Document:

EX-10.2

 Exhibit 10.2 

EXECUTION COPY 
  

 
 AMERICOLD
REALTY OPERATING PARTNERSHIP, L.P. 
 AMERICOLD REALTY
TRUST 
 $600,000,000 

4.68% Series A Guaranteed Senior Notes due January 8, 2026 

4.86% Series B Guaranteed Senior Notes due January 8, 2029 

 
  

NOTE AND GUARANTY AGREEMENT 

 
  

Dated as of December 4, 2018 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
			
	 SECTION 1.
	 	AUTHORIZATION OF NOTES	  	 	1	 
			
	 SECTION 2.
	 	SALE AND PURCHASE OF NOTES; GUARANTIES	  	 	1	 
			
	 Section 2.1
	 	Sale and Purchase of Notes	  	 	1	 
			
	 Section 2.2
	 	Guaranties	  	 	2	 
			
	 SECTION 3.
	 	CLOSING	  	 	2	 
			
	 SECTION 4.
	 	CONDITIONS TO CLOSING	  	 	2	 
			
	 Section 4.1
	 	Representations and Warranties	  	 	2	 
			
	 Section 4.2
	 	Performance; No Default	  	 	2	 
			
	 Section 4.3
	 	Compliance Certificates	  	 	3	 
			
	 Section 4.4
	 	Opinions of Counsel	  	 	3	 
			
	 Section 4.5
	 	Purchase Permitted By Applicable Law, Etc.	  	 	4	 
			
	 Section 4.6
	 	Sale of Other Notes	  	 	4	 
			
	 Section 4.7
	 	Payment of Special Counsel Fees	  	 	4	 
			
	 Section 4.8
	 	Private Placement Number	  	 	4	 
			
	 Section 4.9
	 	Changes in Corporate Structure	  	 	4	 
			
	 Section 4.10
	 	Funding Instructions	  	 	4	 
			
	 Section 4.11
	 	Subsidiary Guaranty Agreement	  	 	4	 
			
	 Section 4.12
	 	Principal Credit Facility	  	 	4	 
			
	 Section 4.13
	 	Rating on the Notes	  	 	5	 
			
	 Section 4.14
	 	Proceedings and Documents	  	 	5	 
			
	 SECTION 5.
	 	REPRESENTATIONS AND WARRANTIES OF THE CONSTITUENT COMPANIES	  	 	5	 
			
	 Section 5.1
	 	Organization; Power and Authority	  	 	5	 
			
	 Section 5.2
	 	Authorization, Etc.	  	 	6	 
			
	 Section 5.3
	 	Disclosure	  	 	6	 
			
	 Section 5.4
	 	Organization and Ownership of Shares of Subsidiaries; Affiliates	  	 	7	 
			
	 Section 5.5
	 	Financial Statements; Material Liabilities	  	 	8	 
			
	 Section 5.6
	 	Compliance with Laws, Other Instruments, Etc.	  	 	8	 

  
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	 Section 5.7
	 	Governmental Authorizations, Etc.	  	 	8	 
			
	 Section 5.8
	 	Litigation; Observance of Agreements, Statutes and Orders	  	 	8	 
			
	 Section 5.9
	 	Taxes	  	 	9	 
			
	 Section 5.10
	 	Title to Property; Leases; Liens	  	 	9	 
			
	 Section 5.11
	 	Licenses, Permits, Etc.	  	 	10	 
			
	 Section 5.12
	 	Compliance with Employee Benefit Plans	  	 	10	 
			
	 Section 5.13
	 	Private Offering	  	 	12	 
			
	 Section 5.14
	 	Use of Proceeds; Margin Regulations	  	 	12	 
			
	 Section 5.15
	 	Existing Indebtedness; Future Liens	  	 	12	 
			
	 Section 5.16
	 	Foreign Assets Control Regulations, Etc.	  	 	13	 
			
	 Section 5.17
	 	Status under Certain Statutes	  	 	14	 
			
	 Section 5.18
	 	Environmental Matters	  	 	14	 
			
	 Section 5.19
	 	Solvency	  	 	14	 
			
	 SECTION 6.
	 	REPRESENTATIONS OF THE PURCHASERS	  	 	15	 
			
	 Section 6.1
	 	Purchase for Investment	  	 	15	 
			
	 Section 6.2
	 	Accredited Investor	  	 	15	 
			
	 Section 6.3
	 	Source of Funds	  	 	15	 
			
	 SECTION 7.
	 	INFORMATION AS TO CONSTITUENT COMPANIES	  	 	16	 
			
	 Section 7.1
	 	Financial and Business Information	  	 	16	 
			
	 Section 7.2
	 	Officer’s Certificate	  	 	19	 
			
	 Section 7.3
	 	Visitation	  	 	20	 
			
	 Section 7.4
	 	Electronic Delivery	  	 	21	 
			
	 Section 7.5
	 	Limitation on Disclosure Obligation	  	 	22	 
			
	 SECTION 8.
	 	PAYMENT AND PREPAYMENT OF THE NOTES	  	 	22	 
			
	 Section 8.1
	 	Maturity	  	 	22	 
			
	 Section 8.2
	 	Optional Prepayments with Make-Whole Amount	  	 	23	 
			
	 Section 8.3
	 	Allocation of Partial Prepayments	  	 	23	 
			
	 Section 8.4
	 	Maturity; Surrender, Etc.	  	 	23	 
			
	 Section 8.5
	 	Purchase of Notes	  	 	23	 
			
	 Section 8.6
	 	Make-Whole Amount	  	 	24	 
			
	 Section 8.7
	 	Offer to Prepay Notes in the Event of a Change of Control	  	 	25	 
			
	 Section 8.8
	 	Payments Due on Non-Business Days	  	 	27	 

  
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	 SECTION 9.
	 	AFFIRMATIVE COVENANTS.	  	 	27	 
			
	 Section 9.1
	 	Compliance with Laws	  	 	27	 
			
	 Section 9.2
	 	Insurance	  	 	28	 
			
	 Section 9.3
	 	Maintenance of Properties	  	 	28	 
			
	 Section 9.4
	 	Payment of Taxes and Claims	  	 	28	 
			
	 Section 9.5
	 	Corporate Existence, Etc.	  	 	28	 
			
	 Section 9.6
	 	Books and Records	  	 	29	 
			
	 Section 9.7
	 	REIT Status; Stock Exchange Listing	  	 	29	 
			
	 Section 9.8
	 	Ownership.	  	 	29	 
			
	 Section 9.9
	 	Subsidiary Guarantors	  	 	29	 
			
	 Section 9.10
	 	Most Favored Lender Provision	  	 	31	 
			
	 Section 9.11
	 	Rating on the Notes	  	 	32	 
			
	 SECTION 10.
	 	NEGATIVE COVENANTS.	  	 	32	 
			
	 Section 10.1
	 	Transactions with Affiliates	  	 	32	 
			
	 Section 10.2
	 	Merger, Consolidation, Etc.	  	 	33	 
			
	 Section 10.3
	 	Line of Business	  	 	34	 
			
	 Section 10.4
	 	Economic Sanctions, Etc.	  	 	35	 
			
	 Section 10.5
	 	Liens	  	 	35	 
			
	 Section 10.6
	 	Financial Covenants	  	 	35	 
			
	 SECTION 11.
	 	EVENTS OF DEFAULT	  	 	36	 
			
	 SECTION 12.
	 	REMEDIES ON DEFAULT, ETC.	  	 	39	 
			
	 Section 12.1
	 	Acceleration	  	 	39	 
			
	 Section 12.2
	 	Other Remedies	  	 	39	 
			
	 Section 12.3
	 	Rescission	  	 	39	 
			
	 Section 12.4
	 	No Waivers or Election of Remedies, Expenses, Etc.	  	 	40	 
			
	 SECTION 13.
	 	GUARANTEE	  	 	40	 
			
	 Section 13.1
	 	The Guarantee	  	 	40	 
			
	 Section 13.2
	 	Waiver of Defenses	  	 	40	 
			
	 Section 13.3
	 	Guaranty of Payment	  	 	41	 
			
	 Section 13.4
	 	Guaranty Unconditional	  	 	41	 
			
	 Section 13.5
	 	Reinstatement	  	 	42	 
			
	 Section 13.6
	 	Payment on Demand	  	 	42	 

  
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	 Section 13.7
	 	Stay of Acceleration	  	 	42	 
			
	 Section 13.8
	 	No Subrogation	  	 	42	 
			
	 Section 13.9
	 	Marshalling	  	 	43	 
			
	 Section 13.10
	 	Transfer of Notes	  	 	43	 
			
	 Section 13.11
	 	Consideration	  	 	43	 
			
	 SECTION 14.
	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	 	43	 
			
	 Section 14.1
	 	Registration of Notes	  	 	43	 
			
	 Section 14.2
	 	Transfer and Exchange of Notes	  	 	43	 
			
	 Section 14.3
	 	Replacement of Notes	  	 	44	 
			
	 SECTION 15.
	 	PAYMENTS ON NOTES	  	 	44	 
			
	 Section 15.1
	 	Place of Payment	  	 	44	 
			
	 Section 15.2
	 	Payment by Wire Transfer	  	 	44	 
			
	 Section 15.3
	 	FATCA Information	  	 	45	 
			
	 SECTION 16.
	 	EXPENSES, ETC.	  	 	45	 
			
	 Section 16.1
	 	Transaction Expenses	  	 	45	 
			
	 Section 16.2
	 	Certain Taxes	  	 	46	 
			
	 Section 16.3
	 	Survival	  	 	46	 
			
	 SECTION 17.
	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	 	46	 
			
	 SECTION 18.
	 	AMENDMENT AND WAIVER	  	 	47	 
			
	 Section 18.1
	 	Requirements	  	 	47	 
			
	 Section 18.2
	 	Solicitation of Holders of Notes	  	 	47	 
			
	 Section 18.3
	 	Binding Effect, Etc.	  	 	48	 
			
	 SECTION 19.
	 	NOTICES	  	 	48	 
			
	 SECTION 20.
	 	REPRODUCTION OF DOCUMENTS	  	 	49	 
			
	 SECTION 21.
	 	CONFIDENTIAL INFORMATION	  	 	49	 
			
	 SECTION 22.
	 	SUBSTITUTION OF PURCHASER	  	 	50	 
			
	 SECTION 23.
	 	MISCELLANEOUS	  	 	50	 
			
	 Section 23.1
	 	Successors and Assigns	  	 	50	 
			
	 Section 23.2
	 	Accounting Terms	  	 	51	 
			
	 Section 23.3
	 	Severability	  	 	51	 
			
	 Section 23.4
	 	Construction, Etc.	  	 	51	 
			
	 Section 23.5
	 	Counterparts	  	 	52	 

  
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	 Section 23.6
	 	Governing Law	  	 	52	 
			
	 Section 23.7
	 	Jurisdiction and Process; Waiver of Jury Trial	  	 	52	 

  
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	Schedule A	  	—	  	Defined Terms
			
	SCHEDULE 1(a)	  	—	  	Form of 4.68% Series A Guaranteed Senior Note due January 8, 2026
			
	SCHEDULE 1(b)	  	—	  	Form of 4.86% Series B Guaranteed Senior Note due January 8, 2029
			
	SCHEDULE 4.4(a)	  	—	  	Form of Opinion of Special Counsel to the Constituent Companies and the Subsidiary Guarantors
			
	SCHEDULE 4.4(b)	  	—	  	Form of Opinion of Special Counsel for the Purchasers
			
	SCHEDULE 5.3	  	—	  	Disclosure Materials
			
	SCHEDULE 5.4	  	—	  	Subsidiaries of the Parent Guarantor and Ownership of Subsidiary Stock; Affiliates; Directors and Senior Officers
			
	SCHEDULE 5.5	  	—	  	Financial Statements
			
	SCHEDULE 5.15	  	—	  	Existing Indebtedness
			
	SCHEDULE QA	  	—	  	List of Qualified Assets
			
	PURCHASER SCHEDULE	  	—	  	Information Relating to Purchasers 
			
	EXHIBIT SGA	  	—	  	Form of Subsidiary Guaranty Agreement

  
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 AMERICOLD REALTY OPERATING
PARTNERSHIP, L.P. 
 AMERICOLD REALTY TRUST 

10 Glenlake Parkway, Suite 600, South Tower 

Atlanta, Georgia 30328 
 4.68%
Series A Guaranteed Senior Notes due January 8, 2026 
 4.86% Series B Guaranteed Senior Notes due January 8, 2029 

Dated as of December 4, 2018 

TO EACH OF THE PURCHASERS LISTED 

IN THE PURCHASER SCHEDULE HERETO: 

Ladies and Gentlemen: 
 AMERICOLD
REALTY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Issuer”), and AMERICOLD REALTY TRUST, a Maryland real estate
investment trust (the “Parent Guarantor,” and together with the Issuer, the “Constituent Companies” and individually, a “Constituent Company”), jointly and severally, agree with each of the
Purchasers as follows: 
 SECTION 1. AUTHORIZATION OF NOTES. 

The Issuer will authorize the issue and sale of $600,000,000 aggregate principal amount of its guaranteed senior notes, of which (a)
$200,000,000 aggregate principal amount shall be its 4.68% Series A Guaranteed Senior Notes due January 8, 2026 (the “Series A Notes”), and (b) $400,000,000 aggregate principal amount shall be its 4.86% Series B Guaranteed
Senior Notes due January 8, 2029 (the “Series B Notes”). The Series A Notes and the Series B Notes are hereinafter referred to collectively as the “Notes.” The Series A Notes and the Series B Notes shall be
substantially in the forms set out in Schedules 1(a) and 1(b), respectively. Certain capitalized and other terms used in this Agreement are defined in Schedule A and, for purposes of this Agreement, the rules of construction set forth in
Section 23.4 shall govern. 
 SECTION 2. SALE AND PURCHASE OF
NOTES; GUARANTIES. 
 Section 2.1 Sale and Purchase of
Notes. Subject to the terms and conditions of this Agreement, the Issuer will issue and sell to each Purchaser and each Purchaser will purchase from the Issuer, at the Closing provided for in Section 3, Notes in the principal amount and
series specified opposite such Purchaser’s name in the Purchaser Schedule at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall
have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

 Section 2.2 Guaranties. The obligations of the
Issuer hereunder and under the Notes are unconditionally and irrevocably guaranteed (a) by the Parent Guarantor pursuant to the Parent Guaranty and (b) by each Subsidiary Guarantor pursuant to the Subsidiary Guaranty Agreement. 

SECTION 3. CLOSING. 

The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Schiff Hardin LLP, 666 Fifth Avenue, 17th Floor, New York, New York 10103, at 11:00 a.m., New York, New York time, at a closing (the “Closing”) on December 4, 2018. At the Closing, the Issuer will deliver to each
Purchaser the Notes of each series to be purchased by such Purchaser in the form of a single Note of such series (or such greater number of Notes of such series in denominations of at least $100,000 as such Purchaser may request) dated the date of
the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Issuer or its order of immediately available funds in the amount of the purchase price therefor by wire transfer to
the account of the Issuer set forth in the funding instructions delivered by the Issuer pursuant to Section 4.10. If at the Closing the Issuer shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of
the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights
such Purchaser may have by reason of such failure by the Issuer to tender such Notes or any of the conditions specified in Section 4 not having been fulfilled to such Purchaser’s satisfaction. 

SECTION 4. CONDITIONS TO CLOSING. 

Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to
such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 
 Section 4.1
Representations and Warranties. 
 (a) Representations of each Constituent Company. The representations and
warranties of each Constituent Company in this Agreement shall be correct when made and at the Closing. 
 (b)
Representations and Warranties of each Subsidiary Guarantor. The representations and warranties of each Subsidiary Guarantor in the Subsidiary Guaranty Agreement shall be correct when made and at the Closing. 

Section 4.2 Performance; No Default. Each Constituent Company and each Subsidiary Guarantor shall have
performed and complied with all agreements and conditions contained in this Agreement and the Subsidiary Guaranty Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and
sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing. Neither Constituent Company nor any Subsidiary shall have entered into any
transaction since the date of the Memorandum that would have been prohibited by Section 10 had such Section applied since such date. 

  
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 Section 4.3 Compliance Certificates. 

(a) Officer’s Certificate of each Constituent Company. Each Constituent Company shall have delivered to such
Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 

(b) Secretary’s Certificate of each Constituent Company. Each Constituent Company shall have delivered to such
Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to (1) the resolutions attached thereto and other trust or limited partnership proceedings relating to the authorization, execution
and delivery of the Notes (in the case of the Issuer) and this Agreement (in the case of each Constituent Company) and (2) such Constituent Company’s organizational documents as then in effect. 

(c) Officer’s Certificate of each Subsidiary Guarantor. Each Subsidiary Guarantor shall have delivered to such
Purchaser an Officer’s Certificate, dated the date of the Closing, certifying as to such Subsidiary Guarantor that the conditions specified in Sections 4.1(b), 4.2 and 4.9 have been fulfilled. 

(d) Secretary’s Certificate of each Subsidiary Guarantor. Each Subsidiary Guarantor shall have delivered to such
Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to (1) the resolutions attached thereto and other corporate, limited liability company, partnership or trust proceedings relating to
the authorization, execution and delivery of the Subsidiary Guaranty Agreement and (2) such Subsidiary Guarantor’s organizational documents as then in effect. 

Section 4.4 Opinions of Counsel. Such Purchaser shall have received opinions in form and substance
satisfactory to such Purchaser, dated the date of the Closing (a) from King & Spalding LLP, counsel to the Constituent Companies and the Subsidiary Guarantors, Venable LLP, Maryland counsel to the Constituent Companies and the
Subsidiary Guarantors, Greenberg Traurig LLP, Massachusetts counsel to the Constituent Companies and the Subsidiary Guarantors, Smith, Slusky, Pohren & Rogers, LLP, Nebraska counsel to the Constituent Companies and the Subsidiary
Guarantors, and Stoel Rives LLP, Minnesota counsel to the Constituent Companies and the Subsidiary Guarantors, collectively covering the matters set forth in Schedule 4.4(a) and covering such other matters incident to the transactions
contemplated hereby as such Purchaser or its counsel may reasonably request (and the Constituent Companies hereby instruct their counsel to deliver such opinion to the Purchasers) and (b) from Schiff Hardin LLP, the Purchasers’ special
counsel in connection with such transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request. 

  
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 Section 4.5 Purchase Permitted By Applicable Law, Etc. On
the date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the
New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the Board of
Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date of this Agreement. If
requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate from the Issuer certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase
is so permitted. 
 Section 4.6 Sale of Other Notes. Contemporaneously with the Closing, the Issuer shall
sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in the Purchaser Schedule. 

Section 4.7 Payment of Special Counsel Fees. Without limiting Section 16.1, the Constituent Companies
shall have paid on or before the Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4(b) to the extent reflected in a statement of such counsel rendered to the Constituent Companies at
least one Business Day prior to the Closing. 
 Section 4.8 Private Placement Number. A Private Placement
Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each series of the Notes. 

Section 4.9 Changes in Corporate Structure. Neither Constituent Company nor any Subsidiary Guarantor shall
have changed its jurisdiction of incorporation, formation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the
date of the most recent financial statements referred to in Schedule 5.5. 
 Section 4.10 Funding
Instructions. At least three Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer of the Issuer on letterhead of the Issuer confirming the information specified
in Section 3 including (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number and (c) the account name and number into which the purchase price for the Notes is to be deposited. 

Section 4.11 Subsidiary Guaranty Agreement. Such Purchaser shall have received a copy of the Subsidiary
Guaranty Agreement which shall have been duly authorized, executed and delivered by each Person then required to be a Subsidiary Guarantor. 

Section 4.12 Principal Credit Facility. Such Purchaser shall have received a copy of the Principal
Credit Facility as in effect on the date of the Closing, which copy shall be in form and substance substantially similar to the draft thereof provided to the Purchasers on or about November 6, 2018 and shall be certified as true, correct and
complete, and which certificate shall identify each Incorporated Covenant then in effect therein, and such Principal Credit Facility shall be unsecured. 

  
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 Section 4.13 Rating on the Notes. Such Purchaser shall have
received a copy of a letter from each NRSRO rating the Notes as of the date of the Closing evidencing each such rating (which evidence shall include the information required by Section 9.11). 

Section 4.14 Proceedings and Documents. All corporate and other proceedings in connection with the
transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such
counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 
 SECTION 5.
REPRESENTATIONS AND WARRANTIES OF THE CONSTITUENT COMPANIES. 

Each Constituent Company represents and warrants to each Purchaser that: 

Section 5.1 Organization; Power and Authority. 

(a) The Issuer is a limited partnership duly organized, validly existing and in good standing under the laws of its
jurisdiction of formation, and is duly qualified as a foreign limited partnership and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified
or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Issuer has the limited partnership power and authority to own or hold under lease the properties it purports to own or
hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. 

(b) The Parent Guarantor is a real estate investment trust duly organized, validly existing and in good standing under the laws
of its jurisdiction of formation, and is duly qualified as a foreign entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in
good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Parent Guarantor has the trust power and authority to own or hold under lease the properties it purports to own or hold under
lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and to perform the provisions hereof. 

(c) Each Subsidiary Guarantor is a corporation or other legal entity duly organized or formed, validly existing and, where
applicable, in good standing under the laws of its jurisdiction of organization or formation, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each

  
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Subsidiary Guarantor has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and
proposes to transact and to execute and deliver the Subsidiary Guaranty Agreement and to perform the provisions thereof. 

Section 5.2 Authorization, Etc. 

(a) This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Issuer, and
this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms, except as such enforceability may be
limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 (b) This Agreement has been duly authorized by all
necessary corporate action on the part of the Parent Guarantor, and this Agreement constitutes a legal, valid and binding obligation of the Parent Guarantor enforceable against the Parent Guarantor in accordance with its terms, except as such
enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). 
 (c) The Subsidiary Guaranty Agreement has
been duly authorized by all necessary corporate or other action on the part of each Subsidiary Guarantor, and the Subsidiary Guaranty Agreement constitutes a legal, valid and binding obligation of each Subsidiary Guarantor enforceable against each
Subsidiary Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3 Disclosure. The Constituent Companies, through their agent, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, has delivered to each Purchaser a copy of a Private Placement Memorandum, dated October 2018 (the “Memorandum”), relating to the transactions contemplated hereby. The Memorandum
fairly describes, in all material respects, the general nature of the business and principal properties of the Parent Guarantor and its Subsidiaries. This Agreement, the Memorandum, the financial statements listed in Schedule 5.5 and the documents,
certificates or other writings delivered to the Purchasers by or on behalf of the Constituent Companies prior to November 6, 2018 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement, the
Memorandum and such documents, certificates or other writings and such financial statements delivered to each Purchaser being referred to, collectively, as the “Disclosure Documents”) (other than pro forma financial
information, estimates, budgets, forward looking statements and information of a general economic or industry nature concerning the Constituent Companies and their 

  
 -6- 

 
Subsidiaries), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein (taken as a whole) not
misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2017, there has been no change in the financial condition, operations, business, properties or prospects of
the Parent Guarantor or any Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to either Constituent Company that could reasonably be expected
to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. The pro forma financial information, estimates, budgets, forward looking statements and information of a general economic or industry nature
concerning the Constituent Companies and their Subsidiaries contained in the Disclosure Documents have been prepared in good faith based upon reasonable assumptions believed by management of the Constituent Companies to be reasonable at the time
made, it being recognized by the Purchasers that such information is not to be viewed as a guarantee of performance. 

Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates. 

(a) Schedule 5.4 contains (except as noted therein) complete and correct lists of (1) the Parent Guarantor’s
Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its Capital Stock outstanding owned by the Parent Guarantor and each other Subsidiary and whether such
Subsidiary is a Qualified Asset Guarantor or another Subsidiary Guarantor, (2) the Unconsolidated Affiliates, and (3) each Constituent Company’s directors and senior officers. 

(b) All of the outstanding shares of Capital Stock of each Subsidiary shown in Schedule 5.4 as being owned by the Parent
Guarantor and its Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by the Parent Guarantor or another Subsidiary free and clear of any Lien that is prohibited by this
Agreement. 
 (c) Each Subsidiary (other than a Subsidiary Guarantor) is a corporation or other legal entity duly organized,
validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in
which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each
such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure to do so
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (d) No Subsidiary
is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay
dividends out of profits or make any other similar distributions of profits to the Parent Guarantor or any of its Subsidiaries that owns outstanding shares of Capital Stock of such Subsidiary. 

  
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 Section 5.5 Financial Statements; Material Liabilities. The
Constituent Companies have delivered to each Purchaser copies of the financial statements of the Parent Guarantor and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes)
fairly present in all material respects the consolidated financial position of the Parent Guarantor and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the
respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Parent Guarantor and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents. 

Section 5.6 Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by
(a) the Issuer of this Agreement and the Notes, (b) the Parent Guarantor of this Agreement and (c) each Subsidiary Guarantor of the Subsidiary Guaranty Agreement will not (1) contravene, result in any breach of, or constitute a
default under, or result in the creation of any Lien in respect of any property of the Parent Guarantor or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, regulations or by-laws, shareholders agreement or any other agreement or instrument to which the Parent Guarantor or any Subsidiary is bound or by which the Parent Guarantor or any Subsidiary or any of their respective properties
may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Parent Guarantor or
any Subsidiary or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Parent Guarantor or any Subsidiary. 

Section 5.7 Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with,
any Governmental Authority is required in connection with the execution, delivery or performance by (a) the Issuer of this Agreement or the Notes, (b) the Parent Guarantor of this Agreement or (c) any Subsidiary Guarantor of the
Subsidiary Guaranty Agreement. 
 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders.

 (a) There are no actions, suits, investigations or proceedings pending or, to the best knowledge of either Constituent
Company, threatened against or affecting the Parent Guarantor or any Subsidiary or any property of the Parent Guarantor or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that could,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 (b) Neither Constituent Company nor any Subsidiary is (1) in default
under any agreement or instrument to which it is a party or by which it is bound, (2) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental Authority or (3) in violation of any
applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation could,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 5.9
Taxes; REIT Status; Stock Exchange Listing. 
 (a) The Parent Guarantor and its Subsidiaries have filed
all federal, state and other material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties,
assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (1) the amount of which, individually or in the aggregate, is not
Material or (2) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Parent Guarantor or a Subsidiary, as the case may be, has established adequate
reserves in accordance with GAAP. Neither Constituent Company knows of any basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and
reserves on the books of the Parent Guarantor and its Subsidiaries in respect of U.S. federal, state or other taxes for the then most recently ended fiscal quarter are adequate in accordance with GAAP. The U.S. federal income tax liabilities of the
Parent Guarantor and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2014. 

(b) The Parent Guarantor (1) qualifies as a “real estate investment trust” as defined in section 856 of the Code
for U.S. Federal income tax purposes (a “REIT”), (2) has elected to be treated as a REIT and has not revoked its election to be a REIT and (3) is in compliance with all other requirements and conditions imposed under the Code
to allow it to maintain its status as a REIT. Each Subsidiary is either (i) a “qualified REIT subsidiary” within the meaning of Section 856(i) of the Code, (ii) a REIT, (iii) a “taxable REIT subsidiary” within
the meaning of Section 856(1) of the Code, (iv) a partnership under Treasury Regulation Section 301.7701-3 or (v) an entity disregarded as a separate entity from its owner under Treasury
Regulation Section 301.7701-3. 
 (c) The Parent Guarantor’s common Capital
Stock is listed on the New York Stock Exchange. 
 Section 5.10 Title to Property; Leases; Liens. The
Parent Guarantor and its Subsidiaries have good and sufficient title to their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in
Section 5.5 or purported to have been acquired by the Parent Guarantor or any Subsidiary after such date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this
Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects. None of the Qualified Assets or the Capital Stock of any Subsidiary Guarantor or any
Wholly-Owned, direct Foreign Subsidiary of a Subsidiary Guarantor that owns or leases a Qualified Asset is subject to any Lien except Permitted Encumbrances and Permitted Equity Encumbrances. 

  
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 Section 5.11 Licenses, Permits, Etc. 

(a) The Parent Guarantor and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents,
copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, except to the extent that the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect,
without known conflict with the rights of others, other than any such conflict that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. No claim has been asserted against the Parent Guarantor or any
of its Subsidiaries or is pending by any Person challenging or questioning the use of any intellectual property of the Parent Guarantor or any of its Subsidiaries or the validity or effectiveness of any such intellectual property in each case that
could reasonably be expected to have a Material Adverse Effect, nor does either Constituent Company know of any valid basis for any such claim in each case that could reasonably be expected to have a Material Adverse Effect. 

(b) To the best knowledge of each Constituent Company, no product or service of the Parent Guarantor or any of its Subsidiaries
infringes any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person, except to the extent that such infringements, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 (c) To the best knowledge of each
Constituent Company, there is no violation by any Person of any right of the Parent Guarantor or any of its Subsidiaries with respect to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark,
trade name or other right owned or used by the Parent Guarantor or any of its Subsidiaries, except to the extent that such violations, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

Section 5.12 Compliance with Employee Benefit Plans. 

(a) The Parent Guarantor and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable
laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Neither the Parent Guarantor nor any ERISA Affiliate has incurred
any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could,
individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the 

  
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Parent Guarantor or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Parent Guarantor or any ERISA Affiliate, in either case pursuant to
Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan,
other than such liabilities or Liens as would not be individually or in the aggregate Material. 
 (b) The present value of
the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such
Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities by more than $1,000,000 in the case of any single Plan and by more than $1,000,000 in the
aggregate for all Plans. The present value of the accrued benefit liabilities (whether or not vested) under each Non-U.S. Plan that is funded, determined as of the end of the Parent Guarantor’s most
recently ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current value of the assets of such Non-U.S. Plan allocable to such benefit liabilities by more than $75,000. The
term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA. 

(c) The Parent Guarantor and its ERISA Affiliates have not incurred (1) withdrawal liabilities (and are not subject to
contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material or (2) any obligation in connection with the termination of or withdrawal from any Non-U.S. Plan that individually or in the aggregate are Material. 
 (d) The expected
postretirement benefit obligation (determined as of the last day of the Parent Guarantor’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Parent Guarantor and its Subsidiaries is not Material. 

(e) The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any
transaction that is subject to the prohibitions of section 406(a)(1) of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the Constituent Companies to each
Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.3 as to the sources of the funds to be used to pay the purchase price of the
Notes to be purchased by such Purchaser. 
 (f) All Non-U.S. Plans have been
established, operated, administered and maintained in compliance with all laws, regulations and orders applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums,
contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by the Parent Guarantor and its Subsidiaries have been paid or accrued as required,
except where failure so to pay or accrue could not be reasonably expected to have a Material Adverse Effect. 

  
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 Section 5.13 Private Offering. Neither Constituent Company
nor anyone acting on their behalf has offered the Notes, the Parent Guaranty, the Subsidiary Guaranty Agreement or any similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or
negotiated in respect thereof with, any Person other than the Purchasers and not more than 50 other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither Constituent Company nor anyone acting on
its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes, the execution and delivery by the Parent Guarantor of this Agreement for purposes of providing the Parent Guaranty or the execution and delivery of
the Subsidiary Guaranty Agreement to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction. 

Section 5.14 Use of Proceeds; Margin Regulations. The Issuer will apply the proceeds of the sale of the Notes
hereunder as set forth in the Memorandum. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board
of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Issuer in a violation of Regulation X of said Board (12 CFR 224) or to involve
any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Parent Guarantor and its Subsidiaries and the Constituent Companies do not
have any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or
carrying” shall have the meanings assigned to them in said Regulation U. 
 Section 5.15 Existing Indebtedness;
Future Liens. 
 (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding
Indebtedness of the Parent Guarantor and its Subsidiaries the outstanding principal amount of which exceeds $1,000,000 (or its equivalent in the relevant currency of payment) as of September 30, 2018 (including descriptions of the obligors and
obligees, principal amounts outstanding, any collateral therefor and any Guaranty thereof), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of such Indebtedness of
the Parent Guarantor or its Subsidiaries. The aggregate principal amount of all outstanding Indebtedness of the Parent Guarantor and its Subsidiaries not set forth on Schedule 5.15 does not exceed $25,000,000 (or its equivalent in the relevant
currency of payment). Neither the Parent Guarantor nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Parent Guarantor or such Subsidiary and no
event or condition exists with respect to any Indebtedness of the Parent Guarantor or any Subsidiary the outstanding principal amount of which exceeds $1,000,000 (or its equivalent in the relevant currency of payment) that would permit (or that with
notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

  
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 (b) Except as disclosed in Schedule 5.15, neither the Parent Guarantor nor
any Subsidiary has agreed or consented to cause or permit any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency or
otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by this Agreement. 

(c) Neither the Parent Guarantor nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any
instrument evidencing Indebtedness of the Parent Guarantor or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational document) which limits the amount of, or otherwise imposes
restrictions on the incurring of, Indebtedness of the Issuer under this Agreement and the Notes, of the Parent Guarantor under this Agreement or of any Subsidiary Guarantor under the Subsidiary Guaranty Agreement. 

Section 5.16 Foreign Assets Control Regulations, Etc. 

(a) Neither the Parent Guarantor nor any Controlled Entity (1) is a Blocked Person, (2) has been notified that its
name appears or may in the future appear on a State Sanctions List or (3) is a target of sanctions that have been imposed by the United Nations or the European Union. 

(b) Neither the Parent Guarantor nor any Controlled Entity (1) has violated, been found in violation of, or been charged
or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (2) to the either Constituent Company’s knowledge, is under investigation by any Governmental Authority for possible
violation of any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws. 
 (c) No part
of the proceeds from the sale of the Notes hereunder: 
 (1) constitutes or will constitute funds obtained on behalf of any
Blocked Person or will otherwise be used by the Parent Guarantor or any Controlled Entity, directly or indirectly, (i) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (ii) for any purpose
that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (iii) otherwise in violation of any U.S. Economic Sanctions Laws; 

(2) will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable
Anti-Money Laundering Laws; or 
 (3) will be used, directly or indirectly, for the purpose of making any improper payments,
including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any
applicable Anti-Corruption Laws. 

  
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 (d) The Parent Guarantor has established procedures and controls which the
Constituent Companies reasonably believe are adequate (and otherwise comply with applicable law) to ensure that the Parent Guarantor and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions
Laws, Anti-Money Laundering Laws and Anti-Corruption Laws. 
 Section 5.17 Status under Certain Statutes.
Neither Constituent Company nor any Subsidiary (a) is an “investment company” or is required to be registered as such under the Investment Company Act of 1940 or (b) is subject to regulation under the Public Utility Holding
Company Act of 2005, the ICC Termination Act of 1995 or the Federal Power Act. 
 Section 5.18 Environmental
Matters. 
 (a) Neither the Parent Guarantor nor any Subsidiary has knowledge of any claim or has received any notice of
any claim and no proceeding has been instituted asserting any claim against the Parent Guarantor or any of its Subsidiaries or any of their respective real properties or other assets now or formerly owned, leased or operated by any of them, alleging
any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

(b) Neither the Parent Guarantor nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or
private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each
case, such as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(c) Neither the Parent Guarantor nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly
owned, leased or operated by any of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(d) Neither the Parent Guarantor nor any Subsidiary has disposed of any Hazardous Materials in a manner which is contrary to
any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(e) All buildings on all real properties now owned, leased or operated by the Parent Guarantor or any Subsidiary are in
compliance with applicable Environmental Laws, except where failure to comply could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

Section 5.19 Solvency. As of the date of the Closing, the Parent Guarantor and its Subsidiaries and the
Issuer and its Subsidiaries, in each case taken as a whole and on a consolidated basis, immediately after the consummation of the transactions contemplated hereby, are Solvent. 

  
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 SECTION 6. REPRESENTATIONS OF THE
PURCHASERS. 
 Section 6.1 Purchase for Investment. Each Purchaser
severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof,
provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may
be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Issuer
is not required to register the Notes. 
 Section 6.2 Accredited Investor. Each Purchaser severally
represents that it is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) acting for its own account (and not for the account of others) or as a fiduciary or agent for
others (which others are also “accredited investors”). Each Purchaser further severally represents that such Purchaser has had the opportunity to ask questions of, and request information from, the Constituent Companies and receive answers
concerning the Constituent Companies and the terms and conditions of the offering and sale of the Notes. 

Section 6.3 Source of Funds. Each Purchaser severally represents that at least one of the following
statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 

(a) the Source is an “insurance company general account” (as the term is defined in the United States Department of
Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the
NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on
behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the
total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual
obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not
affected in any manner by the investment performance of the separate account; or 

  
 -15- 

 (c) the Source is either (1) an insurance company pooled separate
account, within the meaning of PTE 90-1 or (2) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to
the Issuer in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or
collective investment fund; or 
 (d) the Source constitutes assets of an “investment fund” (within the meaning of
Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no
employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part
VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption
are satisfied, neither the QPAM nor a Person controlling or controlled by the QPAM maintains an ownership interest in the Issuer that would cause the QPAM and the Issuer to be “related” within the meaning of Part VI(h) of the QPAM
Exemption and (1) the identity of such QPAM and (2) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same
employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Issuer in writing
pursuant to this clause (d); or 
 (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part
IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of
the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the
INHAM Exemption) owns a 10% or more interest in the Issuer and (1) the identity of such INHAM and (2) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Issuer in writing pursuant to
this clause (e); or 
 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee
benefit plans, each of which has been identified to the Issuer in writing pursuant to this clause (g); or 
 (h) the Source
does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 

  
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 As used in this Section 6.3, the terms “employee benefit plan,” “governmental
plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 
 SECTION
7. INFORMATION AS TO CONSTITUENT COMPANIES. 

Section 7.1 Financial and Business Information. The Constituent Companies shall deliver to each holder of a
Note that is an Institutional Investor: 
 (a) Quarterly Statements — within 45 days (or such shorter period as
is the earlier of (x) 15 days greater than the period applicable to the filing of the Parent Guarantor’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC regardless of whether the Parent Guarantor is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any
Principal Credit Facility or the date on which such corresponding financial statements are delivered under any Principal Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period
in each fiscal year of the Parent Guarantor (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 

(1) a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such quarter, and 

(2) consolidated statements of income, changes in shareholders’ equity and cash flows of the Parent Guarantor and its
Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail,
prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer of the Parent Guarantor as fairly presenting, in all material respects, the financial position of the companies
being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments; 

(b) Annual Statements — within 90 days (or such shorter period as is the earlier of (x) 15 days greater than the
period applicable to the filing of the Parent Guarantor’s Annual Report on Form 10-K (the “Form 10-K”) with the SEC
regardless of whether the Parent Guarantor is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Principal Credit Facility or the date on which such
corresponding financial statements are delivered under any Principal Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Parent Guarantor, duplicate copies of 

(1) a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such year, and 

  
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 (2) consolidated statements of income, changes in shareholders’ equity
and cash flows of the Parent Guarantor and its Subsidiaries for such year, 
 setting forth in each case in comparative form the figures for
the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to
the scope of the audit on which such opinion is based) of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of
the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance
with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances; 

(c) SEC and Other Reports — promptly upon their becoming available, one copy of (1) each financial statement,
report, notice, proxy statement or similar document sent by the Parent Guarantor or any Subsidiary (i) to its creditors under any Principal Credit Facility (including documentation that, on the date of this Agreement, is required to be provided
pursuant to Section 8.2(a)(1)(y) of the Bank Credit Agreement, but excluding information sent to such creditors in the ordinary course of administration of a credit facility, such as information relating to pricing and borrowing availability)
or (ii) to its public Securities holders generally, and (2) each regular or periodic report, each registration statement (without exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto filed
by the Parent Guarantor or any Subsidiary with the SEC and of all press releases and other statements made available generally by the Parent Guarantor or any Subsidiary to the public concerning developments that are Material; 

(d) Notice of Default or Event of Default — promptly, and in any event within five days after a Responsible Officer
of either Constituent Company becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken
any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Constituent Companies are taking or propose to take with respect
thereto; 
 (e) Employee Benefits Matters — promptly, and in any event within five days after a Responsible
Officer of either Constituent Company becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Parent Guarantor or an ERISA Affiliate proposes to take with respect thereto: 

(1) with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder,
for which notice thereof has not been waived pursuant to such regulations as in effect on the date of this Agreement; 

  
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 (2) the taking by the PBGC of steps to institute, or the threatening by the
PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Parent Guarantor or any ERISA Affiliate of a notice from a Multiemployer
Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; 
 (3) any event, transaction or
condition that could result in the incurrence of any liability by the Parent Guarantor or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the
imposition of any Lien on any of the rights, properties or assets of the Parent Guarantor or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other
such liabilities or Liens then existing, could reasonably be expected to have a Material Adverse Effect; or 
 (4) receipt of
notice of the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S.
Plans; 
 (f) Notices from Governmental Authority — promptly, and in any event within five Business Days after
receipt thereof, (1) copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible
investigation or other inquiry by such agency regarding financial or other operational results of the Parent Guarantor or any Subsidiary, and (2) copies of any other notice to the Parent Guarantor or any Subsidiary from any Governmental
Authority relating to any order, ruling, statute or other law or regulation, in each case with respect to clauses (1) and (2) that could reasonably be expected to have a Material Adverse Effect; 

(g) Resignation or Replacement of Auditors — within 10 days following the date on which the Parent Guarantor’s
auditors resign or the Parent Guarantor elects to change auditors, as the case may be, notification thereof, together with such further information as the Required Holders may reasonably request; and 

(h) Requested Information — promptly, such additional financial and other information regarding the operations,
business affairs, financial condition, assets or properties of the Parent Guarantor or any of its Subsidiaries or relating to the ability of the Issuer to perform its obligations hereunder and under the Notes, the ability of the Parent Guarantor to
perform its obligations hereunder or the ability of any Subsidiary Guarantor to perform its obligations under the Subsidiary Guaranty Agreement as from time to time may be reasonably requested by any such holder of a Note. 

