Document:

Rand 2,000,000,000 Revolving Facility Agreement

 Exhibit 4.26 
 EXECUTION VERSION 
 REVOLVING CREDIT FACILITY AGREEMENT 

amongst 

NEDBANK LIMITED 
 (acting through its NEDBANK CAPITAL 
 and 

NEDBANK CORPORATE divisions) 
 GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED 
 GOLD FIELDS OPERATIONS
LIMITED 
 and 
 THE ORIGINAL GUARANTORS LISTED IN SCHEDULE 1 

 TABLE OF CONTENTS 

 

							
	1.	  	PARTIES	  	 	1	  
	2.	  	DEFINITIONS AND INTERPRETATION	  	 	1	  
	3.	  	INTRODUCTION	  	 	35	  
	4.	  	THE FACILITY	  	 	35	  
	5.	  	CONDITIONS OF UTILISATION	  	 	36	  
	6.	  	UTILISATION OF FACILITY	  	 	38	  
	7.	  	INTEREST	  	 	40	  
	8.	  	INTEREST PERIODS	  	 	43	  
	9.	  	REPAYMENTS	  	 	45	  
	10.	  	PREPAYMENTS	  	 	46	  
	11.	  	FEES	  	 	50	  
	12.	  	TAX GROSS UP AND INDEMNITIES	  	 	51	  
	13.	  	INCREASED COSTS	  	 	54	  
	14.	  	COSTS AND EXPENSES	  	 	56	  
	15.	  	GUARANTEE AND INDEMNITY	  	 	57	  
	16.	  	REPRESENTATIONS AND WARRANTIES	  	 	61	  
	17.	  	INFORMATION UNDERTAKINGS	  	 	69	  
	18.	  	FINANCIAL COVENANTS	  	 	76	  
	19.	  	GENERAL UNDERTAKINGS	  	 	77	  
	20.	  	DEFAULT	  	 	84	  
	21.	  	CHANGE OF PARTY	  	 	91	  
	22.	  	CHANGES TO THE OBLIGORS	  	 	95	  
	23.	  	PAYMENT MECHANICS	  	 	98	  
	24.	  	CONFIDENTIALITY	  	 	99	  
	25.	  	SET-OFF	  	 	100	  
	26.	  	NOTICES AND DOMICILIA	  	 	101	  
	27.	  	GENERAL	  	 	103	  

			
	 SCHEDULE 1 : ORIGINAL GUARANTORS
	  	
	 SCHEDULE 2 : ADVANCE CONDITION DOCUMENTS
	  	
	 SCHEDULE 3 : FORM OF UTILISATION REQUEST
	  	
	 SCHEDULE 4 : DISCLOSURES
	  	
	 SCHEDULE 5 : FORM OF ACCESSION UNDERTAKING
	  	
	 SCHEDULE 6 : FORM OF RESIGNATION LETTER
	  	
	 SCHEDULE 7 : FORM OF COMPLIANCE CERTIFICATE
	  	
	 SCHEDULE 8 : PERMITTED TRANSFEREES
	  	

 REVOLVING CREDIT FACILITY AGREEMENT 

 

	1.	PARTIES 

  

	1.1	The Parties to this Agreement are: 

  

	1.1.1	NEDBANK LIMITED (acting through its NEDBANK CAPITAL and NEDBANK CORPORATE divisions) (as Facility Agent and Original Lender); 

 

	1.1.2	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED (as Original Borrower); 

 

	1.1.3	GOLD FIELDS OPERATIONS LIMITED (as Original Borrower); and 

  

	1.1.4	THE ORIGINAL GUARANTORS LISTED IN SCHEDULE 1 (as Original Guarantors). 

 

	1.2	The Parties agree as set out below. 

  

	2.	DEFINITIONS AND INTERPRETATION 

  

	2.1	In this Agreement and in the other Finance Documents, unless the context dictates otherwise or unless otherwise defined in a Finance Document, the words and expressions
set forth below shall bear the following meanings and cognate expressions shall bear corresponding meanings: 

  

	2.1.1	“Accession Undertaking” means: 

  

	2.1.1.1	in relation to any Additional Borrower, an undertaking substantially in the form set out in Schedule 5 (Form of Accession Undertaking) delivered or to be
delivered to the Facility Agent and by which an Additional Borrower will become a Party to this Agreement; and 

  

	2.1.1.2	in relation to any Additional Guarantor, an undertaking substantially in the form set out in Schedule 5 (Form of Accession Undertaking) delivered or to be
delivered to the Facility Agent and by which an Additional Guarantor will become a Party to this Agreement; 

	2.1.2	“Additional Borrower” means any company which has become a Party as a Borrower in accordance with clause 22.2 (Additional Borrowers);

  

	2.1.3	“Additional Guarantor” means any company which has become a Party as a Guarantor in accordance with clause 22.4 (Additional Guarantors);

  

	2.1.4	“Agreement” means this Revolving Credit Facility Agreement and its Schedules; 

 

	2.1.5	“Arranger” means Nedbank; 

  

	2.1.6	“Associate” has the meaning given to such term in Clause 2.2.1.1 (Consolidated EBITDA) of this Agreement; 

 

	2.1.7	“Auditors” means, at any time, the auditors of the Parent at that time, being as at the Signature Date KPMG, and any replacement of those auditors
appointed by the Parent; 

  

	2.1.8	“Availability Period” means the period commencing on the Financial Close Date and ending on the earlier of: 

 

	2.1.8.1	the date on which the Available Facility is cancelled in terms of this Agreement; and 

 

	2.1.8.2	the date which is 1 (one) Month prior to the Final Maturity Date; 

  

	2.1.9	“Available Commitment” means, in relation to any Lender, that Lender’s Commitment minus (subject as set out below): 

 

	2.1.9.1	the amount of its participation in any outstanding Loans; and 

  
 Page 2.

	2.1.9.2	in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made on or before the proposed Utilisation Date;

 provided that for the purposes of calculating a Lender’s Available Commitment in relation to any proposed
Utilisation, that Lender’s participation in any Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date shall not be deducted from that Lender’s Commitment; 

 

	2.1.10	“Available Facility” means the aggregate for the time being of each Lender’s Available Commitment; 

 

	2.1.11	“Base Rate” means, subject to clause 8.1.3, JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Banks, in
either case converted to a nominal annual compounded monthly in arrear rate; 

  

	2.1.12	“Borrowers” means the Original Borrowers and each Additional Borrower, unless it has ceased to be a Borrower in accordance with clause 22 (Change to
the Obligors), and a reference to “Borrower” shall be any one of them as the context requires; 

  

	2.1.13	“Breakage Costs” means the amount (if any) by which: 

  

	2.1.13.1	the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day
of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

exceeds: 
  

	2.1.13.2	 the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received

  
 Page 3.

	 	
by it on deposit with a leading bank in the Johannesburg interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current
Interest Period; 

  

	2.1.14	“Business Day” means any day (other than a Saturday, Sunday or an official public holiday in South Africa within the meaning of the Public Holidays
Act, 1994) on which banks generally are open for business in Johannesburg; 

  

	2.1.15	“Cerro Corona Project” means the development of the gold and copper deposits in Peru by the Cerro Corona Subsidiary; 

 

	2.1.16	“Cerro Corona Subsidiary” means Gold Fields La Cima S.A.; 

 

	2.1.17	“Commitment” means: 

  

	2.1.17.1	in relation to the Original Lender, R2 000 000 000 (Two Billion Rand); and 

 

	2.1.17.2	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement, 

in each case, (a) to the extent not cancelled, reduced or transferred by it under this Agreement, and (b) exclusive of any
accrued and unpaid or capitalised interest; 
  

	2.1.18	“Companies Act” means the Companies Act, 71 of 2008; 

  

	2.1.19	“Compliance Certificate” means a certificate substantially in the form of the letter set out in Schedule 7 (Form of Compliance Certificate);

  

	2.1.20	“Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended form of the Loan Market Association or in any other
form agreed between the Parent and the Facility Agent; 

  

	2.1.21	 “Constitutional Documents” means, in respect of any person at any time, the then current and up-to-date constitutional documents of
such 

  
 Page 4.

	 	
person at such time (including, without limitation, such person’s memorandum of incorporation, certificate of incorporation, articles of incorporation or commercial registration
certificate); 

  

	2.1.22	“CP Satisfaction Date” means the date upon which the conditions set out in clause 5.1 have been fulfilled or, where capable of waiver, waived, as the
case may be; 

  

	2.1.23	“Default” means an Event of Default or any event or circumstances specified in clause 20.1 (Events of Default) which would (with the expiry of a
grace period, the giving of notice or the making of any determination under the Finance Documents or any combination of the foregoing) be an Event of Default; 

 

	2.1.24	“Encumbrance” means: 

  

	2.1.24.1	any mortgage, pledge, lien, assignment or cession conferring security, hypothecation, security interest, preferential right or trust arrangement or other encumbrance
securing any obligation of any person; or 

  

	2.1.24.2	any arrangement under which money or claims to, or for the benefit of, a bank or other account may be applied, set off or made subject to a combination of accounts so
as to effect discharge of any sum owed or payable to any person; or 

  

	2.1.24.3	any other type of preferential agreement or arrangement (including any title transfer and retention arrangement), the effect of which is the creation of a security
interest; 

  

	2.1.25	“Environmental Claim” means any claim, proceeding or investigation by any person in respect of any Environmental Law; 

 

	2.1.26	 “Environmental Law” means any law applicable to the business conducted by a Material Group Company at the relevant time in any
jurisdiction in which that Material Group Company conducts business 

  
 Page 5.

	 	
which relates to the pollution, degradation or protection of the environment or harm to or the protection of human health or the health of animals or plants; 

 

	2.1.27	“Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of any notification, report or assessment
required under any Environmental Law for the operation of the business of any Material Group Company conducted on or from the properties owned or used by that Material Group Company; 

 

	2.1.28	“Event of Default” means any event or circumstance specified as such in clause 20.1 (Events of Default); 

 

	2.1.29	“Existing Facility” means the R1 500 000 000 (One Billion Five Hundred Million Rand) revolving credit facility amongst the Original
Lender and the Obligors dated 6 May 2009; 

  

	2.1.30	“Facility” means the revolving credit facility made available to the Borrowers under this Agreement as described in clause 4 (The Facility);

  

	2.1.31	“Facility Agent” means Nedbank; 

  

	2.1.32	“Fee Letter” means any letter or letters between the Arranger and the Parent (or the Facility Agent and the Parent) setting out any of the fees
referred to in clause 11 (Fees); 

  

	2.1.33	“Final Maturity Date” means the 5th anniversary of the Financial Close Date; 

 

	2.1.34	“Finance Documents” means: 

  

	2.1.34.1	this Agreement; 

  

	2.1.34.2	any Fee Letter; 

  

	2.1.34.3	any Utilisation Request; 

  

	2.1.34.4	any Accession Undertaking; 

  
 Page 6.

	2.1.34.5	any other agreement or document at any time designated a Finance Document by written agreement between the Facility Agent and the Borrowers; and

  

	2.1.34.6	any amendment agreement to any of the Finance Documents referred to in clauses 2.1.34.1 to 2.1.34.5 above; 

and “Finance Document” means, as the context requires, any of them; 

 

	2.1.35	“Finance Party” means: 

  

	2.1.35.1	each Lender; and 

  

	2.1.35.2	the Facility Agent; 

 and
“Finance Parties” means, as the context requires, all of them; 
  

	2.1.36	“Financial Close Date” means the date which is the earlier of: 

 

	2.1.36.1	the CP Satisfaction Date; or 

  

	2.1.36.2	the date on which the first Utilisation is made under this Agreement; 

  

	2.1.37	“Financial Close Documents” means all of the documents and other evidence listed in Schedule 2 (Financial Close Documents);

  

	2.1.38	“Financial Covenants” means the financial covenants and ratios set out in clause 18.1 (Financial Condition); 

 

	2.1.39	“GAAP” means the generally accepted accounting principles set out in IFRS; 

 

	2.1.40	“GFIMSA” means GFI Mining South Africa (Proprietary) Limited (Registration No. 2002/031431/07), a private company duly incorporated according to
the company laws of South Africa; 

  

	2.1.41	“GFOH” means Gold Fields Orogen Holding (BVI) Limited (Registration No. 184982), a limited liability company duly incorporated according to the
company laws of the British Virgin Islands; 

  
 Page 7.

	2.1.42	“GFO” means Gold Fields Operations Limited (Registration No. 1959/003209/06), a public company duly incorporated according to the company laws of
South Africa; 

  

	2.1.43	“Ghanaian Companies” means Gold Fields Ghana Limited and Abosso Goldfields Limited and “Ghanaian Company” means either of them as required by
the context; 

  

	2.1.44	“Group” means the Parent, the Guarantors and their subsidiaries from time to time; 

 

	2.1.45	“Group Company” means any member of the Group and “Group Companies” means, as the context requires, all of them;

  

	2.1.46	“Guarantors” means the Original Guarantors and each Additional Guarantor, unless it has ceased to be a Guarantor in accordance with clause 22
(Change to the Obligors), and a reference to “Guarantor” shall be to any one of them as the context requires; 

  

	2.1.47	“IFRS” means International Financial Reporting Standards issued and/or adopted by the International Accounting Standards Board;

  

	2.1.48	“Interest Period” means, in relation to a Loan, each period determined in accordance with clause 8 (Interest Periods) and, in relation to an
Unpaid Sum, each period determined in accordance with clause 7.3 (Default Interest); 

  

	2.1.49	“JIBAR” means, in relation to any Interest Period, the rate for the period which most closely approximates such Interest Period which appears on the
Reuters Screen SAFEY Page as at 11h00 Johannesburg time on the first day of such Interest Period; 

  
 Page 8.

	2.1.50	“JSE Listings Requirements” means the listings requirements for public listed companies published by JSE Limited in accordance with the provisions of
the Securities Services Act, 2004; 

  

	2.1.51	“Lender” means: 

  

	2.1.51.1	the Original Lender; and 

  

	2.1.51.2	any bank or financial institution which has become a Party in accordance with clause 21 (Change of Party), 

which in each case has not ceased to be a Party in accordance with the terms of this Agreement; 

 

	2.1.52	“Loan” means a loan made or to be made under the Facility or (as the context may require) the principal amount outstanding for the time being of that
loan; 

  

	2.1.53	“Majority Lenders” means: 

  

	2.1.53.1	 if there are no Loans then outstanding, a Lender or Lenders whose Commitments aggregate more than 662/3% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately prior to the reduction); or 

 

	2.1.53.2	 at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate more than 662/3% of all the Loans then outstanding; 

 

	2.1.54	“Margin” means 1.95% (one comma ninety five percent) nominal annual compounded monthly in arrears (which includes, subject to clause 13 (Increased
Costs), all statutory, liquid and reserve costs, the Lenders’ credit margin and all other regulatory costs); 

  

	2.1.55	 “Market Downturn Event” means any material adverse change, determined in the sole good faith discretion of the Original Lender, in

  
 Page 9.

	 	
(a) the South African or international capital markets or in the South African or international monetary, financial, political or economic conditions, or (b) the South African or
international gold mining industry, in each case which renders it unlawful, impossible or, in the sole good faith discretion of the Original Lender, uneconomic, to provide the Facility on any terms or the terms set out in this Agreement; provided
that the provision of the Facility shall not be regarded as “uneconomic” if the primary reason therefore is that the Original Lender wishes to place the capital committed by it pursuant to the Facility on more attractive financial terms
than those of the Facility; 

  

	2.1.56	“Material Adverse Effect” means a material adverse effect on: 

 

	2.1.56.1	the ability of an Obligor to perform its financial or other material obligations under the Finance Documents to which it is a party; or 

 

	2.1.56.2	the validity and enforceability of the Finance Documents or any of them; 

  

	2.1.57	“Material Group Companies” means: 

  

	2.1.57.1	each Obligor; and 

  

	2.1.57.2	any Group Company from time to time that is not a Non-Material Group Company, 

 

	    	and “Material Group Company” means, as the context requires, any one of them; 

 

	2.1.58	“Month” means a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day but one in the next
calendar month, except that: 

  

	2.1.58.1	subject to clause 2.1.58.3, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which
that period is to end if there is one, or if there is not, on the immediately preceding Business Day; 

  
 Page 10.

	2.1.58.2	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar
month; and 

  

	2.1.58.3	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that
Interest Period is to end; 

  

	2.1.59	“Nedbank” means Nedbank Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) (Registration No. 1951/000009/06), a public
company and registered bank duly incorporated according to the company and banking laws of South Africa; 

  

	2.1.60	“Newshelf” means Newshelf 899 (Proprietary) Limited (Registration No. 2007/019941/07), a private company duly incorporated according to the
company laws of South Africa; 

  

	2.1.61	“Non-Material Group Company” means, at any time, a member of the Group (other than an Obligor) which had EBITDA (determined on the same basis as
Consolidated EBITDA) or gross assets in its most recently ended Financial Year (on a consolidated basis taking into account it and its subsidiaries only) less than or equal to 10% (ten percent) of Consolidated EBITDA (but including, for these
purposes only, the net income of any Project Finance Subsidiaries) or gross assets of the Group (calculated according to the most recent set of audited consolidated financial statements delivered pursuant to Clause 17.1 (Financial
Statements)). Compliance with the aforementioned condition shall be determined by reference to the latest audited financial statements of such member of the Group (consolidated in the case of a member of the Group which itself has subsidiaries),
provided that: 

  
 Page 11.

	2.1.61.1	if, in the case of any member of the Group which itself has subsidiaries, no consolidated financial statements are prepared and audited, its consolidated EBITDA and
gross assets shall be determined on the basis of pro forma consolidated financial statements of the relevant member of the Group and its subsidiaries, prepared for this purpose by the Parent; 

 

	2.1.61.2	if any intra-Group transfer or re-organisation takes place, the audited financial statements of the Group Company and all relevant members of the Group shall be
adjusted by the Parent in order to take into account such intra-Group transfer or re-organisation; and 

  

	2.1.61.3	the audited financial statements of the Group and any relevant member of the Group shall be adjusted in such a manner as the Auditors think fair and appropriate to take
account of the acquisition or disposal of any member of the Group or any business of any member of the Group, after the date or at which the audited financial statements of the Group are made up. 

 

	    	Should there be any dispute regarding whether any member of the Group is or is not a Non-Material Group Company such dispute shall be referred, at the request of the
Facility Agent, to the Auditors and a report by the Auditors that a member of the Group is or is not a Non-Material Group Company shall, in the absence of manifest error, be conclusive and binding on all Parties. The costs of obtaining the report by
the Auditors will be borne by the unsuccessful party to the dispute; 

  

	2.1.62	“Obligor” means: 

  

	2.1.62.1	a Borrower; 

  

	2.1.62.2	a Guarantor; or 

  
 Page 12.

	2.1.62.3	any other person comprising a Group Company, designated as an Obligor by agreement between the Facility Agent, the Parent and such person from time to time,

  

	        	and “Obligors” means, as the context requires, all of them; 

 

	2.1.63	“Original Borrowers” means: 

  

	2.1.63.1	GFIMSA; and 

  

	2.1.63.2	GFO, 

  

	        	and “Original Borrower” means, as the context requires, any of them; 

 

	2.1.64	“Original Financial Statements” means the audited consolidated annual financial statements of the Parent for the Financial Year ended 31 December
2010; 

  

	2.1.65	“Original Guarantors” means the parties listed in Schedule 1 (Original Guarantors); 

 

	2.1.66	“Original Lender” means Nedbank; 

  

	2.1.67	“Parent” means Gold Fields Limited (Registration No. 1968/004880/06), a public company duly incorporated according to the company laws of South
Africa; 

  

	2.1.68	“Parties” means: 

  

	2.1.68.1	the Lenders; 

  

	2.1.68.2	the Borrowers; 

  

	2.1.68.3	the Facility Agent; and 

  

	2.1.68.4	the Guarantors, 

  

	        	and “Party” means, as the context requires, any one of them; 

 

	2.1.69	“Permitted Disposal” means any sale, lease, transfer or other disposal: 

  
 Page 13.

	2.1.69.1	by an Obligor or any member of the Group of obsolete or redundant assets which are no longer required for the efficient operation of the business of such Obligor or
such member of the Group; or 

  

	2.1.69.2	by an Obligor or any member of the Group in the ordinary course of its day-to-day business if that sale, lease, transfer or other disposal is not otherwise restricted
by a term of any Finance Document; or 

  

	2.1.69.3	by an Obligor to another Obligor (other than to an Additional Obligor); or 

 

	2.1.69.4	by a member of the Group that is not an Obligor to an Obligor or by an Obligor to an Additional Obligor or to a member of the Group that is not an Obligor if such sale,
lease, transfer or other disposal is concluded at arm’s length; or 

  

	2.1.69.5	by a member of the Group that is not an Obligor to another member of the Group that is not an Obligor; or 

 

	2.1.69.6	by any member of the Group to any other person where the higher of the market value or consideration receivable when aggregated with the higher of the market value or
consideration receivable for any other sale, lease, transfer or other disposal by any member of the Group (other than a sale, lease, transfer or other disposal referred to in clauses 2.1.69.1, 2.1.69.2, 2.1.69.3, 2.1.69.4, 2.1.69.5 and 2.1.69.7)
does not exceed 20% (twenty percent) of the Consolidated Tangible Net Worth in any Financial Year subject to a maximum of 30% (thirty percent) of Consolidated Tangible Net Worth at such time in aggregate during the period from the date of this
Agreement to the Final Maturity Date; or 

  

	2.1.69.7	for which the Facility Agent has given its prior written consent (acting on the instructions of the Majority Lenders); 

  
 Page 14.

	2.1.70	“Permitted Encumbrance” means: 

  

	2.1.70.1	any Encumbrance created prior to the Signature Date which has been disclosed: 

 

	2.1.70.1.1	in writing to the Facility Agent prior to the Signature Date; or 

  

	2.1.70.1.2	in the Original Financial Statements, 

  

	        	and which only secures indebtedness outstanding at the Signature Date if the principal amount or original facility thereby secured is not increased after the Signature
Date; 

  

	2.1.70.2	any title transfer or retention arrangement entered into by any Group Company in the normal course of the trading activities and on terms no worse for that Group
Company than the standard terms of the relevant supplier; 

  

	2.1.70.3	any netting or set-off arrangement entered into by any Group Company in the ordinary course of its banking arrangements (which shall include, for the avoidance of
doubt, those pursuant to hedging arrangements in relation to gold, silver, copper and other commodity prices, foreign exchange rates and interest rates where such arrangements are entered into for the purposes of providing protection against
fluctuation in such rates or prices in the ordinary course of business), for the purpose of netting debit and credit balances; 

  

	2.1.70.4	any lien arising by operation of law and in the ordinary course of trading and not by reason of any default (whether in payment or otherwise) of any Group Company;

  

	2.1.70.5	any Encumbrance over or affecting (or transaction described in clause 19.3 (Negative Pledge) (“Quasi-Encumbrance”) affecting) any asset acquired
by a member of the Group after the date of this Agreement if: 

  
 Page 15.

	2.1.70.5.1	the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that asset by a member of the Group; 

 

	2.1.70.5.2	the principal amount secured has not been increased in contemplation of, or since the acquisition of that asset by a member of the Group; and 

 

	2.1.70.5.3	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to clauses 2.1.70.2, 2.1.70.3, 2.1.70.4, 2.1.70.6,
2.1.70.7, 2.1.70.8 or 2.1.70.9) removed or discharged within 6 (six) Months of the date of acquisition of such asset; 

  

	2.1.70.6	any Encumbrance or Quasi-Encumbrance over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the
Encumbrance or Quasi-Encumbrance is created prior to the date on which that company becomes a member of the Group, if: 

  

	2.1.70.6.1	the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that company; 

 

	2.1.70.6.2	the principal amount secured has not increased in contemplation of or since the acquisition of that company; and 

 

	2.1.70.6.3	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to clauses 2.1.70.2, 2.1.70.3, 2.1.70.4, 2.1.70.6,
2.1.70.7, 2.1.70.8 or 2.1.70.9) removed or discharged within 6 (six) Months of that company becoming a member of the Group; 

  
 Page 16.

	2.1.70.7	any Encumbrance or Quasi-Encumbrance granted in respect of Project Finance Borrowings over assets of, or the shares in, a Project Finance Subsidiary;

  

	2.1.70.8	in respect of Encumbrances or Quasi-Encumbrances over or affecting any asset of any Material Group Company, any Encumbrance or Quasi-Encumbrance securing indebtedness
the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Encumbrance or Quasi-Encumbrance other than any permitted under clauses 2.1.70.1 to 2.1.70.7 above and clauses 2.1.70.9 and
2.1.70.10 below) does not at any time exceed 12% (twelve percent) of Consolidated Tangible Net Worth (or its equivalent in another currency) (but adjusted to include the net value of new assets acquired since the last date of the latest set of
consolidated annual financial statements of the Group); 

  

	2.1.70.9	any other Encumbrance or Quasi-Encumbrance created with the prior written approval of the Facility Agent (acting on the instructions of the Majority Lenders);

  

	2.1.70.10	any Encumbrance or Quasi-Encumbrance granted in respect of Financial Indebtedness incurred in connection with the Cerro Corona Project over the business or assets of
the Cerro Corona Subsidiary or over the Ownership Interests in the Cerro Corona Subsidiary provided that the amount of Financial Indebtedness secured by all such Encumbrances or Quasi-Encumbrances permitted by this clause 2.1.70.10 does not at any
time in aggregate exceed US$200 000 000 (Two Hundred Million United States Dollars) (subject to a maximum exchange rate of R12/$). In this clause 2.1.70.10 “Ownership Interests” means: 

 

	2.1.70.10.1	the shares issued by the Cerro Corona Subsidiary; 

  

	2.1.70.10.2	any shareholder loans made to the Cerro Corona Subsidiary; 

  
 Page 17.

	2.1.70.10.3	to the extent required by Peruvian law, the shares in the holding company which directly owns the shares issued by the Cerro Corona Subsidiary provided that such
holding company’s sole assets are shares issued by, and any loans made by it to, the Cerro Corona Subsidiary and its sister company, Mineral Gold Fields S.A.; 

 

	2.1.71	“Permitted Indebtedness” means Financial Indebtedness: 

  

	2.1.71.1	arising under the Finance Documents; 

  

	2.1.71.2	arising under any environmental bond which any member of the Group is required to issue by any applicable law; 

 

	2.1.71.3	arising in connection with the Cerro Corona Project; 

  

	2.1.71.4	arising under any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price but not for speculative
purposes; 

  

	2.1.71.5	of the Group existing and available on the date of this Agreement (or, of any person that becomes a member of the Group from time to time, provided that, such
Financial Indebtedness existed at the time such person became a member of the Group and was not created in anticipation thereof); 

  

	2.1.71.6	between Group Companies to the extent incurred for the purposes of financing general corporate and working capital requirements; or 

 

	2.1.71.7	not falling within clauses 2.1.71.1, 2.1.71.2, 2.1.71.3, 2.1.71.4, 2.1.71.5 or 2.1.71.6 above provided that the aggregate amount of all Financial Indebtedness
(excluding, for the avoidance of doubt, any Financial Indebtedness incurred by a Guarantor or a Project Finance Subsidiary) permitted under this clause 2.1.71.7 does not at any time exceed US$500 000 000 (Five Hundred Million United States Dollars)
(subject to a maximum exchange rate of R12/$); 

  
 Page 18.

	2.1.72	“Permitted Transferees” means, subject to clause 21.2.3, any person listed in Schedule 8 (Permitted Transferees); 

 

	2.1.73	“Project Finance Borrowings” means: 

  

	2.1.73.1	any indebtedness to finance (or refinance) a project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of assets
which is incurred by a Project Finance Subsidiary in connection with such project and in respect of which the recourse of the person(s) making any such finance (or re-finance) available to that Project Finance Subsidiary for the payment, repayment
and prepayment of such indebtedness is limited to (i) the Project Finance Subsidiary and its assets and/or the shares in that Project Finance Subsidiary and/or (ii) during the period prior to successful completion of the relevant
completion tests applicable to such project guarantees from any one or more members of the Group; 

  

	2.1.73.2	any indebtedness the terms and conditions of which have been approved by the Facility Agent and which the Facility Agent has agreed in writing (acting on the
instructions of the Majority Lenders) to treat as a “Project Finance Borrowing” for the purposes of this Agreement; 

  

	2.1.74	“Project Finance Subsidiary” means a single purpose company or other entity (excluding the Obligors) whose sole business is a project comprised of the
ownership, development, construction, refurbishment, commissioning and/or operation of an asset which has incurred Project Finance Borrowings; 

  

	2.1.75	“Rand” and “R” means South African Rand, the lawful currency of South Africa; 

  
 Page 19.

	2.1.76	“Reference Banks” means FirstRand Bank Limited, The Standard Bank of South Africa Limited, Nedbank Limited and Absa Bank Limited;

  

	2.1.77	“Repeating Representations” means each of those representations and warranties set out in clause 16.1 (Representations and Warranties) which are
stated as being deemed to be repeated as provided for pursuant to clause 16.2 (Repetition); 

  

	2.1.78	“Repetition Date” has the meaning given to it in clause 16.2 (Repetition); 

 

	2.1.79	“Reset Date” means the first day of each Interest Period, being the date in each case upon which the relevant Base Rate is to be determined for such
Interest Period, provided the first Reset Date shall be the first Utilisation Date; 

  

	2.1.80	“Resignation Letter” means a letter substantially in the form of the letter set out in Schedule 6 (Form of Resignation Letter);

  

	2.1.81	“Rollover Loans” means one or more Loans: 

  

	2.1.81.1	made or to be made on the same day that a maturing Loan is due to be repaid; 

 

	2.1.81.2	the aggregate amount of which is equal to or less than the maturing Loan; and 

 

	2.1.81.3	made or to be made for the purpose of refinancing a maturing Loan; 

  

	2.1.82	“SAFEX Overnight Deposit Rate” means: 

  

	2.1.82.1	on the relevant Reset Date, the overnight deposit rate designated as (“SFXROD”) which appears on the Reuters SAFEX Money Market Screen as of 11h00
Johannesburg time on that date, rounded to the third decimal point; or 

  
 Page 20.

	2.1.82.2	where the SAFEX Overnight Deposit Rate cannot be determined on account of the relevant rate not appearing on the Reuters SAFEX Money Market Screen, an equivalent rate
determined by the Facility Agent, acting in a commercially reasonable manner; 

  

	2.1.83	“Sanctioned Country” means a country or territory which is subject to general trade, economic or financial sanctions embargoes imposed, administered or
enforced by (i) the United States government and administered by the Office of Foreign Assets Control of the Department of Treasury of the United States; (ii) the United Nations Security Council; (iii) the European Union; or
(iv) Her Majesty’s Treasury of the United Kingdom; 

  

	2.1.84	“Sanctioned List” means any of the lists of specifically designated nationals or designated persons or entities (or equivalent) held by: (i) the
United States government and administered by the Office of Foreign Assets Control of the Department of Treasury of the United States, the United States State Department, the United States Department of Commerce or the United States Department of the
Treasury; (ii) the United Nations Security Council; (iii) the European Union; or (iv) Her Majesty’s Treasury of the United Kingdom, each as amended, supplemented or substituted from time to time. Further information on the
above-mentioned lists may be found at the following website addresses: 

  

	2.1.84.1	As regards the United Nations, the lists may be consulted at the following addresses: 

http://www.un.org/french/sc/committees/1267/consolist.shtml(Taliban/AlQaida), 

http://www.un.org/Docs/sc/committees/INTRO.htm; 
  

	2.1.84.2	As regards the European Union, the lists may be consulted at the following address: 

http://ec.europa.eu/external_relations/cfsp/sanctions/list/consol-list.htm; 

  
 Page 21.

	2.1.85	“SAR-JIBAR-Reference Banks” means the mid-market rate between deposits and loans in Rand for an Interest Period quoted by the Reference Banks at
approximately 11am Johannesburg time on the relevant Reset Date. The Facility Agent will request the principal Johannesburg office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided, the rate
for that Reset Date will be the arithmetic means of the quotations. If fewer than two quotations are provided, the rate for that Reset Date will be determined by the Facility Agent, acting in a commercially reasonable manner, using a representative
rate; 

  

	2.1.86	“Semi-Annual Period” shall bear the meaning defined in clause 7.2.2.1; 

 

	2.1.87	“Signature Date” means the date of the signature of this Agreement by the Party signing last in time, provided that all the Parties have signed this
Agreement; 

  

	2.1.88	“South Africa” means the Republic of South Africa as constituted from time to time; 

 

	2.1.89	“Subsidiary” means a “subsidiary” as defined in the Companies Act and shall include any person who would, but for not being a
“company” under the Companies Act, qualify as a “subsidiary” as defined in the Companies Act. 

  

	2.1.90	“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including, without limitation, any penalty or interest
payable in connection with any failure to pay or delay in paying any of the same); 

  

	2.1.91	“Tax Credit” means a credit against, relief or remission for, or repayment of any Tax; 

  
 Page 22.

	2.1.92	“Tax Deduction” means a deduction or withholding for or on account of Tax from payment under a Finance Document; 

 

	2.1.93	“Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.1 (Tax gross-up) or a payment under
Clause 12.2 (Tax indemnity); 

  

	2.1.94	“Total Commitments” means the aggregate of all the Lenders’ Commitments at any time; 

 

	2.1.95	“Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents; 

 

	2.1.96	“Utilisation” means a utilisation of the Facility; 

  

	2.1.97	“Utilisation Date” means the date of a Utilisation being the date upon which the relevant Loan is made; 

 

	2.1.98	“Utilisation Request” means a notice substantially in the form set out in Schedule 3 (Form of Utilisation Request); 

 

	2.1.99	“VAT” means value added tax leviable in terms of the Value Added Tax Act, 1991. 

 

	2.2	Financial Definitions 

  

	2.2.1	In the Finance Documents, the accounting expressions set forth below shall bear the following meanings: 

 

	2.2.1.1	“Consolidated EBITDA” means, in respect of any Measurement Period, the consolidated net income of the Group (less the net income of any Project Finance
Subsidiaries but including any dividends received in cash by any member of the Group (other than a Project Finance Subsidiary) from a Project Finance Subsidiary), before, without duplication and all as calculated in accordance with GAAP:

  
 Page 23.

	2.2.1.1.1	any provision on account of normal, deferred and royalty taxation; 

  

	2.2.1.1.2	any interest, commission, discounts or other fees incurred or payable, received or receivable by any member of the Group in respect of Indebtedness for Borrowed Money;

  

	2.2.1.1.3	any other interest received or receivable by any member of the Group on any deposit or bank account; 

 

	2.2.1.1.4	any non-cash adjustments to the environment rehabilitation and/or reclamation expenses; 

 

	2.2.1.1.5	any amount attributable to the amortisation of intangible assets and depreciation of tangible assets; 

 

	2.2.1.1.6	any non-cash gains or losses relating to and resulting from the marked to market valuation of derivative and/or financial instruments; 

 

	2.2.1.1.7	any losses from (or gains on the reversal of previously recognised) write-downs or impairments of assets and/or investments; 

 

	2.2.1.1.8	any gains or losses recognised on the attributable share of results of Associates after tax, but including any dividends received in cash by any member of the Group
from such an Associate; 

  

	2.2.1.1.9	any share-based payments; 

  

	2.2.1.1.10	any other extraordinary or exceptional items; and 

  

	2.2.1.1.11	any other material non-cash gain or loss that needs to be accounted for under GAAP. 

For any company that is not a Subsidiary of the Group but in which any member of the Group directly or indirectly owns an

  
 Page 24.

 
equity interest of more than 20% (twenty per cent) of the issued share capital (an “Associate”), the Parent may include in the Consolidated EBITDA the percentage of the equity
interest of the amount that would be the EBITDA of the Associate; 
  

	2.2.1.2	“Consolidated Net Borrowings” means, at any time, the aggregate amount of all obligations of the members of the Group, other than Project Finance
Subsidiaries (but including, for the avoidance of doubt, any guarantee obligations of any other member of the Group in respect of the obligations of a Project Finance Subsidiary), for or in respect of Indebtedness for Borrowed Money but excluding
any such obligation to any member of the Group, adjusted to take account of the aggregate amount of freely available cash and cash equivalents held by any member of the Group, other than Project Finance Subsidiaries, and so that no amount shall be
included or excluded more than once, provided that, if a percentage of the EBITDA of any Associate is included in the Consolidated EBITDA then the same percentage of such Associate’s Consolidated Net Borrowings (but as if references in such
definition to “Group” were references to the Associate and its Subsidiaries) will be included in the calculation of Consolidated Net Borrowings; 

  

	2.2.1.3	 “Consolidated Net Finance Charges” means, in respect of any Measurement Period, the aggregate amount of the interest (including the
interest element of leasing and hire purchase payments and capitalised interest), commission, fees, discounts and other finance payments payable by any member of the Group, other than Project Finance Subsidiaries, (including any commission, fees,
discounts and other finance payment payable by any member of the Group under any interest rate hedging arrangement but deducting any commission, fees, discounts and other finance payments receivable by any member of the Group under any interest rate
hedging instrument) but deducting any 

  
 Page 25.

	 	
other interest receivable by any member of the Group, other than Project Finance Subsidiaries, on any deposit or bank account, provided that, if a percentage of the EBITDA of any Associate is
included in the Consolidated EBITDA then the same percentage of such Associate’s Consolidated Net Finance Charges (but as if references in such definition to “Group” were references to the Associate and its Subsidiaries) will be
included in the calculation of Consolidated Net Finance Charges; 

  

	2.2.1.4	“Consolidated Tangible Net Worth” means, at any time, the “Total Equity”, as reported in the “Consolidated Statement of Changes in
Equity” in the last set of annual consolidated financial statements of the Parent delivered to the Facility Agent pursuant to this Agreement; 

  

	2.2.1.5	“Financial Indebtedness” means (without double counting) any indebtedness of the Group for or in respect of: 

 

	2.2.1.5.1	moneys borrowed; 

  

	2.2.1.5.2	any amount raised by acceptance under any acceptance credit facility; 

  

	2.2.1.5.3	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	2.2.1.5.4	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

  

	2.2.1.5.5	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  
 Page 26.

	2.2.1.5.6	the amount of any liability in respect of any purchase price for assets or services the payment of which is deferred where the deferral of such price is either:

  

	2.2.1.5.6.1	used primarily as a method of raising credit; or 

  

	2.2.1.5.6.2	not made in the ordinary course of business; 

  

	2.2.1.5.7	any agreement or option to re-acquire an asset if one of the primary reasons for entering into such agreement or option is to raise finance; 

 

	2.2.1.5.8	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	2.2.1.5.9	any derivative transaction (a “Derivative Transaction”) entered into in connection with protection against or benefit from fluctuation in any rate or
price save for a Derivative Transaction entered into in relation to any amount payable to a trade creditor (and, when calculating the value of any Derivative Transaction, only the marked to market value shall be taken into account which, for the
avoidance of doubt, may be an addition to or subtraction from the amount of Financial Indebtedness); 

  

	2.2.1.5.10	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or
financial institution; 

  

	2.2.1.5.11	any amount raised by the issue of redeemable shares to the extent such shares are redeemable prior to the Final Maturity Date; and 

  
 Page 27.

	2.2.1.5.12	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs 2.2.1.5.1 to 2.2.1.5.11 above,

 but not including any indebtedness owed by any Obligor to any other Obligor; 

 

	2.2.1.6	“Financial Year” means, at any time, the financial year of the Group ending on 31 December in each calendar year; 

 

	2.2.1.7	“Indebtedness for Borrowed Money” means Financial Indebtedness save for any indebtedness for or in respect of clauses 2.2.1.5.9 and 2.2.1.5.10 of the
definition of “Financial Indebtedness”; 

  

	2.2.1.8	“Measurement Period” means each period of 12 (twelve) Months ending on the last day of the Parent’s Financial Year and each period of 12 (twelve)
Months ending on the last day of the first half of the Parent’s Financial Year. 

  

	2.3	Interpretation and Construction 

  

	2.3.1	A document in an “agreed form” is a document which has been initialled as such on or before the relevant date for the purposes of identification by or
on behalf of the Borrower and the Facility Agent or, if not so initialled, is in form and substance reasonably satisfactory to the Facility Agent. 

  

	2.3.2	Any reference in any Finance Document to: 

  

	2.3.2.1	an “affected person” shall have the meaning ascribed thereto in section 128 of the Companies Act; 

 

	2.3.2.2	an “affiliate” means, in relation to any person, a Subsidiary of that person or a holding company of that person or any other Subsidiary of that
holding company; 

  
 Page 28.

