Document:

Exhibit

Exhibit 10.1

EXECUTION VERSION

ENDO HEALTH SOLUTIONS INC.
EXECUTIVE EMPLOYMENT AGREEMENT
THIS AGREEMENT (this “Agreement”) is by and between Endo Health Solutions Inc. (the “Company”), a wholly-owned subsidiary of Endo International plc (“Endo”), and Blaise Coleman (“Executive”) (hereinafter collectively referred to as “the parties”).
In consideration of the respective agreements of the parties contained herein, it is agreed as follows: 
		
	1.
	Term. The term of this Agreement shall be for the period commencing on December 19, 2016 and ending, subject to earlier termination as set forth in Section 6, on the third anniversary thereof (the “Employment Term”).

		
	2.
	Employment. During the Employment Term:

		
	(a)
	Executive shall serve as Executive Vice President and Chief Financial Officer of Endo and shall be assigned with the customary duties and responsibilities of such position. If Executive serves as a director of Endo or as a director or officer of any of Endo’s affiliates, then Executive shall fulfill Executive’s duties as such director or officer without additional compensation.

		
	(b)
	Executive shall report directly to Endo’s Chief Executive Officer. Executive shall perform the duties, undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by persons situated in a similar executive capacity.

		
	(c)
	Executive shall devote substantially full-time attention to the business and affairs of the Company and its affiliates. Executive may (i) serve on corporate civil, charitable or non-profit boards or committees, subject in all cases to the prior approval of the board of directors of Endo (the “Board”) and other applicable written policies of the Company and its affiliates as in effect from time to time, and (ii) manage personal and family investments, participate in industry organizations and deliver lectures at educational institutions, so long as no such service or activity unreasonably interferes, individually or in the aggregate, with the performance of his responsibilities hereunder.

		
	(d)
	Executive shall be subject to and shall abide by each of the personnel and compliance policies of the Company and its affiliates applicable and communicated in writing to senior executives.

		
	(e)
	Executive shall primarily provide services at the Company’s U.S. headquarters in Malvern, Pennsylvania and will travel to the Company’s Chestnut Ridge, New York location to the extent reasonably necessary and appropriate to fulfill his duties. 

		
	3.
	Annual Compensation.

		
	(a)
	Base Salary. The Company agrees to pay or cause to be paid to Executive during the Employment Term a base salary at the rate of $525,000 per annum or such 

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increased amount in accordance with this Section 3(a) (hereinafter referred to as the “Base Salary”). Such Base Salary shall be payable in accordance with the Company’s customary practices applicable to its executives. Such Base Salary shall be reviewed at least annually by the Board or by the Compensation Committee of the Board (the “Committee”), with the first such planned review to occur in February 2017, and may be increased in the sole discretion of the Committee, but not decreased.
		
	(b)
	Incentive Compensation. For each fiscal year of the Company ending during the Employment Term, effective as of the 2016 fiscal year, Executive shall be eligible to receive a target annual cash bonus of 55% of the Base Salary (such target bonus, as may hereafter be increased, the “Target Bonus”) with the opportunity to receive a maximum annual cash bonus in accordance with the terms of the applicable annual cash bonus plan as in effect from time to time, subject to the achievement of performance targets set by the Committee. Such annual cash bonus (“Incentive Compensation”) shall be paid in no event later than the 15th day of the third month following the end of the taxable year (of the Company or Executive, whichever is later) in which the performance targets have been achieved.  If the parties (following good faith negotiation) fail to enter into a new employment agreement following expiration of the Employment Term and Executive terminates his employment within ninety (90) days following expiration of the Employment Term under circumstances that would have constituted Good Reason had such termination occurred during the Employment Term or if, during such 90-day period, the Company terminates Executive’s employment under circumstances that would not have constituted Cause had such termination occurred during the Employment Term, then the Company shall pay Executive a Pro-Rata Bonus (as defined in Section 8(b)(ii) hereof) in a lump sum at the time bonuses are payable to other senior executives of the Company.

		
	4.
	Long-Term Compensation. During the Employment Term, Executive shall be eligible to receive equity-based compensation to be awarded in the sole discretion of the Committee, which may be subject to the achievement of certain performance targets set by the Committee. Beginning with grants made in 2017, Executive shall be eligible to receive equity-based compensation with a targeted grant date Fair Market Value (as defined in Endo’s 2015 Stock Incentive Plan or any successor plan thereto (the “Plan”)) equal to 250% of Executive’s Base Salary for such fiscal year, subject to any increase in the Committee’s sole discretion. All such equity-based awards shall be subject to the terms and conditions set forth in the applicable plan and award agreements, and in all cases shall be as determined by the Committee; provided, that, such terms and conditions shall be no less favorable than those provided for other senior executives of the Company.  If the parties (following good faith negotiation) fail to enter into a new employment agreement following expiration of the Employment Term and Executive terminates his employment within ninety (90) days following expiration of the Employment Term under circumstances that would have constituted Good Reason had such termination occurred during the Employment Term or if, during such 90-day period, the Company terminates Executive’s employment under circumstances that would not have constituted Cause had such termination occurred during the Employment Term, then such termination of 

2

employment shall be treated as a termination of employment for “Good Reason” or without Cause, as applicable, for purposes of the performance-based restricted stock units held by Executive as of the date of such termination of employment (and such awards shall be treated in accordance with the terms of the applicable award agreements).
		
	5.
	Other Benefits.

		
	(a)
	Employee Benefits. During the Employment Term, Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company or its affiliates and made available to employees generally, including, without limitation, all pension, retirement, profit sharing, savings, medical, hospitalization, disability, dental, life or travel accident insurance benefit plans, to the extent Executive is eligible under the terms of such plans. Executive’s participation in such plans, practices and programs shall be on the same basis and terms as are applicable to employees of the Company generally.  Executive is responsible for any taxes (other than taxes that are the Company’s responsibility) that may be due based upon the value of the benefits provided.

		
	(b)
	Executive Benefits. During the Employment Term, Executive shall be entitled to participate in all executive benefit or incentive compensation plans now maintained or hereafter established by the Company or its affiliates for the purpose of providing compensation and/or benefits to comparable executive employees of the Company including, but not limited to, the Company’s deferred compensation plans and any supplemental retirement, deferred compensation, supplemental medical or life insurance, financial planning or other bonus or incentive compensation plans. Unless otherwise provided herein, Executive’s participation in such plans shall be on the same basis and terms, as other senior executives of the Company. No additional compensation provided under any of such plans shall be deemed to modify or otherwise affect the terms of this Agreement or any of Executive’s entitlements hereunder. Executive is responsible for any taxes (other than taxes that are the Company’s responsibility) that may be due based upon the value of the benefits provided.

		
	(c)
	Fringe Benefits and Perquisites. During the Employment Term, Executive shall be entitled to all fringe benefits and perquisites generally made available by the Company or its affiliates to its senior executives in accordance with current Company policy. For the avoidance of doubt, Executive shall not be entitled to any excise tax gross-up under Section 280G or Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) (or any successor provision), or any other tax gross-up.

		
	(d)
	Business Expenses. Upon submission of proper invoices in accordance with the Company’s normal procedures, Executive shall be entitled to receive prompt reimbursement of all reasonable out-of-pocket business, entertainment and travel expenses incurred by Executive in connection with the performance of Executive’s duties hereunder. Such reimbursement shall be made in no event later than the end of the calendar year following the calendar year in which the expenses were incurred.

		
	(e)
	Office and Facilities. During the Employment Term, Executive shall be provided with an appropriate office, with such secretarial and other support facilities as are 

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commensurate with Executive’s status with the Company and its affiliates, which facilities shall be adequate for the performance of Executive’s duties hereunder. 
		
	(f)
	Vacation and Sick Leave. Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of Executive’s employment under this Agreement, pursuant to the following:

		
	(i)
	Executive shall be entitled to annual vacation in accordance with the vacation policies of the Company as in effect from time to time, which shall in no event be less than four weeks per year; and

		
	(ii)
	Executive shall be entitled to sick leave (without loss of pay) in accordance with the Company’s policies as in effect from time to time.

		
	6.
	Termination. The Employment Term and Executive’s employment hereunder may be terminated under the circumstances set forth below; provided, however, that notwithstanding anything contained herein to the contrary, Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement unless Executive would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A of the Code.

		
	(a)
	Disability. The Company may terminate Executive’s employment, on written notice to Executive after having reasonably established Executive’s Disability. For purposes of this Agreement, Executive will be deemed to have a “Disability” if, as a result of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, Executive is unable to perform the core functions of Executive’s position (with or without reasonable accommodation) or is receiving income replacement benefits for a period of six (6) months or more under the Company’s long-term disability plan. Executive shall be entitled to the compensation and benefits provided for under this Agreement for any period prior to Executive’s termination by reason of Disability during which Executive is unable to work due to a physical or mental infirmity in accordance with the Company’s policies for similarly-situated executives.

		
	(b)
	Death. Executive’s employment shall be terminated as of the date of Executive’s death.

		
	(c)
	Cause. The Company may terminate Executive’s employment for Cause, effective as of the date of the Notice of Termination (as defined in Section 7 below) and as evidenced by a resolution adopted by two-thirds of the independent members of the Board. “Cause” shall mean, for purposes of this Agreement: (i) the continued failure by Executive to use good faith efforts in the performance of Executive’s duties under this Agreement (other than any such failure resulting from Disability, illness or other allowable leave of absence); (ii) the criminal felony indictment (or non-U.S. equivalent) of Executive by a court of competent jurisdiction; (iii) the engagement by Executive in misconduct that has caused, or, is reasonably likely to cause, material harm (financial or otherwise) to the Company or any of its affiliates; such harm may be caused by, without limitation, (A) the unauthorized disclosure of material secret or Confidential Information (as defined in Section 10(d) below) of the Company or any of its affiliates, (B) the debarment of the Company or any of its affiliates by the U.S. Food and Drug Administration or any 

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successor agency (the “FDA”) or any non-U.S. equivalent, or (C) the registration of the Company or any of its affiliates with the U.S. Drug Enforcement Administration of any successor agency (the “DEA”) to be revoked; (iv) the debarment of Executive by the FDA; (v) the continued material breach by Executive of this Agreement; or (vi) Executive makes, or is found to have made, a certification relating to the Company’s financial statements and public filings that is known to Executive to be false. Notwithstanding the foregoing, prior to having Cause for Executive’s termination (other than as described in clauses (ii) and (iv) above), the Company must deliver a written demand to Executive which specifically identifies the conduct that may provide grounds for Cause within ninety (90) calendar days of the Company’s actual knowledge of such conduct, events or circumstances. During the thirty (30) day period after receipt of such demand, Executive shall have an opportunity to cure or remedy such conduct, events or circumstances and present his case to the full Board (with the assistance of counsel chosen by Executive) before any termination for Cause is finalized by a vote by at least two-thirds of the independent members of the Board at a meeting of the Board called and held for such purpose. References to the Company in subsections (i) through (vi) of this paragraph shall also include affiliates of the Company. 
		
	(d)
	Without Cause. The Company may terminate Executive’s employment without Cause. The Company shall deliver to Executive a Notice of Termination (as defined in Section 7 below) not less than thirty (30) days prior to the termination of Executive’s employment without Cause and the Company shall have the option of terminating Executive’s duties and responsibilities prior to the expiration of such thirty-day notice period provided the Company pays Base Salary through the end of such notice period.

		
	(e)
	Good Reason. Executive may terminate employment with the Company for Good Reason (as defined below) by delivering to the Company a Notice of Termination not less than thirty (30) days prior to the termination of Executive’s employment for Good Reason. The Company shall have the option of terminating Executive’s duties and responsibilities prior to the expiration of such thirty-day notice period. For purposes of this Agreement, “Good Reason” means any of the following without Executive’s written consent: (i) a diminution in Executive’s Base Salary, Target Bonus (provided that failure to earn a bonus equal to or in excess of the Target Bonus by reason of failure to achieve applicable performance goals shall not be deemed Good Reason) or material diminution in benefits; (ii) a material adverse change to Executive’s position, responsibilities, duties or authorities; (iii) any change in reporting structure such that Executive is required to report to someone other than Endo’s Chief Executive Officer; (iv) any material breach by the Company of its obligations under this Agreement (including the material failure to pay any amounts due hereunder when due or the failure of the Company to abide by the requirements of Section 14(a)(i) below with respect to successors or permitted assigns); or (v) the Company requiring Executive to be based at any office or location that increases the length of Executive’s commute by more than fifty (50) miles. Executive shall provide notice of the existence of the Good 

5

Reason condition within ninety (90) days of the date Executive learns of the condition, and the Company shall have a period of thirty (30) days during which it may remedy the condition, and in case of full remedy such condition shall not be deemed to constitute Good Reason hereunder.
		
	(f)
	Without Good Reason. Executive may voluntarily terminate Executive’s employment without Good Reason by delivering to the Company a Notice of Termination not less than thirty (30) days prior to the termination of Executive’s employment and the Company shall have the option of terminating Executive’s duties and responsibilities prior to the expiration of such thirty-day notice period.

		
	7.
	Notice of Termination. Any purported termination by the Company or by Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice that indicates a termination date, the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. For purposes of this Agreement, no such purported termination of Executive’s employment hereunder shall be effective without such Notice of Termination (unless waived by the party entitled to receive such notice).

		
	8.
	Compensation Upon Termination. Upon termination of Executive’s employment during the Employment Term, Executive shall be entitled to the following benefits:

		
	(a)
	Termination by the Company for Cause or by Executive Without Good Reason. If Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason, the Company shall pay Executive all amounts earned or accrued hereunder through the termination date, including: 

		
	(i)
	any accrued and unpaid Base Salary, payable on the next payroll date; 

		
	(ii)
	any Incentive Compensation earned but unpaid in respect of any completed fiscal year preceding the termination date, payable at the time incentive compensation is paid to other senior executives; 

		
	(iii)
	reimbursement for any and all monies advanced or expenses incurred in connection with Executive’s employment for reasonable and necessary expenses incurred by Executive on behalf of the Company for the period ending on the termination date, which amount shall be reimbursed within thirty (30) days of the Company’s receipt of proper documentation from Executive; 

		
	(iv)
	any accrued and unpaid vacation pay, payable on the next payroll date;

		
	(v)
	any previous compensation that Executive has previously deferred (including any interest earned or credited thereon), in accordance with the terms and conditions of the applicable deferred compensation plans or arrangements then in effect, to the extent vested as of Executive’s termination date, paid pursuant to the terms of such plans or arrangements; and 

		
	(vi)
	any amount or benefit as provided under any benefit plan or program in accordance with the terms thereof; (the foregoing items in Sections 8(a)(i) through 8(a)(vi) being collectively referred to as the “Accrued Compensation”).