Section 7.2 Officer’s Certificate. Each set of financial statements delivered to a holder
of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer of the Parent Guarantor: 

  
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 (a) Covenant Compliance — setting forth the information from
such financial statements that is required in order to establish whether the Constituent Companies were in compliance with the requirements of Section 10.6 and each Incorporated Covenant during the quarterly or annual period covered by the
financial statements then being furnished (including with respect to each such provision that involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and detailed calculations
of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence. In the event that the Parent Guarantor or any
Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 23.2) as to the period covered by any such
financial statement, such Senior Financial Officer’s certificate as to such period shall include a reconciliation from GAAP with respect to such election; 

(b) Event of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has
made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Parent Guarantor and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to
the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including
any such event or condition resulting from the failure of the Parent Guarantor or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Constituent Companies shall have taken
or propose to take with respect thereto; and 
 (c) Subsidiary Guarantors – describing any changes to the
composition of the Subsidiary Guarantor group, if any, during the quarterly or annual period covered by the statements then being furnished. 

Section 7.3 Visitation. Each Constituent Company shall permit the representatives of each holder of a Note
that is an Institutional Investor: 
 (a) No Default — if no Default or Event of Default then exists, at the
expense of such holder and upon reasonable prior notice to such Constituent Company and no more than once in any calendar year, to visit the principal executive office of such Constituent Company, to discuss the affairs, finances and accounts of
such Constituent Company and its Subsidiaries with such Constituent Company’s officers, and (with the consent of such Constituent Company, which consent will not be unreasonably withheld) to visit the other offices and properties of such
Constituent Company and each Subsidiary; and 
 (b) Default — if a Default or Event of Default then exists, at
the expense of the Constituent Companies to visit and inspect any of the offices or properties of such Constituent Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and
extracts therefrom, and to discuss their respective affairs, finances and accounts with 

  
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their respective officers and, in the presence of the Constituent Companies if the Constituent Companies shall so request, their independent public accountants (and by this provision each
Constituent Company authorizes said accountants to discuss the affairs, finances and accounts of such Constituent Company and its Subsidiaries), all at such times and as often as may be requested in writing. 

Section 7.4 Electronic Delivery. Financial statements, opinions of independent certified public accountants,
other information and Officer’s Certificates that are required to be delivered by a Constituent Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed to have been delivered if such Constituent Company
satisfies any of the following requirements with respect thereto: 
 (a) such financial statements satisfying the
requirements of Section 7.1(a) or (b) and related Officer’s Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each holder of a Note by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time to time in a separate writing delivered to the Constituent
Companies; 
 (b) the Parent Guarantor shall have timely filed such Form 10–Q or Form 10–K, satisfying the
requirements of Section 7.1(a) or Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and the related Officer’s Certificate satisfying the requirements of Section 7.2 available on its home page
on the internet, which is located at www.americold.com as of the date of this Agreement; 
 (c) such financial statements
satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer’s Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on
behalf of such Constituent Company on IntraLinks or on any other similar website to which each holder of Notes has free access; or 

(d) such Constituent Company shall have timely filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR
and shall have made such items available on its home page on the internet or on IntraLinks or on any other similar website to which each holder of Notes has free access; 

provided however, that in no case shall access to such financial statements, other information and Officer’s Certificates be conditioned upon any
waiver or other agreement or consent (other than confidentiality provisions consistent with Section 21); provided further, that in the case of any of clauses (b), (c) or (d), except to the extent the relevant information has been filed
with the SEC on EDGAR, such Constituent Company shall have given each holder of a Note prior written notice, which may be by e-mail or in accordance with Section 19, of such posting or filing in
connection with each delivery, provided further, that upon request of any holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates or to receive them by e-mail, such Constituent Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder; provided, however, that so long as the
Constituent Companies have otherwise complied with the requirements of this Section 7, failure to send e-mailed or paper copies within the time required by this particular provision of this Section 7
shall not constitute a Default or Event of Default hereunder. 

  
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 Section 7.5 Limitation on Disclosure Obligation. Neither
Constituent Company nor any Subsidiary shall be required to disclose the following information pursuant to Section 7.1(c)(1)(i), 7.1(h) or 7.3: 

(a) information that constitutes trade secrets; 

(b) information that either Constituent Company determines after consultation with counsel qualified to advise on such matters
that, notwithstanding the confidentiality requirements of Section 21, it would be prohibited from disclosing by applicable law or regulations without making public disclosure thereof; 

(c) information that either Constituent Company determines after consultation with counsel qualified to advise on such matters
is privileged attorney-client work product and the disclosure of which would waive such privilege to the detriment of either Constituent Companies or any Subsidiary (it being understood that the Constituent Companies will act in good faith not to
use the terms of this clause (c) merely to shield the Constituent Companies from making disclosures otherwise required to be made under this Agreement); or 

(d) information that, notwithstanding the confidentiality requirements of Section 21, either Constituent Company is
prohibited from disclosing by the terms of an obligation of confidentiality contained in any agreement with any non-Affiliate binding upon the Company and not entered into in contemplation of this clause (b),
provided that the Company shall use commercially reasonable efforts to obtain consent from the party in whose favor the obligation of confidentiality was made to permit the disclosure of the relevant information and provided,
further, that the Constituent Companies have received a written opinion of counsel confirming that disclosure of such information without consent from such other contractual party would constitute a breach of such agreement. 

Promptly after determining that a Constituent Company or a Subsidiary is not permitted to disclose any information as a result of the limitations described in
this Section 7.5, the Constituent Companies will provide each of the holders with an Officer’s Certificate describing generally the requested information that such Constituent Company or such Subsidiary is prohibited from disclosing
pursuant to this Section 7.5 and the circumstances under which such Constituent Company or such Subsidiary is not permitted to disclose such information. 

SECTION 8. PAYMENT AND PREPAYMENT OF THE
NOTES. 
 Section 8.1 Maturity. As provided therein, the entire unpaid
principal balance of each Note shall be due and payable on the Maturity Date thereof. 

  
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 Section 8.2 Optional Prepayments with Make-Whole Amount.
The Issuer may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding in the case of a partial
prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount; provided that, so long as no Default or Event of Default shall then exist or would
arise as a result thereof, no Make-Whole Amount shall be required in respect of the prepayment of any Note made pursuant to this Section 8.2 within 60 days of the Maturity Date thereof. The Issuer will give each holder of Notes written notice
of each optional prepayment under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed for such prepayment unless the Issuer and the Required Holders agree to another time period pursuant to Section 18.
Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with
Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer of the Issuer as to the estimated Make-Whole Amount
due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Issuer shall deliver to each holder of
Notes a certificate of a Senior Financial Officer of the Issuer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 

Section 8.3 Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant
to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called
for prepayment. In the case of any purchase or prepayment of the Notes pursuant to Section 8.5 or Section 8.7, the principal amount of the Notes to be purchased or prepaid shall be allocated among all of the Notes that have accepted such
offer of purchase or prepayment. 
 Section 8.4 Maturity; Surrender, Etc. In the case of each
prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date
and the applicable Make-Whole Amount, if any. From and after such date, unless the Issuer shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such
principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Issuer and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

Section 8.5 Purchase of Notes. The Issuer will not, and will not permit any Affiliate to, purchase, redeem,
prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b) pursuant to an offer to purchase
made by the Issuer or an Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information to enable it to

  
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make an informed decision with respect to such offer, and shall remain open for at least 10 Business Days. If the holders of more than 50% of the principal amount of the Notes then outstanding
accept such offer, the Issuer shall promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder
at least 10 Business Days from its receipt of such notice to accept such offer. The Issuer will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to this Agreement and no
Notes may be issued in substitution or exchange for any such Notes. 
 Section 8.6 Make-Whole Amount. 

The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value
of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the
Make-Whole Amount, the following terms have the following meanings: “Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be
immediately due and payable pursuant to Section 12.1, as the context requires. 
 “Discounted Value” means, with
respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called
Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (a) 0.50% plus (b) the
yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page
PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities
(“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life,
then such implied yield to maturity will be determined by (1) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (2) interpolating linearly between the “Ask
Yields” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (i) closest to and greater
than such Remaining Average Life and (ii) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (A) 0.50% plus (B) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day
for which such 

  
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yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable
successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such
Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (I) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and
(II) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable
Note. 
 “Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing
(a) such Called Principal into (b) the sum of the products obtained by multiplying (1) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (2) the number of years, computed on the
basis of a 360-day year comprised of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called
Principal and the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with
respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its
scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest
accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. 

“Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be
prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

Section 8.7 Offer to Prepay Notes in the Event of a Change of Control. 

(a) Notice of Change of Control or Control Event. The Constituent Companies will, within 10 Business Days after any
Responsible Officer of either thereof has knowledge of the occurrence of any Change of Control or any Control Event, give written notice of such Change of Control or Control Event to each holder of Notes unless notice in respect of such Change of
Control (or the Change of Control contemplated by such Control Event) shall have been given pursuant to Section 8.7(b). If a Change of Control has occurred, such notice shall contain and constitute an offer by the Issuer to prepay Notes as
described in Section 8.7(c) and shall be accompanied by the certificate described in Section 8.7(g). 

  
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 (b) Condition to Company Action. The Parent Guarantor will not take
any action that consummates or finalizes a Change of Control unless (1) at least 30 days prior to such action the Issuer shall have given to each holder of Notes written notice containing and constituting an offer to prepay Notes as described
in Section 8.7(c), accompanied by the certificate described in Section 8.7(g), and (2) contemporaneously with such action, the Issuer prepays all Notes required to be prepaid in accordance with this Section 8.7. 

(c) Offer to Prepay Notes. The offer to prepay Notes contemplated by Sections 8.7(a) and (b) shall be an offer to
prepay, in accordance with and subject to this Section 8.7, all, but not less than all, Notes held by each holder on a date specified in such offer (the “Change of Control Proposed Prepayment Date”). If such Change of Control
Proposed Prepayment Date is in connection with an offer contemplated by Section 8.7(a), such date shall be a Business Day not less than 30 days and not more than 60 days after the date of such offer (or if the Change of Control Proposed
Prepayment Date shall not be specified in such offer, the Change of Control Proposed Prepayment Date shall be the Business Day nearest to the 30th day after the date of such offer). 

(d) Acceptance; Rejection. A holder of Notes may accept or reject the offer to prepay made pursuant to this
Section 8.7 by causing a notice of such acceptance or rejection to be delivered to the Issuer at least five Business Days prior to the Change of Control Proposed Prepayment Date. A failure by a holder of Notes to so respond to an offer to
prepay made pursuant to this Section 8.7 shall be deemed to constitute a rejection of such offer by such holder. 
 (e)
Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at 100% of the principal amount of such Notes, together with accrued and unpaid interest on such Notes accrued to the date of prepayment but without
any Make-Whole Amount. The prepayment shall be made on the Change of Control Proposed Prepayment Date, except as provided by Section 8.7(f). 

(f) Deferral Pending Change of Control. The obligation of the Issuer to prepay Notes pursuant to the offers required by
Section 8.7(c) and accepted in accordance with Section 8.7(d) is subject to the occurrence of the Change of Control in respect of which such offers and acceptances shall have been made. In the event that such Change of Control does not
occur on the Change of Control Proposed Prepayment Date in respect thereof, the prepayment shall be deferred until, and shall be made on the date on which, such Change of Control occurs. The Constituent Companies shall keep each holder of Notes
reasonably and timely informed of (1) any such deferral of the date of prepayment, (2) the date on which such Change of Control and the prepayment are expected to occur and (3) any determination by the Parent Guarantor that efforts to
effect such Change of Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section 8.7 in respect of such Change of Control automatically shall be deemed rescinded without penalty or other
liability). 
 (g) Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.7 shall
be accompanied by a certificate, executed by a Senior Financial Officer of the Issuer and dated the date of such offer, specifying (1) the Change of Control Proposed Prepayment Date, (2) that such offer is made pursuant to this Section

  
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 8.7 and that failure by a holder to respond to such offer by the deadline established in
Section 8.7(d) shall result in such offer to such holder being deemed rejected, (3) the principal amount of each Note offered to be prepaid, (4) the interest that would be due on each Note offered to be prepaid, accrued to the Change
of Control Proposed Prepayment Date, (5) that the conditions of this Section 8.7 have been fulfilled and (6) in reasonable detail, the nature and date of the Change of Control. 

(h) Change of Control Defined. “Change of Control” means occurrence of any of the following events:

 (1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act)
other than the Permitted Holders becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of 35% or
more of the outstanding equity securities of the Parent Guarantor entitled to vote for members of the board of directors or equivalent governing body of the Parent Guarantor; 

(2) the Permitted Holders become the owners, directly or indirectly, of more than 50% of the total voting power of the then
outstanding voting stock of the Parent Guarantor; or 
 (3) occupation of a majority of the seats (other than vacant seats)
on the board of trustees of the Parent Guarantor by Persons who were neither (i) nominated by the board of trustees of the Parent Guarantor nor (ii) appointed by directors so nominated. 

(i) Control Event Defined. “Control Event” means the execution of any definitive written agreement
which, when fully performed by the parties thereto, would result in a Change of Control. 
 Section 8.8
Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (a) except as set forth in clause (b), any payment of interest on any Note that is due on
a date that is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (b) any payment of principal
of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the
computation of interest payable on such next succeeding Business Day. 
 SECTION 9. AFFIRMATIVE
COVENANTS. 
 The Constituent Companies covenant that so long as any of the Notes are outstanding: 

Section 9.1 Compliance with Laws. Without limiting Section 10.4, each Constituent Company will, and will
cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are

  
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referred to in Section 5.16) and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their
respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or
failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.2 Insurance. Each Constituent Company will, and will cause each of its Subsidiaries to, maintain,
with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly
situated. 
 Section 9.3 Maintenance of Properties. Each Constituent Company will, and will cause each of
its Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be
properly conducted at all times, provided that this Section 9.3 shall not prevent the Parent Guarantor or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in
the conduct of its business and the Parent Guarantor has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.4 Payment of Taxes and Claims. Each Constituent Company will, and will cause each of its
Subsidiaries to, file all federal, state and other material tax returns and reports required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments,
governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and
payable that have or might become a Lien on properties or assets of the Parent Guarantor or any Subsidiary, provided that neither the Parent Guarantor nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (a) the
amount, applicability or validity thereof is contested by the Parent Guarantor or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Parent Guarantor or a Subsidiary has established adequate reserves therefor in
accordance with GAAP on the books of the Parent Guarantor or such Subsidiary or (b) the nonpayment of all such taxes, assessments, charges, levies and claims could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. 
 Section 9.5 Corporate Existence, Etc. Subject to Section 10.2, each Constituent
Company will at all times preserve and keep its organizational existence in full force and effect. Subject to Section 10.2, each Constituent Company will at all times preserve and keep in full force and effect the corporate or other
organizational existence of each of its Subsidiaries (unless 

  
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merged into the Parent Guarantor or a Wholly-Owned Subsidiary) and all rights and franchises of the Parent Guarantor and its Subsidiaries unless, in the good faith judgment of the Parent
Guarantor, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect. 

Section 9.6 Books and Records. Each Constituent Company will, and will cause each of its Subsidiaries to,
maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over such Constituent Company or such Subsidiary, as the case may be. Each
Constituent Company will, and will cause each of its Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. Each Constituent Company and its Subsidiaries have
devised a system of internal accounting controls (which may be on a consolidated basis or organized based on profit centers) sufficient to provide reasonable assurances that their respective books, records, and accounts accurately reflect all
transactions and dispositions of assets and each Constituent Company will, and will cause each of its Subsidiaries to, continue to maintain such system. 

Section 9.7 REIT Status; Stock Exchange Listing. The Parent Guarantor will (a) continue to be
treated as a REIT and (b) cause its common Capital Stock to be listed and to remain listed on the New York Stock Exchange or the NASDAQ Stock Market. 

Section 9.8 Ownership. 

(a) The Parent Guarantor will at all times be the sole general partner of the Issuer. 

(b) The Parent Guarantor will not permit any Persons (other than itself) to own, directly or indirectly, Capital Stock of the
Issuer that, if exchanged for Capital Stock of the Parent Guarantor, would result in a Change of Control under clause (1) of the definition thereof. 

(c) The Issuer will own, directly or indirectly, free of any Liens, encumbrances or adverse claims, 100% of the Capital Stock
of each Subsidiary Guarantor and each Qualified Asset Holder (except as otherwise expressly permitted by this Agreement). 

Section 9.9 Subsidiary Guarantors. 

(a) The Parent Guarantor will cause each of its Subsidiaries that guarantees or otherwise becomes liable at any time, whether
as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any Principal Credit Facility (including any Subsidiary that was a party to the Subsidiary Guaranty
Agreement but subsequently (x) was released from the Subsidiary Guaranty Agreement and (y) has guaranteed or otherwise became liable under any Principal Credit Facility), to concurrently therewith: 

  
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 (1) if the Subsidiary Guaranty Agreement entered into on the date of the
Closing is then outstanding, execute a supplement to the Subsidiary Guaranty Agreement in the form of Exhibit A thereto (a “Subsidiary Guaranty Supplement”) or, if all Subsidiary Guarantors have been released pursuant to
Section 9.9(b) and such Subsidiary Guaranty Agreement has been terminated, enter into a new subsidiary guaranty agreement substantially in the form of Exhibit SGA (a “New Subsidiary Guaranty Agreement”) or, if a New Subsidiary
Guaranty Agreement is then in effect, a supplement to such New Subsidiary Guaranty in the form of Exhibit A thereto (a “New Subsidiary Guaranty Supplement”); and 

(2) deliver the following to each holder of a Note: 

(i) an executed counterpart of such Subsidiary Guaranty Supplement or such New Subsidiary Guaranty Agreement or such New
Subsidiary Guaranty Supplement, as the case may be; 
 (ii) a certificate signed by an authorized responsible officer of such
Subsidiary containing representations and warranties on behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6 and 5.7 of this Agreement (but with respect to such Subsidiary, such
Subsidiary Guaranty Supplement and the Subsidiary Guaranty Agreement or such New Subsidiary Guaranty Agreement or such New Subsidiary Guaranty Supplement and the New Subsidiary Guaranty Agreement, as the case may be); 

(iii) all documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing
existence and, where applicable, good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of the execution and delivery of such Subsidiary Guaranty Supplement, such New Subsidiary Guaranty
Agreement or such New Subsidiary Guaranty Supplement and the performance by such Subsidiary of its obligations under the Subsidiary Guaranty Agreement or the New Subsidiary Guaranty Agreement, as the case may be; and 

(iv) an opinion of counsel reasonably satisfactory to the Required Holders covering such matters relating to such Subsidiary,
such Subsidiary Guaranty Supplement and the Subsidiary Guaranty Agreement or such New Subsidiary Guaranty Agreement or such New Subsidiary Guaranty Supplement and the New Subsidiary Guaranty Agreement, as the case may be, as the Required Holders may
reasonably request. 
 (b) At the election of the Parent Guarantor and by written notice to each holder of Notes, any
Subsidiary Guarantor that is a party to the Subsidiary Guaranty Agreement may be discharged from all of its obligations and liabilities under the Subsidiary Guaranty Agreement and shall be automatically released from its obligations thereunder
without the need for the execution or delivery of any other document by the 

  
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holders, provided that (1) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect of any Principal Credit Facility, then such Subsidiary Guarantor has
been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under the Subsidiary Guaranty Agreement) under such Principal Credit Facility, (2) at the time of, and after giving
effect to, such release and discharge, no Default or Event of Default shall be existing, (3) no amount is then due and payable under the Subsidiary Guaranty Agreement, (4) if in return for such Subsidiary Guarantor being released and
discharged under any Principal Credit Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Principal Credit Facility for such release (other than (i) commitment fees, upfront fees, ticking fees,
alternate transaction fees and similar fees given in consideration of a new extension of credit in connection with an extension or replacement of such Principal Credit Facility, (ii) amounts paid in satisfaction of principal or interest under
such Principal Credit Facility and (iii) structuring, arrangement or similar fees solely for the account of the agents or arrangers under such Principal Credit Facility in connection with such release and discharge), the holders of the Notes
shall receive equivalent consideration substantially concurrently therewith and (5) each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses (1) through (4). 

Section 9.10 Most Favored Lender Provision. If at any time a Principal Credit Facility or any guaranty
in respect thereof shall include any Financial Covenant and such provision is not expressly contained in Section 10.6 on the date of the Closing (any such provision, together with any related definitions (including, any term defined therein
with reference to the application of GAAP, as identified in such Principal Credit Facility), an “Incorporated Covenant”), then the Company shall promptly, and in any event within 10 Business Days thereof, provide a
Most Favored Lender Notice with respect to each such Incorporated Covenant; provided that a Most Favored Lender Notice is not required to be given in the case of any Incorporated Covenant incorporated herein on the date of the Closing.
Thereupon, unless waived in writing by the Required Holders within 10 days of the Purchasers’ and holders’ receipt of such notice, such Incorporated Covenant shall be deemed incorporated by reference into this Agreement, mutatis
mutandis, as if set forth fully herein, effective (a) in the case of any Incorporated Covenant effective on the date of the Closing, as of the such date, and (b) in the case of any Incorporated Covenant effective after the date of the
Closing, as of the date when such Incorporated Covenant became effective under such Principal Credit Facility. Any Incorporated Covenant incorporated into this Agreement pursuant to this provision (1) shall remain unchanged herein
notwithstanding any temporary waiver of such Incorporated Covenant under the relevant Principal Credit Facility, (2) shall be deemed automatically amended herein to reflect any subsequent amendments agreed and implemented in relation to such
Incorporated Covenant under the relevant Principal Credit Facility and (3) shall be deemed deleted from this Agreement at such time as such Incorporated Covenant is deleted or otherwise removed from or is no longer in effect under or pursuant
to the relevant Principal Credit Facility or if the relevant Principal Credit Facility has been terminated; provided that (i) if in return for any such Incorporated Covenant ceasing to be in effect or being deleted or being so amended or
modified in such Principal Credit Facility, any fee or other form of consideration (other than (A) commitment fees, upfront fees, ticking fees, alternate transaction fees and similar fees given in

  
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consideration of a new extension of credit in connection with an extension or replacement of such Principal Credit Facility, (B) amounts paid in satisfaction of principal or interest under
such Principal Credit Facility and (C) structuring, arrangement or similar fees solely for the account of the agents or arrangers under such Principal Credit Facility in connection with such deletion, amendment or modification) is given or
agreed to be given to any holder of Indebtedness under such Principal Credit Facility, then the Constituent Companies shall pay or agree to pay to the holders of the Notes equivalent consideration, determined on a pro rata basis in proportion to the
relative outstanding principal amount of the Notes and the principal amount of Indebtedness outstanding under such Principal Credit Facility, substantially concurrently therewith; (ii) no Incorporated Covenant shall be so deemed automatically
amended or deleted during any time that a Default or Event of Default has occurred and is continuing; and (iii) no Incorporated Covenant shall be so deemed automatically amended in a manner that would cause it to become less restrictive or
deleted, unless the Constituent Companies shall have first provided notice thereof to each Purchaser and holder of the Notes. In determining whether a breach of any Financial Covenant incorporated by reference into this Agreement pursuant to this
Section 9.10 shall constitute an Event of Default, the period of grace, if any, applicable to such Incorporated Covenant in the relevant Principal Credit Facility (notwithstanding the grace period set forth in Section 11(d)) shall apply.

 Section 9.11 Rating on the Notes. The Issuer shall at all times maintain a Debt Rating for each series
of the Notes from an NRSRO. Evidence of such Debt Rating shall (a) be delivered by the Issuer to the holders of the Notes (1) at least annually (but not more than 30 days prior to each anniversary of the date of the Closing) and
(2) promptly upon any change in such Debt Rating, (b) set forth the Debt Rating for each series of the Notes, (c) refer to each Private Placement Number issued by CUSIP Global Services, managed on behalf of the American Bankers
Association by S&P Global Market Intelligence, in respect of such Notes, (d) state that such Debt Rating addresses the likelihood of payment of both the principal and interest of such Notes, (e) not include any prohibition against
sharing such evidence with the SVO or any other regulatory authority having jurisdiction over the holders of the Notes, and (f) include such other information relating to such Debt Rating as may be required from time to time by the SVO or any
other regulatory authority having jurisdiction over the holders of the Notes. 
 SECTION 10. NEGATIVE
COVENANTS. 
 The Constituent Companies covenant that so long as any of the Notes are outstanding: 

Section 10.1 Transactions with Affiliates. The Constituent Companies will not, and will not permit any
Subsidiary to, enter into directly or indirectly any transaction or group of related transactions (including the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than a
Constituent Company or another Subsidiary), except: (a) arrangements in respect of shared services, joint procurement, corporate expense allocation and information technology licensing; (b) the consummation of the transactions contemplated
by this Agreement and the payment of the transaction costs in connection therewith, and as otherwise permitted by this Agreement; (c) if approved by the governing body of such Person in accordance with applicable law, any indemnity provided for
the benefit of directors of such Person; (d) the payment of fees, expenses, compensation or 

  
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employee benefit arrangements to managers, consultants, employees, officers and outside directors of such Person; and (e) in the ordinary course and pursuant to the reasonable requirements
of the applicable Constituent Company’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the applicable Constituent Company or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate. 
 Section 10.2
Merger, Consolidation, Etc. The Constituent Companies will not, and will not permit any Subsidiary Guarantor or Qualified Asset Holder to, consolidate with or merge with any other Person or convey, transfer or lease all or substantially all
of its assets in a single transaction or series of transactions to any Person unless: 
 (a) in the case of any such
transaction involving the Issuer, the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Issuer as an entirety, as the case
may be, shall be a solvent entity organized and existing under the laws of the United States or any state thereof (including the District of Columbia), and, if the Issuer is not such entity, (1) such entity shall have executed and delivered to
each holder of any Notes its assumption of the due and punctual performance and observance of each covenant and condition of the Issuer set forth in this Agreement and the Notes and (2) such entity shall have caused to be delivered to each
holder of any Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in
accordance with their terms and comply with the terms hereof; 
 (b) in the case of any such transaction involving the Parent
Guarantor, the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Parent Guarantor as an entirety, as the case may be,
shall be a solvent entity that is organized and existing under the laws of the United States or any state thereof (including the District of Columbia) and, if the Parent Guarantor is not such entity, (1) such entity shall have executed and
delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of the Parent Guarantor set forth in this Agreement and (2) Parent Guarantor shall have caused to be delivered to
each holder of Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in
accordance with their terms and comply with the terms hereof; 
 (c) in the case of any such transaction involving a
Subsidiary Guarantor, the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Subsidiary Guarantor as an entirety, as the
case may be, shall be a solvent entity that is organized and existing under the laws of the United States or any state thereof (including the District of Columbia) and, if such Subsidiary Guarantor or another Subsidiary Guarantor is not such entity,
(1) such entity shall have executed and delivered to each 

  
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holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of the Subsidiary Guaranty Agreement and (2) the Constituent Companies shall
have caused to be delivered to each holder of Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting
such assumption are enforceable in accordance with their terms and comply with the terms hereof; 
 (d) in the case of any
such transaction involving a Qualified Asset Holder, the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Qualified
Asset Holder as an entirety, as the case may be, shall be (1) such Qualified Asset Holder or another Qualified Asset Holder or (2) any other Person so long as immediately after giving effect to such transaction or each transaction in any
series of transactions the Parent Guarantor would be in compliance, on a pro forma basis, with the requirements of Section 10.6(e); 

(e) the Parent Guarantor and each Subsidiary Guarantor, as applicable, reaffirms its obligations under the Parent Guaranty
and/or the Subsidiary Guaranty Agreement in writing at such time pursuant to documentation that is reasonably acceptable to the Required Holders; and 

(f) immediately before and immediately after giving effect to such transaction or each transaction in any such series of
transactions, no Default or Event of Default shall have occurred and be continuing. 
 No such conveyance, transfer or lease of substantially all of the
assets of a Constituent Company or any Subsidiary Guarantor shall have the effect of releasing such Constituent Company or such Subsidiary Guarantor, as the case may be, or any successor corporation or limited liability company that shall
theretofore have become such in the manner prescribed in this Section 10.2, from its liability under (x) this Agreement or the Notes (in the case of the Issuer), (y) this Agreement (in the case of the Parent Guarantor) or (z) the
Subsidiary Guaranty Agreement (in the case of any Subsidiary Guarantor), unless, in the case of the conveyance, transfer or lease of substantially all of the assets of a Subsidiary Guarantor, such Subsidiary Guarantor is released from the Subsidiary
Guaranty Agreement in accordance with Section 9.9(b) in connection with or immediately following such conveyance, transfer or lease. 

Section 10.3 Line of Business. The Constituent Companies will not, and will not permit any Subsidiary to,
engage in any business if, as a result, the general nature of the business in which the Parent Guarantor and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which
the Parent Guarantor and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement as described in the Memorandum or other business activities that are extensions thereof or otherwise incidental, reasonably related or ancillary
thereto. 

  
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 Section 10.4 Economic Sanctions, Etc. The Constituent
Companies will not, and will not permit any Controlled Entity to, (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment in or
engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (1) would cause any holder or any affiliate of such holder to
be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (2) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws. 

Section 10.5 Liens. The Constituent Companies will not, and will not permit any Subsidiary to, directly or
indirectly create, incur, assume or suffer to exist any Lien on: 
 (a) any Qualified Asset, other than Permitted
Encumbrances; 
 (b) any Capital Stock of (1) any Subsidiary Guarantor, (2) any Wholly-Owned, direct Foreign
Subsidiary of a Qualified Asset Guarantor that owns or leases a Qualified Asset or (3) any Qualified Asset Holder, other than Permitted Equity Encumbrances; and 

(c) any income or revenues from, or proceeds of, any of the foregoing; 

or sign, file or authorize under the Uniform Commercial Code of any jurisdiction a financing statement that includes in its collateral description any portion
of any Qualified Asset or the Capital Stock of (i) any Subsidiary Guarantor, (ii) any Wholly-Owned, direct Foreign Subsidiary of a Qualified Subsidiary Guarantor that owns or leases a Qualified Asset or (iii) any Qualified Asset
Holder, or any income or revenue from, or proceeds of, any of the foregoing. 
 Section 10.6 Financial
Covenants. 
 (a) Maximum Total Leverage Ratio. The Parent Guarantor will not permit the Total Leverage Ratio to
exceed 0.60 to 1.00. 
 (b) Minimum Fixed Charge Coverage Ratio. The Parent Guarantor will not permit the Fixed Charge
Coverage Ratio for any Reference Period to be less than 1.50 to 1.00. 
 (c) Maximum Total Secured Indebtedness Ratio.
The Parent Guarantor will not permit the Total Secured Indebtedness Ratio to exceed 0.40 to 1.00. 
 Notwithstanding the
foregoing, the Constituent Companies will not, and will not permit any of their Subsidiaries to, secure any Indebtedness outstanding under or pursuant to any Principal Credit Facility unless and until the Notes (and any guarantee delivered in
connection therewith) shall concurrently be secured equally and ratably with such Indebtedness pursuant to documentation reasonably acceptable to the Required Holders in substance and in form, including an intercreditor agreement and opinions of
counsel to the such Constituent Company and/or any such Subsidiary, as the case may be, from counsel that is reasonably acceptable to the Required Holders; provided that if the Indebtedness under the Principal Credit Facility thereafter
ceases at any time to be secured, then, so long as no Default or Event of Default then exists or would result therefrom, the Liens securing the Notes shall be automatically released concurrently with the release of the Liens securing such Principal
Credit Facility. 

  
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 (d) Minimum Unsecured Debt Service Coverage Ratio. The Parent
Guarantor will not permit the Unsecured Debt Service Coverage Ratio to be less than 2.00 to 1.00. 
 (e) Maximum Unsecured
Indebtedness to Qualified Assets Ratio. The Parent Guarantor will not permit, at any time, the Unsecured Indebtedness to Qualified Assets Ratio to exceed 0.60 to 1.00. 

Each of the covenants set forth in this Section 10.6(a) through (d) shall be tested on the last day of each Reference Period. 

SECTION 11. EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a) the Issuer defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and
payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Issuer defaults
in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or 
 (c)
either Constituent Company defaults in the performance of or compliance with any term contained in Section 7.1(d), Section 9.7(a), Section 9.9 or Section 10; or 

(d) either Constituent Company or any Subsidiary Guarantor defaults in the performance of or compliance with any term
contained or incorporated by reference herein (other than those referred to in Sections 11(a), (b) and (c)) or in the Subsidiary Guaranty Agreement and such default is not remedied within 30 days after the earlier of (1) a Responsible
Officer obtaining actual knowledge of such default and (2) either Constituent Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer
specifically to this Section 11(d)); or 
 (e) (1) any representation or warranty made in writing by or on behalf of
either Constituent Company or by any officer of either Constituent Company in this Agreement or any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date
as of which made, or (2) any representation or warranty made in writing by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in the Subsidiary Guaranty Agreement or any writing furnished in connection with
the Subsidiary Guaranty Agreement proves to have been false or incorrect in any material respect on the date as of which made; or 

  
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 (f) (1) either Constituent Company or any Subsidiary is in default (as
principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $75,000,000 (or, if lower, the lowest
corresponding threshold under any Principal Credit Facility) (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto, or (2) either Constituent Company or any Subsidiary is in default in
the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $75,000,000 (or, if lower, the lowest corresponding threshold under any Principal Credit Facility) (or its
equivalent in the relevant currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or
one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (3) as a consequence of the occurrence or continuation of any event or
condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into Capital Stock), (i) either Constituent Company or any Subsidiary has become obligated to purchase or repay Indebtedness
before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $75,000,000 (or, if lower, the lowest corresponding threshold under any Principal Credit Facility) (or its
equivalent in the relevant currency of payment), or (ii) one or more Persons have the right to require either Constituent Company or any Subsidiary so to purchase or repay such Indebtedness; or 

(g) either Constituent Company or any Subsidiary (1) is generally not paying, or admits in writing its inability to pay,
its debts as they become due, (2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (3) makes an assignment for the benefit of its creditors, (4) consents to the appointment of a custodian, receiver, trustee or other officer with
similar powers with respect to it or with respect to any substantial part of its property, (5) is adjudicated as insolvent or to be liquidated, or (6) takes corporate action for the purpose of any of the foregoing; or 

(h) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by either
Constituent Company or any Subsidiary, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for
relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or
liquidation of either Constituent Company or any Subsidiary, or any such petition shall be filed against either Constituent Company or any Subsidiary and such petition shall not be dismissed within 60 days; or 

(i) any event occurs with respect to either Constituent Company or any Subsidiary which under the laws of any jurisdiction is
analogous to any of the events described in Section 11(g) or Section 11(h), provided that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds
to the proceeding described in Section 11(g) or Section 11(h); or 

  
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 (j) one or more final judgments or orders for the payment of money
aggregating in excess of $75,000,000 (or, if lower, the lowest corresponding threshold under any Principal Credit Facility) (or its equivalent in the relevant currency of payment), including any such final order enforcing a binding arbitration
decision, are rendered against one or more of the Constituent Companies and their Subsidiaries and which judgments are not, within 30 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 30 days after
the expiration of such stay; or 
 (k) if (1) any Plan shall fail to satisfy the minimum funding standards of ERISA or
the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (2) a notice of intent to terminate any Plan shall have been or is
reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Parent Guarantor or any ERISA Affiliate
that a Plan may become a subject of any such proceedings, (3) there is any “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under one or more Plans, determined in accordance with Title IV
of ERISA, (4) the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such
Non-U.S. Plans allocable to such liabilities, (5) the Parent Guarantor or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the
penalty or excise tax provisions of the Code relating to employee benefit plans, (6) the Parent Guarantor or any ERISA Affiliate withdraws from any Multiemployer Plan, (7) the Parent Guarantor or any Subsidiary establishes or amends any
employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Parent Guarantor or any Subsidiary thereunder, (8) the Parent Guarantor or any Subsidiary fails to administer or
maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is
involuntarily terminated or wound up, or (9) the Parent Guarantor or any Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or
otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses (1) through (9) above, either individually or together with any other such event or events, could
reasonably be expected to have a Material Adverse Effect. As used in this Section 11(k), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned to such
terms in section 3 of ERISA; or 
 (l) the Subsidiary Guaranty Agreement shall cease to be in full force and effect, any
Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor shall contest in any manner the validity, binding nature or enforceability of the Subsidiary Guaranty Agreement, or the obligations of any Subsidiary Guarantor under the
Subsidiary Guaranty Agreement are not or cease to be legal, valid, binding and enforceable in accordance with the terms thereof. 

  
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 SECTION 12. REMEDIES ON DEFAULT,
ETC. 
 Section 12.1 Acceleration. 

(a) If an Event of Default with respect to either Constituent Company described in Section 11(g), (h) or (i) (other than
an Event of Default described in clause (1) of Section 11(g) or described in clause (6) of Section 11(g) by virtue of the fact that such clause encompasses clause (1) of Section 11(g)) has occurred, all the Notes then
outstanding shall automatically become immediately due and payable. 
 (b) If any other Event of Default has occurred and is
continuing, the Required Holders may at any time at its or their option, by notice or notices to the Issuer, declare all the Notes then outstanding to be immediately due and payable. 

(c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders
of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Issuer, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon at the applicable Default Rate) and (y) the Make-Whole Amount determined in respect of
such principal amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Issuer acknowledges, and the parties hereto agree, that each holder
of a Note has the right to maintain its investment in the Notes free from repayment by the Issuer (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Issuer in the event that the Notes are
prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. 

