Proceeds],
Section 8.1.13 [Anti-Terrorism Laws; International Trade Law Compliance], Section 8.2 [Negative Covenants] or Section 8.3.5 [Notice of Default]; 
  

	 	9.1.4	Breach of Other Covenants. 

 Any of the Loan Parties shall default in the observance or
performance of any other covenant, condition or provision hereof or of any other Loan Document and such default shall continue unremedied for a period of 30 days after any Responsible Officer of any Loan Party becomes aware of the occurrence
thereof; 
  

	 	9.1.5	Defaults in Other Agreements or Indebtedness. 

 A breach, default or event of default
shall occur at any time under the terms of any other agreement involving borrowed money or the extension of credit or any other Indebtedness under which the Borrower or any Restricted Subsidiary for all such Indebtedness may be obligated as a
borrower or guarantor in excess of the Threshold Amount in the aggregate for such Indebtedness, and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto) any Indebtedness
when due (whether at stated maturity, by acceleration or otherwise) or if such breach or default permits or causes the acceleration of any Indebtedness or the termination of any commitment to lend in excess of the Threshold Amount; 

 

	 	9.1.6	Final Judgments or Orders. 

 Any final judgments, awards or orders not covered by
insurance for the payment of money in excess of the Threshold Amount in the aggregate shall be entered against the Borrower or any Restricted Subsidiary by a court having jurisdiction in the premises, which judgment is not discharged, vacated,
bonded or stayed pending appeal within a period of sixty (60) days from the date of entry; 
  

	 	9.1.7	Loan Document Unenforceable. 

 (a) Any of the Loan Documents to which any Loan Party is a
party (i) shall cease to be a legal, valid and binding agreement enforceable against such Person executing the same or such Person’s successors and assigns (as permitted under the Loan Documents) in accordance with the respective terms
thereof or shall cease to be in full force and effect (in either case except by operation of its terms), or (ii) shall be contested or challenged by any Loan Party or any agent thereof or (iii) cease to give or provide the respective
Liens, security interests, rights, titles, interests, remedies, powers or privileges intended to be created thereby on assets with an aggregate value (for all assets as to which an event described in this clause (iii) or the clause
(b) below has occurred and is continuing) in excess of the Threshold Amount (except by operation of its terms) or (b) any security interest and Lien purported to be created by any Security Document on assets with an aggregate value (for
all assets as to which an event described in this clause (b) or the clause (a)(iii) above has occurred and is continuing) in excess of the Threshold Amount shall cease to be in full force and effect, or shall cease to give the Collateral Agent,
for the benefit of the Secured Parties, the Liens, rights, powers and privileges purported to be created and granted under such Security Document (except as otherwise expressly provided in such Security Document); 

  
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	 	9.1.8	Inability to Pay Debts. 

 (i) The Borrower or any Restricted Subsidiary becomes unable or
admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any substantial part of the property of any
such Person with an aggregate value (for all property described in this clause (ii)) in excess of the Threshold Amount and is not released, vacated, stayed, dismissed or fully bonded within 60 days after its issue or levy; 

 

	 	9.1.9	ERISA. 

 The occurrence of any of the following events that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Change: (i) an ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the
expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan; 
  

	 	9.1.10	Change of Control. 

 A Change of Control shall occur; 

 

	 	9.1.11	Operating Agreement. 

 A Loan Party shall not be the “Operator” under the
Operating Agreement; 
  

	 	9.1.12	Involuntary Proceedings. 

 A proceeding shall have been instituted in a court having
jurisdiction in the premises seeking a decree or order for relief in respect of any Loan Party in an involuntary case under any applicable bankruptcy, insolvency, reorganization or other similar law now or hereafter in effect, or for the appointment
of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of any Loan Party for any substantial part of its property, or for the winding-up or liquidation of its affairs, and such proceeding shall
remain undismissed or unstayed and in effect for a period of sixty (60) consecutive days or such court shall enter a decree or order granting any of the relief sought in such proceeding; 

 

	 	9.1.13	Voluntary Proceedings. 

 Any Loan Party shall commence a voluntary case under any
applicable bankruptcy, insolvency, reorganization or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment or taking possession
by a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or other similar official) of itself or for any substantial part of its property or shall make a general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due, or shall take any action in furtherance of any of the foregoing; or 
  

	 	9.1.14	Material Contracts. 

 Any termination of any Material Contract shall occur that could
reasonably be expected to result in a Material Adverse Change; provided that no Event of Default shall exist with respect to the termination of such Material Contract (other than the Operating Agreement and the Partnership Agreement)

  
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(a) for the 90 days after such termination so long as the Borrower is using commercially reasonable efforts to replace such Material Contract or (b) if such Material Contract is replaced
within 90 days after such termination with a Material Contract that is not materially less favorable (taken as a whole) to the Borrower and its Subsidiaries or the Lenders than the Material Contract that was terminated; 

 

	 	9.2	Consequences of Event of Default. 

  

	 	9.2.1	Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. 

 If
an Event of Default specified under Sections 9.1.1 [Payments Under Loan Documents] through 9.1.10 [Change of Control] shall occur and be continuing, no further obligation shall exist on the part of the Lenders to make Loans or any Issuing
Lender to issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Lenders, shall, (i) by written notice to the Borrower, declare the unpaid principal amount of the Loans then
outstanding and all interest accrued thereon, any unpaid fees and all other Obligations (other than Obligations under Specified Swap Agreements and Other Lender Provided Financial Service Products) to be forthwith due and payable, and the same shall
thereupon become and be immediately due and payable to the Administrative Agent for the benefit of the Persons entitled thereto without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and
(ii) require the Borrower to, and the Borrower shall thereupon, Cash Collateralize all Letter of Credit Obligations comprised of the aggregate undrawn amount of Letters of Credit (to the extent not otherwise Cash Collateralized by the Borrower
pursuant to this Agreement). Moneys in such account shall be applied by the Administrative Agent (x) first, to reimburse each of the Issuing Lenders for LC Disbursements for which it has not been reimbursed and (y) second, after the Letter
of Credit Obligations have been paid in full and otherwise terminated or expired, to satisfy other outstanding Obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Lenders, the Administrative Agent shall
return the cash collateral to the Borrower; and 
  

	 	9.2.2	Bankruptcy, Insolvency or Reorganization Proceedings. 

 If an Event of Default specified
under Section 9.1.12 [Involuntary Proceedings] or Section 9.1.13 [Voluntary Proceedings] shall occur, no further obligation shall exist on the Lenders or any Issuing Lender to issue any Letters of Credit hereunder, and the unpaid principal
amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Obligations (other than Obligations under Specified Swap Agreements and Other Lender Provided Financial Service Products) shall be immediately due
and payable, and the Borrower shall immediately Cash Collateralize all Letter of Credit Obligations comprised of the aggregate undrawn amount of Letters of Credit (to the extent not otherwise Cash Collateralized by the Borrower pursuant to this
Agreement), in each case, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and 
  

	 	9.2.3	Set-off. 

 If an Event of Default shall occur and be continuing, any Secured Party to
whom any Obligation is owed by any Loan Party hereunder or under any other Loan Document or any participant of any Lender which has agreed in writing to be bound by the provisions of Section 5.3 [Sharing of Payments by Lenders] and any branch,
Subsidiary or Affiliate of Secured Party anywhere in the world shall have the right (to the extent permitted by applicable Law), in addition to all other rights and remedies available to it, without notice to such Loan Party, to set-off against and
apply to the then unpaid balance of all the Loans and all other Obligations of the Borrower and the other Loan Parties hereunder or under any other Loan Document any debt owing to, and any other funds held in any manner for the account of, the
Borrower or such other Loan Party by such Secured Party or participant or by such branch, Subsidiary 

  
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or Affiliate, including all funds in all deposit accounts (whether time or demand, general or special, provisionally credited or finally credited, or otherwise) now or hereafter maintained by the
Borrower or such other Loan Party for its own account (but not including funds held in custodian or trust accounts or funds not otherwise beneficially owned by the Borrower or such other Loan Party) with such Secured Party or participant or such
branch, Subsidiary or Affiliate. Such right shall exist whether or not any Secured Party shall have made any demand under this Agreement or any other Loan Document, whether or not such debt owing to or funds held for the account of the Borrower or
such other Loan Party is or are matured or unmatured and regardless of the existence or adequacy of any Collateral, Guaranty or any other security, right or remedy available to any Secured Party; and 

 

	 	9.2.4	[Reserved]. 

  

	 	9.2.5	Application of Proceeds. 

 From and after the date on which the Administrative Agent has
taken any action pursuant to this Section 9.2 [Consequences of Event of Default] and until all Obligations of the Loan Parties have been Paid in Full, any and all proceeds received by the Administrative Agent from any sale or other disposition
of the Collateral, or any part thereof, or the exercise of any other remedy by the Collateral Agent or the Administrative Agent, shall be applied, as follows: 

(a) First, to payment of that portion of the Obligations constituting fees, indemnities, out-of-pocket expenses and
other amounts (including reasonable fees, charges and disbursements of counsel to the Administrative Agent and the Collateral Agent) payable to the Administrative Agent or the Collateral Agent in their respective capacities as such; 

(b) Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than
principal, interest and Letter of Credit Fees) payable to the Lenders and the Issuing Lenders (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Lenders) arising under the Loan Documents, ratably among
them in proportion to the respective amounts described in this clause (b) payable to them; 
 (c) Third, to
payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, Letter of Credit Borrowings and other Obligations arising under the Loan Documents, ratably among the Lenders and the Issuing
Lenders in proportion to the respective amounts described in this clause (c) payable to them; 
 (d) Fourth, to
the Administrative Agent for the account of the Issuing Lenders, to Cash Collateralize that portion of Letter of Credit Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the
Borrower pursuant to this Agreement; 
 (e) Fifth, to payment of that portion of the Obligations constituting unpaid
principal of the Loans, Letter of Credit Borrowings and Obligations then owing under Specified Swap Agreements and Other Lender Provided Financial Service Product, ratably among the Lenders, the Issuing Lenders and the providers of Specified Swap
Agreements and Other Lender Provided Financial Service Product in proportion to the respective amounts described in this clause (e) held by them; and 

(f) Last, the balance, if any, after all of the Obligations have been indefeasibly Paid in Full, to the Borrower or as
otherwise required by Law. 

  
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 Notwithstanding the foregoing, (a) amounts received from the Borrower or any Guarantor that is not a
Qualified ECP Loan Party shall not be applied to the Obligations that are Excluded Swap Obligations (it being understood, that in the event that any amount is applied to Obligations other than Excluded Swap Obligations as a result of this clause
(a), the Administrative Agent shall make such adjustments as it determines are appropriate to distributions pursuant to clause Fifth above from amounts received from Qualified ECP Loan Party to ensure, as nearly as possible, that the proportional
aggregate recoveries with respect to Obligations described in clause Fifth above by the holders of any Excluded Swap Obligations are the same as the proportional aggregate recoveries with respect to other Obligations pursuant to clause Fifth above)
and (b) Obligations arising under Specified Swap Agreements and Other Lender Provided Financial Service Products shall be excluded from the application described above if the Administrative Agent has not received written notice thereof,
together with such supporting documentation as the Administrative Agent may request, from the counterparty to such Specified Swap Agreement or Other Lender Provided Financial Service Product, as the case may be. Each counterparty to a Specified Swap
Agreements and Other Lender Provided Financial Service Products not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the
Administrative Agent pursuant to the terms of Section 10 [The Administrative Agent] hereof for itself and its Affiliates as if a “Lender” party hereto. 
  

	 	9.2.6	Collateral Agent 

 All Liens granted as security for the Obligations under the Security
Documents and any other Loan Document shall secure the Obligations ratably and on a pari passu basis in favor of the Collateral Agent for the benefit of the Secured Parties. No provider of a Specified Swap Agreement or Other Lender Provided
Financial Services Product (except in its capacity as a Lender hereunder (to the extent that this Agreement or any other Loan Document empowers the Lenders to direct the Administrative Agent)) shall be entitled or have the power to direct or
instruct the Collateral Agent on any such matters or to control or direct in any manner the maintenance or disposition of the Collateral. 
  

	 	9.2.7	Other Rights and Remedies. 

 In addition to all of the rights and remedies contained in
this Agreement or in any of the other Loan Documents (including each Mortgage), the Administrative Agent and the Collateral Agent shall have all of the rights and remedies of a secured party under the Uniform Commercial Code or other applicable Law,
all of which rights and remedies shall be cumulative and non-exclusive, to the extent permitted by Law. The Administrative Agent and the Collateral Agent may, and upon the request of the Required Lenders shall, exercise all post-default rights
granted to the Administrative Agent and the Lenders under the Loan Documents or applicable Law. 
  

	 	9.3	Notice of Sale. 

 Any notice required to be given by the Collateral Agent of a sale,
lease, or other disposition of the Collateral or any other intended action by the Collateral Agent, if given to the Borrower at least ten (10) days prior to such proposed action, shall constitute commercially reasonable and fair notice thereof
to the Borrower. 
 10. THE ADMINISTRATIVE AGENT 
  

	 	10.1	Appointment and Authority. 

 Each Lender (including in its capacity as a counterparty to
a Specified Swap Agreement or Other Lender Provided Financial Service Product or an Affiliate of such counterparty on behalf of such 

  
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Affiliate) and Issuing Lender hereby irrevocably designates, appoints and authorizes PNC to act as Administrative Agent and Collateral Agent for such Lender under the Loan Documents and to
execute and deliver or accept on behalf of each of the Lenders the other Loan Documents. Each Lender hereby irrevocably authorizes, and each holder of any Note by the acceptance of a Note shall be deemed irrevocably to authorize, the Administrative
Agent to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and any other instruments and agreements referred to herein, and to exercise such powers and to perform such duties hereunder as are
specifically delegated to or required of the Administrative Agent or any of them by the terms hereof, together with such powers as are reasonably incidental thereto. PNC agrees to act as the Administrative Agent on behalf of the Lenders to the
extent provided in the Loan Documents. The provisions of this Section 10 are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lender, and neither the Borrower nor any other Loan Party shall have rights as a third
party beneficiary of any of such provisions, except as set forth in Section 10.10 [Authorization to Release Collateral and Guarantors]. 
  

	 	10.2	Rights as a Lender. 

 The Person serving as the Administrative Agent hereunder shall have
the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account
therefor to the Lenders. 
  

	 	10.3	Exculpatory Provisions. 

 The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Potential Default or Event of
Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may
expose such Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; and 
 (c) shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or
obtained by the Person serving as the Administrative Agent any of its Affiliates in any capacity. 
 The Administrative Agent shall not be
liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith
shall be necessary, 

  
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under the circumstances as provided in Sections 11.1 [Modifications, Amendments or Waivers] and 9.2 [Consequences of Event of Default]) or (ii) in the absence of its own gross
negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Potential Default or Event of Default unless and until notice describing such Potential Default or Event of Default is given to the
Administrative Agent by the Borrower, a Lender or the Issuing Lender. 
 The Administrative Agent shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Potential Default or Event of Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 7 [Conditions of
Lending and Issuance of Letters of Credit] or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  

	 	10.4	Reliance by Agents. 

 The Administrative Agent shall be entitled to rely upon, and shall
not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be
genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall
not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing
Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Lender prior to the
making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  

	 	10.5	Delegation of Duties. 

 The Administrative Agent may perform any and all of its duties
and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Section 10 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of
the credit facilities provided for herein as well as activities as Administrative Agent. 
  