	2.3.2.3	an “amendment” includes a supplement, novation or re-enactment and “amended” is to be construed accordingly; 

 

	2.3.2.4	“arm’s length” means terms that are fair and reasonable to the counterparty of a transaction and no more or less favourable to the other party to
the relevant transaction as could reasonably be expected to be obtained in a comparable arm’s length transaction with a person that is not the ultimate holding company of such counterparty or an entity of which such counterparty or its ultimate
holding company has direct or indirect control, or owns directly or indirectly more than 20% (twenty percent) of the share capital or similar rights of ownership; 

 

	2.3.2.5	“assets” includes properties, revenues and rights of every description; 

 

	2.3.2.6	“audited” means, in respect of any financial statement those financial statements as audited by the Auditors; 

 

	2.3.2.7	“authorisations” mean any authorisation, consent, registration, filing, agreement, notarisation, certificate, licence, approval, resolution, permit
and/or authority or any exemption from any of the aforesaid, by, with or from any authority (including, without limitation, any approvals required from the South African Reserve Bank in relation to any Finance Document or any transaction
contemplated under any Finance Document); 

  

	2.3.2.8	“authority” means any government or governmental, administrative, fiscal or judicial authority, body, court, department, commission, tribunal, registry
or any stated owned or controlled authority which principally performs governmental functions; 

  

	2.3.2.9	“business rescue” shall have the meaning ascribed thereto in section 128 of the Companies Act; 

  
 Page 29.

	2.3.2.10	“business rescue practitioner” shall have the meaning ascribed thereto in section 128 of the Companies Act; 

 

	2.3.2.11	a “calendar month” shall be construed as a named month, i.e. January, February, March, April, May, June, July, August, September, October, November and
December; 

  

	2.3.2.12	a “clause” shall, subject to any contrary indication, be construed as a reference to a clause hereof; 

 

	2.3.2.13	“continuing”, in the context of a Default, means: 

  

	2.3.2.13.1	where an Event of Default or its consequences are incapable of remedy that Event of Default is deemed to be continuing unless it has been expressly waived in writing by
the Facility Agent and any conditions of such waiver have been fulfilled to the reasonable satisfaction of the Facility Agent; 

  

	2.3.2.13.2	in any other case, the Default is deemed to be continuing unless and until either: 

 

	2.3.2.13.2.1	it has been expressly waived in writing by the Facility Agent and any conditions of such waiver have been fulfilled to the reasonable satisfaction of the Facility
Agent; or 

  

	2.3.2.13.2.2	it has been remedied within the applicable remedy period by any person and the resulting position is that which it would have been if such Default had not occurred or
if the resulting position is reasonably acceptable to the Facility Agent; 

  

	2.3.2.14	“financially distressed” shall have the meaning ascribed thereto in section 128 of the Companies Act; 

 

	2.3.2.15	a “holding company” shall be construed in accordance with the Companies Act; 

  
 Page 30.

	2.3.2.16	the words “including” and “in particular” are used by way of illustration or emphasis only and shall not be construed as, nor shall
they take effect as, limiting the generality of any of the preceding words; 

  

	2.3.2.17	“indebtedness” shall be construed so as to include any obligation (whether incurred as principal or as surety or as guarantor) for the payment or
repayment of money, whether present or future, actual or contingent; 

  

	2.3.2.18	“law” shall be construed as any law (including statutory, common or customary law), statute, constitution, decree, judgment, treaty, regulation,
directive, by-law, order, other legislative measure, directive, requirement, request or guideline (whether or not having the force of law but, if not having the force of law, is generally complied with by the persons to whom it is addressed or
applied) of any government, supranational, local government, statutory or regulatory or self-regulatory or similar body or authority or court and the common law, as amended, replaced, re-enacted, restated or reinterpreted from time to time;

  

	2.3.2.19	the words “other” and “otherwise” shall not be construed eiusdem generis with any foregoing words where a wider construction is
possible; 

  

	2.3.2.20	a “person” shall be construed as a reference to any person, firm, company, corporation, government, state or agency of a state or any association or
partnership (whether or not having separate legal personality) of two or more of the foregoing; 

  

	2.3.2.21	a “regulation” means any regulation, rule, official directive, request or guideline (whether or not having the force of law but complied with
generally) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  
 Page 31.

	2.3.2.22	“repay” (or any derivative form of that word) includes “prepay” (or any derivative form of that word); 

 

	2.3.2.23	“security interest” means any mortgage, pledge, lien, charge, assignment, cession, hypothecation or security interest or any other agreement or
arrangement having the effect of conferring security; 

  

	2.3.2.24	a “Schedule” shall, subject to any contrary indication, be construed as a reference to a schedule hereof or a schedule of a Finance Document;

  

	2.3.3	Unless inconsistent with the context or save where the contrary is expressly indicated in any Finance Document: 

 

	2.3.3.1	if any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it appears only in an
interpretation clause, effect shall be given to it as if it were a substantive provision of the relevant Finance Document; 

  

	2.3.3.2	when any number of days is prescribed in any Finance Document, same shall be reckoned inclusively of the first and exclusively of the last day unless the last day falls
on a day which is not a Business Day, in which case the last day shall be the next succeeding Business Day; 

  

	2.3.3.3	in the event that the day for payment of any amount due in terms of any Finance Document should fall on a day which is not a Business Day, the relevant day for payment
shall be the preceding Business Day; 

  

	2.3.3.4	in the event that the day for performance of any obligation to be performed in terms of any Finance Document should fall on a day which is not a Business Day, the
relevant day for performance shall be the succeeding Business Day; 

  
 Page 32.

	2.3.3.5	any reference in any Finance Document to an enactment is to that enactment as at the Signature Date and as amended or re-enacted from time to time;

  

	2.3.3.6	any reference in any Finance Document to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be,
such other agreement or document as same may have been, or may from time to time be, amended, varied, novated or supplemented; 

  

	2.3.3.7	except as expressly provided for in any Finance Document, no provision of any Finance Document constitutes a stipulation for the benefit of any person who is not a
Party to the relevant Finance Document; 

  

	2.3.3.8	references to day/s, calendar month/s or year/s shall be construed as Gregorian calendar day/s, calendar month/s or year/s; 

 

	2.3.3.9	a reference to a Party includes that Party’s successors-in-title and permitted assigns; 

 

	2.3.3.10	where any Party is required to provide any consent or approval or agree to the actions of any other Party, the request for such consent or approval or agreement shall
be in writing and such consent or approval or agreement shall be in writing and shall not be unreasonably withheld or delayed having regard to the financial condition of the Borrower and the Group and the ability of the Obligors to perform their
financial or other material obligations under the Finance Documents. 

  

	2.3.4	The headings to the clauses and schedules of any Finance Document are for reference purposes only and shall in no way govern or affect the interpretation of nor modify
nor amplify the terms of any Finance Document nor any clause or schedule thereof. 

  
 Page 33.

	2.3.5	Unless inconsistent with the context, an expression in any Finance Document which denotes: 

 

	2.3.5.1	any one gender includes the other genders; 

  

	2.3.5.2	a natural person includes an artificial person and vice versa; and 

  

	2.3.5.3	the singular includes the plural and vice versa. 

  

	2.3.6	The Schedules to any Finance Document form an integral part thereof and words and expressions defined in any Finance Document shall bear, unless the context otherwise
requires, the same meaning in such Schedules. To the extent that there is any conflict between the Schedules to any Finance Document and the provisions of the relevant Finance Document, the provisions of the relevant Finance Document shall prevail.

  

	2.3.7	Where any term is defined within the context of any particular clause in any Finance Document, the term so defined, unless it is clear from the clause in question that
the term so defined has limited application to the relevant clause, shall bear the same meaning as ascribed to it for all purposes in terms of the relevant Finance Document, notwithstanding that that term has not been defined in any interpretation
clause. 

  

	2.3.8	The expiration or termination of any Finance Documents shall not affect such of the provisions of the Finance Documents as expressly provide that they will operate
after any such expiration or termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

 

	2.3.9	The Finance Documents shall be binding on and enforceable by the administrators, trustees, permitted assigns or liquidators of the Parties as fully and effectually as
if they had signed the Finance Documents in the first instance and reference to any Party shall be deemed to include such Party’s administrators, trustees, permitted assigns or liquidators, as the case may be. 

  
 Page 34.

	2.3.10	The use of any expression in any Finance Document covering a process available under South African law such as winding-up (without limitation eiusdem generis)
shall, if any of the Parties to the Finance Documents is subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

 

	2.3.11	Where figures are referred to in numerals and in words in any Finance Document, if there is any conflict between the two, the words shall prevail.

  

	3.	INTRODUCTION 

  

	3.1	The Borrowers require the Facility for the purpose of funding (i) capital expenditure of the Group, (ii) general corporate and working capital requirements of
the Group, and (iii) the refinancing of existing Financial Indebtedness. 

  

	3.2	The Lenders have agreed to make the Facility available to the Borrowers in accordance with the terms and conditions of this Agreement. 

 

	4.	THE FACILITY 

  

	4.1	The Facility 

 The Lenders
agree to make available to the Borrowers a revolving credit facility in an aggregate amount equal to the Total Commitments, subject to the terms and conditions of this Agreement. 

 

	4.2	Purpose of the Facility 

The Borrowers shall utilise the Facility for the purpose of funding (i) capital expenditure of the Group, (ii) general corporate
and working capital requirements of the Group, and (iii) the refinancing of existing Financial Indebtedness. 

  
 Page 35.

	4.3	Monitoring 

 No Finance
Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 
  

	4.4	Finance Parties’ Rights and Obligations 

  

	4.4.1	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does
not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

 

	4.4.2	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents
to a Finance Party from an Obligor shall be a separate and independent debt. 

  

	4.4.3	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

 

	4.5	Facility Agent 

 While
Nedbank is the only Lender under the Facility, all references to the Facility Agent in this Agreement shall be construed as references to Nedbank in its capacity as a Lender. 

 

	5.	CONDITIONS OF UTILISATION 

  

	5.1	Initial Conditions Precedent 

 The Lenders shall not be obliged to make any Loan to the Borrowers under the Facility unless: 
  

	5.1.1	all of the Financial Close Documents have been delivered to the Facility Agent in a form and in substance satisfactory to the Facility Agent. The Facility Agent shall
notify the Parent and the Lenders promptly on being so satisfied; or 

  
 Page 36.

	5.1.2	to the extent that any Financial Close Documents are not in a form and in substance satisfactory to the Facility Agent or have not been delivered, the Facility Agent
has, upon written notice to all of the Parties, waived or deferred delivery of those Financial Close Documents which are not in a form and in substance satisfactory to it or which have not been delivered pursuant to clause 5.3 (Waiver of
Conditions Precedent); 

  

	5.1.3	the Facility Agent has notified the Parent on or prior to the Financial Close Date that it is satisfied that no Market Downturn Event has occurred between the Signature
Date and the Financial Close Date; and 

  

	5.1.4	the Facility Agent being satisfied that no business rescue proceedings have commenced in respect of any Material Group Company, which in the case of a Material Group
Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect. 

  

	5.2	Further Conditions to Utilisation of Facility 

 The Lenders shall not be obliged to make any Loan to the Borrowers under the Facility unless on the proposed Utilisation Date: 

 

	5.2.1	in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Rollover Loan, and in the case of any other Loan, no Default is
continuing or would result from the proposed Loan; 

  

	5.2.2	the Repeating Representations are true, accurate and complete in all material respects. 

 

	5.3	Waiver or Deferral of Conditions Precedent 

  

	5.3.1	Satisfaction of any of the conditions set out in: 

  

	5.3.1.1	clause 5.1 (Initial Conditions Precedent) may be waived or deferred by the Facility Agent acting on the instructions of the Majority Lenders;

  
 Page 37.

	5.3.1.2	clause 5.2 (Further Conditions to Utilisation of Facility) may be waived or deferred by the Facility Agent acting on the instructions of the Majority Lenders.

  

	5.3.2	Waiver or deferral of delivery of any of the Financial Close Documents either at all or in a form and in substance satisfactory to the Facility Agent or waiver of any
of the further conditions set out in clause 5.2 (Further Conditions to Utilisation of Facility) shall not prejudice the right of the Facility Agent to require subsequent fulfilment of such condition in a written notice to this effect
delivered at the time of such waiver or deferral and, unless otherwise specified in any written notice waiving fulfilment of the relevant condition, the relevant condition shall be fulfilled by the Obligors within 5 (five) Business Days of the date
of the written notice waiving fulfilment of such condition. 

  

	5.4	Termination 

 If the
Financial Close Date has not occurred before the date falling 60 (sixty) days after the Signature Date then the Facility Agent shall be entitled, acting on the instructions of the Majority Lenders to cancel the Facility by written notice to the
Borrowers. Such cancellation shall be without prejudice to the Borrowers’ obligation under clause 14 (Costs and Expenses) to pay any costs, fees, expenses or taxes then due and payable. 

 

	6.	UTILISATION OF FACILITY 

  

	6.1	Subject to clause 5 (Conditions of Utilisation), a Borrower may utilise the Facility during the Availability Period by delivering to the Facility Agent a duly
completed Utilisation Request: 

  

	6.1.1	not later than 11h00 not less than 3 (three) Business Days prior to the proposed Utilisation Date if the amount of the proposed Loan is less than or equal to R500 000
000 (Five Hundred Million Rand); or 

  
 Page 38.

	6.1.2	not later than 11h00 not less than 5 (five) Business Days prior to the proposed Utilisation Date if the amount of the proposed Loan is greater than R500 000 000 (Five
Hundred Million Rand). 

  

	6.2	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

 

	6.2.1	the proposed Utilisation Date is a Business Day within the Availability Period; 

 

	6.2.2	the currency of the proposed Loan is Rand; 

  

	6.2.3	the amount of the proposed Loan is a minimum amount of R10 000 000 (Ten Million Rand) (or, if less, the Available Facility); 

 

	6.2.4	it specifies an Interest Period of one, three, six or twelve Months applicable to the proposed Loan; 

 

	6.2.5	it specifies a bank account in South Africa to which the Borrower wishes the proceeds of the Loan to be credited; and 

 

	6.2.6	the proposed Loan together with the aggregate of the Loans still outstanding on the proposed Utilisation Date shall not exceed the Available Facility.

  

	6.3	Only one Loan may be requested in each Utilisation Request. 

  

	6.4	Only one Utilisation Request may be outstanding at any point in time. 

  

	6.5	A maximum of two Utilisation Requests may be delivered in any calendar month during the Availability Period. 

 

	6.6	A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 10 (ten) Loans would be outstanding at any point in time and to
this effect, the Lender will consolidate 2 (two) or more outstanding Loans made to the same Borrower maturing on the same date, such that the relevant Rollover Loan made to refinance such maturing Loans will be in respect of such outstanding Loans
as consolidated into 1 (one) Loan. 

  
 Page 39.

	6.7	The Borrower acknowledges and agrees that any Utilisation Request signed by an authorised signatory (as designated in terms of paragraph 1.2.2 of Schedule 2
(Financial Documents)) on behalf of a Borrower shall be deemed to be a valid Utilisation Request issued by that Borrower and any Loan made pursuant to such Utilisation Request to that Borrower shall constitute a valid Loan to that Borrower.

  

	6.8	If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available on the Utilisation Date.

  

	6.9	The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately
prior to making the Loan. 

  

	7.	INTEREST 

  

	7.1	Calculation of interest 

The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the
applicable: 
  

	7.1.1	Base Rate; and 

  

	7.1.2	Margin. 

  

	7.2	Payment of interest 

  

	7.2.1	In respect of each Interest Period of one, three or six Months selected in accordance with clause 8.1.2, each Borrower to which a Loan has been made shall pay accrued
interest on that Loan on the last day of each such Interest Period. 

  

	7.2.2	In respect of each Interest Period of 12 (twelve) Months selected in accordance with clause 8.1.2, each Borrower to which a Loan has been made shall pay accrued
interest on that Loan as follows: 

  
 Page 40.

	7.2.2.1	all interest accrued during the 6 (six) Month period (a “Semi-Annual Period”) commencing on the first day of such Interest Period (inclusive of the
first day of that Semi-Annual Period but exclusive of the last day of that Semi-Annual Period) shall be paid by that Borrower on the last day of that Semi-Annual Period; and 

 

	7.2.2.2	all interest accrued during the period commencing on the last day of that Semi-Annual Period and ending on the last day of that Interest Period (inclusive of the first
day of that period but exclusive of the last day that period) shall be paid by that Borrower on the last day of that Interest Period. 

  

	7.3	Default interest 

  

	7.3.1	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the
date of actual payment (both before and after judgment) at a rate which, subject to clause 7.3.2, is 2% (two percent) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan
in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 shall be immediately payable by the relevant Obligor on
demand by the Facility Agent. 

  

	7.3.2	If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan:

  

	7.3.2.1	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and

  

	7.3.2.2	the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the rate which would have applied if the
overdue amount had not become due. 

  
 Page 41.

	7.3.3	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue
amount but will remain immediately due and payable. 

  

	7.4	Notification of rates of interest 

 The Facility Agent shall promptly notify the Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement. 

 

	7.5	Absence of quotations 

Subject to clause 7.6 (Market disruption), if the Base Rate is to be determined by reference to the Reference Banks but a Reference
Bank does not supply a quotation by 11h00 (Johannesburg time) on the Reset Date, the applicable Base Rate shall be determined on the basis of the quotations of the remaining Reference Banks. 

 

	7.6	Market disruption 

  

	7.6.1	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s share of that Loan for the Interest
Period shall be the percentage rate nominal annual compounded monthly in arrears which is the sum of: 

  

	7.6.1.1	the Margin; and 

  

	7.6.1.2	the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to
be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select. 

  
 Page 42.

	7.6.2	In this Agreement “Market Disruption Event” means: 

  

	7.6.2.1	at or about noon on the Reset Date for the relevant Interest Period JIBAR is not available on the relevant screen and none or only one of the Reference Banks supplies a
rate to the Facility Agent to determine the Base Rate for the relevant Interest Period; or 

  

	7.6.2.2	before close of business in Johannesburg on the Reset Date for the relevant Interest Period, the Facility Agent receives notifications from any Lender that the cost to
it of obtaining matching deposits in the Johannesburg interbank market would be in excess of the Base Rate. 

  

	7.7	Alternative basis of interest or funding 

  

	7.7.1	If a Market Disruption Event occurs and the Facility Agent or the Parent so requires, the Facility Agent and the Parent shall enter into negotiations (for a period of
not more than 30 (thirty days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

	7.7.2	Any alternative basis agreed pursuant to clause 7.7.1 above shall, with the prior consent of all the Lenders and the Parent, be binding on all Parties.

  

	8.	INTEREST PERIODS 

  

	8.1	Selection of Interest Periods 

  

	8.1.1	A Borrower (or the Parent on behalf of a Borrower) shall select an Interest Period for a Loan in the Utilisation Request for that Loan. 

 

	8.1.2	Subject to this clause 8 (Interest Periods), a Borrower (or the Parent on behalf of a Borrower) may select an Interest Period of one, three, six or twelve
Months, as specified in the Utilisation Request. 

  
 Page 43.

	8.1.3	An Interest Period for a Loan shall not extend beyond the Final Maturity Date. If an Interest Period for a Loan selected by a Borrower would, but for this clause 8.1.3,
extend beyond the Final Maturity Date (such Interest Period, a “Broken Period”), then for that Broken Period the Base Rate shall be determined in accordance with the following formula: 

r = r1 + (t- t1) x (r2-r1) / (t2-t1) 
 where: 
 r = the Base Rate to be determined, 

r1 = the JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Banks, in either case converted to
a nominal annual compounded monthly in arrear rate, for the period closest to but less than that Broken Period plus, if this would result in r1 being equal to SAFEX Overnight Deposit Rate, 0,01%; 

r2 = JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Banks, in either case converted to a
nominal annual compounded monthly in arrear rate, for the period closest to but greater than that Broken Period; 
 t1 = the
number of days applicable to the period for which r1 is quoted on the first day of that Broken Period; 
 t2 = the number of
days applicable to the period for which r2 is quoted on the first day of that Broken Period; 
 t = the number of days in that
Broken Period. 
  

	8.1.4	Each Interest Period for a Loan shall start on the relevant Utilisation Date. 

 

	8.1.5	A Loan has 1 (one) Interest Period only. 

  

	8.1.6	 Subject to this clause 8 (Interest Periods), a Borrower (or the Parent on behalf of a Borrower) may select a different Interest Period for
a 

  
 Page 44.

	 	
Rollover Loan than the Interest Period of the Loan being refinanced by that Rollover Loan in the Utilisation Request delivered for that Rollover Loan. 

 

	8.1.7	If a Borrower (or the Parent on behalf of a Borrower) fails to select an Interest Period for a Loan in the Utilisation Request for that Loan, the Interest Period for
the applicable Loan shall be 3 (three) Months. 

  

	8.2	Non-Business Days 

 If an
Interest Period or a Semi-Annual Period would otherwise end on a day which is not a Business Day, that Interest Period or Semi-Annual Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business
Day (if there is not). 
  

	8.3	Consolidation of Loans 

If two or more Interest Periods relate to Loans made to the same Borrower and end on the same date, those Loans will be consolidated into,
and treated as, a single Loan on the last day of the Interest Period. 
  

	8.4	Day Count Convention 

 Any
interest or fee accruing under a Finance Document will accrue from day to day and is calculated inclusive of the first day but exclusive of the last day of an Interest Period or Semi-Annual Period, as the case may be, on the basis of the actual
number of days elapsed and a year of 365 days (irrespective of whether the year is a leap year) or, in any case where the practice in the Johannesburg interbank market differs, in accordance with that market practice. 

 

	9.	REPAYMENTS 

 Each Borrower
shall repay each Loan made to it on the last day of its Interest Period such that all Loans outstanding under the Facility (including accrued and unpaid interest thereon) shall be repaid in full by no later than the Final Maturity Date. 

  
 Page 45.

	10.	PREPAYMENTS 

  

	10.1	Illegality 

 If it becomes
unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan: 

 

	10.1.1	that Lender shall promptly notify the Facility Agent upon becoming aware of that event; 

 

	10.1.2	upon the Facility Agent notifying the Parent, the Commitment of that Lender will be immediately cancelled; and 

 

	10.1.3	each Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the
Facility Agent has notified the Parent or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law). 

 

	10.2	Mandatory Prepayment 

  

	10.2.1	If any person or group of persons acting in concert gains control of the Parent: 

 

	10.2.1.1	the Parent shall promptly notify the Facility Agent upon becoming aware of that event; 

 

	10.2.1.2	a Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan) and the Facility Agent and the Parent shall consult about the change of control;

  

	10.2.1.3	 if the Majority Lenders so require after a period of 45 (forty-five) days from receipt of the notice referred to in clause 10.2.1.1 above, the Facility
Agent shall by notice to the Parent, (such notice to be delivered no later than 60 (sixty) days from receipt of 

  
 Page 46.

	 	
the notice referred to in clause 10.2.1.1 above), cancel the Total Commitments and declare all outstanding Loans, together with accrued interest and all other amounts accrued under the Finance
Documents immediately due and payable, whereupon the Total Commitments will be cancelled and all such outstanding amounts will become immediately due and payable; 

 

	10.2.1.4	if the Facility Agent does not serve the notice referred to in clause 10.2.1.3 above, each Lender may by notice to the Facility Agent, which shall be delivered not
earlier than 45 (forty-five) days nor later than 60 (sixty) days from receipt of the notice referred to in 10.2.1.1 above, whereupon the Facility Agent shall by notice to the Parent (such notice to be delivered promptly after receipt of the
Lender’s notification), cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued interest thereon and all other amounts due to such Lender under the Finance Documents
immediately due and payable, whereupon the Commitment of the Lender will be cancelled and all such outstanding amounts will become immediately due and payable. 

 

	10.2.2	For the purpose of clause 10.2.1 above, “control” means: 

  

	10.2.2.1	the power (whether by way ownership of shares, proxy, contract, agency or otherwise) to: 

 

	10.2.2.1.1	cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the Parent; or 

 

	10.2.2.1.2	appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent; or 

 

	10.2.2.1.3	give directions with respect to the operating and financial policies of the Parent which the directors or other equivalent officers of the Parent are obliged to comply
with; or 

  
 Page 47.

	10.2.2.2	the holding of more than one-half of the issued share capital of the Parent (excluding any part of that issued share capital that carries no right to participate beyond
a specified amount in a distribution of either profits or capital). 

 For the purpose of clause 10.2.1 above,
“acting in concert” means, a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the
Parent, to obtain or consolidate control of the Parent. 
  

	10.3	Voluntary Prepayment 

  

	10.3.1	At any time prior to the Final Maturity Date and for as long as no Default is continuing, a Borrower may by giving to the Facility Agent not less than 5 (five) Business
Days’ prior written notice (a “Prepayment Notice”) to that effect, prepay the whole or a portion of the Loans made to it (the “Voluntary Prepayment Portion”), subject to the conditions and provisions relating
to prepayment as set out in clauses 10.3.2 and 10.7 (Restrictions and Miscellaneous Provisions relating to Prepayments). 

  

	10.3.2	Any proposed voluntary prepayment hereunder shall be conditional upon and subject to compliance by the Borrowers with the following conditions and provisions:

  

	10.3.2.1	such prepayment shall not result in a breach of the Financial Covenants immediately after such prepayment has been made; 

 

	10.3.2.2	the Voluntary Prepayment Portion being prepaid shall be a minimum aggregate amount of R10 000 000 (Ten Million Rand) (or, if less, the amount of the then
outstanding Loans) and in integral multiples of R10 000 000 (Ten Million Rand) thereafter. 

  
 Page 48.

	10.4	Cancellation 

 Any
unutilised portion of the Available Facility shall be cancelled on the last day of the Availability Period and the Available Facility shall be reduced to zero. 
  

	10.5	Voluntary Cancellation 

During the Availability Period, the Parent may, if it gives the Facility Agent not less than 10 (ten) Business Days’ (or such shorter
period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of R10 000 000 (Ten Million Rand) and integral multiples of R10 000 000 (Ten Million Rand) in excess thereof) of the
Available Facility. Any cancellation under this clause 10.5 shall reduce the Commitments of the Lenders rateably. 
  

	10.6	Breakage Costs 

  

	10.6.1	Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Breakage Costs attributable to all or any part of a Loan or
Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum. 

  

	10.6.2	Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Breakage Costs for any
Interest Period in which they accrue. 

  

	10.7	Restrictions and Miscellaneous Provisions relating to Prepayments 

  

	10.7.1	Any notice of cancellation or prepayment given by any Party under this clause 10 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall
specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  
 Page 49.

	10.7.2	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Breakage Costs, without premium or penalty.

  

	10.7.3	Unless a contrary indication appears in this Agreement, any part of any Loan which is prepaid may be reborrowed in accordance with the terms of this Agreement.

  

	10.7.4	The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly
provided for in this Agreement. 

  

	10.7.5	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

 

	10.7.6	If the Facility Agent received a notice under this clause 10 it shall promptly forward a copy of that notice to either the Parent or the affected Lender, as
appropriate. 

  

	11.	FEES 

  

	11.1	Commitment Fees 

  

	11.1.1	The Parent (or a Borrower nominated by the Parent) shall pay to the Facility Agent (for the account of each Lender) a commitment fee in Rand which shall be computed at
the rate of 0.65% (zero comma six five percent) per annum on that Lender’s Available Commitment. 

  

	11.1.2	The accrued commitment fee is payable on the last day of each successive period of 6 (six) Months which ends during the Availability Period, on the last day of the
Availability Period, on the Final Maturity Date and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

  
 Page 50.

	11.2	Arrangement Fee 

 The
Parent (or a Borrower nominated by the Parent) shall pay to the Arranger an arrangement fee in the amount and at the times agreed in a Fee Letter. 
  

	11.3	Agency Fee 

 The Parent
(or a Borrower nominated by the Parent) shall pay to the Facility Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter. 
  

	12.	TAX GROSS UP AND INDEMNITIES 

  

	12.1	Tax gross-up 

  

	12.1.1	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

 

	12.1.2	The Parent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify
the Facility Agent accordingly. Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall notify the Parent and,
if applicable, that Obligor. 

  

	12.1.3	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any
Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	12.1.4	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the
time allowed and in the minimum amount required by law. 

  
 Page 51.

	12.1.5	Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver
to the Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

  

	12.2	Tax indemnity 

  

	12.2.1	The Parent shall (within three Business Days of demand by the Facility Agent) pay to a Finance Party an amount equal to the loss, liability or cost which that Finance
Party determines (in its absolute discretion) will be or has been (directly or indirectly) suffered for or on account of Tax by that Finance Party in respect of a Finance Document. 

 

	12.2.2	Clause 12.2.1 above shall not apply: 

  

	12.2.2.1	with respect to any Tax assessed on a Finance Party: 

  

	12.2.2.1.1	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is
treated as resident for tax purposes; or 

  

	12.2.2.1.2	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction,

 if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum
deemed to be received or receivable) by that Finance Party; or 
  

	12.2.2.2	to the extent a loss, liability or cost is compensated for by an increased payment under clause 12.1 (Tax gross-up). 

 

	12.2.3	A Finance Party making, or intending to make a claim under clause 12.2.1 above shall promptly notify the Facility Agent of the event which will give, or has given, rise
to the claim, following which the Facility Agent shall notify the Parent. 

  
 Page 52.

	12.2.4	A Finance Party shall, on receiving a payment from an Obligor under this clause 12.2, notify the Facility Agent. 

 

	12.3	Tax Credit 

 If an Obligor
makes a Tax Payment and the relevant Finance Party determines (in its absolute discretion) that: 
  

	12.3.1	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

 

	12.3.2	that Finance Party has obtained, utilised and retained that Tax Credit, 

 the Finance Party shall pay an amount to such Obligor which that Finance Party determines (in its absolute discretion) will leave it (after that payment) in the same after-Tax position as it would have
been in had the Tax Payment not been required to be made by such Obligor. 
  

	12.4	Stamp taxes 

 The Parent
shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that a Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance
Document. 
  

	12.5	Value added tax 

  

	12.5.1	All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for
VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply, and accordingly, subject to clause 12.5.3 below, if VAT is chargeable on any supply made by any Finance Party to any Party under a Finance Document, that
Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such Party).

  
 Page 53.

	12.5.2	If VAT is chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”) under a
Finance Document, and any Party (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the
Recipient in respect of that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The Recipient will promptly pay to the Relevant Party an
amount equal to any credit or repayment from the relevant tax authority which it reasonably determines relates to the VAT chargeable on that supply. 

  

	12.5.3	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify the Finance
Party against all VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that neither it nor any other member of any group of which it is a member for VAT purposes is entitled
to credit or repayment from the relevant tax authority in respect of the VAT. 

  

	13.	INCREASED COSTS 

  

	13.1	Increased costs 

  

	13.1.1	Subject to clause 13.3 (Exceptions) the Parent (or a Borrower nominated by the Parent) shall, within 5 (five) Business Days of a demand by the Facility
Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or
application of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement. 

  
 Page 54.

	13.1.2	In this Agreement “Increased Costs” means: 

  

	13.1.2.1	a reduction in the rate of return from a Facility or on a Finance Party’s (or its affiliate’s) overall capital; 

 

	13.1.2.2	an additional or increased cost; or 

  

	13.1.2.3	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or suffered by a Finance Party or any of its affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its
obligations under any Finance Document. 
  

	13.2	Increased cost claims 

  

	13.2.1	A Finance Party intending to make a claim pursuant to clause 13.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim,
following which the Facility Agent shall promptly notify the Parent. 

  

	13.2.2	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate in accordance with clause 27.2 (Accounts and
Certificates) confirming the amount of its Increased Costs. 

  

	13.3	Exceptions 

Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: 

 

	13.3.1	attributable to a Tax Deduction required by law to be made by an Obligor; 

  
 Page 55.

	13.3.2	compensated for by clause 12.2 (Tax indemnity) (or would have been compensated for under clause 12.2 (Tax indemnity) but was not so compensated
solely because any of the exclusions in clause 12.2.2 applied); or 

  

	13.3.3	attributable to the wilful breach by the relevant Finance Party or its affiliates of any law or regulation. 

 

	14.	COSTS AND EXPENSES 

  

	14.1	Transaction Expenses 

 The
Parent (or a Borrower nominated by the Parent) shall promptly within 5 (five) Business Days of demand pay the Facility Agent the amount of all reasonable or necessary costs and expenses, including reasonable and agreed legal fees payable up to an
aggregate maximum amount of R10 000.00 (Ten Thousand Rand) excluding VAT and disbursements, reasonably incurred by the Facility Agent and the Lenders in connection with: 

 

	14.1.1	the negotiation, preparation, printing and execution of: 

  

	14.1.1.1	this Agreement, the other Finance Documents and the Financial Close Documents; and 

 

	14.1.1.2	any other Finance Documents executed after the Signature Date; 

 provided that no Obligor shall be liable for any cost or expense so incurred (other than the legal fees referred to above) in excess of R20 000 (Twenty Thousand Rand) unless the incurral of that cost or
expense has been approved in writing by the Parent in advance of its incurral. 

  
 Page 56.

	14.2	Amendment Costs 

 An
Obligor shall within 5 (five) Business Days of demand reimburse the Facility Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Facility Agent in connection with any amendment, waiver or consent
requested by that Obligor in relation to any Finance Document. 
  

	14.3	Enforcement Costs 

 The
Obligors shall be jointly and severally liable for payment, within 5 (five) Business Days of demand of the amount of all costs and expenses (including legal fees on the scale as between attorney and own client whether incurred before or after
judgement) reasonably incurred by any Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 
  

	15.	GUARANTEE AND INDEMNITY 

  

	15.1	Guarantee and Indemnity 

Each Guarantor irrevocably and unconditionally jointly and severally: 

 

	15.1.1	guarantees to each Finance Party the punctual performance by each Borrower of all that Borrower’s obligations under the Finance Documents;

  

	15.1.2	undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall
immediately on demand pay that amount as if it was the principal obligor; and 

  

	15.1.3	indemnifies each Finance Party immediately on demand (and shall make the relevant payment within 5 (five) Business Days of such demand) against any cost, loss or
liability suffered by that Finance Party if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which the Finance Party would otherwise have been
entitled to recover. 

  
 Page 57.

	15.2	Continuing Guarantee 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance
Documents regardless of any intermediate payment or discharge in whole or in part. 
  

	15.3	Reinstatement 

 If any
payment by an Obligor or any one of them or any discharge given by a Finance Party (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency, business
rescue proceedings, liquidation, winding up or any similar event: 
  

	15.3.1	the liability of each Obligor shall continue as if the payment, discharge, avoidance or reduction has not occurred; and 

 

	15.3.2	each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor as if the payment, discharge, avoidance or reduction
has not occurred. 

  

	15.4	Waiver of Defences 

 The
obligations of each Guarantor under this clause 15 (Guarantee and Indemnity) will not be affected by an act, omission, matter or thing which, but for this clause, would reduce, release or prejudice any of its obligations under this clause 15
(Guarantee and Indemnity) (without limitation and whether or not known to it or any Finance Party) including: 
  

	15.4.1	any time, waiver or consent granted to, or composition with, the Obligors or any one of them or other person; 

 

	15.4.2	the release of the Obligors or any one of them or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;

  
 Page 58.

	15.4.3	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets
of, the Obligors or any one of them or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	15.4.4	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Obligors or any one of them or any other
person; 

  

	15.4.5	any amendment (however fundamental) or replacement of a Finance Document or any other document or security; 

 

	15.4.6	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or

  

	15.4.7	any insolvency, business rescue proceedings, liquidation, winding up or similar proceedings. 

 

	15.5	Immediate Recourse 

 Each
Guarantor waives any right it may have of first requiring any Finance Party to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause 15. 

 

	15.6	Subordination of Guarantors’ Rights 

  

	15.6.1	When any Default has occurred and is continuing, each of the Guarantors acknowledges and agrees that any recourse claims it may have against the Obligors or any one of
them (the “Recourse Claims”) shall be subordinated to the claims of the Lenders against the Obligors under this Agreement so that until the earlier to occur of the discharge in full of all the Obligors’ obligations under the
Finance Documents (the “Secured Obligations”) or the remedy of the Default: 

  
 Page 59.

	15.6.1.1	the Finance Parties’ claims will rank in priority to the Recourse Claims; and 

 

	15.6.1.2	no Guarantor will claim, receive or accept, directly or indirectly, payment of any Recourse Claims; and 

 

	15.6.1.3	no Guarantor shall take, accept or receive the benefit of any Encumbrance from any Obligor; and 

 

	15.6.1.4	no Guarantor shall obtain or enforce any judgement against any Obligor in relation to any of the Recourse Claims. 

 

	15.6.2	No Guarantor shall petition or apply for or vote in favour of any resolution for the winding-up, dissolution or administration or analogous or similar process with
regard to the Obligors or any one of them prior to the date of full and final discharge of the Secured Obligations. 

  

	15.6.3	In any liquidation of (whether provisional or final) or judicial management of or compromise of any Obligor, no Guarantor shall prove or seek to prove claims in respect
of any Recourse Claims it may have prior to the date of full and final discharge of all of the Secured Obligations if the effect of such proof would be to reduce the dividend payable to the Finance Parties in relation to the Finance Parties’
claims at the time of such liquidation, judicial management or compromise. 

  

	15.7	Additional Security 

 This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security and neither shall it prejudice any other guarantee or security now or subsequently held by the Lender. 

  
 Page 60.

	16.	REPRESENTATIONS AND WARRANTIES 

  

	16.1	Representations and Warranties 

 Each Obligor makes the representations and warranties set out in this clause 16.1 to each Finance Party. 
  

	16.1.1	Status 

  

	16.1.1.1	It is a limited liability company, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

 

	16.1.1.2	It has the power to own its assets and carry on its business as it is being conducted or is contemplated to be conducted. 

 

	16.1.2	Power and Authority 

 It
has the power to enter into and perform, and has taken all necessary action to authorise its entry into, and performance of, the Finance Documents to which it is party and the transactions contemplated by those Finance Documents. 

 

	16.1.3	Binding Obligations 

 The
obligations expressed to be assumed by it in each Finance Document to which it is a party are, subject to any general principles of law as at the Signature Date limiting its obligations, which are specifically referred to in any legal opinion
delivered pursuant to clause 5.1 (Initial Conditions Precedent) or clause 22 (Change to Obligors), legal, valid, binding and enforceable obligations. 
  

	16.1.4	Non-Conflict with Other Obligations 

 The entry into and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a party do not and will not conflict with: 

 

	16.1.4.1	any law applicable to it; 

  
 Page 61.

	16.1.4.2	its Constitutional Documents; or 

  

	16.1.4.3	any material agreement or instrument binding upon it or any of its assets. 

 

	16.1.5	Authorisations 

 All
authorisations required: 
  

	16.1.5.1	to enable it lawfully to enter into, exercise its rights and comply with its obligations under the Finance Documents to which it is a party and to ensure that the
obligations expressed to be assumed by it thereunder are legal, valid, binding and enforceable; 

  

	16.1.5.2	to enable it to lawfully conduct its business where failure to obtain such authorisation would result in a Material Adverse Effect; and 

 

	16.1.5.3	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect. 

 

	16.1.6	Governing law and enforcement 

 Subject to any general principles of law as at the date of this Agreement set out in any legal opinion delivered pursuant to clause 5.1 (Initial conditions precedent) or clause 22 (Changes to
the Obligors): 
  

	16.1.6.1	the choice of South African law as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation; and

  

	16.1.6.2	any judgment obtained in South Africa in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. 

  
 Page 62.

	16.1.7	Deduction of Tax 

 It is
not required under the law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document. 
  

	16.1.8	No filing or stamp taxes 

Except to the extent set out in any legal opinion provided pursuant to clause 5.1 (Initial conditions precedent) or clause 22
(Changes to the Obligors) in relation to it, under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any
stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents. 
  

	16.1.9	No Default 

  

	16.1.9.1	No Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

 

	16.1.9.2	It is not, nor is it likely to be as a result of entering into and performing its obligations under the Finance Documents, in violation of any law or in breach of or in
default under any agreement to which it is a party or which is binding on it or any of its assets to an extent or in a manner which could reasonably be expected to have a Material Adverse Effect. 

 

	16.1.10	No Misleading Information 

  

	16.1.10.1	 To the best of its knowledge and belief (having made due enquiry), all written factual information supplied by it to the Finance Parties in connection
with this Agreement (excluding equity analysts reports and the reports from credit rating agencies) 

  
 Page 63.

	 	
was true and accurate in all material respects as at the date it was given or as at the date (if any) at which it was stated and was not deliberately misleading in any material respects at such
date. The financial projections and forecasts contained in the information have been prepared in good faith on the basis of recent historical information and on the basis of reasonable assumptions. 