Section 12.2 Other Remedies. If any Default or Event of Default has occurred and is continuing, and
irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law,
suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or the Subsidiary Guaranty Agreement, or for an injunction against a violation of any of the terms hereof or
thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 
 Section 12.3
Rescission. At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by written notice to the Issuer, may rescind and annul any such declaration and its consequences if
(a) the Issuer has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal
and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the applicable Default Rate, 

  
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(b) neither the Issuer nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 18, and (d) no judgment or decree has been entered for the payment
of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part
of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement, the Subsidiary Guaranty
Agreement or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the
Constituent Companies under Section 16, the Constituent Companies will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection
under this Section 12, including reasonable attorneys’ fees, expenses and disbursements. 
 SECTION 13.
GUARANTEE. 
 Section 13.1 The Guarantee. The Parent Guarantor hereby
absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, to each holder of a Note (a) the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the
principal of, Make-Whole Amount, if any, and interest (including any interest accruing after the commencement of any proceeding in bankruptcy and any additional interest that would accrue but for the commencement of such proceeding) on the Notes and
all other obligations of the Issuer under this Agreement and (b) the full and prompt performance and observance by the Issuer of each and all of the obligations, covenants and agreements required to be performed or observed by the Issuer under
the terms of this Agreement and the Notes (all the foregoing being hereinafter collectively called the “Obligations”). The Parent Guarantor further agrees (to the extent permitted by applicable law) that the
Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it shall remain bound under this Section 13 notwithstanding any extension or renewal of any Obligation. 

Section 13.2 Waiver of Defenses. The Parent Guarantor waives presentation to, demand of payment from and
protest to the Issuer of any of the Obligations and also waives notice of protest for nonpayment. The Parent Guarantor waives notice of any default under this Agreement, the Notes or the other Obligations. The obligation of the Parent Guarantor
hereunder shall not be affected by (a) the failure of any holder of a Note to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person (including any Subsidiary Guarantor) under this Agreement, the
Notes, the Subsidiary Guaranty Agreement or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Agreement, the
Notes, the Subsidiary Guaranty Agreement or any other agreement; (d) the acceptance of any 

  
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security or Guarantee (including the Subsidiary Guaranty Agreement) by any holder of a Note for the Obligations or any of them; (e) the release of any security or Guarantee (including the
Subsidiary Guaranty Agreement) held by any holder of a Note for the Obligations or any of them; (f) the release of the Issuer, any Subsidiary Guarantor or any other Person from its liability with respect to the Obligations; (g) any act or
failure to act with regard to the Obligations; (h) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets, marshalling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization or arrangement under bankruptcy or similar laws, composition with creditors or readjustment of, or other similar procedure affecting the Issuer, any Subsidiary Guarantor or any
other Person or any of the assets of any of them, or any allegation or contest of the validity of this Agreement, the Notes, the Subsidiary Guaranty Agreement or any other agreement or the disaffirmance of this Agreement or the Notes or the
Subsidiary Guaranty Agreement or any other agreement in any such proceeding; (i) the invalidity or unenforceability of this Agreement, the Notes, the Subsidiary Guaranty Agreement or any other agreement; (j) the impossibility or illegality
of performance on the part of the Issuer, any Subsidiary Guarantor or any other Person of its obligations under the Notes, this Agreement, the Subsidiary Guaranty Agreement or any other instrument or agreement; (k) in respect of the Issuer, any
Subsidiary Guarantor or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to the Issuer, any Subsidiary Guarantor or any other Person, or other impossibility of performance through fire,
explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not declared), acts of terrorists, civil commotions, acts of God or the public enemy, delays or failures of suppliers or carriers, inability to obtain materials,
action of any Governmental Authority, change of law or any other causes affecting performance, or other force majeure, whether or not beyond the control of the Issuer, any Subsidiary Guarantor or any other Person and whether or not of the
kind above specified; or (l) any change in the ownership of the Issuer. 
 It being understood that the specific enumeration of the above-mentioned
acts, failures or omissions shall not be deemed to exclude any other acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Section 13.2 that the obligations of the Parent Guarantor shall
be absolute, unconditional and irrevocable to the extent herein specified and shall not be discharged, impaired or varied except by the payment of the Obligations and then only to the extent of such payment. 

Section 13.3 Guaranty of Payment. The Parent Guarantor further agrees that the Guarantee herein constitutes a
guaranty of payment when due (and not a guaranty of collection) and waives any right to require that any resort be had by any holder of a Note to any other Person or to any security held for payment of the Obligations. 

Section 13.4 Guaranty Unconditional. The obligations of the Parent Guarantor hereunder shall not be subject
to any reduction, limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the Parent Guarantor herein shall
not be discharged or impaired or 

  
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otherwise affected by the failure of any holder of a Note to assert any claim or demand or to enforce any remedy under this Agreement, the Notes, the Subsidiary Guaranty Agreement or any other
agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might
in any manner or to any extent vary the risk of the Parent Guarantor or would otherwise operate as a discharge of the Parent Guarantor as a matter of law or equity. 

Section 13.5 Reinstatement. The Parent Guarantor further agrees that the Guarantee herein shall continue to
be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored by any holder of a Note upon the bankruptcy or reorganization of the Issuer or
otherwise. 
 Section 13.6 Payment on Demand. In furtherance of the foregoing and not in limitation of any
other right which any holder of a Note has at law or in equity against the Parent Guarantor by virtue hereof, upon the failure of the Issuer to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration,
by redemption or otherwise, the Parent Guarantor hereby promises to and shall, upon receipt of written demand by any holder of a Note, forthwith pay, or cause to be paid, in cash, to the holders an amount equal to the sum of (a) the unpaid
amount of such Obligations then due and owing and (b) accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by applicable law). 

The Parent Guarantor acknowledges and agrees that repeated and successive demands may be made and recoveries may be had hereunder as and when,
from time to time, the Issuer shall default under the terms of a Note or this Agreement and that notwithstanding recovery hereunder for or in respect of any given Default or Event of Default, the Guarantee contained in this Section 13 shall
remain in full force and effect and shall apply to each and every subsequent Default or Event of Default. 

Section 13.7 Stay of Acceleration. The Parent Guarantor further agrees that, as between itself, on the one
hand, and the holders of the Notes, on the other hand, (a) the maturity of the Obligations guaranteed hereby may be accelerated as provided in this Agreement for the purposes of the Guarantee herein, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby and (b) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith
become due and payable by the Parent Guarantor for the purposes of this Guarantee. 
 Section 13.8 No
Subrogation. Notwithstanding any payment or payments made by the Parent Guarantor hereunder, the Parent Guarantor shall not be entitled to be subrogated to any of the rights of any holder of a Note against the Issuer or any collateral security
or Guarantee or right of offset held by any holder for the payment of the Obligations, nor shall the Parent Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuer or any Subsidiary Guarantor in respect of payments
made by the Parent Guarantor hereunder, until all amounts owing to the holders of the Notes by the Issuer on account of the Obligations are paid in full. If any amount shall be paid to the Parent Guarantor on account of such subrogation rights at

  
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any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Parent Guarantor in trust for the holders of the Notes, segregated from other funds of the
Parent Guarantor, and shall, forthwith upon receipt by the Parent Guarantor, be turned over to the holders of the Notes in the exact form received by the Parent Guarantor (duly indorsed by the Parent Guarantor to the holders of the Notes, if
required), to be applied against the Obligations. 
 Section 13.9 Marshalling. No holder of a Note shall be
under any obligation: (a) to marshal any assets in favor of the Parent Guarantor or in payment of any or all of the liabilities of the Issuer under or in respect of the Notes and this Agreement or the obligations of the Parent Guarantor
hereunder or (b) to pursue any other remedy that the Parent Guarantor may or may not be able to pursue itself and that may lighten the Parent Guarantor’s burden, any right to which the Parent Guarantor hereby expressly waives. 

Section 13.10 Transfer of Notes. All rights of any holder of a Note under this Section 13 shall be
considered to be transferred or assigned at any time or from time to time upon the transfer of any Note held by such holder whether with or without the consent of or notice to the Parent Guarantor under this Section 13 or to the Issuer. 

Section 13.11 Consideration. The Parent Guarantor has received, or shall receive, direct or indirect benefits
from the making of this Guarantee 
 SECTION 14. REGISTRATION; EXCHANGE; SUBSTITUTION
OF NOTES. 
 Section 14.1 Registration of Notes. The Issuer
shall keep at its principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one
or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder
thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person
in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Issuer shall not be affected by any notice or knowledge to the contrary. The Issuer shall give to any holder of a
Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 

Section 14.2 Transfer and Exchange of Notes. Upon surrender of any Note to the Issuer at the address and to
the attention of the designated officer (all as specified in Section 19(3)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by
the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within 10 Business Days
thereafter, the Issuer shall execute and deliver, at the Issuer’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) of the same series in exchange therefor, in an aggregate principal amount equal to
the unpaid principal amount of the surrendered Note. Each such new Note shall be 

  
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payable to such Person as such holder may request and shall be substantially in the form of Schedule 1(a) or 1(b), as applicable. Each such new Note shall be dated and bear interest from the date
to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Issuer may require payment of a sum sufficient to cover any stamp tax or governmental charge
imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a series, one
Note of each series may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.3. 

Section 14.3 Replacement of Notes. Upon receipt by the Issuer at the address and to the attention of the
designated officer (all as specified in Section 19(3)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor,
notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 
 (a) in the
case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least
$100,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 

(b) in the case of mutilation, upon surrender and cancellation thereof, 

within 10 Business Days thereafter, the Issuer at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and bearing
interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

SECTION 15. PAYMENTS ON NOTES. 

Section 15.1 Place of Payment. Subject to Section 15.2, payments of principal, Make-Whole Amount, if any,
and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Bank of America, N.A. in such jurisdiction. The Issuer may at any time, by notice to each holder of a Note, change the place of payment
of the Notes so long as such place of payment shall be either the principal office of the Issuer in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

Section 15.2 Payment by Wire Transfer. So long as any Purchaser or its nominee shall be the holder of any
Note, and notwithstanding anything contained in Section 15.1 or in such Note to the contrary, the Issuer will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and all other amounts becoming due hereunder
by the method and at the address specified for such purpose below such Purchaser’s name in the Purchaser Schedule, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Issuer in
writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon 

  
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written request of the Issuer made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably
promptly after any such request, to the Issuer at its principal executive office or at the place of payment most recently designated by the Issuer pursuant to Section 15.1. Prior to any sale or other disposition of any Note held by a Purchaser
or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Issuer in exchange for a new Note or Notes of
the same series pursuant to Section 14.2. The Issuer will afford the benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that
has made the same agreement relating to such Note as the Purchasers have made in this Section 15.2. 

Section 15.3 FATCA Information. By acceptance of any Note, the holder of such Note agrees that such
holder will with reasonable promptness duly complete and deliver to the Issuer, or to such other Person as may be reasonably requested by the Issuer, from time to time (a) in the case of any such holder that is a United States Person, such
holder’s United States tax identification number or other forms reasonably requested by the Issuer necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Issuer to comply
with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional
documentation as may be necessary for the Issuer to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount, if any, to deduct and withhold
from any such payment made to such holder. Nothing in this Section 15.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Issuer is required to obtain such information under FATCA and,
in such event, the Issuer shall treat any such information it receives as confidential. 
 SECTION 16. EXPENSES,
ETC. 
 Section 16.1 Transaction Expenses. Whether or not the
transactions contemplated hereby are consummated, the Constituent Companies will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel)
incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Subsidiary Guaranty Agreement or the Notes (whether
or not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Subsidiary Guaranty
Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Subsidiary Guaranty Agreement or the Notes, or by reason of being a holder of any Note,
(b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Parent Guarantor or any Subsidiary or in connection with any work-out
or restructuring of the transactions contemplated hereby and by the Notes and the Subsidiary Guaranty Agreement and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and
financial information with the SVO provided, that such costs and expenses under this clause (c) shall not exceed $3,500. If required by the NAIC, the Issuer shall obtain and maintain at its own cost and expense a Legal Entity Identifier
(LEI). 

  
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 The Constituent Companies will pay, and will save each Purchaser and each other holder of a
Note harmless from, (1) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes), (2) any and all wire
transfer fees that any bank or other financial institution deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (3) any judgment, liability, claim,
order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the
Issuer. 
 Section 16.2 Certain Taxes. The Constituent Companies agree to pay all stamp, documentary
or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or the Subsidiary Guaranty Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the
Notes in the United States or any other jurisdiction where either Constituent Company or any Subsidiary Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or the Subsidiary Guaranty Agreement
or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Constituent Companies pursuant to this Section 16, and will save each holder of a Note to the extent permitted by
applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Constituent Companies hereunder. 

Section 16.3 Survival. The obligations of the Constituent Companies under this Section 16 will
survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, the Subsidiary Guaranty Agreement or the Notes, and the termination of this Agreement. 

SECTION 17. SURVIVAL OF REPRESENTATIONS AND WARRANTIES;
ENTIRE AGREEMENT. 
 All representations and warranties contained herein shall survive the
execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless
of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of either Constituent Company pursuant to this Agreement
shall be deemed representations and warranties of such Constituent Company under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and the Subsidiary Guaranty Agreement embody the entire agreement and understanding between
each Purchaser and the Constituent Companies and supersede all prior agreements and understandings relating to the subject matter hereof. 

  
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 SECTION 18. AMENDMENT AND WAIVER.

 Section 18.1 Requirements. This Agreement and the Notes may be amended, and the observance of any
term hereof or of the Notes may be waived (either retroactively or prospectively), only with the written consent of the Constituent Companies and the Required Holders, except that: 

(a) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 22 hereof, or any defined term (as it is used therein), will
be effective as to any Purchaser unless consented to by such Purchaser in writing; and 
 (b) no amendment or waiver may,
without the written consent of each Purchaser and the holder of each Note at the time outstanding, (1) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or
reduce the rate or change the time of payment or method of computation of (i) interest on the Notes or (ii) the Make-Whole Amount, (2) change the percentage of the principal amount of the Notes the holders of which are required to
consent to any amendment or waiver, or (3) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 18 or 21. 

Section 18.2 Solicitation of Holders of Notes. 

(a) Solicitation. The Constituent Companies will provide each holder of a Note with sufficient information, sufficiently
far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or the
Subsidiary Guaranty Agreement. The Constituent Companies will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 18 or the Subsidiary Guaranty Agreement to each holder of a Note
promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 

(b) Payment. The Constituent Companies will not directly or indirectly pay or cause to be paid any remuneration, whether
by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration for or as an inducement to the entering into by such holder of any waiver or amendment
of any of the terms and provisions hereof or of the Subsidiary Guaranty Agreement or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms,
ratably to each holder of a Note even if such holder did not consent to such waiver or amendment. 
 (c) Consent in
Contemplation of Transfer. Any consent given pursuant to this Section 18 or the Subsidiary Guaranty Agreement by a holder of a Note that has transferred or has agreed to transfer its Note to (1) a Constituent Company, (2) any
Subsidiary or any other Affiliate or (3) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with either Constituent Company and/or any of its Affiliates, in each case in
connection with such consent, shall be void and of no force or effect except solely as to such holder, and 

  
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any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders
of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. 

Section 18.3 Binding Effect, Etc. Any amendment or waiver consented to as provided in this
Section 18 or the Subsidiary Guaranty Agreement applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon each Constituent Company without regard to whether such Note has been marked to
indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing
between either Constituent Company and any holder of a Note and no delay in exercising any rights hereunder or under any Note or the Subsidiary Guaranty Agreement shall operate as a waiver of any rights of any holder of such Note. 

Section 17.4. Notes Held by Constituent Companies, Etc. Solely for the purpose of determining whether
the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the Subsidiary Guaranty Agreement or the Notes, or have
directed the taking of any action provided herein or in the Subsidiary Guaranty Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes
directly or indirectly owned by a Constituent Company or any of its Affiliates shall be deemed not to be outstanding. 
 SECTION 19.
NOTICES. 
 Except to the extent otherwise provided in Section 7.4, all notices and communications
provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or (b) by registered or
certified mail with return receipt requested (postage prepaid), or (c) by an internationally recognized overnight delivery service (charges prepaid). Any such notice must be sent: 

(1) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in the
Purchaser Schedule, or at such other address as such Purchaser or nominee shall have specified to the Constituent Companies in writing, 

(2) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the
Constituent Companies in writing, or 
 (3) if to either Constituent Company, to such Constituent Company at its address set
forth at the beginning hereof to the attention of the Legal Department, or at such other address as such Constituent Company shall have specified to the holder of each Note in writing. 

Notices under this Section 19 will be deemed given only when actually received. 

  
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 SECTION 20. REPRODUCTION OF
DOCUMENTS. 
 This Agreement and all documents relating thereto, including (a) consents, waivers and
modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any
Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. Each Constituent Company agrees and stipulates that,
to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction
was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 20 shall not prohibit either Constituent Company or
any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

SECTION 21. CONFIDENTIAL INFORMATION. 

For the purposes of this Section 21, “Confidential Information” means information delivered to any Purchaser by or on
behalf of a Constituent Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified
when received by such Purchaser as being confidential information of such Constituent Company or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the
time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure
by a Constituent Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential
Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information
to (1) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (2) its auditors, financial advisors and
other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with this Section 21, (3) any other holder of any Note, (4) any Institutional Investor to which it sells or offers to sell
such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 21), (5) any Person from which it offers to purchase any Security
of either Constituent Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 21), (6) any federal or state regulatory authority having jurisdiction over such Purchaser,
(7) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (8) any other Person to which such
delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation or order 

  
 -49- 

 
applicable to such Purchaser, (ii) in response to any subpoena or other legal process, (iii) in connection with any litigation to which such Purchaser is a party or (iv) if an
Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such
Purchaser’s Notes, this Agreement or the Subsidiary Guaranty Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 21 as though it
were a party to this Agreement. On reasonable request by a Constituent Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other
than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Constituent Companies embodying this Section 21. 

In the event that as a condition to receiving access to information relating to a Constituent Company or its Subsidiaries in connection with
the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or
otherwise) which is different from this Section 21, this Section 21 shall not be amended thereby and, as between such Purchaser or such holder and the Constituent Companies, this Section 21 shall supersede any such other
confidentiality undertaking. 
 SECTION 22. SUBSTITUTION OF PURCHASER. 

Each Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s
Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Issuer, which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall
contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of
such notice, any reference to such Purchaser in this Agreement (other than in this Section 22), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that such Substitute Purchaser is so
substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Issuer of notice of such transfer, any reference to such
Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 22), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and such original Purchaser shall
again have all the rights of an original holder of the Notes under this Agreement. 
 SECTION 23. MISCELLANEOUS.

 Section 23.1 Successors and Assigns. All covenants and other agreements contained in this
Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not, except that, subject to Section 10.2,
neither Constituent Company may assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall be construed to
confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
 -50- 

 Section 23.2 Accounting Terms. All accounting terms
used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (a) all computations made pursuant to this Agreement shall be
made in accordance with GAAP, and (b) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of
“Indebtedness”), (1) any election by the Parent Guarantor or any Subsidiary to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar
accounting standard) shall be disregarded and such determination shall be made as if such election had not been made and (2) any change to GAAP occurring after the date of this Agreement as a result of the adoption of any proposals set forth in
the Proposed Accounting Standards Update, Leases (Topic 840), issued by the Financial Accounting Standards Board on August 17, 2010, the Proposed Accounting Standards Update, Leases (Topic 842), issued by the Financial Accounting Standards
Board on May 16, 2013, or any other proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying the right to use) as a
capital lease where such lease (or similar arrangement) was not required to be so treated under GAAP as in effect on the date of this Agreement shall be disregarded. 

Section 23.3 Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the
full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 23.4 Construction, Etc. Each covenant contained herein shall be construed (absent express
provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any
provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time 

  
 -51- 

 
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes of the Notes, shall also include any
such notes issued in substitution therefor pursuant to Section 14, (b) subject to Section 23.1, any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words
“herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and
Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time. 
 Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or
transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of one or more limited liability companies (or the unwinding of such a division or allocation), as if it
were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate
Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity). 

Section 23.5 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

Section 23.6 Governing Law. This Agreement shall be construed and enforced in accordance with, and the
rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. 
 Section 23.7 Jurisdiction and Process;
Waiver of Jury Trial. 
 (a) Each party hereto irrevocably submits to the
non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or
the Notes. To the fullest extent permitted by applicable law, each party hereto irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any
objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. 
 (b) Each party hereto agrees, to the fullest extent permitted by applicable law, that a final judgment
in any suit, action or proceeding of the nature referred to in Section 23.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United
States or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

  
 -52- 

 (c) Each party hereto consents to process being served by or on behalf of
any holder of Notes in any suit, action or proceeding of the nature referred to in Section 23.7(a) by mailing a copy thereof by registered, certified, priority or express mail (or any substantially similar form of mail), postage prepaid, return
receipt or delivery confirmation requested, to it at its address specified in Section 19 or at such other address of which such holder shall then have been notified pursuant to said Section. Each party hereto agrees that such service upon
receipt (1) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (2) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon
and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(d) Nothing in this Section 23.7 shall affect the right of any party hereto to serve process in any manner permitted by
law, or limit any right that any party hereto may have to bring proceedings against any other party hereto in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction. 
 (e) The parties hereto hereby waive trial by jury in any action brought on or with respect to this
Agreement, the Notes or any other document executed in connection herewith or therewith. 
 * * * * * 

  
 -53- 

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Constituent Companies, whereupon this Agreement shall become a binding agreement between you and the Constituent Companies. 

 

			
	Very truly yours,
	
	AMERICOLD REALTY OPERATING PARTNERSHIP, L.P.
		
	By	 	 /s/ Marc J. Smernoff

		 	Name: Marc J. Smernoff
		 	Title: Chief Financial Officer
	
	AMERICOLD REALTY TRUST
		
	By	 	 /s/ Marc J. Smernoff

		 	Name: Marc J. Smernoff
		 	Title: Chief Financial Officer

  
 -54- 

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Aaron Davidowitz

		 	Name: Aaron Davidowtiz
		 	Title: Corporate Vice President
	
	NEW YORK LIFE INSURANCE AND ANNUITY
  CORPORATION
	By:	 	NYL Investors LLC, its Investment Manager
		
	By:	 	 /s/ Aaron Davidowitz

		 	Name: Aaron Davidowitz
		 	Title: Senior Director
	
	 NEW YORK LIFE INSURANCE AND
ANNUITY
   CORPORATION INSTITUTIONALLY OWNED LIFE

  INSURANCE SEPARATE ACCOUNT (BOLI 30C)

	By:	 	NYL Investors LLC, its Investment Manager
		
	By:	 	 /s/ Aaron Davidowitz

		 	Name: Aaron Davidowitz
		 	Title: Senior Director
	
	 NEW YORK LIFE INSURANCE AND
ANNUITY
   CORPORATION INSTITUTIONALLY OWNED LIFE

  INSURANCE SEPARATE ACCOUNT (BOLI 3-2)

	By:	 	NYL Investors LLC, its Investment Manager
		
	By:	 	 /s/ Aaron Davidowitz

		 	Name: Aaron Davidowitz
		 	Title: Senior Director

  
 -55- 

			
	 THE BANK OF NEW
YORK MELLON, A BANKING CORPORATION ORGANIZED UNDER THE LAWS OF NEW
YORK, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE UNDER THAT
CERTAIN TRUST AGREEMENT DATED AS OF JULY 1ST, 2015 BETWEEN NEW YORK
LIFE INSURANCE COMPANY, AS GRANTOR, JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), AS
BENEFICIARY, JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK, AS BENEFICIARY,
AND THE BANK OF NEW YORK MELLON, AS TRUSTEE

		
	By:	 	New York Life Insurance Company, its attorney-in-fact
		
	By:	 	 /s/ Aaron Davidowitz

		 	Name: Aaron Davidowitz
		 	Title: Corporate Vice President

  
 -56- 

 
			
	MIDLAND NATIONAL LIFE INSURANCE COMPANY
	 NORTH AMERICAN COMPANY
FOR LIFE AND HEALTH INSURANCE

	By:	 	Guggenheim Partners Investment Management, LLC, as Investment Manager
		
	By:	 	 /s/ Kevin Robinson

		 	Name: Kevin Robinson
		 	Title: Attorney-in-Fact
	
	WILCAC LIFE INSURANCE COMPANY
	WILTON REASSURANCE COMPANY
	HORACE MANN LIFE INSURANCE COMPANY
	By:	 	Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:	 	 /s/ Kevin Robinson

		 	Name: Kevin Robinson
		 	Title: Attorney-in-Fact
	
	GUARANTY INCOME LIFE INSURANCE COMPANY
	UNITED LIFE INSURANCE COMPANY
	 COMMONWEALTH ANNUITY AND
LIFE INSURANCE COMPANY

	PROTECTIVE LIFE INSURANCE COMPANY
	By:	 	Guggenheim Partners Investment Management, LLC, as Manager
		
	By:	 	 /s/ Kevin Robinson

		 	Name: Kevin Robinson
		 	Title: Attorney-in-Fact

  
 -57- 

 
			
	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York domiciled life insurance
company
		
	By:	 	Nuveen Alternatives Advisors LLC, a Delaware limited liability company, its investment manager
		
	By:	 	 /s/ Jeffrey Hughes

	Name:	 	Jeffrey Hughes
	Title:	 	Director

  
 -58- 

 
			
	ATHENE ANNUITY AND LIFE COMPANY 
	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	 /s/ Roger D. Fors

	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income
	
	ATHENE ANNUITY & LIFE ASSURANCE COMPANY 
	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	 /s/ Roger D. Fors

	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income
	
	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY OF NEW YORK 

	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	 /s/ Roger D. Fors

	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income
	
	VOYA INSURANCE AND ANNUITY COMPANY 
	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	 /s/ Roger D. Fors

	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income

  
 -59- 

 
			
	 LIFE INSURANCE COMPANY
OF THE SOUTHWEST 

	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	 /s/ Roger D. Fors

	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income
	
	 AMERICAN EQUITY INVESTMENT
LIFE INSURANCE COMPANY 

	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	 /s/ Roger D. Fors

	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income
	
	 MIDLAND NATIONAL LIFE
INSURANCE COMPANY 

	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	 /s/ Roger D. Fors

	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income

  
 -60- 

 
			
	 MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY 

	By:	 	Barings LLC as Investment Adviser
		
	By:	 	 /s/ John B. Wheeler

	Name:	 	John B. Wheeler
	Title:	 	Managing Director
	
	MASSMUTUAL ASIA LIMITED 
	By:	 	Barings LLC as Investment Adviser
		
	By:	 	 /s/ John B. Wheeler

	Name:	 	John B. Wheeler
	Title:	 	Managing Director

  
 -61- 

 
			
	 GENWORTH LIFE AND
ANNUITY INSURANCE COMPANY

		
	By:	 	 /s/ Kevin R. Kearns

	Name:	 	Kevin R. Kearns
	Title:	 	Investment Officer
	
	GENWORTH LIFE INSURANCE COMPANY 
		
	By:	 	 /s/ Kevin R. Kearns

	Name:	 	Kevin R. Kearns
	Title:	 	Investment Officer

  
 -62- 

 
			
	 MINNESOTA LIFE INSURANCE
COMPANY 

	 OPTUM BANK, INC. 

	 ALLIANCE UNITED INSURANCE
COMPANY 

	 SECURIAN LIFE INSURANCE
COMPANY 

	 RESERVE NATIONAL INSURANCE
COMPANY 

	 AMERICAN REPUBLIC INSURANCE
COMPANY 

	 CATHOLIC UNITED FINANCIAL

	 UNITEDHEALTHCARE INSURANCE
COMPANY 

	 DELTA DENTAL OF
MINNESOTA 

	 NEW ERA LIFE INSURANCE
COMPANY 

	By:	 	Securian Asset Management, Inc.
		
	By:	 	 /s/ Jane M. Wyatt

	Name:	 	Jane M. Wyatt
	Title:	 	Vice President

  
 -63- 

 
			
	 AMERICAN EQUITY INVESTMENT
LIFE INSURANCE COMPANY

	 EAGLE LIFE INSURANCE
COMPANY

		
	By:	 	 /s/ Jeffrey A Fossell

	Name:	 	Jeffrey A. Fossell
	Title:	 	Authorized Signatory

  
 -64- 

 
			
	NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
		
	By:	 	 /s/ Uday Menkurkar

	Name:	 	Uday Menkurkar
	Title:	 	Authorized Signatory

  
 -65- 

 
			
	UNITED OF OMAHA LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Lee Martin

	Name:	 	Lee Martin
	Title:	 	Vice President

  
 -66- 

 
			
	ENSIGN PEAK ADVISORS, INC.
		
	By	 	 /s/ Matthew D. Dall

	Name:	 	Matthew D. Dall
	Title:	 	Head of Credit Research

  
 -67- 

 
			
	 TRANSAMERICA PREMIER LIFE
INSURANCE COMPANY

	By:	 	AEGON USA Investment Management, LLC, its investment manager
		
	By	 	 /s/ Josh Prieskorn

	Name:	 	Josh Prieskorn
	Title:	 	Vice President
	
	 TRANSAMERICA LIFE INSURANCE
COMPANY

	By:	 	AEGON USA Investment Management, LLC, its investment manager
		
	By	 	 /s/ Josh Prieskorn

	Name:	 	Josh Prieskorn
	Title:	 	Vice President

 
					
	
	TRANSAMERICA LIFE (BERMUDA) LTD
	By:	 	AEGON USA Investment Management,
		 	LLC, its investment manager
		
	By	 	 /s/ Josh Prieskorn

		 	Name:	 	Josh Prieskorn
		 	Title:	 	Vice President
	
	TLIC RIVERWOOD REINSURANCE INC
	By:	 	AEGON USA Investment Management,
		 	LLC, its investment manager
		
	By	 	 /s/ Josh Prieskorn

		 	Name:	 	Josh Prieskorn
		 	Title:	 	

  
 -68- 

					
	THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
		
	By	 	 /s/ Barry Scheinholtz

		 	Name:	 	Barry Scheinholtz
		 	Title:	 	Senior Director
	
	BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA
		
	By	 	 /s/ Barry Scheinholtz

		 	Name:	 	Barry Scheinholtz
		 	Title:	 	Senior Director
	
	THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.
		
	By	 	 /s/ Barry Scheinholtz

		 	Name:	 	Barry Scheinholtz
		 	Title:	 	Senior Director

  
 -69- 

 
					
	GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
		
	By	 	 /s/ Tad Anderson

		 	Name:	 	Tad Anderson
		 	Title:	 	Assistant Vice President, Investments

  
 -70- 

 
			
	MODERN WOODMEN OF AMERICA 
		
	By:	 	 /s/ Aaron R. Birkland

	Name: Aaron R. Birkland
	Title: Portfolio Manager, Private Placement
		
	By:	 	 /s/ Christopher M. Cramer

	Name: Christopher M. Cramer
	Title: Manager, Fixed Income

  
 -71- 

 
					
	AMERICO FINANCIAL LIFE & ANNUITY INSURANCE COMPANY
		
	By	 	 /s/ Gregory A. Hamilton

		 	Name:	 	Gregory A. Hamilton
		 	Title:	 	Senior VP & Chief Investment Officer

  
 -72- 

 
			
	AMERITAS LIFE INSURANCE CORP. 
	AMERITAS LIFE INSURANCE CORP. OF NEW YORK 
	By: Ameritas Investment Partners Inc., as Agent
		
	By:	 	 /s/ Tina Udell

	Name:	 	Tina Udell
	Title:	 	Vice President & Managing Director

  
 -73- 

 
			
	CMFG LIFE INSURANCE COMPANY
	By:	 	MEMBERS Capital Advisors, Inc acting as Investment Advisor
		
	By:	 	 /s/ Anne M. Finucane

		 	Name: Anne M. Finucane
		 	Title: Managing Director, Investments

  
 -74- 

 
	
	THE OHIO NATIONAL LIFE INSURANCE COMPANY
	
	 /s/ Annette M. Teders

	Name:   Annette M. Teders
	Title:     Vice President
	
	OHIO NATIONAL LIFE ASSURANCE CORPORATION
	
	 /s/ Annette M. Teders

	Name:   Annette M. Teders
	Title:     Vice President

  
 -75- 

 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or
indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate
of the Parent Guarantor. 
 “Agreement” means this Note and Guaranty Agreement, including all Schedules attached to this
Agreement. 
 “Aggregate Qualified Asset Amount” means, at any time, the sum of (a) the Eligible Value of
Eligible Owned Assets at such time, plus (b) the Eligible Value of Eligible Ground Leased Assets at such time; provided that (1) the aggregate amount contributed to the Aggregate Qualified Asset Amount by Qualified Assets
that are located in any Specified Jurisdiction other than the United States shall not exceed 30% of the Aggregate Qualified Asset Amount at any time, (2) the aggregate amount contributed to the Aggregate Qualified Asset Amount by Eligible
Ground Leased Assets shall not exceed 20% of the Aggregate Qualified Asset Amount at any time and (3) no single Qualified Asset shall constitute more than 10% of the Aggregate Qualified Asset Amount at any time; provided that, to the
extent any such limitation is exceeded, only such portion of the Eligible Value of such Qualified Asset or Qualified Assets shall be excluded from the calculation of the Aggregate Qualified Asset Amount to the extent necessary to comply with the
foregoing limitations. 
 “Anti-Corruption Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. 

“Anti-Money Laundering Laws” means any law or regulation in a U.S. or any non-U.S.
jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and
the USA PATRIOT Act. 
 “Applicable EBITDA” means with respect to any Real Property that is owned or ground leased by the
Issuer or any Subsidiary and used in a business permitted under Section 10.3, as of any date of determination, an amount equal to the portion of EBITDA attributable to such asset for the most recently ended Reference Period. 

“Bank Credit Agreement” means the Credit Agreement dated as of December 4, 2018 among the Constituent Companies, the
financial institutions from time to time parties thereto and Bank of America, N.A., as administrative agent, and any renewals, refinancings or replacements thereof. 

  
 SCHEDULE A

 (to Note and Guaranty Agreement) 

 “Blocked Person” means (a) a Person whose name appears on the list of
Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person
that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b). 

“Business Day” means (a) for the purposes of Section 8.6 only, any day other than a Saturday, a Sunday or a day on
which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York
or Atlanta, Georgia are required or authorized to be closed. 
 “Capital Assets” means, with respect to any Person, all
equipment, fixed assets and Real Property or improvements of such Person, or replacements or substitutions therefor or additions thereto, that in accordance with GAAP have been or should be reflected as additions to property, plant or equipment on
the balance sheet of such Person. 
 “Capital Lease” is defined in the definition of Capital Lease Obligations. 

“Capital Lease Obligations” means, as to any Person, the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP (such
lease, a “Capital Lease”) and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Capitalization Rate” means 8.25%; provided that, if any Principal Credit Facility uses a “capitalization
rate” for determining asset values thereunder that is higher or lower than 8.25%, then the capitalization rate herein shall be the highest capitalization rate then applicable under any Principal Credit Facility; provided, further,
that in no event may the capitalization rate herein be less than 6.75%. 
 “Change of Control” is defined in
Section 8.7(h). 
 “Change of Control Proposed Prepayment Date” is defined in Section 8.7(c). 

“Closing” is defined in Section 3. 

  
 A-2 

 “Code” means the Internal Revenue Code of 1986 and the rules and
regulations promulgated thereunder from time to time. 
 “Confidential Information” is defined in Section 21. 

“Consolidated Secured Indebtedness” means, at any time, Secured Indebtedness of the Parent Guarantor and its Subsidiaries on
a consolidated basis. 
 “Consolidated Secured Recourse Indebtedness” means, at any time, Secured Recourse Indebtedness of
the Parent Guarantor and its Subsidiaries on a consolidated basis. 
 “Constituent Company” and “Constituent
Companies” are defined in the first paragraph of this Agreement. 
 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and
“Controlling” shall have meanings correlative to the foregoing. 
 “Control Event” is defined in
Section 8.7(i). 
 “Controlled Entity” means (a) any of the Subsidiaries of the Parent Guarantor and any of their
or the Parent Guarantor’s respective Controlled Affiliates and (b) if the Parent Guarantor has a parent company, such parent company and its Controlled Affiliates. 

“Customary Non-Recourse Carve-Outs” means, with respect to any Non-Recourse Indebtedness, exclusions from the exculpation provisions with respect to such Non-Recourse Indebtedness for fraud, misrepresentation, misapplication of funds,
waste, environmental claims and liabilities, voluntary bankruptcy, collusive involuntary bankruptcy, prohibited transfers, violations of single purpose entity covenants and other circumstances customarily excluded by institutional lenders from
exculpation provisions and/or included in separate indemnification agreements or guaranties in non-recourse or tax-exempt financings of commercial real estate. 

“Debt Rating” means the debt rating of the Notes as determined from time to time by any NRSRO. 

“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of
notice or both, become an Event of Default. 
 “Default Rate” means, with respect to any Note, that rate of interest per
annum that is the greater of (a) 2.00% above the rate of interest stated in clause (a) of the first paragraph of such Note or (b) 2.00% over the rate of interest publicly announced by Bank of America, N.A. in New York, New York as its
“base” or “prime” rate. 

  
 A-3 

 “Development Property” means, as of any date of determination, Real
Property under development on which the improvements related to the development have not been completed on such date; provided that such Real Property shall cease to be a Development Property upon the first to occur of (a) the date that
is six full fiscal quarters following substantial completion (including issuance of a temporary or permanent certificate of occupancy for the improvements under construction permitting the use and occupancy for their regular intended uses) of such
Real Property, and (b) the first day of the first fiscal quarter following the date on which such Development Property has achieved a Leased Rate of at least 85%, and shall thereafter be considered a “Stabilized Property” for
the purposes of the calculation of Total Asset Value. 
 “Disposition” means, with respect to any business, assets or
property of any kind of the Parent Guarantor or any of its Subsidiaries, any sale, lease, sub-lease, sale and leaseback, assignment, conveyance, transfer, exclusive license or other disposition or exchange
thereof, with or without recourse. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disclosure Documents” is defined in Section 5.3. 