	 	10.6	Resignation of Agents. 

 The Administrative Agent may at any time give notice of its
resignation to the Lenders, the Issuing Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with approval from the Borrower (so long as no Event of Default has occurred and is
continuing), to appoint a successor, such approval not to be unreasonably withheld or delayed. 

  
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If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives
notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative
Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (i) the retiring Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Lender under any of the Loan
Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations provided to be made by, to
or through the Administrative Agent shall instead be made by or to each Lender and the Issuing Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section 10.6. Upon
the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the
retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 10.6). The fees payable by the Borrower
to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan
Documents, the provisions of this Section 10.6 and Section 11.3 [Expenses; Indemnity; Damage Waiver] shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

If PNC resigns as Administrative Agent under this Section 10.6, PNC shall also resign as Swingline Lender and as an Issuing Lender. If
PNC resigns as an Issuing Lender, it shall retain all the rights, powers, privileges and duties of an Issuing Lender with respect to all Letters of Credit issued by it that remain outstanding as of the effective date of its resignation as Issuing
Lender and all Letter of Credit Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations in Letter of Credit Borrowings pursuant to Section 2.9.3 [Participations,
Disbursements, Reimbursement]. If PNC resigns as Swingline Lender, the Borrower shall repay any outstanding Swing Loans on or prior to the effective date of such resignation and, to the extent any Swing Loans remain outstanding as of the effective
date of its resignation as Swingline Lender, PNC shall retain all the rights, powers, privileges and duties of a Swingline Lender with respect to such Swing Loans, including the right to require the Lenders to make Base Rate Loans pursuant to
Section 2.10 [Borrowings to Repay Swing Loans]. Upon the appointment of a successor Administrative Agent hereunder, such successor shall (i) succeed to all of the rights, powers, privileges and duties of PNC as a retiring Swingline Lender
and Issuing Lender and Administrative Agent and PNC shall be discharged from all of its respective duties and obligations as Swingline Lender and Issuing Lender and Administrative Agent under the Loan Documents and (ii) issue letters of credit
in substitution for the Letters of Credit issued by PNC, if any, outstanding at the time of such succession or make other arrangement satisfactory to PNC to effectively assume the obligations of PNC with respect to such Letters of Credit. 

If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become
effective in accordance with such notice on the Removal Effective Date. 

  
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	 	10.7	Non-Reliance on Administrative Agent and Other Lenders. 

 Each Lender and the Issuing
Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender and the Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on
such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder. 
  

	 	10.8	No Other Duties, Etc. 

 Anything herein to the contrary notwithstanding, none of the
“Joint Lead Arrangers,” “Joint Bookrunners,” “Syndication Agent,” “Co-Documentation Agents” or Lenders listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or
any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Collateral Agent, the Swingline Lender, a Lender or an Issuing Lender hereunder. 

 

	 	10.9	Administrative Agent’s Fee. 

 The Borrower shall pay to the Administrative Agent a
nonrefundable fee (the “Administrative Agent’s Fee”) under the terms of a letter (the “Administrative Agent’s Letter”) between the Borrower and Administrative Agent, as amended from time to time. 

 

	 	10.10	Authorization to Release Collateral and Guarantors. 

 It is expressly agreed by each
Lender and each Issuing Lender, that upon the written request of the Borrower (accompanied by such certificates and other documentation as the Administrative Agent may reasonably request) the Administrative Agent on behalf of the Lenders and without
any consent or action by any Lender, shall so long as no Event of Default exists after giving effect thereto, (x) release, subordinate, enter into non-disturbance agreements or consent to the release by the Collateral Agent of, or grant of an
option with respect to, (i) any Collateral or any Guarantor from a Guaranty Agreement or any other Loan Document, in either case, in connection with any sale, transfer, disposition to a Person that is not a Loan Party, merger with a Person that
is not a Loan Party or other transaction permitted or not prohibited by this Agreement (including a release of Accounts or related contracts giving rise to Accounts from time to time in connection with a Qualified Receivables Transaction), such
release to include releases from the Guaranty Agreement or any other Loan Document of any Loan Party that becomes an Excluded Subsidiary or ceases to be a Subsidiary pursuant to any sale, transfer, lease, disposition, merger or other transaction
permitted by this Agreement and a release of all the assets of such Loan Party that becomes an Excluded Subsidiary or ceases to be a Subsidiary, (ii) any assets no longer required to be Collateral pursuant to the terms hereof or of any other
Loan Document or (y) subordinate, enter into non-disturbance agreements, or grant of an option with respect to any assets in connection with any easements, permits, licenses, rights of way, options, surface leases or other surface rights or
interests permitted to be granted hereunder.

  
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	 	10.11	No Reliance on Administrative Agent’s Customer Identification Program. 

 Each Lender
acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on the Administrative Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer
identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP
Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates or their agents, the Loan Documents or the transactions
hereunder or contemplated hereby: (i) any identity verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices or (v) other procedures required under the CIP Regulations or
such other Laws. 
  

	 	10.12	Withholding Tax. 

 To the extent required by any applicable Law (as determined in good
faith by the Administrative Agent), the Administrative Agent may withhold from any payment to any Lender under any Loan Document an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 5.8
[Taxes], each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make payable in respect thereof within 10 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and
expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Official Body as a result of the failure of the Administrative Agent to
properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a
change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent
manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under
this Section 10.12 [Withholding Tax]. The agreements in this Section 10.12 [Withholding Tax] shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the
termination of the Commitments and the repayment, satisfaction or discharge of all other obligations. For the avoidance of doubt, the term “Lender” shall, for purposes of this Section 10.12 [Withholding Tax], include any Issuing
Lender. 
 11. MISCELLANEOUS 
  

	 	11.1	Modifications, Amendments or Waivers. 

  

	 	11.1.1	Required Consents. 

 With the written consent of the Required Lenders, the Administrative
Agent, acting on behalf of all the Lenders, and the Borrower, on behalf of the Loan Parties, may from time to time enter into written agreements amending or changing any provision of this Agreement or any other Loan Document or the rights of the
Lenders or the Loan Parties hereunder or thereunder, or may grant written waivers or consents hereunder or thereunder; provided that no consent of any Lender is required for releases, corrections, amendments, updates or other transactions or
actions authorized by Section 10.10 [Authorization to Release Collateral and Guarantors]. Any such agreement, waiver or consent made with such written consent shall be effective to bind all the Lenders and the Loan Parties; provided that
no such agreement, waiver or consent may be made which will: 
 (a) increase the amount of the Revolving Credit Commitment of
any Lender hereunder without the consent of such Lender; 

  
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 (b) whether or not any Loans are outstanding, extend the Maturity Date or the
time for payment of principal or interest of any Loan, the Commitment Fee or any other fee payable to any Lender, or reduce the principal amount of or the rate of interest borne by any Loan or reduce the Commitment Fee or any other fee payable to
any Lender, without the consent of each Lender directly affected thereby (it being understood that the waiver of (or amendment to the terms of) any mandatory prepayment of the Loans, changes to Section 8.2.13 or the definitions used therein or
the application (or waiver of application) of any rate increase described in Section 4.3 shall not constitute a postponement of any date scheduled for the payment of principal or interest or a reduction of principal, interest or fees); 

(c) except as otherwise provided in this Agreement, without the written consent of all the Lenders (other than Defaulting
Lenders), release all or substantially all of the Guarantors (as measured by fair market value of their assets) from their Obligations under the Guaranty Agreement; provided that the foregoing consents shall not be required in connection with
any sale, transfer, lease, disposition, merger or other transaction otherwise permitted by this Agreement, which such consents are given if required solely by the Administrative Agent pursuant to Section 10.10 [Authorization to Release
Collateral and Guarantors]; 
 (d) except as otherwise provided in this Agreement, without the written consent of all the
Lenders (other than Defaulting Lenders), release all or substantially all of the Collateral; provided that (x) the foregoing consents shall not be required in connection with any sale, transfer, lease, disposition, merger or other
transaction otherwise permitted by this Agreement, which such consents are given if required solely by the Administrative Agent pursuant to Section 10.10 [Authorization to Release Collateral and Guarantors], and (y) in the event that the
Borrower provides any applicable Issuing Lender with Cash Collateral to secure any Letters of Credit with an expiry date beyond the Revolving Maturity Date pursuant to Section 2.9.10 [Cash Collateral Prior to the Revolving Maturity Date] such
Issuing Lender is permitted to release such Cash Collateral without the consent of any Lender once such Letter of Credit has terminated, expired or has otherwise been returned to such Issuing Lender undrawn; or 

(e) amend Section 2.4 [Voluntary Commitment Reduction] with respect to the provision regarding ratable reduction of
Revolving Credit Commitments, Section 5.2 [Pro Rata Treatment of Lenders], Section 5.3 [Sharing of Payments by Lenders] or Section 9.2.5 [Application of Proceeds] or requiring all Lenders to authorize the taking of any action or
reduce any percentage specified in the definition of Required Lenders, in each case without the consent of all of the Lenders; 

(f) amend this Section 11.1 [Modifications, Amendments or Waivers] in a manner that would reduce the voting rights of any
Lender without consent of such affected Lender. 
 Notwithstanding the foregoing, this Agreement may be amended (or amended and restated)
with the written consent of the Required Lenders, the Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder
and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Credit Loans and the accrued interest and fees in respect thereof and (b) to include
appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 

  
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	 	11.1.2	Certain Amendments. 

 Notwithstanding Section 11.1.1(a) [Required Consents] or any
other provision in any Loan Document to the contrary, the Borrower and the Administrative Agent, on behalf of the Lenders and without any consent or action by any Lender, may amend, modify, supplement or restate in whole or in part any of the Loan
Documents from time to time or consent to such action by the Collateral Agent to (i) cure any defect or error, (ii) comply with any provision hereunder or under any other Loan Document, (iii) add Guarantors of the Obligations;
(iv) add property or other assets as Collateral, (v) add covenants of the Borrower or the other Loan Parties for the benefit of the Lenders or to surrender any right or power herein conferred upon the Borrower or any of the other Loan
Parties, (vi) approve of any correction or update to any Schedule hereto or to any other Loan Document to the extent such Schedule is being corrected in any manner that is not material or is being updated to reflect the consummation of any
transaction or exercise of any rights of the Loan Parties permitted hereunder for which no consent is required or for which the required consent has been received, (vii) release from perfection any Lien created by any Loan Document that is no
longer required by the terms hereof or such Loan Document to be perfected, or (viii) share Collateral on a pro rata basis with any counterparty to a Specified Swap Agreement described in clause (iii) of the definition of “Specified
Swap Agreement.” 
  

	 	11.1.3	Amendments Affecting the Administrative Agent, Etc. 

 No agreement, waiver or consent
which would modify the interests, rights or obligations of the Administrative Agent, the Swingline Lender or any Issuing Lender may be made without the written consent of the Administrative Agent, the Swingline Lender or such Issuing Lender, as
applicable. 
  

	 	11.1.4	Non-Consenting Lenders. 

 If in connection with any proposed waiver, amendment or
modification referred to in any of the clauses (a) through (f) in Section 11.1.1 [Required Consents], the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is
not obtained (each a “Non-Consenting Lender”), then the Borrower shall have the right to replace any such Non-Consenting Lender with one or more replacement Lenders pursuant to Section 5.6.2 [Replacement of a Lender]. 

 

	 	11.1.5	Defaulting Lenders. 

 Notwithstanding anything to the contrary herein, no Defaulting
Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of
the applicable Lenders other than Defaulting Lenders), except that (i) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender, and (ii) any waiver, amendment or modification requiring
the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender. 

 

	 	11.2	No Implied Waivers; Cumulative Remedies. 

 No course of dealing and no delay or failure
of the Administrative Agent or any Lender in exercising any right, power, remedy or privilege under this Agreement or any other Loan Document shall affect any other or future exercise thereof or operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any further exercise thereof or of any other right, power, remedy or privilege. The rights and remedies of the Administrative Agent and the Lenders under this Agreement and any other Loan Documents are cumulative
and not exclusive of any rights or remedies which they would otherwise have. 

  
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	 	11.3	Expenses; Indemnity; Damage Waiver. 

  

	 	11.3.1	Costs and Expenses. 

 The Borrower shall pay (i) all reasonable out-of-pocket
expenses incurred by the Lead Arrangers, the Administrative Agent, the Collateral Agent and their respective Affiliates (including the reasonable fees, charges and disbursements of outside counsel and land professionals for the Administrative
Agent), and shall pay all reasonable fees in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any Issuing Lender in
connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, any Lender or
any Issuing Lender (including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent, the Collateral Agent, any Lender or any Issuing Lender), in connection with the enforcement or protection of its rights
(A) in connection with this Agreement and the other Loan Documents, including its rights under this Section 11.3 [Expenses; Indemnity; Damage Waiver], or (B) in connection with the Loans made or Letters of Credit issued hereunder,
including all such reasonable out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit, and (iv) all reasonable out-of-pocket expenses of the Administrative Agent’s
regular employees and agents engaged periodically to perform audits of the Loan Parties’ books, records and business properties. 
  

	 	11.3.2	Indemnification by the Borrower. 

 The Borrower shall indemnify the Lead Arrangers, the
Administrative Agent (and any sub-agent thereof), each Lender and each Issuing Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and reasonable out-of-pocket related expenses (including the fees, charges and disbursements of any outside counsel for any Indemnitee), incurred by any Indemnitee or asserted against any
Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance or nonperformance by the Loan Parties of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the
use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such
Letter of Credit), (iii) breach of representations, warranties or covenants of any Loan Party under the Loan Documents, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
including any such items or losses relating to or arising under Environmental Laws or pertaining to environmental matters, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any of its
Subsidiaries, and regardless of whether any Indemnitee is a party thereto; provided that the Borrower shall not be liable for any portion of any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements with respect to an Indemnitee (A) if the same is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnitee’s gross negligence or willful misconduct, (B) if
the Borrower was not given notice of the subject claim and 

  
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the opportunity to participate in the defense thereof, at its expense (except that the Borrower shall remain liable to the extent such failure to give notice does not result in a loss to the
Borrower), (C) if the same results from a compromise or settlement agreement entered into without notice to or the consent of the Borrower, which consent shall not be unreasonably withheld or (D) results from a dispute solely among
Indemnitees (other than any claims against an Indemnitee in its capacity or in fulfilling its role as the Administrative Agent or arranger or any similar role under this Agreement and other than any claims arising out of any act or omission of the
Borrower or any of its Affiliates). The Indemnitees will attempt to minimize the fees and expenses of legal counsel for the Indemnitees which are subject to reimbursement by the Borrower hereunder by considering the usage of one law firm to
represent the Indemnitees if appropriate under the circumstances. This Section 11.3.2 [Indemnification by Borrower] shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim. 
  