 

	16.1.10.2	It has not knowingly withheld any information which, if disclosed, could reasonably be expected materially and adversely to affect the decision of any Finance Party in
considering whether or not to provide finance to the Borrowers. 

  

	16.1.11	Financial Statements 

  

	16.1.11.1	The Original Financial Statements were prepared in accordance with GAAP. 

  

	16.1.11.2	The Original Financial Statements fairly represent the Group’s financial condition and operations during the relevant financial period. 

 

	16.1.12	Pari Passu Ranking 

 Its payment obligations under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations
mandatorily preferred by law applying to companies generally in the jurisdiction of its incorporation. 
  

	16.1.13	No Proceedings Pending or Threatened 

 Other than as disclosed in the financial statements most recently delivered to the Facility Agent pursuant to Clause 17.1 (Financial Statements), no litigation, arbitration or administrative
proceedings of or before any court or arbitral body have been started or (to the best of its knowledge and belief, after due enquiry) threatened against it which could reasonably be expected to affect the validity, legality or enforceability of any
Finance Documents to which it is a party. 

  
 Page 64.

	16.1.14	No Winding-Up 

  

	16.1.14.1	No Material Group Company has taken any corporate action, nor have any other steps been taken or legal proceedings started or (to the best of its knowledge and belief,
after due enquiry) threatened against any Material Group Company, for its winding-up, dissolution, administration, re-organisation or the commencement of business rescue proceedings or for the enforcement of any Encumbrance over all or any of its
revenues or assets or for the appointment of a receiver, administrator, administrative receiver, business rescue practitioner, conservator, custodian, trustee or similar officer of it or of all or any of its assets, which could reasonably be
expected to have a Material Adverse Effect. 

  

	16.1.14.2	The board of any Material Group Company that is financially distressed, which in the case of a Material Group Company (other than an Obligor) could reasonably be
expected to have a Material Adverse Effect, has delivered the written notice required in terms of section 129(7) of the Companies Act. 

  

	16.1.15	No Encumbrances 

  

	16.1.15.1	No Encumbrance exists over all or any of the assets of any Material Group Company except for Permitted Encumbrances. 

 

	16.1.15.2	No Encumbrance would arise as a result of the execution of and performance of its rights and obligations under the Finance Documents. 

 

	16.1.16	Assets and Intellectual Property Rights 

 It and each Material Group Company has good title to or validly leases or licenses all of the assets necessary to carry on its business as 

  
 Page 65.

 
presently conducted, to the extent that failure to comply with this clause 16.1.16 (Assets and Intellectual Property Rights) could reasonably be expected to have a Material Adverse Effect.

  

	16.1.17	Insurance 

 Each Material
Group Company maintains insurances on and in relation to its business and assets against those risks and to the extent as is usual for companies in the jurisdiction in which it conducts its business carrying on substantially similar business in such
jurisdiction. 
  

	16.1.18	Environmental Compliance 

Each Material Group Company has adopted and complies with an environmental policy which requires monitoring of and compliance with all
applicable Environmental Law and Environmental Permits applicable to it from time to time unless non-compliance with such policy could not reasonably be expected to cause a Material Adverse Effect. 

 

	16.1.19	Environmental Claims 

 No
Environmental Claim (not of a frivolous or vexatious nature) has been commenced or (to the best of its knowledge and belief) is threatened against any Material Group Company where that claim would be reasonably likely, if determined against that
Material Group Company, to have a Material Adverse Effect. 
  

	16.1.20	Taxation 

  

	16.1.20.1	It and each Material Group Company has duly and punctually paid and discharged all Taxes imposed upon it or its assets within the time period allowed without incurring
penalties except to the extent that: 

  

	16.1.20.1.1	payment is being contested in good faith; 

  
 Page 66.

	16.1.20.1.2	it has maintained adequate reserves for those Taxes; and 

  

	16.1.20.1.3	payment can be lawfully withheld. 

  

	16.1.20.2	It is not and no Material Group Company is materially overdue in the filing of any Tax returns. 

 

	16.1.21	Ownership of Material Group Companies 

  

	16.1.21.1	Each existing Material Group Company on the date of this Agreement (other than the Cerro Corona Subsidiary, Newshelf and the Ghanaian Companies) is a wholly-owned
Subsidiary of the Parent and any member of the Group which becomes a Material Group Company after the date of this Agreement will be a wholly or partially owned Subsidiary of the Parent and the members of the Group holding the shares in such
Material Group Company have not reduced their shareholding in such Subsidiary below the level of their shareholding at the time such Subsidiary became a Material Group Company. 

 

	16.1.21.2	The Parent holds at least 74% (seventy-four percent) of the issued share capital of GFIMSA. 

 

	16.1.21.3	The Parent holds at least 74% (seventy-four percent) of the issued share capital of Newshelf. 

 

	16.1.21.4	Newshelf holds at least 74% (seventy-four percent) of the issued share capital of each of GFO and GFI Joint Venture Holdings (Proprietary) Limited.

  

	16.1.21.5	The Parent indirectly holds at least 90% (ninety percent) of the issued share capital of each Ghanaian Company. 

 

	16.1.21.6	The Parent indirectly holds at least 99% (ninety-nine percent) of the common shares in the share capital of the Cerro Corona Subsidiary (which equates to 98,5% (ninety
eight comma five percent) of the issued and outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  
 Page 67.

	16.1.22	No Material Adverse Effect 

 There has been no change in the business, condition (financial or otherwise), operations, performance, properties or prospects of the Obligors or the Group (taken as a whole) since 31 December 2010
which could reasonably be expected to have a Material Adverse Effect. 
  

	16.2	Repetition 

  

	16.2.1	All the representations and warranties in this clause 16 (Representations and Warranties) are made by each Obligor on the Signature Date (other than in respect
of clause 16.1.11.1, which is deemed to be made on the date such information is provided). 

  

	16.2.2	The Repeating Representations are made or deemed to be made by an Additional Guarantor, the day on which it becomes an Additional Guarantor. 

 

	16.2.3	All the representations and warranties in this clause 16 are deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on the date
of each Utilisation Request and Utilisation Date. 

  

	16.2.4	The Repeating Representations are deemed to be made on each Repetition Date by each Obligor in either case by reference to the facts and circumstances then existing on
that Repetition Date. 

  

	16.2.5	For the purposes of clause 16.2.2 above: 

  

	16.2.5.1	 “Repeating Representations” means the representations and warranties contained in clause 16.1.1 (Status) to clause 16.1.22
(No Material Adverse Effect) (each inclusive) with the exception of clauses 16.1.3 (Binding Obligations), 16.1.6 (Governing Law and Enforcement), 16.1.7 (Deduction of Tax), 16.1.8 (No Filing or Stamp Taxes) and
16.1.10 (No Misleading Information) and 

  
 Page 68.

	 	
16.1.13 (No Proceedings Pending or Threatened); save that the references in clauses 16.1.11.1 and 16.1.11.2 to “the Original Financial Statements” shall, for the
purposes of this Repeating Representation, be construed as references to the most recent audited consolidated financial statements of the Group and the audited financial statements of the Borrowers and each Guarantor delivered to the Facility Agent
under clause 17.1 (Financial Statements). 

  

	16.2.5.2	“Repetition Date” means the first day of each Interest Period (other than on the first day of the first Interest Period for a Loan).

  

	16.3	Reliance 

 The Finance
Parties have entered into the Finance Documents to which each of them is a party on the strength of, and relying on, the representations and warranties set out in clause 16.1 (Representations and Warranties), each of which shall be deemed to
be a separate representation and warranty given without prejudice to any other representation or warranty and deemed to be a material representation inducing the Finance Parties to enter into the Finance Documents to which each of them is party.

  

	17.	INFORMATION UNDERTAKINGS 

The undertakings in this clause 17 (Information Undertakings) are given in favour of each Finance Party and remain in force from
the Signature Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	17.1	Financial Statements 

 The
Parent shall supply to the Facility Agent: 
  

	17.1.1	as soon as the same become available, but in any event within 120 (one hundred and twenty) days after the end of each of its Financial Years the audited consolidated
financial statements of the Parent for that Financial Year; 

  
 Page 69.

	17.1.2	as soon as the same become available, but in any event within 150 (one hundred and fifty) days after the end of each of its Financial Years: 

 

	17.1.2.1	the audited financial statements of each Obligor (other than Gold Fields Holdings Company (BVI) Limited and GFOH unless there is a legal requirement to audit its
financial statements and any other Obligor which is not legally required to audit its financial statements) for that Financial Year; and 

  

	17.1.2.2	if the audited financial statements of Gold Fields Holdings Company (BVI) Limited and/or GFOH and/or any other Obligor which is not legally required to audit its
financial statements (as the case may be) are not delivered under 17.1.2.1 above, the unaudited financial statements of Gold Fields Holdings Company (BVI) Limited and/or GFOH and/or any other Obligor which is not legally required to audit its
financial statements (as the case may be) for that Financial Year; 

  

	17.1.3	as soon as the same become available, but in any event within 60 (sixty) days after the first 6 (six) Months of each of its Financial Years: 

 

	17.1.3.1	the unaudited financial statements of each Obligor for the first 6 (six) Month period of that Financial Year; and 

 

	17.1.3.2	the unaudited consolidated financial statements of the Parent for the first 6 (six) Month period of that Financial Year; and 

 

	17.1.4	as soon as the same become available, but in any event within 60 (sixty) days after the end of each quarter of each Financial Year: 

 

	17.1.4.1	the unaudited consolidated financial statements of the Parent for that period; and 

 

	17.1.4.2	the unaudited financial statements of each Obligor for that period. 

  
 Page 70.

	17.2	Compliance Certificate 

  

	17.2.1	The Parent shall supply to the Facility Agent, with each set of consolidated financial statements delivered pursuant to clause 17.1.1 and 17.1.3 of clause 17.1
(Financial Statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with clause 18 (Financial Covenants) as at the date as at which those financial statements were drawn up.

  

	17.2.2	Each Compliance Certificate shall be signed by 2 (two) directors of the Parent and, if required to be delivered with the audited consolidated financial statements
delivered pursuant to clause 17.1.2.1 of clause 17.1 (Financial statements), by the Auditors. 

  

	17.3	Requirements as to Financial Statements 

  

	17.3.1	Each set of financial statements delivered pursuant to clause 17.1 (Financial Statements) shall be certified by a director of the Obligor as fairly representing
its financial condition as at the date as at which those financial statements were drawn up. 

  

	17.3.2	Each Obligor shall procure that each set of financial statements delivered pursuant to clause 17.1 (Financial Statements) is prepared in accordance with GAAP,
the requirements of its jurisdiction of incorporation and accounting practises and financial reference periods consistent with those applied in the preparation of the Original Financial Statements. 

 

	17.3.3	Clause 17.3.2 shall not apply to the extent that, in relation to any sets of financial statements, the Obligor notifies the Facility Agent that there has been a change
in GAAP or the accounting practices or reference periods and its Auditors (in the case of its annual audited financial statements) or the Parent (in the case of any of its other financial statements) delivers to the Facility Agent:

  
 Page 71.

	17.3.3.1	a description of any change necessary for those financial statements to reflect GAAP, accounting practices and reference periods upon which the Original Financial
Statements were prepared; and 

  

	17.3.3.2	sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether clause 18 (Financial
Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements. 

 

	17.3.4	If an Obligor notifies the Facility Agent of a change in accordance with clause 17.3.3 above, then an Obligor and the Facility Agent shall enter into negotiations in
good faith with a view to agreeing: 

  

	17.3.4.1	whether or not the change might result in material alteration in the commercial effect of any of the terms of this Agreement or any other Finance Document; and

  

	17.3.4.2	if so, any amendments to this Agreement or any other Finance Document which may be necessary to ensure that the change does not result in any material alteration in the
commercial effect of those terms, 

 and if any amendments are agreed they shall take effect and be binding on
each of the Parties in accordance with their terms. 
  

	17.3.5	Any reference in this Agreement to “financial statements” shall be construed as a reference to those financial statements as the same may be adjusted
under this clause 17.3 to reflect the basis upon which the Original Financial Statements were prepared. 

  
 Page 72.

	17.4	Access to Records 

 At any
time after the occurrence of a Default and for so long as it is continuing, upon the request of the Facility Agent, each Obligor shall (at that Obligor’s expense) provide to that person or any of its representatives and professional advisors
such access to that Obligor’s records (including its general ledger), books and assets as that person may require at reasonable times and upon reasonable notice. 
  

	17.5	Information : Miscellaneous 

 Each Obligor shall supply to the Facility Agent (in sufficient copies for all Finance Parties, if the Facility Agent so requests under clause 0 (Delivery of Information)): 

 

	17.5.1	all documents dispatched by that Obligor to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched;

  

	17.5.2	the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Group Company which, if adversely
determined against it, would be reasonably likely to result in a Material Adverse Effect; and 

  

	17.5.3	such further information (including an extract of its general ledger) regarding the financial condition, business and operations of any Group Company as any Finance
Party (through the Facility Agent) may reasonably request. 

  

	17.6	Notification of Default 

  

	17.6.1	Each Obligor shall notify in writing the Facility Agent of any Default and the steps, if any, being taken to remedy it promptly upon becoming aware of its occurrence
(unless that Obligor is aware that a notification has already been provided by another Obligor). This obligation extends (without limitation) to any facts or circumstances: 

  
 Page 73.

	17.6.1.1	Which are reasonably likely to result in the commencement of business rescue proceedings, whether commenced by the board of directors of each Obligor, by an affected
person or at the instance of the court pursuant to a court order commencing business rescue proceedings; 

  

	17.6.1.2	Related to the receipt by it of any application from an affected person in terms of section 131 of the Companies Act, a copy of which application and all related
documentation shall be promptly delivered by the Obligor to the Facility Agent; and 

  

	17.6.1.3	Related to the convening of a meeting of the board of directors of the Obligor to consider a resolution by such board to commence business rescue proceedings, a copy of
which resolution shall promptly be delivered by the Obligor to the Facility Agent. 

  

	17.6.2	Each Obligor undertakes to deliver to the Facility Agent, written notice, no later than 5 (five) Business Days prior to the date upon which a board meeting to approve a
resolution contemplated under section 129 of the Companies Act is to be held, together with the details of the date and place at which the meeting will be held so as to enable the Facility Agent in its discretion to attend such meeting. The Obligors
further agree that the Facility Agent shall be entitled in its discretion to attend the meeting and should it do so then the Facility Agent shall, subject to applicable laws, have the right to be consulted in respect of the appointment of an
appropriate business rescue practitioner. 

  

	17.6.3	Promptly upon a request by the Facility Agent, each Borrower shall supply to the Facility Agent a certificate signed by 2 (two) directors or senior officers on its
behalf certifying that no Default is continuing (or if a Default is continuing specifying the Default and the steps, if any, being taken to remedy it). 

  
 Page 74.

	17.7	Delivery of Information 

  

	17.7.1	Without prejudice to clause 26 (Notices and Domicilia), any documents to be delivered under this clause 17 (Delivery of Information) may be delivered by
the Obligors to the Facility Agent (and by the Facility Agent to the Lenders): 

  

	17.7.1.1	by e-mail where the Majority Lenders have expressly agreed, by written notice to the Facility Agent, to receive such documents by e-mail and has informed the Facility
Agent of an e-mail address pursuant to clause 26 (Notices and Domicilia), provided that, for this purpose, any such notification shall also be followed-up by telefax; or 

 

	17.7.1.2	to the extent that it becomes common practise in South Africa to do so and the Facility Agent has agreed to do so and (as applicable) a Finance Party has expressly
agreed, by written notice to the Facility Agent (such agreement not to be unreasonably withheld or delayed), by reference to a website, the address of which (and the location of the relevant documents at such website) has been confirmed to such
Party in accordance with clause 26 (Notices and Domicilia). 

  

	17.7.2	If a Finance Party requests delivery to it of a paper copy of any document to be delivered by an Obligor under this clause 17 (Information Undertakings) in place
of an electronic copy of such document, it shall notify the Facility Agent accordingly. The Facility Agent shall request an Obligor in writing to provide such paper copies promptly upon receipt of any such notice and such Obligor shall be obliged
promptly to do so. 

  

	17.8	Know your customer requirements 

  

	17.8.1	 If any Finance Party (or any prospective New Lender) is obliged to comply with know your customer or similar identification procedures

  
 Page 75.

	 	
under the Financial Intelligence Centre Act, 2001 or any similar legislation in circumstances where the necessary information is not already available to it, each Obligor must promptly, on the
request of that Finance Party, supply to the Finance Party any documentation or other evidence which that Finance Party reasonably requests (whether for itself or on behalf of a prospective new Lender) to enable that Finance Party or prospective New
Lender to carry out all such procedures. 

  

	17.8.2	The Parent shall, by not less than 10 (ten) Business Days’ prior written notice to the Facility Agent, notify the Facility Agent (which shall promptly notify the
Lenders) of its intention to request that one of the subsidiaries becomes an Additional Obligor pursuant to clause 22 (Changes to the Obligors). 

  

	17.8.3	Following the giving of any notice pursuant to clause 17.8.2 above, if the accession of any Additional Obligor requires any Finance Party to carry out know your
customer procedures in circumstances where the required information is not already available to it, the Parent must promptly, on request by that Finance Party, supply to the Finance Party any documentation or other evidence which that Finance Party
reasonably requires in order to carry out all applicable know your customer procedures. 

  

	17.8.4	Each Lender must promptly on the request of the Facility Agent supply to the Facility Agent any documentation or other evidence which is reasonably required by the
Facility Agent to carry out and be satisfied with the results of all know your customer requirements. 

  

	18.	FINANCIAL COVENANTS 

  

	18.1	Financial Condition 

 The
Parent shall ensure that for so long as any amount is outstanding under a Finance Document or any Commitment is in force: 

  
 Page 76.

	18.1.1	the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of any Measurement Period shall be or shall exceed 5:1; 

 

	18.1.2	the ratio of Consolidated Net Borrowings to Consolidated EBITDA shall not in respect of any Measurement Period exceed 2.5:1. 

 

	18.2	Financial Testing 

 The
Financial Covenants shall be tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to Clause 17.2 (Compliance Certificate). 

 

	18.3	Breach of a Financial Condition Undertaking 

 Immediately upon becoming aware of a breach of any of the Financial Covenants, each Obligor shall notify the Facility Agent (and provide such details about the breach as the Facility Agent may request)
(unless that Obligor is aware that a notification has already been provided by another Obligor). 
  

	19.	GENERAL UNDERTAKINGS 

 The
undertakings in this clause 19 (General Undertakings) are given in favour of each Finance Party and remain in force from the Signature Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

  

	19.1	Authorisation 

 Each
Obligor shall promptly: 
  

	19.1.1	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

 

	19.1.2	 upon written request by the Facility Agent or a Finance Party supply certified copies to the Facility Agent of,

  
 Page 77.

	 	
any authorisation required or desirable under any applicable law to enable it to perform its obligations under the Finance Documents to which it is a Party and to ensure the legality, validity,
enforceability or admissibility in evidence of any Finance Documents. 

  

	19.2	Compliance with Laws 

Each Obligor shall comply in all respects with all laws and regulations (including, but not limited to, Environmental Law) to which it may
be subject, if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents to which it is a party. 
  

	19.3	Negative Pledge 

  

	19.3.1	No Obligor shall (and the Parent shall procure that no other Material Group Company will) create or permit to subsist any Encumbrance over any of its assets.

  

	19.3.2	No Obligor shall (and the Parent shall procure that no other Material Group Company will): 

 

	19.3.2.1	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by it or by an Obligor or any other member of the
Group; 

  

	19.3.2.2	sell, transfer, cede or otherwise dispose of any of its receivables on recourse terms; 

 

	19.3.2.3	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or

  

	19.3.2.4	enter into any other preferential arrangement having a similar effect, 

 in circumstances where the arrangement or transaction is entered into primarily as a method of raising any form of Financial Indebtedness or of financing the acquisition of an asset. 

  
 Page 78.

	19.3.3	Clauses 19.3.1 and 19.3.2 above do not apply to Permitted Encumbrances. 

  

	19.4	Financial Indebtedness 

The Parent shall not (and the Parent shall procure that no member of the Group (other than a Guarantor or a Project Finance Subsidiary)
shall) incur, create or permit to subsist or have outstanding any Financial Indebtedness or enter into any agreement or arrangement whereby it is entitled to incur, create or permit to subsist any Financial Indebtedness other than Permitted
Indebtedness. 
  

	19.5	Disposals and Mergers 

  

	19.5.1	No Obligor shall (and the Parent shall ensure that no other Material Group Company will): 

 

	19.5.1.1	enter into a single transaction or a series of transactions (whether related or not) and whether voluntarily or involuntarily to sell, lease, transfer or otherwise
dispose of any assets; or 

  

	19.5.1.2	enter into any amalgamation, demerger, merger or corporate reconstruction. 

 

	19.5.2	Clause 19.5.1 above does not apply to: 

  

	19.5.2.1	Permitted Disposals; or 

  

	19.5.2.2	any amalgamation, demerger, merger or corporate reconstruction of any member of the Group, without insolvency, if: 

 

	19.5.2.2.1	in respect of the Obligors or the successors-in-title or assignees of the Obligors, the Finance Documents are preserved as binding upon the amalgamated, demerged,
merged and/or reconstructed members of the Group; and 

  

	19.5.2.2.2	the amalgamated, demerged, merged and/or reconstructed companies will be members of the Group; and 

  
 Page 79.

	19.5.2.2.3	such amalgamation, demerger, merger and/or corporate reconstruction will not have a Material Adverse Effect. 

 

	19.6	Pari Passu Ranking 

 Each Obligor shall ensure that at all times the claims of the Finance Parties against it under the Finance Documents rank at least pari passu with claims of all its other unsecured and
unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally in its jurisdiction of incorporation. 
  

	19.7	Change of Business 

 Each
Obligor shall procure that no substantial change is made to the general nature of its business or the business of the Group taken as a whole from that carried on as at the Signature Date. 

 

	19.8	Insurance 

 Each Obligor
shall (and the Parent shall ensure that each Material Group Company will) maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks and to the extent as is usual for
companies carrying on the same or substantially similar business. 
  

	19.9	Environmental Compliance 

Each Obligor shall (and the Parent shall ensure that each Material Group Company will) substantially comply in all material respects with
all Environmental Laws and obtain and maintain any Environmental Permits, take all reasonable steps in anticipation of known or expected future changes to or obligations under the same, and implement procedures to monitor compliance with and to
prevent liability under any Environmental Law, to the extent required by applicable law. 

  
 Page 80.

	19.10	Environmental Claims 

Each Obligor shall inform the Facility Agent, in writing as soon as reasonably practical upon becoming aware of the same: 

 

	19.10.1	if any Environmental Claim (not of a frivolous or vexatious nature) has been commenced or (to the best of its knowledge and belief) threatened against any Material
Group Company; or 

  

	19.10.2	of any facts or circumstances which will or are reasonably likely to result in any Environmental Claim (not of a frivolous or vexatious nature) being commenced or
threatened against any Material Group Company, 

 where the claim would be reasonably likely, if determined against
that Material Group Company, to have a Material Adverse Effect. 
  

	19.11	Sanctions 

Notwithstanding any other provision in this Agreement, each Obligor shall not: 

 

	19.11.1	use the proceeds of the Loan for the purpose of financing directly or indirectly (or otherwise make available) the activities of (or otherwise making available to) any
person or entity which is currently listed on the Sanctions List or use the proceeds of the Loan for purposes of financing directly or indirectly, the activities of a Sanctioned Country; and/or 

 

	19.11.2	contribute or otherwise make available the proceeds of the Loan to any other person or entity if the Obligors have actual knowledge that such party intends to use such
proceeds for the purpose of financing the activities of any person or entity which is currently on the Sanctions List or for the purpose of financing the activities of a Sanctioned Country. 

  
 Page 81.

	19.12	Taxation 

 Each Obligor
shall (and the Parent shall ensure that each other Material Group Company will) duly and punctually pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring material penalties, except to the extent:

  

	19.12.1	that such payment is being contested in good faith; 

  

	19.12.2	adequate reserves are being maintained for those Taxes; and 

  

	19.12.3	where such payment can be lawfully withheld. 

  

	19.13	Maintenance of Legal Status 

 Each Material Group Company shall do all such things as are necessary to maintain its existence as a legal person and shall maintain its books and records in good order and make all necessary corporate
filings with the relevant authorities in its jurisdiction of incorporation. 
  

	19.14	Maintenance of Assets 

Each Obligor shall (and the Parent shall ensure that each other Material Group Company shall) ensure that it has good title to or validly
leases or licences all of the assets necessary and has all consents and/or authorisations necessary to carry on its business as conducted to the extent that failure to comply with this clause 19.13 could reasonably be expected to have a Material
Adverse Effect. 
  

	19.15	Acquisitions 

 No Obligor
shall (and the Parent shall ensure that no Material Group Company will), without the prior consent of the Lender, enter into any transaction, acquire any company, business, assets or undertaking where such a transaction or acquisition is classed as
a “Category 1” transaction under the JSE Listings Requirements. For the purpose of this clause 19.15 only, references to a transaction shall be construed as not including any acquisition of the Parent by a third party. 

  
 Page 82.

	19.16	Ownership of Material Group Companies 

 Subject to applicable law, the Parent shall ensure that: 
  

	19.16.1	each existing Material Group Company on the date of this Agreement (other than the Cerro Corona Subsidiary, Newshelf and the Ghanaian Companies) is and continues to be
a wholly-owned Subsidiary of the Parent and each member of the Group which becomes a Material Group Company after the date of this Agreement is a wholly or partially owned Subsidiary of the Parent and that members of the Group will hold and continue
to hold at least the same percentage of the issued share capital of such Material Group Company as was held by members of the Group at the time such Subsidiary became a Material Group Company; 

 

	19.16.2	the Parent holds and continues to hold at least 74% (seventy-four percent) of the issued share capital of GFIMSA; 

 

	19.16.3	the Parent holds and continues to hold at least 74% (seventy-four percent) of the issued share capital of Newshelf; 

 

	19.16.4	Newshelf holds and continues to hold at least 74% (seventy-four percent) of the issued share capital of each of GFO and GFI Joint Venture Holdings (Proprietary)
Limited; 

  

	19.16.5	the Parent indirectly holds and continues to indirectly hold at least 90% (ninety percent) of the issued share capital of each Ghanaian Company; and

  

	19.16.6	the Parent indirectly holds and continues to indirectly hold at least 99% (ninety-nine percent) of the common shares in the share capital of the Cerro Corona Subsidiary
(which equates to 98,5% (ninety eight comma five percent) of the issued and outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  
 Page 83.

	20.	DEFAULT 

  

	20.1	Events of Default 

 Each
of the events set out in this clause 20 (Default) is an Event of Default (whether or not caused by any reason whatsoever outside the control of the Borrowers, any other Obligor or any other person). 

 

	20.1.1	Non-Payment 

 An Obligor
does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless payment is made within 5 (five) Business Days of its due date. 

 

	20.1.2	Financial Covenants 

 Any
requirement of clause 18 (Financial Covenants) is not satisfied. 
  

	20.1.3	Other Obligations under Finance Documents 

  

	20.1.3.1	Subject to clause 20.3 (Remedy), an Obligor does not comply with any provision of the Finance Documents (other than those referred to in clause 20.1.1
(Non-Payment) and clause 20.1.2 (Financial Covenants). 

  

	20.1.3.2	No Event of Default will occur under clause 20.1.3.1 if the Taxes not duly and punctually paid and discharged and in respect of which the undertaking contained in
clause 19.11 (Taxation) is given do not exceed an amount of US$20 000 000 (Twenty Million United States Dollars) (subject to a maximum exchange rate of R12/$). 

 

	20.1.4	Misrepresentation 

  

	20.1.4.1	 Subject to clause 20.3 (Remedy), any representation or statement made or in the case of clause 16.2.1 (Repetition), deemed to be made by
any Obligor or in the Finance Documents or any other 

  
 Page 84.

	 	
document delivered by or on behalf of any Obligor under or in connection with any Finance Documents is or is proved to have been incorrect or misleading in any material and adverse respect when
made or in the case of clause 16.2.1 (Repetition), deemed to be made. 

  

	20.1.4.2	No Event of Default will occur under clause 20.1.4.1 if the Taxes in respect of which the representation contained in clause 19.11 (Taxation) was made does not
exceed an amount of US$20 000 000 (Twenty Million United States Dollars) (subject to a maximum exchange rate of R12/$). 

  

	20.1.5	Cross-Default 

  

	20.1.5.1	Any Financial Indebtedness of a Material Group Company is not paid when due, nor where there is an applicable grace period, within the earlier to expire of the
originally applicable grace period and a period of 5 (five) days starting at the same time as the originally applicable grace period. 

  

	20.1.5.2	Any Financial Indebtedness of a Material Group Company is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	20.1.5.3	Any commitment for any Financial Indebtedness of a Material Group Company is cancelled or suspended by a creditor of a Material Group Company as a result of an event of
default (however described). 

  

	20.1.5.4	Any creditor of a Material Group Company becomes entitled to declare any Financial Indebtedness of a Material Group Company due and payable prior to its specified
maturity as a result of an event of default (however described). 

  
 Page 85.

	20.1.5.5	No Event of Default will occur under this clause 20.1.5 (Cross Default) if the aggregate amount of Financial Indebtedness or commitment for Financial
Indebtedness, falling within clauses 20.1.5.1 to 20.1.5.4 is less than US$20 000 000 (Twenty Million United States Dollars) (subject to a maximum exchange rate of R12/$). 

 

	20.1.6	Insolvency 

  

	20.1.6.1	Any Material Group Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or
anticipated financial difficulties, commences negotiations with one or more of its classes of creditors with a view to rescheduling any of its Financial Indebtedness which in the case of a Material Group Company (other than an Obligor) could
reasonably be expected to have a Material Adverse Effect. 

  

	20.1.6.2	The value of the assets of any Material Group Company, fairly valued, is less than its liabilities (taking into account contingent and prospective liabilities) which in
the case of a Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect. 

  

	20.1.6.3	A moratorium is declared or takes effect in respect of any Financial Indebtedness of any Material Group Company. 

 

	20.1.6.4	Any Material Group Company is financially distressed, which in the case of a Material Group Company (other than an Obligor) could reasonably be expected to have a
Material Adverse Effect, and the board of that Material Group Company has not timeously delivered the written notice required in terms of section 129(7) of the Companies Act. 

  
 Page 86.

	20.1.7	Insolvency Proceedings 

  

	20.1.7.1	Any corporate action, legal proceedings or other similar procedure or steps taken in relation to: 

 

	20.1.7.1.1	the suspension of payments or commencement of business rescue proceedings (whether by any member of the Group or by any other person under section 129 of the Companies
Act or pursuant to an application by an “affected person” under section 131 of the Companies Act or by the court during any other proceedings in respect of any member of the Group), a moratorium of any Financial Indebtedness, winding-up,
dissolution, administration or re-organisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Material Group Company; 

  

	20.1.7.1.2	a composition, compromise or arrangement with any creditor or class of creditors of any Material Group Company; 

 

	20.1.7.1.3	the appointment of a liquidator, business rescue practitioner, receiver, administrator, administrative receiver, judicial manager, compulsory manager or other similar
officer in respect of any Material Group Company or any of its assets; or 

  

	20.1.7.1.4	enforcement of any Encumbrance over any assets of any Material Group Company, 

 or any analogous procedure or step is taken in any jurisdiction and any such procedure or proceedings are not contested in good faith nor discharged within 30 (thirty) days (or such shorter period
provided for contesting such procedure or proceedings under the laws of the relevant jurisdiction), which in the case of a Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect. 

  
 Page 87.

	20.1.7.2	A meeting is proposed or convened by the directors of any Material Group Company, a resolution is proposed or passed, application is made or an order is applied for or
granted, to authorise the entry into or implementation of any business rescue proceedings (or any similar proceedings) in respect of any Material Group Company or any analogous procedure or step is taken in any jurisdiction, which in the case of a
Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect. 

  

	20.1.8	Failure to comply with Final Judgement 

 Any Material Group Company fails within 5 (five) Business Days of the due date to comply with or pay any sum due from it under any material final judgement or any final order made or given by any court of
competent jurisdiction. For the purposes of this clause 20.1.8 (Failure to comply with Final Judgement), a “material final judgement” shall be any judgement for the payment of a sum of money in excess of
US$20 000 000 (Twenty Million United States Dollars) (subject to a maximum exchange rate of R12/$). 
  

	20.1.9	Creditors’ Process 

Any expropriation (other than an expropriation where fair compensation is received) or the operation of the attachment, sequestration,
distress or execution affects any material asset of a Material Group Company and is not discharged within 21 (twenty-one) days. For the purposes of this clause 20.1.9 (Creditor’s Process) a “material asset” is any
single income producing asset of the relevant Material Group Company which contributes not less than 5% (five percent) towards the Consolidated EBITDA or gross assets of the Group (calculated according to the most recent set of audited consolidated
financial statements delivered 

  
 Page 88.

 
pursuant to clause 17.1 (Financial Statements)) provided that any loss of mineral rights arising as a result of the operation of the Mineral and Petroleum Resources Development Act,
No. 28 of 2002 substantially in its current form as at the date of this Agreement and/or the operation of the Mineral and Petroleum Resources Royalty Act, No. 28 of 2008, shall not constitute an expropriation for the purposes of this
clause 20.1.9 (Creditor’s Process). 
  

	20.1.10	Unlawfulness 

 It is or
becomes unlawful for an Obligor to perform any of its obligations under the Financial Documents or such obligations are to be legal, valid, binding or enforceable obligations. 

 

	20.1.11	Repudiation 

 An Obligor
repudiates a Finance Document or any Finance Document is declared to be or is otherwise unenforceable against an Obligor by a court of the jurisdiction of incorporation of the relevant Obligor. 

 

	20.1.12	Governmental Intervention 

By or under the authority of any government: 
  

	20.1.12.1	the management of any Material Group Company is wholly or partially displaced or the authority of any Material Group Company in the conduct of its business is wholly or
partially curtailed; or 

  

	20.1.12.2	 all or a majority of the issued shares of any Material Group Company or material part of its revenues or assets is seized, nationalised, expropriated
or compulsorily acquired. For the purposes of this clause 20.1.12 (Governmental Intervention) “material part of its revenues or assets” shall in relation to the relevant Material Group Company be construed as revenues
comprising not less than 5% (five percent) of the Consolidated 

  
 Page 89.

	 	
EBITDA or gross assets of the Group calculated mutatis mutandis in accordance with the provisions of clause 20.1.9 (Creditor’s Process) or assets which contribute not less than
5% (five percent) towards the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis accordance with the provisions of clause 20.1.9 (Creditor’s Process), provided that neither the implementation
of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 substantially in its current form as at the date of this Agreement nor the implementation of the Mineral and Petroleum Resources Royalty Act, No. 28 of 2008, shall
constitute a seizure, nationalisation, expropriation or compulsory acquisition as contemplated by this clause 20.1.12 (Governmental Intervention). 

 

	20.1.13	Material Adverse Effect 

Any change occurs in the business, condition (financial or otherwise), operations, performance, properties or prospects of the Obligors
or the Group taken as a whole since 31 December 2010, which could be reasonably likely to have a Material Adverse Effect. 
  

	20.1.14	Cessation of Business 

Any Material Group Company ceases to carry on the business which it undertakes at the Signature Date. 

 

	20.2	Acceleration 

  

	20.2.1	If any Event of Default occurs which is continuing, the Facility Agent shall be entitled (acting on the instructions of the Majority Lenders) and without prejudice to
any other rights or remedies which the Finance Parties may have under any of the Financial Documents by notice to the Borrowers and the Parent to: 

  

	20.2.1.1	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  
 Page 90.

	20.2.1.2	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and
payable, whereupon they shall become immediately due and payable; and/or 

  

	20.2.1.3	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Facility Agent on the instructions of the
Majority Lenders. 

  

	20.3	Remedy 

  

	20.3.1	No Event of Default under this clause 20.1 (Events of Default) (other than those referred to in clause 20.1.1 (Non-payment) and 20.1.2 (Financial
covenants)) will occur if the failure to comply or circumstance giving rise to the same is capable of remedy and is remedied by an Obligor within 10 (ten) days of the earlier of the Facility Agent giving notice to the Obligors or any Obligor
becoming aware of the failure to comply. 

  

	20.3.2	For the purposes of clause 20.3.1, the events or circumstances referred to in clause 20.1.5 (Cross-default), clause 20.1.6 (Insolvency), clause 0
(Insolvency Proceedings), clause 20.1.8 (Failure to comply with final judgment), clause 20.1.9 (Creditors’ process), clause 20.1.10 (Unlawfulness), clause 20.1.11 (Repudiation), clause 20.1.12 (Governmental
Intervention), clause 20.1.13 (Material Adverse Effect) and clause 20.1.14 (Cessation of Business) shall be deemed to be incapable of remedy save to the extent set out therein unless the Facility Agent determines otherwise.

  

	21.	CHANGE OF PARTY 

  

	21.1	Cession and Delegation by the Lenders 

  

	21.1.1	Subject to this clause, any Lender (the “Existing Lender”) may: 

 

	21.1.1.1	cede any of its rights; or 

  
 Page 91.

	21.1.1.2	delegate any of its obligations, 

under this Agreement and any corresponding rights or obligations under any other Finance Document to another bank or financial
institution, any one of whom shall be a new lender (the “New Lender”). 
  

	21.2	Consent of Parent to Cession and Delegation by the Lenders 

  

	21.2.1	The consent of the Parent is required for any cession or delegation by an Existing Lender, unless the cession or delegation is to (a) a Permitted Transferee,
(b) another Lender, or (c) an Affiliate of a Lender. 

  

	21.2.2	The consent of the Parent to a cession or delegation must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) Business
Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. 

  

	21.2.3	Notwithstanding clause 21.2.1, the Parent (acting reasonably) shall at any time (other than during the 15 (fifteen) Business Day notice period referred to in clause 0
(Notification)) be entitled to deliver a written notice to the Facility Agent specifying that it wishes to remove a Permitted Transferee from the list set out in Schedule 8 (Permitted Transferees). Such written notice shall set out
reasonable grounds for the Parent’s request to remove such Permitted Transferee from the list set out in Schedule 8 (Permitted Transferees). If the Facility Agent is satisfied (acting reasonably) that the Parent has reasonable grounds
for such removal, the Facility Agent shall notify the Parent in writing accordingly and such Permitted Transferee shall thereupon cease to be a Permitted Transferee; provided that, to the extent that such Permitted Transferee is already a Lender as
at the date of such removal, such removal shall not obligate any Finance Party to acquire or re-acquire such Permitted Transferee’s participation in any Loans. 

  
 Page 92.

	21.3	New Lender to become Bound 

In the event an Existing Lender cedes any of its rights or delegates any of its obligations as contemplated under clause 21.1 (Cession
and Delegation by the Lender), the Existing Lender shall procure that the New Lender agrees to become bound by all the terms and conditions of this Agreement and the other Finance Documents to which the Existing Lender is a party as a party
thereto. 
  

	21.4	Limitation of responsibility of Existing Lenders 

  

	21.4.1	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  

	21.4.1.1	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

 

	21.4.1.2	the financial condition of any Obligor; 

  

	21.4.1.3	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

 

	21.4.1.4	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 

 

	21.4.2	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	21.4.2.1	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities
in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  
 Page 93.

	21.4.2.2	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under
the Finance Documents or any Commitment is in force. 

  

	21.4.3	Nothing in any Finance Document obliges an Existing Lender to: 

  

	21.4.3.1	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this clause 21.4 (Limitation of Responsibility of
Existing Lenders); or 

  

	21.4.3.2	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or
otherwise. 

  

	21.5	Disclosure of Information 

A Lender may disclose to any of its affiliates and/or any other person: 

 

	21.5.1	to (or through) whom that the Lender cedes, assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under the Finance
Documents; 

  

	21.5.2	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, the Finance Documents or any Obligor; or 

  

	21.5.3	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

any information about an Obligor, the Group and the Finance Documents as that Lender shall consider appropriate if, in relation to clauses
21.5.1 and 21.5.2 above, the person to whom the information is to be given has agreed to maintain such information as confidential information and has executed a Confidentiality Undertaking. 

  
 Page 94.

	21.6	Notification 

 A Lender
proposing to effect any cession, assignment or transfer occurring pursuant to this clause 21 (Change of Party) shall give the Parent and each other Finance Party 15 (fifteen) Business Days’ prior written notice of any such proposed
cession, assignment or transfer. 
  

	21.7	Additional Parties 

 Each
of the Lenders appoints the Facility Agent to receive on its behalf each Accession Undertaking delivered to the Facility Agent and to accept and sign it if, in the Facility Agent’s opinion, it is complete and appears on its face to be authentic
and duly executed by the relevant acceding party and until accepted and signed by the Facility Agent that document shall not be effective. 
  