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

“EBITDA” means, with respect to the Parent Guarantor and its consolidated Subsidiaries, for any Reference Period, earnings
before interest, tax, depreciation, depletion and amortization calculated in accordance with GAAP, as may be adjusted in accordance with the definition of “Pro Forma Basis” and at all times excluding, without duplication,
(a) impairment and other non-cash charges or gains including, for the avoidance of doubt, equity in earnings (but excluding any non-cash charge in respect of an
item that was included in EBITDA in a prior period and any charges that result in a write-down or write-off of inventory and excluding amortization expense attributable to a prepaid cash item that was paid in
a prior period), (b) stock-based compensation expense, (c) gains or losses from sales of previously depreciated assets, (d) extraordinary gains or losses from foreign exchange, (e) extraordinary gains or losses from derivative
instruments and (f) other extraordinary or non-recurring gains, losses or charges; provided, however, that notwithstanding anything to the contrary in this Agreement, for the purposes of
determining the contribution to EBITDA of, or portion of EBITDA attributable to, any Real Property, any operating asset or any business managed or operated by the Issuer or any Subsidiary, EBITDA shall equal revenues in respect of such asset,
less, without duplication, (1) operating expenses in respect of such asset (exclusive of corporate-level general and administrative expenses, impairment on intangibles and long-lived assets and depreciation, depletion and amortization
expenses), (2) rent expenses in respect of such asset and (3) the interest component of any capital lease expenses or similar fixed charges and debt service charges in respect of such asset, and shall at all times exclude extraordinary or non-recurring gains, losses or charges. 
 “EDGAR” means the SEC’s Electronic Data
Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such purposes. 
 “Eligible Ground Leased
Asset” means any Real Property that satisfies the following criteria: 

  
 A-4 

 (a) such Real Property is leased pursuant to a ground lease by (1) a
Qualified Asset Guarantor that has no Indebtedness outstanding (other than Pari Passu Obligations and Indebtedness arising under the Subsidiary Guaranty Agreement) or (2) in the case where such Real Property is located in a Specified
Jurisdiction other than the United States, a Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor, which Foreign Subsidiary has no Indebtedness outstanding, or (3) a Qualified Asset Holder that has no Indebtedness outstanding,
as lessee; 
 (b) such Real Property is a Stabilized Property located in the United States or another Specified Jurisdiction;

 (c) such Real Property is improved with one or more completed warehouse/distribution buildings that are used as dry and/or
cold storage facilities and such improvements are owned by (1) such Qualified Asset Guarantor or (2) such Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor or (3) such Qualified Asset Holder; 

(d) none of such leasehold interest or such improvements is directly or indirectly subject to any Lien or any Negative Pledge
(other than (1) Liens and Negative Pledges created hereunder, (2) Permitted Pari Passu Provisions and (3) Permitted Encumbrances) and none of the Capital Stock of (i) such Qualified Asset Guarantor or (ii) such Wholly-Owned,
direct Foreign Subsidiary of a Qualified Asset Guarantor or (iii) such Qualified Asset Holder (or, in any case, any income therefrom or proceeds thereof), is directly or indirectly subject to any Lien or any Negative Pledge (other than
(A) Permitted Pari Passu Provisions and (B) Permitted Equity Encumbrances); 
 (e) no default or event of default
has occurred or with the passage of time or the giving of notice would occur under the ground lease regarding such Real Property; 

(f) the lessor under the ground lease regarding such Real Property shall not have the unilateral right to terminate such ground
lease prior to the expiration of the stated term of such ground lease absent the occurrence of any casualty, condemnation or default by (1) such Qualified Asset Guarantor or (2) such Wholly-Owned, direct Foreign Subsidiary of a Qualified
Asset Guarantor or (3) such Qualified Asset Holder, thereunder; 
 (g) the lessee under the ground lease has the right
to sublease, mortgage and encumber (subject to customary terms and limitations) its interest in such Real Property without the consent of the lessor; 

(h) the ground lease regarding such Real Property has a remaining term (inclusive of any unexercised extension options as to
which there is no condition precedent to the exercise thereof other than compliance of lessee with the terms of the applicable ground lease and the giving of a notice of exercise by the lessee) of 25 years or more at any time; 

(i) such Real Property is free of any material defects and any material Environmental Liabilities and is in material compliance
with all Environmental Laws; 

  
 A-5 

 (j) such Real Property is used in a business permitted under
Section 10.3; and 
 (k) such Real Property constitutes an “Eligible Ground Leased Asset” or similar term
under each Principal Credit Facility that applies eligibility requirements to ground leased properties in determining a borrowing base or what constitutes an unencumbered asset. 

“Eligible Owned Asset” means any Real Property that satisfies the following criteria: 

(a) such Real Property is wholly owned in fee simple by (1) a Qualified Asset Guarantor that has no Indebtedness
outstanding (other than Pari Passu Obligations and Indebtedness arising under the Subsidiary Guaranty Agreement) or (2) in the case where such Real Property is located in a Specified Jurisdiction other than the United States, a Wholly-Owned,
direct Foreign Subsidiary of a Qualified Asset Guarantor, which Foreign Subsidiary has no Indebtedness outstanding, or (3) a Qualified Asset Holder that has no Indebtedness outstanding; 

(b) such Real Property is a Stabilized Property located in the United States or another Specified Jurisdiction; 

(c) such Real Property is free of any material defects and any material Environmental Liabilities and is in material compliance
with all Environmental Laws; 
 (d) such Real Property is improved with one or more completed warehouse/distribution
buildings that are used as dry and/or cold storage facilities; 
 (e) such Real Property (and any income therefrom or
proceeds thereof) is not directly or indirectly subject to any Lien or any Negative Pledge (other than (1) Liens and Negative Pledges created hereunder, (2) Permitted Pari Passu Provisions and (3) Permitted Encumbrances) and none of
the Capital Stock of (i) such Qualified Asset Guarantor or (ii) such Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor or (iii) such Qualified Asset Holder (and, in any case, any income therefrom or proceeds
thereof), is directly or indirectly subject to any Lien or any Negative Pledge (other than (A) Permitted Pari Passu Provisions and (B) Permitted Equity Encumbrances); 

(f) such Real Property is used in a business permitted under Section 10.3; and 

(g) such Real Property constitutes an “Eligible Owned Asset” or similar term under each Principal Credit Facility
that applies eligibility requirements to owned real properties in determining a borrowing base or what constitutes an unencumbered asset. 

“Eligible Value” means, as of any date of determination, with respect to each Real Property that is owned or ground leased by
the Issuer or any Subsidiary and used in a business permitted under Section 10.3, (a) the Applicable EBITDA with respect to such Real Property divided by (b) the Capitalization Rate. 

  
 A-6 

 “Environmental Laws” means any and all federal, state, local, and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any
materials into the environment, including those related to Hazardous Materials. 
 “Environmental Liability” means all
liabilities, obligations, damages, losses, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages, monitoring and remediation costs and reasonable
fees and expenses of attorneys and consultants), whether contingent or otherwise, including those arising out of or relating to: (a) compliance or non-compliance with any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment, recycling, disposal (or arrangement for such activities) of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the presence or release of any Hazardous
Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from
time to time in effect. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a
single employer together with the Parent Guarantor under section 414 of the Code. 
 “Event of Default” is defined in
Section 11. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“FATCA” means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or
relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to section
1471(b)(1) of the Code. 
 “Financial Covenant” means any covenant (whether set forth as a covenant, undertaking, event of
default, restriction, prepayment event or other such provision) that requires the Parent Guarantor and/or any Subsidiary to: 

(a) maintain a specified measure of net worth, shareholders’ equity, total assets, unencumbered assets, unencumbered
properties, cash flow, net income, occupancy rate or lease term; 
 (b) maintain any relationship of any component of its
capital structure to any other component thereof (including the relationship of indebtedness, subsidiary indebtedness, senior indebtedness, secured indebtedness, unsecured indebtedness, subordinated indebtedness or recourse indebtedness to total
capitalization, total assets, unencumbered assets or net worth); 

  
 A-7 

 (c) maintain any measure of its ability to service its indebtedness
(including exceeding any specified ratio of revenues, cash flow, operating income or net income to indebtedness, interest expense, rental expense, capital expenditures and/or scheduled payments of indebtedness); 

(d) restrict the amount of distributions; or 

(e) restrict the amount or type of its investments. 

“Fitch” means Fitch Ratings, Inc. 

“Fixed Charge Coverage Ratio” means, as of the last day of any Reference Period, the ratio of (a) the difference between
(1) EBITDA for such Reference Period minus (2) the aggregate amount of Maintenance Capital Expenditures for such Reference Period to (b) Fixed Charges for such Reference Period. 

“Fixed Charges” means, for any Reference Period, an amount equal to the sum of (a) Interest Expense, plus
(b) regularly scheduled installments (whether or not paid) of principal payable with respect to Total Indebtedness (including any scheduled payments that were no longer required to be repaid in such period as a result of a payment made within
one year of the date on which such payment was due), plus (c) the amount of dividends or distributions actually paid or required to be paid by the Parent Guarantor or any Subsidiary (other than to the Parent Guarantor or any Subsidiary)
in cash during such period in respect of its preferred Capital Stock (excluding dividends and distributions payable solely at such Person’s election and not actually paid and any balloon payments payable on maturity or redemption in whole of
such Capital Stock and any dividends or distributions paid or required to be paid on or prior to January 23, 2018) plus (d) all income tax payments with respect to the taxable REIT Subsidiaries of the Parent Guarantor and the Issuer
(including Foreign Subsidiaries); provided that for the Reference Period ending on September 30, 2018, Fixed Charges shall be the sum of clauses (a) through (d), inclusive, for the three fiscal quarter period ending on such date
multiplied by 4/3. 
 “Foreign Subsidiary” means any Subsidiary that is incorporated or organized under the laws of any
jurisdiction other than any state of the United States or the District of Columbia. 
 “Form
10-K” is defined in Section 7.1(b). 
 “Form 10-Q” is defined in Section 7.1(a). 
 “GAAP” means (a) generally
accepted accounting principles as in effect from time to time in the United States of America and (b) for purposes of Section 9.6, with respect to any Subsidiary, generally accepted accounting principles (including International Financial
Reporting Standards, as applicable) as in effect from time to time in the jurisdiction of organization of such Subsidiary. 

  
 A-8 

 “Governmental Authority” means 

(a) the government of 

(1) the United States or any state or other political subdivision thereof, or 

(2) any other jurisdiction in which the Parent Guarantor or any Subsidiary conducts all or any part of its business, or which
asserts jurisdiction over any properties of the Parent Guarantor or any Subsidiary, or 
 (b) any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 
 “Governmental
Official” means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public
international organization or anyone else acting in an official capacity. 
 “Guarantee Obligation” means, as to any Person
(the “guaranteeing person”), (a) any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a
separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third
Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (1) to purchase any such primary obligation or any property
constituting direct or indirect security therefor, (2) to advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth or solvency of the primary obligor, (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment
of such primary obligation or (4) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of
any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term Guarantee Obligation
shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations or product warranties. The amount of any Guarantee Obligation of any guaranteeing person
shall be deemed to be the lower of (i) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (ii) the maximum amount for which such guaranteeing person may
be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of
such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Parent Guarantor in good faith. 

  
 A-9 

 “Hazardous Materials” means any and all pollutants, toxic or hazardous
wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal,
release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law, including asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products,
lead based paint, radon gas or similar restricted, prohibited or penalized substances. 
 “holder” means, with respect to
any Note, the Person in whose name such Note is registered in the register maintained by the Issuer pursuant to Section 14.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 8.7, 12, 18.2 and 19
and any related definitions in this Schedule A, “holder” shall mean the beneficial owner of such Note whose name and address appears in such register. 

“Incorporated Covenant” is defined in Section 9.10(a). 

“Indebtedness” of any Person at any date means, without duplication, (a) all obligations of such Person for borrowed
money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such
Person, excluding those incurred in the ordinary course of its business that would constitute ordinarily a trade payable to trade creditors, (d) all obligations of such Person in respect of the deferred purchase price of property or services
(excluding those incurred in the ordinary course of its business that would constitute ordinarily a trade payable to trade creditors), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, provided that, as to such Person, recourse is limited to such property,
(f) all Guarantee Obligations by such Person of Indebtedness of others, but only to the extent of the amount of Indebtedness guaranteed, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise,
of such Person as an account party in respect of letters of credit and letters of guaranty (other than such obligations with respect to letters of credit and letters of guaranty to support workers’ compensation insurance programs, which shall
only constitute Indebtedness when such letter of credit or letter of guaranty is drawn), (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (j) all
Off-Balance Sheet Obligations of such Person, (k) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Capital Stock issued by such Person or
any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends (other than any obligation of such Person if such Person, in its sole discretion, may satisfy such obligation by
delivering (or causing to be delivered) common Capital Stock in the Parent Guarantor or any Subsidiary that is not a Subsidiary Guarantor or a Qualified Asset Holder, as applicable), (l) all obligations of such Person in respect of any purchase
obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (other than any obligation of such Person if such Person, in its sole discretion, may satisfy such obligation by
delivering (or causing to be delivered) common Capital Stock in the Parent Guarantor or any Subsidiary that is not a Subsidiary Guarantor or a Qualified Asset Holder, as applicable), and (m) net obligations under any Swap Agreements in an
amount equal to the Swap Termination Value thereof (other than any obligation of such Person if such Person, in its sole discretion, may satisfy such obligation by delivering (or causing to be delivered) common

  
 A-10 

 
Capital Stock in the Parent Guarantor or any Subsidiary that is not a Subsidiary Guarantor or a Qualified Asset Holder, as applicable). The Indebtedness of any Person shall include the
Indebtedness (other than (1) Qualified JV Debt and (2) any Indebtedness of China Merchants Americold Logistics Company, Limited and China Merchants Americold Holdings Company, Limited outstanding as of the date of the Closing) of any other
entity (including any partnership in which such Person is a general partner) to the extent such Person, by operation of the documentation evidencing such Indebtedness or by law, is liable therefor as a result of such Person’s ownership interest
in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. For the avoidance of doubt, Indebtedness shall not include (i) prepaid or deferred revenue arising
in the ordinary course of business and (ii) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such
asset. 
 “INHAM Exemption” is defined in Section 6.2(e). 

“Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or
more of its affiliates) more than $2,000,000 of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company,
any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Interest Expense” means, for any Reference Period, an amount equal to the sum of the following with respect to Total
Indebtedness: (a) total interest expense, accrued in accordance with GAAP plus (b) all capitalized interest determined in accordance with GAAP (including in the case of (a) and (b), the Parent Guarantor’s pro rata share
thereof for Unconsolidated Affiliates, other than with respect to Qualified JV Debt), and excluding non-cash amortization or write-off of deferred financing costs or
debt discount (including the Parent Guarantor’s pro rata share thereof for Unconsolidated Affiliates). 
 “Issuer” is
defined in the first paragraph of this Agreement. 
 “Leased Rate” means, at any time, with respect to any Real Property,
the ratio, expressed as a percentage, of (a) the rentable operating square footage of such Real Property actually leased by tenants that are not the Parent Guarantor or any of its Subsidiaries or Affiliates of the Parent Guarantor or any of its
Subsidiaries and paying rent at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no default or event of default has occurred and is continuing to
(b) the aggregate rentable operating square footage of such Real Property. 
 “Lien” means, with respect to any
Person, any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind
or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing); provided that in no event shall an operating lease be deemed
to be a Lien. 

  
 A-11 

 “Maintenance Capital Expenditures” means, for any Reference Period, all
capital expenditures actually made by the Parent Guarantor and its consolidated Subsidiaries (and the pro rata share of capital expenditures made by Unconsolidated Affiliates) during such period for the maintenance of Capital Assets of such Person,
excluding capital expenditures for modernization.  
 “Make-Whole Amount” is defined in Section 8.6. 

“Material” means material in relation to the business, operations, affairs, financial condition, assets, properties, or
prospects of the Parent Guarantor and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material
adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Issuer and its Subsidiaries taken as a whole, (b) the ability of the Issuer to perform its obligations under this Agreement and the
Notes, (c) the ability of the Parent Guarantor to perform its obligations under this Agreement, (d) the ability of any Subsidiary Guarantor to perform its obligations under the Subsidiary Guaranty Agreement or (e) the validity or
enforceability of this Agreement, the Notes or the Subsidiary Guaranty Agreement. 
 “Maturity Date” is defined in the
first paragraph of each Note. 
 “Memorandum” is defined in Section 5.3. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Morningstar” means Morningstar Credit Ratings, LLC. 

“Most Favored Lender Notice” means, in respect of any Incorporated Covenant, a written notice from the Constituent Companies
giving notice of such Incorporated Covenant, including therein a verbatim statement of such Incorporated Covenant, together with any definitions incorporated therein. 

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3)
of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners. 

“Negative Pledge” means a provision of any document, instrument or agreement (including any governing or organizational
document), other than this Agreement, that prohibits, restricts or limits, or purports to prohibit, restrict or limit, the creation or assumption of any Lien on any assets of a Person as security for the Indebtedness of such Person or any other
Person; provided that (a) an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not
generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge and (b) customary contractual restrictions in a lease relating to the granting of a Lien on the applicable leasehold
interest or leased property shall not constitute a Negative Pledge. 

  
 A-12 

 “New Subsidiary Guaranty” is defined in Section 9.9(a)(1). 

“New Subsidiary Guaranty Supplement” is defined in Section 9.9(a)(1). 

“Non-Recourse Indebtedness” means, with respect to any Person, (a) Indebtedness,
or a Guarantee Obligation of Indebtedness, in respect of which recourse for payment (except to the extent of any Customary Non-Recourse Carve-Outs) is contractually limited to specific assets of such Person
encumbered by a Lien securing such Indebtedness or Guarantee Obligation, (b) if such Person is a Single Asset Entity, any Indebtedness of such Person (other than Indebtedness described in the immediately following clause (c)), or (c) if
such Person is a Single Asset Holding Company, any Indebtedness (“Holdco Indebtedness”) of such Single Asset Holding Company resulting from a Guarantee Obligation of, or Lien securing, Indebtedness of a Single Asset Entity that is a
subsidiary of such Single Asset Holding Company, so long as, in each case, either (1) recourse for payment of such Holdco Indebtedness (except for Customary Non-Recourse Carve-Outs) is contractually
limited to the Capital Stock held by such Single Asset Holding Company in such Single Asset Entity or (2) such Single Asset Holding Company has no assets other than Capital Stock in such Single Asset Entity and cash and other assets of nominal
value incidental to the ownership of the such Single Asset Entity. 
 “Non-U.S.
Plan” means any plan, fund or other similar program that (a) is established or maintained outside the United States by the Parent Guarantor or any Subsidiary primarily for the benefit of employees of the Parent Guarantor or one or more
Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and
(b) is not subject to ERISA or the Code. 
 “Notes” is defined in Section 1. 

“NRSRO” means (a) Fitch, Moody’s, Morningstar or S&P, or (b) or any other credit rating agency that is
recognized as a nationally recognized statistical rating organization by the SEC and approved by the Required Holders, so long as, in each case, any such credit rating agency described in clause (a) or (b) above continues to be a nationally
recognized statistical rating organization recognized by the SEC and is approved as a “Credit Rating Provider” (or other similar designation) by the NAIC. 

“Obligations” is defined in Section 13.1. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A
list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 
 “Off-Balance Sheet Obligations” means liabilities and obligations of the Parent Guarantor, any Subsidiary or any other Person in respect of “off-balance
sheet arrangements” (as defined in the SEC Off-Balance Sheet Rules) which the Parent Guarantor would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition
and Results of 

  
 A-13 

 
Operations” section of a report on Form 10-Q or Form 10-K (or their equivalents) (but, for the avoidance of
doubt, excluding operating leases and ordinary course contracts for the purchase of power). As used in this definition, the term “SEC Off-Balance Sheet Rules” means the Disclosure in
Management’s Discussion and Analysis About Off Balance Sheet Arrangements, Securities Act Release No. 33-8182, 68 Fed. Reg. 5982 (Feb. 5, 2003) (codified at 17 CFR Parts 228, 229 and 249). 

“Officer’s Certificate” means, with respect to any Person, a certificate of a Senior Financial Officer of such Person or
of any other officer of such Person whose responsibilities extend to the subject matter of such certificate. 
 “Parent
Guarantor” is defined in the first paragraph of this Agreement. 
 “Parent Guaranty” means the Guarantee
Obligation of the Parent Guarantor set forth in Section 13. 
 “Pari Passu Obligations” means Unsecured Indebtedness
(exclusive of the Notes and the Subsidiary Guaranty Agreement) of either Constituent Company or any Subsidiary Guarantor owing to a Person that is not the Parent Guarantor or an Affiliate. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA. 

“Permitted Acquisition” means any acquisition, whether by purchase, merger, amalgamation, consolidation or otherwise, of
(a) all or substantially all of the assets of any Person, or a business line or unit or a division of any Person, or any parcel of Real Property and improvements thereto or (b) the Capital Stock of any Person such that such Person becomes
a Subsidiary; provided that: 
 (1) no Event of Default shall have occurred and be continuing or would result
therefrom; 
 (2) before and after giving effect thereto, the Company and its Subsidiaries are in compliance on a Pro Forma
Basis with Section 10.6 and any Incorporated Covenant; and 
 (3) after giving effect thereto, the Company and its
Subsidiaries are in compliance on a Pro Forma Basis with Section 10.3 and shall have complied with the requirements of Section 9.9(a), if applicable. 

“Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes or other related governmental charges or claims that are not yet due or that are being
contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Parent Guarantor or the applicable Subsidiary in conformity with GAAP; 

  
 A-14 

 (b) Liens imposed by law, such as landlord’s, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction contractors’ and other like Liens arising in the ordinary course of business and securing obligations that are not overdue for a period of more than 30
days or that are being contested in good faith by appropriate proceedings; 
 (c) Liens arising from judgments or decrees for
the payment of money in circumstances that do not constitute an Event of Default under 11(j); 
 (d) easements, restrictions,
rights-of-way, use restrictions, rights of first refusal and similar encumbrances on Real Property imposed by law or arising in the ordinary course of business that do
not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Parent Guarantor or the applicable Subsidiary; 

(e) any zoning or similar law or right reserved to, or vested in, any Governmental Authority to control or regulate the use of
any real property that do not materially detract from the value of the affected property or interfere with the ordinary course of conduct of the business of the Parent Guarantor or the applicable Subsidiary; 

(f) Liens affecting title on Real Property that have been fully paid off and satisfied and which remain of record through no
fault of the Person that owns such Real Property and that, in any event do not have a material and adverse effect with respect to the use, operations or marketability of the affected Real Property or with respect to the ownership of the affected
Real Property, and do not interfere with the ordinary conduct of business of the Parent Guarantor or the applicable Subsidiary; and 

(g) rights of lessors under Eligible Ground Leased Assets. 

“Permitted Equity Encumbrances” means: 

(a) Liens and Negative Pledges created pursuant to this Agreement; 

(b) Liens imposed by law for Taxes or other related governmental charges or claims that are not yet due or that are being
contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Parent Guarantor or the applicable Subsidiary in conformity with GAAP; and 

(c) Liens arising from judgments or decrees for the payment of money in circumstances that do not constitute an Event of
Default under Section 11(j). 
 “Permitted Holders” means, collectively, Ronald W. Burkle, any entities controlled
(directly or indirectly) by Ronald W. Burkle, The Yucaipa Companies LLC, any investment funds managed by any of the foregoing Persons or any Affiliates of the foregoing Persons in which greater than 50% of the total voting power normally entitled to
vote in the election of directors, managers, trustees, or similar positions, as applicable, is beneficially owned by, directly or indirectly, on a collective basis, the foregoing Persons. 

  
 A-15 

 “Permitted Pari Passu Provisions” means provisions that are contained in
documentation evidencing or governing Pari Passu Obligations which provisions are the result of (a) limitations on the ability of the Issuer or a Subsidiary to make Restricted Payments or transfer property to the Parent, any Subsidiary
Guarantor or any Qualified Asset Holder which limitations are not, taken as a whole, materially more restrictive than those contained in this Agreement, including any Incorporated Covenant, (b) limitations on the creation of any Lien on any
assets of a Person that are not, taken as a whole, materially more restrictive than those contained in this Agreement or (c) any requirement that Pari Passu Obligations be secured on an “equal and ratable basis” to the extent that the
Notes are secured. 
 “Person” means an individual, partnership, corporation, limited liability company, association,
trust, unincorporated organization, business entity or Governmental Authority. 
 “Plan” means an “employee benefit
plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or
required to be made, by the Parent Guarantor or any ERISA Affiliate or with respect to which the Parent Guarantor or any ERISA Affiliate may have any liability. 

“Principal Credit Facility” means, as to the Parent Guarantor and its Subsidiaries, 

(a) the Bank Credit Agreement, including any renewals, refinancings and replacements thereof; 

(b) if (1) the Bank Credit Agreement is no longer in effect or (2) if the sum of (i) the aggregate outstanding
principal amount of loans under the Bank Credit Agreement and (ii) the unfunded commitments under the Bank Credit Agreement is less than $500,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the
date of the closing of the then current Bank Credit Agreement based on the exchange rate of such other currency), then (A) in the case of clause (1), the “Principal Credit Facility” shall mean the largest credit facility, based upon
commitments, in respect of Recourse Indebtedness for borrowed money of the Parent Guarantor or any Subsidiary, or in respect of which the Parent Guarantor or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support and
(B) in the case of clause (2), “Principal Credit Facility” shall mean the Bank Credit Agreement and the largest credit facility (not including the Bank Credit Agreement), based upon commitments, in respect of Recourse Indebtedness for
borrowed money of the Parent Guarantor or any Subsidiary, or in respect of which the Parent Guarantor or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support; and 

(c) any note purchase agreement or similar document, instrument or agreement executed in connection with a private placement
debt financing, regardless of the principal amount outstanding thereunder from time to time, in each case including any renewals, refinancings and replacements thereof. 

  
 A-16 

 “Pro Forma Basis” means with respect to the calculation of the covenants
set forth in Section 10.6 or otherwise for purposes of determining the Total Leverage Ratio, EBITDA or Interest Expense as of any date, that such calculation shall give pro forma effect to all Permitted Acquisitions, all issuances, incurrences
or assumptions of Indebtedness (with any such Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) and all sales, transfers or other Dispositions of any material assets outside the ordinary
course of business (and any related prepayments or repayments of Indebtedness) that have occurred during (or, if such calculation is being made for the purpose of determining whether any proposed acquisition will constitute a Permitted Acquisition,
since the beginning of) the then-applicable Reference Period as if they occurred on the first day of such Reference Period (excluding cost savings, synergies, operating expense reductions and other operating improvements). If any Indebtedness bears
a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any
Swap Agreement applicable to such Indebtedness if such Swap Agreement has a remaining term in excess of 12 months). 

“property” or “properties” means, unless otherwise specifically limited, real or personal property of any
kind, tangible or intangible, choate or inchoate. 
 “PTE” is defined in Section 6.2(a). 

“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to
the Constituent Companies and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 14.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a
beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 14.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such
transfer. 
 “Purchaser Schedule” means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and
including their notice and payment information. 
 “Restricted Payment” means any dividend on, or payment made on account
of, or assets set apart for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement, cancellation, termination or other acquisition of, any Capital Stock of the Parent Guarantor or any Subsidiary, whether now or
hereafter outstanding, or any other distribution made in respect thereof, whether in cash or property or in obligations of the Parent Guarantor or any Subsidiary. 

“Qualified Asset” means, at any time, any Eligible Owned Asset or Eligible Ground Leased Asset. Each Qualified Asset as of
the date of the Closing is set forth on Schedule QA. 

  
 A-17 

 “Qualified Asset Guarantor” means, at any time, each Wholly-Owned Domestic
Subsidiary of the Issuer, whether existing on the date of the Closing or formed or acquired thereafter, that is a party to the Subsidiary Guaranty Agreement and that either owns or leases a Qualified Asset located in the United States or has
a Wholly-Owned, direct Foreign Subsidiary that owns or leases a Qualified Asset located in a Specified Jurisdiction other than the United States. 

“Qualified Asset Holder” means each Wholly-Owned Subsidiary of the Issuer that owns or leases a Qualified Asset located in a
Specified Jurisdiction, but is not (a) a party to the Subsidiary Guaranty Agreement, (b) required to guarantee the Notes under Section 9.9(a), or (c) in the case of a Wholly-Owned Foreign Subsidiary, a Subsidiary of a Person
described in clause (a) or (b). 
 “Qualified Institutional Buyer” means any Person who is a “qualified
institutional buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Qualified JV
Debt” means Indebtedness of an Unconsolidated Affiliate that is secured by cash collateral provided by the holders of Capital Stock in such Unconsolidated Affiliate.  

“Real Property” means, collectively, all right, title and interest (including any leasehold estate) in and to any and all
parcels of or interests in real property owned in fee or leased by the Parent Guarantor or any Subsidiary, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures
incidental to the ownership or lease thereof. 
 “REIT” is defined in Section 5.9. 

“Recourse Indebtedness” means, with respect to any Person, Indebtedness of such Person other than Non-Recourse Indebtedness of such Person. 
 “Reference Period” means, at any time, the
most recent period of four consecutive fiscal quarters of the Parent Guarantor ended on or prior to such time (taken as one accounting period) in respect of which financial statements for each quarter or fiscal year in such period have been or are
required to be delivered pursuant to Section 7.1(a) or Section 7.1(b), as applicable. 
 “Related Fund” means,
with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such
investment advisor. 
 “Required Holders” means at any time on or after the Closing, the holders of more than 50% in
principal amount of the Notes at the time outstanding (exclusive of Notes then owned by either Constituent Company or any of its Affiliates). 

“Responsible Officer” of any Person means any Senior Financial Officer and any other officer of such Person with
responsibility for the administration of the relevant portion of this Agreement. 
 “S&P” means S&P Global Ratings.

  
 A-18 

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

 “Secured Indebtedness” means, with respect to any Person, all Indebtedness of such Person that is secured by a Lien and,
solely for purposes of Section 10.6(c), all unsecured Indebtedness of any Subsidiary that is not a Subsidiary Guarantor. 

“Secured Recourse Indebtedness” means, with respect to any Person, all Recourse Indebtedness of such Person that constitutes
Secured Indebtedness. 
 “Secured Recourse Leverage Ratio” means, at any time, the ratio of (a) Consolidated Secured
Recourse Indebtedness at such time to (b) Total Asset Value at such time. 
 “Securities” or
“Security” shall have the meaning specified in section 2(1) of the Securities Act. 
 “Securities
Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect. 

“Senior Financial Officer” of any Person means the chief financial officer, principal accounting officer, treasurer or
comptroller of such Person. 
 “Series A Notes” is defined in Section 1. 

“Series B Notes” is defined in Section 1. 

“Single Asset Entity” means a Person (other than an individual) that (a) only owns a single real property and/or cash
and other assets of nominal value incidental to such Person’s ownership of such real property; (b) is engaged only in the business of owning, developing and/or leasing such real property and activities incidental thereto; and
(c) receives substantially all of its gross revenues from such real property. In addition, if the assets of a Person consist solely of (1) Capital Stock in one or more other Single Asset Entities and (2) cash and other assets of
nominal value incidental to such Person’s ownership of the other Single Asset Entities, such Person shall also be deemed to be a Single Asset Entity for purposes of this Agreement (such an entity, a “Single Asset Holding
Company”). 
 “Single Asset Holding Company” is defined in the definition of Single Asset Entity. 

“Solvent” means, with respect to any Person, as of any date of determination, (a) the amount of the “present fair
saleable value” (determined on a going concern basis) of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are
determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value (determined on a going concern basis) of the assets of such Person will, as of such date,
be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured in the ordinary course, (c) such Person will not have, as of such date, an unreasonably small amount of
capital with which to conduct its business as contemplated on the date hereof and (d) such Person will be able to pay its debts as they mature in the ordinary course. 

  
 A-19 

 “Source” is defined in Section 6.3. 

“Specified Jurisdiction” means each of Australia, Canada, New Zealand and the United States together with such other
jurisdiction as may be agreed to by the Required Holders. 
 “Stabilized Property” is defined in the definition of
“Development Property.” 
 “State Sanctions List” means a list that is adopted by any state Governmental
Authority within the United States pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. 

“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such
first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions)
of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries
(unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a
“Subsidiary” is a reference to a Subsidiary of the Parent Guarantor. 
 “Subsidiary Guarantor” means each
Subsidiary that has executed and delivered the Subsidiary Guaranty Agreement or a Subsidiary Guaranty Supplement or a New Subsidiary Guaranty Supplement. 

“Subsidiary Guaranty Agreement” means that certain Subsidiary Guaranty Agreement dated as of the date of the Closing
substantially in the form of Exhibit SGA and each New Subsidiary Guaranty Agreement, as the context requires. 
 “Subsidiary
Guaranty Supplement” is defined in Section 9.9(a). 
 “Substitute Purchaser” is defined in Section 22.

 “SVO” means the Securities Valuation Office of the NAIC. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the
Parent Guarantor or any Subsidiary shall be a “Swap Agreement” 

  
 A-20 

 “Swap Termination Value” means in respect of any one or more Swap
Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined
in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a) above, the amount(s) determined as the
mark-to-market value(s) for such Swap Agreements, as determined in accordance with the terms thereof and in accordance with customary methods for calculating mark-to-market values under similar agreements between the parties to such Swap Agreements. 

“Total Asset Value” means, at any time, without duplication, the sum of (a) with respect to Real Property that is owned
or ground leased by the Issuer or any Subsidiary and used in a business permitted under Section 10.3, the sum of the Eligible Values at such time of each such Real Property, (b) with respect to each operating asset owned by the Issuer or
any Subsidiary and used in a business permitted under Section 10.3, the sum of the portion of EBITDA attributable to each such asset for the most recently ended Reference Period multiplied by (1) with respect to any limestone quarry
operating asset, 6.0, or (2) with respect to any other operating asset, 8.0; provided that for the purposes of calculating Total Asset Value, with respect to (i) any operating asset or Real Property acquired after the date of the
Closing, such asset or Real Property shall be valued at the purchase price paid for such asset or Real Property for the first 12 months following the date of acquisition thereof (and thereafter, valued in accordance with clause (a) or (b)
above, as applicable) and (ii) any Development Property until such Development Property becomes a Stabilized Property, such Development Property shall be valued at the lesser of (A) cost or (B) market value in accordance with GAAP
(and once such Development Property becomes a Stabilized Property, valued in accordance with clause (a) above) and (c) with respect to any business managed by the Issuer or any Subsidiary and any business operated by the Issuer or any
Subsidiary as part of such Person’s transportation business segment, in each case, to the extent such business is permitted under Section 10.3, the sum of the portion of EBITDA attributable to each such business for the most recently ended
Reference Period multiplied by 8.0. 
 “Total Indebtedness” means, without duplication, all Indebtedness of the
Parent Guarantor and its consolidated Subsidiaries. 
 “Total Leverage Ratio” means, at any time, the ratio of
(a) Total Indebtedness at such time to (b) Total Asset Value at such time. 
 “Total Secured Indebtedness Ratio”
means, at any time, the ratio of (a) Consolidated Secured Indebtedness at such time to (b) Total Asset Value at such time. 

“Total Unsecured Indebtedness” means, at any time, the portion of Total Indebtedness that is not Secured Indebtedness. 

“Unconsolidated Affiliate” means, in respect of any Person, any other Person in whom such Person holds an investment in
Capital Stock, which investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such first Person on the
consolidated financial statements of such first Person. 
 “United States” means the United States of America. 

  
 A-21 

 “United States Person” has the meaning set forth in
Section 7701(a)(30) of the Code. 
 “Unsecured Debt Service Coverage Ratio” means, as of the last day of any Reference
Period, the ratio of (a) an amount equal to the portion of EBITDA attributable to all Qualified Assets for such Reference Period to (b) the Interest Expense attributable to Total Unsecured Indebtedness for such Reference Period. 

“Unsecured Indebtedness to Qualified Assets Ratio” means, at any time, the ratio of (a) Total Unsecured Indebtedness at
such time to (b) the Aggregate Qualified Asset Amount at such time. 
 “USA PATRIOT Act” means United States Public
Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from
time to time in effect. 
 “U.S. Economic Sanctions Laws” means those laws, executive orders, enabling legislation or
regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic
Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 

“Wholly-Owned” means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Capital
Stock of which (other than director’s qualifying shares and nominal holdings) are owned by such Person and/or by one or more Wholly-Owned Subsidiaries of such Person. 

  
 A-22 

 FORM OF SERIES A NOTE 

AMERICOLD REALTY OPERATING PARTNERSHIP, L.P. 

4.68% SERIES A GUARANTEED SENIOR NOTE DUE
JANUARY 8, 2026 
  

			
	No. AR-            	  	                    , 20    
	$                    	  	PPN 03063# AA2

 FOR VALUE RECEIVED, the undersigned, AMERICOLD
REALTY OPERATING PARTNERSHIP, L.P. (herein called the “Issuer”), a limited partnership organized and existing under the laws of the State of Delaware, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     DOLLARS (or so much thereof as shall not have been prepaid) on January 8, 2026 (the “Maturity
Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.68% per annum
from the date hereof, payable semiannually, on the 8th day of January and July in each year, commencing with [July 8, 2019]1[the January 8 or July 8 next succeeding the date hereof], and
on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (1) on any overdue payment of interest and (2) during the continuance of an Event of Default, on such unpaid
balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.68% or (ii) 2.00% over the rate of interest publicly announced by Bank of America, N.A. from time to time in New
York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Issuer shall have designated by written notice to the holder of this Note as provided in the Note Agreement referred to below. 

This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note and Guaranty Agreement,
dated as of December 4, 2018 (as from time to time amended, the “Note Agreement”), among the Issuer, Americold Realty Trust and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of
this Note will be deemed, by its acceptance hereof, to have (a) agreed to the confidentiality provisions set forth in Section 21 of the Note Agreement and (b) made the representation set forth in Section 6.3 of the Note
Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Agreement. 

 

	1 	 Include only for Notes issued on or prior to January 8, 2019. 

  
 SCHEDULE
1(a) 
 (to Note and Guaranty Agreement) 

 This Note is a registered Note and, as provided in the Note Agreement, upon surrender of
this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Issuer may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and the Issuer will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment, in whole
or from time to time in part, at the times and on the terms specified in the Note Agreement, but not otherwise. 
 If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Issuer and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than
such State. 
  

			
	 AMERICOLD REALTY OPERATING
PARTNERSHIP, L.P.

		
	By	 	  

		 	Name
		 	Title

  
 SCH 1(a)-2

 FORM OF SERIES B NOTE 

AMERICOLD REALTY OPERATING PARTNERSHIP, L.P. 

4.86% SERIES B GUARANTEED SENIOR NOTE DUE
JANUARY 8, 2029 
  

			
	No. BR-                	  	                    , 20    
	$                    	  	PPN 03063# AB0

 FOR VALUE RECEIVED, the undersigned, AMERICOLD
REALTY OPERATING PARTNERSHIP, L.P. (herein called the “Issuer”), a limited partnership organized and existing under the laws of the State of Delaware, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     DOLLARS (or so much thereof as shall not have been prepaid) on January 8, 2029 (the “Maturity
Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.86% per annum
from the date hereof, payable semiannually, on the 8th day of January and July in each year, commencing with [July 8, 2019]1[the January 8 or July 8 next succeeding the date hereof], and
on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (1) on any overdue payment of interest and (2) during the continuance of an Event of Default, on such unpaid
balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.86% or (ii) 2.00% over the rate of interest publicly announced by Bank of America, N.A. from time to time in New
York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Issuer shall have designated by written notice to the holder of this Note as provided in the Note Agreement referred to below. 

This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note and Guaranty Agreement,
dated as of December 4, 2018 (as from time to time amended, the “Note Agreement”), among the Issuer, Americold Realty Trust and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of
this Note will be deemed, by its acceptance hereof, to have (a) agreed to the confidentiality provisions set forth in Section 21 of the Note Agreement and (b) made the representation set forth in Section 6.3 of the Note
Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Agreement. 
  

 

	1 	 Include only for Notes issued on or prior to January 8, 2019. 

  
 SCHEDULE
1(b) 
 (to Note and Guaranty Agreement) 

 This Note is a registered Note and, as provided in the Note Agreement, upon surrender of
this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Issuer may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and the Issuer will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment, in whole
or from time to time in part, at the times and on the terms specified in the Note Agreement, but not otherwise. 
 If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Issuer and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than
such State. 
  

			
	 AMERICOLD REALTY OPERATING
PARTNERSHIP, L.P.

		
	By	 	  

		 	Name
		 	Title

  
 SCH 1(b)-2

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE CONSTITUENT
COMPANIES AND THE SUBSIDIARY GUARANTORS 
 The closing opinions of
King & Spalding LLP, counsel to the Constituent Companies and the Subsidiary Guarantors, Venable LLP, Maryland counsel to the Constituent Companies and the Subsidiary Guarantors, Greenberg Traurig LLP, Massachusetts counsel to the
Constituent Companies and the Subsidiary Guarantors, Smith, Slusky, Pohren & Rogers, LLP, Nebraska counsel to the Constituent Companies and the Subsidiary Guarantors, and Stoel Rives LLP, Minnesota counsel to the Constituent Companies and
the Subsidiary Guarantors, which are called for by Section 4.4(a) of the Agreement, shall be dated the date of the Closing and addressed to each Purchaser, shall be satisfactory in scope and form to each Purchaser and shall be collectively to
the effect that: 
 1. The Issuer is a limited partnership duly organized and validly existing and in good standing under the laws of
Delaware and has the corporate power and authority to conduct its business as currently conducted and currently proposed to be conducted, to execute and deliver the Agreement and the Notes and to perform the provisions thereof. The Parent Guarantor
is a real estate investment trust duly organized and validly existing and in good standing under the laws of Maryland and has the trust power and authority to conduct its business as currently conducted and currently proposed to be conducted, to
execute and deliver the Agreement and to perform the provisions thereof. Each Subsidiary Guarantor is a corporation or other entity duly organized and validly existing and in good standing under the laws of the State of its organization and has the
corporate or other power and authority to conduct its business as currently conducted and currently proposed to be conducted, to execute and deliver the Subsidiary Guaranty Agreement and the Notes and to perform the provisions thereof. 