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	(b)
	Termination by the Company for Disability. If Executive’s employment is terminated by the Company for Disability, the Company shall pay Executive:

		
	(i)
	the Accrued Compensation;

		
	(ii)
	an amount equal to the Incentive Compensation that Executive would have been entitled to receive in respect of the fiscal year in which Executive’s termination date occurs, had Executive continued in employment until the end of such fiscal year, which amount, determined based on actual performance for such year relative to the performance goals applicable to Executive (but without any exercise of negative discretion with respect to Executive in excess of that applied to either senior executives of the Company generally or in accordance with the Company’s historical past practice), shall be multiplied by a fraction (A) the numerator of which is the number of days in such fiscal year through the termination date and (B) the denominator of which is 365 (the “Pro-Rata Bonus”) and shall be payable in a lump sum payment at the time such bonus or incentive awards are payable to other participants. Further, upon Executive’s Disability (irrespective of any termination of employment related thereto), the Company shall pay Executive for twenty-four (24) consecutive months thereafter regular payments in the amount by which the monthly Base Salary exceeds Executive’s monthly Disability insurance benefit; and 

		
	(iii)
	continued coverage for Executive and Executive’s dependents under any health, medical, dental, vision or life insurance program or policy in which Executive was eligible to participate as of the time of Executive’s employment termination, for two (2) years following such termination on the same basis as active employees, which such two year period shall run concurrently with the COBRA period, and which coverage shall become secondary to any coverage provided to Executive by a subsequent employer and to any Medicare coverage for which Executive becomes eligible; provided, however, the parties agree to cooperate such that the continued coverage is, to the extent practicable, provided in a manner so as to minimize adverse tax consequences to the Company.

		
	(c)
	Termination By Reason of Death. If Executive’s employment is terminated by reason of Executive’s death, the Company shall pay Executive’s beneficiaries:

		
	(i)
	the Accrued Compensation;

		
	(ii)
	the Pro-Rata Bonus; and

		
	(iii)
	continued coverage for Executive’s dependents under any health, medical, dental, vision or life insurance program or policy in which Executive was eligible to participate as of the time of Executive’s employment termination, for two (2) years following such termination on terms no less favorable to Executive’s dependents (including with respect to payment for the costs thereof) than those in effect immediately prior to such termination, which such two year period shall run concurrently with the COBRA period.

		
	(d)
	Termination by the Company Without Cause or by Executive for Good Reason. If Executive’s employment by the Company shall be terminated by the Company 

7

without Cause (other than on account of Executive’s Disability or death) or by Executive for Good Reason, then, subject to Section 14(f) of this Agreement, Executive shall be entitled to the benefits provided in this Section 8(d):
		
	(i)
	the Accrued Compensation;

		
	(ii)
	the Pro-Rata Bonus;

		
	(iii)
	in lieu of any further Base Salary or other compensation and benefits for periods subsequent to the termination date, an amount in cash, which amount shall be payable in a lump sum payment within sixty (60) days following such termination (subject to Section 9(c)), equal to two (2) times the sum of (A) Executive’s Base Salary and (B) the Target Bonus; and

		
	(iv)
	continued coverage under any health, medical, dental, vision or life insurance program or policy in which Executive was eligible to participate as of the time of Executive’s employment termination for two (2) years following such termination on the same basis as active employees, which such two year period shall run concurrently with the COBRA period, and which coverage shall become secondary to any coverage provided to Executive by a subsequent employer and to any Medicare coverage for which Executive becomes eligible. Notwithstanding the above, in the event such continued coverage, by reason of change in the applicable law, may, in the Company’s reasonable view, result in tax or other penalties on the Company, this provision shall terminate and the parties shall, in good faith, negotiate for a substitute provision that provides substantially similar benefit to Executive but does not result in such tax or other penalties.

		
	(e)
	No Mitigation. Executive shall not be required to mitigate the amount of any payment provided for under this Section 8 by seeking other employment or otherwise and, except as provided in Section 8(b)(iii) and 8(d)(iv) above, no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment. Further, the Company’s obligations to make any payments hereunder shall not be subject to or affected by any set-off, counterclaim or defense which the Company may have against Executive. 

		
	9.
	Certain Tax Treatment.  

		
	(a)
	Golden Parachute Tax. To the extent that the payments and benefits provided under this Agreement and benefits provided to, or for the benefit of, Executive under any other plan or agreement of the Company or any of its affiliates (such payments or benefits are collectively referred to as the “Payments”) would be subject to the excise tax (the “Excise Tax”) imposed under Section 4999 of the Code or any successor provision thereto, or any similar tax imposed by state or local law, then Executive may, in his sole discretion, (except as provided herein below) waive the right to receive any payments or distributions (or a portion thereof) by the Company in the nature of compensation to or for Executive’s benefit if and to the extent necessary so that no Payment to be made or benefit to be provided to Executive shall be subject to the Excise Tax (such reduced amount is hereinafter referred to as the “Limited Payment Amount”), but only if such reduction results in a higher after-tax payment to Executive after taking into 

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account the Excise Tax and any additional taxes (including federal, state and local income taxes, employment, social security and Medicare taxes and all other applicable taxes) Executive would pay if such Payments and benefits were not reduced. If so waived, the Company shall reduce or eliminate the Payments provided under Section 8, to effect the provisions of this Section 9 based upon Section 9(b) below. The determination of the amount of Payments that would be required to be reduced to the Limited Payment Amount pursuant to this Agreement and the amount of such Limited Payment Amount shall be made, at the Company’s expense, by a reputable accounting firm selected by Executive and reasonably acceptable to the Company (the “Accounting Firm”).  The Accounting Firm shall provide its determination (the “Determination”), together with detailed supporting calculations and documentation to the Company and Executive within ten (10) days of the date of termination, if applicable, or such other time as specified by mutual agreement of the Company and Executive, and if the Accounting Firm determines that no Excise Tax is payable by Executive with respect to the Payments, it shall furnish Executive with an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to any such Payments. The Determination shall be binding, final and conclusive upon the Company and Executive, absent manifest error. For purposes of making the calculations required by this Section 9(a), the Accounting Firm may make reasonable assumptions and approximations concerning applicable taxes and rates, and rely on reasonable, good faith interpretations concerning the application of the Code, and other applicable legal authority. In furtherance of the above, to the extent requested by Executive, the Company shall cooperate in good faith in valuing, and the Accounting Firm shall value, services to be provided by Executive (including Executive refraining from performing services pursuant to any covenant not to compete) before, on or after the date of the transaction which causes the application of Section 4999 of the Code, such that payments in respect of such services may be considered to be “reasonable compensation” within the meaning of the regulations under Section 4999 of the Code.     
		
	(b)
	Ordering of Reduction.  In the case of a reduction in the Payments pursuant to Section 9(a), the Payments will be reduced in the following order: (i) payments that are payable in cash that are valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that are payable last reduced first; (ii) payments and benefits due in respect of any equity valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24) will next be reduced; (iii) payments that are payable in cash that are valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with amounts that are payable last reduced first, will next be reduced; (iv) payments and benefits due in respect of any equity valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24) will next 

9

be reduced; and (v) all other non-cash benefits not otherwise described in clauses (ii) or (iv) will be next reduced pro-rata.
		
	(c)
	Section 409A. The parties intend for the payments and benefits under this Agreement to be exempt from Section 409A of the Code or, if not so exempt, to be paid or provided in a manner which complies with the requirements of such section, and intend that this Agreement shall be construed and administered in accordance with such intention. In the event the Company determines that a payment or benefit under this Agreement may not be in compliance with Section 409A of the Code, subject to Section 5(c) herein, the Company shall reasonably confer with Executive in order to modify or amend this Agreement to comply with Section 409A of the Code and to do so in a manner to best preserve the economic benefit of this Agreement.  Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, (i) no amounts shall be paid to Executive under Section 8 of this Agreement until Executive would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A of the Code, (ii) amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following Executive’s separation from service shall instead be paid on the first business day after the date that is six (6) months following Executive’s separation from service (or death, if earlier), with interest for any cash payments so delayed, from the date such cash amounts would otherwise have been paid at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Code for the month in which the payment would have been made but for the delay in payment required to avoid the imposition of an additional rate of tax on Executive, (iii) each amount to be paid or benefit to be provided under this Agreement shall be construed as a separately identified payment for purposes of Section 409A of the Code, (iv) any payments that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise and (v) amounts reimbursable to Executive under this Agreement shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to Executive) during any one (1) year may not effect amounts reimbursable or provided in any subsequent year.

		
	10.
	Records and Confidential Data.

		
	(a)
	Executive acknowledges that in connection with the performance of Executive’s duties during the Employment Term, the Company and its affiliates will make available to Executive, or Executive will develop and have access to, certain Confidential Information (as defined below) of the Company and its affiliates. Executive acknowledges and agrees that any and all Confidential Information learned or obtained by Executive during the course of Executive’s employment by the Company or otherwise, whether developed by Executive alone or in 

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conjunction with others or otherwise, shall be and is the property of the Company and its affiliates.
		
	(b)
	Confidential Information will be kept confidential by Executive, will not be used in any manner that is detrimental to the Company or its affiliates, will not be used other than in connection with Executive’s discharge of Executive’s duties hereunder, and will be safeguarded by Executive from unauthorized disclosure; provided, however, that Confidential Information may be disclosed by Executive (v) to the Company and its affiliates, or to any authorized agent or representative of any of them, (w) in connection with performing his duties hereunder, (x) without limiting Section 10(g) of this Agreement, when required to do so by law or requested by a court, governmental agency, legislative body, arbitrator or other person with apparent jurisdiction to order him to divulge, disclose or make accessible such information, provided that Executive, to the extent legally permitted, notifies the Company prior to such disclosure, (y) in the course of any proceeding under Section 11 or 12 of this Agreement or Section 6 of the Release, subject to the prior entry of a confidentiality order or (z) in confidence to an attorney or other professional advisor for the purpose of securing professional advice, so long as such attorney or advisor is subject to confidentiality restrictions no less restrictive than those applicable to Executive hereunder.

		
	(c)
	On Executive’s last day of employment with the Company, or at such earlier date as requested by the Company, (i) Executive will return to the Company all written Confidential Information that has been provided to, or prepared by, Executive; (ii) at the election of the Company, Executive will return to the Company or destroy all copies of any analyses, compilations, studies or other documents prepared by Executive or for Executive’s use containing or reflecting any Confidential Information; and (iii) Executive will return all Company property.  Executive shall deliver to the Company a document certifying his compliance with this Section 10(c).

		
	(d)
	For the purposes of this Agreement, “Confidential Information” shall mean all confidential and proprietary information of the Company and its affiliates, including, without limitation,

		
	(i)
	trade secrets concerning the business and affairs of the Company and its affiliates, product specifications, data, know-how, formulae, compositions, processes, non-public patent applications, designs, sketches, photographs, graphs, drawings, samples, inventions and ideas, past, current, and planned research and development, current and planned manufacturing or distribution methods and processes, customer lists, current and anticipated customer requirements, price lists, market studies, business plans, computer software and programs (including object code and source code), computer software and database technologies, systems, structures, and architectures (and related formulae, compositions, processes, improvements, devices, know-how, inventions, discoveries, concepts, ideas, designs, methods and information); 

		
	(ii)
	information concerning the business and affairs of the Company and its affiliates (which includes unpublished financial statements, financial 

11

projections and budgets, unpublished and projected sales, capital spending budgets and plans, the names and backgrounds of key personnel, to the extent not publicly known, personnel training and techniques and materials) however documented; and
		
	(iii)
	notes, analysis, compilations, studies, summaries, and other material prepared by or for the Company or its affiliates containing or based, in whole or in part, on any information included in the foregoing. For purposes of this Agreement, Confidential Information shall not include and Executive’s obligations shall not extend to (i) information that is generally available to the public, (ii) information obtained by Executive other than pursuant to or in connection with this employment, (iii) information that is required to be disclosed by law or legal process, and (iv) Executive’s rolodex and similar address books, including electronic address books, containing contact information.

		
	(e)
	Nothing herein or elsewhere shall preclude Executive from retaining and using (i) his personal papers and other materials of a personal nature, including, without limitation, photographs, contacts, correspondence, personal diaries, and personal files (so long as no such materials are covered by any Company hold order), (ii) documents relating to his personal entitlements and obligations, and (iii) information that is necessary for his personal tax purposes.

		
	(f)
	Executive’s obligations under this Section 10 shall survive the termination of the Employment Term.

		
	(g)
	Pursuant to Section 1833(b) of the Defend Trade Secrets Act of 2016, Executive acknowledges that Executive shall not have criminal or civil liability under any federal or State trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Nothing in this Agreement is intended to conflict with Section 1833(b) of the Defend Trade Secrets Act of 2016 or create liability for disclosures of trade secrets that are expressly allowed by such Section.

		
	(h)
	Notwithstanding anything set forth in this Agreement to the contrary, Executive shall not be prohibited from reporting possible violations of federal or state law or regulation to any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation, nor is Executive required to notify the Company regarding any such reporting, disclosure or cooperation with the government.

		
	11.
	Covenant Not to Solicit, Not to Compete, Not to Disparage, to Cooperate in Litigation and Not to Cooperate with Non-Governmental Third Parties.

		
	(a)
	Covenant Not to Solicit. To protect the Confidential Information and other trade secrets of the Company and its affiliates as well as the goodwill and competitive business of the Company and its affiliates, Executive agrees, during the Employment Term and for a period of eighteen (18) months after Executive’s cessation of employment with the Company, not to solicit or participate in or 

12

assist in any way in the solicitation of any customers, clients, suppliers, employees or agents of the Company or its affiliates. For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly influencing or attempting to influence any customers, clients, suppliers, employees or agents of the Company or its affiliates to cease doing business with, or to reduce the level of business with, the Company and its affiliates or, with respect to employees or exclusive agents, to become employed or engaged by any other person, partnership, firm, corporation or other entity. Executive agrees that the covenants contained in this Section 11(a) are reasonable and desirable to protect the Confidential Information of the Company and its affiliates; provided, that solicitation through general advertising not targeted at the Company’s or its affiliates’ employees or the provision of references shall not constitute a breach of such obligations.  
		