	22.	CHANGES TO THE OBLIGORS 

  

	22.1	Assignment and transfer by Obligors 

 No Obligor may cede any of its rights or delegate any of its obligations under the Finance Documents without the prior written consent of the Facility Agent. 

 

	22.2	Additional Borrowers 

  

	22.2.1	The Parent may request that any of its subsidiaries become an Additional Borrower. That Subsidiary shall become an Additional Borrower if: 

 

	22.2.1.1	the Lenders approve the addition of that Subsidiary; 

  

	22.2.1.2	the Parent delivers to the Facility Agent a duly completed and executed Accession Undertaking; 

 

	22.2.1.3	the Parent confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and 

  
 Page 95.

	22.2.1.4	the Facility Agent has received all of the documents and other evidence listed in paragraphs 1, 3, 4, 6 and 8 of Schedule 2 (Financial Close Documents)
mutatis mutandis in relation to that Additional Borrower, each in form and substance satisfactory to the Facility Agent. 

  

	22.2.2	The Facility Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the
documents and other evidence listed in paragraphs 1, 3, 4, 6 and 7 of Schedule 2 (Financial Close Documents) mutatis mutandis in relation to that Additional Borrower. 

 

	22.3	Resignation of an Additional Borrower 

  

	22.3.1	The Parent may request that a Borrower (other than the Original Borrowers) ceases to be a Borrower by delivering to the Facility Agent a Resignation Letter.

  

	22.3.2	The Facility Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if: 

 

	22.3.2.1	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent has confirmed to the Facility Agent that this is the case); and

  

	22.3.2.2	the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.

  
 Page 96.

	22.4	Additional Guarantors 

  

	22.4.1	The Parent may request that any of its subsidiaries become an Additional Guarantor. That Subsidiary shall become an Additional Guarantor if; 

 

	22.4.1.1	the Parent delivers to the Facility Agent a duly completed and executed Accession Undertaking; and 

 

	22.4.1.2	the Facility Agent has received all of the documents and other evidence listed in paragraphs 1, 3, 4 and 7 of Schedule 2 (Financial Close Documents) mutatis
mutandis in relation to that Additional Guarantor, each in form and substance satisfactory to the Facility Agent. 

  

	22.4.2	The Facility Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the
documents and other evidence listed in paragraphs 1, 3, 4, 6 and 7 of Schedule 2 (Financial Close Documents) mutatis mutandis in relation to that Additional Guarantor. 

 

	22.5	Repetition of Representations 

 Delivery of an Accession Undertaking constitutes confirmation by the relevant Subsidiary that the representations in clause 16 (Representations and Warranties) are true and correct in relation to
it as at the date of delivery as if made by reference to the facts and circumstances then existing. 
  

	22.6	Resignation of an Additional Guarantor 

  

	22.6.1	The Parent may request that a Guarantor (other than an Original Guarantor) ceases to be a Guarantor by delivering to the Facility Agent a Resignation Letter.

  

	22.6.2	The Facility Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if no Default is continuing and the Parent has confirmed to
the Facility Agent that this is the case. 

  
 Page 97.

	23.	PAYMENT MECHANICS 

  

	23.1	All payments to be made by the Obligors under any of the Finance Documents shall be governed by the following provisions: 

 

	23.1.1	all payments shall be made to the Facility Agent on the due date for such payment into the bank account nominated by the Facility Agent; 

 

	23.1.2	all payments shall be made for value by no later than 15h00 on the due date for such payment; and 

 

	23.1.3	all payments shall be made in immediately available, freely transferable, cleared funds free and clear of set-off, deduction or counterclaim. 

 

	23.2	Partial payments 

  

	23.2.1	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent
shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	23.2.1.1	first, in or towards payment pro rata of any due but unpaid fees, costs and expenses of the Facility Agent under the Finance Documents; 

 

	23.2.1.2	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under the Finance Documents; 

 

	23.2.1.3	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

 

	23.2.1.4	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

 

	23.2.2	The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in clauses 23.2.1.2 to 23.2.1.4. 

  
 Page 98.

	23.2.3	Clauses 23.2.1 and 23.2.2 will override any appropriation made by an Obligor. 

 

	24.	CONFIDENTIALITY 

  

	24.1	Without the prior written consent of the other Parties, each Party will keep confidential and will not disclose to any person: 

 

	24.1.1	the details of any document, the details of the negotiations leading to any document, and the information handed over to such Party during the course of negotiations,
as well as the details of all the transactions or agreements contemplated in any document; and 

  

	24.1.2	all information relating to the business or the operations and affairs of the Parties (together “Confidential Information”). 

 

	24.2	The Parties agree to keep all Confidential Information confidential and to disclose it only to their officers, directors, employees, consultants, shareholders,
professional advisers, auditors, any other divisions or affiliates of the Party and any person to whom the Lenders wish to cede any or their respective rights or delegate any of their respective obligations under any of the Finance Documents who:

  

	24.2.1	have a need to know (and then only to the extent that each such person has a need to know); 

 

	24.2.2	are aware that the Confidential Information should be kept confidential; 

  

	24.2.3	are aware of the disclosing Party’s undertaking in relation to such information in terms of this Agreement; and 

 

	24.2.4	have been directed by the disclosing Party to keep the Confidential Information confidential and have undertaken to keep the Confidential Information confidential.
Furthermore, if either Party so requires, the other Party shall procure that each of its employees to whom such disclosure is made, provides a written undertaking of confidentiality to the requesting Party, on terms which meet with that Party’s
reasonable satisfaction. 

  
 Page 99.

	24.3	The obligations of the Parties in relation to the maintenance and non-disclosure of Confidential Information in terms of this Agreement do not extend to information
that: 

  

	24.3.1	is disclosed to the receiving Party in terms of the Finance Documents but at the time of such disclosure such information is known to be in the lawful possession or
control of that Party and not subject to an obligation of confidentiality; or 

  

	24.3.2	is or lawfully becomes public knowledge, otherwise than pursuant to a breach of this Agreement by the Party who received such Confidential Information; or

  

	24.3.3	is required by the provisions of any law, statute or regulation or during any court proceedings, or by the rules or regulations of any recognised stock exchange or
other regulatory authority (including the United States Securities and Exchange Commission) to be disclosed; or 

  

	24.3.4	is exchanged amongst the Lender and the Facility Agent for the purposes of or in connection with the instruction of the Facility Agent or for the purposes of exercising
or enforcing any of their rights and/or in performing any of their obligations under this Agreement or any other Finance Document. 

  

	24.4	Each of the Finance Parties acknowledges that some or all of the Confidential Information of the Group is or may be price-sensitive information and that the use of such
information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any such Confidential Information for any unlawful
purpose. 

  
 Page 100.

	25.	SET-OFF 

  

	25.1	A Finance Party may set-off any due and payable obligation owed by an Obligor under the Finance Documents to that Finance Party against any obligation owed by that
Finance Party to that Obligor. Each Finance Party shall notify the relevant Obligor (giving full details) promptly after the exercise or purported exercise of any right under this clause 25; 

 

	25.2	Without derogating from any right or entitlement of the Finance Party, upon the commencement of business rescue proceedings, or the taking of any steps contemplated
under the Companies Act in anticipation of business rescue proceedings, all amounts due and payable by the Obligor to the Finance Party, will at the option of the Finance Party (and without prior notice to the Obligor being required), be reduced by
set-off against any other amounts (“Other Amounts”) due and payable by the Finance Party to the Obligor (whether or not arising under this Agreement). To the extent that any Other Amounts are so set-off, those Other Amounts will be
discharged promptly in all respects. The Finance Party shall give notice to the Obligors of any set-off effected under this clause. Nothing in this clause will be effective to create a security interest. This clause will be without prejudice and in
addition to any other right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract
or otherwise) 

  

	26.	NOTICES AND DOMICILIA 

  

	26.1	Notices 

  

	26.1.1	Each Party chooses the addresses set out opposite its name below as its addresses to which any written notice in connection with the Finance Documents may be addressed.

  
 Page 101.

	26.1.1.1	Nedbank: 

 Nedbank
Limited (acting through its Nedbank 
 Capital and Nedbank Corporate divisions) 

Block F, 1st Floor 
 135 Rivonia Road 
 SANDOWN 

2196 
 Telefax
No: (011) 294 1333 
 Attention: General Manager: Corporate Credit 

 

	26.1.1.2	Facility Agent: 

 Nedbank
Limited (acting through its Nedbank 
 Capital and Nedbank Corporate divisions) 

Block F, 4th Floor 
 135 Rivonia Road 
 SANDOWN 

2196 
 Telefax
No: (011) 294 6366 
 Attention: Greg Webber 

 

	26.1.1.3	Obligors: 

 150 Helen
Road 
 SANDTON 
 2196 
 Telefax No: (011) 562 9828 

Attention: Executive Vice President – General Counsel 

 

	26.1.2	Any notice or communication required or permitted to be given in terms of the Finance Documents shall be valid and effective only if in writing but it shall be
competent to give notice by telefax transmitted to its telefax number set out opposite its name above. 

  

	26.1.3	 Any Party may by written notice to the other Parties change its chosen physical addresses and/or telefax number for the purposes of clause 26.1.1 to
any other address(es) and/or telefax number, provided that the change shall become effective on the 14th (fourteenth) day after the receipt of the notice by the addressee. 

  
 Page 102.

	26.1.4	Any notice given in terms of this Agreement shall: 

  

	26.1.4.1	 if sent by a courier service be deemed to have been received by the addressee on the 7th (seventh) Business Day following the date of such sending; 

 

	26.1.4.2	if delivered by hand be deemed to have been received by the addressee on the date of delivery; 

 

	26.1.4.3	 if transmitted by facsimile be deemed to have been received by the addressee on the 1st (first) Business Day after the date of transmission, 

unless the contrary is proved. 
  

	26.1.5	Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by a Party shall be an adequate written notice or
communication to it, notwithstanding that it was not sent to or delivered at its chosen address and/or telefax number. 

  

	26.2	Domicilia 

  

	26.2.1	Each of the Parties chooses its physical address referred to in clause 26.1.1 as its domicilium citandi et executandi at which documents in legal proceedings in
connection with this Agreement may be served. 

  

	26.2.2	 Any Party may by written notice to the other Party change its domicilium from time to time to another address, not being a post office box or a
poste restante, in South Africa; provided that any such change shall only be effective on the 14th (fourteenth) day after deemed receipt of the notice by the other Party pursuant to clause 26.1.5. 

  
 Page 103.

	27.	GENERAL 

  

	27.1	Renunciation of Benefits 

Each Obligor renounces, to the extent permitted under applicable law, the benefits of each of the legal exceptions of excussion, division,
revision of accounts, no value received, errore calculi, non causa debiti, non numeratae pecuniae and cession of actions, and declares that it understands the meaning of each such legal exception and the effect of such renunciation.

  

	27.2	Accounts and Certificates 

The entries made in the accounts maintained by the Lenders in connection with the Facility and/or any certificate and/or notice issued,
and signed by any manager or director (whose appointment, designation and authority as such it shall not be necessary to prove) of the Lenders or the Facility Agent, save for manifest error, be prima facie proof of the amounts from time to
time owing by any Obligor under the Finance Documents. 
  

	27.3	Sole Agreement 

 The
Finance Documents constitute the sole record of the agreement between the Parties in regard to the subject matter thereof. 
  

	27.4	No Implied Terms 

 No
Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded in any Finance Document. 
  

	27.5	No Variation 

 No addition
to, variation or consensual cancellation of any Finance Document and no extension of time, waiver or relaxation or suspension of any of the provisions or terms of any Finance Document shall be of any force or effect unless in writing and signed by
or on behalf of all the parties thereto. 
  

	27.6	Extensions and Waivers 

No latitude, extension of time or other indulgence which may be given or allowed by any Party to any other Party in respect of the
performance of any obligation hereunder or enforcement of any right arising from any Finance Document and no single or partial exercise of any right by any Party shall 

  
 Page 104.

 
under any circumstances be construed to be an implied consent by such Party or operate as a waiver or a novation of, or otherwise affect any of that Party’s rights in terms of or arising
from any Finance Document or estop such Party from enforcing, at any time and without notice, strict and punctual compliance with each and every provision or term of any Finance Document. 

 

	27.7	Further Assurances 

 The
Parties undertake at all times to do all such things, to perform all such acts and to take all such steps and to procure the doing of all such things, the performance of all such actions and the taking of all such steps as may be open to them and
necessary for or incidental to the putting into effect or maintenance of the terms, conditions and import of any Finance Document. 
  

	27.8	Waiver of Defences 

 The
provisions of the Finance Documents will not be affected by an act, omission, matter or thing which, but for this clause 27.8 (Waiver of Defences), would reduce, release or prejudice the subordination and priorities in this Agreement
including: 
  

	27.8.1	any time, waiver or consent granted to, or composition with any person; 

  

	27.8.2	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets
of, any Obligor or any non-presentation or non-observance of any formality or other requirement in respect of any instrument; 

  

	27.8.3	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person; 

 

	27.8.4	any amendment (however fundamental) or replacement of a Finance Document or any other document or security; 

  
 Page 105.

	27.8.5	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or

  

	27.8.6	any intermediate payment or discharge of any of the Secured Obligations in whole or in part. 

 

	27.9	Independent Advice 

 Each
of the Parties acknowledges that they have been free to secure independent legal and other advice as to the nature and effect of all of the provisions of the Finance Documents and that they have either taken such independent legal and other advice
or dispensed with the necessity of doing so. Further, each of the Parties acknowledges that all of the provisions of each Finance Document and the restrictions therein contained are fair and reasonable in all the circumstances and are part of the
overall intention of the Parties in connection with the Finance Documents. 
  

	27.10	Counterparts 

 Any Finance
Document may be executed in any number of counterparts and by different parties thereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
agreement. 
  

	27.11	Waiver of Immunity 

 Each
Obligor waives generally all immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in respect of: 
  

	27.11.1	the giving of any relief by way of interdict or order for specific performance or for the recovery of assets or revenues; and 

 

	27.11.2	the issue of any process against its assets or revenues for the enforcement of a judgement or, in an action in rem, for the arrest, detention or sale of any of its
assets and revenues. 

  
 Page 106.

	27.12	Governing Law 

 The entire
provisions of each Finance Document shall be governed by and construed in accordance with the laws of South Africa. 
  

	27.13	Jurisdiction 

 The Parties
hereby irrevocably and unconditionally consent to the non-exclusive jurisdiction of the High Court of South Africa (South Gauteng High Court, Johannesburg division) (or any successor to that division) in regard to all matters arising from the
Finance Documents. 
  

	27.14	Severability 

 Each
provision in each Finance Document is severable from all others, notwithstanding the manner in which they may be linked together or grouped grammatically, and if in terms of any judgment or order, any provision, phrase, sentence, paragraph or clause
is found to be defective or unenforceable for any reason, the remaining provisions, phrases, sentences, paragraphs and clauses shall nevertheless continue to be of full force. In particular, and without limiting the generality of the aforegoing, the
Parties acknowledge their intention to continue to be bound by each Finance Document notwithstanding that any provision may be found to be unenforceable or void or voidable, in which event the provision concerned shall be severed from the other
provisions, each of which shall continue to be of full force. 

  
 Page 107.

 SIGNED at
                         on this the
                 day of                      2011.

  

	
	 For and on behalf of

	NEDBANK LIMITED (acting through its Nedbank Capital division)

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

 SIGNED at
                         on this the              day
of                  2011. 
  

	
	 For and on behalf of

	NEDBANK LIMITED (acting through its Nedbank Corporate division)

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

  
 Page 108.

 SIGNED at
                         on this the              day
of                  2011. 
  

	
	 For and on behalf of

	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

 SIGNED at
                         on this the              day
of                  2011. 
  

	
	 For and on behalf of

	GOLD FIELDS OPERATIONS LIMITED

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

 SIGNED at
                         on this the              day
of                  2011. 
  

	
	 For and on behalf of

	GOLD FIELDS LIMITED

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

  
 Page 109.

 SIGNED at
                         on this the              day
of                  2011. 
  

	
	 For and on behalf of

	NEWSHELF 899 (PROPRIETARY) LIMITED

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

 SIGNED at
                         on this the              day
of                  2011. 
  

	
	 For and on behalf of

	GOLD FIELDS HOLDINGS COMPANY (BVI) LIMITED

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

 SIGNED at
                         on this the              day
of                  2011. 
  

	
	 For and on behalf of

	GOLD FIELDS OROGEN HOLDING (BVI) LIMITED

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

  
 Page 110.

 SCHEDULE 1 
 ORIGINAL GUARANTORS 
  

			
	 NO.
	  	 ORIGINAL GUARANTOR

	1.	  	 Gold Fields Limited
  

(Registration No. 1968/004880/06)

		
	2.	  	 Gold Fields Operations Limited
  

(Registration No. 1959/003209/06)

		
	3.	  	 Gold Fields Holdings Company (BVI) Limited
  

(Registration No. 651406)

		
	4.	  	 Gold Fields Orogen Holding (BVI) Limited
  

(Registration No. 184982)

		
	5.	  	 GFI Mining South Africa (Proprietary) Limited
  

(Registration No. 2002/031431/07)

		
	6.	  	 Newshelf 899 (Proprietary) Limited
  

(Registration No. 2007/019941/07)

  
 Page 111.

 SCHEDULE 2 
 FINANCIAL CLOSE DOCUMENTS 
  

	1.	The Obligors 

  

	1.1	A copy of the Constitutional Documents of each Obligor. 

  

	1.2	A copy of a resolution of the board of directors of each Obligor: 

  

	1.2.1	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving to execute those Finance Documents, including
as applicable, such resolutions approving the terms of, and the transactions contemplated by, the Finance Documents to which the Guarantors are a party, as may be required pursuant to section 45 of the Companies Act; 

 

	1.2.2	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

 

	1.2.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party. 

  

	1.3	A certificate by a director of the Borrower certifying in writing that business rescue proceedings have not commenced in respect of any Material Group Company, which in
the case of a Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect. 

  

	1.4	A specimen of the signature of each person authorised by the resolution referred to in paragraphs 1.2 above. 

 

	2.	Finance Documents 

 A duly
executed original of this Agreement. 

  
 Page 112.

	3.	Financial Intelligence Centre Act, 2001 

 All information and documentation required by the Original Lender in relation to each Obligor to enable it to comply with its obligations under, and the requirements of, the Financial Intelligence Centre
Act, 2001 and its own “know your customer” procedures. 
  

	4.	Legal Opinions 

 A legal
opinion of the Parent’s legal counsel in a form reasonably satisfactory to the Original Lender dealing with the capacity and authority of the Obligors, which opinion will include, but will not be limited to, confirmation that the limit on each
Obligor’s respective powers will not be exceeded as a result of the borrowings or giving of guarantees or indemnities contemplated by the Finance Documents. 
  

	5.	Financial Statements 

  

	5.1	The Original Financial Statements together with the latest audited financial statements of each Obligor (other than Gold Fields Holdings Company (BVI) Limited and Gold
Fields Orogen Holding (BVI) Limited) or any other Obligor which is not legally required to audit its financial statements). 

  

	5.2	The latest unaudited financial statements of Gold Fields Holdings Company (BVI) Limited and Gold Fields Orogen Holding (BVI) Limited. 

 

	6.	Credit Committee Approval 

The approval of the Original Lender’s credit committee. 

 

	7.	Existing Facility 

Evidence that all amounts outstanding under the Existing Facility have been or will be repaid and cancelled in full on or before the first
Utilisation Date. 
  

	8.	Authorisations and Consents 

 A copy of any authorisation or consent (to include any relevant corporate, regulatory and shareholder consent or approval (including as applicable, such

  
 Page 113.

 
members resolutions approving the terms of, and the transactions contemplated by, the Finance Documents to which the Guarantors are a party, as may be required pursuant to section 45 of the
Companies Act) required to authorise the relevant Obligor to guarantee the Facility or to take any action required to be taken by the relevant Obligor in connection with the Facility) which the Facility Agent reasonably considers to be necessary or
desirable in connection with the entry into and performance of the transactions contemplated by this Agreement or for the validity and enforceability of any Finance Document. 

  
 Page 114.

 SCHEDULE 3 
 FORM OF UTILISATION REQUEST 
 (To appear on the letterhead of a Borrower)

 To:
                        [insert] 
 [Facility Agent] 
 Date: 
 Attention: [insert] 
 Dear Sirs 
 FACILITY AGREEMENT DATED [INSERT DATE] : UTILISATION REQUEST 
  

	1.	We refer to the Facility Agreement dated [insert] entered into between inter alia us and, Nedbank Limited (acting through its Nedbank Capital and Nedbank
Corporate divisions) (the “Facility Agreement”). 

  

	2.	This is an Utilisation Request. 

  

	3.	The terms defined in the Facility Agreement shall have the same meanings where used in this Utilisation Request. 

 

	4.	This Utilisation Request is irrevocable. 

  

	5.	We hereby give you notice that, pursuant to the Facility Agreement and on [insert date], we wish to borrow a Loan in an amount of R[insert] ([insert]
Rand) upon the terms and subject to the conditions contained therein. 

  

	6.	We elect an Interest Period of [insert] Months. 

  
 Page 115.

	7.	We confirm that as of the date hereof : 

  

	7.1	the Repeating Representations set out in the Facility Agreement are true and correct in all material respects; and 

 

	7.2	no Default has occurred and/or is continuing. 

  

	8.	The proceeds of the Loan must be credited to the following bank account: 

  

					
	8.1	 	    Bank:	  	[insert];
			
	8.2	 	    Branch:	  	[insert];
			
	8.3	 	    Account Name:	  	[insert];
			
	8.4	 	    Account Number:	  	[insert];
			
	8.5	 	    Branch Code:	  	[insert].

 Yours faithfully 
 [BORROWER] 

  
 Page 116.

 SCHEDULE 4 
 DISCLOSURES 
 See attached 

  
 Page 117.

 SCHEDULE 5 
 FORM OF ACCESSION UNDERTAKING 
  

			
	To:	  	Nedbank Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) (as Facility Agent)
		
	From:	  	Gold Fields Limited; and

 [insert full name of new Borrower/Guarantor] (the “Acceding
Party”) 
 Date: 
 Dear Sirs

 Facility Agreement between Nedbank Limited, Gold Fields Limited and others dated [insert] (the “Facility Agreement”)

  

	1.	We refer to the Facility Agreement. This is an Accession Undertaking. Terms defined in the Agreement have the same meaning in this Accession Undertaking unless given a
different meaning in this Accession Undertaking. 

  

	2.	The Acceding Party agrees to become an Additional [Borrower/Guarantor] and to be bound by the terms of the Facility Agreement as an Additional
[Borrower/Guarantor] pursuant to clause 22 (Change to the Obligors) of the Facility Agreement. The Acceding Party is a company duly incorporated under the laws of [insert name of relevant jurisdiction]. 

 

	3.	The Acceding Party’s administrative details are as follows: 

 Address: 
 Fax No: 

Attention: 

  
 Page 118.

	4.	This Accession Undertaking shall be governed by and construed in accordance with the laws of South Africa. 

For and on behalf of 
 GOLD FIELDS LIMITED

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

 For and on behalf of 
 [insert actual name of Acceding Party] 
  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

  
 Page 119.

 SCHEDULE 6 
 FORM OF RESIGNATION LETTER 
  

			
	To:	  	Nedbank Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) (as Facility Agent)
		
	From:	  	Gold Fields Limited (the “Parent”); and

 [insert full name of resigning Obligor] 

Date: 
 Dear Sirs 

Facility Agreement between Nedbank Limited, Gold Fields Limited and others dated [insert] (the “Facility Agreement”) 

 

	1	We refer to the Facility Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a
different meaning in this Accession Letter. 

  

	2.	Pursuant to [Clause 22.3 (Resignation of an Additional Borrower)]/[Clause 22.6 (Resignation of an Additional
Guarantor)], we request that [resigning Obligor] be released from its obligations as a [Borrower]/[Guarantor] under the Facility Agreement. 

 

	3	We confirm that no default is continuing or would result from the acceptance of this request: 

 

	4.	This Resignation Letter shall be governed by and construed in accordance with the laws of South Africa. 

For and on behalf of 
 GOLD FIELDS LIMITED

  

	
	 Name:

	 Capacity:

	 Who warrants his authority hereto

  
 Page 120.

 SCHEDULE 7 
 FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:	  	Nedbank Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) (as Facility Agent)

 [Date] 
 Dear
Sirs 
 FACILITY AGREEMENT BETWEEN NEDBANK LIMITED, GOLD FIELDS LIMITED AND OTHERS DATED [    ] 2011 (the “Facility
Agreement”) 
  

	1.	We refer to the Facility Agreement. This is a Compliance Certificate, and terms used in this Compliance Certificate have the same meaning as in the Facility Agreement.

  

	2.	We confirm that as at [INSERT]: 

  

	2.1	Consolidated EBITDA to Consolidated Net Finance Charges 

 the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of the Measurement Period ending on [INSERT] was: [        ] : 1; and

  

	2.2	Consolidated Net Borrowings to Consolidated EBITDA 

 the ratio of Consolidated Net Borrowings to Consolidated EBITDA in respect of the Measurement Period ending on [INSERT] was: [        ] : 1, 

and attach calculations showing how these figures were calculated. 

 

	3	We confirm that no Default is continuing.* 

 For
and on behalf of 
 Gold Fields Limited 
  

	
	Name:
	Capacity:
	Who warrants his authority hereto

 Attachment:         Auditor’s letter of confirmation of compliance with
financial ratios. 
  
  

	*	If this statement cannot be made, the Certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.

  
 Page 121.

 SCHEDULE 8 
 PERMITTED TRANSFEREES 
 PART 1 

LOCAL BANKS 
 Absa Bank
Limited 
 FirstRand Bank Limited 
 The
Standard Bank of South Africa Limited 
 Nedbank Limited 
 Investec Bank Limited 
 PART 2 

FINANCIAL INSTITUTIONS 

Futuregrowth 
 Liberty Group Limited 

Metropolitan Life Limited 
 Momentum Group
Limited 
 MIBFA 
 Old Mutual
Specialised Finance (Proprietary) Limited 
 Old Mutual Life Assurance Company (South Africa) Limited 

PIC 
 Sanlam Capital 

Sanlam Life Insurance Limited 

PART 3 

AFFILIATES 
 Any bona
fide and established affiliates, subsidiaries or holding companies of any of the banks or financial institutions listed in this Schedule 8 which are regularly engaged in or established for the purpose of making, purchasing or investing in loans,
securities or other financial assets and that are not hedge funds. 

  
 Page 122.EX-10.1

 Exhibit 10.1 
 Execution Copy 
 CREDIT AGREEMENT 

DATED AS OF APRIL 18, 2012 
 AMONG 
 LANCASTER COLONY CORPORATION, 

THE LENDERS, 
 THE HUNTINGTON NATIONAL BANK, 
 as Syndication Agent 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 J.P. MORGAN SECURITIES LLC, 

as Lead Arranger and Sole Book Runner 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I. DEFINITIONS
	  	 	1	  
		
	 ARTICLE II. THE CREDITS
	  	 	17	  
	 2.1. Commitment
	  	 	17	  
	 2.2. Required Payments; Termination
	  	 	17	  
	 2.3. Ratable Loans
	  	 	17	  
	 2.4. Types of Advances
	  	 	17	  
	 2.5. Swing Line Loans
	  	 	17	  
	 2.5.1. Amount of Swing Line Loans
	  	 	17	  
	 2.5.2. Borrowing Notice
	  	 	17	  
	 2.5.3. Making of Swing Line Loans
	  	 	18	  
	 2.5.4. Repayment of Swing Line Loans
	  	 	18	  
	 2.6. Facility Fee; Reductions in Aggregate Commitment
	  	 	18	  
	 2.7. Minimum Amount of Each Advance
	  	 	19	  
	 2.8. Optional Principal Payments
	  	 	19	  
	 2.9. Method of Selecting Types and Interest Periods for New Advances
	  	 	19	  
	 2.10. Conversion and Continuation of Outstanding Advances
	  	 	20	  
	 2.11. Changes in Interest Rate, etc
	  	 	20	  
	 2.12. Rates Applicable After Default
	  	 	20	  
	 2.13. Method of Payment
	  	 	21	  
	 2.14. Noteless Agreement; Evidence of Indebtedness
	  	 	21	  
	 2.15. Telephonic Notices
	  	 	22	  
	 2.16. Interest Payment Dates; Interest and Fee Basis
	  	 	22	  
	 2.17. Notification of Advances, Interest Rates, Prepayments and Commitment Reductions
	  	 	22	  
	 2.18. Lending Installations
	  	 	23	  
	 2.19. Non-Receipt of Funds by the Administrative Agent
	  	 	23	  
	 2.20. Facility LCs
	  	 	23	  
	 2.20.1. Issuance
	  	 	23	  
	 2.20.2. Participations
	  	 	23	  
	 2.20.3. Notice
	  	 	24	  
	 2.20.4. LC Fees
	  	 	24	  
	 2.20.5. Administration; Reimbursement by Lenders
	  	 	24	  
	 2.20.6. Reimbursement by Borrower
	  	 	25	  
	 2.20.7. Obligations Absolute
	  	 	25	  
	 2.20.8. Actions of LC Issuer
	  	 	26	  
	 2.20.09. Indemnification
	  	 	26	  
	 2.20.10. Lenders’ Indemnification
	  	 	26	  
	 2.20.11. Facility LC Collateral Account
	  	 	27	  
	 2.20.12. Rights as a Lender
	  	 	27	  
	 2.21. Extension of Facility Termination Date
	  	 	27	  
	 2.22. Replacement of Lender
	  	 	27	  
	 2.23. Defaulting Lender
	  	 	28	  
	 2.24 Incremental Credit Extensions
	  	 	29	  

  
 i 

					
	 ARTICLE III. YIELD PROTECTION; TAXES
	  	 	31	  
	 3.1. Alternate Rate of Interest
	  	 	31	  
	 3.2. Increased Costs
	  	 	32	  
	 3.3. Break Funding Payments
	  	 	33	  
	 3.4. Witholding of Taxes; Gross-Up
	  	 	33	  
	 3.5. Lender Statements; Survival of Indemnity
	  	 	36	  
		
	 ARTICLE IV. CONDITIONS PRECEDENT
	  	 	36	  
	 4.1. Initial Credit Extension
	  	 	36	  
	 4.2. Each Credit Extension
	  	 	37	  
		
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	 	38	  
	 5.1. Existence and Standing
	  	 	38	  
	 5.2. Authorization and Validity
	  	 	38	  
	 5.3. No Conflict; Government Consent
	  	 	38	  
	 5.4. Financial Statements
	  	 	39	  
	 5.5. Material Adverse Change
	  	 	39	  
	 5.6. Taxes
	  	 	39	  
	 5.7. Litigation and Contingent Obligations
	  	 	39	  
	 5.8. Subsidiaries
	  	 	39	  
	 5.9. ERISA
	  	 	39	  
	 5.10. Accuracy of Information
	  	 	40	  
	 5.11. Regulations T, U and X
	  	 	40	  
	 5.12. Material Agreements
	  	 	40	  
	 5.13. Compliance With Laws
	  	 	40	  
	 5.14. Ownership of Properties
	  	 	40	  
	 5.15. Plan Assets; Prohibited Transactions
	  	 	40	  
	 5.16. Environmental Matters
	  	 	40	  
	 5.17. Investment Company Act
	  	 	41	  
		
	 ARTICLE VI. COVENANTS
	  	 	41	  
	 6.1. Financial Reporting
	  	 	41	  
	 6.2. Use of Proceeds
	  	 	42	  
	 6.3. Notice of Default
	  	 	42	  
	 6.4. Conduct of Business
	  	 	42	  
	 6.5. Taxes
	  	 	43	  
	 6.6. Insurance
	  	 	43	  
	 6.7. Compliance with Laws
	  	 	43	  
	 6.8. Maintenance of Properties
	  	 	43	  
	 6.9. Inspection
	  	 	43	  
	 6.10. Guaranties
	  	 	43	  
	 6.11. Merger
	  	 	44	  
	 6.12. Sale of Assets
	  	 	44	  

  
 ii 

					
	 6.13. Investments and Acquisitions
	  	 	45	  
	 6.14. Liens
	  	 	46	  
	 6.15. Affiliates
	  	 	48	  
	 6.16. Financial Contracts
	  	 	48	  
	 6.17. Financial Covenants
	  	 	48	  
	 6.17.1. Interest Coverage Ratio
	  	 	48	  
	 6.17.2. Leverage Ratio
	  	 	48	  
	 6.18. Government Regulation
	  	 	48	  
		
	 ARTICLE VII. DEFAULTS
	  	 	48	  
		
	 ARTICLE VIII. ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	 	51	  
	 8.1. Acceleration; Facility LC Collateral Account
	  	 	51	  
	 8.2. Amendments
	  	 	52	  
	 8.3. Preservation of Rights
	  	 	53	  
		
	 ARTICLE IX. GENERAL PROVISIONS
	  	 	54	  
	 9.1. Survival of Representations
	  	 	54	  
	 9.2. Governmental Regulation
	  	 	54	  
	 9.3. Headings
	  	 	54	  
	 9.4. Entire Agreement
	  	 	54	  
	 9.5. Several Obligations; Benefits of this Agreement
	  	 	54	  
	 9.6. Expenses; Indemnification
	  	 	54	  
	 9.7. Numbers of Documents
	  	 	55	  
	 9.8. Accounting; Pro Forma Calculations
	  	 	55	  
	 9.9. Severability of Provisions
	  	 	56	  
	 9.10. Nonliability of Lenders
	  	 	56	  
	 9.11. Confidentiality
	  	 	56	  
	 9.12. Nonreliance
	  	 	57	  
	 9.13. Disclosure
	  	 	57	  
	 9.14. USA PATRIOT Act
	  	 	57	  
		
	 ARTICLE X. THE ADMINISTRATIVE AGENT
	  	 	58	  
		
	 ARTICLE XI. SETOFF; RATABLE PAYMENTS
	  	 	60	  
	 11.1. Setoff
	  	 	60	  
	 11.2. Ratable Payments
	  	 	60	  
		
	 ARTICLE XII. SUCCESSORS AND ASSIGNS
	  	 	60	  
	 12.1. Successors and Assigns
	  	 	60	  

  
 iii

					
		
	 ARTICLE XIII. NOTICES
	  	 	64	  
	 13.1. Notices
	  	 	64	  
		
	 ARTICLE XIV. COUNTERPARTS
	  	 	64	  
	 14.1. Counterparts; Effectiveness
	  	 	64	  
	 14.2. Electronic Execution of Assignments
	  	 	65	  
		
	 ARTICLE XV. CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	  	 	65	  
	 15.1. CHOICE OF LAW
	  	 	65	  
	 15.2. CONSENT TO JURISDICTION
	  	 	65	  
	 15.3. WAIVER OF JURY TRIAL
	  	 	65	  
		
	 COMMITMENT SCHEDULE
	  			
		
	 PRICING SCHEDULE
	  			
		
	 EXHIBIT A. ASSIGNMENT AND ASSUMPTION
	  			
		
	 EXHIBIT B. NOTE
	  			
		
	 EXHIBIT C. COMMITMENT AND ACCEPTANCE
	  			
		
	 EXHIBIT D. U.S. TAX CERTIFICATE
	  			
		
	 EXHIBIT E. FORM OF OPINION
	  			
		
	 EXHIBIT F. LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION
	  			
		
	 EXHIBIT G. COMPLIANCE CERTIFICATE
	  			

  
 iv 

 CREDIT AGREEMENT 

This Credit Agreement, dated as of April 18, 2012, is among Lancaster Colony Corporation, an Ohio corporation, the Lenders and
JPMorgan Chase Bank, N.A., a national banking association, as LC Issuer and as Administrative Agent. The parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 

As used in this Agreement: 
 “Acquisition” means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which the Borrower or any of its Subsidiaries (i) acquires
any ongoing business or all or substantially all of the assets of any firm, corporation or limited liability company, or division thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one
transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such
power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company. 

“Advance” means a borrowing hereunder, (i) made by some or all of the Lenders on the same Borrowing Date, or
(ii) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the several Loans of the same Type and, in the case of Eurodollar Loans, for the same Interest
Period. The term “Advance” shall include Swing Line Loans unless otherwise expressly provided. 
 “Affected
Lender” is defined in Section 2.22. 
 “Affiliate” of any Person means any other Person directly or
indirectly controlling, controlled by or under common control with such Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other voting ownership interests) of
the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of Capital Stock, by contract or otherwise. 

“Administrative Agent” means JPMCB in its capacity as contractual representative of the Lenders pursuant to Article X, and not
in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Aggregate Commitment” means the aggregate of the Commitments of all the Lenders, as increased or reduced from time
to time pursuant to the terms hereof. 
 “Aggregate Outstanding Credit Exposure” means, at any time, the aggregate of
the Outstanding Credit Exposure of all the Lenders. 

  
 1 

 “Agreement” means this credit agreement, as it may be amended or modified and in
effect from time to time. 
 “Agreement Accounting Principles” means generally accepted accounting principles as in
effect from time to time. 
 “Alternate Base Rate” means, for any day, a rate of interest per
annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus
 1/2 of 1% and (c) the Eurodollar Base Rate for
a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the
Eurodollar Base Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Eurodollar Base Rate, respectively. 

“Applicable Fee Rate” means, at any time, the percentage rate per annum at which facility fees are accruing on the Aggregate
Commitment (without regard to usage) at such time as set forth in the Pricing Schedule. 
 “Applicable Margin” means,
with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule. 

“Approved Fund” has the meaning assigned to such term in Section 12.1. 

“Arranger” means J.P. Morgan Securities LLC, a Delaware limited liability company, and its successors, in its capacity as Lead
Arranger and Sole Book Runner. 
 “Article” means an article of this Agreement unless another document is specifically
referenced. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee
(with the consent of any party whose consent is required by Section 12.1), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Authorized Officer” means, with respect to the Borrower, any two of the President, the Secretary, the Assistant Secretary or
the Treasurer of the Borrower or any one or more other persons that are authorized from time to time in a writing signed any two of the President, Secretary or Treasurer of the Borrower to act for the Borrower for the specific purpose(s) stated in
such writing. 
 “Available Aggregate Commitment” means, at any time, the Aggregate Commitment then in effect minus
the Aggregate Outstanding Credit Exposure at such time. 
 “Bankruptcy Event” means, with respect to any Lender or a
Parent of any Lender, such Lender or Parent becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the
reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such
proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Lender or Parent by a Governmental Authority or instrumentality thereof,
provided, further, that such ownership interest does not result in or provide such Lender or Parent with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or
permit such Lender or Parent (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Lender or Parent. 

  
 2 

 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation; 

(2) with respect to a partnership, the Board of Directors of the general partner of the partnership; and 

(3) with respect to any other Person, the board or committee or manager of such Person serving a similar function. 

“Borrower” means Lancaster Colony Corporation, an Ohio corporation, and its permitted successors and assigns. 

“Borrowing Date” means a date on which an Advance is made hereunder. 

“Borrowing Notice” is defined in Section 2.9. 
 “Business Day” means (i) with respect to any borrowing, payment or rate selection of Eurodollar Advances, a day (other than a Saturday or Sunday) on which banks generally are open in
Columbus, Chicago and New York for the conduct of substantially all of their commercial lending activities, interbank wire transfers can be made on the Fedwire system and dealings in Dollars are carried on in the London interbank market and
(ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in Chicago for the conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the
Fedwire system. 
 “Capital Stock” means (i) in the case of any corporation, all capital stock and any securities
exchangeable for or convertible into capital stock and any warrants, rights or other options to purchase or otherwise acquire capital stock or such securities or any other form of equity securities, (ii) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether
general or limited) and (iv) 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. 

“Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance
sheet of such Person prepared in accordance with Agreement Accounting Principles. 
 “Capitalized Lease Obligations”
of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles. 

“Cash Equivalent Investments” means (i) short-term obligations of, or fully guaranteed by, the United States of America,
(ii) securities or commercial paper rated A-2 or better by S&P, P-2 or better by Moody’s, or F-2 or better by Fitch with a maturity of one year or less, (iii) demand deposit accounts maintained at, or securities issued or
guaranteed by, banks whose commercial paper is rated A-2 or better by S&P, P-2 or better by Moody’s, or F-2 or better by Fitch, (iv) money market accounts, sweep accounts and other similar accounts, (v) securities with provisions
for liquidity or maturity accommodations (i.e. auction rate securities, put-option bonds) of one year or less that are (a) rated not lower than BBB by S&P or Baa2 by Moody’s or (b) issued or guaranteed by any financial institution
having a short-term credit rating of A-2 or better by S&P, P-2 or better by Moody’s, or F-2 or better by Fitch, (vi) certificates of deposit issued by and time deposits with (in each case with a maturity of one year or less) commercial
banks (whether domestic or foreign) having capital and surplus in excess of $100,000,000, and (vii) other short term investments similar to Cash Equivalent Investments made under the Borrower’s investment policy, as such policy is in
effect and as disclosed to the Administrative Agent prior to the Effective Date and as such policy may be modified from time to time with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed). 