2. The Agreement has been duly authorized, executed and delivered by the Issuer and the Parent Guarantor and constitutes a legal, valid and
binding agreement of the Issuer and the Parent Guarantor, enforceable against the Issuer and the Parent Guarantor in accordance with its terms. The Subsidiary Guaranty Agreement has been duly authorized, executed and delivered by each Subsidiary
Guarantor and constitutes a legal, valid and binding agreement of each Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms. 

3. The Notes being issued at the Closing have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and
binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms. 
 4. No consent, approval or authorization
of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by (a) the Issuer of the Agreement or the Notes, (b) the Parent Guarantor of the Agreement or
(c) any Subsidiary Guarantor of the Subsidiary Guaranty Agreement. 
 5. It was not necessary in connection with the offering, sale and
delivery of the Notes being issued at the Closing or the delivery of the Parent Guaranty, under the circumstances contemplated by the Agreement, to register said Notes or the Parent Guaranty under the Securities Act of 1933 or to qualify an
indenture in respect of the Notes or the Parent Guaranty under the Trust Indenture Act of 1939. 

  
 SCHEDULE
4.4(a) 
 (to Note and Guaranty Agreement) 

 6. The execution, delivery and performance by (a) the Issuer of the Agreement and the
Notes, (b) the Parent Guarantor of the Agreement and (c) each Subsidiary Guarantor of the Subsidiary Guaranty Agreement do not and will not (1) contravene, result in any breach of, or constitute a default under, or result in the
creation of any Lien in respect of any property of the Parent Guarantor or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, regulations,
by-laws or other constituent document or any other agreement or instrument to which the Parent Guarantor or any Subsidiary is bound or by which the Parent Guarantor or any Subsidiary or any of their respective
properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Parent
Guarantor or any Subsidiary or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Parent Guarantor or any Subsidiary. 

7. None of the Parent Guarantor, the Issuer or any Subsidiary Guarantor is an “investment company” or, to the knowledge of such
counsel, a Person directly or indirectly controlled by or acting on behalf of an “investment company” within the meaning of the Investment Company Act of 1940. 

8. None of the transactions contemplated by the Agreement (including, the use of the proceeds from the sale of the Notes) will violate or
result in a violation of Regulation T, U or X of the Board of Governors of the United States Federal Reserve System, 12 CFR, Part 220, Part 221 and Part 224, respectively. 

The opinions of King & Spalding LLP, Venable LLP, Greenberg Traurig LLP, Smith, Slusky, Pohren & Rogers, LLP and Stoel Rives LLP shall
collectively cover such other matters relating to the sale of the Notes as any Purchaser may reasonably request and shall each provide that (i) subsequent holders of the Notes may rely upon such opinion and (ii) such opinion may be
provided to Governmental Authorities including the National Association of Insurance Commissioners. With respect to matters of fact on which such opinions are based, such counsel shall be entitled to rely on appropriate certificates of public
officials and officers of the Constituent Companies and the Subsidiary Guarantors. 

  
 SCH
4.4(a)-2 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 FOR THE PURCHASERS 

The closing opinion of Schiff Hardin LLP, special counsel to the Purchasers, called for by Section 4.4(b) of the Agreement, shall be
dated the date of the Closing and addressed to the Purchasers, shall be satisfactory in form and substance to the Purchasers and shall be to the effect that: 

1. The Issuer is a limited partnership in good standing under the laws of the State of Delaware. 

2. The Parent Guarantor is a real estate investment trust in good standing under the laws of the State of Maryland. 

3. The Agreement and the Notes being delivered on the date hereof constitute the legal, valid and binding contracts of the
Issuer enforceable against the Issuer in accordance with their respective terms. 
 4. The Agreement constitutes the legal,
valid and binding contract of the Parent Guarantor enforceable against the Parent Guarantor in accordance with its terms. 

5. The issuance, sale and delivery of the Notes being delivered on the date hereof under the circumstances contemplated by the
Agreement, and on the basis of the representations made by the Constituent Companies in Section 5.13 of the Agreement and by the Purchasers in Section 6.1 of the Agreement, do not, under existing law, require the registration of such Notes
under the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939. 
 The opinion of Schiff Hardin LLP
shall also state that the opinions of King & Spalding LLP, Venable LLP, Greenberg Traurig LLP, Smith, Slusky, Pohren & Rogers, LLP, and Stoel Rives LLP are satisfactory in scope and form to Schiff Hardin LLP and that, in its
opinion, the Purchasers are justified in relying thereon. 
 The opinion of Schiff Hardin LLP is limited to the laws of the State of New
York and the federal laws of the United States. 
 With respect to matters of fact upon which such opinion is based, Schiff Hardin LLP may
rely on appropriate certificates of public officials and officers of the Issuer and the Parent Guarantor and upon representations of the Issuer, the Parent Guarantor and the Purchasers delivered in connection with the issuance and sale of the Notes.

  
 SCHEDULE
4.4(b) 
 (to Note and Guaranty Agreement) 

 DISCLOSURE MATERIALS 

None. 

  
 SCHEDULE
5.3 
 (to Note and Guaranty Agreement) 

 SUBSIDIARIES OF THE PARENT
GUARANTOR AND 
 OWNERSHIP OF SUBSIDIARY
STOCK; AFFILIATES; DIRECTORS AND SENIOR OFFICERS 
  

	(i)	 Subsidiaries: 

  

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

	Americold 2010 LLC	  	Delaware	  	Americold MFL 2010 LLC	  	100%	  	No
					
	Americold Acquisition Partnership GP LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No
					
	Americold Acquisition, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Australia PTY Ltd.	  	Australia	  	Icicle Australia Property PTY Limited	  	100%	  	No
					
	Americold Australia Realty Trust	  	Australia	  	Icecap Australia MIT Holding, LLC	  	99%	  	No
					
	Americold Australia Realty Trust	  	Australia	  	ART Icecap Holdings, LLC	  	1%	  	No
					
	Americold Australian Holdings PTY Ltd.	  	Australia	  	Icecap Properties AU LLC	  	100%	  	No
					
	Americold Australian Logistics PTY Ltd.	  	Australia	  	Americold Logistics Limited	  	100%	  	No
					
	Americold Brisbane Realty Trust	  	Australia	  	Americold Australia Realty Trust	  	100%	  	
					
	Americold Clearfield Opco, LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	Americold Clearfield Propco, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Food Logistics PTY Ltd.	  	Australia	  	Americold Logistics Limited	  	100%	  	No
					
	Americold Investments PTY Ltd.	  	Australia	  	Americold Australia PTY LTD	  	100%	  	No
					
	Americold Logistics Hong Kong Limited	  	China	  	ART AL Holding LLC	  	100%	  	No
					
	Americold Logistics Limited	  	Australia	  	Americold Australia PTY LTD	  	100%	  	No
					
	Americold Logistics Services NZ Ltd.	  	New Zealand	  	Americold NZ Limited	  	100%	  	No

  
 SCHEDULE
5.4 
 (to Note and Guaranty Agreement) 

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

					
	AmeriCold Logistics, LLC	  	Delaware	  	ART AL Holding LLC	  	100%	  	Yes
					
	Americold Melbourne Realty Trust	  	Australia	  	Americold Australia Realty Trust	  	100%	  	No
					
	Americold Middleboro Opco, LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	Americold Middleboro Propco, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold MFL 2010 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No
					
	Americold Nebraska Leasing LLC	  	Nebraska	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	Americold NZ Limited	  	New Zealand	  	Icicle NZ Property Limited	  	100%	  	No
					
	Americold Propco Phoenix Van Buren LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Property PTY Ltd.	  	Australia	  	Americold Australian Holdings PTY Ltd.	  	100%	  	No
					
	AmeriCold Real Estate, L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99% LP	  	Yes
					
	AmeriCold Real Estate, L.P.	  	Delaware	  	Americold Realty, Inc.	  	1% GP	  	Yes
					
	Americold Realty Hong Kong Limited	  	Hong Kong	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No
					
	Americold Realty Operating Partnership, L.P.	  	Delaware	  	Americold Realty Trust	  	99% GP	  	Yes
					
	Americold Realty Operating Partnership, L.P.	  	Delaware	  	Americold Realty Operations, Inc.	  	1% LP	  	Yes
					
	Americold Realty, Inc.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Realty Operations, Inc.	  	Delaware	  	Americold Realty Trust	  	100%	  	No
					
	Americold San Antonio Propco LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes

  
 SCH 5.4-2

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

					
	Americold Storage NB PTY Ltd.	  	Australia	  	AmeriCold Logistics Limited	  	100%	  	No
					
	Americold Sydney Realty Trust	  	Australia	  	Americold Australia Realty Trust	  	100%	  	No
					
	Americold Transportation, LLC	  	Delaware	  	ART Mortgage Borrower Opco 2010 – 5 LLC	  	100%	  	No
					
	Americold Transportation Services, LLC	  	Delaware	  	ART AL Holding LLC	  	100%	  	Yes
					
	AMLOG Canada Inc.	  	Canada	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	ART AL Holding LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART First Mezzanine Borrower GP LLC	  	Delaware	  	ART Second Mezzanine Borrower, L.P.	  	100%	  	Yes
					
	ART First Mezzanine Borrower Opco 2006-2 L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	Yes
					
	ART First Mezzanine Borrower Opco 2006-2 L.P.	  	Delaware	  	ART FIRST MEZZANINE BORROWER OPCO GP 2006- 2 LLC	  	0.1% GP	  	Yes
					
	ART First Mezzanine Borrower Opco 2006-3 L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	No
					
	ART First Mezzanine Borrower Opco 2006-3 L.P.	  	Delaware	  	ART First Mezzanine Borrower Opco GP 2006-3 LLC	  	0.1% GP	  	No
					
	ART FIRST MEZZANINE BORROWER OPCO GP 2006-2 LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART First Mezzanine Borrower Opco GP 2006-3 LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	ART First Mezzanine Borrower Propco 2006-2 L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes

  
 SCH 5.4-3

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

					
	ART First Mezzanine Borrower Propco 2006-2 L.P.	  	Delaware	  	ART FIRST MEZZANINE BORROWER PROPCO GP 2006-2 LLC	  	0.1% GP	  	Yes
					
	ART First Mezzanine Borrower Propco 2006-3 L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	No
					
	ART First Mezzanine Borrower Propco 2006-3 L.P.	  	Delaware	  	ART First Mezzanine Borrower Propco GP 2006-3 LLC	  	0.1% GP	  	No
					
	ART FIRST MEZZANINE BORROWER PROPCO GP 2006-2 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART First Mezzanine Borrower Propco GP 2006-3 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P	  	100%	  	No
					
	ART First Mezzanine Borrower, L.P.	  	Delaware	  	ART Second Mezzanine Borrower, L.P.	  	99.9% LP	  	Yes
					
	ART First Mezzanine Borrower, L.P.	  	Delaware	  	ART First Mezzanine Borrower GP LLC	  	0.1% GP	  	Yes
					
	ART Icecap Holdings LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Leasing LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	ART Manager L.L.C.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Mezzanine Borrower Opco 2013 LLC	  	Delaware	  	ART Second Mezzanine Borrower Opco 2013 LLC	  	100%	  	No
					
	ART Mezzanine Borrower Propco 2013 LLC	  	Delaware	  	ART Second Mezzanine Borrower Propco 2013 LLC	  	100%	  	No
					
	ART Mortgage Borrower GP LLC	  	Delaware	  	ART First Mezzanine Borrower, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Opco 2006-1A L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	Yes

  
 SCH 5.4-4

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

					
	ART Mortgage Borrower Opco 2006-1A L.P.	  	Delaware	  	ART Mortgage Borrower Opco GP 2006-1A LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Opco 2006-1B L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Opco 2006-1B L.P.	  	Delaware	  	ART Mortgage Borrower Opco GP 2006-1B LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Opco 2006-1C L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Opco 2006-1C L.P.	  	Delaware	  	ART Mortgage Borrower Opco GP 2006-1C LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Opco 2006-2 L.P.	  	Delaware	  	ART First Mezzanine Borrower Opco 2006-2 L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Opco 2006-2 L.P.	  	Delaware	  	ART MORTGAGE BORROWER OPCO GP 2006- 2 LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Opco 2006-3 L.P.	  	Delaware	  	ART First Mezzanine Borrower Opco 2006-3 L.P.	  	99.9% LP	  	No
					
	ART Mortgage Borrower Opco 2006-3 L.P.	  	Delaware	  	ART Mortgage Borrower Opco GP 2006-3 LLC	  	0.1% GP	  	No
					
	ART Mortgage Borrower Opco 2010 -4 LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Opco 2010 -5 LLC	  	Delaware	  	Versacold Atlas Logistics Services USA LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Opco 2010 -6 LLC	  	Delaware	  	Versacold Texas, L.P.	  	100%	  	Yes

  
 SCH 5.4-5

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

					
	ART Mortgage Borrower Opco 2013 LLC	  	Delaware	  	ART Mezzanine Borrower Opco 2013 LLC	  	100%	  	No
					
	ART Mortgage Borrower Opco GP 2006-1A LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Opco GP 2006-1B LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Opco GP 2006-1C LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART MORTGAGE BORROWER OPCO GP 2006-2 LLC	  	Delaware	  	ART First Mezzanine Borrower Opco 2006-2 L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Opco GP 2006-3 LLC	  	Delaware	  	ART First Mezzanine Borrower Opco 2006-3 L.P.	  	100%	  	No
					
	ART Mortgage Borrower Propco 2006-1A L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Propco 2006-1A L.P.	  	Delaware	  	ART Mortgage Borrower Propco GP 2006-1A LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Propco 2006-1B L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Propco 2006-1B L.P.	  	Delaware	  	ART Mortgage Borrower Propco GP 2006-1B LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Propco 2006-1C L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Propco 2006-1C L.P.	  	Delaware	  	ART Mortgage Borrower Propco GP 2006-1C LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Propco 2006-2 L.P.	  	Delaware	  	ART First Mezzanine Borrower Propco 2006-2 L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Propco 2006-2 L.P.	  	Delaware	  	ART MORTGAGE BORROWER PROPCO GP 2006-2 LLC	  	0.1% GP	  	Yes

  
 SCH 5.4-6

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

					
	ART Mortgage Borrower Propco 2006-3 L.P.	  	Delaware	  	ART First Mezzanine Borrower Propco 2006-3 L.P.	  	99.9% LP	  	No
					
	ART Mortgage Borrower Propco 2006-3 L.P.	  	Delaware	  	ART Mortgage Borrower Propco GP 2006-3 LLC	  	0.1% GP	  	No
					
	ART Mortgage Borrower Propco 2010 -4 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco 2010 -5 LLC	  	Delaware	  	Versacold Logistics, LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Propco 2010 -6 LLC	  	Delaware	  	Versacold Texas, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco 2013 LLC	  	Delaware	  	ART Mezzanine Borrower Propco 2013 LLC	  	100%	  	No
					
	ART Mortgage Borrower Propco GP 2006-1A LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco GP 2006-1B LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco GP 2006-1C LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P	  	100%	  	Yes
					
	ART MORTGAGE BORROWER PROPCO GP 2006-2 LLC	  	Delaware	  	ART First Mezzanine Borrower Propco 2006-2 L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco GP 2006-3 LLC	  	Delaware	  	ART First Mezzanine Borrower Propco 2006-3 L.P.	  	100%	  	No
					
	ART Mortgage Borrower, L.P.	  	Delaware	  	ART First Mezzanine Borrower, L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower, L.P.	  	Delaware	  	ART Mortgage Borrower GP LLC	  	0.1% GP	  	Yes
					
	ART QUARRY TRS LLC	  	Delaware	  	ART AL Holding LLC	  	100%	  	Yes

  
 SCH 5.4-7

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

					
	ART Second Mezzanine Borrower GP LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Second Mezzanine Borrower Opco 2013 LLC	  	Delaware	  	ART Third Mezzanine Borrower Opco 2013 LLC	  	100%	  	No
					
	ART Second Mezzanine Borrower Propco 2013 LLC	  	Delaware	  	ART Third Mezzanine Borrower Propco 2013 LLC	  	100%	  	No
					
	ART Second Mezzanine Borrower, L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes
					
	ART Second Mezzanine Borrower, L.P.	  	Delaware	  	ART Second Mezzanine Borrower GP LLC	  	0.1% GP	  	Yes
					
	ART Third Mezzanine Borrower Opco 2013 LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	ART Third Mezzanine Borrower Propco 2013 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No
					
	Atlas Cold Storage Logistics LLC	  	Minnesota	  	Versacold Atlas Logistics Services USA LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Atlanta) LLC	  	Delaware	  	Atlas Cold Storage Logistics LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Denver) LLC	  	Minnesota	  	Atlas Cold Storage Logistics LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Phoenix) LLC	  	Delaware	  	Atlas Cold Storage Logistics LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Roanoke) LLC	  	Delaware	  	Atlas Cold Storage Logistics LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Shelbyville) LLC	  	Delaware	  	Atlas Cold Storage Logistics LLC	  	100%	  	No
					
	Cold Logic ULC	  	 British
 Columbia, Canada
	  	AMLOG Canada Inc.	  	100%	  	No

  
 SCH 5.4-8

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

					
	Distribution Development, L.L.C.	  	South Dakota	  	AmeriCold Logistics, LLC	  	50%	  	No
					
	Icecap Australia MIT Holding LLC	  	Delaware	  	Americold Realty Trust	  	100%	  	No
					
	Icecap Australia Realty Trust	  	Australia	  	Icecap Australia MIT Holding LLC	  	99%	  	No
					
	Icecap Australia Realty Trust	  	Australia	  	ART Icecap Holdings LLC	  	1%	  	No
					
	Icecap Properties AU LLC	  	Delaware	  	ART Icecap Holdings LLC	  	100%	  	No
					
	Icecap Properties NZ Holdings LLC	  	Delaware	  	ART Icecap Holdings LLC	  	100%	  	No
					
	Icecap Properties NZ Limited LLC	  	New Zealand	  	Icecap Properties NZ Holdings LLC	  	100%	  	No
					
	Inland Quarries, L.L.C.	  	Delaware	  	ART QUARRY TRS LLC	  	100%	  	No
					
	KC Underground, L.L.C.	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	URS Real Estate, L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99% LP	  	No
					
	URS Real Estate, L.P.	  	Delaware	  	URS Realty, Inc.	  	1% GP	  	No
					
	URS Realty, Inc.	  	Delaware	  	Americold Realty Operating Partnership, L.P	  	100%	  	No
					
	VCD Pledge Holdings, LLC	  	Delaware	  	Versacold USA, Inc.	  	100%	  	Yes
					
	Versacold Atlas Logistics Services USA LLC	  	Delaware	  	ART AL Holding LLC	  	100%	  	Yes
					
	Versacold Logistics Argentina SA	  	Argentina	  	Americold Logistics Limited	  	90%	  	No
					
	Versacold Logistics Argentina SA	  	Argentina	  	Americold Storage NB PTY Ltd.	  	10%	  	No
					
	Versacold Logistics, LLC	  	Delaware	  	Versacold USA, Inc.	  	100%	  	Yes
					
	Versacold Midwest LLC	  	Delaware	  	Versacold Atlas Logistics Services USA LLC	  	100%	  	Yes
					
	Versacold Northeast Logistics, LLC	  	Massachusetts	  	ART AL Holding LLC	  	100%	  	Yes
					
	Versacold Northeast, Inc.	  	Massachusetts	  	ART AL Holding LLC	  	100%	  	Yes

  
 SCH 5.4-9

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary

Guarantor

(Yes or No)

					
	Versacold Texas, L.P.	  	Texas	  	Versacold USA, Inc.	  	99% LP	  	Yes
					
	Versacold Texas, L.P.	  	Texas	  	ART AL Holding LLC	  	1% GP	  	Yes
					
	Versacold USA, Inc.	  	Minnesota	  	ART Icecap Holdings LLC	  	100%	  	Yes

  

	(ii)	 Unconsolidated Affiliates: 

China Joint Venture: 
  

									
	 Affiliate
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary
Guarantor
(Yes or No)

	China Merchants Americold Logistics Company, Limited	  	British Virgin Islands	  	Americold Logistics Hong Kong Limited	  	49%	  	No
					
	China Merchants Americold Logistics (Hong Kong) Limited	  	Hong Kong	  	China Merchants Americold Logistics Company, Limited	  	100%	  	No
					
	Kang Xin Logistics (Tianjin) Ltd.	  	China	  	China Merchants Americold Logistics (Hong Kong) Limited	  	100%	  	No
					
	China Merchants Americold Holdings Company, Limited	  	British Virgin Islands	  	Americold Realty Hong Kong Limited, Inc.	  	49%	  	No
					
	China Merchants Americold Logistics (Hong Kong) Holdings Company, Limited	  	Hong Kong	  	China Merchants Americold Holdings Company, Limited	  	100%	  	No

  
 SCH 5.4-10

									
	 Affiliate
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary
Guarantor
(Yes or No)

					
	Kang Xin Logistics (Harbin) Co., Ltd.	  	China	  	China Merchants Americold Logistics (Hong Kong) Holdings Company, Limited	  	100%	  	No
					
	Rich Products (Tianjin) Co., Ltd.	  	China	  	China Merchants Americold Logistics (Hong Kong) Holdings Company, Limited	  	100%	  	No
					
	Asia Zone Investment Limited	  	China	  	China Merchants Americold Holdings Company, Limited	  	100%	  	No
					
	China Merchants Cold Chain Logistics Limited	  	British Virgin Islands	  	Asia Zone Investment Limited	  	70%	  	No
					
	China Merchants Cold Chain Logistics (Hong Kong) Limited	  	Hong Kong	  	China Merchants Cold Chain Logistics Limited	  	100%	  	No
					
	China Merchants International Cold Chaim (Shenzen) Company Limited	  	China	  	China Merchants Cold Chain Logistics (Hong Kong) Limited	  	100%	  	No

 Sioux Falls Joint Venture: 
  

									
	 Affiliate
	  	 Jurisdiction of

Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	 Subsidiary Guarantor

(Yes or No)

	Distribution Development LLC	  	Idaho	  	AmeriCold Logistics LLC	  	50%	  	No

  
 SCH 5.4-11

	(iii)	 Trustees and Senior Officers of the Parent Guarantor: 

Senior Officers 
  

			
	 Name
	  	 Position

	Fred W. Boehler	  	Chief Executive Officer, President and Trustee
		
	Marc J. Smernoff	  	Chief Financial Officer and Executive Vice President
		
	Carlos V. Rodriguez	  	Chief Operating Officer and Executive Vice President
		
	Andrea L. Darweesh	  	Chief Human Resources Officer and Executive Vice President
		
	Thomas B. Musgrave	  	Chief Information Officer and Executive Vice President
		
	David K. Stuver	  	Executive Vice President, Business Development and Supply Chain Solutions
		
	James C. Snyder, Jr.	  	Chief Legal Officer and Executive Vice President
		
	Thomas C. Novosel	  	Chief Accounting Officer and Senior Vice President
		
	James Harron	  	Executive Vice President and Chief Investment Officer

  
 SCH 5.4-12

 Trustees 
  

			
	 Name
	  	 Position

	George J. Alburger, Jr.	  	Trustee*
	Ronald W. Burkle	  	Trustee
	Jeffrey M. Gault	  	Chairman of the Board of Trustees
	Bradley J. Gross	  	Trustee*
	James R. Heistand	  	Trustee*
	Michelle M. MacKay	  	Trustee*
	Mark R. Patterson	  	Trustee*
	Andrew P. Power	  	Trustee*

  

	 	•	 	 Independent 

  

	(iv)	 Directors and Senior Officers of the Issuer: 

Directors 
 N/A 

Senior Officers 
  

			
	 Officer
	  	 Position

	Fred W. Boehler	  	Chief Executive Officer and President
		
	Marc J. Smernoff	  	Executive Vice President and Chief Financial Office
		
	James C. Snyder, Jr.	  	Executive Vice President, General Counsel and Secretary
		
	Russell Scott Henderson	  	Senior Vice President and Treasurer
		
	Dwight W. Smith	  	Vice President, Tax
		
	Daniel C. Deckbar	  	Vice President and Assistant Secretary

  
 SCH 5.4-13

 FINANCIAL STATEMENTS 

Quarterly Reports on Form 10-Q filed with the SEC for the quarterly periods ended March 31, 2018,
June 30, 2018 and September 30, 2018. 
 Annual Report on Form 10-K filed with the SEC for
the annual period ended December 31, 2017. 
  

  
 SCHEDULE
5.5 
 (to Note and Guaranty Agreement) 

 EXISTING INDEBTEDNESS OF THE
PARENT GUARANTOR AND ITS SUBSIDIARIES 
 (As of
September 30, 2018) 
  

																							
	Obligor(s)	  	Creditor	  	Class	  	CUSIP or ISIN
(if Applicable)	  	Description
of
Indebtedness	  	 Interest

Rates
	 	  	Collateral	  	Final
Maturity	 	  	Outstanding
Principal
Amount
(9/30/2018)	 
	 ART Mortgage Borrower Propco 2010-4 LLC,

ART Mortgage Borrower Propco 2010-5 LLC,

ART Mortgage Borrower Propco 2010-6 LLC,

ART Mortgage Borrower Opco 2010-4 LLC,

ART Mortgage Borrower Opco 2010-5 LLC,

ART Mortgage Borrower Opco 2010-6 LLC
	  	CMBS	  	A1	  	03063NAA5, 03063NAB3, BCC1M8BC8	  	CMBS	  	 	3.86%	 	  	45 Facilities	  	 	1/15/2021	 	  	 	$43,879,345	 
		  	CMBS	  	A2 FX	  	03063NAD9, 03063NAE7, BCC1M8BD6	  	CMBS	  	 	4.96%	 	  	45 Facilities	  	 	1/15/2021	 	  	 	$150,334,000	 
		  	CMBS	  	A2 FL	  	03063NAG2, 03063NAH0, BCC1M8BE4	  	CMBS	  	 	3.64%	 	  	45 Facilities	  	 	1/15/2021	 	  	 	$48,653,794	 
		  	CMBS	  	B	  	03063NAK3, 03063NAL1, BCC1M8BF1	  	CMBS	  	 	6.04%	 	  	45 Facilities	  	 	1/15/2021	 	  	 	$60,000,000	 
		  	CMBS	  	C	  	03063NAN7, 03063NAP2, BCC1M8BG9	  	CMBS	  	 	6.82%	 	  	45 Facilities	  	 	1/15/2021	 	  	 	$62,400,000	 
		  	CMBS	  	D	  	03063NAR8, 03063NAS6, BCC1M8BH7	  	CMBS	  	 	7.45%	 	  	45 Facilities	  	 	1/15/2021	 	  	 	$82,600,000	 

  
 SCHEDULE
5.15 
 (to Note and Guaranty Agreement) 

																	
	Obligor(s)	  	Creditor	  	Class	  	CUSIP or ISIN
(if Applicable)	  	Description
of
Indebtedness	  	 Interest

Rates
	  	Collateral	  	Final
Maturity	  	Outstanding
Principal
Amount
(9/30/2018)
	 ART Mortgage Borrower Propco 2013 LLC,

ART Mortgage Borrower Opco 2013 LLC
	  	CMBS	  	A1	  	46639NAL5	  	CMBS	  	3.811%
 (Mortgage),7.375%
(Mezz A),

11.50%
(Mezz B)
	  	15 Facilities	  	6/1/2023	  	$189,550,544
 (Mortgage),$70,000,000
(Mezz A),

$32,000,000
(Mezz B)

		  	CMBS	  	A2	  	46639NAM3	  	CMBS	  		  		  		  	
		  	CMBS	  	A3	  	46639NAN1	  	CMBS	  		  		  		  	
		  	CMBS	  	A4	  	46639NAP6	  	CMBS	  		  		  		  	
		  	CMBS	  	A5	  	46639NAQ4	  	CMBS	  		  		  		  	
		  	CMBS	  	ASB	  	46639NAR2	  	CMBS	  		  		  		  	
		  	CMBS	  	XA	  	46639NAS0	  	CMBS	  		  		  		  	
		  	CMBS	  	ASB	  	46639NAU5	  	CMBS	  		  		  		  	
		  	CMBS	  	B	  	46639NAV3	  	CMBS	  		  		  		  	
		  	CMBS	  	C	  	46639NAW1	  	CMBS	  		  		  		  	
		  	CMBS	  	D	  	46639NAX9	  	CMBS	  		  		  		  	
		  	CMBS	  	XC	  	46639NAA9	  	CMBS	  		  		  		  	
		  	CMBS	  	E	  	46639NAC5	  	CMBS	  		  		  		  	
		  	CMBS	  	F	  	46639NAE1	  	CMBS	  		  		  		  	
		  	CMBS	  	NR	  	46639NAG6	  	CMBS	  		  		  		  	
		  	CMBS	  	R	  	46639NAJ0	  	CMBS	  		  		  		  	

  
 SCH 5.15-2

																			
	Obligor(s)	  	Creditor	  	Class	  	CUSIP or ISIN
(if Applicable)	  	Description of
Indebtedness	  	 Interest

Rates
	  	Collateral	  	Final
Maturity	  	Outstanding
Principal Amount
(9/30/2018)	 
	 Americold Realty Operating Partnership,
L.P.1
	  	 Bank of America, N.A.

JPMorgan Chase Banks, N.A.

Cooperatieve Rabobank U.A., New York Branch

Royal Bank of Canada
 Compass Bank,
an Alabama Banking Corporation
 Citizens Banks, N.A.

Regions Bank
 SunTrust Bank

U.S. Bank, N.A.
 Branch Bank and
Trust Company
 Goldman Sachs Lending Partners LLC

National Bank of Arizona
	  	N/A	  	03064D108	  	Term Loan A / Revolver	  	L+2.35%	  	Capital Stock of the Qualified Asset Guarantor(s)	  	1/23/2021	  	 

 

	$475,000,000
(Term Loan A),
 $450,000,000
(Revolver
Commitments,
undrawn as
of
9/30/2018)
	 
 
  
 
 
 
 

	 Americold Australian Holdings Pty Ltd
	  	Goldman Sachs Lending Partners	  	N/A	  	N/A	  	Bank Facility	  	BBSY +
1.40%	  	5 Australian Facilities	  	6/26/2020	  	 	AUD$5,000,000	 
		  	National Australia Bank	  	N/A	  	N/A	  	Bank Facility	  		  		  	6/26/2020	  	 	$75,000,000	 
		  	Bank of China	  	N/A	  	N/A	  	Bank Facility	  		  		  	6/26/2020	  	 	$30,000,000	 
		  	Taiwan Cooperative Bank	  	N/A	  	N/A	  	Bank Facility	  		  		  	6/26/2020	  	 	$26,500,000	 
		  	Bank of Communications	  	N/A	  	N/A	  	Bank Facility	  		  		  	6/26/2020	  	 	$20,000,000	 

  

	1 	 Guaranteed as of September 30, 2018 by the Subsidiary Guarantors other than: ART Mortgage Borrower Propco 2010-4 LLC, ART Mortgage Borrower Propco 2010-5 LLC, ART Mortgage Borrower Propco 2010-6 LLC, ART Mortgage Borrower Opco 2010-4 LLC, ART Mortgage Borrower Opco 2010-5 LLC and ART Mortgage Borrower Opco 2010-6 LLC 

  
 SCH 5.15-3

																			
	Obligor(s)	 	Creditor	 	Class	 	CUSIP or ISIN
(if Applicable)	 	Description
of
Indebtedness	 	 Interest

Rates
	 	Collateral	 	Final
Maturity	 	Outstanding
Principal Amount
(9/30/2018)	 
		 	Taiwan Business Bank	 	N/A	 	N/A	 	Bank Facility	 		 		 	6/26/2020	 	 	$13,250,000	 
		 	Hua Nan Commercial Bank	 	N/A	 	N/A	 	Bank Facility	 		 		 	6/26/2020	 	 	$13,250,000	 
		 	First Commercial Bank	 	N/A	 	N/A	 	Bank Facility	 		 		 	6/26/2020	 	 	$13,250,000	 
		 	Chang Hwa Commercial Bank	 	N/A	 	N/A	 	Bank Facility	 		 		 	6/26/2020	 	 	$6,750,000	 
	 ICECAP Properties NZ Limited
	 	Goldman Sachs Lending Partners	 	N/A	 	N/A	 	Bank Facility	 	BKBM
+
1.40%	 	4 New Zealand Facilities	 	6/26/2020	 	 	NZD$14,000,000	 
		 	Bank of New Zealand	 	N/A	 	N/A	 	Bank Facility	 		 		 	6/26/2020	 	 	$30,000,000	 
	 Various Americold Entities
	 	Various	 	N/A	 	N/A	 	Sale-leaseback Obligations	 	7.0% -
19.6%	 	12 Facilities	 	Various	 	 	$119,640,000	 
	 Various Americold Entities
	 	Various	 	N/A	 	N/A	 	Capitalized Lease Obligations	 	5.0% -
9.0%	 	2 Facilities, Various MHE Equipment	 	Various	 	 	$41,231,000	 

  
 SCH 5.15-4

					
	 Eligible Owned Asset
	  	 Owner
	  	 Address

	Ontario (OR)	  	Americold Realty, Inc.	  	589 N.E. First Street
Ontario, OR 97914
			
	Amarillo	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	10300 SE 3rd Avenue
Amarillo, TX 79120
			
	Atlanta (Gateway)	  	AmeriCold Real Estate, L.P.	  	6150 Xavier Drive SW
Atlanta, GA 30336
			
	Atlanta (Westgate)	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	1740 Westgate Pkwy
GA 30336
			
	Babcock	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	1524 Necedah Road
Babcock WI 54413
			
	Boston	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	100 Widett Circle
Boston MA 02118
			
	Clearfield	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	755 East 1700 South Street
Clearfield, UT 84106
			
	Connell	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	720 West Juniper Street
Connell, WA 99326
			
	Fort Smith	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	1634 Midland Boulevard
Fort Smith, AR 72902
			
	Leesport	  	AmeriCold Real Estate, L.P.	  	41 Orchard Lane
Leesport, PA 19533
			
	Murfreesboro	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	2641 Stephenson Drive
Murfreesboro, TN 37127
			
	Nampa	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	231 Second Road North
Nampa, ID 83687
			
	Portland	  	AmeriCold Real Estate, L.P.	  	165 Read Street
Portland, ME 04103
			
	Russellville (Valley)	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	203 Industrial Boulevard
Russellville, AR 72801
			
	Sebree	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	1541 U.S. Highway 41 North
Sebree, KY 42455
			
	Strasburg	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	545 Radio Station Road
Strasburg, VA 22657
			
	Syracuse (bldg 1, 2, 3)	  	ART Mortgage Borrower Propco 2006-2-L.P.	  	264 Farrell Road
Syracuse, NY 13209

  
 SCHEDULE
QA 
 (to Note and Guaranty Agreement) 

					
	 Eligible Owned Asset
	  	 Owner
	  	 Address

	Turlock (1, 5th Street)	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	660 Fifth Street
Turlock, CA 95380
			
	Walla Walla	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	1115 West Rose Street
Walla Walla, WA 99362
			
	West Memphis	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	1651 South Airport Road
West Memphis, AR 72301
			
	Wichita	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	2707 North Mead
Wichita, KS 67219
			
	Woodburn	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	1440 Silverton Road
Woodburn, OR 97071
			
	Phoenix 2	  	Americold Propco Phoenix Van Buren LLC	  	7600 W Van Buren Street
Phoenix, AZ 85043
			
	Atlanta (Tradewater)	  	Americold Acquisition, LLC	  	6500 Tradewater Pkwy
Atlanta, GA 30336
			
	Atlanta East Point	  	AmeriCold Real Estate, L.P.	  	1239 Oakleigh Drive
East Point, Georgia 30344
			
	Atlanta Skygate	  	ART Mortgage Borrower Propco 2006-1B L.P.	  	500 John F Varly Ct
Atlanta, Georgia 30336
			
	Atlanta Southgate	  	ART Mortgage Borrower Propco 2006-1B L.P.	  	1845 Westgate Pkwy
Atlanta, Georgia 30336
			
	Augusta	  	ART Mortgage Borrower Propco 2006-1B L.P.	  	533 Laney-Walker Blvd Extension
Augusta, Georgia 30901
			
	Carthage	  	ART Mortgage Borrower Propco 2006-1A L.P.	  	1331 Civil War Road
Carthage, Missouri 64836
			
	East Dubuque	  	ART Mortgage Borrower Propco 2006-1C L.P.	  	18531 U.S. Route 20 West
East Dubugue, Illinois 61025
			
	Fort Dodge	  	ART Mortgage Borrower Propco 2006-1B L.P.	  	3543 Maple Drive
Fort Dodge, Iowa 50501
			
	Fort Worth Railhead	  	ART Mortgage Borrower Propco 2006-1A L.P.	  	200 Railhead Dr
Fort Worth, Texas 76106
			
	Garden City	  	ART Mortgage Borrower Propco 2006-1A L.P.	  	2007 West Mary Street
Garden City, Kansas 67846
			
	Hatfield	  	AmeriCold Real Estate, L.P.	  	2525 Bergery Road
Hatfield, Pennsylvania 19440

  
 SCH QA-2

					
	 Eligible Owned Asset
	  	 Owner
	  	 Address

			
	Indianapolis	  	ART Mortgage Borrower Propco 2006-1B L.P.	  	3320 S. Arlington Avenue
Indianapolis, Indiana 46203
			
	Milwaukie	  	ART Mortgage Borrower Propco 2006-1C L.P.	  	9501 S.E. McLoughlin Boulevard
Milwaukie, Oregon 97269
			
	Pasco	  	ART Mortgage Borrower Propco 2006-1C L.P.	  	5805 Industrial Way
Pasco, Washington 99301
			
	Rochelle Americold Drive	  	AmeriCold Real Estate, L.P.	  	1010 Americold Drive
Rochelle, Illinois 61068
			
	San Antonio FM 78	  	Americold San Antonio Propco, LLC	  	5711 FM 78
San Antonio, Texas 78218
			
	Wallula	  	ART Mortgage Borrower Propco 2006-1C L.P.	  	14060 Dodd Road
Wallula, Washington 99363
			
	Albertville	  	ART Mortgage Borrower Propco 2010-4, LLC	  	1355 Railroad Avenue,
Albertville AL 35951
			
	Allentown	  	ART Mortgage Borrower Propco 2010-4, LLC	  	 7150 Ambassador Drive
Fogelsville, PA 18106

651 Mill Road
Fogelsville, PA 18106

			
	Atlanta Lakewood	  	ART Mortgage Borrower Propco 2010-4, LLC	  	3300 Lakewood Avenue
Atlanta, GA 30310
			
	Columbia	  	ART Mortgage Borrower Propco 2010-4, LLC	  	2339 Shop Road
Columbia, SC 29202
			
	Ft Worth—Meacham	  	ART Mortgage Borrower Propco 2010-4, LLC	  	350 Meacham Blvd,
Fort Worth, TX 76106
			
	Gloucester—Rogers	  	ART Mortgage Borrower Propco 2010-4, LLC	  	69 Rogers Street
Gloucester, MA 1931
			
	Gloucester—Rowe Sq	  	ART Mortgage Borrower Propco 2010-4, LLC	  	1 Rowe Square
Gloucester, MA 1931
			
	Oklahoma City	  	ART Mortgage Borrower Propco 2010-4, LLC	  	2524 Exchange Avenue
Oklahoma City, OK 73108
			
	Ontario CA B2	  	ART Mortgage Borrower Propco 2010-4, LLC	  	5401 Santa Ana Street
Ontario, CA 91761
			