	 	11.3.3	Reimbursement by Lenders. 

 To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under Section 2.9.8 [Indemnity], Section 11.3.1 [Costs and Expenses] or Section 11.3.2 [Indemnification by the Borrower] to be paid by it to the Administrative Agent (or any sub-agent thereof), the
Issuing Lenders or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing Lenders or such Related Party, as the case may be, such Lender’s Ratable Share
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case
may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or an Issuing Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such
sub-agent) or such Issuing Lender in connection with such capacity. 
  

	 	11.3.4	Waiver of Consequential Damages, Etc. 

 No Indemnitee shall be liable for any damages
arising from the use by others of any information or other materials obtained through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby, except to the extent such damages are found to be a final, non-appealable judgment of a court to arise from the gross negligence or willful misconduct of such Indemnitee, nor shall any Indemnitee, Loan Party or any
Subsidiary have any liability for any special, punitive, indirect or consequential damages (as opposed to direct or actual damages) relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or
therewith (whether before or after the Closing Date); it being agreed that this sentence shall not limit the indemnification obligations of the Loan Parties pursuant to Section 11.3.2 [Indemnification by the Borrower]. 

 

	 	11.3.5	Payments. 

 All amounts due under this Section 11.3 [Expenses; Indemnity; Damage
Waiver] shall be payable not later than ten (10) days after demand therefor. 
  

	 	11.4	Holidays. 

 Whenever payment of a Loan to be made or taken hereunder shall be due on a
day which is not a Business Day such payment shall be due on the next Business Day (except as provided in Section 4.2 [Interest Periods]) and such extension of time shall be included in computing interest and fees, except that the Loans shall
be due on the Business Day preceding the Maturity Date if the Maturity Date 

  
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is not a Business Day. Whenever any payment or action to be made or taken hereunder (other than payment of the Loans) shall be stated to be due on a day which is not a Business Day, such payment
or action shall be made or taken on the next following Business Day, and such extension of time shall not be included in computing interest or fees, if any, in connection with such payment or action. 

 

	 	11.5	Notices; Effectiveness; Electronic Communication. 

  

	 	11.5.1	Notices Generally. 

 Except in the case of notices and other communications expressly
permitted to be given by telephone (and except as provided in Section 11.5.2 [Electronic Communications]), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopier (i) if to a Lender, to it at its address set forth in its administrative questionnaire, or (ii) if to any other Person, to it at its address set forth on
Schedule 11.5.1. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be
deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business
on the next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in Section 11.5.2 [Electronic Communications], shall be effective as provided in such Section. 

 

	 	11.5.2	Electronic Communications. 

 Notices and other communications to the Lenders and the
Issuing Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent;
provided that the foregoing shall not apply to notices to any Lender or any Issuing Lender if such Lender or Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication and the Administrative Agent shall have notified the Borrower of the same. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing
clause (i) of notification that such notice or communication is available and identifying the website address therefor. 
  

	 	11.5.3	Change of Address, Etc. 

 Any party hereto may change its address, e-mail address or telecopier number for notices and other communications hereunder by notice to the other parties hereto. 

  
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	 	11.6	Severability. 

 The provisions of this Agreement are intended to be severable. If any
provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner
affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction. 
  

	 	11.7	Duration; Survival. 

 All representations and warranties of the Loan Parties contained
herein or made in connection herewith shall survive the execution and delivery of this Agreement, the completion of the transactions hereunder and Payment In Full. All covenants and agreements of the Borrower contained herein relating to the payment
of principal, interest, premiums, additional compensation or expenses and indemnification, including those set forth in the Notes, Section 2.9.8 [Indemnity], Section 2.9.10 [Cash Collateral Prior to the Maturity Date], Section 5
[Payments] and Section 11.3 [Expenses; Indemnity; Damage Waiver], shall survive payment in full of all principal and interest under the Notes, the termination of the Commitments and the expiration or termination or cash collateralization of all
Letters of Credit. All other covenants and agreements of the Loan Parties shall continue in full force and effect from and after the date hereof and until Payment In Full. 
  

	 	11.8	Successors and Assigns. 

  

	 	11.8.1	Successors and Assigns Generally. 

 The provisions of this Agreement shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 11.8.2 [Assignments by
Lenders], (ii) by way of participation in accordance with the provisions of Section 11.8.4 [Participations], or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.8.6 [Certain
Pledges; Successors and Assigns Generally] (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 11.8.4 [Participations], the Lead Arrangers, and, to the extent expressly contemplated hereby, the Related Parties of each
of the Administrative Agent, the Issuing Lenders and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  

	 	11.8.2	Assignments by Lenders. 

 Any Lender may at any time assign to one or more assignees all
or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(a) Minimum Amounts. 

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

(ii) in any case not described in clause (a)(i) of this Section 11.8.2, the aggregate amount of the Commitment (which for
this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption Agreement with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption Agreement, as of the Trade Date) shall not be less than
$5,000,000, in the case of any assignment in respect of the Revolving Credit Commitment of the assigning Lender, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed). 

  
 -129- 

 (b) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned. 

(c) Required Consents. No consent shall be required for any assignment except for the following consents (which shall
not be unreasonably withheld or delayed and shall not be required in the case of an assignment to a Lender, an Affiliate of a Lender or, in the case of an assignment of Term Loans, an Approved Fund) and: 

(i) the consent of the Administrative Agent; 

(ii) the consent of the Borrower, unless an Event of Default has occurred and is continuing at the time of such assignment;
provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and 

(iii) the consent of each Issuing Lender with a Letter of Credit Issuing Lender Sublimit in excess of $10,000,000, if the
assignment increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding). 

(d) Assignment and Assumption Agreement. The parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption Agreement, together with a processing and recordation fee of $3,500 from the assignor or the assignee, and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an administrative
questionnaire provided by the Administrative Agent. 
 (e) No Assignment to Borrower. No such assignment shall be made
to the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 (f) No Assignment to Natural Persons. No
such assignment shall be made to a natural person. 
 (g) No Assignment to Defaulting Lender. No such assignment shall
be made to a Defaulting Lender. 

  
 -130- 

 Subject to acceptance and recording thereof by the Administrative Agent pursuant to
Section 11.8.3 [Register], from and after the effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
Assumption Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption Agreement, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled
to the benefits of Section 4.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available], Section 5.7 [Increased Costs], and Section 11.3 [Expenses, Indemnity; Damage Waiver] with respect to facts and
circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 11.8.2 shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.8.4 [Participations]. 
  

	 	11.8.3	Register. 

 The Administrative Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain a record of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans owing to, each Lender pursuant to the terms hereof from time to time. Such
register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent, the Issuing Lenders and the Lenders shall treat each Person whose name is in such register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. Such register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

 

	 	11.8.4	Participations. 

 Any Lender may at any time, without the consent of, or notice to, the
Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the Issuing Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 
 Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver with respect to any of clauses (a), (b), (c), (d), (e) or (f) of Section 11.1.1
[Required Consents]. Subject to Section 11.8.5 [Limitations upon Participant Rights], the Borrower agrees that each Participant shall be entitled to the benefits of Section 4.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs;
Deposits Not Available], Section 5.7 [Increased Costs] and Section 5.8 [Taxes] (subject to the requirements and limitations of such Sections and Section 5.6.3 [Mitigation Obligation] and 5.6.2 [Replacement of a Lender], and it being
understood that the documentation required under Section 5.8.5 [Status of Lenders] shall be delivered solely to the participating Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
Section 11.8.2 [Assignments by Lenders]. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 9.2.3 [Set-off] as though it were a Lender; provided such Participant agrees to be subject
to Section 5.3 [Sharing of Payments by Lenders] as though it were a Lender. 

  
 -131- 

 Each Lender that sells participations to a Participant, acting solely for this purpose as a
non-fiduciary agent of the Borrower, shall maintain a register of all such Participants. The entries in the participant register shall be conclusive (absent manifest error), and the Borrower and the Lenders shall treat each Person whose name is
recorded in the participant register pursuant to the terms hereof as a Participant for all purposes of this Agreement, notwithstanding notice to the contrary; provided that no Lender shall have the obligation to disclose all or a portion of
the participant register (including the identity of the Participant or any information relating to a Participant’s interest in any Loans or other obligations under any Loan Document) to any Person expect to the extent that such disclosure is
necessary in connection with a Tax audit or other proceeding to establish that any loans are in registered form for U.S. federal income tax purposes. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a participant register. 
  

	 	11.8.5	Limitations upon Participant Rights. 

 A Participant shall not be entitled to receive any
greater payment under Section 5.7 [Increased Costs], Section 5.8 [Taxes] or Section 11.3 [Expenses; Indemnity; Damage Waiver] than the applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, except to the extent that the Participant’s right to a greater payment results from a Change in Law after the Participant became a Participant. 
  

	 	11.8.6	Certain Pledges; Successors and Assigns Generally. 

 Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank having jurisdiction;
provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

 

	 	11.9	Confidentiality. 

  

	 	11.9.1	General. 

 Each of the Administrative Agent, the Lenders and the Issuing Lenders agrees
to maintain the confidentiality of the Information, except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other
representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any
regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable Laws or regulations or by any
subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 11.9, to (a) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (b) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations,
(vii) with the consent of the Borrower or (viii) to the extent such Information (a) becomes publicly available other than as a result of a breach of this Section 11.9 or (b) becomes available to the

  
 -132- 

 
Administrative Agent, any Lender, any Issuing Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower, the other Loan Parties or any other
Person that has obtained such confidential information pursuant to this Section 11.9. Any Person required to maintain the confidentiality of Information as provided in this Section 11.9 shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

 

	 	11.9.2	Sharing Information With Affiliates of the Lenders. 

 Each Loan Party acknowledges that
from time to time financial advisory, investment banking and other services may be offered or provided to the Borrower or one or more of its Affiliates (in connection with this Agreement or otherwise) by any Lender or by one or more Subsidiaries or
Affiliates of such Lender and each of the Loan Parties hereby authorizes each Lender to share any information delivered to such Lender by such Loan Party and its Subsidiaries pursuant to this Agreement to any such Subsidiary or Affiliate subject to
the provisions of Section 11.9.1 [General]. 
  

	 	11.10	Counterparts; Integration; Effectiveness. 

 This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any
separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof including any prior confidentiality agreements and commitments. Except as provided in Section 7 [Conditions of Lending and Issuance of Letters of Credit], this Agreement shall become effective when
it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this Agreement. 

 

	 	11.11	Governing Law, Etc. 

  

	 	11.11.1	Governing Law. 

 This Agreement shall be deemed to be a contract under the Laws of the
State of New York without regard to its conflict of laws principles. Each standby Letter of Credit issued under this Agreement shall be subject either to the rules of the Uniform Customs and Practice for Documentary Credits, as most recently
published by the International Chamber of Commerce at the time of issuance (“UCP”) or the rules of the International Standby Practices (ICC Publication Number 590), as determined by the Issuing Lender, and each trade Letter of
Credit shall be subject to UCP, and in each case to the extent not inconsistent therewith, the Laws of the State of New York without regard to its conflict of laws principles. 

 

	 	11.11.2	SUBMISSION TO JURISDICTION. 

 THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, IN ANY ACTION OR 

  
 -133- 

 
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT
SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY ISSUING LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS
PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
  

	 	11.11.3	WAIVER OF VENUE. 

 THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT
REFERRED TO IN SECTION 11.11.2 [SUBMISSION OF JURISDICTION]. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT AND AGREES NOT ASSERT ANY SUCH DEFENSE. 
  

	 	11.11.4	SERVICE OF PROCESS. 

 EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE
MANNER PROVIDED FOR NOTICES IN SECTION 11.5 [NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION]. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

 

	 	11.11.5	WAIVER OF JURY TRIAL. 

 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, ADMINISTRATIVE AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 11.11.5. 

  
 -134- 

	 	11.12	Certain Collateral Matters. 

 The benefit of the Loan Documents and of the provisions of
this Agreement relating to any Collateral securing the Obligations shall also extend to and be available to those Lenders or their Affiliates which are counterparties or parties to any Specified Swap Agreement or any Other Lender Provided Financial
Service Product with any Loan Party on a pro rata basis in respect of any obligations of any Loan Party which arise under any such Specified Swap Agreement (after giving effect to all netting arrangements relating to such Specified Swap
Agreements) or any Other Lender Provided Financial Service Product, including any Specified Swap Agreement or any Other Lender Provided Financial Service Product between such Persons in existence prior to the date hereof. No Lender or any Affiliate
of a Lender shall have any voting rights under any Loan Document as a result of the existence of obligations owed to it under any such Specified Swap Agreement or any Other Lender Provided Financial Service Product. 

 

	 	11.13	USA Patriot Act Notice. 

 Each Lender that is subject to the USA Patriot Act and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Loan Parties that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Loan Parties, which
information includes the name and address of Loan Parties and other information that will allow such Lender or Administrative Agent, as applicable, to identify the Loan Parties in accordance with the USA Patriot Act. 

 

	 	11.14	No Fiduciary Duty. 

 Each Loan Party agrees and acknowledges that: (i) each Secured
Party is acting solely as a principal and is not a financial advisor, agent or fiduciary, for the Loan Parties or any of their respective Affiliates, stockholders, creditors or employees or any other party; (ii) no Secured Party has assumed or
will assume an advisory, agency or fiduciary responsibility in any Loan Party’s or their respective Affiliates’ favor with respect to any of the transactions contemplated hereby (irrespective of whether any Secured Party has advised or is
currently advising any Loan Party or its Affiliates on other matters) and no Secured Party has any obligation to the Loan Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly
set forth herein; (iii) the Secured Parties and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from the Loan Parties or their respective Affiliates and the Secured Parties have no
obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (iv) the Lenders have not provided any legal, accounting, regulatory or tax advice in any jurisdiction with respect to any of the
transactions contemplated hereby and the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate. Each Loan Party acknowledges and agrees that it will consult with its own
advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and neither any Secured Party or its Affiliates shall have any responsibility or liability
to any Loan Party with respect thereto. Each Loan Party hereby waives and releases, to the fullest extent permitted by law, any claims that such Loan Party may have against the Secured Parties or their respective Affiliates with respect to any
breach or alleged breach of agency or fiduciary duty. 
  

	 	11.15	No General Partner’s Liability. 

 It is hereby understood and agreed that the
General Partner shall have no personal liability, as general partner or otherwise, for the payment of any amount owing or to be owing hereunder or under the other Loan Documents. The Administrative Agent and the Lenders agree for themselves and
their respective successors and assigns that no claim arising against any Loan Party under any Loan Document with respect to the Obligations shall be asserted against the General Partner. 