	(b)
	Covenant Not to Compete.

		
	(i)
	The Company and its affiliates are currently engaged in the business of branded and generic pharmaceuticals, with a focus on product development, clinical development, manufacturing, distribution and sales & marketing.  To protect the Confidential Information and other trade secrets of the Company and its affiliates as well as the goodwill and competitive business of the Company and its affiliates, Executive agrees, during the Employment Term and for a period of twelve (12) months after Executive’s cessation of employment with the Company, that Executive will not anywhere in the world where, at the time of Executive’s termination of employment, the Company develops, manufactures, distributes, markets or sells its products, except in the course of Executive’s employment hereunder, directly or indirectly manage, operate, control, or participate in the management, operation, or control of, be employed by, associated with, or in any manner connected with, lend Executive’s name to, or render services or advice to, any third party or any business whose products or services compete in whole or in part with the products or services (both on the market and in development) material to the Company or any business unit on the termination date that constitutes more than 5% of the Company’s revenue on the termination date (a “Competing Business”); provided, however, that Executive may in any event (x) own up to a 5% passive ownership interest in any public or private entity and (y) serve on the board of any Competing Business that competes with the business of the Company and its affiliates as an immaterial part of its overall business, provided that he recuses himself fully and completely from all matters relating to such business.  

		
	(ii)
	For purposes of this Section 11(b), any third party or any business whose products compete includes any entity with which the Company or its affiliates has had a product(s) licensing agreement during the Employment Term and any entity with which the Company or any of its affiliates is at the time of termination actively negotiating and of which Executive has 

13

knowledge, and eventually concludes within twelve (12) months of the Employment Term, a commercial agreement. 
		
	(iii)
	Notwithstanding the foregoing, it shall not be a violation of this Section 11(b), for Executive to provide services to (or engage in activities involving): (A) a subsidiary, division or affiliate of a Competing Business where such subsidiary, division or affiliate is not engaged in a Competing Business and Executive does not provide services to, or have any responsibilities regarding, the Competing Business; (B) any entity that is, or is a general partner in, or manages or participates in managing, a private or public fund (including, without limitation, a hedge fund) or other investment vehicle, which is engaged in venture capital investments, leveraged buy-outs, investments in public or private companies, other forms of private or alternative equity transactions, or in public equity transactions, and that might make an investment which Executive could not make directly, provided that in connection therewith, Executive does not provide services to, engage in activities involved with, or have any responsibilities regarding a Competing Business; and (C) an affiliate of a Competing Business if Executive does not provide services, directly or indirectly, to such Competing Business and the basis of the affiliation is solely due to common ownership by a private equity or similar investment fund; provided, that, in each case, Executive shall remain bound by all other post-employment obligations under this Agreement including, but not limited to, Executive’s obligations under Sections 10, 11(a), (c) and (d) herein; provided, further, that Executive’s provision of services to (or engagement in activities involving) any entity described in clauses (A) or (B) of this Section 11(b)(iii) shall be subject to the prior approval of the Board.  

		
	(c)
	Nondisparagement. Executive covenants that during and following the Employment Term, Executive will not disparage or encourage or induce others to disparage the Company or its affiliates, together with all of their respective past and present directors and officers, as well as their respective past and present managers, officers, shareholders, partners, employees, agents, attorneys, servants and customers and each of their predecessors, successors and assigns (collectively, the “Company Entities and Persons”); provided, that such limitation shall extend to past and present managers, officers, shareholders, partners, employees, agents, attorneys, servants and customers only in their capacities as such or in respect of their relationship with the Company and its affiliates. The Company agrees that, during and following the Employment Term, neither the Company nor any director or officer, will issue any written statement that disparages Executive to any third parties or otherwise encourage or induce others to disparage Executive, and the Company shall instruct its officers and directors not to make any statement that disparages Executive to any third parties or otherwise encourage or induce others to disparage Executive. The term “disparage” includes, without limitation, comments or statements adversely affecting in any manner (i) the conduct of the business of the Company Entities 

14

and Persons or Executive, or (ii) the business reputation of the Company Entities and Persons or Executive. Nothing in this Agreement is intended to or shall prevent either party from providing, or limiting testimony in any judicial, administrative or legal process or otherwise as required by law, prevent either party from engaging in truthful testimony pursuant to any proceeding under this Section 11 or Section 12 below or Section 6 of the Release or prevent Executive from making statements in the course of doing his normal duties for the Company.
		
	(d)
	Cooperation in Any Investigations and Litigation; No Cooperation with Non-Governmental Third Parties. Executive agrees to reasonably cooperate with the Company and its affiliates in all matters concerning: (i) requests for information about the services or advice Executive provides to the Company during his employment with the Company, its affiliates and their predecessors; (ii) the defense or prosecution of any claims or actions against or on behalf of the Company, its affiliates and their predecessors which relate to events or occurrences that transpire while Executive is employed by the Company, its affiliates or their predecessors; or (iii) any inquiry, administrative proceeding, investigation or review by any federal, state or local regulatory, quasi-regulatory or self-governing authority as any such investigation or review relates to events or occurrences that transpire while Executive is employed by the Company, its affiliates and their predecessors.  Executive’s cooperation shall include:  (A) being available to meet and speak with officers or employees of the Company, the Company’s counsel or any third-parties at the request of the Company at mutually convenient times and locations, (B) giving accurate and truthful information at any interviews and accurate and truthful testimony in any legal proceedings or actions, (C) producing all documents in Executive’s possession or control that Executive is reasonably requested to produce, (D) executing accurate and truthful documents, and (E) taking such other actions as may reasonably be requested by the Company and/or the Company’s counsel to effectuate the foregoing.  Such cooperation shall be subject to Executive’s business and personal commitments and shall not require Executive to cooperate against his own legal interests or the legal interests of any future employer of Executive.  The Company agrees to promptly reimburse Executive for reasonable expenses reasonably incurred by Executive in connection with Executive’s cooperation pursuant to this Section 11(d) (including travel expenses at the level of travel permitted by this Agreement and reasonable attorney fees in the event Executive reasonably determines that separate legal counsel for Executive is appropriate).  Such reimbursements shall be made as soon as practicable, and in no event later than the calendar year following the year in which the expenses are incurred. Executive will not furnish information to or cooperate with any non-governmental entity (other than the Company) in connection with any proceeding or legal action involving the Company, its affiliates and their predecessors; provided, that, after twelve (12) months following Executive’s termination of employment with the Company, such prohibition shall not extend to any such actions taken by Executive on behalf of (A) Executive’s then current employer, (B) any entity with respect to which Executive is then a member of the board of directors or managers (as applicable), 

15

or (C) any non-publicly traded entity with respect to which Executive is a 5% or more equity owner (or any affiliate of any such entities referenced in clauses (A), (B) or (C)). Executive agrees that, in the event Executive is subpoenaed by any person or entity (including, but not limited to, any government agency) to give testimony (in a deposition, court proceeding or otherwise) which in any way relates to Executive’s employment by the Company, Executive will, to the extent not legally prohibited from doing so, give prompt notice of such request to the Chief Legal Officer of the Company so that the Company may contest the right of the requesting person or entity to such disclosure before making such disclosure. Nothing in this provision shall require Executive to violate Executive’s obligation to comply with valid legal process. 
		
	(e)
	Blue Pencil. It is the intent and desire of Executive and the Company that the provisions of this Section 11 be enforced to the fullest extent permissible under the laws and public policies as applied in each jurisdiction in which enforcement is sought. If any particular provision of this Section 11 shall be determined to be invalid or unenforceable, such covenant shall be amended, without any action on the part of either party hereto, to delete therefrom the portion so determined to be invalid or unenforceable, such deletion to apply only with respect to the operation of such covenant in the particular jurisdiction in which such adjudication is made.

		
	(f)
	Survive. Executive’s obligations under this Section 11 shall survive the termination of the Employment Term.

		
	12.
	Remedies for Breach of Obligations under Sections 10 or 11 hereof. Executive acknowledges that the Company and its affiliates will suffer irreparable injury, not readily susceptible of valuation in monetary damages, if Executive breaches Executive’s obligations under Sections 10 or 11 hereof. Accordingly, Executive agrees that the Company and its affiliates will be entitled, in addition to any other available remedies, to obtain injunctive relief against any breach or prospective breach by Executive of Executive’s obligations under Sections 10 or 11 hereof in any Federal or state court sitting in the State of Delaware or, at the Company’s election, in any other state in which Executive maintains Executive’s principal residence or Executive’s principal place of business. Executive hereby submits to the non-exclusive jurisdiction of all those courts for the purposes of any actions or proceedings instituted by the Company or its affiliates to obtain that injunctive relief, and Executive agrees that process in any or all of those actions or proceedings may be served by registered mail, addressed to the last address provided by Executive to the Company, or in any other manner authorized by law.

		
	13.
	Representations and Warranties.

		
	(a)
	The Company represents and warrants that (i) it is fully authorized by action of the Board (and of any other person or body whose action is required) to enter into this Agreement and to perform its obligations under it, (ii) the execution, delivery and performance of this Agreement by it does not violate any applicable law, regulation, order, judgment or decree or any agreement, arrangement, plan or corporate governance document (x) to which it is a party or (y) by which it is bound, and (iii) upon the execution and delivery of this Agreement by the parties, this Agreement shall be its valid and binding obligation, enforceable against it in accordance with its terms, except to the extent that enforceability may be limited 

16

by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally.
		
	(b)
	Executive represents and warrants to the Company that the execution and delivery by Executive of this Agreement do not, and the performance by Executive of Executive’s obligations hereunder will not, with or without the giving of notice or the passage of time, or both: (a) violate any judgment, writ, injunction, or order of any court, arbitrator, or governmental agency applicable to Executive; or (b) conflict with, result in the breach of any provisions of or the termination of, or constitute a default under, any agreement to which Executive is a party or by which Executive is or may be bound.

		
	14.
	Miscellaneous.

		
	(a)
	Successors and Assigns.

		
	(i)
	This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and permitted assigns and the Company shall require any successor or permitted assign to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place. The Company may not assign or delegate any rights or obligations hereunder except to any of its affiliates or to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company. The term the “Company” as used herein shall include a corporation or other entity acquiring all or substantially all the assets and business of the Company (including this Agreement) whether by operation of law or otherwise.

		
	(ii)
	Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by Executive, Executive’s beneficiaries or legal representatives, except by will or by the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal personal representatives.

		
	(b)
	Fees and Expenses.  The Company shall pay reasonable and documented legal fees and related expenses, up to a maximum amount of $10,000, incurred by Executive in connection with the negotiation of this Agreement.  Such reimbursement shall be made as soon as practicable, but in no event later than sixty (60) days from the execution of the Agreement.  Executive is responsible for any taxes that may be due based upon the value of the fees and expenses reimbursed by the Company.  Executive acknowledges that Executive has had the opportunity to consult with legal counsel of Executive’s choice in connection with the drafting, negotiation and execution of this Agreement and related employment arrangements. 

		
	(c)
	Notice. For the purposes of this Agreement, notices and all other communications provided for in the Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by Certified mail, return receipt requested, postage prepaid, addressed to the respective addresses last given by each party to the other; provided, that all 

17

notices to the Company shall be directed to the attention of the Chief Legal Officer of the Company. All notices and communications shall be deemed to have been received on the date of delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt.
		
	(d)
	Indemnification. Executive shall be indemnified by the Company as, and to the extent, to the maximum extent permitted by applicable law as provided in the memorandum and articles of association of Endo. In addition, the Company agrees to continue and maintain, at the Company’s sole expense, a directors’ and officers’ liability insurance policy covering Executive both during and after the Employment Term and while the potential liability exists (but in no event longer than six (6) years, if such limitation applies to all other individuals covered by such policy) after the Employment Term, that is no less favorable than the policy covering Board members and other executive officers of the Company from time to time. The obligations under this paragraph shall survive any termination of the Employment Term.

		
	(e)
	Withholding. The Company shall be entitled to withhold the amount, if any, of all taxes of any applicable jurisdiction required to be withheld by an employer with respect to any amount paid to Executive hereunder. The Company, in its sole and absolute discretion, shall make all determinations as to whether it is obligated to withhold any taxes hereunder and the amount thereof.

		
	(f)
	Release of Claims. The termination benefits described in Section 8(d) of this Agreement shall be conditioned on Executive delivering to the Company, a signed release of claims in the form of Exhibit A hereto within forty-five (45) days or twenty-one (21) days, as may be applicable under the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act, following Executive’s termination date, and not revoking Executive’s consent to such release of claims within seven (7) days of such execution; provided, however, that Executive shall not be required to release any rights Executive may have to be indemnified by, or be covered under any directors’ and officers’ liability insurance of, the Company under Section 14(d) of this Agreement; provided further that, following a Change in Control (as defined in the Plan), Executive’s requirement to deliver a release shall be contingent on the Company delivering to Executive a release of claims in the form of Exhibit A hereto.  

		
	(g)
	Resignation as Officer or Director. Upon a termination of employment for any reason, Executive shall, resign each position (if any) that Executive then holds as an officer or director of the Company and any of its affiliates. Executive’s execution of this Agreement shall be deemed the grant by Executive to the officers of the Company of a limited power of attorney to sign in Executive’s name and on Executive’s behalf any such documentation as may be required to be executed solely for the limited purposes of effectuating such resignations.

		
	(h)
	Executive Acknowledgement. Executive acknowledges the Common Stock Ownership Guidelines for Non-Employee Directors and Executive Management 

18

of Endo International plc, as may be amended from time to time, and Endo’s compensation recoupment policy, as may be amended from time to time.
		
	(i)
	Modification. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreement or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

		
	(j)
	Effect of Other Law. Anything herein to the contrary notwithstanding, the terms of this Agreement shall be modified to the extent required to meet the provisions of the Sarbanes-Oxley Act of 2002, Section 409A, or other federal law applicable to the employment arrangements between Executive and the Company. Any delay in providing benefits or payments, any failure to provide a benefit or payment, or any repayment of compensation that is required under the preceding sentence shall not in and of itself constitute a breach of this Agreement; provided, however, that the Company shall provide economically equivalent payments or benefits to Executive to the extent permitted by law.

		
	(k)
	Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts executed in and to be performed entirely within such State, without giving effect to the conflict of law principles thereof.  Any dispute hereunder may be adjudicated in any Federal or state court sitting in the State of Delaware or, at the Company’s election, in any other state in which Executive maintains Executive’s principal residence or Executive’s principal place of business. 