	Ontario CA B3	  	ART Mortgage Borrower Propco 2010-4, LLC	  	5361 Santa Ana Street
Ontario, CA 91761
			
	Rochelle Caron	  	ART Mortgage Borrower Propco 2010-4, LLC	  	915 South Caron Road
Rochelle, IL 61068

  
 SCH QA-3

					
	 Eligible Owned Asset
	  	 Owner
	  	 Address

			
	Russellville ElMira	  	ART Mortgage Borrower Propco 2010-4, LLC	  	300 South EL Mira
Russellville, AR 72802
			
	Sioux Falls Public	  	ART Mortgage Borrower Propco 2010-4, LLC	  	2300 East Rice Street
Sioux Falls, SD 57103
			
	Turlock 2	  	ART Mortgage Borrower Propco 2010-4, LLC	  	525 South Kilroy Road
Turlock, CA 95380
			
	Victorville	  	ART Mortgage Borrower Propco 2010-4, LLC	  	12979 Enterprise Way
San Bernardino, CA 92392
			
	Manchester (York – Steamboat)	  	ART Mortgage Borrower Propco 2010-4, LLC	  	60 Steamboat Boulevard
York, PA 17345
			
	Dallas Catron—59%	  	ART Mortgage Borrower Propco 2010-5, LLC	  	5140 Catron Drive
Dallas, TX 75227
			
	Anaheim	  	ART Mortgage Borrower Propco 2010-5, LLC	  	1415 North Raymond Avenue
Anaheim, CA 92801
			
	Brea	  	ART Mortgage Borrower Propco 2010-5, LLC	  	2750 Orbitor Street
Brea, CA 92821
			
	Carson	  	ART Mortgage Borrower Propco 2010-5, LLC	  	1610 East Sepulveda Boulevard
Carson, CA 90745
			
	Dominguez Hills (Compton)	  	ART Mortgage Borrower Propco 2010-5, LLC	  	19840 South Rancho Way
Compton, CA 90220
			
	Ft Worth—Blue Mound	  	ART Mortgage Borrower Propco 2010-5, LLC	  	4900 Blue Mound Road
Fort Worth, TX 76106
			
	Ft Worth—Samuels	  	ART Mortgage Borrower Propco 2010-5, LLC	  	1313 Samuels Avenue
Fort Worth, TX 76102
			
	Geneva Lakes (Darien)	  	ART Mortgage Borrower Propco 2010-5, LLC	  	W8876 County Trunk Highway X
Darien, WI 53114
			
	Gouldsboro	  	ART Mortgage Borrower Propco 2010-5, LLC	  	SR 435 Lackawanna Trail
Covington Township, PA 18424
			
	Greenville	  	ART Mortgage Borrower Propco 2010-5, LLC	  	214 Industrial Drive
Greenville, SC 29606
			
	Henderson	  	ART Mortgage Borrower Propco 2010-5, LLC	  	830 East Horizon Drive
Henderson, NV 89015
			
	Jefferson	  	ART Mortgage Borrower Propco 2010-5, LLC	  	230 Collins Road
Jefferson, WI 53549
			
	Lancaster	  	ART Mortgage Borrower Propco 2010-5, LLC	  	3800 Hempland Road
Mountville, PA 17554

  
 SCH QA-4

					
	 Eligible Owned Asset
	  	 Owner
	  	 Address

			
	LaPorte	  	ART Mortgage Borrower Propco 2010-5, LLC	  	502 North Broadway Street
LaPorte, TX 77571
			
	Lynden	  	ART Mortgage Borrower Propco 2010-5, LLC	  	406 2nd Street
Lynden, WA 98264
			
	Modesto PRW	  	ART Mortgage Borrower Propco 2010-5, LLC	  	2050 Lapham Drive
Modesto, CA 95354
			
	Salinas	  	ART Mortgage Borrower Propco 2010-5, LLC	  	950 South Sanborn Road
Salinas, CA 93902
			
	Sikeston	  	ART Mortgage Borrower Propco 2010-5, LLC	  	2500 Rose Parkway
Sikeston, MO 63801
			
	St. Louis	  	ART Mortgage Borrower Propco 2010-5, LLC	  	8501 Page Avenue
Vinita Park, MO 63114
			
	Tampa PC - Frontage	  	ART Mortgage Borrower Propco 2010-5, LLC	  	302 North Frontage Road
Plant City, FL 33563
			
	Taunton	  	ART Mortgage Borrower Propco 2010-5, LLC	  	455 John Hancock Road Taunton, MA 2780
			
	Vernon 2	  	ART Mortgage Borrower Propco 2010-5, LLC	  	3420 East Vernon Avenue
Vernon, CA 90058
			
	York - Willow Springs	  	ART Mortgage Borrower Propco 2010-5, LLC	  	380 Willow Springs Lane
Manchester, PA 17406
			
	Appleton	  	ART Mortgage Borrower Propco 2010-5, LLC	  	2000 W. Pershing Street
Appleton, WI 54914
			
	Houston	  	ART Mortgage Borrower Propco 2010-6, LLC	  	16110 East Hardy Road
Houston, TX 77032
			
	San Antonio	  	ART Mortgage Borrower Propco 2010-6, LLC	  	11850 Center Road
San Antonio, TX 78223

  

					
	 Eligible Ground Leased Asset
	  	 Lessor
	  	 Address

	Burley	  	AmeriCold Real Estate, L.P.	  	280 West Highway 30
Burley, ID 83318
			
	Tacoma	  	VCD Pledge Holdings, LLC	  	1301 26th Avenue East
Tacoma, WA 98424
			
	Tampa (Bartow)	  	ART Mortgage Borrower, L.P.	  	Highway 17
Bartow, FL 33831

  
 SCH QA-5

					
	 Eligible Ground Leased Asset
	  	 Lessor
	  	 Address

			
	Grand Island	  	AmeriCold Real Estate, L.P.	  	204 East Roberts Street
Grand Island, NE 68802
			
	Massillon	  	ART Mortgage Borrower Propco 2010-4, LLC	  	2140 17th Street SW
Massillon, OH 44647
			
	Watsonville	  	ART Mortgage Borrower Propco 2010-4, LLC	  	750 West Riverside Drive
Santa Cruz, CA 95077
			
	Mobile	  	ART Mortgage Borrower Propco 2010-5, LLC	  	2201 Perimeter Road
Mobile, AL 36615

  
 SCH QA-6

 INFORMATION RELATING TO
PURCHASERS 
  

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NEW YORK LIFE INSURANCE
COMPANY
	  	Series A
 Series B
	  	$
 $
	17,600,000
 29,900,000
	 
  

 Purchaser information redacted and provided to Issuer under separate cover. 

PURCHASER SCHEDULE 

(to Note Purchase Agreement) 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NEW YORK LIFE INSURANCE
AND ANNUITY CORPORATION
	  	Series A
 Series B
	  	$
 $
	9,900,000
 16,100,000
	 
  

 Purchaser information redacted and provided to Issuer under separate cover. 

  
 PS - 2 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NEW YORK LIFE INSURANCE
AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 30C)
	  	Series A
 Series B
	  	$
 $
	300,000
 500,000
	 
  

 Purchaser information redacted and provided to Issuer under separate cover. 

  
 PS - 3 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NEW YORK LIFE INSURANCE
AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI
3-2)
	  	Series A
 Series B
	  	$
 $
	300,000
 500,000
	 
  

 Purchaser information redacted and provided to Issuer under separate cover. 

  
 PS - 4 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 THE BANK OF NEW YORK
MELLON, A BANKING CORPORATION ORGANIZED UNDER THE LAWS OF NEW YORK,
NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE UNDER THAT
CERTAIN TRUST AGREEMENT DATED AS OF JULY 1ST, 2015 BETWEEN NEW YORK
LIFE INSURANCE COMPANY, AS GRANTOR, JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), AS
BENEFICIARY, JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK, AS BENEFICIARY,
AND THE BANK OF NEW YORK MELLON, AS TRUSTEE
	  	Series A
 Series B
	  	$
 $
	1,900,000
 3,000,000
	 
  

 Purchaser information redacted and provided to Issuer under separate cover. 

  
 PS - 5 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MIDLAND NATIONAL LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	20,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 6 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NORTH AMERICAN COMPANY FOR
LIFE AND HEALTH INSURANCE
 c/o Guggenheim
Partners Investment Management, LLC
 330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	10,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 7 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MIDLAND NATIONAL LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	6,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 8 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 WILTON REASSURANCE COMPANY

c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	5,500,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 9 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 WILTON REASSURANCE COMPANY

c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	6,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 10 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 HORACE MANN LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	5,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: Ell & Co. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 11 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MIDLAND NATIONAL LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	4,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 12 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NORTH AMERICA COMPANY FOR
LIFE AND HEALTH INSURANCE 
 c/o Guggenheim Partners
Investment Management, LLC
 330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	4,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 13 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 WILTON REASSURANCE COMPANY

c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	3,500,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 14 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 UNITED LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	2,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: Ell & Co. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 15 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NORTH AMERICAN COMPANY FOR
LIFE AND HEALTH INSURANCE
 c/o
Guggenheim Partners Investment Management, LLC
 330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	2,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 16 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 HORACE MANN LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	2,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: Ell & Co. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 17 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 COMMONWEALTH ANNUITY AND LIFE
INSURANCE COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	1,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: HARE & CO., LLC 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 18 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 PROTECTIVE LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	1,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: HARE & CO., LLC 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 19 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MIDLAND NATIONAL LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	1,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 20 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NORTH AMERICAN COMPANY FOR
LIFE AND HEALTH INSURANCE
 c/o
Guggenheim Partners Investment Management, LLC
 330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	1,000,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: GERLACH & CO. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 21 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 WILCAC LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	500,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: HARE & CO., LLC 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 22 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 GUARANTY INCOME LIFE INSURANCE
COMPANY
 c/o Guggenheim Partners Investment Management, LLC

330 Madison Avenue, 11th Floor

New York, NY 10017
	  	Series B	  	$	500,000	 

  

	(1)	 All payments not related to P&I only by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All payments related to P&I only by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all notices and communications: 

GIPrivatePlacements@guggenheimpartners.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: Wells Fargo Bank, N.A. FBO Guaranty Income Life Insurance Company 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 23 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 TEACHERS INSURANCE AND ANNUITY
ASSOCIATION OF AMERICA
 730 Third Avenue

New York, New York 10017
	  	Series A
 Series B
	  	$
 $
	23,000,000
 27,000,000
	 
  

  

	(1)	 All payments on or in respect of the senior unsecured Notes shall be made in immediately available funds on the
due date by electronic funds transfer, through the Automated Clearing House System, to: 

 Wire instructions redacted
and provided to Issuer under separate cover. 
  

	(2)	 All notices with respect to payments and prepayments of the senior unsecured Notes shall be sent to:

 Teachers Insurance and Annuity Association of America 

730 Third Avenue 
 New York, New
York 10017 
 Attention: Securities Accounting Division 

Phone: (212) 916-5504 

Facsimile: (212) 916-4699 

With a copy to: 
 JPMorgan Chase
Bank, N.A. 
 P.O. Box 35308 

Newark, New Jersey 07101 

Contemporaneous written confirmation of any electronic funds transfer shall be sent to the above addresses setting forth (1) the full
name, private placement number, interest rate and maturity date of the Notes, (2) allocation of payment between principal, interest, Make-Whole Amount, other premium or any special payment and (3) the name and address of the bank from
which such electronic funds transfer was sent. 

  
 PS - 24 

	(3)	 All notices and communications, including notices with respect to payments and prepayments, shall be delivered
or mailed to: 

 Teachers Insurance and Annuity Association of America 

c/o Nuveen Alternatives Advisors LLC 

8500 Andrew Carnegie Blvd. 

Charlotte, NC 28262 
 Attention:
Global Private Markets 
 Telephone:    (704) 988-4349 (Name: Ho Young-Lee) 
             (212)
916-4000 (General Number) 
 Facsimile:     (704) 988-4916 

Email:           hoyoung.lee@tiaainvestments.com 

 

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 25 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 ATHENE ANNUITY AND LIFE
COMPANY
 7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series A	  	$	5,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Athene Annuity and Life Company     

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: GERLACH & CO F/B/O ATHENE ANNUITY AND LIFE COMPANY 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 26 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 ATHENE ANNUITY AND LIFE
COMPANY
 7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	12,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Athene Annuity and Life Company     

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: GERLACH & CO F/B/O ATHENE ANNUITY AND LIFE COMPANY 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 27 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 ATHENE ANNUITY AND LIFE
COMPANY
 7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	5,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Athene Annuity and Life Company     

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: GERLACH & CO F/B/O ATHENE ANNUITY AND LIFE COMPANY 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 28 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY
 7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	5,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Athene Annuity & Life Assurance Company     

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: GERLACH & CO F/B/O ATHENE ANNUITY & LIFE ASSURANCE COMPANY 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 29 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY
 7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	3,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Athene Annuity & Life Assurance Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 

7700 Mills Civic Parkway 

West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 30 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY
 7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	1,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Athene Annuity & Life Assurance Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 

7700 Mills Civic Parkway 

West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 31 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 VOYA INSURANCE AND ANNUITY
COMPANY
 c/o Athene Asset Management LLC

7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	4,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Voya Insurance and Annuity Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 

7700 Mills Civic Parkway 

West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: HARE & CO., LLC F/B/O VOYA INSURANCE AND ANNUITY COMPANY 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 32 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 VOYA INSURANCE AND ANNUITY
COMPANY
 c/o Athene Asset Management LLC

7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	3,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Voya Insurance and Annuity Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 

7700 Mills Civic Parkway 

West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: HARE & CO., LLC F/B/O VOYA INSURANCE AND ANNUITY COMPANY 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 33 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 VOYA INSURANCE AND ANNUITY
COMPANY
 c/o Athene Asset Management LLC

7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	1,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Voya Insurance and Annuity Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 

7700 Mills Civic Parkway 

West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: HARE & CO., LLC F/B/O VOYA INSURANCE AND ANNUITY COMPANY 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 34 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	 PRINCIPAL AMOUNT OF

NOTES TO BE PURCHASED
	 
	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY OF NEW YORK
 7700
Mills Civic Parkway
 West Des Moines, IA 50266
	  	Series B	  	$	2,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Athene Annuity & Life Assurance Company of New York 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: GERLACH & CO F/B/O ATHENE ANNUITY & LIFE ASSURANCE COMPANY OF NEW YORK

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 35 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 AMERICAN EQUITY INVESTMENT LIFE
INSURANCE COMPANY
 c/o Athene Asset Management LLC

7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	1,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

American Equity Investment Life Insurance Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: TILLERSHIP & CO. F/B/O AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 36 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MIDLAND NATIONAL LIFE INSURANCE
COMPANY 
 c/o Athene Asset Management LLC

7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	1,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Midland National Life Insurance Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: GERLACH & CO F/B/O MIDLAND NATIONAL LIFE INSURANCE COMPANY 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 37 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 LIFE INSURANCE COMPANY OF
THE SOUTHWEST
 c/o Athene Asset Management LLC

7700 Mills Civic Parkway

West Des Moines, IA 50266
	  	Series B	  	$	2,000,000	 

  

	(1)	 All payments on the Notes by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred remittance: privateplacements@atheneLP.com 

Life Insurance Company of the Southwest 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 38 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MASSACHUSETTS MUTUAL LIFE INSURANCE
COMPANY
 c/o Barings LLC

1500 Main Street – Suite 2200

PO Box 15189

Springfield, MA 01115-5189
	  	Series B	  	$	34,200,000	 

  

	(1)	 All payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or
other immediately available funds (identifying each payment as Americold Realty Operating Partnership, L.P, 4.86% Series B Guaranteed Senior Notes due January 8, 2029 and including breakdown between interest/principal/other), to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices on payments: 

Massachusetts Mutual Life Insurance Company 

Treasury Operations Securities Management 

1295 State Street 
 Springfield,
MA 01111 
 Attn: Janelle Tarantino 

with a copy to: 
 Massachusetts
Mutual Life Insurance Company 
 c/o Barings LLC 

1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
  

	(3)	 Address for all other communications and notices: 

Massachusetts Mutual Life Insurance Company 

c/o Barings LLC 
 1500 Main Street
– Suite 2200 
 PO Box 15189 

Springfield, MA 01115-5189 
 with
notifications to: 
 privateplacements@barings.com 

pdgportfolioadmin@barings.com 

John.Wheeler@barings.com 

  
 PS - 39 

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 40 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MASSMUTUAL ASIA LIMITED

c/o Barings LLC

1500 Main Street – Suite 2200

PO Box 15189

Springfield, MA 01115-5189
	  	Series B	  	$	5,800,000	 

  

	(1)	 All payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or
other immediately available funds (identifying each payment as Americold Realty Operating Partnership, L.P, 4.86% Series B Guaranteed Senior Notes due January 8, 2029 and including breakdown between interest/principal/other), to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices on payments: 

MassMutual Asia Limited 
 Treasury
Operations Securities Management 
 1295 State Street 

Springfield, MA 01111 
 Attn:
Janelle Tarantino 
 with a copy to: 

MassMutual Asia Limited 
 c/o
Barings LLC 
 1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
  

	(3)	 Address for all other communications and notices: 

MassMutual Asia Limited 
 c/o
Barings LLC 
 1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
 With notifications to: 

privateplacements@barings.com 

pdgportfolioadmin@barings.com 

John.Wheeler@barings.com 

  
 PS - 41 

	(4)	 Address for corporate action notifications: 

Citigroup Global Securities Services 

Attn: Corporate Action Dept 

3800 Citibank Center Tampa 

Building B Floor 3 

Tampa, FL 33610-9122 
  

	(5)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(6)	 Nominee: Gerlach & Co. 

 

	(7)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 42 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 GENWORTH LIFE INSURANCE
COMPANY
 3001 Summer Street

Stamford, CT 06905
	  	Series B
 Series B

Series B
 Series B

Series B
 Series B
	  	$
 $
 $

$
 $

$
	5,000,000
 5,000,000

5,000,000
 5,000,000

5,000,000
 5,000,000
	 
  
  

 
  

 

  

	(1)	 All payments on or in respect of the Notes to be by wire transfer of Federal or otherwise immediately available
funds to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices with respect to corporate actions, including payments and prepayments and written
confirmation of each such payment or prepayment, including interest payment and prepayment, redemptions, premiums, make wholes, and fees: 

Notification instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Addresses for all other notices and communications: 

Genworth Financial, Inc. 

Account: Genworth Financial, Inc. 

3001 Summer Street, 4thFloor 

Stamford, CT 06905 
 Attn: Private
Placements 
 Tel: (203) 708-3300 

Fax: (203) 708-3308 

With a copy by email to: GNW.privateplacements@genworth.com 
  

	(4)	 Address for delivery of Notes: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: HARE & CO., LLC 

 

	(6)	 Tax Identification Number: Redacted and provided to Issuer under separate cover. 

  
 PS - 43 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 GENWORTH LIFE AND ANNUITY
INSURANCE COMPANY
 3001 Summer Street

Stamford, CT 06905
	  	Series B	  	$	5,000,000	 

  

	(1)	 All payments on or in respect of the Notes to be by wire transfer of Federal or otherwise immediately available
funds to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices with respect to corporate actions, including payments and prepayments and written
confirmation of each such payment or prepayment, including interest payment and prepayment, redemptions, premiums, make wholes, and fees: 

Notification instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Addresses for all other notices and communications: 

Genworth Financial, Inc. 

Account: Genworth Financial, Inc. 

3001 Summer Street, 4th Floor 

Stamford, CT 06905 
 Attn: Private
Placements 
 Tel: (203) 708-3300 

Fax: (203) 708-3308 

With a copy by email to: GNW.privateplacements@genworth.com 
  

	(4)	 Address for delivery of Notes: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: HARE & CO., LLC 

 

	(6)	 Tax Identification Number: Redacted and provided to Issuer under separate cover. 

  
 PS - 44 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE
PURCHASED	 
	 GENWORTH LIFE AND ANNUITY
INSURANCE COMPANY
 3001 Summer Street

Stamford, CT 06905
	  	Series B	  	$	5,000,000	 

  

	(1)	 All payments on or in respect of the Notes to be by wire transfer of Federal or otherwise immediately available
funds to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices with respect to corporate actions, including payments and prepayments and written
confirmation of each such payment or prepayment, including interest payment and prepayment, redemptions, premiums, make wholes, and fees: 

Notification instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Addresses for all other notices and communications: 

Genworth Financial, Inc. 

Account: Genworth Financial, Inc. 

3001 Summer Street, 4th Floor 

Stamford, CT 06905 
 Attn: Private
Placements 
 Tel: (203) 708-3300 

Fax: (203) 708-3308 

With a copy by email to: GNW.privateplacements@genworth.com 
  

	(4)	 Address for delivery of Notes: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: HARE & CO., LLC 

 

	(6)	 Tax Identification Number: Redacted and provided to Issuer under separate cover. 

  
 PS - 45 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MINNESOTA LIFE INSURANCE
COMPANY
 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series A	  	$	5,000,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com: 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 Minnesota Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Hare & Co., LLC 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 46 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MINNESOTA LIFE INSURANCE COMPANY

 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series A	  	$	3,000,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com: 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 Minnesota Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Hare & Co., LLC 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 47 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 OPTUM BANK, INC.

c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series A	  	$	2,000,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to both: privateplacements@securianam.com
and creditoperations@optumbank.com. 

 If Email is unavailable or if the Email is returned for any reason (including
receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address, a applicable: 

Optum Bank, Inc. 
 c/o Securian
Asset Management, Inc. 
 400 Robert Street North 

St. Paul, MN 55101     

Attn: Client Administrator 
 And

 Optum Bank, Inc. 
 Attn: Ryan
Allen 
 2525 Lake Park Boulevard 

Salt Lake City, UT 84120 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: ELL & Co. 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 48 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 ALLIANCE UNITED INSURANCE
COMPANY
 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series A	  	$	2,000,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 Alliance United Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Hare & Co., LLC 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 49 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 SECURIAN LIFE INSURANCE
COMPANY
 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series A	  	$	2,000,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 Securian Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Hare & Co., LLC 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 50 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 RESERVE NATIONAL INSURANCE
COMPANY
 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series A	  	$	1,000,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 Reserve National Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Hare & Co., LLC 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 51 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MINNESOTA LIFE INSURANCE
COMPANY
 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series B	  	$	15,000,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 Minnesota Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Hare & Co., LLC 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 52 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 AMERICAN REPUBLIC INSURANCE
COMPANY
 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series B	  	$	2,000,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 American Republic Insurance Company 

c/o Securian Asset Management Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Wells Fargo Bank N.A. FBO American Republic Insurance Company 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 53 

									
	
NAME AND ADDRESS OF PURCHASER	  	
SERIES OF NOTES TO

BE PURCHASED
	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 SECURIAN LIFE INSURANCE
COMPANY
 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	 
	Series B
	 
	  	$
	1,000,000
	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 Securian Life Insurance Company 

c/o Securian Asset Management, Inc.     

400 Robert Street North 
 St.
Paul, Minnesota 55101 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Hare & Co., LLC 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 54 

									
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 CATHOLIC UNITED FINANCIAL

c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	 
	Series B
	 
	  	$
	500,000
	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 Catholic United Financial 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Wells Fargo Bank N.A. FBO Catholic United Financial 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 55 

									
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 UNITEDHEALTHCARE INSURANCE
COMPANY
 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	 
	Series B
	 
	  	$
	500,000
	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 UnitedHealthcare Insurance Company (AARP) 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: ELL & Co. 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 56 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 DELTA DENTAL OF MINNESOTA

c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series B	  	$	500,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 Delta Dental of Minnesota 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Band & Co. FBO Delta Dental of Minnesota 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 57 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NEW ERA LIFE INSURANCE
COMPANY
 c/o Securian Asset Management, Inc.

400 Robert Street North

St. Paul, Minnesota 55101
	  	Series B	  	$	500,000	 

  

	(1)	 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to
instructions to be delivered to the Company by Purchasers’ counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com.

 If Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is
undeliverable), such notice and statements should be sent to the following address: 
 New Era Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 
  

	(3)	 The Notes should be delivered in accordance with instructions furnished to Purchasers’ counsel.

  

	(4)	 Nominee: Band & Co. 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 58 

							
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 AMERICAN EQUITY INVESTMENT LIFE
INSURANCE COMPANY
 6000 Westown Parkway

West Des Moines, IA 50266
	  	Series B	  	$	30,000,000	 

  

	(1)	 All scheduled payments of principal and interest by wire transfer of immediately available funds:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and communications regarding payment transactions: 

Email: AssetAdmin.PrivatePlacements@American-Equity.com 

Attention: Mark Kooienga 
 Phone
(515) 273-3576 
  

	(3)	 Address for all legal notices and communications: 

American Equity Investment Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 
 West Des
Moines, IA 50266 
 Attention: Legal Monitoring 

Email: Legal.PrivatePlacements@American-Equity.com 
  

	(4)	 Address for all other notices and communications: 

American Equity Investment Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 
 West Des
Moines, IA 50266 
 Attention: Compliance Monitoring 

Email: Compliance.PrivatePlacements@American-Equity.com 

  
 PS - 59 

	(5)	 Address for audit requests: 

Soft copy: 

AuditConfirms.PrivatePlacements@American-Equity.com 

Hard copy: 
 American Equity
Investment Life Insurance Company 
 Investment-Private Placements 

6000 Westown Parkway 
 West Des
Moines, IA 50266 
 Attention: AuditConfirms 
  

	(6)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(7)	 Nominee: Chimefish & Co 

 

	(8)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 60 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 EAGLE LIFE INSURANCE COMPANY

6000 Westown Parkway

West Des Moines, IA 50266
	  	Series A	  	$	3,000,000	 

  

	(1)	 All scheduled payments of principal and interest by wire transfer of immediately available funds:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and communications regarding payment transactions: 

Email: AssetAdmin.PrivatePlacements@American-Equity.com 

Attention: Mark Kooienga 

Phone (515) 273-3576 

 

	(3)	 Address for all legal notices and communications: 

Eagle Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 

West Des Moines, IA 50266 

Attention: Legal Monitoring 

Email: Legal.PrivatePlacements@American-Equity.com 
  

	(4)	 Address for all other notices and communications: 

Eagle Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 

West Des Moines, IA 50266 

Attention: Compliance Monitoring 

Email: Compliance.PrivatePlacements@American-Equity.com 

 

	(5)	 Address for audit requests: 

Soft copy: 

AuditConfirms.PrivatePlacements@American-Equity.com 

Hard copy: 

Eagle Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 

West Des Moines, IA 50266 

Attention: AuditConfirms 

  
 PS - 61 

	(6)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(7)	 Nominee: Chimefish & Co 

 

	(8)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 62 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 NATIONWIDE LIFE AND ANNUITY
INSURANCE COMPANY
 One Nationwide Plaza (1-05-801)
 Columbus, OH 43215-2220
	  	Series A	  	$	30,000,000	 

  

	(1)	 All payments on the Notes shall be made by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payment on or in respect to the Note should be sent to: 

Nationwide Life and Annuity Insurance Company 

c/o The Bank of New York 

Attn: P & I Department 

P.O. Box 392003 

Pittsburgh, PA 15251 

Copy to: 

Nationwide Life and Annuity Insurance Company 

Attn: Nationwide Investments - Investment Operations 

One Nationwide Plaza (1-05-401) 

Columbus, OH 43215-2220 
  

	(3)	 Address for financial, compliance reports and all other communications to: 

Nationwide Life and Annuity Insurance Company 

Attn: Nationwide Investments – Private Placements 

E-mail: ooinwpp@nationwide.com 

One Nationwide Plaza (1-05-801) 

Columbus, OH 43215-2220 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 63 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 UNITED OF OMAHA LIFE
INSURANCE COMPANY
 3300 Mutual of Omaha Plaza

Omaha, NE 68175-1011
	  	Series A
 Series B
	  	$
 $
	14,000,000
 14,000,000
	 
  

  

	(1)	 All payments on the Notes shall be made by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices in respect of payments, corporate actions, and reorganization notifications:

 Notification instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Address for all other communications (i.e., quarterly/annual reports, tax filings, modifications and waivers):

 4 - Investment Management 

United of Omaha Life Insurance Company 

3300 Mutual of Omaha Plaza 

Omaha, NE 68175-1011 

Email Address: privateplacements@mutualofomaha.com 
  

	(4)	 Address for physical delivery of the Notes: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 64 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT
OF
NOTES TO BE
PURCHASED	 
	 ENSIGN PEAK ADVISORS, INC.

50 East North Temple Street

Salt Lake City, Utah 84150
	  	Series A
 Series A

Series A

Series A
	  	$
 $
 $

$
	10,000,000
 5,000,000

5,000,000
 5,000,000
	 
  
  

 

  

	(1)	 All payments on account of the Notes held by such purchaser shall be made by wire transfer of immediately
available funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate
cover. 
  

	(2)	 Address for all notices in respect of payments and written confirmation of each such payment to:

 Ensign Peak Advisors, Inc. 

50 East North Temple Street, Room 1514 

Salt Lake City, Utah 84150 

Attention:       Custody 

Email:             custody@ensignpeak.org 

                     
   privateplacements@ensignpeak.org 
 Phone:
            801-240-1066 
  

	(3)	 Address for all other communications: 

50 East North Temple Street 

Salt Lake City, Utah 84150 

Attention:       Matthew D. Dall 

Email:             privateplacements@ensignpeak.org 

                     
   mark.r.peterson@ensignpeak.org 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 65 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 TRANSAMERICA LIFE INSURANCE
COMPANY
 6300 C Street SW

Cedar Rapids, IA 52499
	  	Series A	  	$	6,000,000	 

  

	(1)	 All payments shall be made by wire transfer to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and confirmations of payment (should include CUSIP in subject line):

 AEGON USA Investment Management, LLC 

Attn: AAM GA Portfolio Accounting MS 3G-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: shaamgapportfolioacc@aegonusa.com 

And 

AEGON USA Investment Management, LLC 

Attn: Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: privateplacements@aegonusa.com 
  

	(3)	 Address for financials, legal, pre-payment and other notifications:

 AEGON USA Investment Management, LLC 

Attn: Director of Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Telephone: (319) 355-2429 

Email: privateplacements@aegonusa.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 66 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 TRANSAMERICA PREMIER LIFE INSURANCE
COMPANY 
 6300 C Street SW

Cedar Rapids, IA 52499
	  	Series B	  	$	8,000,000	 

  

	(1)	 All payments shall be made by wire transfer to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and confirmations of payment to (should include CUSIP in subject line):

 AEGON USA Investment Management, LLC 

Attn: AAM GA Portfolio Accounting MS 3G-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: shaamgapportfolioacc@aegonusa.com 

And 

AEGON USA Investment Management, LLC 

Attn: Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: privateplacements@aegonusa.com 
  

	(3)	 Address for financials, legal, pre-payment and other notifications:

 AEGON USA Investment Management, LLC 

Attn: Director of Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Telephone: (319) 355-2429 

Email: privateplacements@aegonusa.com 
  

	(4)	 Address for physical delivery of the Note: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 67 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 TRANSAMERICA LIFE INSURANCE
COMPANY
 6300 C Street SW

Cedar Rapids, IA 52499
	  	Series B	  	$	4,000,000	 

  

	(1)	 All payments shall be made by wire transfer to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and confirmations of payment to (should include CUSIP in subject line):

 AEGON USA Investment Management, LLC 

Attn: AAM GA Portfolio Accounting MS 3G-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: shaamgapportfolioacc@aegonusa.com 

And 

AEGON USA Investment Management, LLC 

Attn: Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: privateplacements@aegonusa.com 
  

	(3)	 Address for financials, legal, pre-payment and other notifications:

 AEGON USA Investment Management, LLC 

Attn: Director of Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Telephone: (319) 355-2429 

Email: privateplacements@aegonusa.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 68 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 TLIC RIVERWOOD REINSURANCE
INC
 6300 C Street SW

Cedar Rapids, IA 52499
	  	Series B	  	$	4,000,000	 

  

	(1)	 All payments shall be made by wire transfer to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and confirmations of payment to (should include CUSIP in subject line):

 AEGON USA Investment Management, LLC 

Attn: AAM GA Portfolio Accounting MS 3G-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: shaamgapportfolioacc@aegonusa.com 

And 

AEGON USA Investment Management, LLC 

Attn: Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: privateplacements@aegonusa.com 
  

	(3)	 Address for financials, legal, pre-payment and other notifications:

 AEGON USA Investment Management, LLC 

Attn: Director of Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Telephone: (319) 355-2429 

Email: privateplacements@aegonusa.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 69 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 TRANSAMERICA LIFE (BERMUDA) LTD 

6300 C Street SW

Cedar Rapids, IA 52499
	  	Series B	  	$	3,000,000	 

  

	(1)	 All payments shall be made by wire transfer to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and confirmations of payment to (should include CUSIP in subject line):

 AEGON USA Investment Management, LLC 

Attn: AAM GA Portfolio Accounting MS 3G-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: shaamgapportfolioacc@aegonusa.com 

And 

AEGON USA Investment Management, LLC 

Attn: Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Email: privateplacements@aegonusa.com 
  

	(3)	 Address for financials, legal, pre-payment and other notifications:

 AEGON USA Investment Management, LLC 

Attn: Director of Private Placements MS 3C-CR 

6300 C Street SW 

Cedar Rapids, IA 52499 

Telephone: (319) 355-2429 

Email: privateplacements@aegonusa.com 

With copy of any tax documents to: 

Transamerica Life International (Bermuda) LTD 

Milner Place, Top Floor 

32 Victoria Street 

Hamilton HM12 

Bermuda 

  
 PS - 70 

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 71 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT
OF
NOTES TO BE
PURCHASED	 
	 THE GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA 
 7 Hanover Square

New York, NY 10004-2616
	  	Series B	  	$	10,000,000	 

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

The Guardian Life Insurance Company of America 

7 Hanover Square 

New York, NY 10004-2616 

Attn: Barry Scheinholtz 

Investment Department 9-A 

FAX # (212) 919-2658 

Email address: bscheinholtz@glic.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  

  
 PS - 72 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT
OF
NOTES TO BE
PURCHASED	 
	 THE GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA 
 7 Hanover Square

New York, NY 10004-2616
	  	Series A	  	$	6,000,000	 

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

The Guardian Life Insurance Company of America 

7 Hanover Square 

New York, NY 10004-2616 

Attn: Barry Scheinholtz 

Investment Department 9-A 

FAX # (212) 919-2658 

Email address: bscheinholtz@glic.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 73 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT
OF
NOTES TO BE
PURCHASED	 
	 THE GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA 
 7 Hanover Square

New York, NY 10004-2616
	  	Series A	  	$	1,000,000	 

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

The Guardian Life Insurance Company of America 

7 Hanover Square 

New York, NY 10004-2616 

Attn: Barry Scheinholtz 

Investment Department 9-A 

FAX # (212) 919-2658 

Email address: bscheinholtz@glic.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 74 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT
OF
NOTES TO BE
PURCHASED	 
	 BERKSHIRE LIFE INSURANCE COMPANY
OF AMERICA 
 c/o The Guardian Life Insurance Company of America

7 Hanover Square

New York, NY 10004-2616
	  	Series B	  	$	1,500,000	 

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

Berkshire Life Insurance Company of America 

c/o The Guardian Life Insurance Company of America 

7 Hanover Square 

New York, NY 10004-2616 

Attn: Barry Scheinholtz 

Investment Department 9-A 

FAX # (212) 919-2658 

Email address: bscheinholtz@glic.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 75 

							
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	  	PRINCIPAL AMOUNT
OF
NOTES TO BE
PURCHASED	 
	 THE GUARDIAN INSURANCE &
ANNUITY COMPANY, INC. 
 7 Hanover Square

New York, NY 10004-2616
	  	Series B	  	$	1,500,000	 

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

The Guardian Insurance & Annuity Company, Inc. 

c/o The Guardian Life Insurance Company of America 

7 Hanover Square 

New York, NY 10004-2616 

Attn: Barry Scheinholtz 

Investment Department 9-A 

FAX # (212) 919-2658 

Email address: bscheinholtz@glic.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 76 

									
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 GREAT-WEST LIFE &
ANNUITY INSURANCE COMPANY
 8515 East Orchard
Road, 3T2
 Greenwood Village, CO 80111
	  	 	Series A	 	  	$	18,000,000	 

  

	(1)	 All payments on account of the Notes held by such purchaser shall be made by wire transfer of immediately
available funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and communications: 

Email:      bond_compliance@greatwest.com 

(Email is preferred method) 

Great-West Life & Annuity Insurance Company 

8515 East Orchard Road, 3T2 

Greenwood Village, CO 80111 

Attn:        Investments Division 

 

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 77 

									
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 MODERN WOODMEN OF AMERICA 

1701 First Avenue

Rock Island, IL 61201
	  	 
 
	Series A
 Series B
	 
  
	  	$
 $
	8,000,000
 7,000,000
	 
  

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payments and written confirmations of payments to: 

Modern Woodmen of America 
 Attn:
Investment Accounting Department 
 1701 First Avenue 

Rock Island, IL 61201 
 Fax: (309)
793-5688 
  

	(3)	 Address for all other communications: 

Modern Woodmen of America 
 Attn:
Investment Department 
 1701 First Avenue 

Rock Island, IL 61201 
 Email:
PrivatePlacementGroup@modern-woodmen.org 
 Fax: (309) 793-5574 

 

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 78 

									
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 AMERICO FINANCIAL LIFE &
ANNUITY INSURANCE COMPANY 
 c/o Americo Life, Inc.

300 West 11th Street

Kansas City, MO 64105
	  	 
 
	Series A
 Series B
	 
  
	  	$
 $
	8,000,000
 7,000,000
	 
  

  

	(1)	 All payments on account of the Notes held by such purchaser shall be made by wire transfer of immediately
available funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payments and written confirmations of payments to: 

Attn: Investment Accounting – Denise Kisner 

Americo Life, Inc. 
 PO Box 410288

 Kansas City, MO 64141-0288 

Tel: (816) 391-2118 

Email: denise.kisner@americo.com 
  

	(3)	 Address for all other communications: 

Attn: Investment Department 

Americo Life, Inc. 
 300 West 11th
Street 
 Kansas City, MO 64105 

Tele (816) 391-2779 

Email: private.placement@americo.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 79 

									
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES
TO BE PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 AMERITAS LIFE INSURANCE CORP.

 Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505
	  	 	Series B	 	  	$	11,500,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices of payments and written confirmations of such wire transfers: 

Ameritas Life Insurance Corp. 

5945 R Street 
 Lincoln, NE 68505

 ATTN: Investment Accounting 

Fax: (402) 467-6970 

Email: IASecurities@ameritas.com 
  

	(3)	 Address for all other communications: 

Ameritas Life Insurance Corp. 

Ameritas Investment Partners, Inc. 

ATTN: Private Placements 
 5945 R
Street 
 Lincoln, NE 68505 

Contacts:      Joe Mick 

Tel: 402-467-7471 

Fax: 402-467-6970 

Email:         Joe.Mick@Ameritas.com 

                    
privateplacements@ameritas.com 
  

	(4)	 Address for physical delivery of the Note (via registered mail): 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: CUDD & CO. (for the benefit of Ameritas Life Insurance Corp.) 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 80 

									
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES
TO BE PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 AMERITAS LIFE INSURANCE CORP.
OF NEW YORK 
 Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505
	  	 	Series B	 	  	$	1,500,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices of payments and written confirmations of such wire transfers: 

Ameritas Life Insurance Corp. of New York 

5945 R Street 
 Lincoln, NE 68505

 ATTN: Investment Accounting 

Fax: (402) 467-6970 

Email: IASecurities@ameritas.com 
  

	(3)	 Address for all other communications: 

Ameritas Life Insurance Corp. of New York 

Ameritas Investment Partners, Inc. 