  
 -135- 

 [SIGNATURE PAGES FOLLOW] 

  
 -136- 

 IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have
executed this Agreement as of the day and year first above written. 
  

			
	BORROWER:
	
	CNX COAL RESOURCES LP
		
	By:		  

			Name:
			Title:
	
	[GUARANTORS]
		
	By:		  

			Name:
			Title:

  
 [SIGNATURE PAGE TO CNX
COAL CREDIT AGREEMENT] 
 S-1 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as Administrative Agent, Issuing Lender, Swingline Lender and as a Lender
		
	By:		  

			Name:
			Title:

  
 [SIGNATURE PAGE TO CNX
COAL CREDIT AGREEMENT] 
 S-2 

 
			
	  
		,
	as Issuing Lender and as a Lender

  

			
	By:		  

			Name:
			Title:
	
	[If a second signature is necessary:
		
	By:		  

			Name:
			Title:]

  
 [SIGNATURE PAGE TO CNX
COAL CREDIT AGREEMENT] 
 S-3 

 SCHEDULE 1.1(A) 

PRICING GRID 
  

											
	 	  	Applicable Margin	 
	 Level
	  	 Total Leverage Ratio
	  	LIBOR Loans	 	 	ABR Loans	 
	 I
	  	< 1.50:1.00	  	 	2.50	% 	 	 	1.50	% 
	 II
	  	3 1.50:1.00 and < 2.00:1.00	  	 	2.75	% 	 	 	1.75	% 
	 III
	  	3 2.00:1.00 and < 2.50:1.00	  	 	3.00	% 	 	 	2.00	% 
	 IV
	  	3 2.50:1.00 and < 3.00:1.00	  	 	3.25	% 	 	 	2.25	% 
	 V
	  	3 3.00:1.00	  	 	3.50	% 	 	 	2.50	% 

 For purposes of determining the Applicable Margin and the Applicable Letter of Credit Fee Rate: 

(a) From the Closing Date through the date on which the first Compliance Certificate is required to be delivered hereunder
after the Closing Date (the “Initial Period”), the Applicable Margin and the Applicable Letter of Credit Fee Rate shall be the respective amounts set forth under Level III of this Schedule 1.1(A) set forth above. 

(b) It is expressly agreed that after the Initial Period, the Applicable Margin and the Applicable Letter of Credit Fee Rate
shall be determined based upon Schedule 1.1(A) above and change on each date on which a Compliance Certificate is required to be delivered hereunder. 

(c) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other
reason, the Borrower or the Lenders determine that (i) the Total Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Total Leverage Ratio would have resulted in higher
pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an
actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or Issuing Lender), an amount equal to the
excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender or Issuing
Lender, as the case may be, under Section 2.9 [Letters of Credit] or Section 4.3 [Interest After Default] or Section 9 [Default]. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments
and the repayment of all other Obligations hereunder.artrustagreement.htm

Exhibit 4.1

 

 

 

TOYOTA AUTO RECEIVABLES 2015-B OWNER TRUST

(a Delaware Statutory Trust)

 

 

______________________________________

 

 

 

FORM OF AMENDED AND RESTATED TRUST AGREEMENT

 

 

between

 

 

TOYOTA AUTO FINANCE RECEIVABLES LLC,

as Depositor,

 

 

and

 

 

 

WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION,

as Owner Trustee

 

 

 

 

______________________________________________

 

 

Dated as of June 17, 2015

 

 

 

  

  

  

 

TABLE OF CONTENTS

 

Page

 

	
ARTICLE I

	
DEFINITIONS

	
1

	
Section 1.01.

	
Definitions

	
1

	
Section 1.02.

	
Usage of Terms

	
4

	
ARTICLE II

	
CREATION OF TRUST

	
4

	
Section 2.01.

	
Creation of Trust

	
4

	
Section 2.02.

	
Office

	
4

	
Section 2.03.

	
Purposes and Powers

	
5

	
Section 2.04.

	
Power of Attorney

	
5

	
Section 2.05.

	
Declaration of Trust

	
5

	
Section 2.06.

	
Liability of the Certificateholders

	
6

	
Section 2.07.

	
Title to Trust Property

	
6

	
Section 2.08.

	
Situs of Trust

	
6

	
Section 2.09.

	
Representations and Warranties of the Depositor

	
6

	
Section 2.10.

	
Federal Income Tax Allocations

	
7

	
Section 2.11.

	
Covenants of the Trust

	
8

	
ARTICLE III

	
CERTIFICATES AND TRANSFER OF INTERESTS

	
8

	
Section 3.01.

	
The Certificates

	
8

	
Section 3.02.

	
Authentication of Certificates

	
9

	
Section 3.03.

	
Registration of Transfer and Exchange of Certificates

	
9

	
Section 3.04.

	
Mutilated, Destroyed, Lost or Stolen Certificate

	
11

	
Section 3.05.

	
Maintenance of Office or Agency

	
11

	
Section 3.06.

	
Appointment of Paying Agent

	
11

	
Section 3.07.

	
Persons Deemed Certificateholders

	
12

	
Section 3.08.

	
Access to List of Certificateholders’ Names and Addresses

	
12

	
ARTICLE IV

	
ACTIONS BY OWNER TRUSTEE OR THE CERTIFICATEHOLDERS

	
12

	
Section 4.01.

	
Prior Notice to the Certificateholders with Respect to Certain Matters

	
12

	
Section 4.02.

	
Action by the Certificateholders with Respect to Certain Matters

	
13

	
Section 4.03.     

	
Action with Respect to Bankruptcy

	
13

 

 

  

-i-

  

 

TABLE OF CONTENTS

(continued)

Page

	
Section 4.04.

	
Restrictions on the Certificateholders’ Power

	
14

	
Section 4.05.

	
Majority of the Certificates Control

	
14

	
ARTICLE V

	
APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

	
14

	
Section 5.01.

	
[Reserved]

	
14

	
Section 5.02.

	
Application of Amounts in Trust Accounts

	
14

	
Section 5.03.

	
Method of Payment

	
15

	
Section 5.04.

	
Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others

	
15

	
Section 5.05.

	
Signature on Returns; Tax Matter Partner

	
16

	
ARTICLE VI

	
AUTHORITY AND DUTIES OF OWNER TRUSTEE

	
16

	
Section 6.01.

	
General Authority

	
16

	
Section 6.02.

	
General Duties

	
16

	
Section 6.03.

	
Duties of Owner Trustee

	
16

	
Section 6.04.

	
No Duties Except as Specified in this Agreement or in Instructions

	
19

	
Section 6.05.

	
No Action Except Under Specified Documents or Instructions

	
19

	
Section 6.06.

	
Restrictions

	
20

	
ARTICLE VII

	
CONCERNING THE OWNER TRUSTEE

	
20

	
Section 7.01.

	
Rights of the Owner Trustee

	
20

	
Section 7.02.

	
Furnishing of Documents

	
21

	
Section 7.03.

	
Representations and Warranties

	
21

	
Section 7.04.

	
Reliance; Advice of Counsel

	
22

	
Section 7.05.

	
Not Acting in Individual Capacity

	
22

	
Section 7.06.

	
Owner Trustee Not Liable for the Certificates or Receivables

	
23

	
Section 7.07.

	
Owner Trustee May Own Certificates and Notes

	
23

	
Section 7.08.

	
Trust Licenses

	
23

	
ARTICLE VIII

	
COMPENSATION OF OWNER TRUSTEE

	
24

	
Section 8.01.

	
Owner Trustee’s Fees and Expenses

	
24

	
Section 8.02.

	
Indemnification

	
24

	
Section 8.03.     

	
Payments to the Owner Trustee

	
24

	
ARTICLE IX

	
TERMINATION OF TRUST AGREEMENT

	
25

 

 

 

 

  

-ii-

  

 

TABLE OF CONTENTS

(continued)

Page

	
Section 9.01.

	
Termination of Trust Agreement

	
25

	
ARTICLE X

	
SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

	
26

	
Section 10.01.

	
Eligibility Requirements for Owner Trustee

	
26

	
Section 10.02.

	
Resignation or Removal of Owner Trustee

	
26

	
Section 10.03.

	
Successor Owner Trustee

	
27

	
Section 10.04.

	
Merger or Consolidation of Owner Trustee

	
27

	
Section 10.05.

	
Appointment of Co-Trustee or Separate Trustee

	
27

	
Section 10.06.

	
Power of Attorney for Co-Trustee or Separate Trustee

	
28

	
ARTICLE XI

	
MISCELLANEOUS

	
29

	
Section 11.01.

	
Supplements and Amendments

	
29

	
Section 11.02.

	
No Legal Title to Trust Estate in the Certificateholders

	
30

	
Section 11.03.

	
Limitations on Rights of Others

	
30

	
Section 11.04.

	
Notices

	
30

	
Section 11.05.

	
Severability

	
31

	
Section 11.06.

	
Counterparts

	
31

	
Section 11.07.

	
Successors and Assigns

	
31

	
Section 11.08.

	
No Petition

	
31

	
Section 11.09.

	
No Recourse

	
31

	
Section 11.10.

	
Headings

	
32

	
Section 11.11.

	
Governing Law

	
32

	
Section 11.12.

	
TMCC Payment Obligation

	
32

	
ARTICLE XII

	
COMPLIANCE WITH REGULATION AB

	
32

	
Section 12.01.     

	
Intent of the Parties; Reasonableness

	
32

 

 

 

 

  

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EXHIBITS

 

	
EXHIBIT A

	
Form of Certificate

	
A-1

	
EXHIBIT B

	
Form of Transferee Representation Letter

	
B-1

	
EXHIBIT C     

	
Form of Transferor Representation Letter

	
C-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

-iv-

  

 

AMENDED AND RESTATED TRUST AGREEMENT, dated as of June 17, 2015, by and between TOYOTA AUTO FINANCE RECEIVABLES LLC, a Delaware limited liability company, as depositor, and WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Owner Trustee, amending and restating in its entirety the Trust Agreement dated as of October 23, 2014 (the “Original Trust Agreement”), by and between TOYOTA AUTO FINANCE RECEIVABLES LLC, a Delaware limited liability company, as depositor and WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as owner trustee, and herein referred to as the “Trust Agreement” or this “Agreement.”

 

IN CONSIDERATION of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01.   Definitions.  Except as otherwise specified herein or if the context may otherwise require, capitalized terms used but not otherwise defined herein have the meanings ascribed thereto in the Sale and Servicing Agreement and the Indenture for all purposes of this Trust Agreement.  Except as otherwise provided in this Agreement, whenever used herein the following words and phrases, unless the context otherwise requires, shall have the following meanings:

 

“Administration Agreement” means the Administration Agreement dated as of June 17, 2015, by and among the Trust, as issuer, TMCC, as Administrator, and the Indenture Trustee, pursuant to which TMCC undertakes to perform certain of the duties and obligations of the Trust and the Owner Trustee hereunder, under the Sale and Servicing Agreement and under the Indenture.

 

“Administrator” means TMCC acting in its capacity as Administrator under the Administration Agreement.

 

“Agreement” means this Amended and Restated Trust Agreement, as the same may be amended and supplemented from time to time.

 

“Basic Documents” means the Receivables Purchase Agreement, this Agreement, the Certificate of Trust, the Sale and Servicing Agreement, the Indenture, the Administration Agreement, the Securities Account Control Agreement, the Note Depository Agreement and the other documents and certificates delivered in connection herewith and therewith.

 

“Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to the provisions of Title I of ERISA, a “plan” described in and subject to Section 4975 of the Code, an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s investment in the entity, or any other employee benefit plan 

 

  

  

  

that is subject to any law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code.

 

“Certificate” means any of the Certificates executed by the Trust and authenticated by the Owner Trustee, evidencing a beneficial interest in the Trust, substantially in the form attached hereto as Exhibit A.

 

“Certificate of Trust” means the Certificate of Trust filed with respect to the formation of the Trust pursuant to Section 3810(a) of the Statutory Trust Act, as amended, corrected or restated from time to time.

 

“Certificate Register” means the register maintained pursuant to Section 3.03.

 

“Certificate Registrar” means Wells Fargo Delaware Trust Company, National Association, unless and until a successor thereto is appointed pursuant to Section 3.03. The Certificate Registrar initially designates its offices at 919 North Market Street, Suite 1600, Wilmington, Delaware 19801, Attention: Corporate Trust Services, as its offices for purposes of Section 3.03.

 

“Certificateholder” or “Holder” means a Person in whose name a Certificate is registered in the Certificate Register.

 

“Code” means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

 

“Corporate Trust Office” means, with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee located at 919 North Market Street, Suite 1600, Wilmington, Delaware 19801, Attention: Corporate Trust Services; or at such other address as the Owner Trustee may designate by notice to the Certificateholder, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholder).

 

“Depositor” means TAFR LLC in its capacity as depositor hereunder.

 

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

 

“Expenses” shall have the meaning assigned to such term in Section 8.02.

 

“Indenture” means the Indenture, dated as of June 17, 2015, entered into between the Trust and Deutsche Bank Trust Company Americas, a New York banking corporation, as Indenture Trustee, pursuant to which a series of Notes are issued.

 

“Non-U.S. Person” means any Person who is not (i) a citizen or resident of the United States who is a natural person, (ii) a corporation or partnership (or an entity treated as a corporation or partnership) created or organized in or under the laws of the United States or any state thereof, including the District of Columbia (unless, in the case of a partnership, Treasury Regulations are adopted that provide otherwise), (iii) an estate, the income of which is subject to United States federal income taxation, regardless of its source or (iv) a trust, if a court within the

 

  

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United States is able to exercise primary supervision over the administration of the trust and one or more United States persons (as such term is defined in the Code and Treasury Regulations) have the authority to control all substantial decisions of the trust; except that, to the extent provided in Treasury Regulations, certain trusts in existence prior to August 20, 1996 which elected to be treated as United States Persons prior to such date also shall be U.S. Persons.

 

“Notes” means the notes issued by the Trust pursuant to the Indenture, having the payment and other terms set forth in the Indenture.

 

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

 

“Owner Trustee” means Wells Fargo Delaware Trust Company, National Association, a national banking association, not in its individual capacity but solely as Owner Trustee under this Agreement, and any successor Owner Trustee hereunder.

 

“Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 3.06, and shall initially be the Owner Trustee.

 

“Percentage Interest” shall mean, with respect to each Certificate, the percentage interest in the Trust represented by such Certificate.

 

“Receivables Purchase Agreement” means that certain Receivables Purchase Agreement, dated as of June 17, 2015, between TMCC, as Seller, and TAFR LLC, as Purchaser of the Receivables.

 

“Record Date” means, with respect to the Notes of any Class and each Payment Date, the calendar day immediately preceding such Payment Date or, if Definitive Notes representing any Class of Notes have been issued, the last day of the month immediately preceding the month in which such Payment Date occurs.  Any amount stated “as of a Record Date” or “on a Record Date” shall give effect to (i) all applications of collections, and (ii) all payments and distributions to any party under this Agreement, the Indenture and the Trust Agreement or to the related Obligor, as the case may be, in each case as determined as of the opening of business on the related Record Date.