		
	(l)
	No Conflicts. (A) Executive represents and warrants to the Company that Executive is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant, or commitment of any nature), or subject to any judgment, decree, or order of any court or administrative agency, that would conflict with or will be in conflict with or in any way preclude, limit or inhibit Executive’s ability to execute this Agreement or to carry out Executive’s duties and responsibilities hereunder. (B) The Company represents and warrants to Executive that the Company is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant, or commitment of any nature), or subject to any judgment, decree, or order of any court or administrative agency, that would conflict with or will be in conflict with or in any way preclude, limit or inhibit the Company’s ability to execute this Agreement or to carry out the Company’s duties and responsibilities hereunder.

		
	(m)
	Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

19

		
	(n)
	Inconsistencies. In the event of any inconsistency between any provision of this Agreement and any provision of any employee handbook, personnel manual, program, policy, or arrangement of the Company or its affiliates (including, without limitation, any provisions relating to notice requirements and post-employment restrictions), the provisions of this Agreement shall control, unless Executive otherwise agrees in a writing that expressly refers to the provision of this Agreement whose control he is waiving.

		
	(o)
	Beneficiaries/References. In the event of Executive’s death or a judicial determination of his incompetence, references in this Agreement to Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative.

		
	(p)
	Survivorship. Except as otherwise set forth in this Agreement, the respective rights and obligations of the parties hereunder shall survive the Employment Term and any termination of Executive’s employment.  Without limiting the generality of the forgoing, the provisions of Section 8, 10, 11, and 12 shall survive the Employment Term.

		
	(q)
	Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof.

		
	(r)
	Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

		
	15.
	Certain Rules of Construction.

		
	(a)
	The headings and subheadings set forth in this Agreement are inserted for the convenience of reference only and are to be ignored in any construction of the terms set forth herein.

		
	(b)
	Wherever applicable, the neuter, feminine or masculine pronoun as used herein shall also include the masculine or feminine, as the case may be.

		
	(c)
	The term “including” is not limiting and means “including without limitation.”

		
	(d)
	References in this Agreement to any statute or statutory provisions include a reference to such statute or statutory provisions as from time to time amended, modified, reenacted, extended, consolidated or replaced (whether before or after the date of this Agreement) and to any subordinate legislation made from time to time under such statute or statutory provision.

		
	(e)
	References to “writing” or “written” include any non-transient means of representing or copying words legibly, including by facsimile or electronic mail.

		
	(f)
	References to “$” are to United States Dollars.

[Remainder of page left intentionally blank]

20

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and Executive has executed this Agreement as of December 22, 2016.
	
		
	ENDO HEALTH SOLUTIONS INC.

	 
	 

	By:
	/s/ Paul Campanelli

	Name:
	Paul Campanelli

	Title:
	Chief Executive Officer

	 
	 

	EXECUTIVE

	 
	 

	By:
	/s/ Blaise Coleman

	Name:
	Blaise Coleman

	Title:
	Executive Vice President & Chief Financial Officer

SIGNATURE PAGE

EXHIBIT A 

FORM OF RELEASE AGREEMENT
THIS RELEASE AGREEMENT (the “Release”) is made by and between Blaise Coleman (“Executive”) and Endo Health Solutions, Inc. (the “Company”).

		
	1.
	FOR AND IN CONSIDERATION of the payments and benefits provided in Section 8(d)(ii), (iii) and (iv) of the Employment Agreement between Executive and the Company dated as of ____________, 2016, (the “Employment Agreement”), Executive, for himself, his successors and assigns, executors and administrators, now and forever hereby releases and discharges the Company, together with all of its past and present parents, subsidiaries, and affiliates, together with each of their officers, directors, stockholders, partners, employees, agents, representatives and attorneys, and each of their subsidiaries, affiliates, estates, predecessors, successors, and assigns (hereinafter collectively referred to as the “Releasees”) from any and all rights, claims, charges, actions, causes of action, complaints, sums of money, suits, debts, covenants, contracts, agreements, promises, obligations, damages, demands or liabilities of every kind whatsoever, in law or in equity, whether known or unknown, suspected or unsuspected, which Executive or Executive’s executors, administrators, successors or assigns ever had, now has or may hereafter claim to have by reason of any matter, cause or thing whatsoever; arising from the beginning of time up to the date Executive executes the Release: (i) relating in any way to Executive’s employment relationship with the Company or any of the Releasees, or the termination of Executive’s employment relationship with the Company or any of the Releasees; (ii) arising under or relating to the Employment Agreement; (iii) arising under any federal, local or state statute or regulation, including, without limitation, the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974, the Equal Pay Act, any claim arising under the provisions of the False Claims Act; 31 U.S.C.A. § 3730, including, but not limited to, any right to personal gain with respect to any claim asserted under its “qui tam” provisions, Sections 1981 through 1988 of Title 42 of the United States Code, the Immigration Reform and Control Act, the Workers Adjustment and Retraining Notification Act, the Occupational Safety and Health Act, the Family and Medical Leave Act, the Fair Labor Standards Act of 1938, Executive Order 11246, the Pennsylvania Human Relations Act, the Pennsylvania Whistleblower Law and/or the applicable state or local  law or ordinance against discrimination, each as amended; (iv) relating to wrongful employment termination or breach of contract; or (v) arising under or relating to any policy, agreement, understanding or promise, written or oral, formal or informal, between the Company and any of the Releasees and Executive; provided, however, that notwithstanding the foregoing, nothing contained in the Release shall in any way diminish or impair: (a) any rights Executive may have, from and after the date the Release is executed; (b) any rights to indemnification that may exist from time to time under the Company’s certificate of incorporation or bylaws, or state law or any other 

A-1
 

indemnification agreement entered into between Executive and the Company; (c) any rights Executive may have under any applicable general liability and/or directors and officers insurance policy maintained by the Company; (d) any rights Executive may have to vested benefits under employee benefit plans or incentive compensation plans of the Company; (e) any rights Executive may have as a general shareholder of the Company; (f) Executive’s ability to bring appropriate proceedings to enforce the Release; (g) any rights to the payments and benefits provided in Section 8(d)(ii), (iii) and (iv) of the Employment Agreement; and (h) any rights or claims Executive may have that cannot be waived under applicable law (collectively, the “Excluded Claims”). Executive further acknowledges and agrees that, except with respect to Excluded Claims, the Company and the Releasees have fully satisfied any and all obligations whatsoever owed to Executive arising out of Executive’s employment with the Company or any of the Releasees, and that no further payments or benefits are owed to Executive by the Company or any of the Releasees. Nothing in this Release is intended to prohibit or restrict Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment; provided that Executive hereby waives the right to recover any monetary damages or other relief against any Releasees.

[Upon the Release becoming effective, the Company hereby discharges and generally releases Executive from all claims, causes of action, suits, agreements, and damages which the Company may have now or in the future against Executive for any act, omission or event relating to his employment with the Company or termination of employment therefrom occurring up to and including the date on which the Company signs the Release (excluding any acts or omissions constituting fraud, theft, embezzlement or breach of fiduciary duty by Executive) to the extent that such claim, cause of action, suit, agreement or damages is based on facts, acts, omissions, circumstances or events actually known, or which should have been reasonably known, on the date on which the Company signs the Release by any officer or member of the Board of Directors of the Company.]1 

		
	2.
	Executive understands and agrees that, except for the Excluded Claims, Executive has knowingly relinquished, waived and forever released any and all rights to any personal recovery in any action or proceeding that may be commenced on Executive’s behalf arising out of the aforesaid employment relationship or the termination thereof, including, without limitation, claims for back pay, front pay, liquidated damages, compensatory damages, general damages, special damages, punitive damages, exemplary damages, costs, expenses and attorneys’ fees.

		
	3.
	Executive acknowledges and agrees that Executive has been advised to consult with an attorney of Executive’s choosing prior to signing the Release. Executive understands and agrees that Executive has the right and has been given the opportunity to review the Release with an attorney of Executive’s choice should Executive so desire. Executive also agrees that Executive has entered into the Release freely and voluntarily. Executive 

A-2
 

further acknowledges and agrees that Executive has had at least [twenty-one (21)][forty-five (45)] calendar days to consider the Release, although Executive may sign it sooner if Executive wishes. In addition, once Executive has signed the Release, Executive shall have seven (7) additional days from the date of execution to revoke Executive’s consent and may do so by writing to:  ___________.  The Release shall not be effective, and no payments shall be due hereunder, earlier than the eighth (8th) day after Executive shall have executed the Release and returned it to the Company, assuming that Executive had not revoked Executive’s consent to the Release prior to such date.

		
	4.
	It is understood and agreed by Executive that any payment made to Executive is not to be construed as an admission of any liability whatsoever on the part of the Company or any of the other Releasees, by whom liability is expressly denied.

		
	5.
	The Release is executed by Executive voluntarily and is not based upon any representations or statements of any kind made by the Company or any of the other Releasees as to the merits, legal liabilities or value of Executive’s claims. Executive further acknowledges that Executive has had a full and reasonable opportunity to consider the Release and that Executive has not been pressured or in any way coerced into executing the Release.

		
	6.
	The exclusive venue for any disputes arising hereunder shall be the state or federal courts located in the State of Delaware or, at the Company’s election, in any other state in which Executive maintains Executive’s principal residence or Executive’s principal place of business, and each of the parties hereto irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Each of the parties hereto also agrees that any final and unappealable judgment against a party hereto in connection with any action, suit or other proceeding may be enforced in any court of competent jurisdiction, either within or outside of the United States.  A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or judgment. 

  
		
	7.
	The Release and the rights and obligations of the parties hereto shall be governed and construed in accordance with the laws of the State of Delaware. If any provision hereof is unenforceable or is held to be unenforceable, such provision shall be fully severable, and this document and its terms shall be construed and enforced as if such unenforceable provision had never comprised a part hereof, the remaining provisions hereof shall remain in full force and effect, and the court construing the provisions shall add as a part hereof a provision as similar in terms and effect to such unenforceable provision as may be enforceable, in lieu of the unenforceable provision.

		
	8.
	The Release shall inure to the benefit of and be binding upon the Company and its successors and assigns.

1 Insert upon a qualifying termination following a Change in Control.

A-3
 

IN WITNESS WHEREOF, Executive and the Company have executed the Release as of the date and year provided below.
IMPORTANT NOTICE:  BY SIGNING BELOW YOU RELEASE AND GIVE UP ANY AND ALL LEGAL CLAIMS, KNOWN AND UNKNOWN, THAT YOU MAY HAVE AGAINST THE COMPANY AND RELATED PARTIES.

	
			
	ENDO HEALTH SOLUTIONS INC.
	 
	Blaise Coleman

	Dated:                                                               
	 
	Dated:                                                                 

4EX-10.1

 Exhibit 10.1 

Published CUSIP Number: 45778EAD6 

45778EAE4 
  

 
 CREDIT AGREEMENT 

among 
 INNOPHOS HOLDINGS, INC.,

 as the Company, 
 CERTAIN
DOMESTIC SUBSIDIARIES OF THE COMPANY 
 FROM TIME TO TIME PARTY HERETO, 

as Subsidiary Borrowers, 
 CERTAIN
DOMESTIC SUBSIDIARIES OF THE COMPANY 
 FROM TIME TO TIME PARTY HERETO, 

as Guarantors, 
 THE LENDERS PARTY
HERETO, 
 and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 

and 
 BANK OF AMERICA, N.A. 

and 
 SUNTRUST BANK, 

as Co-Syndication Agents 

Dated as of December 22, 2016 

WELLS FARGO SECURITIES, LLC, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

and 
 SUNTRUST ROBINSON HUMPHREY,
INC., 
 as Joint Lead Arrangers and Joint Bookrunners 
  

 

			
	 Prepared by:
	  	

   

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.1
	 	 Defined Terms
	  	 	1	  
	 Section 1.2
	 	 Other Definitional Provisions
	  	 	44	  
	 Section 1.3
	 	 Accounting Terms
	  	 	44	  
	 Section 1.4
	 	 Time References
	  	 	45	  
	 Section 1.5
	 	 Execution of Documents
	  	 	45	  
	 Section 1.6
	 	 Foreign Currency
	  	 	45	  
	 Section 1.7
	 	 Limited Condition Acquisitions
	  	 	45	  
	 Section 1.8
	 	 Certain Determinations
	  	 	46	  
		