ATTN: Private Placements 
 5945 R
Street 
 Lincoln, NE 68505 

Contacts: Joe Mick 
 Tel: 402-467-7471 
 Fax: 402-467-6970 
 Email: Joe.Mick@Ameritas.com 

  privateplacements@ameritas.com 
  

	(4)	 Address for physical delivery of the Note (via registered mail): 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: CUDD & CO. (for the benefit of Ameritas Life Insurance Corp. of New York)

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 81 

									
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES
TO BE PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 CMFG LIFE INSURANCE COMPANY 

DS-PrivatePlacements@cunamutual.com
	  	 	Series B	 	  	$	5,000,000	 

  

	(1)	 All payments on account of the Notes held by such purchaser by bank wire transfer of immediately available
funds to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payments, wires, audit confirmations, compliance and financials:

 DS-PrivatePlacements@cunamutual.com 

 

	(3)	 Address for legal communication: 

DS-PrivatePlacements@cunamutual.com 

Paul.Barbato@cunamutual.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: TURNKEYS & CO 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 82 

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES

TO BE PURCHASED
	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 CMFG LIFE INSURANCE COMPANY 

DS-PrivatePlacements@cunamutual.com
	  	 	Series A	 	  	$	2,000,000	 

  

	(1)	 All payments on account of the Notes held by such purchaser by bank wire transfer of immediately available
funds to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payments, wires, audit confirmations, compliance and financials:

 DS-PrivatePlacements@cunamutual.com 

 

	(3)	 Address for legal communication: 

DS-PrivatePlacements@cunamutual.com 

Paul.Barbato@cunamutual.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: TURNKEYS & CO 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 83 

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES

TO BE PURCHASED
	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE PURCHASED
	 
	 CMFG LIFE INSURANCE COMPANY 

DS-PrivatePlacements@cunamutual.com
	  	 	Series A	 	  	$	1,000,000	 

  

	(1)	 All payments on account of the Notes held by such purchaser by bank wire transfer of immediately available
funds to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payments, wires, audit confirmations, compliance and financials:

 DS-PrivatePlacements@cunamutual.com 

 

	(3)	 Address for legal communication: 

DS-PrivatePlacements@cunamutual.com 

Paul.Barbato@cunamutual.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: TURNKEYS & CO 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 84 

									
	
NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO BE
PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 THE OHIO NATIONAL LIFE
INSURANCE COMPANY 
 One Financial Way

Cincinnati, OH 45242
	  	 	Series A	 	  	$	4,000,000	 

  

	(1)	 All payments on account of the Notes held by such purchaser by bank wire transfer of Federal or other
immediately available funds (identifying each payment as to issuer, security (including interest rate and maturity date), and including allocation between principal/ interest/other) to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and communications, including notices with respect to payments and written confirmation
of each such payment: 

 The Ohio National Life Insurance Company 

One Financial Way 
 Cincinnati, OH
45242 
 Attention: Investment Department 

With a copy to: privateplacements@ohionational.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 85 

									
	 NAME AND ADDRESS OF PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 OHIO NATIONAL LIFE ASSURANCE
CORPORATION 
 One Financial Way

Cincinnati, OH 45242
	  	 	Series A	 	  	$	1,000,000	 

  

	(1)	 All payments on account of the Notes held by such purchaser by bank wire transfer of Federal or other
immediately available funds (identifying each payment as to issuer, security (including interest rate and maturity date), and including allocation between principal/ interest/other) to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and communications, including notices with respect to payments and written confirmation
of each such payment: 

 Ohio National Life Assurance Corporation 

One Financial Way 
 Cincinnati, OH
45242 
 Attn: Investment Department 

With a copy to: 

privateplacements@ohionational.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 PS - 86 

 EXECUTION VERSION 

 
  

 
 SUBSIDIARY
GUARANTY AGREEMENT 
 Dated as of December 4, 2018 

Re: 
 4.68% Series A Guaranteed
Senior Notes due January 8, 2026 
 4.86% Series B Guaranteed Senior Notes due January 8, 2029 

of 
 AMERICOLD
REALTY OPERATING PARTNERSHIP, L.P. 
  

 
  

SCHEDULE SGA 
 (to
Note and Guaranty Agreement) 

 TABLE OF CONTENTS 

 

							
	 SECTION
	  	 HEADING
	  	 	PAGE	 
			
	 SECTION 1.
	  	 Definitions
	  	 	2	 
	 SECTION 2.
	  	 Guaranty of Notes and Note Agreement
	  	 	2	 
	 SECTION 3.
	  	 Guaranty of Payment and Performance
	  	 	3	 
	 SECTION 4.
	  	 General Provisions Relating to the Guaranty
	  	 	4	 
	 SECTION 5.
	  	 Representations and Warranties of the Guarantors
	  	 	9	 
	 SECTION 6.
	  	 Amendments, Waivers and Consents
	  	 	10	 
	 SECTION 7.
	  	 Notices
	  	 	11	 
	 SECTION 8.
	  	 Miscellaneous
	  	 	11	 
			
	 Exhibit A
	  	 Subsidiary Guaranty Supplement
	  			

  
 -i- 

 SUBSIDIARY GUARANTY AGREEMENT 

Re: 
 4.68% Series A Guaranteed
Senior Notes due January 8, 2026 
 4.86% Series B Guaranteed Senior Notes due January 8, 2029 

of 
 AMERICOLD
REALTY OPERATING PARTNERSHIP, L.P. 
  

 
 This
SUBSIDIARY GUARANTY AGREEMENT dated as of December 4, 2018 (this “Guaranty”) is entered into on a joint and several basis by each of the undersigned, together with any entity which
may become a party hereto by execution and delivery of a Subsidiary Guaranty Supplement in substantially the form set forth as Exhibit A hereto (a “Subsidiary Guaranty Supplement”) (which parties are hereinafter referred to
individually as a “Guarantor” and collectively as the “Guarantors”). 
 RECITALS 

A.    Americold Realty Trust, a Maryland corporation (the “Parent Guarantor”), is the general partner of
Americold Realty Operating Partnership, L.P., a Delaware limited partnership (the “Issuer”; the Parent Guarantor and the Issuer are sometimes collectively referred to herein as the “Constituent Companies”). Each
Guarantor is a direct or indirect wholly-owned Subsidiary of a Constituent Company. 
 B.    The Constituent Companies
have entered into a Note and Guaranty Agreement dated as of December 4, 2018 (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Note Agreement”) with each of the purchasers listed
in the Purchaser Schedule attached to said Note Agreement (collectively, the “Purchasers”), providing for, among other things, the issue and sale by the Issuer to the Purchasers of $600,000,000 aggregate principal amount of its
guaranteed senior notes, of which (a) $200,000,000 aggregate principal amount shall be its 4.68% Series A Guaranteed Senior Notes due January 8, 2026 (the “Series A Notes”), and (b) $400,000,000 aggregate principal amount shall
be its 4.86% Series B Guaranteed Senior Notes due January 8, 2029 (the “Series B Notes;”; collectively with the Series A Notes and together with each note issued in substitution therefor, the “Notes”).
The Purchasers together with their respective successors and assigns are collectively referred to herein as the “Holders.” 

C.    The Purchasers have required as a condition of their purchase of the Notes that the Constituent Companies cause each
of the undersigned to enter into this Guaranty and, as set forth in Section 9.9(a) of the Note Agreement, to cause certain other Subsidiaries from time to time to 

 
enter into a Subsidiary Guaranty Supplement, and the Constituent Companies have agreed to cause each of the undersigned to execute this Guaranty and to cause each such other Subsidiary to execute
a Subsidiary Guaranty Supplement, in each case in order to induce the Purchasers to purchase the Notes and thereby benefit the Issuer and its Subsidiaries by providing funds to the Issuer for the purposes described in Section 5.14 of the Note
Agreement. 
 NOW, THEREFORE, as required by Section 4.11 of the Note Agreement and in consideration of
the premises and other good and valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, each Guarantor does hereby covenant and agree, jointly and severally, as follows: 

SECTION 1.    DEFINITIONS. 

Capitalized terms used herein shall have the meanings set forth in the Note Agreement unless defined herein or the context shall otherwise
require. 
 SECTION 2.    GUARANTY OF NOTES AND NOTE
AGREEMENT. 
 (a)    Each Guarantor jointly and severally does hereby irrevocably, absolutely and
unconditionally guarantee unto the Holders: (1) the full and prompt payment of the principal of, Make-Whole Amount, if any, and interest (including, without limitation, any interest on any overdue principal, Make-Whole Amount, if any, interest
accruing after the commencement of any bankruptcy or similar proceeding, and any additional interest that would accrue but for the commencement of such proceeding and, to the extent permitted by applicable law, on any overdue interest) on the Notes
from time to time outstanding, as and when such payments shall become due and payable whether by lapse of time, upon redemption or prepayment, by extension or by acceleration or declaration or otherwise in federal or other immediately available
funds of the United States which at the time of payment or demand therefor shall be legal tender for the payment of public and private debts, (2) the full and prompt performance and observance by the Issuer of each and all of the obligations,
covenants and agreements required to be performed or owed by the Issuer under the terms of the Notes, (3) the full and prompt performance and observance by each Constituent Company of each and all of the obligations, covenants and agreements
required to be performed or owed by such Constituent Company under the terms of the Note Agreement and (4) the full and prompt payment, upon demand by any Holder, of all costs and expenses, legal or otherwise (including reasonable
attorneys’ fees), if any, payable by the Constituent Companies pursuant to Section 12.4 or 16.1 of the Note Agreement, or as shall have been expended or incurred in the protection or enforcement of any rights, privileges or liabilities in
favor of the Holders under or in respect of this Guaranty or in any consultation or action in connection therewith or herewith. 

(b)    To the extent that any Guarantor shall make a payment hereunder (a “Payment”) which, together with
all other Payments made by such Guarantor, and taking into account all other Payments previously or concurrently made by any of the other Guarantors, exceeds the amount which such Guarantor would otherwise have paid if each Guarantor had paid the
aggregate obligations satisfied by such Payment(s) in the same proportion as such Guarantor’s Allocable Amount (as hereinafter defined) in effect immediately prior to such Payment bore to the Aggregate Allocable Amount (as hereinafter defined)
in effect immediately prior to the making of such Payment, then such Guarantor shall be entitled to contribution and 

  
 -2- 

 
indemnification from, and be reimbursed by, each of the other Guarantors for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior
to such Payment; provided that each Guarantor covenants and agrees that such right of contribution and indemnification and any and all claims of such Guarantor against any other Guarantor, any endorser or against any of their property shall
be junior and subordinate in right of payment to the prior indefeasible final payment in cash in full of all of the Notes and satisfaction by the Constituent Companies of their obligations under the Note Agreement and by the Guarantors of their
obligations under this Guaranty and the Guarantors shall not take any action to enforce such right of contribution and indemnification, and the Guarantors shall not accept any payment in respect of such right of contribution and indemnification,
until all of the Notes and all amounts payable by the Guarantors hereunder have indefeasibly been finally paid in cash in full and all of the obligations of the Constituent Companies under the Note Agreement and of the Guarantors under this Guaranty
have been satisfied. 
 As of any date of determination, (1) the “Allocable Amount” of any Guarantor shall be equal to
the maximum amount which could then be claimed by the Holders under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the United States Bankruptcy Code (11 U.S.C. Sec. 101 et. seq.) or
under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law; and (2) the “Aggregate Allocable Amount” shall be equal to the sum of the Allocable Amount of all
Guarantors. 
 This clause (b) is intended only to define the relative rights of the Guarantors, and nothing set forth in this clause
(b) is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts to the Holders as and when the same shall become due and payable in accordance herewith. 

Each Guarantor acknowledges that the rights of contribution and indemnification hereunder shall constitute an asset in favor of any Guarantor
to which such contribution and indemnification is owing. 
 SECTION 3.    GUARANTY OF
PAYMENT AND PERFORMANCE. 
 This is an irrevocable, absolute and unconditional guarantee of
payment and performance (and not of collection) and each Guarantor hereby waives, to the fullest extent permitted by law, any right to require that any action on or in respect of any Note or the Note Agreement be brought against either Constituent
Company or any other Person or that resort be had to any direct or indirect security for the Notes or for this Guaranty or any other remedy. Any Holder may, at its option, proceed hereunder against any Guarantor in the first instance to collect
monies when due, the payment of which is guaranteed hereby, without first proceeding against either Constituent Company or any other Person and without first resorting to any direct or indirect security for the Notes or for this Guaranty or any
other remedy. The liability of each Guarantor hereunder shall in no way be affected or impaired by any acceptance by any Holder of any direct or indirect security for, or other guaranties of, any Indebtedness, liability or obligation of either
Constituent Company or any other Person to any Holder or by any failure, delay, neglect or omission by any Holder to realize upon or protect any such guarantees, Indebtedness, liability or obligation or any notes or other instruments evidencing the
same or any direct or indirect security therefor or by any approval, consent, waiver, or other action taken, or omitted to be taken by any such Holder. 

  
 -3- 

 The covenants and agreements on the part of the Guarantors herein contained shall take
effect as joint and several covenants and agreements, and references to the Guarantors shall take effect as references to each of them and none of them shall be released from liability hereunder by reason of the guarantee ceasing to be binding as a
continuing security on any other of them. 
 SECTION 4.    GENERAL PROVISIONS RELATING
TO THE GUARANTY. 
 (a)    Each Guarantor hereby consents and agrees that
any Holder or Holders from time to time, with or without any further notice to or assent from any other Guarantor may, without in any manner affecting the liability of any Guarantor under this Guaranty, and upon such terms and conditions as any such
Holder or Holders may deem advisable: 
 (1)    extend in whole or in part (by renewal or otherwise),
modify, change, compromise, release or extend the duration of the time for the performance or payment of any Indebtedness, liability or obligation of the Issuer or of any other Person (including, without limitation, any other Guarantor) secondarily
or otherwise liable for any Indebtedness, liability or obligation of the Issuer on the Notes, or waive any Default or Event of Default with respect thereto, or waive, modify, amend or change any provision of the Note Agreement, any other agreement
or waive this Guaranty; or 
 (2)    sell, release, surrender, modify, impair, exchange or substitute any
and all property, of any nature and from whomsoever received, held by, or for the benefit of, any such Holder as direct or indirect security for the payment or performance of any Indebtedness, liability or obligation of the Issuer or of any other
Person (including, without limitation, any other Guarantor) secondarily or otherwise liable for any Indebtedness, liability or obligation of the Issuer on the Notes; or 

(3)    settle, adjust or compromise any claim of the Issuer against any other Person (including, without
limitation, any other Guarantor) secondarily or otherwise liable for any Indebtedness, liability or obligation of the Issuer on the Notes. 

Each Guarantor hereby ratifies and confirms any such extension, renewal, change, sale, release, waiver, surrender, exchange, modification,
amendment, impairment, substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and hereby waives, to the fullest extent permitted by law, any and all defenses, counterclaims or offsets which it might or could
have by reason thereof, it being understood that such Guarantor shall at all times be bound by this Guaranty and remain liable hereunder until all of the Notes and all amounts payable by the Guarantors hereunder have indefeasibly been finally paid
in cash in full and all of the obligations of the Constituent Companies under the Note Agreement and of the Guarantors under this Guaranty have been satisfied. 

(b)    Each Guarantor hereby waives, to the fullest extent permitted by law: 

(1)    notice of acceptance of this Guaranty by the Holders or of the creation, renewal or accrual of any
liability of either Constituent Company, present or future, or of 

  
 -4- 

 
the reliance of such Holders upon this Guaranty (it being understood that every Indebtedness, liability and obligation described in Section 2 hereof shall conclusively be presumed to have
been created, contracted or incurred in reliance upon the execution of this Guaranty); 
 (2)    demand
of payment by any Holder from either Constituent Company or any other Person (including, without limitation, any other Guarantor) indebted in any manner on or for any of the Indebtedness, liabilities or obligations hereby guaranteed; and 

(3)    presentment for the payment by any Holder or any other Person of the Notes or any other instrument,
protest thereof and notice of its dishonor to any party thereto and to such Guarantor. 
 The obligations of each Guarantor under this
Guaranty and the rights of any Holder to enforce such obligations by any proceedings, whether by action at law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination (other than termination upon
the indefeasible payment in cash in full of all of the Notes and all amounts payable by the Guarantors hereunder and the satisfaction of all of the obligations of the Constituent Companies under the Note Agreement and of the Guarantors under this
Guaranty), whether by reason of any claim of any character whatsoever or otherwise and shall not be subject to any defense, set-off, counterclaim (other than any compulsory counterclaim), recoupment or
termination whatsoever. 
 (c)    The obligations of the Guarantors hereunder shall be binding upon the Guarantors and
their successors and assigns, shall remain in full force and effect until all of the Notes and all amounts payable by the Guarantors hereunder have indefeasibly been finally paid in cash in full and all of the obligations of the Constituent
Companies under the Note Agreement and of the Guarantors under this Guaranty have been satisfied, and shall remain in full force and effect irrespective of: 

(1)    the genuineness, validity, regularity or enforceability of the Notes, the Note Agreement or any
other agreement or any of the terms of any thereof, the continuance of any obligation on the part of the Issuer or any other Person on or in respect of the Notes or either Constituent Company under the Note Agreement or any other agreement or the
power or authority or the lack of power or authority of the Issuer to issue the Notes or either Constituent Company to execute and deliver the Note Agreement, or any other agreement or of any Guarantor to execute and deliver this Guaranty or to
perform any of its obligations hereunder or the existence or continuance of either Constituent Company, any Guarantor or any other Person as a legal entity; or 

(2)    any default, failure or delay, willful or otherwise, in the performance by either Constituent
Company, any Guarantor or any other Person of any obligations of any kind or character whatsoever under the Notes, the Note Agreement, this Guaranty or any other agreement; or 

(3)    any creditors’ rights, bankruptcy, receivership or other insolvency proceeding of either
Constituent Company, any Guarantor or any other Person or in respect of the property of either Constituent Company, any Guarantor or any other Person 

  
 -5- 

 
or any merger, consolidation, reorganization, dissolution, liquidation, sale of all or substantially all of the assets of or winding up of either Constituent Company, any Guarantor or any other
Person; or 
 (4)    impossibility or illegality of performance on the part of either Constituent
Company, any Guarantor or any other Person of its obligations under the Notes, the Note Agreement, this Guaranty or any other agreement; or 

(5)    in respect of either Constituent Company or any other Person, any change of circumstances, whether
or not foreseen or foreseeable, whether or not imputable to either Constituent Company or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not
declared), civil commotion, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any federal or state regulatory body or agency, change of law or any other causes affecting
performance, or any other force majeure, whether or not beyond the control of either Constituent Company or any other Person and whether or not of the kind hereinbefore specified; or 

(6)    any attachment, claim, demand, charge, Lien, order, process, encumbrance or any other happening or
event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, Indebtedness, obligations or liabilities of any character, foreseen or unforeseen, and whether or
not valid, incurred by or against either Constituent Company, any Guarantor or any other Person or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by either Constituent Company, any Guarantor or any other
Person, or against any sums payable in respect of the Notes or under the Note Agreement, or this Guaranty, so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; or 

(7)    any order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation
or of any political subdivision thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent,
or in any way adversely affect, the performance by either Constituent Company, any Guarantor or any other Person of its respective obligations under or in respect of the Notes, the Note Agreement, this Guaranty or any other agreement; or 

(8)    the failure of any Guarantor to receive any benefit from or as a result of its execution, delivery
and performance of this Guaranty; or 
 (9)    any failure or lack of diligence in collection or
protection, failure in presentment or demand for payment, protest, notice of protest, notice of default and of nonpayment, any failure to give notice to any Guarantor of failure of either Constituent Company, any Guarantor or any other Person to
keep and perform any obligation, covenant or agreement under the terms of the Notes, the Note Agreement, this Guaranty or any other agreement or failure to resort for payment to either Constituent Company, any Guarantor or to any other Person or to
any other guaranty or to any property, security, Liens or other rights or remedies; or 

  
 -6- 

 (10)    the acceptance of any additional security or
other guaranty, the advance of additional money to the Issuer or any other Person, the renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Notes, the Note Agreement, or any other agreement, or the
sale, release, substitution or exchange of any security for the Notes; or 
 (11)    any merger or
consolidation of either Constituent Company, any Guarantor or any other Person into or with any other Person or any sale, lease, transfer or other disposition of any of the assets of either Constituent Company, any Guarantor or any other Person to
any other Person, or any change in the ownership of any shares or other equity interests of either Constituent Company, any Guarantor or any other Person; or 

(12)    any defense whatsoever that: (i) the Issuer or any other Person might have to the payment of
the Notes (including, principal, Make-Whole Amount, if any, or interest), other than payment thereof in federal or other immediately available funds or (ii) either Constituent Company or any other Person might have to the performance or
observance of any of the provisions of the Notes, the Note Agreement or any other agreement, whether through the satisfaction or purported satisfaction by either Constituent Company or any other Person of its debts due to any cause such as
bankruptcy, insolvency, receivership, merger, consolidation, reorganization, dissolution, liquidation, winding-up or otherwise; or 

(13)    any act or failure to act with regard to the Notes, the Note Agreement, this Guaranty or any other
agreement or anything which might vary the risk of any Guarantor or any other Person; or 
 (14)    any
other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor or any other Person in respect of the obligations of any Guarantor or other Person under this Guaranty or any other agreement; 

provided that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures or
omissions, though not specifically mentioned above, it being the purpose and intent of this Guaranty and the parties hereto that the obligations of each Guarantor shall be absolute and unconditional and shall not be discharged, impaired or varied
except by the payment of the principal of, Make-Whole Amount, if any, and interest on the Notes in accordance with their respective terms whenever the same shall become due and payable as in the Notes provided, at the place specified in and all in
the manner and with the effect provided in the Notes and the Note Agreement, as each may be amended or modified from time to time. Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may
be had hereunder as and when, from time to time, the Issuer shall default under or in respect of the terms of the Notes or either Constituent Company shall default under or in respect of the terms of the Note Agreement and that notwithstanding
recovery hereunder for or in respect of any given default or defaults by the Issuer under the Notes or by either Constituent Company under the Note Agreement, this Guaranty shall remain in full force and effect and shall apply to each and every
subsequent default. 
 (d)    All rights of any Holder under this Guaranty shall be considered to be transferred or
assigned at any time or from time to time upon the transfer of any Note held by such Holder whether with or without the consent of or notice to the Guarantors under this Guaranty or to either Constituent Company. 

  
 -7- 

 (e)    To the extent of any payments made under this Guaranty, the
Guarantors shall be subrogated to the rights of the Holder or Holders upon whose Notes such payment was made, but each Guarantor covenants and agrees that such right of subrogation and any and all claims of such Guarantor against either Constituent
Company, any endorser or other Guarantor or against any of their respective properties shall be junior and subordinate in right of payment to the prior indefeasible final payment in cash in full of all of the Notes and satisfaction by the
Constituent Companies of their obligations under the Note Agreement and by the Guarantors of their obligations under this Guaranty, and the Guarantors shall not take any action to enforce such right of subrogation, and the Guarantors shall not
accept any payment in respect of such right of subrogation, until all of the Notes and all amounts payable by the Guarantors hereunder have indefeasibly been finally paid in cash in full and all of the obligations of the Constituent Companies under
the Note Agreement and of the Guarantors under this Guaranty have been satisfied. Notwithstanding any right of any Guarantor to ask, demand, sue for, take or receive any payment from either Constituent Company, all rights, Liens and security
interests of each Guarantor, whether now or hereafter arising and howsoever existing, in any assets of the Constituent Companies shall be and hereby are subordinated to the rights, if any, of the Holders in those assets. No Guarantor shall have any
right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all of the Notes and the obligations of the Constituent Companies under the Note Agreement shall have been paid in
cash in full and satisfied. 
 (f)    Each Guarantor agrees that to the extent the Issuer or any other Person makes any
payment on any Note, which payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required to be retained by or repaid to a trustee, receiver, or any other
Person under any bankruptcy code, common law, or equitable cause, then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall be revived and continued in full force and effect with respect to the
Guarantors’ obligations hereunder, as if said payment had not been made. The liability of the Guarantors hereunder shall not be reduced or discharged, in whole or in part, by any payment to any Holder from any source that is thereafter paid,
returned or refunded in whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for breach of contract, breach of warranty, preference, illegality, invalidity or fraud asserted by
any account debtor or by any other Person. 
 (g)    No Holder shall be under any obligation: (1) to marshal any
assets in favor of the Guarantors or in payment of any or all of the liabilities of the Issuer under or in respect of the Notes or the Constituent Companies under or in respect of the Note Agreement or the obligations of the Guarantors hereunder or
(2) to pursue any other remedy that the Guarantors may or may not be able to pursue themselves and that may lighten the Guarantors’ burden, any right to which each Guarantor hereby expressly waives. 

(h)    If an event permitting the acceleration of the maturity of the principal amount of the Notes shall at any time have
occurred and be continuing and such acceleration shall at such time be prevented or the right of any Holder to receive any payment under any Note shall at such 

  
 -8- 

 
time be delayed or otherwise affected by reason of the pendency against the Issuer, the Parent Guarantor or any other Guarantor of a case or proceeding under a bankruptcy or insolvency law, each
Guarantor agrees that, for purposes of this Guaranty and its obligations hereunder, the maturity of such principal amount shall be deemed to have been accelerated with the same effect as if the Holders had accelerated the same in accordance with the
terms of the Note Agreement, and such Guarantor shall forthwith pay such accelerated principal of, Make-Whole Amount, if any, and interest on the Notes and any other amounts guaranteed hereunder. 

SECTION 5.    REPRESENTATIONS AND WARRANTIES OF THE
GUARANTORS. 
 Each Guarantor represents and warrants to each Holder that: 

(a)    Such Guarantor is a corporation or other legal entity duly organized or formed, validly existing and, where
applicable, in good standing under the laws of its jurisdiction of organization or formation, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Such Guarantor has
the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact and to execute and deliver this Guaranty and to perform
the provisions hereof. 
 (b)    Such Guarantor is either (1) a “qualified REIT subsidiary” within the
meaning of Section 856(i) of the Code, (2) a REIT, (3) a “taxable REIT subsidiary” within the meaning of Section 856(1) of the Code, (4) a partnership under Treasury Regulation
Section 301.7701-3 or (5) an entity disregarded as a separate entity from its owner under Treasury Regulation Section 301.7701-3. 

(c)    This Guaranty has been duly authorized by all necessary corporate or other action on the part of such Guarantor,
and this Guaranty constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 (d)    The execution, delivery and performance by such Guarantor of this Guaranty will not (1) contravene,
result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of such Guarantor or any of its Subsidiaries under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement,
lease, corporate charter, regulations or by-laws, shareholders agreement or any other agreement or instrument to which such Guarantor or any of its Subsidiaries is bound or by which such Guarantor or any of
its Subsidiaries or any of their respective properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or
Governmental Authority applicable to such Guarantor or any of its Subsidiaries or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to such Guarantor or any of its Subsidiaries. 

  
 -9- 

 (e)    No consent, approval or authorization of, or registration, filing
or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by such Guarantor of this Guaranty. 

SECTION 6.    AMENDMENTS, WAIVERS AND CONSENTS. 

(a)    This Guaranty may be amended, and the observance of any term hereof may be waived (either retroactively or
prospectively), only with the written consent of each Guarantor and the Required Holders, except that (1) no amendment or waiver of any of the provisions of Sections 3, 4 or 5, or any defined term (as it is used therein), will be effective
as to any Holder unless consented to by such Holder in writing and (2) no amendment or waiver may, without the written consent of each Holder, (i) change the percentage of the principal amount of the Notes the Holders of which are required
to consent to any such amendment or waiver or (ii) amend Section 2 or this Section 6. No consent of the Holders or the Guarantors shall be required in connection with the execution and delivery of a Subsidiary Guaranty Supplement or
other addition of any additional Guarantor, and each Guarantor, by its execution and delivery of this Guaranty (or Subsidiary Guaranty Supplement) consents to the addition of each additional Guarantor. 

(b)    The Guarantors will provide each Holder with sufficient information, sufficiently far in advance of the date a
decision is required, to enable such Holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof. The Guarantors will deliver executed or true and correct
copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 6 to each Holder promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite
Holders. The Guarantors will deliver executed copies of each executed Subsidiary Guaranty Supplement to each Holder promptly following the date on which it is executed. 

(c)    No Guarantor will, directly or indirectly, pay or cause to be paid any remuneration, whether by way of fee or
otherwise, or grant any security or provide other credit support, to any Holder as consideration for or as an inducement to the entering into by such Holder of any waiver or amendment of any of the terms and provisions hereof unless such
remuneration is concurrently paid, or security is concurrently granted or other credit support is concurrently provided, on the same terms, ratably to each Holder even if such Holder did not consent to such waiver or amendment. 

(d)    Any consent given pursuant to this Section 6 by a Holder that has transferred or has agreed to transfer its
Note to (1) a Constituent Company, (2) any Subsidiary or any other Affiliate or (3) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with either Constituent
Company and/or any of its Affiliates, in each case in connection with such consent, shall be void and of no force or effect except solely as to such Holder, and any amendments effected or waivers granted or to be effected or granted that would not
have been or would not be so effected or granted but for such consent (and the consents of all other Holders that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such Holder. 

  
 -10- 

 (e)    Any amendment or waiver consented to as provided in this
Section 6 applies equally to all Holders affected thereby and is binding upon them and upon each future holder and upon the Guarantors. No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly
amended or waived, or impair any right consequent thereon. No course of dealing between any Guarantor and any Holder nor any delay in exercising any rights hereunder shall operate as a waiver of any rights of any Holder. As used herein, the term
“this Guaranty” and references thereto shall mean this Guaranty as it may from time to time be amended or supplemented. 

(f)    Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal
amount of Notes then outstanding have approved or consented to any amendment, waiver or consent to be given under this Guaranty, or have directed the taking of any action provided herein to be taken upon the direction of the holders of a specified
percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by any Guarantor, either Constituent Company or any of their Affiliates shall be deemed not to be outstanding. 

SECTION 7.    NOTICES. 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a
confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid) or (c) by an internationally recognized
overnight delivery service (charges prepaid). Any such notice must be sent: 
 (1)    if to a Purchaser
or its nominee, to such Purchaser or its nominee at the address specified for such communications in the Purchaser Schedule, or at such other address as such Purchaser or its nominee shall have specified to the Guarantors and the Constituent
Companies in writing, 
 (2)    if to any other Holder, to such Holder at such address as such Holder
shall have specified to the Guarantors and the Constituent Companies in writing, or 
 (3)    if to any
Guarantor, to such Guarantor c/o the Constituent Companies at the address set forth at the beginning of the Note Agreement to the attention of the Legal Department, or at such other address as such Guarantor shall have specified to the Holders in
writing. 
 Notices under this Section 7 will be deemed given only when actually received. 

SECTION 8.    MISCELLANEOUS. 

(a)    No remedy herein conferred upon or reserved to any Holder is intended to be exclusive of any other available remedy
or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Guaranty now or hereafter existing at law or in equity. No delay or omission to exercise any right or power accruing upon
any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof but any such right or power may be 

  
 -11- 

 
exercised from time to time and as often as may be deemed expedient. In order to entitle any Holder to exercise any remedy reserved to it under this Guaranty, it shall not be necessary for such
Holder to physically produce its Note in any proceedings instituted by it or to give any notice, other than such notice as may be herein expressly required. 

(b)    The Guarantors will pay all sums becoming due under this Guaranty by the method and at the address specified for
such purpose for such Holder, in the case of a Holder that is a Purchaser, on the Purchaser Schedule, or by such other method or at such other address as any Holder shall have from time to time specified to the Guarantors and the Constituent
Companies in writing for such purpose, without the presentation or surrender of this Guaranty or any Note. 
 (c)    Any
provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

(d)    If the whole or any part of this Guaranty shall be now or hereafter become unenforceable against any one or more of
the Guarantors for any reason whatsoever or if it is not executed by any one or more of the Guarantors, this Guaranty shall nevertheless be and remain fully binding upon and enforceable against each other Guarantor as if it had been made and
delivered only by such other Guarantors. 
 (e)    This Guaranty shall be binding upon each Guarantor and its successors
and assigns and shall inure to the benefit of each Holder and its successors and assigns so long as its Notes remain outstanding and unpaid. If any Guarantor enters into any consolidation or merger, pursuant to which such Guarantor or another
Guarantor is not the surviving entity (the “Successor Person”), the Successor Person shall execute and deliver to each Holder its assumption of the due and punctual performance and observance of each covenant and condition of this
Guaranty (pursuant to such agreements and instruments as shall be reasonably satisfactory to the Required Holders). 

(f)    This Guaranty may be executed in any number of counterparts, each of which shall be an original but all of which
together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

(g)    This Guaranty shall be construed and enforced in accordance with, and the rights of the parties shall be governed
by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other
than such State. 
 (h)    Each Guarantor and each Holder irrevocably submits to the
non-exclusive jurisdiction of any New York State or U.S. federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this
Guaranty. To the fullest extent permitted by applicable law, each Guarantor and each Holder irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any 

  
 -12- 

 
claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in
any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(i)    Each Guarantor agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action
or proceeding of the nature referred to in Section 8(h) above brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America
or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

(j)    Each Guarantor consents to process being served by or on behalf of any Holder in any suit, action or proceeding of
the nature referred to in Section 8(h) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 7 or at such
other address of which such Holder shall then have been notified pursuant to said Section. Each Guarantor agrees that such service upon receipt (1) shall be deemed in every respect effective service of process upon it in any such suit, action
or proceeding and (2) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a
delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(k)    Nothing in Section 8(h), 8(i) or 8(j) shall affect the right of any Holder to serve process in any manner
permitted by law, or limit any right that any Holder may have to bring proceedings against any Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction. 
 (L)    EACH GUARANTOR HEREBY
WAIVES AND, BY ITS ACCEPTANCE HEREOF, EACH HOLDER HEREBY WAIVES, TRIAL
BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS
GUARANTY OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH. 

*    *    *    *    * 

  
 -13- 

 IN WITNESS WHEREOF, the undersigned has caused
this Guaranty Agreement to be duly executed by an authorized representative as of the date first written above. 
  

	
	 AMERICOLD ACQUISITION, LLC

	 AMERICOLD CLEARFIELD PROPCO, LLC

	 AMERICOLD LOGISTICS, LLC

	 AMERICOLD MIDDLEBORO PROPCO, LLC

	 AMERICOLD NEBRASKA LEASING LLC

	 AMERICOLD PROPCO PHOENIX VAN BUREN LLC

	 AMERICOLD REAL ESTATE, L.P.

	 AMERICOLD REALTY OPERATING PARTNERSHIP, L.P.

	 AMERICOLD REALTY, INC.

	 AMERICOLD SAN ANTONIO PROPCO, LLC

	 AMERICOLD TRANSPORTATION SERVICES, LLC

	 ART AL HOLDING LLC

	 ART FIRST MEZZANINE BORROWER GP LLC

	 ART FIRST MEZZANINE BORROWER OPCO 2006-2
L.P.

	 ART FIRST MEZZANINE BORROWER OPCO GP 2006-2
LLC

	 ART FIRST MEZZANINE BORROWER PROPCO 2006-2
L.P.

	 ART FIRST MEZZANINE BORROWER PROPCO GP 2006-2
LLC

	 ART FIRST MEZZANINE BORROWER, L.P.

	 ART ICECAP HOLDINGS LLC

	 ART MANAGER L.L.C.

	 ART MORTGAGE BORROWER GP LLC

	 ART MORTGAGE BORROWER OPCO 2006-1A
L.P.

	 ART MORTGAGE BORROWER OPCO 2006-1B
L.P.

	 ART MORTGAGE BORROWER OPCO 2006-1C
L.P.

	 ART MORTGAGE BORROWER OPCO 2006-2
L.P.

	 ART MORTGAGE BORROWER OPCO 2010-4
LLC

  

			
	By:	 	  

	Name:	 	Marc J. Smernoff
	Title:	 	Chief Financial Officer

 [Signature Page to Subsidiary Guaranty Agreement] 

 
	
	 ART MORTGAGE BORROWER OPCO 2010-5
LLC

	 ART MORTGAGE BORROWER OPCO 2010-6
LLC

	 ART MORTGAGE BORROWER OPCO GP 2006-1A
LLC

	 ART MORTGAGE BORROWER OPCO GP 2006-1B
LLC

	 ART MORTGAGE BORROWER OPCO GP 2006-1C
LLC

	 ART MORTGAGE BORROWER OPCO GP 2006-2
LLC

	 ART MORTGAGE BORROWER PROPCO 2006-1A
L.P.

	 ART MORTGAGE BORROWER PROPCO 2006-1B
L.P.

	 ART MORTGAGE BORROWER PROPCO 2006-1C
L.P.

	 ART MORTGAGE BORROWER PROPCO 2006-2
L.P.

	 ART MORTGAGE BORROWER PROPCO 2010-4
LLC

	 ART MORTGAGE BORROWER PROPCO 2010-5
LLC

	 ART MORTGAGE BORROWER PROPCO 2010-6
LLC

	 ART MORTGAGE BORROWER PROPCO GP 2006-1A
LLC

	 ART MORTGAGE BORROWER PROPCO GP 2006-1B
LLC

	 ART MORTGAGE BORROWER PROPCO GP 2006-1C
LLC

	 ART MORTGAGE BORROWER PROPCO GP 2006-2
LLC

	 ART MORTGAGE BORROWER, L.P.

	 ART QUARRY TRS LLC

	 ART SECOND MEZZANINE BORROWER GP LLC

	 ART SECOND MEZZANINE BORROWER, L.P.

  

			
	By:	 	  

	Name:	 	Marc J. Smernoff
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Subsidiary Guaranty Agreement] 

 
	
	 ATLAS COLD STORAGE LOGISTICS LLC

	 ATLAS LOGISTICS GROUP RETAIL SERVICES (ATLANTA) LLC

	 ATLAS LOGISTICS GROUP RETAIL SERVICES (DENVER) LLC

	 ATLAS LOGISTICS GROUP RETAIL SERVICES (PHOENIX) LLC

	 ATLAS LOGISTICS GROUP RETAIL SERVICES (ROANOKE) LLC

	 KC UNDERGROUND, L.L.C.

	 VCD PLEDGE HOLDINGS, LLC

	 VERSACOLD ATLAS LOGISTICS SERVICES USA LLC

	 VERSACOLD LOGISTICS, LLC

	 VERSACOLD MIDWEST LLC

	 VERSACOLD NORTHEAST LOGISTICS, LLC

	 VERSACOLD NORTHEAST, INC.

	 VERSACOLD TEXAS, L.P.

	 VERSACOLD USA, INC.