 

“Responsible Officer” means, with respect to the Owner Trustee, any vice president, assistant vice president, secretary, assistant secretary working in its corporate trust department and having direct responsibility for the administration of this Trust Agreement and with respect to a particular matter to whom such matter is referred because of such officer’s knowledge and familiarity with the particular subject.

 

“Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of June 17, 2015, among the Trust, TAFR LLC, as seller, and TMCC, as servicer.

 

“Secretary of State” means the Secretary of State of the State of Delaware.

 

“Securities Account Control Agreement” shall have the meaning ascribed thereto in the Sale and Servicing Agreement.

  

3

  

 

“Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may be amended from time to time.

 

“TAFR LLC” means Toyota Auto Finance Receivables LLC, a Delaware limited liability company, its successors and assigns.

 

“TMCC” means Toyota Motor Credit Corporation, a California corporation, its successors and assigns.

 

“Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code.  References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

 

“Trust” means the Toyota Auto Receivables 2015-B Owner Trust, a Delaware statutory trust existing pursuant to this Agreement and the filing of the Certificate of Trust.

 

“Trust Estate” shall have the meaning ascribed thereto in the Indenture.

 

Section 1.02.   Usage of Terms.  With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and the term “including” means “including without limitation.”

 

ARTICLE II

 

CREATION OF TRUST

 

Section 2.01.            Creation of Trust.  A Delaware statutory trust known as “Toyota Auto Receivables 2015-B Owner Trust” was formed in accordance with the provisions of the Statutory Trust Act pursuant to the Original Trust Agreement.  The Owner Trustee is hereby authorized and vested with the power and authority to make and execute contracts, instruments, certificates, agreements and other writings on behalf of the Trust as set forth herein and to sue and be sued on behalf of the Trust.

 

The Owner Trustee accepted under the Original Trust Agreement, and does hereby confirm its acceptance and agreement to hold in trust, for the benefit of the Certificateholders and such other Persons as may become beneficiaries hereunder from time to time, all of the Trust Estate conveyed or to be conveyed to the Trust and all monies and proceeds that may be received with respect thereto, subject to the terms of this Agreement.

 

Section 2.02.            Office.  The principal place of business of the Trust for purposes of Delaware law shall be in care of the Owner Trustee at 919 North Market Street, Suite 1600, Wilmington, Delaware 19801, Attention: Corporate Trust Services, or at such other address in 

 

  

4

  

 

Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Servicer. The Trust may establish additional offices located at such place or places inside or outside of the State of Delaware as the Owner Trustee may designate from time to time by written notice to the Certificateholders and the Servicer.

 

Section 2.03.   Purposes and Powers.

 

(a)           The purpose of the Trust is, and the Trust shall have the power and authority and is authorized, to engage in the following activities:

 

(i)            to issue Notes pursuant to the Indenture and Certificates pursuant to this Agreement;

 

(ii)           to acquire, hold and manage the Trust Estate (including the Receivables and related property) from the Depositor in exchange for the Notes and Certificates pursuant to the Sale and Servicing Agreement;

 

(iii)          to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to, and on the terms and conditions set forth in, the Indenture and to hold, manage and distribute to Certificateholders pursuant to the terms of the Sale and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture as set forth therein and in the Sale and Servicing Agreement;

 

(iv)          to engage in those activities, including entering into and performing such agreements (including, without limitation, the Basic Documents) that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and

 

(v)           subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Certificateholders and the Noteholders and in respect of amounts to be released to the Depositor, the Servicer, the Administrator and third parties, if any.

 

(b)           The Trust shall not engage in any activity other than in connection with the foregoing and as required or authorized by the terms of the Basic Documents.

 

Section 2.04.            Power of Attorney.  Pursuant to the Administration Agreement, the Trust has authorized the Administrator to perform certain of its administrative duties hereunder, including duties with respect to the management of the Trust Estate, and in connection therewith hereby grants the Administrator its revocable power of attorney.

 

Section 2.05.            Declaration of Trust.  The Owner Trustee hereby declares that it shall hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents.  It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of

 

  

5

  

 

such statutory trust.  It is the intention of the parties hereto that, solely for income and franchise tax purposes, the Trust shall be treated as a division or branch of the Person holding the beneficial interests in the Trust for any period during which the beneficial interests in the Trust are held by one Person, and that it shall be treated as a partnership for any period during which the beneficial interests in the Trust are held by more than one Person, with the assets of the partnership being the Receivables and other assets held by the Trust, and the Notes being debt of the partnership. The parties agree that for any such period, unless otherwise required by appropriate tax authorities, the Trust will file or cause to be filed annual or other necessary returns, reports and other forms consistent with such characterization of the Trust for tax purposes.  Effective as of the date hereof, the Owner Trustee and, solely to the extent set forth in the Administration Agreement, the Administrator shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust.  At the direction of the Depositor, the Owner Trustee caused to be filed a certificate of trust for the Trust pursuant to the Statutory Trust Act, and the Owner Trustee shall file or cause to be filed such amendments thereto as shall be necessary or appropriate to satisfy the purposes of this Agreement and as shall be consistent with the provisions hereof.

 

Section 2.06.   Liability of the Certificateholders.  No Certificateholder shall have any personal liability for any liability or obligation of the Trust, solely by reason of it being a Certificateholder.

 

Section 2.07.            Title to Trust Property.  Legal title to the Trust Estate shall be vested at all times in the Trust as a separate legal entity.

 

Section 2.08.            Situs of Trust.  The Trust will be located in Delaware and administered in Delaware and California.  All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York.  The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware.  Payments will be received by the Trust only in Delaware or New York, and payments will be made by the Trust only from Delaware or New York.

 

Section 2.09.            Representations and Warranties of the Depositor.  The Depositor hereby represents and warrants to the Owner Trustee that as of the Closing Date:

 

(a)           The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times and has power, authority and legal right to acquire, own and sell the Receivables.

 

(b)           The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications and where the failure to so qualify will have a material adverse effect on the ability of the Depositor to conduct its business or perform its obligations under this Agreement.

 

  

6

  

 

(c)           The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to the Trust under the Sale and Servicing Agreement and deposited with the Owner Trustee, on behalf of the Trust, as part of the Trust Estate, and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action.

 

(d)           This Agreement shall constitute a legal, valid and binding obligation of the Depositor enforceable in accordance with its terms, except as such enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or in law.

 

(e)           The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the limited liability company agreement of the Depositor or conflict with or breach any of the terms or provisions or constitute (with or without notice or lapse of time) a default under any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound, nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties which breach, default, conflict, Lien or violation would have a material adverse effect on the earnings, business affairs or business prospects of the Depositor.

 

(f)           There is no action, suit or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending, or to the best of the Depositor’s knowledge, threatened, against or affecting the Depositor: (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or (iv) relating to the Depositor and which might adversely affect the federal income tax attributes of the Trust or the Certificate or the Notes.

 

Section 2.10.   Federal Income Tax Allocations.  To the extent required for federal income tax purposes, net income or net losses of the Trust for any month as determined for federal income tax purposes (and each item of income, gain, loss and deduction entering into the computation thereof) shall be allocated to the Certificateholders in proportion to their interests (to the extent not previously allocated pursuant to this clause).  The Depositor is authorized to modify the allocations in this paragraph if necessary or appropriate, in its sole discretion for the allocations to fairly reflect the economic income, gain or loss to the Certificateholders, as otherwise required by the Code.

 

  

7

  

 

Section 2.11.            Covenants of the Trust.  The Trust covenants and agrees to the following:

 

(a)           to maintain books and records separate from any other person or entity;

 

(b)           to maintain its accounts separate from those of any other person or entity, except as permitted by the Trust Agreement or any other Basic Document;

 

(c)           not to commingle assets with those of any other entity, except as permitted by the Trust Agreement or any other Basic Document;

 

(d)           to conduct its own functions in its own name;

 

(e)           to maintain separate financial statements or records;

 

(f)           to pay its own liabilities out of its own funds, except as permitted by the Trust Agreement or any other Basic Document;

 

(g)           to maintain an arm's-length relationship with its Affiliates;

 

(h)           to pay the salaries of its own employees and maintain a sufficient number of employees or adequate service providers in light of its contemplated business operations;

 

(i)           to allocate fairly and reasonably any overhead for shared office space;

 

(j)           to hold itself out as a separate entity;

 

(k)           to correct any known misunderstanding regarding its separate identity;

 

(l)           not to guarantee or become obligated for the debts of any other affiliated or unaffiliated third party or hold out its credit as being available to satisfy the obligations of others (except as otherwise specified in the Basic Documents); and

 

(m)           to take such actions as are necessary to ensure that any financial statements of TMCC or any Affiliate thereof that are consolidated to include the Trust will contain detailed notes clearly stating that (i) all of the Trust’s assets are owned by the Trust, and (ii) the Trust is a separate entity with its own separate creditors that will be entitled to be satisfied out of the Trust’s assets prior to any value in the Trust becoming available to the Trust’s equity holders; and the accounting records and the published financial statements of TMCC will clearly show that, for accounting purposes, the Receivables and the other Collateral have been sold or contributed to the Trust.

 

ARTICLE III

 

CERTIFICATES AND TRANSFER OF INTERESTS

 

Section 3.01.   The Certificates.  The Certificates, evidencing a beneficial interest in the Trust, shall be executed on behalf of the Trust by manual or facsimile signature of an Authorized

 

  

8

  

 

Officer of the Owner Trustee and authenticated on behalf of the Owner Trustee by the manual or facsimile signature of an Authorized Officer of the Owner Trustee.  Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be valid and binding obligations of the Trust, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates.

 

The Certificates may be printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination in the form of Exhibit A hereto.  The Certificates shall be issued in minimum denominations of a Percentage Interest of 5.00% and integral multiples of 5.00% in excess thereof.

 

A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.03.

 

Section 3.02.            Authentication of Certificates.  Concurrently with the initial transfer of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause to be executed, authenticated and delivered on behalf of the Trust to or upon the written order of the Depositor, Certificates evidencing the entire beneficial interest in the Trust.  No Certificate shall entitle its holder to any benefit under this Agreement or be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Owner Trustee’s authenticating agent, by manual or facsimile signature of an Authorized Officer, and such authentication shall constitute conclusive evidence, and the only evidence, that such Certificate shall have been duly authenticated and delivered hereunder.  All Certificates shall be dated the date of their authentication.  The Owner Trustee shall be the initial authenticating agent of the Trust hereunder.

 

Section 3.03.            Registration of Transfer and Exchange of Certificates.

 

(a)           The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.05, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided.  Wells Fargo Delaware Trust Company, National Association, shall be the initial Certificate Registrar.  In the event that the Certificate Registrar shall for any reason become unable to act as Certificate Registrar, the Certificate Registrar shall promptly give written notice to such effect to the Depositor, the Owner Trustee and the Servicer.  Upon receipt of such notice, the Depositor or its designee shall appoint another bank or trust company to act as successor Certificate Registrar under this Agreement, which entity will agree to act in accordance with the provisions of this Agreement applicable to it as successor Certificate Registrar, and otherwise acceptable to the Owner Trustee.

 

(b)           Upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.05, the Owner Trustee shall execute, authenticate and 

 

  

9

  

 

deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Certificates dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Holder, Certificates may be exchanged for other Certificates upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.05.  The preceding provisions of this Section notwithstanding, (i) the Owner Trustee shall not make, and the Certificate Registrar shall not register, transfer or exchanges of Certificates for a period of 15 days preceding the due date for any payment with respect to the Certificates and (ii) the Owner Trustee shall permit the registration, transfer and exchange of Certificates only in minimum denominations of a Percentage Interest of 5.00% and integral multiples of 5.00% in excess thereof.

 

(c)           Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange shall be cancelled and disposed of by the Owner Trustee in accordance with its customary practice.

 

No transfer of a Certificate shall be made unless the Owner Trustee shall have received:

 

(1)            a representation from the transferee of such Certificate substantially in the form of Exhibit B to the effect that:

 

(i)             such transferee is not a Non-U.S. Person; and

 

(ii)            such transferee is not a Benefit Plan;

 

(2)            a representation from the transferor of such Certificate substantially in the form of Exhibit C; and

 

(3)            an opinion of counsel to the Owner Trustee that the transfer of such Certificate is being made pursuant to an effective registration under the Securities Act or is exempt from the registration requirements of the Securities Act.

 

Notwithstanding anything else to the contrary herein, any purported transfer of a Certificate to a Non-U.S. Person or to or on behalf of a Benefit Plan or utilizing the assets of a Benefit Plan shall be void and of no effect.

 

To the extent permitted under applicable law (including, but not limited to, ERISA), the Owner Trustee shall be under no liability to any Person for any registration of transfer of any Certificate that is in fact not permitted by this Section 3.03(c) or for making any payments due on such Certificate to the Certificateholder thereof or taking any other action with respect to such Holder under the provisions of this Trust Agreement or the Sale and Servicing Agreement so long as the transfer was registered by the Certificate Registrar or the Owner Trustee in accordance with the foregoing requirements.

 

(d)           No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum 

  

10

  

 

sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

 

Section 3.04.   Mutilated, Destroyed, Lost or Stolen Certificate.  If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or the Owner Trustee’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination.  In connection with the issuance of any new Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.  Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 3.05.            Maintenance of Office or Agency.  The Owner Trustee shall maintain an office or offices or agency or agencies where notices and demands to or upon the Owner Trustee in respect of the Certificate and the Basic Documents may be served.  The Owner Trustee initially designates the Corporate Trust Office, as its principal corporate trust office for such purposes.  The Owner Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location of any such office or agency.

 

Section 3.06.            Appointment of Paying Agent.  Except during any period when the Indenture Trustee is authorized and directed to do so under the Indenture (i.e. prior to the termination of the Indenture), the Paying Agent shall make distributions to the Certificateholders from the amounts distributable thereto under Section 5.06 of the Sale and Servicing Agreement pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner Trustee.  Any Paying Agent shall have the revocable power to withdraw funds from the Collection Account for the purpose of making the distributions referred to above.  The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect.  The Paying Agent shall initially be Owner Trustee and any co-paying agent chosen by the Owner Trustee and acceptable to the Owner Trustee.  The Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Owner Trustee or, if the Paying Agent is also the Owner Trustee, to the Indenture Trustee.  In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company).  By executing this Agreement, the Owner Trustee hereby agrees in its capacity as Paying Agent to hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders until such sums are paid to the Certificateholders.  The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the

 

  

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Certificateholders in trust for the benefit of the Certificateholders until such sums shall be paid to such Certificateholder.  The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee.  The provisions of Sections 6.04, 7.01, 7.03, 7.04, 7.05, 7.06, 8.01 and 8.02 shall apply to the Owner Trustee also in its role as Paying Agent and Certificate Registrar, for so long as the Owner Trustee shall act as Paying Agent and Certificate Registrar and, to the extent applicable, to any other paying agent or certificate registrar appointed hereunder.  Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

 

Section 3.07.   Persons Deemed Certificateholders.  Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar shall be bound by any notice to the contrary.