  
 3 

 “Change in Control” means the occurrence of either of the following: (i) the
acquisition, after the date hereof, by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 35% or
more of the outstanding shares of voting Capital Stock of the Borrower; or (ii) the first day on which a majority of the members of the Board of Directors of the Borrower are not Continuing Directors. 

“Change in Law” means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on
which such Lender becomes a Lender), of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or
application thereof by any Governmental Authority, or (c) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided however, that
notwithstanding anything herein to the contrary,(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation
thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or
foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented. 

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time. 

“Collateral Shortfall Amount” is defined in Section 8.1. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Facility LCs and Swing Line Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Outstanding Credit Exposure hereunder, as such commitment may be (a) reduced from time to time
pursuant to Section 2.6 and (b) reduced or increased from time to time pursuant to Section 2.24 or assignments by or to such Lender pursuant to Section 12.1. The initial amount of each Lender’s Commitment is set forth on the
Commitment Schedule attached hereto, or in the Assignment and Assumption or Commitment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is
$120,000,000. 
 “Commitment and Acceptance” is defined in Section 2.24. 

“Commitment Increase” is defined in Section 2.24. 

  
 4 

 “Competitor” means (i) a Person primarily engaged in the business of
manufacturing and marketing consumer products focusing primarily on specialty foods for the retail and foodservice markets and a direct competitor of any of the Loan Parties, (ii) a Person directly or indirectly controlled by or under common
control with any Person identified in the preceding clause (i), (iii) a Subsidiary of any Person identified in the preceding clause (i), and (iv) a Person who controls any Person identified in the preceding clauses (i), (ii) and
(iii), which determination may be made solely on the basis of a representation by such Person and in consultation with the Borrower. 
 “Consolidated Debt” means at any time the Indebtedness of the Borrower and its Subsidiaries calculated on a consolidated basis as of such time. 

“Consolidated EBIT” means (a) Consolidated Net Income, plus (b) to the extent deducted in determining such
Consolidated Net Income, (i) Consolidated Interest Expense, (ii) income taxes, (iii) extraordinary, unusual or non-recurring non-cash losses and related tax effects in accordance with Agreement Accounting Principles, (iv) other
non-cash charges, asset impairment charges, non-cash compensation expenses, unrealized foreign currency losses or non-recurring expenses of the Borrower and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in
such period, (v) the amount of any charge or reserve deducted in such period in connection with any Acquisition permitted hereunder consummated after the closing of this Agreement not to exceed $5,000,000 in the aggregate in any period of four
consecutive fiscal quarters, (vi) restructuring charges for severance, retention, relocation, and similar employee payments (including restructuring costs related to an acquisition permitted hereunder after the date hereof and to a disposition,
closure or consolidation of any business or facilities consummated after the closing of this Agreement) not to exceed $5,000,000 in the aggregate in any period of four consecutive fiscal quarters, (vii) any cash losses from any discontinued
operations disposed of outside the ordinary course of business not to exceed $3,000,000 in the aggregate in any period of four consecutive fiscal quarters, and (viii) to the extent covered by insurance and actually reimbursed, expenses, charges
or losses with respect to liability or casualty events or business interruption, provided that such insurance payments are not counted as revenues in determining Consolidated Net Income, minus (c) to the extent included in determining
such Consolidated Net Income, each of the following, without duplication: (i) the income of any Person (other than any Subsidiary for which 80% or more of its Capital Stock is owned by the Borrower or a Wholly-Owned Subsidiary of the Borrower)
in which any Person other than the Borrower or any of its Subsidiaries has a joint interest or a partnership interest or other ownership interest, except to the extent of the amount of dividends or other distributions actually paid to the Borrower
or any of its Subsidiaries by such Person during such period, (ii) extraordinary, unusual or non-recurring non-cash gains from the sale, exchange, transfer or other disposition of property or assets of the Borrower and its Subsidiaries, and
related tax effects in accordance with Agreement Accounting Principles, (iii) any other extraordinary, unusual or non-recurring non-cash gains or other income not from the continuing operations of the Borrower or its Subsidiaries, and related
tax effects in accordance with Agreement Accounting Principles and (iv) the income of any Subsidiary of the Borrower that is not a Guarantor to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary
of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary. 

“Consolidated EBITDA” means (a) Consolidated EBIT, plus (b) to the extent deducted in determining such
Consolidated EBIT, depreciation and amortization expense and any non-cash write down of goodwill or other intangible assets required under ASC 350 (formerly SFAS 142) or ASC 360 (formerly SFAS 144). 

  
 5 

 “Consolidated Interest Expense” means, with reference to any period, the interest
expense of the Borrower and its Subsidiaries and the interest expense component of any Off-Balance Sheet Liability, in each case calculated on a consolidated basis for such period. 

“Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Borrower and its Subsidiaries
calculated on a consolidated basis for such period. 
 “Consolidated Net Worth” means at any time the consolidated
stockholders’ equity of the Borrower and its Subsidiaries as calculated on a consolidated basis as of such time. 

“Consolidated Tangible Net Worth” means, as of any date, the difference of (i) Consolidated Net Worth, minus (ii) to
the extent included in determining the amount under the foregoing clause (i), the net book value of goodwill, cost in excess of fair value of net assets acquired, patents, trademarks, tradenames and copyrights, treasury stock and all other assets
which are deemed intangible assets under Agreement Accounting Principles. 
 “Contingent Obligation” of a Person means
any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of
any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter,
operating agreement, take-or-pay contract or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership, provided that the term “Contingent Obligation” shall not include
endorsements of instruments for deposit or collection in the ordinary course of business or the potential of being subject to withdrawal liability under Multiemployer Plans. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Borrower who: 
 (1) was a member of such Board of Directors on the date of this Agreement; or 

(2) was nominated for election to such Board of Directors with the approval of a majority of the Continuing Directors who were members of
such Board at the time of such nomination or election. 
 “Controlled Group” means all members of a controlled group
of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any of its Subsidiaries, are treated as a single employer under Section 414 of the
Code. 
 “Conversion/Continuation Notice” is defined in Section 2.10. 

“Credit Extension” means the making of an Advance or the issuance of a Facility LC hereunder. 

“Credit Extension Date” means the Borrowing Date for an Advance or the issuance date for a Facility LC. 

“Credit Party” means the Administrative Agent, the LC Issuer, or any other Lender. 

“Default” means an event described in Article VII. 

  
 6 

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

“Dollars” and “$” shall mean the lawful currency of the United States of America. 

“Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations,
ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (i) the protection of the environment, (ii) the effect of the
environment on human health, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land, or (iv) the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code
or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which
the 30 day notice period is waived); (b) failure to meet the minimum funding standard of Section 412 of the Code with respect to a Plan (whether or not waived in accordance with Section 412(c) of the Code) or the failure to make by
its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure to make any required contribution to a Multiemployer Plan; (c) the filing pursuant to Section 412(c) of the Code or
Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any unfunded liability under Title IV of ERISA with
respect to the termination of any Plan; (e) a determination that any Plan is, or is expected to be, in “at risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (f) the receipt by the
Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention by the PBGC to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Borrower or any of
its ERISA Affiliates of any liability that is not eliminated by the application of Section 4208(e) or 4209 of ERISA with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (h) the receipt by the
Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability (as defined in ERISA) that is not eliminated by the
application of Section 4208(e) or 4209 of ERISA, or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA, or is in endangered or critical status, within the
meaning of Section 305 of ERISA; (i) the imposition of liability on Borrower or any of its ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA, or by reason of the application of Section 4212(c) of ERISA; or
(j) the imposition of a Lien pursuant to Section 430(k) of the Code or pursuant to ERISA with respect to any Plan. 

  
 7 

 “Eurodollar Advance” means an Advance which, except as otherwise provided in
Section 2.12, bears interest at the applicable Eurodollar Rate. 
 “Eurodollar Base Rate” means, with respect to
any Eurodollar Advance for any Interest Period, the quotient of (i) the rate appearing on Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of Reuters, or any successor to or substitute for Reuters, providing rate
quotations comparable to those currently provided on such page of Reuters, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank
market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period, divided by (ii) one minus the Reserve
Requirement (expressed as a decimal) applicable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “Eurodollar Base Rate” with respect to such Eurodollar Borrowing for such Interest
Period shall be the quotient of (a) the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in
the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest
Period. 
 “Eurodollar Loan” means a Loan which, except as otherwise provided in Section 2.12, bears interest at
the applicable Eurodollar Rate. 
 “Eurodollar Rate” means, with respect to a Eurodollar Advance for the relevant
Interest Period, the sum of (i) the Eurodollar Base Rate applicable to such Interest Period, plus (ii) the Applicable Margin. 
 “Excluded Taxes” means, with respect to any payment made by any Loan Party under any Loan Document, any of the following Taxes imposed on or with respect to a Recipient: (a) income (however
denominated) and franchise Taxes and capital Taxes (in each case, imposed in lieu of net income taxes, and not resulting from a Change in Law), in each case, imposed on (or measured by) net income by the United States of America, or by the
jurisdiction (or any political subdivision thereof) under the laws of which such Recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, or that are Other
Connection Taxes, (b) any backup withholding tax that is required by the Code to be withheld from amounts payable to a Lender that has failed to comply with the terms of Section 3.4(F), (c) any branch profits Taxes imposed by the
United States of America or any similar Taxes imposed by any other jurisdiction (or any political subdivision thereof) in which the applicable Loan Party is located, (d) in the case of a Non U.S. Lender (other than an assignee pursuant to a
request by the Borrower under Section 2.22), any U.S. Federal withholding Taxes resulting from any law in effect on the date such Non U.S. Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such
Non U.S. Lender’s failure to comply with Section 3.4(f), except to the extent that such Non U.S. Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding Taxes pursuant to Section 3.4(a), and (e) any U.S. federal withholding taxes imposed under FATCA. 

  
 8 

	 	“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced. 

“Existing Facility LC” is defined in Section 2.20.1. 

“Extension Request” is defined in Section 2.21. 
 “Facility LC” is defined in Section 2.20.1. 
 “Facility LC
Application” is defined in Section 2.20.3. 
 “Facility LC Collateral Account” is defined in
Section 2.20.11. 
 “Facility Termination Date” means the date five years after the date of this Agreement or any
later date as may be specified as the Facility Termination Date in accordance with Section 2.21 or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement and any existing and future regulations
or official interpretations thereof. 
 “Federal Funds Effective Rate” means, for any day, an interest rate per annum
equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the
immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:00 a.m. (Chicago time) on such day on such
transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent in its sole reasonable good faith discretion. 

“Financial Contract” of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option
contract or other financial instrument with similar characteristics or (ii) any Rate Management Transaction. 

“Floating Rate” means, for any day, a rate per annum equal to (i) the Alternate Base Rate for such day plus (ii) the
Applicable Margin, in each case changing when and as the Alternate Base Rate changes. 
 “Floating Rate Advance” means
an Advance which, except as otherwise provided in Section 2.12, bears interest at the Floating Rate. 
 “Floating Rate
Loan” means a Loan which, except as otherwise provided in Section 2.12, bears interest at the Floating Rate. 

“Governmental Authority” means any nation or government, any state, or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative 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, without limitation, 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). 

  
 9 

 “Guarantor” means any Subsidiary of the Borrower required to be a party to a
Guaranty at any time pursuant to Section 6.10. 
 “Guaranty” means each guaranty executed by a Guarantor in favor
of the Administrative Agent, for the ratable benefit of the Lenders, pursuant to this Agreement and in form and substance satisfactory to the Administrative Agent, as they may be amended or modified and in effect from time to time. 

“Increase Effective Date” is defined in Section 2.24. 

“Increase Notice” is defined in Section 2.24. 
 “Incremental Term Loan Amendment” is defined in Section 2.24. 

“Incremental Term Loan Commitment” is defined in Section 2.24. 

“Incremental Term Loans” is defined in Section 2.24. 

“Indebtedness” of a Person means such Person’s (i) any obligation for borrowed money or similar obligations,
obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), obligations, whether or not assumed,
secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, obligations which are evidenced by notes, acceptances, letters of credit or other instruments, obligations of such Person
to purchase securities or other Property arising out of or in connection with the sale of the same or substantially similar securities or Property, and Capitalized Lease Obligations, (ii) Off-Balance Sheet Liabilities, and (iii) Contingent
Obligations with respect to any of the foregoing. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded
Taxes, imposed on or with respect to any payment made by any Loan Party under any Loan Document and (b) Other Taxes. 

“Interest Period” means, with respect to a Eurodollar Advance, a period of one, two, three or six months or such other period
of time agreed to by the Lenders and the Borrower commencing on a Business Day selected by the Borrower pursuant to this Agreement. Such Interest Period shall end on the day which corresponds numerically to such date one, two, three or six months
thereafter or such other period of time agreed to by the Lenders and the Borrower, if any, provided, however, that if there is no such numerically corresponding day in such next, second, third or sixth or other (if agreed to by the Lenders
and the Borrower) succeeding month, such Interest Period shall end on the last Business Day of such next, second, third or sixth or other (if agreed to by the Lenders and the Borrower) succeeding month. If an Interest Period would otherwise end on a
day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately
preceding Business Day. 
 “Investment” of a Person means any loan, advance (other than commission, travel and similar
advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade) or contribution of capital by such Person;
stocks, bonds, mutual funds, partnership interests, notes, debentures or other securities owned by such Person; and structured notes, derivative financial instruments and other similar instruments or contracts owned by such Person. 

  
 10 

 “IRS” means the United States Internal Revenue Service. 

“JPMCB” means JPMorgan Chase Bank, N.A., a national banking association, in its individual capacity, and its successors.

 “LC Fee” is defined in Section 2.20.4. 

“LC Issuer” means JPMCB (or any subsidiary or affiliate of JPMCB designated by JPMCB) in its capacity as issuer of Facility LCs
hereunder. 
 “LC Obligations” means, at any time, the sum, without duplication, of (i) the aggregate undrawn
stated amount under all Facility LCs outstanding at such time plus (ii) the aggregate unpaid amount at such time of all Reimbursement Obligations. The LC Obligations of any Lender at any time shall be its Pro Rata Share of the total LC
Obligations at such time. 
 “LC Payment Date” is defined in Section 2.20.5. 

“Lenders” means the lending institutions listed on the signature pages of this Agreement and their respective successors and
assigns. Unless otherwise specified, the term “Lenders” includes JPMCB in its capacity as Swing Line Lender. 

“Lending Installation” means, with respect to a Lender or the Administrative Agent, the office, branch, subsidiary or affiliate
of such Lender or the Administrative Agent listed on the signature pages hereof or on a Schedule or otherwise selected by such Lender or the Administrative Agent pursuant to Section 2.18. 

“Leverage Ratio” means, at any time, the ratio of (a) Consolidated Debt at such time to (b) Consolidated EBITDA, as
calculated at such time for the most recently ended four consecutive fiscal quarters of the Borrower. 
 “Lien” means
any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without
limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement). 
 “Loan” means a Revolving Loan or a Swing Line Loan. 
 “Loan
Documents” means this Agreement, the Facility LC Applications, the Guaranty, any Notes issued pursuant to Section 2.14, and any other agreement or document executed in connection with any of the foregoing. 

“Loan Parties” means the Borrower and the Guarantors. 
 “Margin Stock” means “margin stock” as defined in Regulations U or X or “marginable OTC stock” or “foreign margin stock” within the meaning of Regulation T.

 “Material Adverse Effect” means a material adverse effect on (i) the business, Property, condition (financial
or otherwise) or results of operations of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower or any Guarantor to perform its obligations under the Loan Documents, or (iii) the validity or enforceability of
any of the Loan Documents or the rights or remedies of the Administrative Agent, the LC Issuer or the Lenders thereunder. 

  
 11 

 “Material Asset Sale” means any disposition of property or series of related
dispositions of property (excluding any such disposition permitted by Section 6.12(i), (ii) or (iii)) that yields gross proceeds to the Borrower or its Subsidiaries (valued at the initial principal amount thereof in the case of non-cash
proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $1,000,000. 
 “Material Indebtedness” is defined in Section 7.5. 

“Modify” and “Modification” are defined in Section 2.20.1. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Non-U.S. Lender” means a Lender that is not a U.S. Person. 

“Note” is defined in Section 2.14. 
 “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all Reimbursement Obligations, all accrued and unpaid fees and all expenses, reimbursements, indemnities
and other obligations of the Borrower to the Lenders or to any Lender, the Administrative Agent, the LC Issuer or any indemnified party arising under the Loan Documents. 
 “Off-Balance Sheet Liability” of a Person means (i) the aggregate outstanding amount of all asset securitizations, receivable sales and/or factoring and other similar off balance sheet
financings and liabilities, based on the aggregate outstanding amount sold, assigned, discounted or otherwise transferred or financed, whether or not shown as a liability on a balance sheet of such Person, (ii) any liability under any Sale and
Leaseback Transaction which is not a Capitalized Lease, (iii) any liability under any so-called “synthetic lease” transaction entered into by such Person, or (iv) any obligation arising with respect to any other transaction which
is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person, based on the aggregate outstanding amount sold, assigned, discounted or otherwise transferred or financed,
but excluding from this clause (iv) Operating Leases. 
 “Operating Lease” of a Person means any lease of
Property (other than a Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, or engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan Document). 
 “Other Taxes” means any present or future stamp, court, documentary, intangible, recording, filing or similar excise or property Taxes that arise from any payment made under, from the execution,
delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with
respect to an assignment (other than an assignment under Section 2.22). 

  
 12 

 “Outstanding Credit Exposure” means, as to any Lender at any time, the sum of
(i) the aggregate principal amount of its Revolving Loans outstanding at such time, plus (ii) an amount equal to its Pro Rata Share of the aggregate principal amount of Swing Line Loans and LC Obligations outstanding at such time.

 “Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Participants” is defined in Section 12.1. 

“Payment Date” means the last day of each calendar quarter. 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Permitted Securitization Transaction” is defined in Section 6.12(iv). 

“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association,
enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and
in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pricing Schedule” means the Schedule attached hereto identified as such. 

“Prime Rate” means a rate per annum equal to the prime rate of interest announced from time to time by JPMCB or its parent
(which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 
 “Pro
Rata Share” means, with respect to a Lender, a portion equal to a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Aggregate Commitment. 

“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or
other assets owned, leased or operated by such Person. 
 “Proposed New Lender” is defined in Section 2.24.

 “Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or
hereafter entered into between the Borrower and any Lender or Affiliate thereof which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction
(including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

  
 13 

 “Rate Management Obligations” of a Person means any and all obligations of such
Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Rate Management
Transactions, and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Management Transactions. 
 “Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any LC Issuer. 
 “Register” has the meaning assigned to such term in Section 12.1. 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and
any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation T” means Regulation T of the Board of Governors of the Federal Reserve System as from time to time in effect and
any successor or other regulation or official interpretation of said Board of Governors. 
 “Regulation U” means
Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors. 

“Regulation X” means Regulation X of the Board of Governors of the Federal Reserve System as from time to time in effect and
any successor or other regulation or official interpretation of said Board of Governors. 
 “Reimbursement
Obligations” means, at any time, the aggregate of all obligations of the Borrower then outstanding under Section 2.20 to reimburse the LC Issuer for amounts paid by the LC Issuer in respect of any one or more drawings under Facility LCs.

 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Reports” is
defined in Section 9.6. 
 “Required Lenders” means Lenders in the aggregate having at least 51% of the Aggregate
Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding at least 51% of the Aggregate Outstanding Credit Exposure; provided further that for the purpose of determining the Required Lenders
needed for any waiver, amendment, modification or consent, any Lender that is a Defaulting Lender, the Borrower, or any Affiliate of the Borrower shall be disregarded for the purposes of determining Required Lenders. 

“Reserve Requirement” means, with respect to an Interest Period, the maximum aggregate reserve requirement (including all
basic, supplemental, marginal and other reserves) which is imposed under Regulation D on Eurocurrency liabilities. 

  
 14 

 “Revolving Loan” means, with respect to a Lender, such Lender’s loan made
pursuant to its commitment to lend set forth in Section 2.1 (or any conversion or continuation thereof). 

“S&P” means Standard and Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. 

“Sale and Leaseback Transaction” means any sale or other transfer of Property by any Person with the intent to lease such
Property as lessee. 
 “Schedule” refers to a specific schedule to this Agreement, unless another document is
specifically referenced. 
 “SEC” means the Securities and Exchange Commission and any successor agency. 

“Section” means a numbered section of this Agreement, unless another document is specifically referenced. 

“Securitization Entity” means a Wholly-Owned Subsidiary of the Borrower that engages in no activities other than Permitted
Securitization Transactions and any necessary related activities and owns no assets other than as required for Permitted Securitization Transactions and (i) no portion of the Indebtedness (contingent or otherwise) of which is guaranteed by the
Borrower or any Subsidiary of the Borrower or is recourse to or obligates the Borrower or any Subsidiary of the Borrower in any way, other than pursuant to customary representations, warranties, covenants, indemnities and other obligations entered
into in connection with a Permitted Securitization Transaction, and (ii) to which neither the Borrower nor any Subsidiary of the Borrower has any material obligation to maintain or preserve such entity’s financial condition or cause such
entity to achieve certain levels of operating results. 
 “Significant Subsidiary” means, at any time, any Subsidiary
which (i) for the most recent four fiscal quarters of the Borrower, accounted for more than 10% of the consolidated net sales of the Borrower and its Subsidiaries or (ii) as of the end of the most recently ended fiscal quarter of the
Borrower, was the owner of more than 10% of the consolidated assets of the Borrower and its Subsidiaries. 

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting
power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company,
association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a
“Subsidiary” shall mean a Subsidiary of the Borrower. 
 “Substantial Portion” means, with respect to the
Property of the Borrower and its Subsidiaries, Property which (i) represents more than 10% of the consolidated assets of the Borrower and its Subsidiaries as would be shown in the consolidated financial statements of the Borrower and its
Subsidiaries as at the beginning of the twelve-month period ending with the month in which such determination is made, or (ii) is responsible for more than 10% of the consolidated net sales or of the consolidated net income of the Borrower and
its Subsidiaries as reflected in the financial statements referred to in clause (i) above, or (iii) represents more than 25% of the consolidated assets of the Borrower and its Subsidiaries as would be shown in the consolidated financial
statements of the Borrower and its Subsidiaries as of June 30, 2011 or (iv) is responsible for more than 25% of the consolidated net sales or of the consolidated net income of the Borrower and its Subsidiaries as reflected in the financial
statements referred to in clause (iii) above. 

  
 15 

 “Swing Line Borrowing Notice” is defined in Section 2.5.2. 

“Swing Line Lender” means JPMCB or such other Lender which may succeed to its rights and obligations as Swing Line Lender
pursuant to the terms of this Agreement and shall include, without limitation, any office, branch, subsidiary or affiliate of JPMCB or such other Lender selected by JPMCB or such other Lender from time to time as the provider of any Swing Line Loan.

 “Swing Line Loan” means a Loan made available to the Borrower by the Swing Line Lender pursuant to
Section 2.5. 
 “Swing Line Loan Exposure” means, at any time, the aggregate principal amount of all Swing Line
Loans outstanding at such time. The Swing Loan Exposure of any Lender at any time shall be its Pro Rata Share of the total Swing Loan Exposure at such time. 
 “Syndication Agent” means The Huntington National Bank in its capacity as syndication agent hereunder, and not in its individual capacity as a Lender, together with its successors and assigns.

 “Taxes” means any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or
other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Type” means, with respect to any Advance, its nature as a Floating Rate Advance or a Eurodollar Advance. 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

“U.S. Tax Certificate” has the meaning assigned to such term in Section 3.4(f)(ii)(D)(2). 

“Unmatured Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute a
Default. 
 “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all (except for any required
qualifying interests) of the outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more
Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, limited liability company, association, joint venture or similar business organization 100% (except for any required qualifying interests) of the ownership interests having
ordinary voting power of which shall at the time be so owned or controlled. 
 “Withholding Administrative Agent”
means any Loan Party and the Administrative Agent. 
 The foregoing definitions shall be equally applicable to both the singular
and plural forms of the defined terms. Section 9.8 addresses accounting terms that are used but not defined above. 

  
 16 

 ARTICLE II 
 THE CREDITS 
 2.1. Commitment. From and including the date of
this Agreement and prior to the Facility Termination Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to (i) make Revolving Loans to the Borrower and (ii) participate in Facility LCs and Swing
Line Loans issued or made upon the request of the Borrower, provided that, after giving effect to the making of each such Loan and the issuance of each such Facility LC, such Lender’s Outstanding Credit Exposure shall not exceed its
Commitment and the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitments. Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow at any time prior to the Facility Termination Date. The
Commitments to extend credit hereunder shall expire on the Facility Termination Date. The LC Issuer will issue Facility LCs hereunder on the terms and conditions set forth in Section 2.20. The Swing Line Lender agrees to make Swing Line Loans
hereunder on the terms and conditions set forth in Section 2.5. 
 2.2. Required Payments; Termination. The
Aggregate Outstanding Credit Exposure and all other unpaid Obligations shall be paid in full by the Borrower on the Facility Termination Date. Additionally, the Borrower shall promptly pay the Aggregate Outstanding Credit Exposure to the extent the
amount thereof at any time exceeds the Aggregate Commitments at such time. 
 2.3. Ratable Loans. Each Advance hereunder
(other than any Swing Line Loan and Incremental Term Loans) shall consist of Revolving Loans made from the several Lenders ratably according to their Pro Rata Shares. 
 2.4. Types of Advances. The Advances may be Floating Rate Advances or Eurodollar Advances, or a combination thereof, selected by the Borrower in accordance with Sections 2.9 and 2.10. 

2.5. Swing Line Loans. 
 2.5.1. Amount of Swing Line Loans. Upon the satisfaction of the conditions precedent set forth in Section 4.2 and, if such Swing Line Loan is to be made on the date of the initial Advance
hereunder, the satisfaction of the conditions precedent set forth in Section 4.1 as well, from and including the date of this Agreement and prior to the Facility Termination Date, the Swing Line Lender agrees, on the terms and conditions set
forth in this Agreement, to make Swing Line Loans to the Borrower from time to time in an aggregate principal amount not to exceed $25,000,000, provided that the Outstanding Credit Exposure shall not at any time exceed the Aggregate
Commitments, and provided further that at no time shall the sum of (i) the Swing Line Lender’s Pro Rata Share of the Swing Line Loans, plus (ii) the outstanding Revolving Loans made by the Swing Line Lender pursuant to
Section 2.1, exceed the Swing Line Lender’s Commitment at such time, provided that it is acknowledged that Swing Line Loans will reduce the Swing Line Lender’s Commitment only by the Swing Line Lender’s Pro Rata Share of the
Swing Line Loans. Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow Swing Line Loans at any time prior to the Facility Termination Date. 

2.5.2. Borrowing Notice. The Borrower shall deliver to the Administrative Agent and the Swing Line Lender
irrevocable notice (a “Swing Line Borrowing Notice”) not later than noon (Chicago time) on the Borrowing Date of each Swing Line Loan, specifying (i) the applicable Borrowing Date (which date shall be a Business Day) and (ii) the
aggregate amount of the requested Swing Line Loan which shall be an amount not less than $100,000. Each Swing Line Loan shall bear interest at the Floating Rate or such other rate as agreed upon between the Borrower and the Swing Line Lender, and
shall mature as agreed to by the Swing Line Lender and the Borrower, not to exceed 30 days after the date thereof. 

  
 17 

 2.5.3. Making of Swing Line Loans. If a Swing Line Loan is to be
made, the Swing Line Lender shall make available the Swing Line Loan to the Borrower, in immediately available funds or same day funds, at such Lending Installation of the Swing Line Lender as determined by the Swing Line Lender. 

2.5.4. Repayment of Swing Line Loans. Each Swing Line Loan shall be paid in full by the Borrower on the earliest
of (i) the date agreed to by the Swing Line Lender and the Borrower, (ii) the date 30 days after the Borrowing Date for such Swing Line Loan or (iii) the Facility Termination Date. The Swing Line Lender may at any time in its sole
discretion with respect to any outstanding Swing Line Loan require each Lender (including the Swing Line Lender) to make a Revolving Loan (or purchase a participation in any outstanding Swing Line Loan if Revolving Loans may not be made due to a
Default under Section 7.6 or 7.7) in the amount of such Lender’s Pro Rata Share of such Swing Line Loan (including, without limitation, any interest accrued and unpaid thereon), for the purpose of repaying, or participating in, such Swing
Line Loan. Not later than noon (Chicago time) on the date of any notice received pursuant to this Section 2.5.4, each Lender shall make available its required Revolving Loan or participation interest, in funds immediately available in Chicago
to the Administrative Agent at its address specified pursuant to Article XIII. Revolving Loans made pursuant to this Section 2.5.4 shall initially be Floating Rate Loans and thereafter may be continued as Floating Rate Loans or converted into
Eurodollar Loans in the manner provided in Section 2.10 and subject to the other conditions and limitations set forth in this Article II. Such Lender’s obligation to make Revolving Loans or purchase participations pursuant to this
Section 2.5.4 to repay Swing Line Loans shall be unconditional, continuing, irrevocable and absolute and shall not be affected by any circumstances, including, without limitation, (a) any set-off, counterclaim, recoupment, defense or other
right which such Lender may have against the Administrative Agent, the Swing Line Lender or any other Person, (b) the occurrence or continuance of a Default or Unmatured Default, (c) any adverse change in the condition (financial or
otherwise) of the Borrower, or (d) any other circumstances, happening or event whatsoever. In the event that any Lender fails to make payment to the Administrative Agent of any amount due under this Section 2.5.4, the Administrative Agent
shall be entitled to receive, retain and apply against such obligation the principal and interest otherwise payable to such Lender hereunder until the Administrative Agent receives such payment from such Lender or such obligation is otherwise fully
satisfied. In addition to the foregoing, if for any reason any Lender fails to make payment to the Administrative Agent of any amount due under this Section 2.5.4, such Lender shall be deemed, at the option of the Administrative Agent, to have
unconditionally and irrevocably purchased from the Swing Line Lender, without recourse or warranty, an undivided interest and participation in the applicable Swing Line Loan in the amount of such Revolving Loan, and such interest and participation
may be recovered from such Lender together with interest thereon at the Federal Funds Effective Rate for each day during the period commencing on the date of demand and ending on the date such amount is received. On the Facility Termination Date,
the Borrower shall repay in full the outstanding principal balance of the Swing Line Loans. 
 2.6. Facility Fee; Reductions
in Aggregate Commitment. (i) The Borrower agrees to pay to the Administrative Agent for the account of each Lender according to its Pro Rata Share a facility fee at a per annum rate equal to the Applicable Fee Rate on the average daily
amount of such Lender’s Commitment, whether used or unused, from the date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date. 

  
 18 

 (ii) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part
ratably among the Lenders in integral multiples of $5,000,000, upon at least three Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount
of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees on the amount of the Aggregate Commitment so reduced or terminated shall be payable on the effective date of any termination of
the obligations of the Lenders to make Credit Extensions hereunder. 
 2.7. Minimum Amount of Each Advance. Each
Eurodollar Advance shall be in the minimum amount of $5,000,000 (and in multiples of $500,000 if in excess thereof), and each Floating Rate Advance (other than an Advance to repay Swing Line Loans) shall be in the minimum amount of $2,500,000 (and
in multiples of $500,000 if in excess thereof), provided, however, that any Floating Rate Advance may be in the amount of the Available Aggregate Commitment. 
 2.8. Optional Principal Payments. The Borrower may from time to time pay, without penalty or premium, all outstanding Floating Rate Advances (other than Swing Line Loans), or, in a minimum
aggregate amount of $2,500,000 or any integral multiple of $500,000 in excess thereof, any portion of the outstanding Floating Rate Advances (other than Swing Line Loans) upon two Business Days’ prior notice to the Administrative Agent. The
Borrower may at any time pay, subject to the payment of any funding indemnification amounts required by Section 3.3 but without penalty or premium, all outstanding Swing Line Loans, or, in a minimum amount of $100,000 and increments of $50,000
in excess thereof, any portion of the outstanding Swing Line Loans, with notice to the Administrative Agent and the Swing Line Lender by 11:00 a.m. (Chicago time) on the date of repayment. The Borrower may from time to time pay, subject to the
payment of any funding indemnification amounts required by Section 3.3 but without penalty or premium, all outstanding Eurodollar Advances, or, in a minimum aggregate amount of $5,000,000 or any integral multiple of $500,000 in excess thereof,
any portion of the outstanding Eurodollar Advances upon three Business Days’ prior notice to the Administrative Agent. 

2.9. Method of Selecting Types and Interest Periods for New Advances. The Borrower shall select the Type of Advance and, in the
case of each Eurodollar Advance, the Interest Period applicable thereto from time to time. The Borrower shall give the Administrative Agent irrevocable notice by an Authorized Officer (a “Borrowing Notice”) not later than 11:00 a.m.
(Chicago time) on the Borrowing Date of each Floating Rate Advance and not later than 11:00 a.m. (Chicago time) on the third Business Days preceding the Borrowing Date for each Eurodollar Advance, specifying: 

 

	 	(i)	the Borrowing Date, which shall be a Business Day, of such Advance, 

  

	 	(ii)	the aggregate amount of such Advance, 

  

	 	(iii)	the Type of Advance selected, and 

  

	 	(iv)	in the case of each Eurodollar Advance, the Interest Period applicable thereto. 

 Not later than noon (Chicago time) on each Borrowing Date, each Lender shall make available its Revolving Loan or Revolving Loans in funds immediately available in Chicago to the Administrative Agent at
its address specified pursuant to Article XIII. The Administrative Agent will make the funds so received from the Lenders available to the Borrower at the Administrative Agent’s aforesaid address. 

  
 19 

 2.10. Conversion and Continuation of Outstanding Advances. Floating Rate Advances
(other than Swing Line Loans) shall continue as Floating Rate Advances unless and until such Floating Rate Advances are converted into Eurodollar Advances pursuant to this Section 2.10 or are repaid in accordance with Section 2.8. Each
Eurodollar Advance shall continue as a Eurodollar Advance until the end of the then applicable Interest Period therefor, at which time such Eurodollar Advance shall be automatically converted into a Floating Rate Advance unless (x) such
Eurodollar Advance is or was repaid in accordance with Section 2.8 or (y) the Borrower shall have given the Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such
Eurodollar Advance continue as a Eurodollar Advance for the same or another Interest Period. Subject to the terms of Section 2.7, the Borrower may elect from time to time to convert all or any part of a Floating Rate Advance (other than a Swing
Line Loan) into a Eurodollar Advance. The Borrower shall give the Administrative Agent irrevocable notice (a “Conversion/Continuation Notice”) of each conversion of a Floating Rate Advance into a Eurodollar Advance or continuation of a
Eurodollar Advance not later than 11:00 a.m. (Chicago time) at least three Business Days prior to the date of the requested conversion or continuation, specifying: 
  

	 	(i)	the requested date, which shall be a Business Day, of such conversion or continuation, 

 

	 	(ii)	the aggregate amount and Type of the Advance which is to be converted or continued, and 

 

	 	(iii)	the amount of such Advance which is to be converted into or continued as a Eurodollar Advance and the duration of the Interest Period applicable thereto.

 2.11. Changes in Interest Rate, etc. Each Floating Rate Advance (other than a Swing Line Loan) shall
bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from a Eurodollar Advance into a Floating Rate Advance pursuant to Section 2.10, to but
excluding the date it is paid or is converted into a Eurodollar Advance pursuant to Section 2.10 hereof, at a rate per annum equal to the Floating Rate for such day. Each Swing Line Loan shall bear interest on the outstanding principal amount
thereof, for each day from and including the day such Swing Line Loan is made to but excluding the date it is paid, at a rate per annum equal to the Floating Rate for such day or such other rate, if any, agreed to by the Borrower and the Swing Line
Lender for such day. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Eurodollar Advance shall bear interest on the
outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined by the Administrative Agent as applicable to
such Eurodollar Advance based upon the Borrower’s selections under Sections 2.9 and 2.10 and otherwise in accordance with the terms hereof. No Interest Period may end after the Facility Termination Date. 

2.12. Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.9 or 2.10, during the
continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring
unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to
the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each Eurodollar Advance
shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the
Floating Rate in effect from time to time plus 2% per annum and (iii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rates set forth
in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

  
 20 

 2.13. Method of Payment. All payments of the Obligations hereunder shall be made,
without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII, or at any other Lending Installation of the Administrative Agent
specified in writing by the Administrative Agent to the Borrower, by noon (local time) on the date when due and shall (except in the case of Reimbursement Obligations for which the LC Issuer has not been fully indemnified by the Lenders, with
respect to repayments of Swing Line Loans or as otherwise specifically required hereunder) be applied ratably by the Administrative Agent among the Lenders. Each payment delivered to the Administrative Agent for the account of any Lender shall be
delivered promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the
Administrative Agent from such Lender. Notwithstanding the foregoing, no payments of principal, interest, fees or other amounts delivered to the Administrative Agent for the account of any Defaulting Lender shall be delivered by the Administrative
Agent to such Defaulting Lender. Instead, such payments shall, for so long as such Defaulting Lender shall be a Defaulting Lender, be held by the Administrative Agent, and the Administrative Agent is hereby authorized and directed by all parties
hereto to hold such funds in escrow and apply such funds as follows: (i) First, if applicable to any payments due from such Defaulting Lender to the Administrative Agent or the LC Issuer, and (ii) Second, to Credit Extensions
required to be made by such Defaulting Lender on any Borrowing Date to the extent such Defaulting Lender fails to make such Credit Extensions. Notwithstanding the foregoing, upon the termination of all Commitments and the payment and performance of
all of the Obligations (other than those owing to a Defaulting Lender), any funds then held in escrow by the Administrative Agent pursuant to the preceding sentence shall be distributed to each Defaulting Lender, pro rata in proportion to
amounts that would be due to each Defaulting Lender but for the fact that it is a Defaulting Lender. Each reference to the Administrative Agent in this Section 2.13 shall also be deemed to refer, and shall apply equally, to the LC Issuer, in
the case of payments required to be made by the Borrower to the LC Issuer pursuant to Section 2.20.6, and the Swing Line Lender, in the case of payments required to be made by the Borrower to the Swing Line Lender pursuant to
Section 2.5.4. 
 2.14. Noteless Agreement; Evidence of Indebtedness. (i) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder. 
 (ii) The Administrative Agent shall also maintain accounts in which it will record
(a) the amount of each Loan made hereunder, the Type thereof and the Interest Period with respect thereto, (b) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder,
(c) the original stated amount of each Facility LC and the amount of LC Obligations outstanding at any time, and (d) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share
thereof. 
 (iii) The entries maintained in the accounts maintained pursuant to paragraphs (i) and (ii) above shall be
prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner
affect the obligation of the Borrower to repay the Obligations in accordance with their terms. 

  
 21 

 (iv) Any Lender may request that its Revolving Loans be evidenced by a promissory note or,
in the case of the Swing Line Lender, promissory notes representing its Revolving Loans and Swing Line Loans, respectively, substantially in the form of Exhibit B, with appropriate changes for notes evidencing Swing Line Loans (each a
“Note”). In such event, the Borrower shall prepare, execute and deliver to such Lender such Note or Notes payable to the order of such Lender. Thereafter, the Loans evidenced by each such Note and interest thereon shall at all times
(including after any assignment pursuant to Section 12.1) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 12.1, except to the extent that any such Lender or assignee
subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in paragraphs (i) and (ii) above. 
 2.15. Telephonic Notices. The Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or continue Advances, effect selections of Types of Advances and to transfer
funds based on telephonic notices made by any person or persons the Administrative Agent or any Lender in good faith believes to be an Authorized Officer, it being understood that the foregoing authorization is specifically intended to allow
Borrowing Notices, Swingline Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to deliver promptly to the Administrative Agent a written (which includes electronic mail) confirmation, if such
confirmation is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Administrative Agent and the
Lenders, the records of the Administrative Agent and the Lenders shall constitute prima facie evidence of the action requested by Borrower. 
 2.16. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, commencing with the first such date to occur after the
date hereof, on any date on which the Floating Rate Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Floating Rate Advance converted into a
Eurodollar Advance on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each Eurodollar Advance shall be payable on the last day of its applicable Interest Period, on any date on which the Eurodollar
Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar Advance having an Interest Period longer than three months shall also be payable within three (3) Business Days following the
Borrower’s receipt of an invoice (which invoice may not be delivered to the Borrower more than three (3) Business Days prior to the applicable payment date) from the Administrative Agent with respect to the period ending on the last day of
each three-month interval during such Interest Period. Interest, facility fees and LC Fees, other than interest based on the Floating Rate, shall be calculated for actual days elapsed on the basis of a 360-day year. Interest based on the Floating
Rate shall be calculated for actual days elapsed on the basis of a 365- (or 366-, as the case may be) day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received
prior to noon (local time) at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a
principal payment, such extension of time shall be included in computing interest in connection with such payment. 
 2.17.
Notification of Advances, Interest Rates, Prepayments and Commitment Reductions. Promptly after receipt thereof, the Administrative Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice,
Conversion/Continuation Notice, and repayment notice received by it hereunder. The Administrative Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will
give each Lender prompt notice of each change in the Alternate Base Rate. 