	 ARTICLE II THE LOANS; AMOUNT AND TERMS
	  	 	47	  
	 Section 2.1
	 	 Revolving Loans
	  	 	47	  
	 Section 2.2
	 	 Reserved
	  	 	49	  
	 Section 2.3
	 	 Letter of Credit Subfacility
	  	 	49	  
	 Section 2.4
	 	 Swingline Loan Subfacility
	  	 	55	  
	 Section 2.5
	 	 Fees
	  	 	57	  
	 Section 2.6
	 	 Commitment Reductions
	  	 	57	  
	 Section 2.7
	 	 Prepayments
	  	 	58	  
	 Section 2.8
	 	 Default Rate and Payment Dates
	  	 	59	  
	 Section 2.9
	 	 Conversion Options
	  	 	60	  
	 Section 2.10
	 	 Computation of Interest and Fees; Usury
	  	 	61	  
	 Section 2.11
	 	 Pro Rata Treatment and Payments
	  	 	62	  
	 Section 2.12
	 	 Non-Receipt of Funds by the Administrative Agent
	  	 	64	  
	 Section 2.13
	 	 Inability to Determine Interest Rate
	  	 	66	  
	 Section 2.14
	 	 Yield Protection
	  	 	66	  
	 Section 2.15
	 	 Compensation for Losses; Eurocurrency Liabilities
	  	 	68	  
	 Section 2.16
	 	 Taxes
	  	 	69	  
	 Section 2.17
	 	 Indemnification; Nature of Issuing Lender’s Duties
	  	 	73	  
	 Section 2.18
	 	 Illegality
	  	 	74	  
	 Section 2.19
	 	 Replacement of Lenders
	  	 	75	  
	 Section 2.20
	 	 Cash Collateral
	  	 	76	  
	 Section 2.21
	 	 Defaulting Lenders
	  	 	77	  
	 Section 2.22
	 	 Incremental Facility
	  	 	80	  
	 Section 2.23
	 	 MIRE Events
	  	 	82	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	82	  
	 Section 3.1
	 	 Financial Condition
	  	 	82	  
	 Section 3.2
	 	 No Material Adverse Effect
	  	 	83	  
	 Section 3.3
	 	 Corporate Existence; Compliance with Law; Patriot Act Information
	  	 	83	  
	 Section 3.4
	 	 Corporate Power; Authorization; Enforceable Obligations
	  	 	83	  
	 Section 3.5
	 	 No Legal Bar; No Default
	  	 	84	  
	 Section 3.6
	 	 No Material Litigation
	  	 	84	  
	 Section 3.7
	 	 Investment Company Act; etc.
	  	 	84	  
	 Section 3.8
	 	 Margin Regulations
	  	 	85	  

  
 i 

							
	 Section 3.9
	 	 ERISA
	  	 	85	  
	 Section 3.10
	 	 Environmental Matters
	  	 	85	  
	 Section 3.11
	 	 Use of Proceeds
	  	 	86	  
	 Section 3.12
	 	 Subsidiaries; Joint Ventures; Partnerships
	  	 	86	  
	 Section 3.13
	 	 Ownership
	  	 	87	  
	 Section 3.14
	 	 Consent; Governmental Authorizations
	  	 	87	  
	 Section 3.15
	 	 Taxes
	  	 	87	  
	 Section 3.16
	 	 Collateral Representations
	  	 	88	  
	 Section 3.17
	 	 Solvency
	  	 	89	  
	 Section 3.18
	 	 Compliance with FCPA
	  	 	89	  
	 Section 3.19
	 	 Reserved
	  	 	90	  
	 Section 3.20
	 	 Reserved
	  	 	90	  
	 Section 3.21
	 	 Labor Matters
	  	 	90	  
	 Section 3.22
	 	 Accuracy and Completeness of Information
	  	 	90	  
	 Section 3.23
	 	 Insurance
	  	 	90	  
	 Section 3.24
	 	 Security Documents
	  	 	90	  
	 Section 3.25
	 	 Classification of Senior Indebtedness
	  	 	91	  
	 Section 3.26
	 	 Anti-Terrorism Laws
	  	 	91	  
	 Section 3.27
	 	 Compliance with OFAC Rules and Regulations
	  	 	91	  
	 Section 3.28
	 	 Reserved
	  	 	92	  
	 Section 3.29
	 	 Regulation H
	  	 	92	  
	 Section 3.30
	 	 EEA Financial Institution
	  	 	92	  
		
	 ARTICLE IV CONDITIONS PRECEDENT
	  	 	92	  
	 Section 4.1
	 	 Conditions to Closing Date
	  	 	92	  
	 Section 4.2
	 	 Conditions to All Extensions of Credit
	  	 	95	  
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	96	  
	 Section 5.1
	 	 Financial Statements
	  	 	97	  
	 Section 5.2
	 	 Certificates; Other Information
	  	 	98	  
	 Section 5.3
	 	 Payment of Taxes and Other Obligations
	  	 	100	  
	 Section 5.4
	 	 Conduct of Business and Maintenance of Existence
	  	 	100	  
	 Section 5.5
	 	 Maintenance of Property; Insurance; Contractual Obligations
	  	 	100	  
	 Section 5.6
	 	 Maintenance of Books and Records
	  	 	101	  
	 Section 5.7
	 	 Notices
	  	 	101	  
	 Section 5.8
	 	 Environmental Laws
	  	 	103	  
	 Section 5.9
	 	 Financial Covenants
	  	 	103	  
	 Section 5.10
	 	 Additional Guarantors
	  	 	103	  
	 Section 5.11
	 	 Compliance with Law
	  	 	104	  
	 Section 5.12
	 	 Pledged Assets
	  	 	104	  
	 Section 5.13
	 	 Landlord Waivers and Warehouseman Agreements
	  	 	105	  
	 Section 5.14
	 	 Further Assurances and Post-Closing Items
	  	 	105	  
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	108	  
	 Section 6.1
	 	 Indebtedness
	  	 	108	  
	 Section 6.2
	 	 Liens
	  	 	111	  
	 Section 6.3
	 	 Nature of Business
	  	 	114	  
	 Section 6.4
	 	 Consolidation, Merger, Sale or Purchase of Assets, etc.
	  	 	114	  

  
 ii 

							
	 Section 6.5
	 	 Advances, Investments and Loans
	  	 	116	  
	 Section 6.6
	 	 Transactions with Affiliates
	  	 	118	  
	 Section 6.7
	 	 Ownership of Subsidiaries; Restrictions
	  	 	118	  
	 Section 6.8
	 	 Corporate Changes
	  	 	118	  
	 Section 6.9
	 	 Limitation on Restricted Actions
	  	 	118	  
	 Section 6.10
	 	 Restricted Payments
	  	 	119	  
	 Section 6.11
	 	 Amendment of Subordinated Debt
	  	 	120	  
	 Section 6.12
	 	 Sale Leasebacks
	  	 	120	  
	 Section 6.13
	 	 No Further Negative Pledges
	  	 	120	  
	 Section 6.14
	 	 Account Control Agreements; Additional Bank Accounts
	  	 	121	  
	 Section 6.15
	 	 Holding Company
	  	 	122	  
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	122	  
	 Section 7.1
	 	 Events of Default
	  	 	122	  
	 Section 7.2
	 	 Acceleration; Remedies
	  	 	125	  
		
	 ARTICLE VIII THE ADMINISTRATIVE AGENT
	  	 	126	  
	 Section 8.1
	 	 Appointment and Authority
	  	 	126	  
	 Section 8.2
	 	 Nature of Duties
	  	 	126	  
	 Section 8.3
	 	 Exculpatory Provisions
	  	 	127	  
	 Section 8.4
	 	 Reliance by Administrative Agent
	  	 	127	  
	 Section 8.5
	 	 Notice of Default
	  	 	128	  
	 Section 8.6
	 	 Non-Reliance on Administrative Agent and Other
Lenders
	  	 	128	  
	 Section 8.7
	 	 Indemnification
	  	 	129	  
	 Section 8.8
	 	 Administrative Agent in Its Individual Capacity
	  	 	129	  
	 Section 8.9
	 	 Successor Administrative Agent
	  	 	129	  
	 Section 8.10
	 	 Collateral and Guaranty Matters
	  	 	130	  
	 Section 8.11
	 	 Bank Products
	  	 	131	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	131	  
	 Section 9.1
	 	 Amendments, Waivers, Consents and Release of Collateral
	  	 	131	  
	 Section 9.2
	 	 Notices
	  	 	134	  
	 Section 9.3
	 	 No Waiver; Cumulative Remedies
	  	 	136	  
	 Section 9.4
	 	 Survival of Representations and Warranties
	  	 	137	  
	 Section 9.5
	 	 Payment of Expenses and Taxes; Indemnity
	  	 	137	  
	 Section 9.6
	 	 Successors and Assigns; Participations
	  	 	139	  
	 Section 9.7
	 	 Right of Set-off; Sharing of Payments
	  	 	143	  
	 Section 9.8
	 	 Table of Contents and Section Headings
	  	 	144	  
	 Section 9.9
	 	 Counterparts; Effectiveness; Electronic Execution
	  	 	144	  
	 Section 9.10
	 	 Severability
	  	 	145	  
	 Section 9.11
	 	 Integration
	  	 	145	  
	 Section 9.12
	 	 Governing Law
	  	 	145	  
	 Section 9.13
	 	 Consent to Jurisdiction; Service of Process and Venue
	  	 	145	  
	 Section 9.14
	 	 Confidentiality
	  	 	146	  
	 Section 9.15
	 	 Acknowledgments
	  	 	147	  
	 Section 9.16
	 	 Waivers of Jury Trial
	  	 	148	  
	 Section 9.17
	 	 Patriot Act Notice
	  	 	148	  
	 Section 9.18
	 	 Resolution of Drafting Ambiguities
	  	 	148	  

  
 iii 

							
	 Section 9.19
	 	 Subordination of Intercompany Debt
	  	 	148	  
	 Section 9.20
	 	 Continuing Agreement
	  	 	149	  
	 Section 9.21
	 	 Press Releases and Related Matters
	  	 	149	  
	 Section 9.22
	 	 Appointment of Company
	  	 	149	  
	 Section 9.23
	 	 No Advisory or Fiduciary Responsibility
	  	 	150	  
	 Section 9.24
	 	 Responsible Officers and Authorized Officers
	  	 	150	  
	 Section 9.25
	 	 Swap Agreements
	  	 	151	  
	 Section 9.26
	 	 Concerning Joint and Several Obligations of the Borrowers
	  	 	151	  
	 Section 9.27
	 	 Judgment Currency
	  	 	153	  
	 Section 9.28
	 	 [Reserved]
	  	 	154	  
	 Section 9.29
	 	 [Reserved]
	  	 	154	  
	 Section 9.30
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	154	  
		
	 ARTICLE X GUARANTY
	  	 	155	  
	 Section 10.1
	 	 The Guaranty
	  	 	155	  
	 Section 10.2
	 	 Bankruptcy
	  	 	155	  
	 Section 10.3
	 	 Nature of Liability
	  	 	156	  
	 Section 10.4
	 	 Independent Obligation
	  	 	156	  
	 Section 10.5
	 	 Authorization
	  	 	156	  
	 Section 10.6
	 	 Reliance
	  	 	157	  
	 Section 10.7
	 	 Waiver
	  	 	157	  
	 Section 10.8
	 	 Limitation on Enforcement
	  	 	158	  
	 Section 10.9
	 	 Confirmation of Payment
	  	 	158	  
	 Section 10.10
	 	 Swap Obligations
	  	 	158	  

  
 iv 

			
	 Schedules
	  	
		
	 Schedule 1.1(a)
	  	 Investments

	 Schedule 1.1(b)
	  	 Liens

	 Schedule 1.1(c)
	  	 Existing Letters of Credit

	 Schedule 1.1(d)
	  	 Consolidated EBITDA

	 Schedule 1.1(f)
	  	 Foreign Subsidiary Reorganization

	 Schedule 3.3
	  	 Patriot Act Information

	 Schedule 3.6
	  	 Material Litigation

	 Schedule 3.12
	  	 Subsidiaries

	 Schedule 3.15
	  	 Tax Matters

	 Schedule 3.16(a)
	  	 Intellectual Property

	 Schedule 3.16(b)
	  	 Documents, Instruments and Tangible Chattel Paper

	 Schedule 3.16(c)
	  	 Deposit Accounts, Electronic Chattel Paper, Letter-of-Credit
 Rights, Securities Accounts, Uncertificated Investment
Property

	 Schedule 3.16(d)
	  	 Commercial Tort Claims

	 Schedule 3.16(e)
	  	 Pledged Equity Interests

	 Schedule 3.16(f)(i)
	  	 Mortgaged Properties

	 Schedule 3.16(f)(ii)
	  	 Other Collateral Locations

	 Schedule 6.1(b)
	  	 Indebtedness

	 Schedule 6.8
	  	 Material Contracts

	 Schedule 6.9
	  	 Restricted Actions

		
	 Exhibits
	  	
		
	 Exhibit 1.1(a)
	  	 Form of Account Designation Notice

	 Exhibit 1.1(b)
	  	 Form of Assignment and Assumption

	 Exhibit 1.1(c)
	  	 Form of Joinder Agreement

	 Exhibit 1.1(d)
	  	 Form of Notice of Borrowing

	 Exhibit 1.1(e)
	  	 Form of Notice of Conversion/Extension

	 Exhibit 1.1(f)
	  	 Form of Permitted Acquisition Certificate

	 Exhibit 1.1(g)
	  	 Form of Bank Product Provider Notice

	 Exhibit 2.1(a)
	  	 Form of Funding Indemnity Letter

	 Exhibit 2.1(e)
	  	 Form of Revolving Loan Note

	 Exhibit 2.4(d)
	  	 Form of Swingline Loan Note

	 Exhibit 4.1(b)
	  	 Form of Officer’s Certificate

	 Exhibit 4.1(f)
	  	 Form of Solvency Certificate

	 Exhibit 4.1(j)
	  	 Form of Financial Condition Certificate

	 Exhibit 5.2(b)
	  	 Form of Officer’s Compliance Certificate

  
 v 

 THIS CREDIT AGREEMENT, dated as of December 22, 2016, is by and among INNOPHOS
HOLDINGS, INC., a Delaware corporation (the “Company”), the Subsidiary Borrowers (as hereinafter defined), the Guarantors (as hereinafter defined), the banks and financial institutions from time to time parties to this Agreement
(the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders hereunder (in such capacity, the “Administrative Agent”). 

W I T N E S S E T H: 

WHEREAS, the Credit Parties (as hereinafter defined), certain banks and financial institutions (the “Existing
Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent are parties to that certain Amended and Restated Credit Agreement, dated as of December 21, 2012 (as amended by the First Amendment to Credit Agreement,
dated as of December 18, 2014, as further amended by the Second Amendment to Credit Agreement, dated as of August 7, 2015, and as further amended or modified prior to the date hereof, the “Existing Credit Agreement”); 

WHEREAS, the Credit Parties have requested that the Lenders make loans and other financial accommodations to the Credit Parties in an
aggregate amount of up to $450,000,000, as more particularly described herein, the proceeds of which will be used to, among other things, refinance the Indebtedness under the Existing Credit Agreement; and 

WHEREAS the Lenders are willing to make such loans to the Credit Parties on the terms and conditions contained herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties
hereto, such parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
  

	 	Section 1.1	Defined Terms. 

 As used in this Agreement, terms defined in the preamble to this
Agreement have the meanings therein indicated, and the following terms have the following meanings: 
 “Accessible Borrowing
Availability” shall mean, as of any date of determination, the amount that the Borrowers are able to borrow on such date under the Revolving Committed Amount without a Default or Event of Default occurring or existing after giving pro forma
effect to such borrowing.  

 “Account Designation Notice” shall mean the Account Designation Notice dated as
of the Closing Date from the Company to the Administrative Agent in substantially the form attached hereto as Exhibit 1.1(a). 

“Acquired EBITDA” shall mean, with respect to any Acquired Entity or Business (any of the foregoing, a “Pro Forma
Entity”) for any period as the amount for such period of Consolidated EBITDA of such Pro Forma Entity (determined as if references to the Company and its Subsidiaries in the definition of “Consolidated EBITDA” were references to
such Pro Forma Entity and its subsidiaries that will become Subsidiaries), all as determined on a consolidated basis for such Pro Forma Entity. 

“Acquired Entity or Business” has the meaning given such term in the definition of “Consolidated EBITDA.” 