 

Section 3.08.            Access to List of Certificateholders’ Names and Addresses.  The Certificate Registrar shall furnish or cause to be furnished to the Owner Trustee, the Servicer or the Depositor, as the case may be, within 15 days after its receipt of a request therefor from the Owner Trustee, the Servicer or the Depositor in writing, a list, in such form as the Owner Trustee, the Servicer or the Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one or more Holders of Certificates evidencing, in the aggregate, not less than 25% of the Percentage Interest apply in writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Owner Trustee shall, within five Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Servicer, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived.

 

ARTICLE IV

 

ACTIONS BY OWNER TRUSTEE OR THE CERTIFICATEHOLDERS

 

Section 4.01.   Prior Notice to the Certificateholders with Respect to Certain Matters.  With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and none of the Certificateholders shall have notified the Owner Trustee in writing prior to the 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have withheld consent or provided alternative direction:

  

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(a)           the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Receivables);

 

(b)           the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Act);

 

(c)           the amendment of the Indenture, whether or not by a Supplemental Indenture, in circumstances where the consent of any Noteholder is required;

 

(d)           the amendment of the Indenture, whether or not by a Supplemental Indenture, in circumstances where the consent of any Noteholder is not required but such amendment materially adversely affects the interest of the Certificateholders;

 

(e)           the amendment, change or modification of the Administration Agreement, other than to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders;

 

(f)           (i) the appointment pursuant to the Indenture of a successor Note Registrar or Paying Agent, (ii) the appointment pursuant to this Agreement of a successor Certificate Registrar or (iii) any consent by the Note Registrar, Paying Agent, Indenture Trustee or Certificate Registrar to the assignment of its respective obligations under the Indenture or this Agreement, as applicable; or

 

(g)           the amendment of the Sale and Servicing Agreement in circumstances where the consent of any Noteholder is required.

 

Section 4.02.   Action by the Certificateholders with Respect to Certain Matters.  The Owner Trustee shall not have the power, except upon the direction of the Certificateholders, to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to Section 8.01 of the Sale and Servicing Agreement or (d) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture.  The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the authorized representative of 100% of the Certificateholders.

 

Section 4.03.            Action with Respect to Bankruptcy.  The Trust shall not, without the prior written consent of the Owner Trustee and 100% of the Certificateholders, (i) institute any proceedings to adjudicate the Trust as bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy with respect to the Trust, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of its property (v) make any assignment for the benefit of the Trust's creditors; (vi) cause the Trust to admit in writing its inability to pay its debts generally as they become due; or (vii) take any action in furtherance of any of the foregoing (any of the above foregoing actions, a "Bankruptcy Action").  In considering whether to give or withhold written consent to the Bankruptcy Action by the Trust,

 

  

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the Owner Trustee, with the consent of the Certificateholder, shall consider the interests of the Noteholders in addition to the interests of the Trust and whether the Trust is insolvent.  The Owner Trustee shall have no duty to give such written consent to Bankruptcy Action by the Trust if the Owner Trustee shall not have been furnished (at the expense of the Person that requested such letter be furnished to the Owner Trustee) a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent.  The Owner Trustee shall not be personally liable to any Noteholder or Certificateholder on account of the Owner Trustee's good faith reliance on the provisions of this Section and no Noteholder or Certificateholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee for withholding or granting its consent to any such Bankruptcy Action.

 

Section 4.04.   Restrictions on the Certificateholders’ Power.  The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.

 

Section 4.05.            Majority of the Certificates Control.  Except as otherwise expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Holders of the Certificates evidencing not less than a majority of the Percentage Interest.  Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of the Certificates evidencing not less than a majority of the Percentage Interest at the time of the delivery of such notice.

 

ARTICLE V

 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

 

Section 5.01.   [Reserved].

 

Section 5.02.            Application of Amounts in Trust Accounts.

 

(a)           For so long as any Notes are outstanding, on each Payment Date, the Indenture Trustee will distribute to the Certificateholders, on a pro rata basis, based on the Percentage Interests thereof, the amounts distributable thereto pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 of the Indenture.  From and after the date on which the Notes of all Classes have been paid in full, the Paying Agent shall distribute to the Certificateholders (i) amounts released to the Issuer pursuant to Sections 4.02 and 8.05(b) of the Indenture and Section 5.01(d) of the Sale and Servicing Agreement and (ii) amounts that are distributable to the Certificateholders in accordance with the instructions of the Servicer pursuant to Section 5.06 of the Sale and Servicing Agreement.

 

(b)           On each Payment Date, the Owner Trustee shall send to the Certificateholders the statement provided to the Owner Trustee by the Servicer pursuant to Section 5.09 of the Sale and Servicing Agreement with respect to such Payment Date.

  

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(c)           In the event that any withholding tax is imposed on the Trust’s distributions (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholders in accordance with this Section.  The Owner Trustee and Paying Agent (and the Indenture Trustee, to the extent the Indenture Trustee is then making distributions to Certificateholders) are hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority.  If there is a possibility that withholding tax is payable with respect to any distribution (such as any distribution to a Non-U.S. Person), the Owner Trustee may, in its sole discretion, withhold such amounts in accordance with this paragraph (c).  In the event that a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred in connection therewith.

 

Section 5.03.   Method of Payment.  Subject to Section 9.01(c), distributions required to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the related Record Date either by check mailed to such Certificateholder at the address of such holder appearing in the Certificate Register or by wire transfer, in immediately available funds, to the account of any Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Payment Date.

 

Section 5.04.            Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others.  The Administrator will (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis or a calendar year basis on the accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1s to an IRS Tax Form 1065, if the Trust is treated as a partnership) to enable each Certificateholder to prepare its federal and state income tax returns, including a copy of any applicable Servicer’s Certificates (as defined in the Sale and Servicing Agreement), (c) prepare (or cause to be prepared) and file any tax and information returns, and fulfill any other reporting requirements, relating to the Trust, as may be required by the Code and applicable Treasury Regulations (including Treasury Regulation Section 1.6049-7), including causing such tax and information returns to be signed in the manner required by law, (d) for any period during which the beneficial interests in the Trust are held by more than one person, make such elections as may from time to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as a partnership for federal income tax purposes, and (e) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to the Certificateholders.  The Administrator will make any elections as so directed by a majority of the Certificateholders; provided, however, that neither the Administrator nor any Certificateholder shall make any 

  

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election to have the Trust treated as a corporation for federal, state or local income or franchise tax purposes.

 

Section 5.05.   Signature on Returns; Tax Matter Partner.

 

(a)           The Certificateholder shall sign the tax returns of the Trust on behalf of the Trust; provided, that if there is more than one Certificateholder, the tax returns of the Trust shall be signed by the Certificateholder that is the “tax matters partner” of the Trust under Section 5.05(b).

 

(b)           For any period during which the beneficial interests of the Trust are held by more than one Person, the Certificateholder holding Certificates evidencing the largest portion of the Certificates shall be designated the “tax matters partner” of the Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations.

 

ARTICLE VI

 

AUTHORITY AND DUTIES OF OWNER TRUSTEE

 

Section 6.01.   General Authority.  The Owner Trustee is authorized and directed to execute and deliver, on behalf of the Trust, the Basic Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party and any amendment thereto, and, on behalf of the Trust, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $355,000,000, Class A-2a Notes in the aggregate principal amount of $120,000,000, Class A-2b Notes in the aggregate principal amount of $280,000,000, Class A-3 Notes in the aggregate principal amount of $360,000,000, Class A-4 Notes in the aggregate principal amount of $103,750,000 and Class B Notes in the aggregate principal amount of $31,250,000.  In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust, pursuant to the Basic Documents.

 

Section 6.02.            General Duties.  It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the Basic Documents to which the Trust is a party and to administer the Trust in accordance with the provisions hereof and of the Basic Documents and in the interest of the Certificateholders.  Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out such obligations or fulfill such duties under the Administration Agreement.

 

Section 6.03.            Duties of Owner Trustee.

 

(a)           Subject to Article IV and in accordance with the terms of the Basic Documents, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust.  Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV.

 

  

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(b)           The Owner Trustee shall take such action or refrain from taking such action under this Agreement as it may be directed in writing by the Certificateholders from time to time; provided, however, that the Owner Trustee shall not be required to take or refrain from taking any such action if it shall have determined, or shall have been advised by counsel, that such performance is likely to involve the Owner Trustee in personal liability or is contrary to the terms of this Agreement or of any document contemplated hereby to which the Trust is a party or is otherwise contrary to law.  If at any time the Owner Trustee determines that it requires or desires guidance regarding the application of any provision of this Agreement or any other document, then the Owner Trustee may deliver a notice to the Certificateholders requesting written instructions as to the course of action desired by the Certificateholders and such instructions shall constitute full and complete authorization and protection for actions taken by the Owner Trustee in reliance thereon.  If the Owner Trustee does not receive such instructions within five (5) Business Days after it has delivered to the Certificateholders such notice requesting instructions, or such shorter period of time as may be set forth in such notice, it shall refrain from taking any action with respect to the matters described in such notice. Each instruction delivered by the Certificateholders to the Owner Trustee shall certify to the Owner Trustee that any actions to be taken pursuant to such instruction comply with the terms of this Agreement and the Owner Trustee may rely on such certification and instruction without inquiry except to the extent it has actual knowledge to the contrary.

 

(c)           The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement.

 

(d)           The Owner Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Owner Trustee that shall be specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform on their face to the requirements of this Agreement.

 

(e)           No provision of this Agreement shall be construed to relieve the Owner Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act, its own bad faith or its own willful misfeasance; provided, however, that:

 

(i)           the duties and obligations of the Owner Trustee shall be determined solely by the express provisions of this Agreement, the Owner Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Owner Trustee, the permissive right of the Owner Trustee to do things enumerated in this Agreement and the Basic Documents shall not be construed as a duty and, in the absence of bad faith on the part of the Owner Trustee, the Owner Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Owner Trustee and conforming on their face to the requirements of this Agreement and the Basic Documents;

 

(ii)            the Owner Trustee shall not be personally liable for an error of judgment made in good faith by a Responsible Officer, unless it shall be proved 

 

  

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that the Owner Trustee was grossly negligent in performing its duties in accordance with the terms of this Agreement and the Basic Documents;

 

(iii)           the Owner Trustee shall not be personally liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance with the direction of the Holders of the Certificates representing at least a majority of the Percentage Interest (or such larger or smaller percentage of the Percentage Interest as may be required by any other provision of this Agreement or the other Basic Documents); and

 

(iv)           in no event shall the Owner Trustee be personally liable for (x) special consequential or punitive damages, however styled, including, without limitation, lost profits, (y) the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Trust’s securities or assets or (z) any losses due to forces beyond the reasonable control of the Owner Trustee, including without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services.

 

(f)           The Owner Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties under this Agreement, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(g)           All information obtained by the Owner Trustee regarding the Obligors and the Receivables contained in the Trust, whether upon the exercise of its rights under this Agreement or otherwise, shall be maintained by the Owner Trustee in confidence and shall not be disclosed to any other Person, unless such disclosure is required by any applicable law or regulation or pursuant to subpoena.

 

(h)           The Owner Trustee shall provide prompt notice to Toyota Motor Credit Corporation and Toyota Auto Finance Receivables LLC (each, a “TMCC Party,” and together, the “TMCC Parties”) of all demands received by an officer in the Corporate Trust Services Department of the Owner Trustee for the repurchase or replacement of any Receivable for breach of the representations and warranties concerning such Receivable (each, a “Demand”).  If any such Demand is made in non-written form, the Owner Trustee shall request that such Demand be put into writing and delivered to it; provided, however, that the Owner Trustee shall notify the TMCC Parties regardless of whether any such Demand is made in writing.  The obligations of the Owner Trustee under the first two sentences of this Section 6.03(h) to notify the TMCC Parties of any such Demand made in non-written form shall not be applicable during such time as the interpretations of the requirements of the Repurchase Rules and Regulations (as defined below) explicitly require reporting by TMCC Parties solely with respect to Demands in written form.  The Owner Trustee shall, upon written request of either TMCC Party, provide notification to the TMCC Parties with respect to any actions taken by the Owner Trustee with respect to any such Demand received by the Owner Trustee in respect of any Receivables, such notifications to

 

  

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be provided by the Owner Trustee promptly after receipt by the Owner Trustee of such request but not more than once each calendar month or such other time frame as may be mutually agreed to by the Owner Trustee and the applicable TMCC Party.  The Owner Trustee and the Depositor acknowledge and agree that the purpose of this Section 6.03(h) is to facilitate compliance by the TMCC Parties with Rule 15Ga-1 under the Securities Exchange Act of 1934, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”).  The Owner Trustee shall cooperate with reasonable written requests received by it from the TMCC Parties to deliver any and all records and any other information in the possession of the Owner Trustee that is necessary in the good faith determination of the TMCC Parties to permit the TMCC Parties to comply with the provisions of Repurchase Rules and Regulations.  Subject to its duties explicitly set forth herein, the Owner Trustee shall not have any responsibility or liability in connection with the compliance of either TMCC Party or a securitizer with the Securities Exchange Act of 1934, as amended, or Regulation AB or any filing required to be made by a TMCC Party or a securitizer under the Securities Exchange Act of 1934, as amended, or Regulation AB.

 

(i)           The Owner Trustee hereby agrees to cooperate with the Administrator in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Trust, its assets or the conduct of its business.  In connection therewith, the Owner Trustee further agrees to comply with any reasonable request made by the Administrator for the delivery of information or documents in the Owner Trustee’s actual possession.

 

Section 6.04.   No Duties Except as Specified in this Agreement or in Instructions.  The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any Basic Document to which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement.  No implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee, it being understood that, to the fullest extent permitted by law, any implied duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Trust are hereby eliminated and replaced with the express duties and obligations set forth in this Agreement.  The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or otherwise to perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Basic Document.  Notwithstanding anything to the contrary herein or in any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify on behalf of the Trust or any other Person any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002, to the extent permitted by applicable law.  The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Trust Estate.

 

Section 6.05.            No Action Except Under Specified Documents or Instructions.  The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of 

 

  

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the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.03. 

 

Section 6.06.   Restrictions.  The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, (x) would result in the Trust’s becoming taxable as a corporation for federal income tax purposes or (y) affect the treatment of the Notes as indebtedness for federal or state income purpose.  The Certificateholders shall not have the authority to and, by acceptance of a beneficial interest in any Certificate shall thereby be deemed to have covenanted not to, direct the Owner Trustee to take any action that would violate the provisions of this Section.