  
 22 

 2.18. Lending Installations. Each Lender may book its Loans and its participation in
any LC Obligations and Swing Line Loans and the LC Issuer may book the Facility LCs at any Lending Installation selected by such Lender or the LC Issuer, as the case may be, and may change its Lending Installation from time to time, subject to the
limitations of Section 3.5 hereof. All terms of this Agreement shall apply to any such Lending Installation and the Loans, Facility LCs, participations in LC Obligations and any Notes issued hereunder shall be deemed held by each Lender or the
LC Issuer, as the case may be, for the benefit of any such Lending Installation. Each Lender and the LC Issuer may, by written notice to the Administrative Agent and the Borrower in accordance with Article XIII, designate replacement or additional
Lending Installations through which Loans will be made by it or Facility LCs will be issued by it and for whose account Loan payments or payments with respect to Facility LCs are to be made. 

2.19. Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the case may be, notifies the
Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or
fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the
amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on
demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative
Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest rate
applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan. 
 2.20. Facility LCs. 
 2.20.1. Issuance. The LC
Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue letters of credit (each, a “Facility LC”) and to renew, extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each
such action a “Modification”), from time to time from and including the date of this Agreement and prior to the Facility Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is
issued or Modified, (i) the aggregate amount of the outstanding LC Obligations shall not exceed $25,000,000 and (ii) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitments. Facility LCs may have an expiry date
beyond the Facility Termination Date, provided that (a) no Facility LC shall have an expiry date later than the date one year after the Facility Termination Date and (b) the Borrower is unconditionally obligated, without any further
notice, act or demand, to (x) pay to the Administrative Agent an amount in immediately available funds, which funds shall be held in the Facility LC Collateral Account, equal to 105% to the amount of LC Obligations outstanding on the Facility
Termination Date or (y) provide a letter of credit in the amount of, and securing, such LC Obligations in form and substance, and issued by an issuer, acceptable to the Required Lenders and the Administrative Agent. The letters of credit
identified on Schedule 2.20 (each an “Existing Facility LC”) shall each be deemed to be a “Facility LC” issued on the date of this Agreement for all purposes of the Loan Documents. 

2.20.2. Participations. Upon the issuance or Modification by the LC Issuer of a Facility LC in accordance with
this Section 2.20, the LC Issuer shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably sold to each Lender, and each Lender shall be deemed, without further action by any party hereto, to have
unconditionally and irrevocably purchased from the LC Issuer, a participation in such Facility LC (and each Modification thereof) and the related LC Obligations in proportion to its Pro Rata Share. 

  
 23 

 2.20.3. Notice. Subject to Section 2.20.1, the Borrower shall
give the LC Issuer notice prior to 11:00 a.m. (Chicago time) at least two Business Days prior to the proposed date of issuance or Modification of each Facility LC, specifying the beneficiary, the account party, the proposed date of issuance (or
Modification) and the expiry date of such Facility LC, and describing the proposed terms of such Facility LC and the nature of the transactions proposed to be supported thereby. The account party shall be the Borrower or a Wholly-Owned Subsidiary,
and if the account party is a Wholly-Owned Subsidiary the Borrower hereby agrees that it shall be jointly and severally, absolutely and unconditionally liable with such Wholly-Owned Subsidiary for all reimbursement obligations and all other
liabilities with respect to such Facility LC and such Wholly-Owned Subsidiary shall agree to all applicable terms hereunder and execute such other agreements requested by the Administrative Agent in connection with any such Facility LC. Upon receipt
of such notice, the LC Issuer shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify each Lender, of the contents thereof and of the amount of such Lender’s participation in such proposed Facility LC.
The issuance or Modification by the LC Issuer of any Facility LC shall, in addition to the conditions precedent set forth in Article IV (the satisfaction of which the LC Issuer shall have no duty to ascertain), be subject to the conditions precedent
that such Facility LC shall be satisfactory to the LC Issuer and that the Borrower shall have executed and delivered such application agreement and/or such other instruments and agreements relating to such Facility LC as the LC Issuer shall have
reasonably requested (each, a “Facility LC Application”). In the event of any conflict between the terms of this Agreement and the terms of any Facility LC Application, the terms of this Agreement shall control. 

2.20.4. LC Fees. The Borrower shall pay to the Administrative Agent, for the account of the Lenders ratably in
accordance with their respective Pro Rata Shares, with respect to each Facility LC (including, without limitation, each Existing Facility LC), a letter of credit fee at a per annum rate equal to the Applicable Margin for Eurodollar Loans in effect
from time to time on the face amount of such Facility LC, such fee to be payable in arrears on each Payment Date (each such fee described in this sentence an “LC Fee”). The Borrower shall also pay to the LC Issuer for its own account
(x) at the time of issuance of each Facility LC, a fronting fee in an amount to be agreed upon between the LC Issuer and the Borrower, and (y) documentary and processing charges in connection with the issuance or Modification of and draws
under Facility LCs in accordance with the LC Issuer’s standard schedule for such charges as in effect from time to time. 
 2.20.5. Administration; Reimbursement by Lenders. Upon receipt from the beneficiary of any Facility LC of any demand for payment under such Facility LC, the LC Issuer shall notify the
Administrative Agent and the Administrative Agent shall promptly notify the Borrower and each other Lender as to the amount to be paid by the LC Issuer as a result of such demand and the proposed payment date (the “LC Payment Date”). The
responsibility of the LC Issuer to the Borrower and each Lender shall be only to determine that the documents (including each demand for payment) delivered under each Facility LC in connection with such presentment shall be in substantial conformity
with such Facility LC. The LC Issuer shall endeavor to exercise the same care in the issuance and administration of the Facility LCs as it does with respect to letters of credit in which no participations are granted, it being understood that in the
absence of any gross negligence or willful misconduct by the LC Issuer, each Lender shall be unconditionally and irrevocably liable without regard to the occurrence of any Default or any condition precedent whatsoever, to reimburse the LC Issuer on
demand for (i) such Lender’s Pro Rata Share of the amount of each payment made by the LC Issuer under each Facility LC to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.20.6 below, plus
(ii) interest on the foregoing amount to be reimbursed by such Lender, for each day from the date of the LC Issuer’s demand for such reimbursement (or, if such demand is made after 11:00 a.m. (Chicago time) on such date, from the next
succeeding Business Day) to the date on which such Lender pays the amount to be reimbursed by it, at a rate of interest per annum equal to the Federal Funds Effective Rate for the first three days and, thereafter, at a rate of interest equal to the
rate applicable to Floating Rate Advances. 

  
 24 

 2.20.6. Reimbursement by Borrower. The Borrower shall be irrevocably
and unconditionally obligated to reimburse the LC Issuer on or before the applicable LC Payment Date for any amounts to be paid by the LC Issuer upon any drawing under any Facility LC, without presentment, demand, protest or other formalities of any
kind; provided that neither the Borrower nor any Lender shall hereby be precluded from asserting any claim for direct (but not consequential) damages suffered by the Borrower or such Lender to the extent, but only to the extent, caused by
(i) the willful misconduct or gross negligence of the LC Issuer in determining whether a request presented under any Facility LC issued by it complied with the terms of such Facility LC or (ii) the LC Issuer’s failure to pay under any
Facility LC issued by it after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC. All such amounts paid by the LC Issuer and remaining unpaid by the Borrower shall bear interest, payable on
demand, for each day until paid at a rate per annum equal to (x) the rate applicable to Floating Rate Advances for such day if such day falls on or before the applicable LC Payment Date and (y) the sum of 2% plus the rate applicable to
Floating Rate Advances for such day if such day falls after such LC Payment Date. The LC Issuer will pay to each Lender ratably in accordance with its Pro Rata Share all amounts received by it from the Borrower for application in payment, in whole
or in part, of the Reimbursement Obligation in respect of any Facility LC issued by the LC Issuer, but only to the extent such Lender has made payment to the LC Issuer in respect of such Facility LC pursuant to Section 2.20.5. Subject to the
terms and conditions of this Agreement (including without limitation the submission of a Borrowing Notice in compliance with Section 2.9 and the satisfaction of the applicable conditions precedent set forth in Article IV), the Borrower may
request an Advance hereunder for the purpose of satisfying any Reimbursement Obligation. 
 2.20.7.
Obligations Absolute. The Borrower’s obligations under this Section 2.20 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower may
have or have had against the LC Issuer, any Lender or any beneficiary of a Facility LC. The Borrower further agrees with the LC Issuer and the Lenders that the LC Issuer and the Lenders shall not be responsible for, and the Borrower’s
Reimbursement Obligation in respect of any Facility LC shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects
invalid, fraudulent or forged, or any dispute between or among the Borrower, any of its Affiliates, the beneficiary of any Facility LC or any financing institution or other party to whom any Facility LC may be transferred or any claims or defenses
whatsoever of the Borrower or of any of its Affiliates against the beneficiary of any Facility LC or any such transferee. The LC Issuer shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any
message or advice, however transmitted, in connection with any Facility LC. The Borrower agrees that any action taken or omitted by the LC Issuer or any Lender under or in connection with each Facility LC and the related drafts and documents, if
done without gross negligence or willful misconduct, shall be binding upon the Borrower and shall not put the LC Issuer or any Lender under any liability to the Borrower. Nothing in this Section 2.20.7 is intended to limit the right of the
Borrower to make a claim against the LC Issuer for damages as contemplated by the proviso to the first sentence of Section 2.20.6. 
  

  
 25 

 2.20.8. Actions of LC Issuer. The LC Issuer shall be entitled to
rely, and shall be fully protected in relying, upon any Facility LC, draft, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document believed
by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the LC Issuer. The LC Issuer shall be fully
justified in failing or refusing to take any action under this Agreement unless it shall first have received such advice or concurrence of the Required Lenders as it reasonably deems appropriate or it shall first be indemnified to its reasonable
satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Notwithstanding any other provision of this Section 2.20, the LC Issuer shall in all
cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lenders
and any future holders of a participation in any Facility LC. 
 2.20.9. Indemnification. The Borrower
hereby agrees to indemnify and hold harmless each Lender, the LC Issuer and the Administrative Agent, and their respective directors, officers, agents and employees from and against any and all claims and damages, losses, liabilities, costs or
expenses which such Lender, the LC Issuer or the Administrative Agent may incur (or which may be claimed against such Lender, the LC Issuer or the Administrative Agent by any Person whatsoever) by reason of or in connection with the issuance,
execution and delivery or transfer of or payment or failure to pay under any Facility LC or any actual or proposed use of any Facility LC, including, without limitation, any claims, damages, losses, liabilities, costs or expenses which the LC Issuer
may incur by reason of or in connection with (i) the failure of any other Lender to fulfill or comply with its obligations to the LC Issuer hereunder (but nothing herein contained shall affect any rights the Borrower may have against any
defaulting Lender) or (ii) by reason of or on account of the LC Issuer issuing any Facility LC which specifies that the term “Beneficiary” included therein includes any successor by operation of law of the named Beneficiary, but which
Facility LC does not require that any drawing by any such successor Beneficiary be accompanied by a copy of a legal document, satisfactory to the LC Issuer, evidencing the appointment of such successor Beneficiary; provided that the Borrower
shall not be required to indemnify any Lender, the LC Issuer or the Administrative Agent for any claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, caused by (x) the willful misconduct or gross
negligence of the LC Issuer in determining whether a request presented under any Facility LC complied with the terms of such Facility LC or (y) the LC Issuer’s failure to pay under any Facility LC after the presentation to it of a request
strictly complying with the terms and conditions of such Facility LC. Nothing in this Section 2.20.9 is intended to limit the obligations of the Borrower under any other provision of this Agreement. 

2.20.10. Lenders’ Indemnification. Each Lender shall, ratably in accordance with its Pro Rata Share,
indemnify the LC Issuer, its affiliates and their respective directors, officers, agents and employees (to the extent not reimbursed by the Borrower) against any cost, expense (including reasonable counsel fees and disbursements), claim, demand,
action, loss or liability (except such as result from such indemnitees’ gross negligence or willful misconduct or the LC Issuer’s failure to pay under any Facility LC after the presentation to it of a request strictly complying with the
terms and conditions of the Facility LC) that such indemnitees may suffer or incur in connection with this Section 2.20 or any action taken or omitted by such indemnitees hereunder. 

  
 26 

 2.20.11. Facility LC Collateral Account. The Borrower agrees that it
will, upon the request of the Administrative Agent or the Required Lenders after a Default has occurred and is continuing and until the final expiration date of any Facility LC and thereafter as long as any amount is due and owing to the LC Issuer
or the Lenders in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Administrative Agent (the “Facility LC Collateral Account”) at the Administrative Agent’s office at the
address specified pursuant to Article XIII, in the name of the Borrower but under the sole dominion and control of the Administrative Agent, for the benefit of the Lenders and in which the Borrower shall have no interest other than as set forth in
Section 8.1. The Borrower hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuer, a security interest in all of the Borrower’s right, title and interest in
and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Obligations, provided that it is acknowledged and agreed that no funds may be required
to be deposited in such Facility LC Collateral Account until after a Default. The Administrative Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of JPMCB having a maturity not
exceeding 30 days. Nothing in this Section 2.20.11 shall either obligate the Administrative Agent to require the Borrower to deposit any funds in the Facility LC Collateral Account until after a Default or limit the right of the Administrative
Agent to release any funds held in the Facility LC Collateral Account in each case other than as required under Section 2.20.1 or Section 8.1. 
 2.20.12. Rights as a Lender. In its capacity as a Lender, the LC Issuer shall have the same rights and obligations as any other Lender. 

2.21. Extension of Facility Termination Date. The Borrower may request a one-year extension of the Facility Termination Date by
submitting a request for an extension to the Administrative Agent (an “Extension Request”) no more than 90 and no less than 50 days prior to each anniversary of the closing of this Agreement. Promptly upon receipt of an Extension Request,
the Administrative Agent shall notify each Lender thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written consent no later than 15 days prior to such anniversary
of the closing of this Agreement. If the consent of each of the Lenders is received by the Administrative Agent, the Facility Termination Date shall be extended by one year from the then existing Facility Termination Date and the Administrative
Agent shall promptly notify the Borrower and each Lender of the new Facility Termination Date. No Lender shall be required to consent to such Extension Request. 
 2.22. Replacement of Lender. If the Borrower is required pursuant to Section 3.2, 3.3 or 3.4 to make any additional payment to any Lender or if any Lender’s obligation to make or
continue, or to convert Floating Rate Advances into, Eurodollar Advances shall be suspended pursuant to Section 3.1, or if any Lender does not approve or consent to a proposed change, waiver, discharge or termination pursuant to
Section 8.2.1 or an Extension Request pursuant to Section 2.21 when Lenders constituting the Required Lenders are approving such proposed change, waiver, discharge or termination pursuant to Section 8.2.1 or Extension Request, as
applicable, or if any Lender is a Defaulting Lender (any Lender so affected an “Affected Lender”), the Borrower may elect to replace such Affected Lender as a Lender party to this Agreement, provided that no Default or Unmatured
Default shall have occurred and be continuing at the time of such replacement, and provided further that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the
Administrative Agent shall agree, as of such date, to purchase for cash the Advances and other Obligations due to the Affected Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume
all obligations of the Affected Lender to be terminated as of such date and to comply with the requirements of Section 12.1 applicable to assignments, and (ii) the Borrower shall pay to such Affected Lender in same day funds on the day of
such replacement (A) all interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Affected Lender
under Sections 3.2, 3.3 and 3.4, and (B) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 3.3 had the Loans of such Affected Lender been prepaid on such date
rather than sold to the replacement Lender. 

  
 27 

 2.23 Defaulting Lenders. 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: 
 (a) fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.6(a); 
 (b) the Commitment and Outstanding Credit Exposure 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 8.2); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the
consent of such Lender or each Lender affected thereby; 
 (c) if any Swing Line Loan Exposure or Facility LC Credit Exposure
exists at the time such Lender becomes a Defaulting Lender then: 
 (i) all or any part of the Swing Line Loan Exposure and LC
Obligations of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Pro Rata Shares but only to the extent the sum of all non-Defaulting Lenders’ Outstanding Credit Exposures plus such
Defaulting Lender’s Swing Line Loan Exposure and LC Obligations does not exceed the total of all non-Defaulting Lenders’ Commitments; 
 (ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within three Business Days following notice by the Administrative Agent
(x) first, prepay such Swing Line Loan Exposure and (y) second, cash collateralize for the benefit of the LC Issuer only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Obligations (after giving effect to
any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.20.11 for so long as such LC Obligations is outstanding; 

(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Obligations pursuant to clause (ii) above,
the Borrower shall not be required to pay the LC Fee to such Defaulting Lender pursuant to the first sentence of Section 2.20.4 with respect to such Defaulting Lender’s LC Obligations during the period such Defaulting Lender’s LC
Obligations is cash collateralized; 
 (iv) if the LC Obligations of the non-Defaulting Lenders is reallocated pursuant to
clause (i) above, then the fees payable to the Lenders pursuant to Section 2.5(a) and Section 2.15.6(ii) shall be adjusted in accordance with such non-Defaulting Lenders’ Pro Rata Shares; and 

  
 28 

 (v) if all or any portion of such Defaulting Lender’s LC Obligations is neither
reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the LC Issuer or any other Lender hereunder, all LC Fees payable under to the first sentence of
Section 2.20.4 with respect to such Defaulting Lender’s LC Obligations shall be payable to the LC Issuer until and to the extent that such LC Obligations is reallocated and/or cash collateralized; and so long as such Lender is a Defaulting
Lender, the Administrative Agent shall not be required to fund any Swing Line Loan and the LC Issuer shall not be required to issue, amend or increase any Facility LC, unless it is satisfied that the related exposure and the Defaulting Lender’s
then outstanding LC Obligations will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.23(c), and participating interests in any newly made
Swing Line Loan or any newly issued or increased Facility LC shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.23(c)(i) (and such Defaulting Lender shall not participate therein). 

If (i) a Bankruptcy Event with respect to a Parent of any Lender shall occur following the date hereof and for so long as such event shall continue
or (ii) the Administrative Agent or the LC Issuer has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Administrative Agent
shall not be required to fund any Swing Line Loan and the LC Issuer shall not be required to issue, amend or increase any Facility LC, unless the Administrative Agent or the LC Issuer, as the case may be, shall have entered into arrangements with
the Borrower or such Lender, satisfactory to the Administrative Agent or the LC Issuer, as the case may be, to defease any risk to it in respect of such Lender hereunder. 
 In the event that the Administrative Agent, the Borrower, the Administrative Agent and the LC Issuer each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be
a Defaulting Lender, then the Swing Line Loan Exposure and LC 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 Line Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Pro Rata Share. 

2.24 Incremental Credit Extensions. 
 (a) At any time and subject to the terms and conditions of this Section 2.24, the Borrower may request (i) one or more tranches of term loans (the “Incremental Term Loans”)
and/or (ii) one or more increases in the Aggregate Commitment (each such increase, a “Commitment Increase”) with the consent of the Administrative Agent but without the consent of any Lender not providing such Incremental Term
Loans or Commitment Increases, as the case may be; provided that the aggregate amount of all Incremental Term Loans and all Commitments (after giving effect to all Commitment Increases) shall not exceed $200,000,000. Any tranche of
Incremental Term Loans (A) shall be available to the Borrower in Dollars and (B) shall rank pari passu in right of payment and security with the Revolving Loans, (C) shall not mature earlier than the Revolving Facility Termination
Date (but may have amortization prior to such date, may be required to be mandatorily prepaid in full prior to prepayment of the Revolving Loans, and may permit voluntary prepayments by the Borrower) and (D) except as set forth above, shall be
treated substantially the same as (and in any event no more favorably than) the Revolving Loans; provided that (1) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Revolving Facility
Termination Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Revolving Facility Termination Date and (2) the Incremental Term Loans may be
priced differently than the Revolving Loans. 

  
 29 

 (b) Each tranche of Incremental Term Loans and each Commitment Increase shall be in a
minimum amount of $10,000,000 and integral multiples of $5,000,000. A commitment to make Incremental Term Loans shall become an “Incremental Term Loan Commitment” under this Agreement, and a commitment to participate in a Commitment
Increase shall become a “Commitment” (or in the case of a Commitment Increase to be provided by an existing Revolving Lender, an increase in such Lender’s Commitment) under this Agreement, in any such case, pursuant to a
“Commitment and Acceptance” substantially in the form of Exhibit C (a “Commitment and Acceptance”). Any request for a tranche of Incremental Term Loans or a Commitment Increase shall be made in a written notice (an
“Increase Notice”) given to the Administrative Agent by the Borrower not less than ten Business Days (or such other period agreed to between the Administrative Agent and the Borrower) prior to the proposed effective date
therefor, which Increase Notice shall specify the amount of the proposed tranche of Incremental Term Loans or the Commitment Increase, as the case may be, and the proposed effective date thereof. Incremental Term Loans may be made, and Commitment
Increases may be provided, by any existing Lender or by any other bank or other financial institution (any such other bank or other financial institution, a “Proposed New Lender”) as determined by the Administrative Agent and the
Borrower; provided that any Proposed New Lender in the case of a Commitment Increase shall be consented to by the LC Issuer and Swing Line Lender. The Administrative Agent shall notify the Borrower and the Lenders on or before the Business
Day immediately prior to the proposed effective date of the tranche of Incremental Term Loan Commitments (and the related Incremental Term Loans) or the Commitment Increase, of the amount of each Lender’s and Proposed New Lender’s
Incremental Term Loan Commitment or new or increased Commitment, as applicable, and the resulting aggregate amount of the tranche of Incremental Term Loan Commitments (and the related Incremental Term Loans) or the amount of the Aggregate
Commitment, as the case may be, which amount shall be effective on the following Business Day, subject to the satisfaction of the conditions described in clause (c) below. 

(c) Without limiting the applicability of any conditions to Advances set forth in this Agreement, the effectiveness of any tranche of
Incremental Term Loan Commitments (and the corresponding availability of the related Incremental Term Loans) and the effectiveness of each Commitment Increase shall be subject to the following conditions precedent: 

(i) Both as of the date of the applicable Increase Notice and as of the proposed effective date of such Incremental Term Loan Commitments
(and related Incremental Term Loans) or Commitment Increase, (x) all representations and warranties under Article V and the other Loan Documents shall be true and correct in all material respects as though made on such date (except with respect
to any representation or warranty expressly stated to have been made as of a specific date which shall have been true and correct in all material respects as of such specified date), (y) no event shall have occurred and then be continuing which
constitutes an Unmatured Default or a Default and (z) the Borrower shall have demonstrated to the Administrative Agent’s reasonable satisfaction that, as of the proposed effective date of the Commitment Increase or Incremental Term Loan
Commitments, as the case may be, after giving effect thereto, the Borrower and its Subsidiaries are in compliance on a pro forma basis with the covenants contained in Section 6.17 recomputed as of the last day of the most recently ended fiscal
quarter of the Borrower for which financial statements are available, as if such Commitment Increase or Incremental Term Loan Commitments, as applicable, had been effective as of the first day of each relevant period for testing such compliance;

 (ii) the Borrower, the Administrative Agent and each Proposed New Lender or Lender that shall have agreed to provide a
commitment in support of such Incremental Term Loans or Commitment Increase shall have executed and delivered a Commitment and Acceptance; 
 (iii) counsel for the Loan Parties shall have provided to the Administrative Agent supplemental opinions in form and substance reasonably satisfactory to the Administrative Agent; 

  
 30 

 (iv) the Borrower, the Guarantors and the Proposed New Lenders shall otherwise have executed
and delivered such other instruments and documents as may be required under Article IV or that the Administrative Agent shall have reasonably requested in connection with such increase (including, in the case of a tranche of Incremental Term Loans,
an amendment to, or amended and restatement of, this Agreement and, as appropriate, the other Loan Documents (an “Incremental Term Loan Amendment”), executed by the Borrower, each Lender agreeing to provide such Incremental Term Loans, if
any, each Proposed New Lender, if any, and the Administrative Agent, which amendment or amendments may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or
appropriate, in the reasonable opinion of the Administrative Agent, to effect such Incremental Term Loans in accordance with this Section 2.24), and each Loan Party shall have reaffirmed its obligations, and the Liens granted, under the Loan
Documents; and 
 (v) in the case of a Commitment Increase, the Administrative Agent shall have administered the reallocation of
the Outstanding Credit Exposures on the effective date of such increase ratably among the Revolving Lenders (including new Lenders) after giving effect to such increase; provided, that (1) the Borrower hereby agree to compensate the Lenders for
all losses, expenses and liabilities incurred by any Lender in connection with the sale or assignment of any Eurodollar Loan resulting from such reallocation on the terms and in the manner set forth in Section 3.3, and (2) the
Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the reallocations effected pursuant to this clause (v).

 Upon satisfaction of the conditions precedent to any tranche of Incremental Term Loans or Commitment Increase, the Administrative Agent shall
promptly advise the Borrower and each Lender of the effective date thereof (each such effective date, an “Increase Effective Date”). Upon any Increase Effective Date that is supported by a Proposed New Lender, such Proposed New
Lender shall become a party to this Agreement as a Lender and shall have the rights and obligations of a Lender hereunder. Nothing contained herein shall constitute, or otherwise be deemed to be, a commitment or other requirement on the part of any
Lender to make Incremental Term Loans or increase its Commitment at any time. 
 ARTICLE III 

YIELD PROTECTION; TAXES 
 3.1 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Advance: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Eurodollar Base Rate for such
Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders that the Eurodollar Base Rate for such
Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Advance for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter
and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any request that requests the conversion of any Advance to, or continuation of any Advance as, a
Eurodollar Advance shall be ineffective and any such Eurodollar Loan shall be repaid on the last day of the then current Interest Period applicable thereto, (ii) if any request for an Advance requests a Eurodollar Advance such request shall be
ineffective, and (iii) if any request for an Advance requests a Eurodollar Advance, such Advance shall be made as an Floating Rate Advance; provided that if the circumstances giving rise to such notice affect only one Type of Advances,
then the other Type of Advances shall be permitted. 

  
 31 

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

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with
or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Eurodollar Base Rate) or the LC Issuer; 
 (ii) impose on any Lender or the LC Issuer or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender or any Facility LC or participation therein;
or 
 (iii) subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or
other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (other than (A) Indemnified Taxes and (B) Other Connection Taxes on gross or net income, profits or revenue (including value-added or similar
Taxes)); 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making or maintaining
any Eurodollar Loan or of maintaining its obligation to make any such Loan or to increase the cost to such Lender, the LC Issuer or such other Recipient of participating in, issuing or maintaining any Facility LC or to reduce the amount of any sum
received or receivable by such Lender, the LC Issuer or such other Recipient hereunder, whether of principal, interest or otherwise, then the Borrower will pay to such Lender, the LC Issuer or such other Recipient, as the case may be, such
additional amount or amounts as will compensate such Lender, the LC Issuer or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

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

 (c) A certificate of a Lender or the LC Issuer setting forth the amount or amounts necessary to compensate such Lender or the
LC Issuer or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the LC
Issuer, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof. 

  
 32 

 (d) Failure or delay on the part of any Lender or the LC Issuer to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or the LC Issuer’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the LC Issuer pursuant to
this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the LC Issuer, 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 LC Issuer’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to
above shall be extended to include the period of retroactive effect thereof. 
 3.3 Break Funding Payments. In the event
of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of a Default), (b) the conversion of any Eurodollar Loan other than on the last day of
the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked and is revoked),
or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.22, then, in any such event, the Borrower shall compensate
each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of
(i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Eurodollar Base Rate that would have been applicable to such Loan, for the period from the date of such event to the
last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on
such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate
of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount
shown as due on any such certificate within 10 days after receipt thereof. 
 3.4 (a) Withholding of Taxes;
Gross-Up. Each payment by any Loan Party under any Loan Document shall be made without withholding for any Taxes, unless such withholding is required by any law. If any Withholding Administrative Agent determines, in its sole discretion
exercised in good faith, that it is so required to withhold Taxes, then such Withholding Administrative Agent may so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable
law. If such Taxes are Indemnified Taxes, then the amount payable by such Loan Party shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section), the
applicable Recipient receives the amount it would have received had no such withholding been made. 
 (b) Payment of Other
Taxes by the Borrower. The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Evidence of Payments. Upon the request by the Borrower or the Administrative Agent, as the case may be, after any payment of any Taxes by any Withholding Administrative Agent to a Governmental
Authority, such Withholding Administrative Agent shall deliver to the Borrower or the Administrative Agent, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of
the return (or relevant portion thereof) reporting such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be. 

  
 33 

 (d) Indemnification by the Loan Parties. The Loan Parties shall indemnify each
Recipient for any Indemnified Taxes that are paid or payable by such Recipient in connection with any Loan Document (including amounts paid or payable under this Section 3.4(d)) and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 3.4(d) shall be paid within 30 days after the Recipient delivers to any Loan
Party a certificate stating the amount of any Indemnified Taxes so paid or payable by such Recipient and describing the basis for the indemnification claim. Such certificate shall be conclusive of the amount so paid or payable absent manifest error.
Such Recipient shall deliver a copy of such certificate to the Administrative Agent. 
 (e) Indemnification by the
Lenders. Each Lender shall severally indemnify the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes, only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of the Loan Parties to do so) attributable to such Lender that are paid or payable by the Administrative Agent in connection with any Loan Document and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 3.4(e) shall be paid within 30 days after the Administrative Agent delivers to the
applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 

(f) Status of Lenders. (i) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax
with respect to any payments under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed
documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by 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 any
withholding (including backup withholding) or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in Section 3.4(f)(ii)(A) through (E) below) shall not be required if in the Lender’s judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender. Upon the reasonable request of such Borrower or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this
Section 3.4(f). If any form or certification previously delivered pursuant to this Section expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 days after
such expiration, obsolescence or inaccuracy) notify such Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. 

(ii) Without limiting the generality of the foregoing, if the Borrower is a U.S. Person, any Lender with respect to
such Borrower shall, if it is legally eligible to do so, deliver to such Borrower and the Administrative Agent (in such number of copies reasonably requested by such Borrower and the Administrative Agent) on or prior to the date on which such Lender
becomes a party hereto, duly completed and executed copies of whichever of the following is applicable: 

  
 34 

 (A) in the case of a Lender that is a U.S. Person, IRS Form W-9
certifying that such Lender is exempt from U.S. Federal backup withholding tax; 
 (B) in the case of a
Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (1) with respect to payments of interest under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (2) with respect to any other applicable payments under this Agreement, IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 
 (C) in the case of a Non-U.S. Lender for whom payments under this Agreement constitute income that is effectively connected with such Lender’s conduct of a trade or business in the
United States, IRS Form W-8ECI; 
 (D) in the case of a Non-U.S. Lender claiming the benefits of
the exemption for portfolio interest under Section 881(c) of the Code both (1) IRS Form W-8BEN and (2) a certificate substantially in the form of Exhibit D (a “U.S. Tax Certificate”) to the effect that such
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 (c) a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively connected; 

(E) in the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement
(including a partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this paragraph (f)(ii) that would
be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one or more of its partners are claiming the
exemption for portfolio interest under Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or 
 (F) any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together with such supplementary documentation necessary to enable the
Borrower or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld. 

(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 Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Administrative
Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Withholding 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 Withholding Administrative Agent as may be necessary for the Withholding Administrative Agent to comply with its obligations under FATCA, to determine that such Lender has or has
not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 3.4(f)(iii), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement. 

  
 35 

 (g) Treatment of Certain Refunds. If any party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.4 (including additional amounts paid pursuant to this Section 3.4), it shall pay to the indemnifying party
an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of such indemnified party and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid to such
indemnified party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this Section 3.4(g), in no event will any indemnified party be required to pay any amount to any indemnifying party pursuant to this Section 3.4(g) if such payment would place such indemnified
party in a less favorable position (on a net after-Tax basis) than such indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 3.4(g) shall not be
construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the indemnifying party or any other Person. 

(h) Survival. Each party’s obligations under this Section 3.4 shall survive 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 under any Loan Document. 
 (i) LC Issuer. For purposes of Section 3.4(e) and (f), the term “Lender” includes any LC Issuer. 
 3.5. Lender Statements; Survival of Indemnity. To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Eurodollar Loans to reduce any
liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.4 or to avoid the unavailability of Eurodollar Advances under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such
Lender. Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2 or 3.4. Such written statement shall set forth in reasonable
detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a Eurodollar
Loan shall be calculated as though each Lender funded its Eurodollar Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate applicable to such Loan, whether
in fact that is the case or not. Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower of such written statement. The obligations of the Borrower under
Sections 3.1, 3.2 and 3.4 shall survive payment of the Obligations and termination of this Agreement. 
 ARTICLE IV

 CONDITIONS PRECEDENT 
 4.1. Initial Credit Extension. The Lenders shall not be required to make the initial Credit Extension hereunder unless the Borrower has furnished to the Administrative Agent with sufficient copies
for the Lenders: 
  

	 	(i)	Copies of the articles or certificate of incorporation of the Borrower and each Guarantor, together with all amendments, and a certificate of good standing, each
certified by the appropriate governmental officer in its jurisdiction of incorporation. 

  
 36 

	 	(ii)	Copies, certified by the Secretary or Assistant Secretary of the Borrower and each Guarantor, of its respective by-laws or regulations, as appropriate, and of its Board
of Directors’ resolutions and of resolutions or actions of any other body authorizing the execution of the Loan Documents to which the Borrower or such Guarantor is a party. 

 

	 	(iii)	An incumbency certificate, executed by the Secretary or Assistant Secretary of the Borrower and each Guarantor, which shall identify by name and title and bear the
signatures of the Authorized Officers and any other officers of the Borrower or such Guarantor, as the case may be, authorized to sign the Loan Documents to which the Borrower or such Guarantor is a party, upon which certificate the Administrative
Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower or such Guarantor, as the case may be. 

  

	 	(iv)	A certificate, signed by the chief financial officer of the Borrower, stating that on the initial Credit Extension Date no Default or Unmatured Default has occurred and
is continuing. 

  

	 	(v)	A written opinion of the Borrower’s and Guarantors’ in-house counsel, addressed to the Lenders in substantially the form of Exhibit E.

  

	 	(vi)	Any Notes requested by a Lender pursuant to Section 2.14 payable to the order of each such requesting Lender. 

 

	 	(vii)	The Guaranty executed by all Guarantors. 

  

	 	(viii)	Written money transfer instructions, in substantially the form of Exhibit F, addressed to the Administrative Agent and signed by an Authorized Officer, together with
such other related money transfer authorizations as the Administrative Agent may have reasonably requested. 

  

	 	(ix)	If the initial Credit Extension will be the issuance of a Facility LC, a properly completed Facility LC Application. 

 

	 	(x)	Evidence satisfactory to the Administrative Agent that the Borrower shall have paid, concurrently with the initial Loans hereunder, in full in cash all obligations
(other than the Existing Facility LCs continued hereunder) under the Borrower’s existing credit agreement dated as of October 5, 2007, as amended, with JPMCB as agent, and terminated all commitments to make any advances thereunder.

  

	 	(xi)	Such other documents as the Administrative Agent or its counsel may have reasonably requested. 

4.2. Each Credit Extension. The Lenders shall not (except as otherwise set forth in Section 2.5.4. with respect to Revolving
Loans for the purpose of repaying Swing Line Loans) be required to make any Credit Extension unless on the applicable Credit Extension Date: 
  

	 	(i)	There exists no Default or Unmatured Default. 

  
 37 

	 	(ii)	The representations and warranties contained in Article V are true and correct as of such Credit Extension Date except to the extent any such representation or warranty
is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct on and as of such earlier date. 

 

	 	(iii)	All legal matters incident to the making of such Credit Extension shall be satisfactory to the Administrative Agent and its counsel. 

Each Borrowing Notice or Swing Line Borrowing Notice, as the case may be, with respect to each such Credit Extension shall constitute a
representation and warranty by the Borrower that the conditions contained in Sections 4.2(i) and (ii) have been satisfied. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and warrants to the Lenders that: 
 5.1. Existence and
Standing. Each of the Borrower and its Subsidiaries is a corporation, partnership (in the case of Subsidiaries only), limited liability company or similar entity duly and properly incorporated or organized, as the case may be, validly existing
and in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted and where the failure to have such authority
would not have a Material Adverse Effect. 
 5.2. Authorization and Validity. The Borrower has the power and authority
and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder. The execution and delivery by the Borrower of the Loan Documents to which it is a party and the performance of its
obligations thereunder have been duly authorized by proper corporate (to the extent such concept applies to such entity) proceedings, and the Loan Documents to which the Borrower is a party constitute legal, valid and binding obligations of the
Borrower enforceable against the Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles
(regardless of whether enforcement is sought in equity or at law). 
 5.3. No Conflict; Government Consent. Neither the
execution and delivery by the Borrower of the Loan Documents to which it is a party, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate (i) any law, rule, regulation, order,
writ, judgment, injunction, decree or award binding on the Borrower or any of its Subsidiaries or (ii) the Borrower’s or any Subsidiary’s articles or certificate of incorporation, partnership agreement, certificate of partnership,
articles or certificate of organization, by-laws, or operating or other management agreement, as the case may be, or (iii) the provisions of any indenture, instrument or other material agreement to which the Borrower or any of its Subsidiaries
is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the Property of the Borrower or a Subsidiary
pursuant to the terms of any such indenture, instrument or other material agreement. No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, or other action in
respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by the Borrower or any of its Subsidiaries, is required to be obtained by the Borrower or any of its Subsidiaries in connection with the
execution and delivery of the Loan Documents, the borrowings under this Agreement, the payment and performance by the Borrower of the Obligations or the legality, validity, binding effect or enforceability of any of the Loan Documents. 

  
 38 

 5.4. Financial Statements. The consolidated financial statements of the Borrower and
its Subsidiaries for the fiscal year ended June 30, 2011 heretofore delivered to the Lenders were prepared in accordance with generally accepted accounting principles in effect on the date such statements were prepared and fairly present the
consolidated financial condition and operations of the Borrower and its Subsidiaries at such date and the consolidated results of their operations for the period then ended. 
 5.5. Material Adverse Change. Since June 30, 2011 there has been no change in the business, Property, condition (financial or otherwise) or results of operations of the Borrower and its
Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 
 5.6. Taxes. The Borrower and its
Subsidiaries have filed all United States federal tax returns and all other material tax returns which are required to be filed and have paid all taxes due pursuant to said returns or pursuant to any assessment received by the Borrower or any of its
Subsidiaries, except such taxes, if any, (i) as are being contested in good faith and as to which adequate reserves have been provided in accordance with Agreement Accounting Principles or (ii) as to which the aggregate amount of potential
tax liability is not material to the Borrower and its subsidiaries taken as a whole. The United States income tax returns of the Borrower and its Subsidiaries have been audited by the Internal Revenue Service through the fiscal year ended
June 30, 2009. No tax liens have been filed and no material claims are being asserted with respect to any such taxes. The charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of any taxes or other
governmental charges are adequate. 
 5.7. Litigation and Contingent Obligations. There is no litigation, arbitration,
governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or affecting the Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect or
which seeks to prevent, enjoin or delay the making of any Credit Extensions. Other than any liability incident to any litigation, arbitration or proceeding which could not reasonably be expected to have a Material Adverse Effect, the Borrower has no
material Contingent Obligations not provided for or disclosed in the financial statements referred to in Section 5.4. 

5.8. Subsidiaries. Schedule 1 contains an accurate list of all Subsidiaries of the Borrower as of the date of this Agreement,
setting forth their respective jurisdictions of organization and the percentage of their respective Capital Stock owned by the Borrower or other Subsidiaries. All of the issued and outstanding shares of Capital Stock of such Subsidiaries have been
(to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non-assessable. 
 5.9. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could
reasonably be expected to result in a Material Adverse Effect. The present value of all projected benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as
of the date of the most recent financial statements reflecting such amounts, exceed by more than $40,000,000 the fair market value of the assets of such Plan, and the present value of all projected benefit obligations of all underfunded Plans (based
on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $40,000,000 the fair market value of the
assets of all such underfunded Plans. 