“Additional Credit Party” shall mean each Person that becomes a Guarantor by execution of a Joinder Agreement in accordance
with Section 5.10. 
 “Administrative Agent” or “Agent” shall have the meaning set forth in the first
paragraph of this Agreement and shall include any successors in such capacity. 
 “Administrative Questionnaire” shall mean
an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” shall mean, with respect to
a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by, or is under common Control with, the Person specified. 

“Agreement” or “Credit Agreement” shall mean this Agreement, as amended, modified, extended, restated,
replaced, or supplemented from time to time in accordance with its terms. 
 “Alternate Base Rate” shall mean, for any day,
a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the sum of (i) LIBOR (as determined pursuant to the
definition of LIBOR), for an Interest Period of one (1) month commencing on such day plus (ii) 1.00%, in each instance as of such date of determination. For purposes hereof: “Prime Rate” shall mean, at any time, the rate
of interest per annum publicly announced or otherwise identified from time to time by Wells Fargo at its principal office in Charlotte, North Carolina as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business
on the day such change in the Prime Rate occurs. The parties hereto acknowledge that the rate announced publicly by Wells Fargo as its Prime Rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers
or other banks; and “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published on the next succeeding Business Day, the average of the quotations for the day of such transactions received by the
Administrative Agent from three federal funds brokers of 

  
 2 

 
recognized standing selected by it. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive in the absence of manifest error) (A) that it is
unable to ascertain the Federal Funds Effective Rate, for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms above or (B) that the Prime Rate or LIBOR no
longer accurately reflects an accurate determination of the prevailing Prime Rate or LIBOR, the Administrative Agent may select a reasonably comparable index or source to use as the basis for the Alternate Base Rate, until the circumstances giving
rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in any of the foregoing will become effective on the effective date of such change in the Federal Funds Rate, the Prime Rate or LIBOR for an Interest
Period of one (1) month. Notwithstanding anything contained herein to the contrary, to the extent that the provisions of Section 2.13 shall be in effect in determining LIBOR pursuant to clause (c) hereof, the Alternate Base Rate shall
be the greater of (i) the Prime Rate in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Notwithstanding the foregoing, for purposes of this Agreement, the Alternate Base Rate shall
in no event be less than 0% at any time. 
 “Alternate Base Rate Loans” shall mean Loans that bear interest at an interest
rate based on the Alternate Base Rate. 
 “Applicable Amount” shall mean, at any date, the excess of (a) the sum of
(i) $213,000,000 plus (ii) 50% of the sum of Free Cash Flow (whether positive or negative) for each fully completed fiscal year of the Company ending after the Closing Date for which financial statements have been delivered pursuant to
Section 5.1(a); provided, however, in no event shall the amount set forth in this clause (a) (1) exceed $425,000,000 at any time or (2) be less than $175,000,000 at any time; minus (b) the sum without
duplication of (i) the aggregate amount of the Applicable Amount used to make Investments pursuant to Section 6.5(h)(i) since the Closing Date (net of any returns as provided for in the last sentence of the definition of
“Investment”) and (ii) the aggregate amount of the Applicable Amount used to consummate Permitted Acquisitions of Foreign Subsidiaries pursuant to clause (vii) of the definition of Permitted Acquisitions since the Closing Date.
In the event that any Investment is made by a Borrower or any Subsidiary in any Person in order to consummate a Permitted Acquisition of a Foreign Subsidiary through substantially concurrent interim transfers, it is understood and agreed that such
interim transfers shall be disregarded for purposes of calculating the Applicable Amount, resulting in such Investment and such Permitted Acquisition being calculated without duplication for purposes of determining the Applicable Amount. 

“Applicable Margin” shall mean, for any day, the rate per annum set forth below opposite the applicable level then in effect
(based on the Total Leverage Ratio), it being understood that the Applicable Margin for (a) Alternate Base Rate Loans shall be the percentage set forth under the column “Base Rate Margin”, (b) LIBOR Rate Loans shall be the
percentage set forth under the column “LIBOR Margin & Letter of Credit Fee”, (c) the Letter of Credit Fee shall be the 

  
 3 

 percentage set forth under the column “LIBOR Margin & Letter of Credit Fee”, and (d) the
Commitment Fee shall be the percentage set forth under the column “Commitment Fee”: 
  

															
	 Applicable Margin
	 
	 Level
	  	 Total Leverage Ratio
	  	LIBOR Margin
& Letter of Credit Fee	 	 	Base Rate
Margin	 	 	Commitment
Fee	 
	I	  	Less than 0.75 to 1.00	  	 	1.00	% 	 	 	0.00	% 	 	 	0.125	% 
	II	  	Greater than or equal to 0.75 to 1.00 but less than 1.25 to 1.00	  	 	1.25	% 	 	 	0.25	% 	 	 	0.175	% 
	III	  	Greater than or equal to 1.25 to 1.00 but less than 1.75 to 1.00	  	 	1.50	% 	 	 	0.50	% 	 	 	0.225	% 
	IV	  	Greater than or equal to 1.75 to 1.00 but less than 2.25 to 1.00	  	 	1.75	% 	 	 	0.75	% 	 	 	0.275	% 
	V	  	Greater than or equal to 2.25 to 1.00 but less than 3.50 to 1.00	  	 	2.00	% 	 	 	1.00	% 	 	 	0.325	% 
	VI	  	Greater than or equal to 3.50 to 1.00	  	 	2.25	% 	 	 	1.25	% 	 	 	0.375	% 

 The Applicable Margin shall, in each case, be determined and adjusted quarterly on the date five
(5) Business Days after the date on which the Administrative Agent has received from the Company the quarterly financial information (in the case of the first three fiscal quarters of the Company’s fiscal year), the annual financial
information (in the case of the fourth fiscal quarter of the Company’s fiscal year) and the certifications required to be delivered to the Administrative Agent and the Lenders in accordance with the provisions of Sections 5.1(a),
5.1(b) and 5.2(b) (each an “Interest Determination Date”). Such Applicable Margin shall be effective from such Interest Determination Date until the next such Interest Determination Date. After the Closing Date, if the Credit
Parties shall fail to provide the financial information or certifications in accordance with the provisions of Sections 5.1(a), 5.1(b) and 5.2(b), the Applicable Margin shall, on the date five (5) Business Days after the date by which the
Credit Parties were so required to provide such financial information or certifications to the Administrative Agent and the Lenders, be based on Level VI until such time as such information or certifications or corrected information or
corrected certificates are provided, whereupon the Level shall be determined by the then current Total Leverage Ratio. Notwithstanding the foregoing, the initial Applicable Margins shall be set with pricing as set forth in Level IV until the
financial information and certificates required to be delivered pursuant to Section 5.1 and 5.2 for the first full fiscal quarter to occur following the Closing Date have been delivered to the Administrative Agent, for distribution to the
Lenders. In the event that any financial statement or certification delivered pursuant to Sections 5.1 or 5.2 is shown to be inaccurate (while this Agreement or the Commitments are in effect), and such inaccuracy, if corrected, would have led to the
application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, the Company shall immediately (a) deliver to the Administrative Agent a corrected
compliance certificate for such Applicable 

  
 4 

 
Period, (b) determine the Applicable Margin for such Applicable Period based upon the corrected compliance certificate, and (c) immediately pay to the Administrative Agent for the
benefit of the Lenders the accrued additional interest and other fees owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly distributed by the Administrative Agent to the Lenders entitled
thereto. It is acknowledged and agreed that nothing contained herein shall limit the rights of the Administrative Agent and the Lenders under the Credit Documents, including their rights under Sections 2.8 and 7.1. 

“Applicable Percentage” shall mean, with respect to any Lender, the percentage of the total Commitments represented by such
Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentage shall be determined based on the Commitments most recently in effect, giving effect to any assignments. 

“Anti-Terrorism Order” shall mean that certain Executive Order 13224 signed into law on September 23, 2001. 

“Approved Bank” shall have the meaning set forth in the definition of “Cash Equivalents.” 

“Approved Fund” shall mean any Fund that is administered, managed or underwritten by (a) a Lender, (b) an Affiliate
of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” shall
mean WFS, Merrill Lynch, Pierce, Fenner & Smith Incorporated and SunTrust Robinson Humphrey, Inc., together with their successors and assigns. 

“Asset Disposition” shall mean the Disposition of any or all of the assets (including, without limitation, the Equity
Interests of a Subsidiary or any ownership interest in a joint venture) of any Credit Party or any Subsidiary (other than an Excluded Joint Venture) whether by sale, lease, transfer or otherwise, in a single transaction or in a series of
transactions. The term “Asset Disposition” shall not include (a) the sale, lease, transfer or other disposition of assets permitted by Subsections 6.4(a)(i) through (v), Subsection 6.4(a)(vii)(A) and
Subsections 6.4(a)(viii) through (xiii), or (b) any Equity Issuance. 
 “Assignment and Assumption” shall mean an
assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.6), and accepted by the Administrative Agent, in substantially the form of
Exhibit 1.1(b) or any other form approved by the Administrative Agent. 
 “Authorized Officers”
shall mean the Responsible Officers set forth on Schedule 3.28. 
 “Bail-In
Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

  
 5 

 “Bail-In Legislation” shall mean, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
 “Bank Product” shall mean any of the following products,
services or facilities extended to any Credit Party or any Subsidiary (other than an Excluded Joint Venture) by any Bank Product Provider: (a) Cash Management Services; (b) products under any Swap Agreement; and (c) commercial credit
card, purchase card and merchant card services; provided, however, that for any of the foregoing to be included as “Credit Party Obligations” for purposes of a distribution under Section 2.11(b), the applicable Bank Product
Provider must have previously provided a Bank Product Provider Notice to the Administrative Agent which shall provide the following information: (i) the existence of such Bank Product and (ii) the maximum dollar amount (if reasonably
capable of being determined) of obligations arising thereunder (the “Bank Product Amount”). The Bank Product Amount may be changed from time to time upon written notice to the Administrative Agent by the Bank Product Provider. Any
Bank Product established from and after the time that the Lenders have received written notice from the Company or the Administrative Agent that an Event of Default exists, until such Event of Default has been waived in accordance with
Section 9.1, shall not be included as “Credit Party Obligations” for purposes of a distribution under Section 2.11(b). 

“Bank Product Amount” shall have the meaning set forth in the definition of Bank Product. 

“Bank Product Debt” shall mean the Indebtedness and other obligations of any Credit Party or Subsidiary relating to Bank
Products. 
 “Bank Product Provider” shall mean any Person that provides Bank Products to a Credit Party or any Subsidiary
(other than an Excluded Joint Venture) that is permitted by Section 6.1(e) to the extent that (a) such Person is a Lender, an Affiliate of a Lender or any other Person that was a Lender (or an Affiliate of a Lender) at the time it entered into
the Bank Product but has ceased to be a Lender (or whose Affiliate has ceased to be a Lender) under the Credit Agreement or (b) such Person is a Lender or an Affiliate of a Lender on the Closing Date and the Bank Product was entered into on or
prior to the Closing Date (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender). 

“Bank Product Provider Notice” shall mean a notice substantially in the form of Exhibit 1.1(g). 

“Bankruptcy Code” shall mean the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or
replaced from time to time. 
 “Bankruptcy Event” shall mean any of the events described in Section 7.1(f). 

“Borrowers” shall mean the Company and the Subsidiary Borrowers. 

“Borrowing Date” shall mean, in respect of any Loan, the date such Loan is made. 

  
 6 

 “Business” shall have the meaning set forth in Section 3.10. 

“Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in Charlotte, North
Carolina or New York, New York are authorized or required by law to close; provided, however, that when used in connection with a rate determination, borrowing or payment in respect of a LIBOR Rate Loan, the term “Business
Day” shall also exclude any day on which banks in London, England are not open for dealings in Dollar deposits in the London interbank market. 

“Canadian Dollars” shall mean dollars in the lawful currency of Canada. 

“Capital Lease” shall mean any lease of property, real or personal, the obligations with respect to which are required to be
capitalized on a balance sheet of the lessee in accordance with GAAP. 
 “Capital Lease Obligations” shall mean the
capitalized lease obligations relating to a Capital Lease determined in accordance with GAAP; provided, that all obligations of any Person that are or would be characterized as an operating lease as determined in accordance with GAAP as in
effect on the Closing Date (whether or not such operating lease was in effect on such date) shall continue to be accounted for as an operating lease (and not as a Capitalized Lease or Capital Lease Obligation) for purposes of this Agreement
regardless of any change in GAAP following the Closing Date that would otherwise require such obligation to be recharacterized as a Capital Lease Obligation, to the extent that financial reporting shall not be affected thereby. 

“Cash Collateralize” shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
Administrative Agent, the Issuing Lender or Swingline Lender (as applicable) and the Lenders, as collateral for LOC Obligations, obligations in respect of Swingline Loans, or obligations of Lenders to fund participations in respect of either thereof
(as the context may require), cash or deposit account balances or, if the Issuing Lender or Swingline Lender benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and
substance satisfactory to (a) the Administrative Agent and (b) the applicable Issuing Lender or the Swingline Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash
collateral and other credit support. 
 “Cash Equivalents” shall mean (a) securities issued or directly and fully
guaranteed or insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof) having maturities of not more than twelve
months from the date of acquisition (“Government Obligations”), (b) Dollar denominated time deposits, certificates of deposit, Eurodollar time deposits and Eurodollar certificates of deposit of (i) any domestic commercial
bank of recognized standing having capital and surplus in excess of $500,000,000 or (ii) any bank whose short-term commercial paper rating at the time of the acquisition thereof is at least A-1 or the
equivalent thereof from S&P or from Moody’s is at least P-1 or the equivalent thereof from Moody’s (any such bank being an “Approved Bank”), in each case with maturities of not
more 

  
 7 

 
than 364 days from the date of acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes
issued by, or guaranteed by any domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by
Moody’s and maturing within six months of the date of acquisition, (d) repurchase agreements with a term of not more than thirty (30) days with a bank or trust company (including a Lender) or a recognized securities dealer having
capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States of America, (e) obligations of any state of the United States or any political subdivision thereof for the payment of the
principal and redemption price of and interest on which there shall have been irrevocably deposited Government Obligations maturing as to principal and interest at times and in amounts sufficient to provide such payment, (f) money market
accounts subject to Rule 2a-7 of the Investment Company Act of 1940 (“Rule 2a-7”) which consist primarily of cash and cash equivalents set forth in
clauses (a) through (e) above and of which 95% shall at all times be comprised of First Tier Securities (as defined in Rule 2a-7) and any remaining amount shall at all times be comprised of Second Tier
Securities (as defined in Rule 2a-7), (g) shares of any so-called “money market fund”; provided that such fund is registered under the Investment
Company Act of 1940, has net assets of at least $500,000,000 and has an investment portfolio with an average maturity of 365 days or less and (h) instruments equivalent in credit quality and tenor and comparable in type to those referred to in
clauses (a) through (g) above denominated in Pesos, Sterling, Euros or any other foreign currency and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent
reasonably required in connection with any business conducted by the Company or any Subsidiary organized in or doing business in such jurisdiction. 