 

ARTICLE VII

 

CONCERNING THE OWNER TRUSTEE

 

Section 7.01.   Rights of the Owner Trustee.  Except as otherwise provided in Article VI:

 

(a)           in accordance with Section 7.04, the Owner Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, Officer's Certificate, certificate of an authorized signatory, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)           the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Administrator, as provided in the Administration Agreement or the Certificateholders, as provided herein;

 

(c)           the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement or the other Basic Documents, or to institute, conduct or defend any litigation under this Agreement, or in relation to this Agreement or the other Basic Documents, at the request, order or direction of any of the Securityholders or any other Person, unless such Person shall have offered to the Owner Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby;

 

(d)           under no circumstances shall the Owner Trustee be liable for any representation, warranty, covenant or obligation of the Trust, or for any indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes;

 

(e)           the Owner Trustee shall not be bound to recalculate, reverify, or make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Holders of Certificates representing not less than 25% of the Percentage Interest; provided, however, that if the payment within a reasonable time to the Owner Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of

  

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such investigation is, in the opinion of the Owner Trustee, not reasonably assured to the Owner Trustee by the security afforded to it by the terms of this Agreement, the Owner Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Administrator or, if paid by the Owner Trustee shall be reimbursed by the Administrator upon demand; and nothing in this clause shall derogate from the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors; and

 

(f)           the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Servicer, the Depositor or the Indenture Trustee under any of the Basic Documents or otherwise, and the Owner Trustee shall have no obligation or liability to supervise or perform the obligations of the Trust under the Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under the Sale and Servicing Agreement.

 

Section 7.02.   Furnishing of Documents.  The Owner Trustee shall furnish (a) to the Certificateholders promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents and (b) to Noteholders promptly upon written request therefor, copies of the Sale and Servicing Agreement, the Administration Agreement and the Trust Agreement.

 

Section 7.03.            Representations and Warranties.  The Owner Trustee hereby represents and warrants to the Depositor and for the benefit of the Certificateholders, that:

 

	
  

	
i.

	

It is a national banking association duly organized and validly existing and in good standing under the laws of the United States.  It has full power, authority and right to execute, deliver and perform its obligations under this Agreement and each other Basic Document.

 

	
  

	
ii.

	
It has taken all corporate action necessary to authorize the execution and delivery of this Agreement and each other Basic Document, and this Agreement and each other Basic Document has been executed and delivered by one of its officers duly authorized to execute and deliver this Agreement and each other Basic Document on its behalf.

 

	
  

	
iii.

	
This Agreement constitutes the legal, valid and binding obligation of the Owner Trustee, enforceable against it in accordance with its terms except as the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

	
  

	
iv.

	
It is authorized to exercise trust powers in the State of Delaware as and to the extent contemplated herein and it has a principal place of business in the State of Delaware.

 

	
  

	
v.

	
Neither the execution nor the delivery by it of this Agreement nor the consummation by the Owner Trustee of the transactions contemplated hereby 

 

  

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or thereby nor compliance by it with any of the terms or provisions hereof or thereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound.

 

	
  

	
vi.

	
There are no proceedings or investigations pending or, to the Owner Trustee's actual knowledge, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Owner Trustee or its properties: (a) asserting the invalidity of this Agreement or (b) seeking any determination or ruling that might materially and adversely affect the performance by the Owner Trustee of its obligations under, or the validity or enforceability of, this Agreement and each other Basic Document to which it is a party.

 

Section 7.04.   Reliance; Advice of Counsel.

 

(a)           The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect.  As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers or agents of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

 

(b)           In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee in good faith, and (ii) may consult with counsel, accountants and other skilled persons to be selected in good faith and employed by it.  The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons and not contrary to this Agreement or any Basic Document.

 

Section 7.05.            Not Acting in Individual Capacity.  In accepting the trusts hereby created, Wells Fargo Delaware Trust Company, National Association, acts solely as Owner Trustee hereunder and not in its individual capacity.  Except with respect to a claim based on the failure of the Owner Trustee to perform its duties under this Agreement or based on the Owner Trustee's willful misconduct, bad faith or gross negligence, no recourse shall be had for any claim based on any provision of this Agreement, the Notes or the Certificates, or based on rights

 

  

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obtained through the assignment of any of the foregoing, against the institution serving as the Owner Trustee in its individual capacity.  The Owner Trustee shall not have any personal obligation, liability or duty whatsoever to any Securityholder or any other Person with respect to any such claim, and any such claim shall be asserted solely against the Trust or any indemnitor who shall furnish indemnity as provided in this Indenture.

 

Section 7.06.            Owner Trustee Not Liable for the Certificates or Receivables.  The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement or of the Certificates or of the Notes (other than the execution by the Owner Trustee on behalf of the Trust of, and the certificate of authentication on, the Certificates).  The Owner Trustee shall have no obligation to perform any of the duties of or to monitor the performance by the Trust, the Servicer, the Indenture Trustee, the Administrator or any other Person.

 

The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of the Certificates, the Notes, or any Receivable, any ownership interest in any Financed Vehicle, or the maintenance of any such ownership interest, or for or with respect to the efficacy of the Trust or its ability to generate the payments to be distributed to Securityholders under this Agreement and the Indenture, including without limitation the validity of the assignment of the Receivables to the Trust or of any intervening assignment; the existence, condition, location and ownership of any Receivable or Financed Vehicle; the existence and enforceability of any Insurance Policy; the existence and contents of any retail installment sales contract or any computer or other record thereof; the completeness of any retail installment sales contract; the performance or enforcement of any retail installment sales contract; the compliance by the Trust with any covenant or the breach by the Trust of any warranty or representation made under this Agreement or in any related document and the accuracy of any such warranty or representation prior to the Owner Trustee's receipt of notice or other discovery of any noncompliance therewith or any breach thereof; the acts or omissions of the Trust or the Servicer; or any action by the Owner Trustee taken at the instruction of the Certificateholders; provided, however, that the foregoing shall not relieve the Owner Trustee of its obligation to perform its duties under this Agreement.

 

The Owner Trustee shall not be accountable for:  (i) the use or application by the Depositor of the proceeds of the sale of the Notes; (ii) the use or application by the Certificateholders of the Certificates or the proceeds of the Certificates; (iii) the use or application by the holder of any Notes of any of the Notes or of the proceeds of such Notes; or (iv) the use or application of any funds paid to the Servicer in accordance with the Sale and Servicing Agreement.

 

Section 7.07.            Owner Trustee May Own Certificates and Notes.  The Owner Trustee in its individual or any other capacity (but not in its fiduciary capacity), may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Company, the Administrator, the Indenture Trustee and the Servicer in banking or other transactions with the same rights as it would have if it were not Owner Trustee.

 

Section 7.08.             Trust Licenses.  Pursuant to Section 1(b) of the Administration Agreement, the Administrator will cause the Trust to use its best efforts to maintain the effectiveness of all licenses required to be held by the Trust under the laws of any jurisdiction in 

 

  

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connection with ownership of the Receivables or the terms set forth in this Agreement and the Basic Documents and the transactions contemplated hereby and thereby until such time as the Trust shall terminate in accordance with the terms hereof.

 

 

ARTICLE VIII

 

COMPENSATION OF OWNER TRUSTEE

 

Section 8.01.   Owner Trustee’s Fees and Expenses.  The Trust shall pay or shall cause the Servicer to pay to the Owner Trustee from time to time compensation for its services as have been separately agreed upon before the date hereof, and the Owner Trustee shall be entitled to be reimbursed by the Servicer or the Administrator, as the case may be, for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder.

 

Section 8.02.            Indemnification.  Pursuant to the terms of the Administration Agreement and the following provisions, the Administrator will reimburse the Owner Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services.  Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Owner Trustee’s agents, counsel, accountants and experts directly related to its services hereunder (“Expenses”).  The Administrator will indemnify or will cause the Servicer to indemnify the Owner Trustee against any and all loss, liability or expense (including reasonable attorneys’ fees) incurred by it in connection with the administration of the Trust and the performance of its duties hereunder.  The Owner Trustee shall notify the Administrator and the Servicer promptly of any claim for which it may seek indemnity.  Failure by the Owner Trustee to so notify the Administrator and the Servicer shall not relieve the Administrator or the Servicer of its obligations hereunder, except to the extent such failure shall adversely affect the Administrator’s or the Servicer’s defenses in respect thereof.  In case any such action is brought against the Owner Trustee under this Section 8.02 and it notifies the Administrator of the commencement thereof, the Administrator will assume the defense thereof, with counsel reasonably satisfactory to the Owner Trustee (who may, unless there is, as evidenced by an opinion of counsel to the Owner Trustee stating that there is an unwaivable conflict of interest, be counsel to the Administrator), and the Administrator will not be liable to the Owner Trustee under this Section for any legal or other expenses subsequently incurred by the Owner Trustee in connection with the defense thereof, other than reasonable costs of investigation.  Neither the Administrator nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred by the Owner Trustee through the Owner Trustee’s own willful misconduct, gross negligence or bad faith.  The provisions of this Section 8.02 shall survive the termination of this Agreement and the resignation or removal of the Owner Trustee.

 

Section 8.03.            Payments to the Owner Trustee.  Any amounts paid to the Owner Trustee pursuant to this Article VIII from assets in the Trust Estate shall be deemed not to be a part of the Trust Estate immediately after such payment.

  

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ARTICLE IX

 

TERMINATION OF TRUST AGREEMENT

 

Section 9.01.            Termination of Trust Agreement.

 

(a)           The Trust shall dissolve and be wound up in accordance with Section 3808 of the Statutory Trust Act, upon the earliest of (i) the maturity or other liquidation of the last Receivable (or other asset) in the Trust Estate and the final distribution by the Paying Agent of all moneys or other property or proceeds of the Trust Estate held by it in accordance with the terms of this Agreement, the Indenture and the Sale and Servicing Agreement (including, but not limited to, any property and proceeds to be deposited in the Collection Account pursuant to the terms of the Sale and Servicing Agreement or to be released by the Indenture Trustee from the Lien of the Indenture pursuant to the terms of the Indenture) or (ii) the payment or distribution to all Securityholders of all amounts required to be paid to them under the Sale and Servicing Agreement and the Indenture.  The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust Estate, nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.

 

(b)           Except as provided in Section 9.01(a), the Certificateholder shall not be entitled to revoke or terminate the Trust.

 

(c)           Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final distributions and cancellation, shall be given by the Owner Trustee to the Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.03 of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that payment to be made on such Payment Date will be made only upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified.  The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at the time such notice is given to the Certificateholders.  Upon presentation and surrender of the Certificates, the Paying Agent shall cause to be distributed to the Certificateholders amounts distributable on such Payment Date pursuant to Section 5.02.

 

In the event that one or more of the Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto.  If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets

  

25

  

 

that shall remain subject to this Agreement.  Any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor.

 

(d)           Upon the completion of the winding up of the Trust, including the payment or reasonable provision for payment of all claims and obligations in accordance with Section 3808 of the Statutory Trust Act by the Administrator, the Owner Trustee shall, at the direction and expense of the Administrator, file a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act.

 

ARTICLE X

 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

 

Section 10.01.   Eligibility Requirements for Owner Trustee.  The Owner Trustee shall at all times be an entity having a combined capital and surplus of at least $50,000,000, be subject to supervision or examination by federal or state authorities and be authorized to exercise trust powers in the State of Delaware.  If such entity shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

 

Section 10.02.            Resignation or Removal of Owner Trustee.  The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and the Indenture Trustee.  Upon receiving such notice of resignation, the Servicer will promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which shall be delivered to each of the resigning Owner Trustee and the successor Owner Trustee.  If no successor Owner Trustee shall have been so appointed or shall not have accepted such appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee.

 

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign promptly, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee by written instrument to such effect delivered to the Owner Trustee, the Depositor and the Indenture Trustee. If the Administrator removes the Owner Trustee under the authority of the immediately preceding sentence, the Servicer will promptly appoint a successor Owner Trustee by written instrument in duplicate, one copy of which instrument shall be delivered to each of the outgoing Owner Trustee so removed and the successor Owner Trustee and shall pay or cause to be paid all fees, expenses and other compensation then owed to the outgoing Owner Trustee.

  

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Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee.  The Administrator will provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies.

 

Section 10.03.   Successor Owner Trustee.  Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee.  The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties, and obligations.

 

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall meet the criteria for eligibility set forth in Section 10.01.

 

Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator will mail notice of the successor of such Owner Trustee to the Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies.  If the Administrator fails to mail such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator.

 

Section 10.04.            Merger or Consolidation of Owner Trustee.  Any corporation into which the Owner Trustee may be merged or converted or with which it may be consolidated or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee shall be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to Section 10.01, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Depositor and the Administrator.  The Administrator will provide notice of such merger or consolidation to the Rating Agencies.

 

Section 10.05.            Appointment of Co-Trustee or Separate Trustee.  Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by

 

  

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the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable.  If the Administrator shall not have joined in such appointment within 25 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment.  No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03.

 

Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provision and conditions:

 

(i)           all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties, and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee;

 

(ii)           no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

 

(iii)           the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as if given to each of them.  Each separate trustee and co-trustee, upon its acceptance of the powers and duties conferred thereto under this Agreement, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee.  Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator.

 

Section 10.06.   Power of Attorney for Co-Trustee or Separate Trustee.  Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.  If any separate trustee or co trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, 

 

  

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remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

 

ARTICLE XI

 

MISCELLANEOUS

 

Section 11.01.            Supplements and Amendments.  This Agreement may be amended by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, and without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, that either (i) an Officer’s Certificate shall have been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of any Noteholder or (ii) the Rating Agency Condition has been satisfied in respect of such proposed amendment.

 

This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, and with the consent of the Indenture Trustee and, if the interests of the Noteholders are materially and adversely affected, with the consent of the Holders of the Notes evidencing at least a majority of the outstanding principal amount of the Controlling Class of Notes, acting together as a single Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders under this Agreement.

 

No amendment otherwise permitted under this Section 11.01 may (x) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions required to be made for the benefit of any Noteholders or Certificateholders without the consent of all Noteholders and Certificateholders adversely affected thereby, or (y) reduce the percentage of the Notes or Certificates which are required to consent to any such amendment without the consent of the Noteholders and Certficateholders adversely affected thereby; provided, that any amendment referred to in clause (x) or (y) above shall be deemed to not adversely affect any Noteholder if the Rating Agency Condition has been satisfied in respect of such proposed amendment.  No amendment referred to in clause (x) in the immediately preceding sentence shall be permitted unless an Officer’s Certificate shall have been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder whose consent was not obtained.

 

Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Certificateholder, the Indenture Trustee and the Administrator and the Administrator shall provide such notification to each of the Rating Agencies.

  

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It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

 

Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State.

 

Prior to the execution of any amendment to this Agreement or any amendment to the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Officer’s Certificate of the Administrator or an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement.  The Owner Trustee shall not be obligated to enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise.

 

Section 11.02.   No Legal Title to Trust Estate in the Certificateholders.  The Certificateholders shall not have legal title to any part of the Trust Estate.  The Certificateholders shall be entitled to receive distributions with respect to their fractional undivided beneficial interest therein only in accordance with Articles V and IX.  No transfer, by operation of law or otherwise, of any right, title, or interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

 

Section 11.03.            Limitations on Rights of Others.  Except for Section 2.06, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, TMCC (as Servicer), the Certificateholders, the Administrator and, to the extent expressly provided herein the Indenture Trustee and the Noteholders, and nothing in this Agreement, (other than Section 2.06), whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

 

Section 11.04.            Notices.