  
 39 

 5.10. Accuracy of Information. No information, exhibit or report furnished by the
Borrower or any of its Subsidiaries to the Administrative Agent or to any Lender in connection with the negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a material fact or any
fact necessary to make the statements contained therein not misleading. 
 5.11. Regulations T, U and X. Margin Stock
constitutes less than 25% of the value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale, pledge, or other restriction hereunder. 

5.12. Material Agreements. Neither the Borrower nor any Subsidiary is a party to any agreement or instrument or subject to any
charter or other corporate restriction which could reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in (i) any agreement to which it is a party, which default could reasonably be expected to have a Material Adverse Effect or (ii) any agreement or instrument evidencing or governing Indebtedness in an outstanding
amount equal to or exceeding $15,000,000 in the aggregate. 
 5.13. Compliance With Laws. The Borrower and its
Subsidiaries have complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof having jurisdiction over the conduct of their respective businesses
or the ownership of their respective Property except for any failure to comply with any of the foregoing which could not reasonably be expected to have a Material Adverse Effect. 

5.14. Ownership of Properties. On the date of this Agreement, the Borrower and its Subsidiaries will have good title, free of all
Liens other than those permitted by Section 6.14, to all of the Property and assets reflected in the Borrower’s most recent consolidated financial statements provided to the Administrative Agent as owned by the Borrower and its
Subsidiaries. 
 5.15. Plan Assets; Prohibited Transactions. The Borrower is not an entity deemed to hold “plan
assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code), and neither
the execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code. 

5.16. Environmental Matters. In the ordinary course of its business, the officers of the Borrower consider the effect of
Environmental Laws on the business of the Borrower and its Subsidiaries, in the course of which they identify and evaluate potential risks and liabilities accruing to the Borrower due to Environmental Laws. On the basis of this consideration, the
Borrower has concluded that Environmental Laws cannot reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary has received any notice to the effect that its operations are not in material compliance with any
of the requirements of applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment,
which non-compliance or remedial action could reasonably be expected to have a Material Adverse Effect. 

  
 40 

 5.17. Investment Company Act. Neither the Borrower nor any Subsidiary is an
“investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 
 ARTICLE VI 
 COVENANTS 

During the term of this Agreement, unless the Required Lenders shall otherwise consent in writing: 

6.1. Financial Reporting. The Borrower will maintain, for itself and each Subsidiary, a system of accounting established and
administered in accordance with generally accepted accounting principles, and furnish to the Lenders: 
  

	 	(i)	Within five days after the earlier of the date on which such report on Form 10-K is required to be filed by the Borrower with the SEC and the date 60 days after the end
of each fiscal year of the Borrower, copies of the report filed by the Borrower with the SEC on Form 10-K in respect of such fiscal year or, if the Borrower is not required to file such a report in respect of such fiscal year, the consolidated
balance sheet and related consolidated statements of income and cash flows of the Borrower and its Subsidiaries, as of the close of such fiscal year, all audited by independent accountants of recognized national standing and accompanied by an
opinion of such accountants to the effect that such consolidated financial statements fairly present the financial position, results of operations, cash flows and changes in stockholders’ equity of the Borrower and its Subsidiaries, in
accordance with Agreement Accounting Principles; 

  

	 	(ii)	Within five days after the earlier of the date on which such report on Form 10-Q is required to be filed by the Borrower with the SEC and the date 40 days after the end
of each of the first three quarterly periods of each of its fiscal years, (a) copies of the report filed by the Borrower with the SEC on Form 10-Q in respect of such fiscal quarter or (b) if the Borrower is not required to file such a
report in respect of such fiscal quarter, the consolidated balance sheet and related consolidated statements of income and cash flows of the Borrower and its Subsidiaries, as of the close of such fiscal quarter and for the period from the beginning
of such fiscal year to the end of such quarter, all certified by the Borrower’s chief financial officer; 

  

	 	(iii)	Together with the financial statements required under Sections 6.1(i) and (ii), a compliance certificate in substantially the form of Exhibit G signed by its chief
financial officer showing the calculations necessary to determine compliance with this Agreement and stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default exists, stating the nature and status thereof;

  

	 	(iv)	As soon as possible and in any event within 30 days after the Borrower knows of the occurrence of any ERISA Event that, alone or together with any other ERISA Events
that have occurred, could reasonably be expected to have a Material Adverse Effect; and 

  
 41 

	 	(v)	As soon as possible and in any event within 30 days after receipt by the Borrower, a copy of (a) any notice or claim to the effect that the Borrower or any of its
Subsidiaries is or may be liable to any Person as a result of the release by the Borrower, any of its Subsidiaries, or any other Person of any toxic or hazardous waste or substance into the environment, and (b) any notice alleging any violation
of any federal, state or local environmental, health or safety law or regulation by the Borrower or any of its Subsidiaries, which, in the case of either of the foregoing clauses (a) or (b), could reasonably be expected to have a Material
Adverse Effect; 

  

	 	(vi)	Promptly upon the furnishing thereof to the shareholders of the Borrower, copies of all financial statements, reports and proxy statements so furnished;

  

	 	(vii)	Promptly upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular reports which the Borrower or any of its
Subsidiaries files with the SEC; and 

  

	 	(viii)	Such other information (including non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request.

 Documents required to be delivered pursuant to Section 6.1(i), (ii), or (vi),
(vii) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered and certified on the date (i) on which the
Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed in Section 13.1; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet
or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper
copies of such documents to the Administrative Agent or any Lender that reasonably requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender, and
(ii) the Borrower shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft
copies) of such documents. Except for such compliance certificates in Section 6.1(iii), the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event
shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

6.2. Use of Proceeds. The Borrower will, and will cause each Subsidiary to, use the proceeds of the Credit Extensions for general
corporate purposes, including Acquisitions, dividends and repurchases of its Capital Stock if no Default or Unmatured Default exists or would be caused thereby. The Borrower will not, nor will it permit any Subsidiary to, use any of the proceeds of
the Advances to purchase or carry any Margin Stock. 
 6.3. Notice of Default. The Borrower will, and will cause each
Subsidiary to, give prompt notice in writing to the Lenders of the occurrence of any Default or Unmatured Default and of any other development, financial or otherwise, which could reasonably be expected to have a Material Adverse Effect. 

6.4. Conduct of Business. Other than as permitted under Section 6.11 or 6.12, the Borrower will, and will cause each
Subsidiary to, carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted and do all things necessary to remain duly incorporated or organized, validly existing
and (to the extent such concept applies to such entity) in good standing as a domestic corporation, partnership or limited liability company in its jurisdiction of incorporation or organization, as the case may be, and maintain all requisite
authority to conduct its business in each jurisdiction in which its business is conducted except where the failure to maintain such authority does not have a Material Adverse Effect. 

  
 42 

 6.5. Taxes. The Borrower will, and will cause each Subsidiary to, timely file
complete and correct United States federal and applicable foreign, state and local tax returns required by law and pay when due all taxes, assessments and governmental charges and levies upon it or its income, profits or Property, except those which
are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside in accordance with Agreement Accounting Principles or as to which the amount of potential tax liability is not material to
the Borrower and its Subsidiaries taken as a whole. 
 6.6. Insurance. The Borrower will, and will cause each Subsidiary
to, maintain with financially sound and reputable insurance companies insurance on all their Property in such amounts and covering such risks as is consistent with sound business practice, and the Borrower will furnish to any Lender upon reasonable
request full information as to the insurance carried. 
 6.7. Compliance with Laws. The Borrower will, and will cause
each Subsidiary to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject including, without limitation, all Environmental Laws, the non-compliance with which would have a
Material Adverse Effect. 
 6.8. Maintenance of Properties. The Borrower will, and will cause each Subsidiary to, do all
things necessary to maintain, preserve, protect and keep its Property in good repair, working order and condition, ordinary wear and tear excepted and excluding assets which are not material in the aggregate and are obsolete or otherwise no longer
useful in the business of the Borrower or any of its Subsidiaries, and make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted at all times. 

6.9. Inspection. The Borrower will, and will cause each Subsidiary to, permit the Administrative Agent and the Lenders, by their
respective representatives and agents, to inspect any of the Property, books and financial records of the Borrower and each Subsidiary, to examine and make copies of the books of accounts and other financial records of the Borrower and each
Subsidiary, and to discuss the affairs, finances and accounts of the Borrower and each Subsidiary with, and to be advised as to the same by, their respective officers at such reasonable times and intervals during normal business hours as the
Administrative Agent or any Lender may designate. 
 6.10. Guaranties. As soon as reasonably practical, the Borrower
shall cause to be executed and delivered to the Lenders and the Administrative Agent from time to time Guaranties of its present and future Subsidiaries such that, at all times, all Subsidiaries which are not Guarantors do not, if considered in the
aggregate as a single Subsidiary, constitute a Significant Subsidiary. In connection with the delivery of each such Guaranty, the Borrower will also deliver or caused to be delivered to the Administrative Agent such resolutions and related corporate
documents and opinions of counsel reasonably requested by the Administrative Agent in connection therewith. Notwithstanding anything herein to the contrary, the Borrower may request that any Guarantor be released from its Guaranty, and the
Administrative Agent is hereby authorized on behalf of all the Lenders, without the necessity of any further consent from any Lender, to release any such Guarantor from its Guaranty, provided that before and after giving effect to such release (and
giving effect to any sale of the Guarantor or its assets if such release is requested in connection with such a sale) the Borrower is in compliance the terms of this Section 6.10 and all other terms of the Agreement and no Default or Unmatured
Default exists. 

  
 43 

 6.11. Merger. The Borrower will not, nor will it permit any Subsidiary to, merge or
consolidate with or into any other Person, except that (i) a Subsidiary may merge into the Borrower (provided the Borrower is the surviving corporation) or a Wholly-Owned Subsidiary, provided that the surviving entity shall assume all
obligations of such Subsidiary under the Loan Documents, and (ii) any Subsidiary may merge into the Person acquired so long as (a) the resulting Person shall be a Subsidiary and assumes all of the obligations of the Subsidiary existing
pre-merger under the Loan Documents and executes such further Loan Documents as may be required hereunder and (b) immediately before and immediately after giving effect to such merger or consolidation, no Default or Unmatured Default shall have
occurred and be continuing. 
 6.12. Sale of Assets. The Borrower will not, nor will it permit any Subsidiary to, lease,
sell or otherwise dispose of its Property to any other Person, except (so long as, in all of the following cases other than clauses (i), (ii) and (iii) at the time thereof and immediately after giving effect thereto no Default or Unmatured
Default shall have occurred and be continuing): 
  

	 	(i)	Sales of inventory in the ordinary course of business and the sale or other disposition of assets not material in amount in the aggregate and which are obsolete and no
longer useful in the business of the Borrower or any of its Subsidiaries; 

  

	 	(ii)	Sales or other dispositions in the ordinary course of business of fixed assets for the purpose of replacing such fixed assets, provided that any such fixed asset is
replaced within 180 days of such sale or other disposition with other fixed assets which have a fair market value not materially less than the fixed assets sold or otherwise disposed of and provided that the aggregate amount sold or otherwise
disposed under this Section 6.12(ii) does not exceed a Substantial Portion; 

  

	 	(iii)	The transfer of any assets from a Subsidiary to the Borrower or a Guarantor; 

 

	 	(iv)	Any sale or other transfer of an interest in accounts or notes receivable pursuant to a securitization on a limited recourse basis acceptable to the Administrative
Agent, provided that (a) such sale or other transfer qualifies as a sale under Agreement Accounting Principles, and (b) the aggregate outstanding amount of the financing (as determined by the Administrative Agent) in connection
therewith does not exceed $100,000,000 at any one time outstanding (each such transaction, a “Permitted Securitization Transaction”); 

  

	 	(v)	Any sale or other disposition of any Property that has been disclosed to the Administrative Agent in writing dated as of or prior the Closing Date;

  

	 	(vi)	Licenses of intellectual property of the Borrower or any Subsidiary; 

  

	 	(vii)	the lease or sublease of real property; 

  

	 	(viii)	the sale of inventory and equipment in connection with any location closures, provided that the aggregate amount of sales under this clause (viii) does not exceed
$3,000,000; and 

  

	 	(ix)	Other leases, sales or other dispositions of its Property that, together with all other Property of the Borrower and its Subsidiaries previously leased, sold or
disposed of (other than inventory in the ordinary course of business) as permitted by this Section 6.12(vi) during the twelve-month period ending with the month in which any such lease, sale or other disposition occurs, do not constitute a
Substantial Portion of the Property of the Borrower and its Subsidiaries. 

  
 44 

 Notwithstanding the foregoing, any Subsidiary may liquidate or dissolve if the Borrower determines in good
faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and the assets of such Subsidiary that is liquidated or dissolved are transferred to a Loan Party. 

6.13. Investments and Acquisitions. The Borrower will not, nor will it permit any Subsidiary to, make or suffer to exist any
Investments, or commitments therefor, or to become or remain a partner in any partnership or joint venture, or to make any Acquisition of any Person, except: 
  

	 	(i)	Cash Equivalent Investments; 

  

	 	(ii)	(a) Existing Investments in Subsidiaries and other Investments in existence on the date hereof and described in Schedule 1, (b) Investments (not including any
permitted sale or other transfer of an interest in accounts or notes receivable) in a Securitization Entity in connection with Permitted Securitization Transactions and in an aggregate outstanding amount not to exceed 10% of the aggregate amount of
all Permitted Securitization Transactions and (c) additional Investments in Subsidiaries which are not for the purpose of making or consummating an Acquisition; 

 

	 	(iii)	Other Investments and Acquisitions by the Borrower and its Subsidiaries, provided that (a) immediately before and after giving effect to such Investment or
Acquisition, no Default or Unmatured Default shall exist or shall have occurred and be continuing and the representations and warranties contained in Article V and in the other Loan Documents shall be true and correct on and as of the date thereof
(both before and after such Investment or Acquisition is consummated) as if made on the date such Investment or Acquisition is consummated, (b) the target of such Investment or Acquisition is in substantially the same line of business or a
similar or related line of business as the Borrower or the Guarantors, (c) the Board of Directors and the management of the target of such Investment or Acquisition has approved such Investment or Acquisition if such board approval is otherwise
necessary, (d) the aggregate consideration paid or payable in cash or otherwise advanced in connection with any single or series of related Investments or Acquisitions permitted by this Section 6.13(iii), including without limitation any
Indebtedness assumed in connection therewith or Contingent Liabilities incurred in connection therewith, shall not exceed $75,000,000 (excluding any portion of any of the foregoing payable in common equity of any Loan Party), provided that the
condition under this clause (d) shall not be required if immediately before and after giving effect to such Investment or Acquisition the Leverage Ratio is less than 2.0 to 1.0 on a pro forma basis reasonably acceptable to the Administrative
Agent, and (e) at least two Business Days’ prior to the consummation of any single or series of related Investments or Acquisitions for which aggregate consideration paid or payable exceeds $40,000,000, the Borrower shall have provided to
the Lenders a pro forma compliance certificate signed by its chief financial officer containing pro forma computations and related financial statements and information requested by, and acceptable to, the Administrative Agent and containing such
other information and certifications as requested by the Administrative Agent; and 

  
 45 

	 	(iv)	Additional Investments (other than Acquisitions) provided that at any time the aggregate amount of all such outstanding additional Investments shall not exceed 15% of
Consolidated Tangible Net Worth. 

 6.14. Liens. The Borrower will not, nor will it permit any Subsidiary
to, create, incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any of its Subsidiaries, except: 
  

	 	(i)	Liens for taxes, assessments or governmental charges or levies on its Property (a) if the same shall not at the time be delinquent or thereafter can be paid
without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves in accordance with Agreement Accounting Principles shall have been set aside on its books and/or (b) such Liens that are not,
individually or in the aggregate, material; 

  

	 	(ii)	Landlord Liens (whether imposed by law or created by the terms of the lease and allowed by law, provided that only unpaid rent is covered thereby and it is limited to
tangible assets located at the leased location), statutory Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, vendor’s, materialmen’s, repairmen’s liens, liens of custom brokers, freight forwarders,
transportation companies, and other similar liens arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which
adequate reserves shall have been set aside on its books; 

  

	 	(iii)	Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement
benefits or similar legislation; 

  

	 	(iv)	Easements, building restrictions and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a
similar character and which do not in any material way affect the marketability of the same or interfere with the use thereof in the business of the Borrower or its Subsidiaries; 

 

	 	(v)	Liens existing on the date hereof, provided that the Borrower represents and acknowledges that the aggregate amount secured by such existing Liens does not exceed
$10,000,000 and agrees that no increase in the principal amount, as reduced from time to time, secured by any such existing Liens is permitted; 

  

	 	(vi)	Liens incurred in connection with any transfer of an interest in accounts or notes receivable which is permitted pursuant to Section 6.12(v) and which are required
to consummate such Permitted Securitization Transaction; 

  

	 	(vii)	Liens arising out of deposits to secure the performance of bids, trade contracts (other than contracts for the payment of money), leases, licenses, franchises,
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business in an aggregate amount not to exceed $25,000,000 at any time; 

 

	 	(viii)	Liens arising with respect to rights of lessees or sublessees under Operating Leases in assets leased by the Borrower or any Subsidiary under an Operating Lease and
Liens arising from precautionary UCC financing statement filings (or similar filings under other applicable law) regarding operating leases entered into by the Borrower or any of its Subsidiaries in the ordinary course of business;

  
 46 

	 	(ix)	Banker’s liens, rights of setoff and other similar Liens that are customary in the banking industry and existing solely with respect to cash and cash equivalents
on deposit in one or more accounts (including securities accounts) maintained by the Borrower or its Subsidiaries and arising in the ordinary course of business from netting services, overdraft protection, Financial Contracts, customary banking
products and otherwise in connection with the maintenance of deposit, securities and commodities accounts, including Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading
accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes, and deposits in connection with sweepstakes and other promotions conducted in the ordinary course of business;

  

	 	(x)	Liens in favor of the Administrative Agent, LC Issuer or any Lender created under this Agreement; 

 

	 	(xi)	Liens arising from judgments, decrees or attachments in existence less than 30 days after the entry thereof, with respect to which execution has been stayed and with
respect to which payment in full above any applicable deductible is covered by insurance or a bond, or that do not exceed $15,000,000 in the aggregate; 

  

	 	(xii)	Liens arising under or in connection with the Perishable Agricultural Commodities Act; 

 

	 	(xiii) 	Liens on property of a Person securing purchase money Indebtedness at the time such Person is acquired pursuant to an Acquisition permitted under Section 6.13
hereof; provided that such Liens (i) do not secure more than $10,000,000 in purchase money Indebtedness, (ii) were not created in contemplation of such Acquisition and (iii) do not at any time encumber any property other than the
property financed by such Indebtedness; 

  

	 	(xiv) 	Liens in favor of consignors of inventory on inventory and proceeds thereof consigned by such consignors to the Borrower or a Subsidiary thereof, in each case in the
ordinary course of business; 

  

	 	(xv) 	Liens in favor of landlords on leasehold improvements financed by allowances or advances pursuant to lease arrangements and Liens in favor of insurance companies or
their affiliates in connections with insurance premium financing, in each case in the ordinary course of business; 

  

	 	(xvi)	 customary Liens (on bills of lading and other documents, and any goods relating thereto) under any commercial or trade letter of credit arrangements in the
ordinary course of business; and 

  

	 	(xvii) 	Liens securing other obligations and liabilities and not otherwise permitted by the foregoing provisions of this Section 6.14, provided that the aggregate
outstanding amount of all obligations and liabilities secured by all such Liens in this clause 6.14(xvii) shall not at any time exceed 10% of Consolidated Tangible Net Worth; and 

 

	 	(xviii) 	Any extension, renewal or replacement (or successive extension, renewal, or replacement) in whole or in part, of any Lien referred to in the foregoing clauses
(i) through (xvii) inclusive; provided, however, that the principal amount of Indebtedness secured thereby shall not exceed the principal amount of Indebtedness so secured at the time of such extension, renewal or
replacement, and that such extension, renewal or replacement shall be limited to all or a part of the property which secured the Lien so extended, renewed or replaced. 

  
 47 

 6.15. Affiliates. The Borrower will not, and will not permit any Subsidiary to, enter
into any transaction (including, without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate (other than a Subsidiary) except in the ordinary course of business and pursuant to the
reasonable requirements of the Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than the Borrower or such Subsidiary would obtain in a comparable arms-length
transaction and except for those transactions which, individually or in the aggregate, are not material to the Borrower and its Subsidiaries taken as a whole, provided that the Borrower may redeem its Capital Stock owned by Affiliates if
(i) such transaction is upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction, (ii) no Default or Unmatured Default
exists or would be caused thereby, and (iii) such transaction is approved by the Board of Directors, including a majority of the disinterested members of the Board of Directors. 

6.16. Financial Contracts. The Borrower will not, nor will it permit any Subsidiary to, enter into or remain liable upon any
Financial Contract for purposes of financial speculation. 
 6.17. Financial Covenants. 

6.17.1. Interest Coverage Ratio. The Borrower will not permit the ratio, determined as of the end of each of its
fiscal quarters for the then most-recently ended four fiscal quarters, of (i) Consolidated EBIT, to (ii) Consolidated Interest Expense, all calculated for the Borrower and its Subsidiaries on a consolidated basis, to be less than 2.5 to
1.0 as of the end of any fiscal quarter. 
 6.17.2. Leverage Ratio. The Borrower will not permit the
Leverage Ratio to be greater than 3.0 to 1.0 as of the end of any fiscal quarter. 
 6.18. Government Regulation. The
Borrower will not, and will not permit any of its Subsidiaries, to be or become subject at any time to any law, regulation, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list) that
prohibits or limits any Lender from making any advance or extension of credit to the Borrower or from otherwise conducting business with the Borrower or any of its Subsidiaries, or fail to provide documentary and other evidence of the
Borrower’s or any Subsidiary’s identity as may be requested by any Lender at any time to enable such Lender to verify the Borrower’s or any Subsidiary’s identity or to comply with any applicable law or regulation, including,
without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318. 
 ARTICLE VII

 DEFAULTS 
 The occurrence of any one or more of the following events shall constitute a Default: 
 7.1. Any representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries to the Lenders or the Administrative Agent under or in connection with this Agreement,
any Credit Extension, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be materially false on the date as of which made. 

  
 48 

 7.2. Nonpayment of principal of any Loan within two Business Days after the same becomes
due, nonpayment of any Reimbursement Obligation within one Business Day after the same becomes due, nonpayment of interest upon any Loan within five Business Days after the same becomes due, or nonpayment of any facility fee, utilization fees, LC
Fee or other obligations under any of the Loan Documents within five Business Days after the Borrower’s receipt of the applicable invoice (or, if invoiced before the due date, after the same becomes due). 

7.3. The breach by the Borrower of any of the terms or provisions of Section 6.2, 6.3, 6.11, 6.12, 6.13, 6.14, 6.15, 6.16, 6.17 or
6.18. 
 7.4. The breach by the Borrower (other than a breach which constitutes a Default under another Section of this Article
VII) or any Guarantor of any of the terms or provisions of this Agreement or any other Loan Document which is not remedied within 30 days after written notice from the Administrative Agent or any Lender. 

7.5. Failure of the Borrower or any of its Subsidiaries to pay when due any Indebtedness or Rate Management Obligation aggregating in
excess of $15,000,000 (“Material Indebtedness”); or the default by the Borrower or any of its Subsidiaries in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained
in any agreement under which any such Material Indebtedness was created or is governed, or any other event shall occur or condition exist, the effect of which default or event is to cause, or to permit the holder or holders of such Material
Indebtedness to cause, such Material Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of the Borrower or any of its Subsidiaries shall be declared to be due and payable or required to be prepaid or repurchased
(other than by a regularly scheduled payment) prior to the stated maturity thereof; or the Borrower or any of its Subsidiaries shall not pay, or admit in writing its inability to pay, its debts generally as they become due. 

7.6. The Borrower or any Guarantor shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws
as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or
any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution,
winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the
material allegations of any such proceeding filed against it, (v) take any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.6 or (vi) fail to contest in good faith any
appointment or proceeding described in Section 7.7. 
 7.7. Without the application, approval or consent of the Borrower or
any Guarantor, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or Guarantor or any Substantial Portion of its Property, or a proceeding described in Section 7.6(iv) shall be instituted against
the Borrower or any of its Subsidiaries and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of 60 consecutive days. 
 7.8. Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or any portion of the Property of the Borrower and its Subsidiaries
which, when taken together with all other Property of the Borrower and its Subsidiaries so condemned, seized, appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such action occurs,
constitutes a Substantial Portion. 

  
 49 

 7.9. The Borrower or any of its Subsidiaries shall fail within 30 days to pay, bond or
otherwise discharge one or more (i) judgments or orders for the payment of money in excess of $15,000,000 (or the equivalent thereof in currencies other than Dollars) in the aggregate, or (ii) nonmonetary judgments or orders which,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgment(s), in any such case, is/are not stayed on appeal or otherwise being appropriately contested in good faith. 

7.10. An ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events
that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $40,000,000 resulting from ERISA Events for all periods. 

7.11. The Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that it
has become subject to the required payment of a withdrawal liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Borrower or any other member of the
Controlled Group as withdrawal liability (determined as of the date of such notification), exceeds $25,000,000. 
 7.12. The
Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, or is in
endangered or critical status within the meaning of Section 305 of ERISA, if as a result of such reorganization, termination, endangered status or critical status, the aggregate annual contributions of the Borrower and the other members of the
Controlled Group (taken as a whole) to all Multiemployer Plans which are then in reorganization or being terminated, or in endangered or critical status have been or will be increased over the amounts contributed to such Multiemployer Plans for the
respective plan years of each such Multiemployer Plan immediately preceding the plan year in which the reorganization, termination, endangered status or critical status occurs by an amount exceeding $30,000,000 (calculated only to include the amount
of the incremental liability). 
 7.13. The Borrower or any of its Subsidiaries shall (i) be the subject of any proceeding
or investigation pertaining to the release by the Borrower, any of its Subsidiaries or any other Person of any toxic or hazardous waste or substance into the environment, or (ii) violate any Environmental Law, which, in the case of an event
described in clause (i) or clause (ii), could reasonably be expected to have a Material Adverse Effect. 
 7.14. Any Change
in Control shall occur. 
 7.15. The occurrence of any “default”, as defined in any Loan Document (other than this
Agreement) or the breach of any of the terms or provisions of any Loan Document (other than this Agreement), which default or breach continues beyond any period of grace therein provided. 

7.16. Any Guaranty required hereunder shall fail to remain in full force or effect or any action shall be taken to discontinue or to
assert the invalidity or unenforceability of any Guaranty, or any Guarantor required to be a party to a Guaranty shall fail to comply with any of the terms or provisions of any Guaranty to which it is a party, or any such Guarantor shall deny that
it has any further liability under any Guaranty to which it is a party, or shall give notice to such effect. 

  
 50 

 7.17. The representations and warranties set forth in Section 5.15 (“Plan Assets;
Prohibited Transactions”) shall at any time not be true and correct. 
 ARTICLE VIII 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 
 8.1. Acceleration; Facility LC Collateral Account. (i) If any Default described in Section 7.6 or 7.7 occurs with respect to the Borrower, the obligations of the Lenders to make Loans
hereunder and the obligation and power of the LC Issuer to issue Facility LCs shall automatically terminate and the Obligations shall immediately become due and payable without any election or action on the part of the Administrative Agent, the LC
Issuer or any Lender and the Borrower will be and become thereby unconditionally obligated, without any further notice, act or demand, to pay to the Administrative Agent an amount in immediately available funds, which funds shall be held in the
Facility LC Collateral Account, equal to the difference of (x) 105% of the amount of LC Obligations at such time, less (y) the amount on deposit in the Facility LC Collateral Account at such time which is free and clear of all rights and
claims of third parties and has not been applied against the Obligations (such difference, the “Collateral Shortfall Amount”). If any other Default occurs, the Administrative Agent, with the consent of or at the request of the Required
Lenders (a) may terminate or suspend the obligations of the Lenders to make Loans hereunder and the obligation and power of the LC Issuer to issue Facility LCs, or declare the Obligations to be due and payable, or both, whereupon the
Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives, and (b) upon notice to the Borrower and in addition to the continuing right to
demand payment of all amounts payable under this Agreement, make demand on the Borrower to pay, and the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Administrative Agent the Collateral Shortfall Amount,
which funds shall be deposited in the Facility LC Collateral Account. Notwithstanding any provision to the contrary, it is understood that, other than with respect to a Default described in Section 7.6 of 7.7, (1) no Lender has the right
to individually terminate its obligations to make Loans hereunder (such right of termination residing with the Administrative Agent as provided above), and (2) no Lender has the right to declare its Loans due and payable prior to maturity (such
right to declare the Loans due and payable residing with the Administrative Agent as provided above). 
 (ii) If at any time
while any Default is continuing or at any time on or after the Facility Termination Date while any Obligations, including any Facility LCs, are outstanding, the Administrative Agent determines that the Collateral Shortfall Amount at such time is
greater than zero, the Administrative Agent may make demand on the Borrower to pay, and the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Administrative Agent the Collateral Shortfall Amount, which funds
shall be deposited in the Facility LC Collateral Account. 
 (iii) The Administrative Agent may at any time or from time to time
after funds are deposited in the Facility LC Collateral Account, apply such funds to the payment of the Obligations and any other amounts as shall from time to time have become due and payable by the Borrower to the Lenders or the LC Issuer under
the Loan Documents. 
 (iv) At any time while any Default is continuing, neither the Borrower nor any Person claiming on behalf
of or through the Borrower shall have any right to withdraw any of the funds held in the Facility LC Collateral Account. After all of the Obligations have been indefeasibly paid in full and the Aggregate Commitment has been terminated, any funds
remaining in the Facility LC Collateral Account shall be returned by the Administrative Agent to the Borrower or paid to whomever may be legally entitled thereto at such time. 

  
 51 

 (v) If, within 30 days after acceleration of the maturity of the Obligations or termination
of the obligations of the Lenders to make Loans and the obligation and power of the LC Issuer to issue Facility LCs hereunder as a result of any Default (other than any Default as described in Section 7.6 or 7.7 with respect to the Borrower)
and before any judgment or decree for the payment of the Obligations due shall have been obtained or entered, the Required Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower, rescind and
annul such acceleration and/or termination. 
 8.2. Amendments 

8.2.1. Except as provided in Section 2.24 with respect to an Incremental Term Loan Amendment, and subject to the provisions of this
Article VIII, the Required Lenders (or the Administrative Agent with the consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan
Documents or changing in any manner the rights of the Lenders or the Borrower hereunder or waiving any Default hereunder; provided, however, that no such supplemental agreement shall, without the consent of all of the Lenders: 

 

	 	(i)	Extend the final maturity of any Loan, or extend the expiry date of any Facility LC to a date after the Facility Termination Date or forgive all or any portion of the
principal amount thereof, any accrued interest or fees or any Reimbursement Obligation related thereto, or reduce the Applicable Margin or the Applicable Fee Rate or extend the time of payment of interest or fees thereon or Reimbursement Obligations
related thereto. 

  

	 	(ii)	Extend the Facility Termination Date, or reduce the amount or extend the payment date for, the mandatory payments required under Section 2.2, or increase the
amount of the Aggregate Commitment (other than as allowed under Section 2.24), the Commitment of any Lender (other than as allowed under Section 2.24) hereunder or the commitment to issue Facility LCs, or permit the Borrower to assign its
rights under this Agreement. 

  

	 	(iii)	Amend this Section 8.2 or Section 2.24 or reduce the percentage specified in the definition of Required Lenders (it being understood that, solely with the
consent of the parties prescribed by Section 2.24 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the
Revolving Loans are included on the Effective Date). 

  

	 	(iv)	Release the Borrower hereunder or, unless otherwise allowed under this Agreement as of the date hereof, release any Guarantor which is a Significant Subsidiary under
any Guaranty. 

  
 52 

 Notwithstanding the foregoing, (a) no amendment of any provision of this Agreement relating to the
Administrative Agent shall be effective without the written consent of the Administrative Agent, (b) no amendment of any provisions relating to the LC Issuer shall be effective without the written consent of the LC Issuer, (c) no amendment
of any provision of this Agreement relating to the Swing Line Lender or any Swing Line Loans shall be effective without the written consent of the Swing Line Lender, (d) the Administrative Agent may waive payment of the fee required under
Section 12.1 without obtaining the consent of any other party to this Agreement; (e) any Lender’s Commitment may be increased or decreased with the written consent of such Lender, the Administrative Agent and the Borrower;
(f) the above clauses (i) through (iii) shall not be construed as prohibiting any (x) amendment or other modification permitted under Section 2.24 (provided that, for the avoidance of doubt, any increase in any Commitment of
any Lender shall require the written consent of such Lender) or (y) “amend-and-extend” transaction that extends the Facility Termination Date only for those Lenders that agree to such an extension (which extension may include
increased pricing and fees for such extending Lenders, and which extension shall not apply to those Lenders that do not approve such extension), and (g) any Person may be added as a Lender hereunder with the written consent of such Person, the
Administrative Agent and the Borrower and subject to the execution of such supplemental agreements and documents required by the Administrative Agent. 
 8.2.2 Notwithstanding Section 8.2.1, the Commitment Schedule may be amended by the Administrative Agent to reflect any changes in the Commitments permitted under the terms of this Agreement, and
shall be deemed automatically amended each time the Administrative Agent sends a revised Commitment Schedule to the Lenders and the Borrower pursuant to this Agreement to reflect changes allowed hereunder. 

8.2.3 Notwithstanding anything herein to the contrary, Defaulting Lenders shall not be entitled to vote (whether to consent or to
withhold its consent) with respect to any amendment, modification, termination or waiver and, for purposes of determining the Required Lenders, the Commitments and the Loans of such Defaulting Lender shall be disregarded except as provided in
Section 2.23(b). 
 8.2.4 Notwithstanding anything to the contrary herein or in any other Loan Document, this Agreement and
any other Loan Document may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower to each relevant Loan Document (i) to add one or more credit facilities (in addition to
the Incremental Term Loans pursuant to Section 2.24) to this Agreement and to permit 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 Loans, Incremental Term Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the
Required Lenders and Lenders. 
 8.2.5 Notwithstanding anything to the contrary herein or in any other Loan Document, the
Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents as may be reasonably necessary or advisable to cure any error, ambiguity, omission, defect or
inconsistency in order to more accurately reflect the intent of the parties, provided that (x) prior written notice of such proposed cure shall be given to the Lenders and (y) the Required Lenders do not object to such cure in writing to
the Administrative Agent within two Business Days of such notice. 
 8.3. Preservation of Rights. No delay or omission of
the Lenders, the LC Issuer or the Administrative Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Credit Extension
notwithstanding the existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not
preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders
required pursuant to Section 8.2, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan 

Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent, the LC Issuer and the Lenders until the
Obligations have been paid in full. 

  
 53 

 ARTICLE IX 
 GENERAL PROVISIONS 
 9.1. Survival of Representations. All
representations and warranties of the Borrower contained in this Agreement, as updated from time to time in accordance with Section 8.2, shall survive the making of the Credit Extensions herein contemplated. 

9.2. Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, neither the LC Issuer nor any
Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 
 9.3. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents. 

9.4. Entire Agreement. The Loan Documents embody the entire agreement and understanding among the Borrower, the Administrative
Agent, the LC Issuer and the Lenders and supersede all prior agreements and understandings among the Borrower, the Administrative Agent, the LC Issuer and the Lenders relating to the subject matter thereof other than any fee agreement described in
Section 10.13. 
 9.5. Several Obligations; Benefits of this Agreement. The respective obligations of the Lenders
hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any of its obligations hereunder
shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and
assigns, provided, however, that the parties hereto expressly agree that the Arranger shall enjoy the benefits of the provisions of Sections 9.6, 9.10 and Article X to the extent specifically set forth therein and shall have the right to
enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement. 

9.6. Expenses; Indemnification. (i) The Borrower shall reimburse the Administrative Agent and the Arranger for any costs,
internal charges and out-of-pocket expenses (including reasonable attorneys’ fees and time charges of attorneys for the Administrative Agent, which attorneys may be employees of the Administrative Agent) paid or incurred by the Administrative
Agent or the Arranger in connection with the preparation, negotiation, execution, delivery, syndication, distribution (including, without limitation, via the internet), review, amendment, modification, and administration of the Loan Documents. The
Borrower also agrees to reimburse the Administrative Agent, the Arranger, the LC Issuer and the Lenders for any costs, internal charges and out-of-pocket expenses (including reasonable attorneys’ fees and time charges of attorneys for the
Administrative Agent, the Arranger, the LC Issuer and the Lenders, which attorneys may be employees of the Administrative Agent, the Arranger, the LC Issuer or the Lenders) paid or incurred by the Administrative Agent, the Arranger, the LC Issuer or
any Lender in connection with the collection and enforcement of the Loan Documents. Expenses being reimbursed by the Borrower under this Section include, without limitation, costs and expenses incurred in connection with the Reports described in the
following sentence. The Borrower acknowledges that from time to time Administrative Agent may prepare and may distribute to the Lenders (but shall have no obligation or duty to prepare or to distribute to the Lenders) certain audit reports (the
“Reports”) pertaining to the Borrower’s assets for internal use by Administrative Agent from information furnished to it by or on behalf of the Borrower, after Administrative Agent has exercised its rights of inspection pursuant to
this Agreement. Notwithstanding the foregoing, the obligation to reimburse the Administrative Agent, the Arranger, the LC Issuer or any Lender in connection with the matters described above shall be limited to one primary counsel, and one additional
local counsel in each applicable jurisdiction, for the Administrative Agent, one additional counsel for all the Lenders other than the Administrative Agent and additional counsel in light of actual or potential conflicts of interest or the
availability of different claims or defenses for the Administrative Agent, the Arranger, the LC Issuer or any Lender. 

  
 54 

 (ii) The Borrower hereby further agrees to indemnify the Administrative Agent, the Arranger,
the LC Issuer and each Lender, their respective affiliates, and each of their directors, officers and employees against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all expenses of
litigation or preparation therefor whether or not the Administrative Agent, the Arranger, the LC Issuer or any Lender or any affiliate is a party thereto) which any of them may pay or incur arising out of or relating to this Agreement, the other
Loan Documents, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Credit Extension hereunder except to the extent that they are determined in a final non-appealable judgment by
a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification. The obligations of the Borrower under this Section 9.6 shall survive the termination of this Agreement.

 9.7. Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to
the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders. 

9.8. Accounting; Pro Forma Calculations. (i) Except as otherwise expressly provided herein, all accounting terms used herein
shall be interpreted, and all financial statements and certificates and reports as to financial matters required to be delivered to the Lenders hereunder shall (unless otherwise disclosed to the Lenders in writing at the time of delivery thereof in
the manner described in subsection (ii) below) be prepared, in accordance with Agreement Accounting Principles (subject, in the case of financial statements which are not fiscal year end statements, to the absence of footnotes and year-end
audit adjustments); provided that, if the Borrower notifies the Administrative Agent that it wishes to amend any covenant in Article VI to eliminate the effect of any change in Agreement Accounting Principles or in the manner in which they
are applied since those in effect as of the date of, and applied by the Borrower in, the financial statements referred to in Section 5.4 (or if the Administrative Agent notifies the Borrower that the Administrative Agent or the Required Lenders
wish to amend Article VI for such purpose), then the Borrower’s compliance with such covenants shall be determined on the basis of Agreement Accounting Principles in effect immediately before the relevant change in Agreement Accounting
Principles or its application became effective until either such notice is withdrawn or such covenant or any such defined term is amended in a manner satisfactory to the Borrower and the Required Lenders. 

(ii) Notwithstanding anything herein, in any financial statements of the Borrower or in Agreement Accounting Principles to the contrary,
for purposes of calculating and determining the Leverage Ratio (both for purposes of determining compliance with Section 6.17.2 and determining the Applicable Margin), including defined terms used therein, any Acquisition or Material Asset Sale
made by the Borrower or any of its Subsidiaries, including through mergers or consolidations and including any related financing transactions, during the period for which the Leverage Ratio was calculated shall be deemed to have occurred on the
first day of the relevant period for which Leverage Ratio was calculated on a pro forma basis reasonably acceptable to the Administrative Agent. 

  
 55 

 (iii) Notwithstanding any other provision contained herein, all terms of an accounting or
financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or
any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of Holdings, the Borrower or any Subsidiary at “fair value”, as defined therein. 