“Cash Management Services” shall mean any services provided from time to time to any Credit Party or Subsidiary (other than
an Excluded Joint Venture) in connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automatic clearinghouse, controlled disbursement, depository, electronic funds transfer, information
reporting, lockbox, stop payment, overdraft and/or wire transfer services and all other treasury and cash management services. 

“Change in Law” shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption
or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of
any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act
and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted
or issued. 
 “Change of Control” shall mean at any time the occurrence of any of the following events: (a) any
“person” or “group” (as such terms are used in Section 13(d) and 14(d) of the 

  
 8 

 
Exchange Act), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of thirty-five percent (35%) or more of the then outstanding Voting Stock of the Company; or (b) [reserved]; or (c) the Company shall fail, directly or indirectly, to legally and beneficially own 100% of
the Equity Interests of each Subsidiary Borrower (unless such Subsidiary Borrower has been Disposed of pursuant to a transaction otherwise permitted hereunder). 

“Closing Date” shall mean the date on which the conditions specified in Section 4.1 are satisfied (or waived in
accordance with Section 9.1). 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

 “Collateral” shall mean a collective reference to the collateral which is identified in, and at any time will be covered
by, the Security Documents and any other property or assets of a Credit Party, whether tangible or intangible and whether real or personal, that may from time to time secure the Credit Party Obligations; provided that there shall be excluded
from the Collateral (a) any account, instrument, chattel paper or other obligation or property of any kind due from, owed by, or belonging to, a Sanctioned Person or Sanctioned Entity, (b) any lease in which the lessee is a Sanctioned
Person or Sanctioned Entity, (c) the Equity Interests of any Excluded Joint Venture to the extent specifically excluded by the Security Documents, (d) more than 65% of the Voting Stock of any Foreign Subsidiary, (e) any property of
any Foreign Subsidiary or Excluded Joint Venture or (f) any other property specifically excluded pursuant to the Security Documents. 

“Commitment” shall mean the Revolving Commitments, the LOC Commitment and the Swingline Commitment, individually or
collectively, as appropriate. 
 “Commitment Fee” shall have the meaning set forth in Section 2.5(a). 

“Committed Funded Exposure” shall mean, as to any Lender at any time, the aggregate principal amount at such time of its
outstanding Loans, LOC Obligations and Swingline Obligations at such time. 
 “Commitment Period” shall mean (a) with
respect to Revolving Loans and Swingline Loans, the period from and including the Closing Date to but excluding the Maturity Date and (b) with respect to Letters of Credit, the period from and including the Closing Date to but excluding the
date that is thirty (30) days prior to the Maturity Date. 
 “Commodity Exchange Act” shall mean the Commodity
Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
 “Commonly Controlled
Entity” shall mean an entity, whether or not incorporated, which is under common control with the Company within the meaning of Section 4001(b)(1) of ERISA or is part of a group which includes the Company and which is treated as a single
employer under Section 414(b) or 414(c) of the Code or, solely for purposes of Section 412 of the Code to the extent required by such Section, Section 414(m) or 414(o) of the Code. 

  
 9 

 “Company” shall have the meaning set forth in the first paragraph of this
Agreement. 
 “Consolidated” shall mean, when used with reference to financial statements or financial statement items of
the Company and its Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP. 

“Consolidated Capital Expenditures” shall mean, as of any date of determination for the four (4) consecutive fiscal
quarter period ending on such date, all expenditures of the Company and its Subsidiaries (excluding any Excluded Joint Venture) on a Consolidated basis for such period that in accordance with GAAP would be classified as capital expenditures,
including, without limitation, Capital Lease Obligations. The term “Consolidated Capital Expenditures” shall not include (a) any Permitted Acquisition, (b) the purchase price of equipment that is purchased during such period to
the extent the consideration therefor consists of (i) used or surplus equipment traded in at the time of such purchase and (ii) the proceeds of a concurrent sale of used or surplus equipment, in each case, in the ordinary course of
business or (c) the purchase price of equipment that is purchased substantially contemporaneously with the trade-in of existing equipment to the extent that the gross amount of the such price is reduced
by the credit granted by the seller of such equipment for the equipment being traded at such time. 
 “Consolidated Cash Interest
Expense” shall mean, as of any date for the applicable period ending on such date with respect to Company and its Subsidiaries on a Consolidated basis, the amount payable with respect to such period in respect of (a) total interest
expense paid or payable in cash with respect to all outstanding Indebtedness of the Company and its Subsidiaries (including the interest component under capitalized leases, but excluding, to the extent included in interest expense, (i) fees and
expenses (including any penalties and interest relating to Taxes) associated with the consummation of the Transactions, (ii) annual agency fees paid to the administrative agents and collateral agents under any credit facilities or other debt
instruments or documents, (iii) costs associated with obtaining Swap Agreements and any interest expense attributable to the movement of the mark-to-market
valuation of obligations under Swap Agreements or other derivative instruments, and any one-time cash costs associated with breakage in respect of Swap Agreements for interest rates, (iv) fees and
expenses (including any penalties and interest relating to Taxes) associated with any Investment not prohibited by Section 6.5, the issuance of Equity Interests or Indebtedness, (v) any interest component relating to accretion or accrual
of discounted liabilities, (vi) all non-recurring cash interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations, (vii) amortization of
deferred financing fees, debt issuance costs, commissions, fees and expenses or expensing of any financing fees or prepayment or redemption premiums or penalty and any other amounts of non-cash interest
(including as a result of the effects of acquisition method accounting or pushdown accounting), and (viii) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual,
contingent or potential) with respect thereto and with respect to any Permitted Acquisition or other Investment, all as calculated on a consolidated basis in accordance with GAAP minus (b) cash interest income of the Company and its
Subsidiaries earned during such period, in each case as determined in accordance with GAAP. 

  
 10 

 “Consolidated EBITDA” means, for any period, Consolidated Net Income for such
period, plus: 
 (a) without duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net
Income, the sum of the following amounts for such period: 
 (i) total interest expense and, to the extent not reflected in such total
interest expense, the sum of (A) premium payments, debt discount, fees, charges and related expenses incurred in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets
plus (B) the portion of rent expense with respect to such period under Capital Leases that is treated as interest expense in accordance with GAAP plus (C) the implied interest component of synthetic leases with respect to
such period plus (D) any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative
instruments plus (E) bank and letter of credit fees and costs of surety bonds in connection with financing activities, plus (F) amortization or write-off of deferred financing fees,
debt issuance costs, debt discount or premium, terminated hedging obligations and other commissions, financing fees and expenses and, adjusted, to the extent included, to exclude any refunds or similar credits received in connection with the
purchasing or procurement of goods or services under any purchasing card or similar program; 
 (ii) provision for taxes based on income,
profits or capital and sales taxes, including federal, provincial, territorial, foreign, state, local, franchise, excise, and similar taxes and foreign withholding taxes paid or accrued during such period (including in respect of repatriated funds)
including penalties and interest related to such taxes or arising from any tax examinations (including, without limitation, any additions to such taxes, and any penalties and interest with respect thereto); 

(iii) Non-Cash Charges; 

(iv) unusual, non-recurring or exceptional expenses, losses or charges (including any unusual, non-recurring or exceptional operating expenses, losses or charges directly attributable to the implementation of cost savings initiatives), severance, relocation costs, integration and facilities’ opening
costs, recruiting fees, signing costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities, curtailments or modifications to pension and post-retirement employee benefit plans (including any
settlement of pension liabilities), contract terminations and professional and consulting fees incurred in connection with any of the foregoing; provided that the aggregate amount permitted to be added back pursuant to this clause
(iv) during any four consecutive fiscal quarter period shall not exceed 10% of pro forma Consolidated EBITDA (calculated before giving effect to such add-back); 

(v) [reserved]; 

  
 11 

 (vi) losses, expenses or charges (including all fees and expenses or charges relating
thereto) (A) from abandoned, closed, disposed or discontinued operations and any losses on disposal of abandoned, closed or discontinued operations and (B) attributable to business dispositions or asset dispositions (other than in the
ordinary course of business) as determined in good faith by a Responsible Officer; 
 (vii) any
non-cash loss attributable to the mark to market movement in the valuation of any Equity Interests, and hedging obligations or other derivative instruments (in each case, including pursuant to Financial
Accounting Standards Codification No. 815—Derivatives and Hedging but only to the extent the cash impact resulting from such loss has not been realized); 

(viii) any loss relating to amounts paid in cash prior to the stated settlement date of any hedging obligation that has been reflected in
Consolidated Net Income for such period; 
 (ix) any gain relating to hedging obligations associated with transactions realized in the
current period that has been reflected in Consolidated Net Income in prior periods and excluded from Consolidated EBITDA pursuant to clauses (c)(v) and (c)(vi) below; 

(x) any costs or expenses incurred by the Company or any Subsidiary pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement, any severance agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are non-cash or otherwise funded with
cash proceeds contributed to the capital of the Company or net proceeds of an Equity Issuance of the Company; 
 (xi) any net pension or
other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost)
existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of a similar nature; 
 (xii)
earn-out and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price adjustments, in each case in connection with
acquisitions or Investments; 
 (xiii) charges, losses, lost profits, expenses (including litigation expenses, fee and charges) or
write-offs to the extent indemnified or insured by a third party, including expenses or losses covered by indemnification provisions or by any insurance provider in connection with the Transactions, a Permitted Acquisition or any other acquisition
or Investment, disposition or any Recovery Event, in each case, to the extent that coverage has not been denied and so long as such amounts are actually reimbursed in cash within one year after the related amount is first added to Consolidated
EBITDA pursuant to this clause (xiii) (and if not so reimbursed within one year, such amount shall be deducted from Consolidated EBITDA during the next measurement period); 

(xiv) cash receipts (or any netting arrangements resulting in reduced cash expenses) not included in Consolidated EBITDA in any period to the
extent non-cash gains relating to such receipts were deducted in the calculation of Consolidated EBITDA pursuant to clause (c) below for any previous period and not added back; plus 

  
 12 

 (b) without duplication, (i) restructuring charges, accruals or reserves (including
restructuring and integration costs related to acquisitions and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements and (ii) the amount of “run rate” cost
savings, operating expense reductions, other operating improvements, and synergies related to any Specified Transaction, the Transactions, any restructuring, cost saving initiative or other initiative or any Permitted Acquisition projected by the
Company in good faith to be realized within twelve (12) months of the actions taken (including actions initiated prior to the Closing Date) (which cost savings, operating expense reductions, other operating improvements and synergies shall be
added to Consolidated EBITDA until fully realized and calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized on the first day of the relevant period),
net of the amount of actual benefits realized from such actions; provided that (A) such cost savings, operating expense reductions, other operating improvements and synergies are reasonably identifiable and quantifiable and (B) no
cost savings, operating expense reductions, other operating improvements or synergies shall be added pursuant to this clause (b) to the extent duplicative of any expenses or charges relating to such cost savings, operating expense reductions,
other operating improvements or synergies that are included in the definition of “Pro Forma Adjustment” (it being understood and agreed that “run rate” shall mean the full recurring benefit that is associated with any action
taken); provided further that the aggregate amount permitted to be added back pursuant to this clause (b) during any four consecutive fiscal quarter period when combined with any similar amounts added back pursuant to those in the
definition of “Pro Forma Adjustment” shall not exceed 20% of pro forma Consolidated EBITDA (calculated before giving effect to such add-backs); less 

(c) without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such
period: 
 (i) non-recurring gains and interest income; 

(ii) non-cash gains (excluding any non-cash gain to the extent
it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period); 

(iii) (A) gains (including all fees and expenses or income relating thereto) attributable to business dispositions or asset dispositions,
other than in the ordinary course of business, as determined in good faith by the chief financial officer of the Company and (B) gains or income (including all reasonable fees and expenses or charges relating thereto) from abandoned, closed,
disposed or discontinued operations and any gains on disposal of abandoned, closed or discontinued operations; 
 (iv) any non-cash gain attributable to the mark to market movement in the valuation of any Equity Interests, and hedging obligations or other derivative instruments (in each case, including pursuant to Financial Accounting
Standards Codification No. 815—Derivatives and Hedging but only to the extent the cash impact resulting from such gain has not been realized); 

  
 13 

 (v) any gain relating to amounts received in cash prior to the stated settlement date of any
hedging obligation that has been reflected in Consolidated Net Income in such period; and 
 (vi) any loss relating to hedging obligations
associated with transactions realized in the current period that has been reflected in Consolidated Net Income in prior periods and excluded from Consolidated EBITDA pursuant to clauses (a)(viii) and (a)(ix) above;

in each case, as determined on a Consolidated basis for the Company and its Subsidiaries in accordance with GAAP; provided that: 

(I) to the extent included in Consolidated Net Income, there shall be excluded in determining Consolidated EBITDA currency translation gains
and losses related to currency remeasurements of assets or liabilities (including the net loss or gain resulting from hedging agreements for currency exchange risk and revaluations of intercompany balances); 

(II) there shall be included in determining Consolidated EBITDA for any period, without duplication, (A) to the extent not included in
Consolidated Net Income, the Acquired EBITDA of any Person, property, business or asset or attributable to any Person, property, business or asset acquired by the Company or any Subsidiary during such period to the extent not subsequently sold,
transferred or otherwise disposed of (but not including the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset acquired, including pursuant to the
Transactions or pursuant to a transaction consummated prior to the Closing Date, and not subsequently so disposed of, an “Acquired Entity or Business”), in each case based on the Acquired EBITDA of such Pro Forma Entity for such
period (including the portion thereof occurring prior to such acquisition or conversion) determined on a historical Pro Forma Basis and (B) an adjustment in respect of each Pro Forma Entity equal to the amount of the Pro Forma Adjustment with
respect to such Pro Forma Entity for such period (including the portion thereof occurring prior to such acquisition or conversion) as specified in the Pro Forma Adjustment certificate delivered to the Administrative Agent (for further delivery to
the Lenders); provided that, with respect to any determination to be made on a Pro Forma Basis, at the election of the Company, such Acquired EBITDA or such adjustment shall not be required to be included for any Pro Forma Entity to the
extent the aggregate consideration paid in connection with the acquisition of such Acquired Entity or Business, in the aggregate, is less than $50,000,000; 