 

(a)           Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to Toyota Auto Finance Receivables LLC, 19851 South Western Avenue NF 10, Torrance, California 90501, Attention: President; if, to the Trust, addressed to Toyota Auto Receivables 2015-B Owner Trust, c/o Wells Fargo Delaware Trust Company, National Association, 919 North Market Street, Suite 1600, Wilmington, Delaware 19801, Attention: Corporate Trust Services, with a copy to Toyota Motor Credit Corporation, 19001 South Western Avenue EF 12, Torrance, 

 

  

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California 90501, Attention: General Counsel; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.

 

(b)           Any notice required or permitted to be given a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register.  Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

Section 11.05.   Severability.  If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section 11.06.            Counterparts.  This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and all of which shall constitute but one and the same instrument.

 

Section 11.07.            Successors and Assigns.  All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee, and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided.  Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder.

 

Section 11.08.            No Petition.  To the fullest extent permitted  by law, each of the parties hereto, by entering into this Agreement hereby covenants and agrees, and the Indenture Trustee and each Certificateholder and Noteholder by accepting a Certificate or accepting the benefits of this Agreement, as the case may be, are each deemed to covenant and agree, that it shall not at any time acquiesce, petition or otherwise invoke or cause the Issuer or the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust or the Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or the Depositor, as the case may be, or any substantial part of its property, or, except as expressly set forth herein, ordering the winding up or liquidation of the affairs of the Trust or the Depositor, in connection with any obligations relating to the Notes, the Certificates, this Agreement or any of the Basic Documents prior to the date that is one year and one day after the date on which the Indenture is terminated.  This Section 11.08 shall survive the termination of this Agreement.

 

Section 11.09.            No Recourse.  Each Certificateholder by accepting an interest in a Certificate acknowledges that such Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, TMCC (in any capacity), the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Certificates or the Basic Documents.

 

  

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Section 11.10.            Headings.  The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

Section 11.11.           Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 11.12.           TMCC Payment Obligation.  The parties hereto acknowledge and agree that, pursuant to the Sale and Servicing Agreement and the following provisions, the Servicer will be responsible for payment of the Administrator’s fees under the Administration Agreement and will reimburse the Administrator for all expenses and liabilities of the Administrator incurred thereunder.  In addition, the parties hereto acknowledge and agree that, pursuant to the Sale and Servicing Agreement and the following provisions, the Servicer will be responsible for the payment of all fees and expenses of the Trust, the Owner Trustee and the Indenture Trustee paid by any of them in connection with any of their obligations under the Basic Documents to obtain or maintain any license required to be held by the Trust under the laws of any jurisdiction in connection with ownership of the Receivables.

 

ARTICLE XII

 

COMPLIANCE WITH REGULATION AB

 

Section 12.01.   Intent of the Parties; Reasonableness.  The Depositor and the Owner Trustee acknowledge and agree that the purpose of Article XII of this Agreement is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.

 

Neither the Depositor nor the Owner Trustee shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection therewith, the Owner Trustee shall cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all statements, reports, certifications, records, attestations, and any other information necessary in the good faith determination of the Depositor, to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Owner Trustee or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance.

  

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IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by their respective officers hereunto duly authorized, as of the day and year first above written.

 

	  	
TOYOTA AUTO FINANCE RECEIVABLES LLC, as Depositor

	  	  	  
	  	  	  
	  	
By:

	
                                                                

	  	
Name:   

	 
	  	
Title:

	 
	  	  	  
	  	  	  
	  	
WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, as Owner Trustee

	  	  	  
	  	  	  
	  	
By:

	

                                                                

	  	
Name:

	 
	  	
Title:

	 
	  	  	  

 

 

 

 

 

  

S-1

  

 

Acknowledged by:

 

TOYOTA MOTOR CREDIT CORPORATION,

as Servicer and Administrator

 

 

By:                                                                        

Name:   

Title:     

 

 

 

 

 

 

 

 

 

 

 

 

  

S-2

  

 

EXHIBIT A

 

FORM OF ASSET-BACKED CERTIFICATE

 

THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR, TMCC, TAFR LLC OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.  THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT.

 

EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT ACQUIRING THE CERTIFICATE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

 

NUMBER R-1

 

TOYOTA AUTO RECEIVABLES 2015-B OWNER TRUST

 

ASSET-BACKED CERTIFICATE

 

THIS CERTIFIES THAT TOYOTA AUTO FINANCE RECEIVABLES LLC is the registered owner of 100% of the nonassessable, fully-paid, fractional undivided beneficial interest in Toyota Auto Receivables 2015-B Owner Trust (the “Trust”) formed by TAFR LLC.

 

The Trust was created pursuant to a Trust Agreement, dated as of October 23, 2014 (as amended and supplemented, including the Amended and Restated Trust Agreement dated as of June 17, 2015, the “Trust Agreement”), between Toyota Auto Finance Receivables LLC, as depositor (the “Depositor”), and Wells Fargo Delaware Trust Company, National Association, a national banking association, as Owner Trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below.  Capitalized terms used herein and not otherwise defined have the meanings ascribed thereto in the Trust Agreement, the Sale and Servicing Agreement, dated as of June 17, 2015 (the “Sale and Servicing Agreement”), among the Trust, the Depositor and TMCC, as servicer (the “Servicer”), or the Indenture, dated as of

 

  

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 June 17, 2015 (the “Indenture”), among the Trust and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”), as the case may be.

 

This Certificate is one of the duly authorized Certificates designated as “Asset Backed Certificates” (the “Certificates”) issued pursuant to the Trust Agreement.  Certain debt instruments evidencing obligations of the Trust have been issued under the Indenture, consisting of Notes designated as “0.30000% Asset Backed Notes, Class A-1,” “0.77% Asset Backed Notes, Class A-2a,” “LIBOR plus 0.21% Asset Backed Notes, Class A-2b,”  “1.27% Asset Backed Notes, Class A-3,” “1.74% Asset Backed Notes, Class A-4” and “0.00% Asset Backed Notes, Class B” (collectively, the “Notes”).  This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement.  The holder of this Certificate, by virtue of its acceptance hereof, assents to and is bound by all of the provisions of the Trust Agreement.

 

The property of the Trust includes a pool of retail installment sales contracts secured by new and used automobiles, minivans, sport utility vehicles and light duty trucks (the "Receivables"), all monies due thereunder and received after the Cutoff Date, security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement and all proceeds of the foregoing.

 

It is the intent of the Depositor, TMCC and the Certificateholders that, for purposes of federal income tax, state and local income tax, any state single business tax and any other income taxes, the Trust will be treated as a division or branch of the Person holding the beneficial interests in the Trust for any period during which the beneficial interests in the Trust are held by one person, and will be treated as a partnership, and the Certificateholders will be treated as partners in that partnership, for any period during which the beneficial interests in the Trust are held by more than one person.  For any such period during which the beneficial interests in the Trust are held by more than one person, each Certificateholder, by acceptance of a Certificate or any beneficial interest on a Certificate, agrees to treat, and to take no action inconsistent with the treatment of, the Certificates as partnership interests in the Trust for such tax purposes.

 

Under the Trust Agreement, there will be distributed to the Holder hereof on the 15th day of each month or, if such 15th day is not a Business Day, the next Business Day, (each, a “Payment Date”), commencing in July 2015, the amounts to be distributed to Certificateholder on such Payment Date in respect of amounts distributable to the Certificateholder pursuant to Section 5.06 of the Sale and Servicing Agreement.

 

The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders, as described in the Sale and Servicing Agreement and the Indenture.

 

Distributions on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder without the presentation or surrender of this Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Owner Trustee of the pendency of such

 

  

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distribution and only upon presentation and surrender of this Certificate at the office or agency of the Paying Agent designated in such notice.

 

Each Certificateholder, by its acceptance of a Certificate or any beneficial interest in a Certificate, covenants and agrees that such Certificateholder will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States, federal or state bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

 

Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee or an authenticating agent, by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

 

THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

 

 

 

 

 

 

 

 

 

 

 

  

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IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity, has caused this Certificate to be duly executed.

 

	  	
TOYOTA AUTO RECEIVABLES 2015-B

	  	
OWNER TRUST

	  	  	  
	  	  	  
	  	
By:

	
WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

	  	  	  
	  	  	  
	  	
By:

	
_________________________________

	  	  	
Authorized Signatory

 

Dated:  June 17, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

  

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OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is the Certificate referred to in the within-mentioned Trust Agreement.

 

	  	
WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

	  	  	  
	  	
By:

	
_________________________________

	  	  	
Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

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(REVERSE OF CERTIFICATE)

 

The holder of this Certificate, by accepting an interest in this Certificate, acknowledges that this Certificate represents a beneficial interest in the Trust only and does not represent any interest in or obligation of the Depositor, TMCC (in any capacity), the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Certificate or the Basic Documents.  In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Sale and Servicing Agreement.  A copy of each of the Sale and Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of the Depositor, and at such other places, if any, designated by the Depositor, by the Certificateholder upon written request.

 

As provided in the Trust Agreement, and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate interest in the Trust will be issued to the designated transferee or transferees. The initial Certificate Registrar appointed under the Trust Agreement is Wells Fargo Delaware Trust Company, National Association.

 

The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the person in whose name this Certificate is registered as the owner hereof for all purposes and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary.

 

The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in the Trust Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in the Trust Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder; provided, that either (i) an Officer’s Certificate has been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that any such amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder or (ii) the Rating Agency Condition has been satisfied in respect of any such amendment.

 

The Trust Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies and with the consent of the Indenture Trustee and with the consent of:

 

  

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(i)           if the interests of the Noteholders are materially and adversely affected, the Holders of Notes evidencing at least a majority of the outstanding principal amount of the Controlling Class of Notes, acting together as a single; and

 

(ii)           if the interests of the Certificateholders are materially and adversely affected, the Holders of the Certificates evidencing not less than a majority of the Percentage Interest;

 

for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders under the Trust Agreement.

 

No amendment otherwise permitted under Section 11.01 of the Trust Agreement may (x) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions required to be made for the benefit of any Noteholders or Certificateholders without the consent of all Noteholders and Certificateholders adversely affected thereby, or (y) reduce the percentage of the Notes or Certificates which are required to consent to any such amendment without the consent of the Noteholders and Certficateholders adversely affected thereby; provided, that any amendment referred to in clause (x) or (y) above will be deemed to not adversely affect any Noteholder if the Rating Agency Condition has been satisfied in respect of such proposed amendment.  No amendment referred to in clause (x) in the immediately preceding sentence will be permitted unless an Officer’s Certificate has been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that such amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder whose consent was not obtained.

 

The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to the Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Trust Estate.  TMCC, as servicer of the Receivables under the Sale and Servicing Agreement, or any successor servicer, may at its option purchase the Trust Estate at a price specified in the Sale and Servicing Agreement, and any such purchase of the Receivables and other property of the Trust will effect early retirement of the Certificate; however, such right of purchase is exercisable only after the last day of the Collection Period as of which the Pool Balance is less than or equal to 5% of the Original Pool Balance.

 

  

A-7

  

 

ASSIGNMENT

 

Social Security or taxpayer I.D.  or other identifying number of assignee:__________________

 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto:

 

(name and address of assignee)

 

the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

______________________, attorney, to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

 

Dated:____________*/

 

Signature Guaranteed:

 

__________________*/

 

 

*/NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

 

  

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EXHIBIT B

 

FORM OF TRANSFEREE REPRESENTATION LETTER

 

Toyota Auto Receivables 2015-B Owner Trust

c/o Wells Fargo Delaware Trust Company, N.A.,

not in its individual capacity but solely as Owner Trustee

919 North Market Street, Suite 1600

Wilmington, Delaware 19801

Attention: Corporate Trust Services

 

Wells Fargo Delaware Trust Company, National Association,

as Certificate Registrar

919 North Market Street, Suite 1600

Wilmington, Delaware 19801

Attention: Corporate Trust Services

 

Re:  Transfer of Toyota Auto Receivables 2015-B Owner Trust Certificates, (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement, dated as of June 17, 2015 (the “Trust Agreement”), between Toyota Auto Finance Receivables LLC, as Depositor, and Wells Fargo Delaware Trust Company, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by ________________ (the “Seller”) to the undersigned (the “Purchaser”) of the Certificates, a copy of which are attached hereto. Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Trust Agreement.

 

In connection with such transfer, the undersigned hereby represents and warrants to you and the addressees hereof as follows:

 

1.      I am not a Non-U.S. Person as defined in the Trust Agreement; and

 

2.      I am not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, (ii) a “plan” described in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s investment in the entity, or (iv) any other employee benefit plan that is subject to any law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code.

 

Signature appears on next page.

 

 

  

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IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on the ___ day of  ___________.

 

	  	
Very truly yours,

	  	  
	  	  
	  	  
	  	
The Purchaser

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

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EXHIBIT C

 

FORM OF TRANSFEROR REPRESENTATION LETTER

 

 

 

Toyota Auto Receivables 2015-B Owner Trust

c/o Wells Fargo Delaware Trust Company, National Association,

not in its individual capacity but solely as Owner Trustee

919 North Market Street, Suite 1600

Wilmington, Delaware 19801

Attention: Corporate Trust Services

 

Wells Fargo Delaware Trust Company, National Association,

as Certificate Registrar

919 North Market Street, Suite 1600

Wilmington, Delaware 19801

Attention: Corporate Trust Services

 

Re:  Transfer of Toyota Auto Receivables 2015-B Owner Trust Certificates, (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement, dated as of June 17, 2015 (the “Trust Agreement”), between Toyota Auto Finance Receivables LLC, as Depositor, and Wells Fargo Delaware Trust Company, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by ______________________ (the “Purchaser”) to the undersigned (the “Seller”) of the Certificates, a copy of which are attached hereto. Capitalized terms used and not otherwise defined herein have the meanings ascribed thereto in the Trust Agreement. The Transferor hereby certifies, represents and warrants to you, as Certificate Registrar, that:

 

1. The Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any and all claims and encumbrances whatsoever.

 

2. Neither the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of any Transferred Certificate, any interest in any Transferred Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy or accept a transfer, pledge or other disposition of any Transferred Certificate, any interest in any Transferred Certificate or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any Transferred Certificate, any interest in any Transferred Certificate or any other similar security with any person in any manner, (d) made any general solicitation by means of general advertising or in any other manner, or (e) taken any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of any Transferred Certificate under the Securities Act of 1933, as amended (the “Securities Act”), or would render the disposition of any Transferred Certificate a violation of Section 5 of the Securities Act or any state securities laws,

  

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or would require registration or qualification of any Transferred Certificate pursuant to the Securities Act or any state securities laws.

 

	  	
Very truly yours,

	 	 
	  	
(Transferor)

	 	 
	  	
By:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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