(iv) The Borrower shall deliver to the Lenders at the same time as the delivery of any financial statement under Section 6.1(i) or
(ii): (x) a description in reasonable detail of any material variation between the application or other modification of accounting principles employed in the preparation of such statement and the application or other modification of accounting
principles employed in the preparation of the immediately prior annual or quarterly financial statements and (y) reasonable estimates of the difference between such statements arising as a consequence thereof. 

9.9. Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in
any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and
to this end the provisions of all Loan Documents are declared to be severable. 
 9.10. Nonliability of Lenders. The
relationship between the Borrower on the one hand and the Lenders, the LC Issuer and the Administrative Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent, the Arranger nor any Lender shall have any
fiduciary responsibilities to the Borrower. Neither the Administrative Agent, the Arranger, the LC Issuer nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the
Borrower’s business or operations. The Borrower agrees that neither the Administrative Agent, the Arranger, the LC Issuer nor any Lender shall have liability to the Borrower (whether sounding in tort, contract or otherwise) for losses suffered
by the Borrower in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is
determined in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Administrative Agent, the Arranger,
the LC Issuer nor any Lender shall have any liability with respect to, and the Borrower hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by the Borrower in connection with, arising
out of, or in any way related to the Loan Documents or the transactions contemplated thereby. 
 9.11. Confidentiality.
(a) Each of the Administrative Agent, the LC Issuer and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors,
officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and will be subject to
customary confidentiality obligations of professional practice or agree to be found by the terms of this Section (or language substantially similar to this Section) with the disclosing party responsible for such Person’s compliance with this
Section, (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) becomes available to the Administrative Agent, the LC Issuer or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received
from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, the LC Issuer or any Lender on a nonconfidential basis prior to disclosure by the Borrower. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 

  
 56 

 (b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.11(a) FURNISHED TO
IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL
NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

(c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO,
OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS SUBSIDIARIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO
THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND
APPLICABLE LAW. 
 9.12. Nonreliance. Each Lender hereby represents that it is not relying on or looking to any
Margin Stock for the repayment of the Credit Extensions provided for herein. 
 9.13. Disclosure. The Borrower and each
Lender hereby acknowledge and agree that JPMCB and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with the Borrower and its Affiliates. 

9.14. USA PATRIOT Act. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the
name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 

  
 57 

 ARTICLE X 
 THE ADMINISTRATIVE AGENT 
 Each of the Lenders and the LC Issuer
hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf, and on behalf of the Lenders, including execution of the other Loan Documents, and to exercise such powers
as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. 
 The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent
hereunder. 
 The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan
Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative
Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing
as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 8.2), and (c) except as expressly set forth in the Loan Documents, the
Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary under the circumstances as provided in Section 8.2) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and
until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or
priority of Liens on the Collateral or the existence of the Collateral or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent or its counsel. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon
any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for 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. 

  
 58 

 The Administrative Agent may perform any and all its duties and exercise its rights and
powers 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 its duties and exercise its rights and powers through their respective Related Parties.
The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent may from time to time change any such designations and add any Affiliates of the Administrative Agent as parties hereto for purposes
of being performing the duties to be performed by the Administrative Agent hereunder. 
 Subject to the appointment and
acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the LC Issuer and the Borrower. Upon any such resignation, the Required Lenders shall have the
right (with the consent of the Borrower unless a Default has occurred and is continuing (any such consent of the Borrower not to be unreasonably withheld or delayed)), to appoint a successor. If no 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 LC Issuer,
appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall
succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. 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 such Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this
Article and Section 9.6 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was
acting as Administrative Agent. 
 Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent, the Arranger or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent, the Arranger or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement, any Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 None of the Lenders identified in this Agreement as a Syndication Agent or a Documentation Agent, shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than
those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant
Lenders in their respective capacities as a Syndication Agent or a Documentation Agent, as applicable, as it makes with respect to the Administrative Agent in the preceding paragraphs. 

Except with respect to the exercise of setoff rights of any Lender, including the LC Issuer, in accordance with the Agreement, the
proceeds of which are applied in accordance with this Agreement and the other Loan Documents, and subject to the agreements in the second succeeding paragraph, each Lender agrees that it will not take any action, nor institute any actions or
proceedings, against the Borrower or other Loan Party with respect to any Loan Document without the prior written consent of the Required Lenders or, as may be provided in this Agreement or the other Loan Documents, with the consent of the
Administrative Agent. 

  
 59 

 The Lenders, including the LC Issuer, are not partners or co-venturers, and no Lender shall
be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender. The Administrative Agent shall have the exclusive right on behalf of the Lenders to
enforce the payment of the principal of and interest on any Loan or any Facility LC after the date such principal or interest has become due and payable pursuant to the terms of this Agreement. 

The acknowledgments and agreements of any Lender in this Article X shall be deemed to be made by such Lender on behalf of itself and its
Affiliates. For purposes of such acknowledgements and agreements, the term “Lender” shall include the LC Issuer and the Swing Line Lender. 
 ARTICLE XI 
 SETOFF; RATABLE PAYMENTS 

11.1. Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if the Borrower becomes
insolvent, however evidenced, or any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time held or owing by any Lender or
any Affiliate of any Lender to or for the credit or account of the Borrower may be offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due. 

11.2. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Outstanding Credit Exposure
(other than payments received pursuant to Section 3.2, 3.3 or 3.4) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Aggregate Outstanding Credit Exposure held
by the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Outstanding Credit Exposure. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise,
receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral
ratably in proportion to their respective Pro Rata Shares of the Aggregate Outstanding Credit Exposure. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 

ARTICLE XII 

SUCCESSORS AND ASSIGNS  
 12.1. Successors and Assigns (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby (including any Affiliate of the LC Issuer that issues any Facility LC), except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any
attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 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 (including any Affiliate of the LC Issuer that issues any Facility LC),
Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the LC Issuer and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement. 

  
 60 

 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any
Lender may assign to one or more assignees (other than an Ineligible Assignee) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld) of: 
 (A) the Borrower, provided that no
consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if a Default has occurred and is continuing, any other assignee; provided, further, that, the Borrower shall be
deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; 

(B) the Administrative Agent; and 

(C) the LC Issuer. 
 As used herein, “Ineligible Assignee” means a (a) Defaulting Lender, (b) natural person or (c) company, investment vehicle or trust for, or owned and operated for the
primary benefit of, a natural person or relative(s) thereof; provided that, such company, investment vehicle or trust shall not constitute an Ineligible Assignee if it (x) has not been established for the primary purpose of acquiring any Loans
or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than
$25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business; provided that upon the occurrence of a Default, any Person (other than a
Lender) shall be an Ineligible Assignees if after giving effect any proposed assignment to such Person, such Person would hold more than 25% of the then outstanding Aggregate Outstanding Credit Exposure or Commitments, as the case may be.

 (ii) Assignments shall be subject to the following additional conditions: 

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

  
 61 

 (D) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire in which the assignee designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and their related
parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws; and 

(E) unless a Default exists, the assignee may not be a Competitor. 

For the purposes of this Section 12.1(b), the term “Approved Fund” has the following meaning: 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans
and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv)
of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.2, 3.3, 3.4 and
10.7). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.1 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting
for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and
principal amount of the Loans and Reimbursement Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative
Agent, the LC Issuer and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower, the LC Issuer and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall
already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall
accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to this
Agreement, the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest
thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

 

  
 62 

 (c) Any Lender may, without the consent of the Borrower, the Administrative Agent, the LC
Issuer or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of
its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations; (C) the Borrower, the Administrative Agent, the LC Issuer and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement;
and (D) unless a Default exists under Section 7.2, 7.6 or 7.7, the Participant may not be a Competitor. 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 described in clauses (a)—(e) the first proviso to Section 8.2.1 that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.2,
..3.3 and 3.4 (subject to the requirements and limitations therein, including the requirements under Section 3.4(f) (it being understood that the documentation required under Section 3.4(f) shall be delivered to the participating Lender))
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and
2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 3.2 or 3.4, with respect to any participation, than its participating Lender would have been
entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this
purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this
Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information
relating to a Participant’s interest in any Commitments, Loans, Facility LCs or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Facility LC or other
obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge
or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a
Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
 63 

 ARTICLE XIII 
 NOTICES 
 13.1. Notices. Notices. (a) Except in the
case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (i) if to the
Borrower, to it at 37 West Broad Street, Suite 500, Columbus, Ohio 43215, Attention: Treasurer (Telecopy No. (614) 469-8219); 
 (ii) if to the Administrative Agent, LC Issuer or Swing Line Lender, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 South Dearborn., 7th Floor, Chicago, Illinois 60603-2003, Attention:
Leonida Mischke; (Telecopy No. (888) 292-9533; e-mail: jpm.agency.servicing.4@jpmchase.com); 
 (iii) if to
any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire; and 

(iv) for financial information posted to the Borrower’s website: www.lancastercolony.com/for-investors. 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. 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. 
 (c) Any party hereto may change its address or telecopy number for notices and other communications hereunder
by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

ARTICLE XIV 

COUNTERPARTS 
 14.1 Counterparts; 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. Except as provided in Article IV, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of the parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
 64 

 14.2 Electronic Execution of Assignments. The words “execution,”
“signed,” “signature,” and words of like import in any assignment and assumption agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, or any other state laws based on the Uniform Electronic Transactions Act. 
 ARTICLE XV

 CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 

15.1. CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF OHIO. 
 15.2. CONSENT TO JURISDICTION. THE
BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR OHIO STATE COURT SITTING IN COLUMBUS, OHIO IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT
IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT, THE LC ISSUER OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY
JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT, THE LC ISSUER OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT, THE LC ISSUER OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF,
RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN COLUMBUS, OHIO. 
 15.3. WAIVER OF
JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT, THE LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY
ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER. 

  
 65 

 IN WITNESS WHEREOF, the Borrower, the Lenders, the LC Issuer and the Administrative Agent
have executed this Agreement as of the date first above written. 
  

			
	LANCASTER COLONY CORPORATION
		
	By:	 	 /s/ John L. Boylan

	Title: Treasurer

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent, LC Issuer and as a Lender
		
	By:	 	 /s/ Brendan Korb

	Title: Vice President

 
			
	THE HUNTINGTON NATIONAL BANK, as Syndication Agent and as a Lender
		
	By:	 	 /s/ Amanda M Sigg

	Title: Vice President

 
			
	FIFTH THIRD BANK
		
	By:	 	 /s/ Megan S. Szewc

	Title: Vice President

 
			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Thomas E. Redmond

	Title: Senior Vice President

 
			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ James Pegues

	Title: Vice President

 COMMITMENT SCHEDULE 

 

							
	 Lender
	  	Title	  	Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	Administrative Agent	  	$	35,000,000.00	  
	 The Huntington National Bank
	  	Syndication Agent	  	$	30,000,000.00	  
	 Fifth Third Bank
	  		  	$	20,000,000.00	  
	 PNC Bank, National Association
	  		  	$	20,000,000.00	  
	 U.S. Bank National Association
	  		  	$	15,000,000.00	  
		  		  	  
	  
	 
		  	Total:	  	$	120,000,000	  
		  		  	  
	  
	 

  
 1 

 PRICING SCHEDULE 

 

																									
	 APPLICABLE MARGIN
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 	 	LEVEL VI
STATUS	 
	 Eurodollar Rate and Facility LC Applicable Margin
	  	 	0.825	% 	 	 	0.925	% 	 	 	1.025	% 	 	 	1.250	% 	 	 	1.475	% 	 	 	1.700	% 
	 Floating Rate Applicable Margin
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.025	% 	 	 	0.250	% 	 	 	0.475	% 	 	 	0.700	% 
	 Facility Fee Applicable Margin
	  	 	0.175	% 	 	 	0.200	% 	 	 	0.225	% 	 	 	0.250	% 	 	 	0.275	% 	 	 	0.300	% 

 Until adjusted for first time based on the Leverage Ratio as of the end of the first full fiscal quarter ending after the
Effective Date, the Applicable Margin and Applicable Fee Rate will be set at Level I. Thereafter, the Applicable Margin and the Applicable Fee Rate will vary with the Borrower’s Leverage Ratio as set forth above. 

For the purposes of this Schedule, the following terms have the following meanings, subject to the final paragraph of this Schedule:

 “Financials” means the annual or quarterly financial statements of the Borrower delivered pursuant to
Section 6.1(i) or (ii). 
 “Level I Status” exists at any date if, as of the last day of the fiscal quarter of
the Borrower referred to in the most recent Financials, the Leverage Ratio is less than 0.50 to 1.00. 
 “Level II
Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I Status and (ii) the Leverage Ratio is less than 1.00 to
1.00. 
 “Level III Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred
to in the most recent Financials, (i) the Borrower has not qualified for Level I Status or Level II Status and (ii) the Leverage Ratio is less than 1.50 to 1.00. 
 “Level IV Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I
Status, Level II Status or Level III Status and (ii) the Leverage Ratio is less than 2.00 to 1.00. 
 “Level V
Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I Status, Level II Status, Level III Status or Level IV Status
and (ii) the Leverage Ratio is less than 2.50 to 1.00. 
 “Level VI Status” exists at any date if the Borrower
has not qualified for Level I Status, Level II Status, Level III Status, Level IV Status or Level V Status. 

“Status” means either Level I Status, Level II Status, Level III Status, Level IV Status, Level V Status or Level VI Status.

  
 1 

 The Applicable Margin and Applicable Fee Rate shall be determined in accordance with the
foregoing table based on the Borrower’s Status as reflected in the then most recent Financials. Adjustments, if any, to the Applicable Margin or Applicable Fee Rate shall be effective 50 days after the end of each of the first three fiscal
quarters of each fiscal year and 95 days after the end of each fiscal year of the Borrower. If the Borrower fails to deliver the Financials to the Administrative Agent at the time required pursuant to Section 6.1 or any Default has occurred and
is continuing, then the Applicable Margin and Applicable Fee Rate shall be set at Level VI Status (for the avoidance of doubt, any such setting of the Applicable Margin and Applicable Fee Rate at Level VI Status is in addition to any actions under
Section 2.12 of the Credit Agreement). 

  
 2 

 EXHIBIT A 
 ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (the
“Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee]
(the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of
which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein
in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee
hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in such facilities) and (ii) to the
extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit
Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred
to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the
Assignor. 
  

							
	 1.
	  	Assignor:	  	      
	  	
				
	 2.
	  	Assignee:	  	      
	  	
		  		  	[and is an Affiliate/Approved Fund of [identify Lender]]
				
	 3.
	  	Borrower(s):	  	      
	  	
			
	 4.
	  	Administrative Agent:	  	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
			
	 5.
	  	Credit Agreement:	  	Credit Agreement dated as of April 18, 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Lancaster Colony
Corporation, an Ohio corporation, the Lenders parties thereto and JPMorgan Chase Bank, N.A., a national banking association, as LC Issuer and as Administrative Agent.

  
 1 

	6.	Assigned Interest: 

  

													
	 Facility Assigned
	  	Aggregate Amount of
Commitment/Loans
for all Lenders	 	  	Amount of
Commitment/Loans
Assigned	 	  	Percentage Assigned
of Commitment/Loans	 
		  	$	 	  	  	$	 	  	  	 	%	  
		  	$	 	  	  	$	 	  	  	 	%	  
		  	$	 	  	  	$	 	  	  	 	%	  

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

The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more Credit
Contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower[, the Loan Parties] and [its] [their] Related Parties or their respective securities) will be made available and who may receive
such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

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

 

					
	 ASSIGNOR
 [NAME OF
ASSIGNOR]

		
	By:	 	 
		 	Title:	 	 

  

					
	 ASSIGNEE
 [NAME OF
ASSIGNEE]

		
	By:	 	 
		 	Title:	 	 

  
 2 

 Consented to and Accepted: 
  

					
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	 
		 	Title:	 	 

  

					
	 [Consented to:]
  

[NAME OF RELEVANT PARTY]

		
	By:	 	 
		 	Title:	 	 

  
 3 

 Annex 1 
 LANCASTER COLONY CORPORATION 
 STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties. 
 1.1 Assignor. The Assignor
(a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties
or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder,
(iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates
or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee. The Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, (v) if it is a
Non-U.S. Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee, and (vi) it is not a Competitor as
defined in the Credit Agreement; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at
the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to
be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have
accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of Ohio. 

  
 4 

 EXHIBIT B 
 NOTE 

[Date]                     

                    , a
                     (the “Borrower”), promises to pay to the order of
                     (the “Lender”) the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to
Article II of the Agreement (as hereinafter defined), in immediately available funds at the main office of JPMorgan Chase Bank, N.A. in Chicago, Illinois, as Administrative Agent, together with interest on the unpaid principal amount hereof at the
rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Loans in full on the Facility Termination Date. 

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its
usual practice, the date and amount of each Loan and the date and amount of each principal payment hereunder. 
 This Note is
one of the Notes issued pursuant to, and is entitled to the benefits of, the Credit Agreement dated as of April 18, 2012 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”),
among the Borrower, the lenders party thereto, including the Lender, the LC Issuer and JPMorgan Chase Bank, N.A., as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note,
including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. This Note is guaranteed pursuant to the Guaranty, all as more specifically described in the Agreement, and reference is made thereto for a
statement of the terms and provisions thereof. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 

 

					
	 
		
	By:	 	 
	Print Name:	 	 
	Title:	 	 

  
 1 

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 NOTE OF
                    , 

DATED                     ,

  

									
	 Date
	  	Principal
Amount of
Loan	  	Maturity
of Interest
Period	  	Principal
Amount
Paid	  	Unpaid
Balance

  
 2 

 EXHIBIT C 
 FORM OF 
 COMMITMENT AND ACCEPTANCE 

Dated:              
 Reference is made to the Credit Agreement dated as of April 18, 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Lancaster Colony
Corporation, an Ohio corporation, the Lenders parties thereto and JPMorgan Chase Bank, N.A., a national banking association, as LC Issuer and as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meaning.

 Pursuant to Section 2.24 of the Credit Agreement, the Borrower has requested[an [additional] tranche of Incremental Term Loans in the
amount of $            ] [and] [an increase in the Aggregate Revolving Commitment from $             to
$            ] . Such [ tranche of Incremental Term Loans] [and] [increase in the Aggregate Revolving Commitment] is to become effective on the date (the “Commitment Effective
Date”) which is the later of (i)              and (ii) the date on which the conditions precedent set forth in Section 2.24 in respect of such increase have been
satisfied. In connection with such requested [tranche of Incremental Term Loans] [and] [increase in the Aggregate Revolving Commitment], the Borrower, the Administrative Agent and
                     (the “Accepting Lender”) hereby agree as follows: 

1. Effective as of the Commitment Effective Date, [the Accepting Lender shall become a party to the Credit Agreement as a Lender and
shall have all of the rights and obligations of a Lender thereunder and shall thereupon have a [Incremental Term Loan] [and] [Revolving] Commitment under and for purposes of the Credit Agreement in an amount equal to the] [the [Incremental Term
Loan] [and] [Revolving] Commitment of the Accepting Lender under the Credit Agreement shall be increased from $             to the ] amount set forth opposite the Accepting
Lender’s name on the signature page hereof. 
 [2. The Accepting Lender hereby (i) confirms that it has received a
copy of the Credit Agreement, together with copies of the financial statements and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Commitment and Acceptance Agreement;
(ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as contractual representative on its behalf and to exercise such powers under the Credit Agreement as are
delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the
Credit Agreement are required to be performed by it as a Lender.] 
 3. The Borrower hereby represents and warrants that as of
the date hereof and as of the Commitment Effective Date, (a) all representations and warranties shall be true and correct in all material respects as though made on such date, other than representations given as of a particular date, in which
case they shall be true and correct as of that date and (b) no event shall have occurred and then be continuing which constitutes a Default or an Unmatured Default. 
 4. THIS COMMITMENT AND ACCEPTANCE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF OHIO. 

  
 1 

 5. This Commitment and Acceptance Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Commitment and Acceptance Agreement by telecopy or electronic
imaging shall be effective as delivery of a manually executed counterpart of this Commitment and Acceptance Agreement. 
 IN
WITNESS WHEREOF, the parties hereto have caused this Commitment and Acceptance Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written. 

 

									
		 		 	LANCASTER COLONY CORPORATION
				
		 		 	By:	 	 
		 		 	Print Name:	 	 
		 		 	Title:	 	 

  

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

				
		 		 	By:	 	 
		 		 	Print Name:	 	 
		 		 	Title:	 	 
			
	 [Incremental Term Loan][Revolving
 Commitment] $            
	 		 	[ACCEPTING LENDER]
				
		 		 	By:	 	 
		 		 	Print Name:	 	 
		 		 	Title:	 	 

  
 2 

 EXHIBIT D-1 
 [FORM OF] 
 U.S. TAX CERTIFICATE 

(For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of April 18, 2012 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”) among Lancaster Colony Corporation, an Ohio corporation, the Lenders and JPMorgan Chase Bank, N.A., a national banking association, as LC Issuer and as Administrative Agent. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it
is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code and
(v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
 [NAME OF LENDER] 
  

					
	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 
		
	Date:	 	 

  
 1 

 EXHIBIT D-2 
 [FORM OF] 
 U.S. TAX CERTIFICATE 

(For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of April 18, 2012 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”) among Lancaster Colony Corporation, an Ohio corporation, the Lenders and JPMorgan Chase Bank, N.A., a national banking association, as LC Issuer and as Administrative Agent. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such
Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of
its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its
partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished the Administrative Agent and the
Borrower with IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

[NAME OF LENDER] 
  

					
	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 
		
	Date:	 	 

  
 1 

 EXHIBIT D-3 
 [FORM OF] 
 U.S. TAX CERTIFICATE 

(For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of April 18, 2012 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”) among Lancaster Colony Corporation, an Ohio corporation, the Lenders and JPMorgan Chase Bank, N.A., a national banking association, as LC Issuer and as Administrative Agent. 

Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question
are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has furnished
its participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly
so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF LENDER] 

 

					
	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 
		
	Date:	 	 

  
 1 

 EXHIBIT D-4 
 [FORM OF] 
 U.S. TAX CERTIFICATE 

(For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of April 18, 2012 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”) among Lancaster Colony Corporation, an Ohio corporation, the Lenders and JPMorgan Chase Bank, N.A., a national banking association, as LC Issuer and as Administrative Agent. Pursuant to the provisions
of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its partners/members are the sole
beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or
business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its
partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished its participating Lender with IRS
Form W-8IMY accompanied by an IRS Form W-8BEN from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF PARTICIPANT]

  

					
	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 
		
	Date:	 	 

  
 1 

 EXHIBIT E 
 FORM OF OPINION 
 April [    ], 2012 

JPMorgan Chase Bank, N.A., 
 as Administrative
Agent and LC Issuer 
  

			
	      
	  	
		
	      
	  	

 And the Lenders party to the Credit Agreement referred to below 

 

	Re:	Credit Agreement 

 Ladies and Gentlemen:

 I have acted as counsel to (i) Lancaster Colony Corporation, an Ohio corporation (the “Company” or
“Borrower”), (ii) T. Marzetti Company, an Ohio corporation (“Marzetti”), (iii) New York Frozen Foods, Inc., an Ohio corporation (“Frozen”), (iv) The Quality Bakery Company, Inc., an
Ohio corporation (“Quality;” Marzetti, Frozen and Quality each, an “Ohio Guarantor” and collectively, the “Ohio Guarantors”), (v) Marzetti Frozen Pasta, Inc., an Iowa corporation (the
“Iowa Guarantor”), and (vi) Sister Schubert’s Homemade Rolls, Inc., an Alabama corporation (“Alabama Guarantor” and together with the Ohio Guarantors and the Iowa Guarantor, the
“Guarantors” and each, a “Guarantor”) in connection with the Credit Agreement as of even date herewith (the “Credit Agreement”) among Borrower, JPMorgan Chase Bank, N.A., a national banking
association (“JPMCB”), and the other lenders party thereto as lenders (the “Lenders”), and JPMCB in its separate capacities as LC Issuer and as Administrative Agent (the “Agent”). 

This opinion is provided to you at the request of the Lenders pursuant to Section 4.01(v) of the Credit Agreement. Unless otherwise
defined in this opinion letter, capitalized terms in this letter have the meanings given to those terms in the Credit Agreement. 
 In connection with my opinions expressed below, I have reviewed the following documents (collectively, the “Loan Documents”) to which one or more of Borrower and the Guarantors is a
party, each dated as of even date herewith unless otherwise noted: 
  

	 	(i)	Credit Agreement; 

  

	 	(ii)	the Notes, if any, executed by Borrower, as described in Schedule 1 hereto; and 

 

	 	(iii)	each Guaranty executed by the Guarantors. 

 In connection with my opinions expressed in Paragraph 1 and 2 below, I have reviewed a copy of (i) the articles of incorporation or certificate of incorporation, as applicable, of Borrower and each
Guarantor, each certified by the Ohio Secretary of State, Iowa Secretary of State or Alabama Secretary of State, as applicable, as of a recent date, and (ii) the code of regulations or bylaws, as applicable, of Borrower and each Guarantor,
provided to me by Borrower and each Guarantor, the foregoing items described in clauses (i) and (ii), being the “Organizational Documents”), (iii) resolutions of Borrower and each Guarantor, each as to the transactions
contemplated by the Loan Documents, (iv) incumbency certificates as to Borrower and each Guarantor, as to the incumbency of certain officers thereof, and (v) the good standing certificates of Borrower and each Guarantor issued by the Ohio
Secretary of State, Iowa Secretary of State, or Alabama Secretary of State, as applicable, as of a recent date. 

  
 1 

 As to matters of fact pertinent to my opinions expressed below, I have relied without
independent investigation upon the factual representations and warranties of Borrower and the Guarantors contained in the Loan Documents and the related Schedules attached thereto, upon factual information provided to me by Borrower or the
Guarantors, as applicable, and upon those facts that I have assumed below to be true. As used in this opinion, “my knowledge,” “known to me” or words of similar import means my actual knowledge, without investigation or inquiry
other than as set forth in this opinion. Without limiting the generality of the foregoing, please be advised that in connection with my opinion set forth in Paragraph 6, I have not conducted searches of the dockets of any jurisdiction to determine
the existence of any actions or proceedings, and no such search should be inferred. 
 In connection with my opinions, I have
assumed: 
  

	 	a.	All natural person executing documents have sufficient capacity to do so; 

  

	 	b.	Other than with respect to Borrower and the Guarantors, in each case below, each of the Loan Documents has been duly authorized, executed and delivered on behalf of
each of the parties thereto, is the valid and binding obligation of each such party, and is enforceable against each such party in accordance with its terms; 

 

	 	c.	That all original documents reviewed by me are accurate and complete and that all documents reviewed by me as copies conform in all respects to authentic original
documents and that there has been no change to any of the Loan Documents; 

  

	 	d.	All books and records of Borrower and the Guarantors that I have reviewed are accurate and complete; 

 

	 	e.	That all signatures other than the signature of Borrower and the Guarantors are genuine; 

 

	 	f.	That all parties other than Borrower and the Guarantors have, and at all material times have had, full power and authority to execute, deliver and perform each of the
Loan Documents to which they are parties; 

  

	 	g.	That execution and delivery of the Loan Documents by all parties thereto other than Borrower and the Guarantors do not violate provisions of statutory law applicable to
such parties; 

  

	 	h.	That there has not been any mutual mistake of fact or misunderstanding, or any fraud, duress, or undue influence; 

 

	 	i.	That all parties have complied with any requirements of good faith, fair dealing or conscionability; 

 

	 	j.	That there are no agreements or understandings among the parties other than the Loan Documents, and no prior course of dealing or usage of trade that would define,
supplement or qualify the Loan Documents; 

  
 2 

	 	k.	The Organizational Documents and the good standing and full force and effect certificates of Borrower and the Guarantors have not changed since the dates of the
documents and certificates that I have reviewed, and each Organizational Document and such good standing or full force and effect certificate remains in effect as of the date of this opinion; and 

 

	 	l.	Each of the Credit Parties has acted and will continue to act in good faith and in a commercially reasonable manner in the exercise of any remedies with respect to the
Loan Documents. 

 As to all matters of fact material to my opinions, I have relied on the foregoing assumptions,
upon the representations and warranties of each of Borrower and the Guarantors contained in the Loan Documents, and upon factual information that I have assumed below to be true. I make no representation, and express no opinion, as to the factual
accuracy of the representations and warranties of the parties contained in the Loan Documents and no such representation or opinion should be inferred. 
 Based upon the foregoing, and subject to the qualifications, exceptions and limitations set forth below, I am of the opinion that: 
 1. Borrower is a corporation, existing and in good standing under the laws of the state of Ohio. Each Ohio Guarantor is a corporation, existing and in good standing under the laws of the state of Ohio.
The Iowa Guarantor is a corporation, existing and in good standing under the laws of the state of Iowa. The Alabama Guarantor is a corporation, existing and in good standing under the laws of the state of Alabama. Borrower and each Guarantor has the
power and authority under its Organizational Documents and applicable law to conduct its business as presently conducted, to execute and deliver the Loan Documents to which it is a party, and to perform its agreements in the Loan Documents to which
it is a party. 
 2. Execution and delivery of the applicable Loan Documents by Borrower and each Guarantor, as applicable, have
been duly authorized by all necessary corporate action, and each of the Loan Documents has been duly executed and delivered by Borrower and each Guarantor, as applicable. 
 3. Each of the Loan Documents is the legal, valid and binding obligation of the applicable Borrower or the Guarantor party thereto, and is enforceable against each such Borrower and Guarantor in
accordance with its terms, except as limited or qualified by the comments, limitations and qualifications set forth herein. 

4. Execution and delivery by Borrower and each of the Guarantors of the Loan Documents to which it is a party, and the performance by
Borrower and each of the Guarantors of its obligations contained in the Loan Documents to which it is a party do not: (a) as to Borrower and each Guarantor, violate its respective Organizational Documents, (b) breach or otherwise violate
any court order known to me naming such Borrower or Guarantor, (c) violate any applicable provisions of statutory law or published regulations of governmental authority that in my experience normally is applicable to general business
corporations or other entities in connection with loans of the type contemplated by the Loan Documents, (d) violate any agreement of such Borrower or Guarantors for indebtedness for borrowed money in excess of the original principal amount of
U.S.$15,000,000 (“Material Indebtedness”), or (e) pursuant to the Organizational Documents or any agreement for Material Indebtedness, result in, or require the creation of, a lien in favor of any person against Borrower or a
Guarantor. 
 5. No consents or approvals of, and no filings (other than the filing of the Credit Agreement after the Effective
Date with the SEC on Form 8-K) or registrations with, any governmental authority on the part of any Borrower or Guarantor are necessary in connection with the execution and delivery by any such Borrower or Guarantor of the Loan Documents to which it
is a party or the performance by any such Borrower or Guarantor of its respective obligations under such Loan Documents. 

  
 3 

 6. I hereby confirm to you that to my knowledge, other than as identified on Schedule
2 hereto there is no action or proceeding against any Borrower or Guarantor, pending or overtly threatened in writing, before any court, governmental agency or arbitrator that: (a) seeks to affect the enforceability of any Loan Document, or
(b) seeks monetary compensatory damages in excess of $15,000,000, plus costs, expenses and fees that are not covered by insurance; provided that I express no opinion as to the amount at issue in such matters. 

My opinions expressed herein are subject to the following qualifications, limitations and comments: 

A. The enforceability of the obligations of Borrower and the Guarantors under the applicable Loan Documents may be limited or affected by
bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other statutes or rules of law affecting creditors’ rights generally. 
 B. The enforceability of the obligations of Borrower and the Guarantors under the applicable Loan Documents is subject to general principles of equity (whether enforceability is considered in a proceeding
at law or in equity). I express no opinion as to the availability of equitable relief, including, without limitation, specific performance or injunctive relief. 
 C. Certain rights, remedies and waivers contained in the Loan Documents may be unenforceable in whole or in part. Without limiting the generality of the foregoing, I express no opinion as to the
enforceability of provisions (i) purporting to waive constitutional or statutory rights; (ii) providing for indemnification by Borrower or the Guarantors of any party for losses arising from that party’s negligence or willful
misconduct; (iii) providing for waiver of service of process or designation of a particular manner of service of process; or (iv) waivers of notice. The inclusion of such rights and remedies, however, does not invalidate the Loan Documents
as a whole, and although I do not know the significance the Agent or the Lenders attach to any particular right or remedy contained in any Loan Document, in my judgment the Loan Documents contain sufficient rights and remedies for the practical
realization of the benefits purported to be provided thereby, subject to the qualifications stated elsewhere in this opinion. 

D. I express no opinion as to any matter that would require a financial, mathematical or accounting calculation or determination.

 E. Various acts may be required in connection with the enforcement of remedies contained in the Loan Documents. My opinion
does not extend to any such acts. 
 F. I express no opinion as to title or perfection with respect to any real or personal
property. 
 G. I express no opinion as to the enforceability of any provision of any Loan Document which purports to limit the
ability of a court to decide the extent to which any portion of such Loan Document determined to be invalid may be severed from such Loan Document. 
 H. I express no opinion as to the enforceability of any provision of any Loan Document providing for the indemnification, release or exculpation of any party insofar as such provisions may require
indemnification, release or exculpation for matters that violate statutory duties or public policy, including in relation to the offer, issue or sale or distribution of securities or criminal violations. 

  
 4 

 I. I express no opinion as to any provision in any Loan Document that seeks to preserve the
solvency of any guarantor, pledgor or grantor by purporting to limit the amount of the liability of, and/or provide rights of contribution in favor of, such guarantor, pledgor or grantor. 

J. The opinion expressed in Clause 1 hereof as to the good standing of Borrower and each Guarantor is (i) given solely on the basis
of the certificates of good standing issued by the Governmental Authorities identified on Exhibit 1 hereto, and speaks only as to the date of such certificate and not as of the date hereof and (ii) is limited to the meaning ascribed to
such certificates by such Governmental Authorities and applicable law. 
 K. My opinions expressed above are limited to
(i) the law of the State of Ohio, (ii) the statutes of the State of Iowa comprising the general corporation law as contained in standard statutory compilations, (iii) the statutes of the State of Alabama comprising the general
corporation law as contained in standard statutory compilations, (iv) the federal laws of the United States of America, each in effect on the date hereof, and, (v) specifically, to the presently-existing statutes of Ohio and the reported
decisions of the Ohio and the federal courts. I express no opinion as to the law of any other jurisdiction. To the extent that any agreement that I have reviewed is by its terms governed by the internal law of a jurisdiction other than the state of
Ohio, or does not state by which law it is governed, I have assumed that the internal law of the state of Ohio would nevertheless apply. I express no opinion as to any local laws or ordinances. I express no opinion as to any environmental laws or
state or federal securities laws. I undertake no obligation to advise you of any facts that come to our attention after the date hereof, or any change in fact or in applicable law, or to supplement this opinion in any respect. 

My opinions expressed above may be relied upon by the Agent and the Lenders and by their respective successors and assigns permitted
under the Credit Agreement, in each case only in connection with the transaction contemplated by the Loan Documents. It may not be relied upon for any other purpose and may not be relied upon by any other person for any purpose whatsoever, without
our prior written consent. 
 Very truly yours, 

			
		
	By:	 	 
		
	Its:	 	 

  
 5 

 Schedule 1 

  
 6 

 Schedule 2 
 List of Litigation and Proceedings involving [$        ,         ,         ] or for
undetermined amounts. 

  
 7 

 Exhibit 1 
 [Copies of the Good Standing Certificates] 

  
 8 

 EXHIBIT F 
 LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION 
 To JPMorgan Chase Bank, N.A., 

as Administrative Agent (the “Administrative Agent”) under the Credit Agreement 
 Described Below. 
  

	Re:	Credit Agreement, dated April 18, 2012 (as the same may be amended or modified, the “Credit Agreement”), among Lancaster Colony Corporation(the
“Borrower”), the Lenders party thereto, the LC Issuer and the Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement. 

The Administrative Agent is specifically authorized and directed to act upon the following standing money transfer instructions with
respect to the proceeds of Advances or other extensions of credit from time to time until receipt by the Administrative Agent of a specific written revocation of such instructions by the Borrower, provided, however, that the Administrative
Agent may otherwise transfer funds as hereafter directed in writing by the Borrower in accordance with Section 13.1 of the Credit Agreement or based on any telephonic notice made in accordance with Section 2.15 of the Credit Agreement.

  

			
	Facility Identification Number(s)	  	 
		
	Customer/Account Name	  	 
		
	Transfer Funds To	  	 
		
		  	 
		
	For Account No.	  	 
		
	Reference/Attention To	  	 

  

							
				
	Authorized Officer (Customer Representative)	 		 	Date	 	 
				
		 		 		 	
	(Please Print)	 		 	Signature
				
	Bank Officer Name	 		 	Date	 	 
				
		 		 		 	
	(Please Print)	 		 	Signature

 (Deliver Completed Form to Credit Support Staff For Immediate Processing) 

  
 1 

 EXHIBIT G 
 COMPLIANCE CERTIFICATE 
  

	To:	The Lenders parties to the 

Credit Agreement Described Below 
 This Compliance Certificate is furnished pursuant to that certain Credit Agreement dated as of April 18, 2012 (as amended, modified, renewed or extended from time to time, the “Agreement”)
among Lancaster Colony Corporation (the “Borrower”), the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders and as LC Issuer. Unless otherwise defined herein, capitalized terms used in this
Compliance Certificate have the meanings ascribed thereto in the Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT:

 1. I am the duly elected
                     of the Borrower; 
 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Borrower and its Subsidiaries
during the accounting period covered by the attached financial statements; 
 3. The examinations described in paragraph 2 did
not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Default or Unmatured Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this
Certificate, except as set forth below; and 
 4. Schedule I attached hereto sets forth financial data and computations
evidencing the Borrower’s compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct. 
 Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken,
is taking, or proposes to take with respect to each such condition or event: 
  

			
		  	 
		
		  	 
		
		  	 
		
		  	 

 The foregoing certifications, together with the computations set forth in Schedule I hereto and the
financial statements delivered with this Certificate in support hereof, are made and delivered this      day of             ,
        . 
  

			
		  	 

  
 1 

 SCHEDULE I TO COMPLIANCE CERTIFICATE 

Compliance as of                     ,
            with 
 Provisions of 6.17.1 and 6.17.2 of 

the Agreement 

Section 6.17.1 Interest Coverage Ratio (Cannot be less than 2.5 to 1.0) 
 Section 6.17.2 Leverage Ratio (Cannot be greater than 3.0 to 1.0) 

  
 2 

 SCHEDULE 1 
 SUBSIDIARIES AND OTHER INVESTMENTS 
 (See Sections 5.8 and 6.13) 

 

									
	 Investment
 In
	  	Jurisdiction
of
Organization	  	Owned
By	  	Percent
Ownership	 
	 Cosho, Inc.
	  	USA/OH	  	Lancaster Colony Corporation	  	 	100	% 
	 Dkirk, Inc.
	  	USA/IN	  	Lancaster Glass Corporation/
Lancaster Colony Corporation	  	 	100	% 
	 Fostoria Glass Company
	  	USA/WV	  	Lancaster Colony Corporation	  	 	100	% 
	 Lancaster Colony Commercial Products, Inc.
	  	USA/OH	  	Lancaster Colony Corporation	  	 	100	% 
	 Lancaster Energy Corporation
	  	USA/OH	  	Lancaster Colony Corporation	  	 	100	% 
	 Lancaster Glass Corporation
	  	USA/OH	  	Lancaster Colony Corporation	  	 	100	% 
	 T. Marzetti Company
	  	USA/OH	  	Lancaster Colony Corporation	  	 	100	% 
	 Marzetti Frozen Pasta, Inc.
	  	USA/IA	  	T. Marzetti Company	  	 	100	% 
	 New York Frozen Foods, Inc.
	  	USA/OH	  	T. Marzetti Company	  	 	100	% 
	 The Quality Bakery Company, Inc.
	  	USA/OH	  	T. Marzetti Company	  	 	100	% 
	 Sister Schubert’s Homemade Rolls, Inc.
	  	USA/AL	  	T. Marzetti Company	  	 	100	% 

  
 1 

 Schedule 2.20 

List of Existing Facility LCs 
  

							
	 Letter of Credit Number
	  	Expiration Date	  	Amount	 
	 S-270468
	  	July 12, 2012	  	$	3,007,116.00	  
	 SLT 325940
	  	January 25, 2013	  	$	2,760,752.00	  
	 SLT750331
	  	June 30, 2012	  	$	500,000.00	  
	 SLT750398
	  	July 1, 2012	  	$	450,000.00	  

  
 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}]]