  

			
	By:	 	  

	Name:	 	Marc J. Smernoff
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Subsidiary Guaranty Agreement] 

 SUBSIDIARY GUARANTY SUPPLEMENT 

To the Holders (as defined in the hereinafter 

    defined Guaranty Agreement) 
 Ladies and
Gentlemen: 
 WHEREAS, Americold Realty Operating Partnership, L.P., a Delaware limited partnership (the
“Issuer”), issued $600,00,000 aggregate principal amount of its guaranteed senior notes of which (a) $200,000,000 aggregate principal amount shall be shall be its 4.86% Series A Guaranteed Senior Notes due January 8, 2026 (the
“Series A Notes”), and (b) $400,000,000 aggregate principal amount shall be its 4.86% Series B Guaranteed Senior Notes due January 8, 2029 (the “Series B Notes;”; collectively with the Series A Notes and
together with each note issued in substitution therefor, the “Notes”) pursuant to that certain Note and Guaranty Agreement dated as of December 4, 2018 (the “Note Agreement”) among the Issuer, Americold Realty
Trust, a Maryland corporation (the “Parent Guarantor”; the Parent Guarantor and the Issuer are collectively referred to herein as the “Constituent Companies”), and each of the purchasers listed in the Purchaser
Schedule attached to said Note Agreement (the “Purchasers”) for the purposes described in Section 5.14 of the Note Agreement. Capitalized terms used herein shall have the meanings set forth in the hereinafter defined Guaranty
Agreement unless herein defined or the context shall otherwise require. 
 WHEREAS, as a condition precedent to their
purchase of the Notes, the Purchasers required that certain Subsidiaries of the Constituent Companies from time to time enter into that certain Subsidiary Guaranty Agreement dated as of December 4, 2018 as security for the Notes (as amended,
supplemented, restated or otherwise modified from time to time, the “Guaranty Agreement”). 
 Pursuant to
Section 9.9(a) of the Note Agreement, the Constituent Companies have agreed to cause the undersigned, ____________, a [corporation] organized under the laws of ______________ (the “Additional Guarantor”), to join in the
Guaranty Agreement. In accordance with the requirements of the Guaranty Agreement, the Additional Guarantor desires to supplement the definition of Guarantor (as the same may have been heretofore supplemented) set forth in the Guaranty Agreement so
that at all times from and after the date hereof, the Additional Guarantor shall be jointly and severally liable as set forth in the Guaranty Agreement for the obligations of the Issuer under the Notes and the Constituent Companies under the Note
Agreement and to the extent and in the manner set forth in the Guaranty Agreement. 
 Exhibit A 

(to Subsidiary Guaranty Agreement) 

 The execution by the undersigned of this Subsidiary Guaranty Supplement shall evidence such
Additional Guarantor’s consent to and acknowledgment and approval of the terms set forth herein and in the Guaranty Agreement and its agreement to be bound by the covenants, terms and provisions of the Guaranty Agreement as a Guarantor
thereunder and by such execution the Additional Guarantor shall be deemed to have made in favor of the Holders the representations and warranties set forth in Section 5 of the Guaranty Agreement. 

Upon execution of this Subsidiary Guaranty Supplement, the Guaranty Agreement shall be deemed to be supplemented as set forth above. Except as
supplemented herein, the terms and provisions of the Guaranty Agreement are hereby ratified, confirmed and approved in all respects. 
 Any
and all notices, requests, certificates and other instruments (including the Notes) may refer to the Guaranty Agreement without making specific reference to this Subsidiary Guaranty Supplement, but nevertheless all such references shall be deemed to
include this Subsidiary Guaranty Supplement unless the context shall otherwise require. 
 This Subsidiary Guaranty Supplement may be
executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by
all, of the parties hereto. 
 This Subsidiary Guaranty Supplement shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws
of a jurisdiction other than such State. 
 (Signature Page Follows) 

  
 Exhibit A-2 

 Dated: _________________, 20    . 

 

			
	[NAME OF ADDITIONAL GUARANTOR(S)]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit A-3Exhibit 4.2

 

AVERY DENNISON CORPORATION,

 

as Issuer

 

AND

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

 

as Trustee

 

 

FIFTH SUPPLEMENTAL INDENTURE

 

Dated as of December 6, 2018

 

To

 

INDENTURE

 

Dated as of November 20, 2007

 

 

4.875% Senior Notes due 2028

 

 

FIFTH SUPPLEMENTAL INDENTURE (as hereinafter defined, the “Fifth Supplemental Indenture”), dated as of December 6, 2018, between AVERY DENNISON CORPORATION, a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as Trustee (the “Trustee”).

 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of November 20, 2007 (the “Base Indenture” and, together with the Fifth Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company of unsecured debentures, notes, bonds or other evidences of indebtedness in an unlimited amount to be issued from time to time in one or more series as provided in the Base Indenture;

 

WHEREAS, pursuant to Board Resolutions, dated July 25, 2018 and November 26, 2018 the Company authorized the creation and issuance of a series of its debt securities under the Indenture, designated as the “4.875% Senior Notes due 2028” in the initial aggregate principal amount of $500,000,000 (the “Notes”);

 

WHEREAS, Section 14.01 of the Base Indenture provides that the Company, when authorized by a Board Resolution, and the Trustee, from time to time and at any time, may enter into one or more supplemental indentures to establish the forms and terms of Securities as permitted in Section 3.01 of the Base Indenture;

 

WHEREAS, the Company desires to establish the form and terms of the Notes in accordance with Sections 2.01 and 3.01 of the Base Indenture;

 

WHEREAS, the Company has determined that this Fifth Supplemental Indenture is authorized and permitted by Section 14.01 of the Base Indenture and has delivered to the Trustee an Opinion of Counsel to that effect and an Officer’s Certificate pursuant to Section 3.03 of the Base Indenture to the effect that all conditions precedent provided for in the Base Indenture to the Trustee’s execution and delivery of this Fifth Supplemental Indenture have been complied with;

 

WHEREAS, the Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions; and

 

WHEREAS, all things necessary to make this Fifth Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Fifth Supplemental Indenture has been duly authorized in all respects.

 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE 1

 

DEFINITIONS

 

Section 1.1                                    Definition of Terms.  For all purposes of this Fifth Supplemental Indenture, except as otherwise expressly provided or unless the context requires otherwise:

 

(a)                                 a term defined in the Base Indenture and not otherwise defined herein has the same meaning when used in this Fifth Supplemental Indenture; and

 

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(b)                                 the following terms have the meanings given to them in this Section 1.1(b) and shall have the meaning set forth below for purposes of this Fifth Supplemental Indenture and the Base Indenture as it relates to the Notes created hereby:

 

“Additional Notes” shall have the meaning set forth in Section 6.1 hereof.

 

“Attributable Debt” means, as to any particular lease under which any Person is at the time liable and at any date as of which the amount thereof is to be determined, the total net amount of rent required to be paid by such Person under such lease during the remaining primary term thereof, discounted from the respective due dates to such date at the actual percentage rate inherent in such arrangement as the Company has determined in good faith. The net amount of rent required to be paid under any such lease for any such period shall be the aggregate amount of the rent payable by the lessee with respect to such period after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges. In the case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated.

 

“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York City are authorized or obligated by law or executive order to remain closed.

 

“Change of Control” means the occurrence of any of the following:

 

(a)                                 the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the Company’s Subsidiaries’ assets, taken as a whole, to any person, other than the Company or one of the Company’s Subsidiaries;

 

(b)                                 the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or

 

(c)                                  the adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) the Company becomes a direct or indirect wholly-owned Subsidiary of a holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (2) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control Offer” shall have the meaning set forth in Section 3.2 hereof.

 

“Change of Control Payment” shall have the meaning set forth in Section 3.2 hereof.

 

“Change of Control Payment Date” shall have the meaning set forth in Section 3.2 hereof.

 

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“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, (b) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations, or (c) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation.

 

“Consolidated Net Tangible Assets” means the aggregate amount of assets (less applicable reserves and other properly deductible items) less (i) all liabilities, other than deferred income taxes and Funded Debt, and (ii) goodwill, trade names, trademarks, patents, organizational expenses and other like intangibles owned by the Company as well as the Company’s consolidated Subsidiaries and computed in accordance with generally accepted accounting principles.

 

“Debt” means debt issued, assumed or guaranteed by the Company or a Subsidiary for money borrowed.

 

“Funded Debt” means (i) all indebtedness for money borrowed having a maturity of more than 12 months from the date as of which the determination is made or having a maturity of 12 months or less but by its terms being renewable or extendible beyond 12 months from such date at the option of the borrower and (ii) rental obligations payable more than 12 months from such date under leases which are capitalized in accordance with generally accepted accounting principles (such rental obligations to be included as Funded Debt at the amount so capitalized and to be included for the purposes of the definition of Consolidated Net Tangible Assets both as an asset and as Funded Debt at the amount so capitalized).

 

“Holder” means the Person in whose name a Registered Security is registered in the Register.

 

“Interest Period” shall have the meaning set forth in Section 2.3(b) hereof.

 

“Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent Investment Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company.

 

“Lien” means any lien, mortgage or pledge.

 

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

 

“Optional Redemption Price” shall have the meaning set forth in Section 3.1(a) hereof.

 

“Quotation Agent” means a Reference Treasury Dealer appointed by the Company.

 

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“Principal Property” means any real property the Company or any Subsidiaries own or hereafter acquire (including related land and improvements thereon and all machinery and equipment included therein without deduction of any depreciation reserves) of which on the date as of which the  determination is being made exceeds 2% of Consolidated Net Tangible Assets other than (i) any property which in the Company’s determination is not of material importance to the total business conducted by the Company and its Subsidiaries as an entirety or (ii) any portion of a particular property which is similarly found not to be of material importance to the use or operation of such property.

 

“Prospectus Supplement” means the prospectus supplement relating to the Notes dated November 29, 2018.

 

“Rating Agencies” means (a) each of Moody’s and S&P; and (b) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

 

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below Investment Grade by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

 

“Reference Treasury Dealer” means (a) each of Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and HSBC Securities (USA) Inc. (or their respective affiliates that are primary U.S. Government securities dealers in New York City (each, a “Primary Treasury Dealer”)) and their respective successors and (b) two other Primary Treasury Dealers selected by the Company in good faith; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer.

 

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

 

“Regular Record Date” means, with respect to any Interest Payment Date, the May 22 and November 21 (whether or not a Business Day) preceding the relevant Interest Payment Date.

 

“Remaining Scheduled Payments” means the remaining scheduled payments of the principal and interest on the Notes to be redeemed that would be due after the related Redemption Date but for such redemption; provided, however, that if such Redemption Date is not an Interest Payment Date, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to, but not including, such Redemption Date.

 

“S&P” means S&P Global Ratings, and its successors.

 

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“Stated Maturity” shall have the meaning set forth in Section 2.2 hereof.

 

“Treasury Rate” means, as determined by the Quotation Agent, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to actual or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 

ARTICLE 2

 

GENERAL TERMS AND CONDITIONS OF THE NOTES

 

Section 2.1                                    Designation and Principal Amount.  The Notes may be issued from time to time upon written order of the Company for the authentication and delivery of the Notes pursuant to Sections 3.01 and 3.03 of the Base Indenture.  There is hereby authorized a series of Securities designated as the “4.875% Senior Notes due 2028,” initially limited in aggregate principal amount to $500,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.03, 3.04, 3.06, 4.06, 14.05 of the Base Indenture).

 

Section 2.2                                    Stated Maturity.  The date upon which the Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, shall be December 6, 2028 (the “Stated Maturity”).

 

Section 2.3                                   Interest.

 

(a)                                 The Notes shall bear interest at the rate of 4.875% per annum.  The date from which interest shall accrue on the Notes shall be December 6, 2018. Interest on the Notes shall be payable semi-annually in arrears on June 6 and December 6 of each year, beginning on June 6, 2019, to the Persons in whose name the respective Notes are registered at the close of business on the Regular Record Date for such Interest Payment Date, except as provided in Section 2.3(d) hereof.

 

(b)                                 Interest payable on any Interest Payment Date, the Stated Maturity or, if applicable, any Redemption Date or otherwise at Maturity shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date of December 6, 2018, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date, Stated Maturity or, if applicable, Redemption Date or other Maturity, as the case may be (each, an “Interest Period”).

 

(c)                                  The amount of interest payable for any full semi-annual Interest Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months.  The amount of interest payable for any period shorter than a full semi-annual Interest Period for which interest is computed shall be computed on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month.  In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date shall be postponed to the next succeeding day which is a Business Day (and no interest on such payment shall accrue for the period from and after such scheduled Interest Payment Date).

 

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(d)                                 In the event that the Stated Maturity, any Redemption Date or other Maturity falls on a day that is not a Business Day, then the related payments of principal, premium, if any, and interest may be made on the next succeeding day that is a Business Day (and no additional interest shall accumulate on the amount payable for the period from and after the Stated Maturity or any Redemption Date or other Maturity).  Interest due on the Stated Maturity or any Redemption Date or other Maturity (in each case, whether or not an Interest Payment Date) on any of the Notes shall be paid to the Person to whom principal of the Notes is payable.

 

Section 2.4                                    Place of Payment and Appointment.  Principal of, premium, if any, and interest on the Notes shall be payable, the transfer of the Notes shall be registrable, and the Notes shall be exchangeable for Notes of a like aggregate principal amount, at the office or agency of the Company maintained for such purpose in New York, New York, which shall initially be a corporate trust office of the Trustee or its affiliate; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment; and provided, further, the Company shall pay principal of, premium, if any, and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the Holder of such Notes in global form.

 

The Security Registrar and Paying Agent for the Notes shall initially be the Trustee.

 

Section 2.5                                    Defeasance. The Company may elect, at its option at any time, to have Article XII of the Base Indenture apply to the Notes, except that, with respect to the Notes, Section 12.03(c) of the Base Indenture is replaced with the following: The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that holders and beneficial owners of the Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Company’s exercise of its option under this Section and will be subject to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such action had not been exercised and, in the case of the Securities of such series being Discharged, such Opinion of Counsel shall be based on either a change in applicable U.S. federal income tax law since the date of the Indenture or a ruling received by the Company from, or that is published by, the U.S. Internal Revenue Service.

 

Section 2.6                                    Denominations.  The Notes shall be issuable only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

Section 2.7                                    Global Securities.  The Notes shall be issued initially in the form of a permanent Global Security in registered form deposited with or for the account of The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate.  Unless and until each such Global Security is exchanged for Notes in certificated form, the Global Security may be transferred, in whole but not in part, and any payments on the Notes shall be made only to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a nominee of such successor Depositary.

 

Section 2.8                                    Form of the Notes.  The form of the Notes and the Trustee’s Certificate of Authentication to be endorsed thereon shall be substantially in the form attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof.

 

Section 2.9                                    No Sinking Fund.  The Notes shall not be entitled to the benefit of any sinking fund.

 

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ARTICLE 3

 

REDEMPTION OF THE NOTES

 

Section 3.1                                   Optional Redemption by Company.

 

(a)                                 Subject to the terms of the Indenture, the Notes shall be redeemable in whole or in part, at the Company’s option, at any time and from time to time at a redemption price (the “Optional Redemption Price”) equal to the greater of:

 

(i)                                     100% of the principal amount of the Notes to be redeemed; and

 

(ii)                                  the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points, plus, in the case of either clause (i) or (ii) accrued and unpaid interest thereon to, but not including, the Redemption Date; provided, however, that if the Company redeems any Notes on or after September 6, 2028 (the date falling three months prior to the Stated Maturity), the redemption price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date.  However, if the redemption date is after a Regular Record Date and on or prior to a corresponding Interest Payment Date, the full amount of accrued and unpaid interest due on such Interest Payment Date will be paid to the Holder of record at the close of business on the Regular Record Date. The Optional Redemption Price shall be determined by the Company.

 

(b)                                 Notice of any redemption shall be mailed (or otherwise electronically delivered) not less than 10 days and not more than 60 days prior to the Redemption Date to each Holder of Notes to be redeemed. In connection with any redemption of Notes, any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the Redemption Date (whether the original Redemption Date or the Redemption Date so delayed). In addition, the Company may provide in such notice that payment of the Optional Redemption Price and performance of the Company’s obligations with respect to such redemption may be performed by another person.

 

(c)                                  Unless the Company defaults in payment of the Optional Redemption Price, from and after the Redemption Date, interest shall cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by such method that the Trustee deems to be fair and appropriate and may provide for the selection for redemption of a portion of the principal amount of Notes held by a Holder equal to an authorized denomination. If the Company redeems less than all of the Notes and the Notes are then held in book-entry form, the redemption will be made in accordance with the Depositary’s customary procedures.

 

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Section 3.2                                   Change of Control Triggering Event.

 

(a)                                 If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes as described in Section 3.1 hereof, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth in the Notes. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the repurchase date (a “Change of Control Payment”), subject to the rights of the Holders of the Notes on the relevant record date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be mailed (or otherwise electronically delivered) to Holders of the Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the repurchase date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days from the date on which such notice is mailed (or otherwise electronically delivered) (a “Change of Control Payment Date”).

 

(b)                                 The notice shall, if mailed (or otherwise electronically delivered) prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring prior to or on the applicable Change of Control Payment Date specified in the notice.

 

(c)                                  On any applicable Change of Control Payment Date, the Company shall, to the extent lawful:

 

(i)                                     accept for payment all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer;

 

(ii)                                  deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer; and

 

(iii)                               deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased.

 

(d)                                 The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company, and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict.

 

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ARTICLE 4

 

COVENANTS

 

Section 4.1                                    Restriction on Secured Debt.  The Company will not, nor will it permit any of its Subsidiaries to, incur, issue, assume or guarantee any Debt secured by a Lien on any of its or any Subsidiary’s Principal Property, or on any share of capital stock or Debt of any Subsidiary, unless the Company secures or causes such Subsidiary to secure the Notes equally and ratably with (or, at the Company’s option, prior to) such secured Debt, for so long as such secured Debt is so secured; provided, however, that the foregoing restrictions will not apply to Debt secured by the following:

 

(a)                                 any Lien existing on the date of this Indenture;

 

(b)                                 Liens on property of, or on any shares of capital stock of or Debt of, any Person existing at the time such Person is merged with or into or consolidated with the Company or any Subsidiary or otherwise becomes a Subsidiary;

 

(c)                                  Liens in the Company’s favor or in favor of any Subsidiary;

 

(d)                                 Liens in favor of governmental bodies to secure progress, advance or other payments pursuant to any contract or provision of any statute;

 

(e)                                  Liens on property existing at the time of acquisition thereof by the Company or any Subsidiary;

 

(f)                                   any Lien securing indebtedness incurred to finance the purchase price or cost of construction of property (or additions, substantial repairs, alterations or substantial improvements thereto), provided that such Lien and the indebtedness secured thereby are incurred within twelve months of the later of acquisition or completion of construction (or addition, repair, alteration or improvement) and full operation thereof;

 

(g)                                  Liens securing industrial revenue bonds, pollution control bonds or similar types of bonds;

 

(h)                                 mechanics and similar Liens arising in the ordinary course of business in respect of obligations not due or being contested in good faith;

 

(i)                                     Liens arising from deposits with, or the giving of any form of security to, any governmental agency required as a condition to the transaction of business or exercise of any privilege, franchise or license;

 

(j)                                    Liens for taxes, assessments or governmental charges or levies which are not then delinquent or are being contested in good faith;

 

(k)                                 Liens put on any property in contemplation of its disposition, provided the Company has a binding agreement to sell at the time the Lien is imposed and the Company disposes of the property within one year after the creation of the Liens and that any indebtedness secured by the Liens is without recourse to the Company or any of its Subsidiaries;

 

(l)                                     Liens (including judgment liens) arising from legal proceedings being contested in good faith (and, in the case of judgment liens, execution thereof is stayed); and

 

9

 

(m)                             any amendment, extension, renewal or replacement of any Liens referred to in the foregoing clauses (a) through (l) inclusive or any Debt secured thereby, provided that such extension, renewal or replacement shall be limited to all or part of the same property, shares of capital stock or Debt that secured the Lien extended, renewed or replaced.

 

Notwithstanding the foregoing, the Company and its Subsidiaries may issue, assume or guarantee Debt secured by a Lien which would otherwise be subject to the restrictions described above, provided that the aggregate amount of all such secured Debt, together with all the Company’s and its Subsidiaries’ Attributable Debt with respect to sale and leaseback transactions (as defined below) (with the exception of such transactions which are excluded as described in clauses (a) through (e) of Section 4.2), may not exceed 15% of Consolidated Net Tangible Assets.

 

Section 4.2                                    Restriction on Sale and Leaseback Transactions.  The Company will not, nor will it permit any of its Subsidiaries to, enter into any arrangement with any Person (other than the Company or a Subsidiary), or to which any such Person is a party, providing for the leasing to the Company or a Subsidiary of any Principal Property that has been or is to be sold or transferred by the Company or such Subsidiary to such Person or to any other Person (other than the Company or a Subsidiary), to which the funds have been or are to be advanced by such Person on the security of the leased property (a “sale and leaseback transaction”), provided, however, the Company or any of its Subsidiaries may enter into a sale and leaseback transaction if any of the following occurs:

 

(a)                                 the lease is for a period, including renewal rights, of not in excess of three years;

 

(b)                                 the sale or transfer of the Principal Property is made at the time of, or within 360 days after, the later of its acquisition or completion of construction;

 

(c)                                  the lease secures or relates to industrial revenue bonds, pollution control bonds or other similar types of bonds;

 

(d)                                 the transaction is between the Company and a Subsidiary or between Subsidiaries;

 

(e)                                  the Company or a Subsidiary, within 360 days after the Company or a Subsidiary makes a sale or transfer, applies an amount equal to the greater of the net proceeds of the sale of the Principal Property leased pursuant to such arrangement or the fair market value of the Principal Property so leased at the time of entering into such arrangement (as determined in any manner approved by the board of directors) to:

 

(i)                                     the retirement of the Notes or the Company’s other Funded Debt ranking on a parity with or senior to the Notes, or the retirement of the securities or other Funded Debt of a Subsidiary; provided, however, that the amount to be applied to the retirement of the Company’s Funded Debt or a Subsidiary’s Funded Debt shall be reduced by (x) the principal amount of any Notes (or other notes or debentures constituting such Funded Debt) delivered within such 360-day period to the Trustee for retirement and cancellation and (y) the principal amount of such Funded Debt, other than items referred to in the preceding clause (x), voluntarily retired by the Company or a Subsidiary within 360 days after such sale; and provided further, that notwithstanding the foregoing, no retirement referred to in this subclause (i) may be effected by payment at maturity or pursuant to any mandatory sinking fund payment or any mandatory prepayment provision, or

 

(ii)                                  the purchase of other property which shall constitute a Principal Property having a fair market value, in the Company’s determination, at least equal to the fair market value of the Principal Property leased in such sale and leaseback transaction; or

 

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(f)                                   after giving effect to the transaction, the aggregate amount of all Attributable Debt with respect to such transactions plus all Debt secured by Liens on Principal Properties, or on shares of capital stock or Debt of Subsidiaries (with the exception of secured Debt which is excluded as described in Section 4.1), would not exceed 15% of Consolidated Net Tangible Assets.

 

Section 4.3                                    Existence.  Except as otherwise permitted by Section 6.04 of the Base Indenture, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a corporation or other Person.

 

ARTICLE 5

 

EVENTS OF DEFAULT

 

Section 5.1                                    Events of Default. The following “Events of Default” shall apply with respect to the Notes (notwithstanding Section 7.01 of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following):

 

“Event of Default” means, with respect to the Notes, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)                                 default in any payment of interest on the Notes when due and payable and the default continues for a period of 30 days;

 

(2)                                 default in the payment of principal of, and premium, if any, on the Notes when due and payable at Maturity, upon required repurchase, upon acceleration, by call for redemption or otherwise;

 

(3)                                 the failure of the Company for 90 days (or 120 days in the case of a breach of Section 10.02 of the Base Indenture) to comply with any of its other agreements contained in this Indenture or the Notes after written notice of such Default from the Trustee or Holders of at least 25% in principal amount of the Notes then Outstanding has been received by the Company;

 

(4)                                 the Company fails to pay at maturity or the acceleration of any of its or its Subsidiaries’ indebtedness, other than non-recourse indebtedness, at any one time in an amount in excess of $100 million, if the indebtedness is not discharged or the acceleration is not annulled within 30 days after written notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes;

 

(5)                                 the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

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(6)                                 the commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated bankrupt or insolvent, or the consent by either the Company to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company, or the filing by the Company of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by the Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its debts generally as they become due, or the authorization of any such action by the Board of Directors of the Company.

 

Section 5.2                                    Acceleration of Maturity Upon Certain Events of Default.  The following provision shall apply with respect to the Notes (notwithstanding Section 7.02(a) of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following):

 

If any one or more of the above-described Events of Default shall happen (other than an Event of Default specified in Sections 5.1(5) or (6) above) with respect to the Notes at the time Outstanding, then, and in each and every such case, during the continuance of any such Event of Default, the Trustee or the Holders of 25% or more in principal amount of the Notes then Outstanding may (and upon the written request of the Holders of a majority in principal amount of such Notes then Outstanding, the Trustee shall) declare the principal of and all accrued but unpaid interest on all the Notes then Outstanding, if not then due and payable, to be due and payable, and upon any such declaration the same shall become and be immediately due and payable, anything in this Indenture or in Notes contained to the contrary notwithstanding. If an Event of Default specified in Sections 5.1(5) or (6) above occurs, then the principal of and all accrued but unpaid interest on all the Notes then Outstanding will ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. Upon payment of such amounts in the Currency in which the Notes are denominated (except as otherwise provided pursuant to Section 3.01 of the Base Indenture), all obligations of the Company in respect of the payment of principal of and interest on the Notes shall terminate.

 

ARTICLE 6

 

ADDITIONAL NOTES

 

Section 6.1                                    Additional Notes.  Subject to the terms and conditions contained herein, the Company may from time to time, without notice to or the consent of the existing Holders of the Notes, create and issue additional notes (the “Additional Notes”) ranking equally and ratably with the Notes in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such Additional Notes or except, in some cases, for the first payment of interest following the issue date of such Additional Notes).  Any such Additional Notes, at the Company’s determination and in accordance with provisions of the Indenture, may be consolidated with and form a single series with the previously outstanding Notes for all purposes of the Indenture; provided, that if any such Additional Notes are not fungible with the previously outstanding Notes for U.S. federal income tax purposes, such Additional Notes will be issued under a different CUSIP number.

 

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Section 6.2                                    Additional Notes Terms.  With respect to any Additional Notes, the Company shall set forth in a Board Resolution and in an Officer’s Certificate, a copy of each of which shall be delivered to the Trustee, the following information:

 

(a)                                 the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and

 

(b)                                 the issue price, the issue date and the CUSIP number of such Additional Notes and the amount of interest payable on the first payment date applicable thereto.

 

For the avoidance of doubt, in addition to the Officer’s Certificate, the Trustee shall also receive an Opinion of Counsel regarding the enforceability of the Additional Notes, together with the Opinion of Counsel required under Sections 14.01 and 16.01 of the Base Indenture.

 

ARTICLE 7

 

SUPPLEMENTAL INDENTURES

 

Section 7.1                                    Supplemental Indentures Without Consent of Holders. The following provisions relating to supplemental indentures shall apply with respect to the Notes (notwithstanding Section 14.01 of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following):

 

The Company (when authorized by a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any one or more of or all the following purposes:

 

(1)                                 to add to the covenants and agreements of the Company to be observed thereafter and during the period, if any, in such supplemental indenture or indentures expressed, and to add Events of Defaults, in each case for the protection or benefit of the Holders, or to surrender any right or power herein conferred upon the Company;

 

(2)                                 to add to or change any of the provisions of this Indenture to change or eliminate any restrictions on the payment of principal of, or premium, if any, on the Notes; provided that any such action shall not adversely affect the interests of the Holders in any material respect, or to permit or facilitate the issue of the Notes in uncertificated form;

 

(3)                                 to change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective only when there are no Notes then outstanding created prior to the execution of such supplemental indenture that are entitled to the benefit of such provision and as to which such supplemental indenture would apply;

 

(4)                                 to evidence the succession of another corporation to the Company, or successive successions, and the assumption by such successor of the covenants and obligations of the Company contained in the Notes and in this Indenture or any supplemental indenture;

 

(5)                                 to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 11.06(c) of the Base Indenture;

 

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(6)                                 to secure the Notes;

 

(7)                                 to cure any ambiguity or to correct or supplement any provision contained herein or in any indenture supplemental hereto which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture;

 

(8)                                 to comply with the requirements of the Trust Indenture Act or the rules and regulations of the SEC thereunder in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act, as contemplated by this Indenture or otherwise;

 

(9)                                 to add guarantors or co-obligors with respect to the Notes;

 

(10)                          to make any change in the Notes that does not adversely affect in any material respect the interests of the Holders; provided that no such change shall be deemed to adversely affect the Holders if such change is made to conform the terms of the Notes to the terms described in the Prospectus Supplement;

 

(11)                          to prohibit the authentication and delivery of additional series of Notes; or

 

(12)                          to establish the form and terms of the Notes as permitted in this Indenture or to authorize the issuance of additional debt securities previously authorized or to add to the conditions, limitations or restrictions on the authorized amount, terms or purposes of issue, authentication or delivery of the Notes, as set forth in this Indenture, or other conditions, limitations or restrictions thereafter to be observed.

 

Section 7.2                                    Supplemental Indentures With Consent of Holders. The following provisions relating to supplemental indentures shall apply with respect to the Notes (notwithstanding Section 14.02 of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following):

 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes, the Company (when authorized by a Board Resolution) and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental to this Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any provisions of this Indenture or modifying in any manner the rights of the Holders; provided, however, that no such supplemental indenture will, without the consent of each Holder:

 

(1)                                 extend the Stated Maturity of the principal of, or any installment of interest on, the Notes, or reduce the principal amount thereof or the interest thereon or any premium payable upon redemption thereof, or change the Currency in which the principal of, premium, if any, or interest on the Notes is denominated or payable, or impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date);

 

14

 

(2)                                 reduce the percentage in principal amount of the Notes, the consent of whose Holders is required for any supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain Default hereunder and their consequences provided for in this Indenture;

 

(3)                                 modify any of the provisions of this Section or Section 6.06 or 7.06 of the Base Indenture, except to increase any of the respective percentages referred to therein or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes or the deletion of this proviso, in accordance with the requirements of Section 11.06 and 14.01(f) of the Base Indenture; or

 

(4)                                 modify, without the written consent of the Trustee, the rights, duties or immunities of the Trustee; it being understood that in no event shall the Trustee be obligated to enter into any amendment or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

It will not be necessary for any act of Holders under the preceding paragraph to approve the particular form of any proposed supplemental indenture, but it will be sufficient if such act will approve the substance thereof.

 

Section 7.3                                    Effect of Supplemental Indentures. A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture with respect to the Notes or which modifies the rights of the Holders with respect to such covenant or other provision, will be deemed not to affect the rights under the Indenture of Holders of other series of Securities. A supplemental indenture which changes or eliminates any covenant or other provision of the Indenture with respect to Securities of any other series or which modifies the rights of the Holders of Securities of any other series with respect to such covenant or other provision, will be deemed not to affect the rights under the Indenture of Holders of the Notes.

 

ARTICLE 8

 

MISCELLANEOUS

 

Section 8.1                                    Confirmation of Base Indenture.  The Base Indenture, as supplemented by this Fifth Supplemental Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided.

 

Section 8.2                                    Responsibility of Recitals, Etc.  The Trustee assumes no responsibility for the correctness of the recitals. The Trustee makes no representations as to the validity or the sufficiency of this Fifth Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof.

 

Section 8.3                                    Concerning the Trustee. The Trustee does not assume any duties, responsibility or liabilities by reason of this Fifth Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, the Trustee shall have all of the rights, powers, privileges, protections and immunities which it possesses under the Indenture.  In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

15

 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods (including pdf files).  If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling.  The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction.  The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

 

Section 8.4                                    Governing Law.  This Fifth Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York.

 

Section 8.5                                    Severability.  In case any one or more of the provisions contained in this Fifth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, then, to the extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provisions of this Fifth Supplemental Indenture, or of the Notes, but this Fifth Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

Section 8.6                                    Counterparts.  This Fifth Supplemental Indenture may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

 

Section 8.7                                    Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required to be a part of and govern this Fifth Supplemental Indenture, the provision of the Trust Indenture Act shall control.  If any provision of this Fifth Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Fifth Supplemental Indenture, as so modified or excluded, as the case may be.

 

Section 8.8                                    Effect of Headings.  The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

 

Section 8.9                                    Waiver of Jury Trial.  EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 8.10                             Reports. Delivery of reports, information and documents to the Trustee pursuant to Article X of the Indenture is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

16

 

Section 8.11                             Submission to Jurisdiction.  The Company hereby irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this Indenture and the Notes, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts.

 

Section 8.12                             Foreign Account Tax Compliance Act (FATCA).  In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Company agrees (i) to provide to The Bank of New York Mellon Trust Company, N.A. sufficient information about holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so The Bank of New York Mellon Trust Company, N.A. can determine whether it has tax related obligations under Applicable Law and (ii) that The Bank of New York Mellon Trust Company, N.A. shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law for which The Bank of New York Mellon Trust Company, N.A. shall not have any liability. The terms of this section shall survive the termination of the Indenture.

 

[Remainder of page intentionally left blank]

 

17

 

IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed, as of the day and year first written above.

 

	
 
    	
AVERY DENNISON CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Klein
    
	
 
    	
Name:
    	
Michael Klein
    
	
 
    	
Title:
    	
Vice President and Treasurer
    

 

[Signature Page to Fifth Supplemental Indenture]

 

 

	
 
    	
THE BANK OF NEW YORK MELLON TRUST   COMPANY, N.A., as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Karen Yu
    
	
 
    	
Name:
    	
Karen Yu
    
	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Fifth Supplemental Indenture]

 

 

EXHIBIT A

 

[To be included in Global Securities — THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OR SUCH SUCCESSOR DEPOSITARY.]

 

AVERY DENNISON CORPORATION

 

4.875% Senior Notes due 2028

 

	
 
    	
 
    	
CUSIP: 053611   AJ8
    
	
 
    	
 
    	
ISIN: US053611AJ82
    
	
 
    	
 
    	
 
    
	
No.
    	
 
    	
U.S.$
    

 

Avery Dennison Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [           ] DOLLARS ($[           ]) on December 6, 2028 and to pay interest thereon from December 6, 2018 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 6 and December 6 in each year, beginning on June 6, 2019, at the rate of 4.875% per annum, until the principal hereof is paid or made available for payment.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be, as the case may be, the May 22 or November 21 (whether or not a Business Day) next preceding such Interest Payment Date.  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not more than 30 days and not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of, premium, if any, and interest on this Note shall be made at the office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; and provided, however, that at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register; and provided, further, the Company shall pay principal of, premium, if any, and interest on this Note in global form registered in the name of or held by The Depository Trust Company

 

A-1

 

or such other Depositary as any officer of the Company may from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the Holder of this Note in global form.

 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[Remainder of page intentionally left blank]

 

A-2

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed as of the date first written above.

 

	
 
    	
AVERY DENNISON CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

	
ATTESTED:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

A-3

 

This is one of the Securities issued referred to in the within-mentioned Indenture.

 

Dated:  December 6, 2018

 

	
 
    	
THE BANK OF NEW YORK MELLON TRUST   COMPANY, N.A., as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized   Signatory
    

 

A-4

 

[Reverse of Note]

 

This Note is one of a duly authorized series of Securities of the Company (herein called the “Note” or the “Notes,” as the case may be), issued and to be issued in one or more series under an Indenture, dated as of November 20, 2007 (herein called the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as amended and supplemented by the Fifth Supplemental Indenture, dated as of December 6, 2018 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”). Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be authenticated and delivered.

 

The Notes shall be redeemable in whole or in part, at the Company’s option, at any time and from time to time at a redemption price (the “Optional Redemption Price”) equal to the greater of: (1) 100% of the principal amount of such Notes Outstanding to be redeemed; and (2) the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points, plus, in the case of either clause (1) or (2), accrued and unpaid interest thereon to, but not including, the Redemption Date; provided, however, that if the Company redeems any Notes on or after September 6, 2028 (the date falling three months prior to the Stated Maturity), the redemption price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date.

 

Interest installments whose Stated Maturity is on or prior to such Redemption Date shall be payable to the Holders of such Notes, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture. Notice of any such redemption shall be mailed (or otherwise electronically delivered) not less than 10 days and not more than 60 days prior to the Redemption Date to each Holder of the Notes to be redeemed.

 

For purposes of the redemption provisions, the following terms are applicable:

 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, (b) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations, or (c) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation.

 

“Quotation Agent” means a Reference Treasury Dealer appointed by the Company.

 

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“Reference Treasury Dealer” means (a) each of Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and HSBC Securities (USA) Inc. (or their respective affiliates that are primary U.S. Government securities dealers in New York City (each, a “Primary Treasury Dealer”)) and their respective successors and (b) two other Primary Treasury Dealers selected by the Company in good faith; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer.

 

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

 

“Remaining Scheduled Payments” means the remaining scheduled payments of the principal and interest on the Notes to be redeemed that would be due after the related Redemption Date but for such redemption; provided, however, that if such Redemption Date is not an Interest Payment Date, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to, but not including, such Redemption Date.

 

“Treasury Rate” means, as determined by the Quotation Agent, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to actual or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

In the event of redemption of the Notes in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 

If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes as described above, the Company shall be required to make an offer (the “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Note repurchased to, but not including, the repurchase date (the “Change of Control Payment”), subject to the rights of the Holders of the Notes on the relevant record date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be mailed (or otherwise electronically delivered) to Holders of Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the repurchase date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days from the date on which such notice is mailed (or otherwise electronically delivered)  (the “Change of Control Payment Date”) pursuant to the procedures described in such notice and in conformity with the Indenture.

 

The notice shall, if mailed (or otherwise electronically delivered) prior to the date of the consummation of the Change of Control, state that the Change of Control Offer is conditioned on  the Change of Control Triggering Event occurring prior to or on the applicable Change of Control Payment Date specified in the notice.

 

A-6

 

On any applicable Change of Control Payment Date, the Company shall, to the extent lawful: (a) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; (b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer; and (c) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased.

 

The Company shall not be required to make the Change of Control Offer upon the Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company, and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict.

 

For purposes of the Change of Control Offer provisions, the following terms are applicable:

 

“Change of Control” means the occurrence of any of the following:

 

(a)                                 the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the Company’s Subsidiaries’ assets, taken as a whole, to any person, other than the Company or one of the Company’s Subsidiaries;

 

(b)                                 the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or

 

(c)                                  the adoption of a plan relating to the Company’s liquidation or dissolution.

 

A-7

 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) the Company becomes a direct or indirect wholly-owned Subsidiary of a holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s  Voting Stock immediately prior to that transaction or (2) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent Investment Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company.

 

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

 

“Person” means an individual, a corporation, a limited liability company, a partnership, a joint-stock company, a trust, an unincorporated organization or a government or an agency or political subdivision thereof.

 

“Rating Agencies” means (a) each of Moody’s and S&P; and (b) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

 

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below Investment Grade by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

 

“S&P” means S&P Global Ratings, and its successors.

 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 

The Notes shall not be entitled to the benefit of any sinking fund.

 

The Indenture contains provisions for defeasance and discharge at any time of (1) the entire indebtedness of the Notes or (ii) certain restrictive covenants and Events of Default with  respect to the Notes, in each case upon compliance with certain conditions set forth in the Indenture.

 

A-8

 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared or shall become due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Notes at the time Outstanding to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

As provided in and subject to the provisions of the Indenture, no Holder shall have any right to institute any action, suit or proceeding at law or in equity for the execution of any trust under the Indenture or for the appointment of a receiver or for any other remedy hereunder, in each case with respect to an Event of Default with respect to the Notes, unless such Holder previously shall have given to the Trustee written notice of the happening of one or more of the Events of Default, and unless also the Holders of 25% in principal amount of the Notes than Outstanding shall have requested the Trustee in writing to take action in respect of the matter complained of, and unless also there shall have been offered to the Trustee security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after receipt of such notification, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and such notification, request and offer of indemnity are hereby declared in every such case to be conditions precedent to any such action, suit or proceeding by any Holder; it being understood and intended that no one or more of the Holders shall have any right in any manner whatsoever by his, her, its or their action to enforce any right under the Indenture, except in the manner therein provided, and that every action, suit or proceeding at law or in equity shall be instituted, had and maintained in the manner provided in the Indenture and for the equal benefit of all Holders of the Outstanding Notes.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on the Notes at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of the Notes is registrable in the Security Register, upon surrender of the Notes for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if any, and interest on the Notes are payable, duly endorsed by or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or  more new Notes and of like tenor, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees.

 

A-9

 

The Notes are issuable only in registered form without coupons in minimum denominations of U.S. $2,000 and integral multiple of U.S. $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of the Notes for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name the Notes are registered as the owner hereof for all purposes, whether or not the Notes be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All capitalized terms used, but not defined, in the Notes shall have the meanings assigned to them in the Indenture.

 

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