(III) there shall be (A) to the extent included in Consolidated Net Income, excluded in determining Consolidated EBITDA for any period
the Disposed EBITDA of any Person, property, business or asset sold, transferred or otherwise disposed of, closed or classified as discontinued operations in accordance with GAAP (other than (x) if so classified on the basis that it is being
held for sale unless such sale has actually occurred during such period and (y) for periods prior to the applicable sale, transfer or other disposition, if the Disposed EBITDA of such Person, property, business or asset is positive (i.e., if
such Disposed EBITDA is negative, it 

  
 14 

 
shall be added back in determining Consolidated EBITDA for any period)) by the Company or any Subsidiary during such period (each such Person, property, business or asset so sold, transferred or
otherwise disposed of, closed or classified, a “Sold Entity or Business”), in each case based on the Disposed EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale,
transfer, disposition, closure, classification or conversion) determined on a historical Pro Forma Basis and (B) to the extent not included in Consolidated Net Income, included in determining Consolidated EBITDA for any period in which a Sold
Entity or Business is disposed, an adjustment equal to the Pro Forma Adjustment with respect to such Sold Entity or Business (including the portion thereof occurring prior to such disposal) as specified in the Pro Forma Adjustment certificate
delivered to the Administrative Agent (for further delivery to the Lenders); 
 (IV) to the extent included in Consolidated Net Income,
there shall be excluded in determining Consolidated EBITDA any expense (or income) as a result of adjustments recorded to contingent consideration liabilities relating to the Transaction or any Permitted Acquisition (or other Investment permitted
hereunder); and 
 (V) the aggregate amount permitted to be added back pursuant to clauses (a)(iv), (vi), (vii), (viii), (ix), (x), (xi),
(xii), (xiii), (xiv) and (b), net of the aggregate amount deducted pursuant to clauses (c),(i), (iii), (iv), (v) and (vi) during any four consecutive fiscal quarter period, shall not exceed 25% of pro forma Consolidated EBITDA (calculated
before giving effect to such add-backs and such deductions). 
 Notwithstanding the foregoing,
Consolidated EBITDA shall be deemed to equal (a) $34,675,000 for the fiscal quarter ended September 30, 2016, (b) $30,110,000 for the fiscal quarter ended June 30, 2016, (c) $31,967,000 for the fiscal quarter ended March 31,
2016 and (d) $21,990,000 for the fiscal quarter ended December 31, 2015 (it being understood that such amounts are subject to adjustments, as and to the extent otherwise contemplated in this Agreement, in connection with any Pro Forma
Adjustment or any calculation on a Pro Forma Basis); provided that such amounts of Consolidated EBITDA for any such fiscal quarter shall be adjusted to include, without duplication, any cost savings that would otherwise be included pursuant
to clause (b) of this definition. 
 “Consolidated Funded Debt” shall mean, as of any date of determination, Funded
Debt of the Credit Parties and their Subsidiaries (excluding the Funded Debt of any Excluded Joint Venture) on a Consolidated basis. 

“Consolidated Net Income” means, for any period, the net income (loss) of the Company and its Subsidiaries for such
period determined on a Consolidated basis in accordance with GAAP, excluding, without duplication, 
 (a) extraordinary items for such
period, 
 (b) the cumulative effect of a change in accounting principles during such period, 

(c) any Transaction Costs incurred during such period, 

  
 15 

 (d) any fees and expenses (including any transaction or retention bonus or similar payment)
incurred during such period, or any amortization thereof for such period, in connection with any acquisition, non-recurring costs to acquire equipment to the extent not capitalized in accordance with GAAP,
Investment, recapitalization, asset disposition, non-competition agreement, issuance or repayment of debt, issuance of equity securities, refinancing transaction or amendment or other modification of or waiver
or consent relating to any debt instrument (in each case, including the Transaction Costs and any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the avoidance of doubt, the effects of expensing all
transaction-related expenses in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification 460), 

(e) any income (loss) (and all fees and expenses or charges relating thereto) for such period attributable to the early extinguishment of
Indebtedness, hedging agreements or other derivative instruments, 
 (f) accruals and reserves that are established or adjusted as a result
of the Transactions or any Permitted Acquisition or other Investment not prohibited under this Agreement in accordance with GAAP (including any adjustment of estimated payouts on earn-outs) or changes as a result of the adoption or modification of
accounting policies during such period, 
 (g) stock-based award compensation expenses, 

(h) any income (loss) attributable to deferred compensation plans or trusts, 

(i) any income (loss) from Investments recorded using the equity method, 

(j) the amount of any expense required to be recorded as compensation expense related to contingent transaction consideration, 

(k) any unrealized or realized gain or loss due solely to fluctuations in currency values and the related tax effects, determined in
accordance with GAAP, and 
 (l) (i) the net income of any Person that is not a Subsidiary of such Person or that is accounted for by the
equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof in respect of such
period and (ii) the net income shall include any ordinary course dividend distribution or other payment in cash received from any Person in excess of the amounts included in clause (i) above. 

There shall be included in Consolidated Net Income, without duplication, the amount of any cash tax benefits related to the tax amortization
of intangible assets in such period. There shall be excluded from Consolidated Net Income for any period the effects from applying 

  
 16 

 
acquisition method accounting, including applying acquisition method accounting to inventory, property and equipment, loans and leases, software and other intangible assets and deferred revenue
(including deferred costs related thereto and deferred rent) required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Company and its Subsidiaries), as a result of the
Transactions, any acquisition or Investment consummated prior to the Closing Date and any Permitted Acquisitions (or other Investment not prohibited hereunder) or the amortization or write-off of any amounts
thereof. 
 In addition, to the extent not already included in Consolidated Net Income, Consolidated Net Income shall include the amount of
proceeds received or due from business interruption insurance or reimbursement of expenses and charges that are covered by indemnification and other reimbursement provisions in connection with any acquisition or other Investment or any disposition
of any asset permitted hereunder. 
 “Consolidated Tangible Assets” shall mean the book value of the total assets of the
Company and the Subsidiaries (other than Excluded Joint Ventures) less the book value of all intangible assets, including goodwill, trademarks, non-compete agreements, customer relationships, patents,
unamortized deferred financing fees, and other rights or nonphysical resources that are presumed to represent an advantage to the Company and its Subsidiaries in the marketplace, in each case determined on a consolidated basis in accordance with
GAAP. 
 “Consolidated Working Capital” shall mean, as of any date of determination, the excess of (a) current assets
(excluding cash and Cash Equivalents) of the Company and its Subsidiaries on a Consolidated basis as of such date of determination less (b) current liabilities (excluding the current portion of long term Indebtedness) of the Company and its
Subsidiaries on a Consolidated basis as of such date of determination, all as determined in accordance with GAAP. 
 “Contractual
Obligation” shall mean, as to any Person, any provision of any security issued by such Person or of any contract, agreement, instrument or undertaking to which such Person is a party or by which it or any of its property is bound. 

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

“Copyright Licenses” shall mean any agreement, whether written or oral, providing for the grant by or to a Person of any
right under any Copyright. 
 “Copyrights” shall mean all copyrights in all Works, all registrations and recordings
thereof, and all applications in connection therewith, including, without limitation, registrations, recordings and applications in the United States Copyright Office or in any similar office or agency of the United States, any state thereof or any
other country or any political subdivision thereof, or otherwise and all renewals thereof. 

  
 17 

 “Credit Documents” shall mean this Agreement, each of the Notes, any Joinder
Agreement, the Letters of Credit, LOC Documents and the Security Documents and all other agreements executed in connection therewith (including any amendments or modifications to the foregoing, but excluding any agreement, document, certificate or
instrument related to a Bank Product). 
 “Credit Party” shall mean any of the Borrowers or the Guarantors. 

“Credit Party Obligations” shall mean, without duplication, (a) the Obligations and (b) for purposes of
Section 2.11, the Guaranty, the Security Documents and all provisions under the Credit Documents relating to the Collateral, the sharing thereof and/or payments from proceeds of the Collateral, all Bank Product Debt, but in all cases excluding
Excluded Swap Obligations. 
 “Debt Issuance” shall mean the issuance of any Indebtedness by any Credit Party or any of its
Subsidiaries (excluding any Equity Issuance or any Indebtedness of any Credit Party and its Subsidiaries permitted to be incurred pursuant to Sections 6.1 hereof). 

“Debtor Relief Laws” shall mean the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. 

“Default” shall mean any of the events specified in Section 7.1, whether or not any requirement for the giving of notice
or the lapse of time, or both, or any other condition, has been satisfied. 
 “Default Rate” shall mean (a) when used
with respect to the Obligations, other than Letter of Credit Fees, an interest rate equal to (i) for Alternate Base Rate Loans (A) the Alternate Base Rate plus (B) the Applicable Margin, applicable to Alternate Base Rate Loans
plus (C) 2.00% per annum and (ii) for LIBOR Rate Loans, (A) the LIBOR Rate plus (B) the Applicable Margin applicable to LIBOR Rate Loans plus (C) 2.00% per annum, (b) when used with respect to
Letter of Credit Fees, a rate equal to the Applicable Margin applicable to Letter of Credit Fees plus 2.00% per annum and (c) when used with respect to any other fee or amount due hereunder, a rate equal to the Applicable Margin,
applicable to Alternate Base Rate Loans plus 2.00% per annum. 
 “Defaulting Lender” shall mean, subject to Section
2.21(b), any Lender that, (a) has failed to (i) fund all or any portion of its Loans within three Business Days of the date such Loans were required to be funded hereunder, or (ii) pay to the Administrative Agent, any Issuing Lender,
any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within three Business Days of the date when due, (b) has notified
the Company, the Administrative Agent or any Issuing Lender or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, (c) has failed, within three Business Days after written request by the
Administrative Agent or the Company, to confirm in a manner 

  
 18 

 
satisfactory to the Administrative Agent and the Company that it will comply with its funding obligations (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon receipt of such written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law,
(ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority. 

“Deposit Account Control Agreement” shall mean an agreement, among a Credit Party, a depository institution, and the
Administrative Agent, which agreement shall be in a form acceptable to the Administrative Agent and which provides the Administrative Agent with “control” (as such term is used in Article 9 of the UCC) over the deposit account(s) described
therein, as the same may be amended, modified, extended, restated, replaced, or supplemented from time to time. 
 “Disposed
EBITDA” means, with respect to any Sold Entity or Business for any period through (but not after) the date of such disposition, the amount for such period of Consolidated EBITDA of such Sold Entity or Business (determined as if references
to the Company and its Subsidiaries in the definition of the term “Consolidated EBITDA” (and in the component financial definitions used therein) were references to such Sold Entity or Business and its subsidiaries), all as determined on a
consolidated basis for such Sold Entity or Business. 
 “Disposition” shall have the meaning set forth in Section 6.4.

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

“Dollar Equivalent” shall mean, at any time, (a) with respect to Dollars or an amount denominated in Dollars, such
amount and (b) with respect to an amount in Foreign Currency or an amount denominated in any Foreign Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis of the Spot Rate
(determined by the Administrative Agent as of the most recent Revaluation Date) applicable to such Foreign Currency. 

“Domestic Lending Office” shall mean, initially, the office of each Lender designated as such Lender’s Domestic Lending
Office shown in such Lender’s Administrative Questionnaire; and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative Agent and the Company as the office of such Lender at which
Alternate Base Rate Loans of such Lender are to be made. 
 “Domestic Subsidiary” shall mean any Subsidiary that is
organized and existing under the laws of the United States or any state or commonwealth thereof or under the laws of the District of Columbia. 

  
 19 

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

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

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

“Effective Yield” shall mean, as to any Indebtedness, the effective yield on such Indebtedness in the reasonable
determination of the Administrative Agent and the Company and consistent with generally accepted financial practices, taking into account the applicable interest rate margins, any interest rate floors (the effect of which floors shall be determined
in a manner set forth in the proviso below) or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (a) the remaining term of such Indebtedness and (b) the four years
following the date of incurrence thereof) payable generally to lenders or other institutions providing such Indebtedness, but excluding any arrangement, syndication, commitment, prepayment, structuring, ticking or other similar fees payable in
connection therewith that are not generally shared with the relevant Lenders, and, if applicable, consent fees for an amendment paid generally to consenting Lenders; provided that with respect to any Indebtedness that includes a “LIBOR
floor” or “Base Rate floor,” (i) to the extent that the LIBOR Rate or Alternate Base Rate (without giving effect to any floors in such definitions), as applicable, on the date that the Effective Yield is being calculated is less than
such floor, the amount of such difference shall be deemed added to the interest rate margin for such Indebtedness for the purpose of calculating the Effective Yield and (ii) to the extent that the LIBOR Rate or Alternate Base Rate (without
giving effect to any floors in such definitions), as applicable, on the date that the Effective Yield is being calculated is greater than such floor, then the floor shall be disregarded in calculating the Effective Yield. 

“Eligible Assignee” shall mean (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and
(d) any other Person (other than a natural person) approved by (i) the Administrative Agent, (ii) in the case of any assignment of a Revolving Commitment, the Issuing Lender and (iii) unless an Event of Default has occurred and
is continuing, the Company (each such approval not to be unreasonably withheld or delayed; provided that the Company shall be deemed to have approved such Person unless it shall object thereto by written notice to the Administrative Agent
within ten (10) Business Days after having received notice thereof); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include (A) any Credit Party or any of the Credit Party’s Affiliates or
Subsidiaries, (B) any competitor of the Company or any of its Subsidiaries or (C) any Defaulting Lender (or any of its Affiliates). 

  
 20 

 “EMU” shall mean Economic and Monetary Union as contemplated in the Treaty on
European Union. 
 “EMU Legislation” shall mean legislative measures of the European Council (including, without
limitation, European Council regulations) for the introduction of, changeover to or operation of a single or unified European currency (whether known as the Euro or otherwise), being in part the implementation of the third stage of EMU. 

“Environmental Laws” shall mean any and all applicable foreign, federal, state, local or municipal laws, rules, orders,
regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirement of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human
health and safety (with respect to Materials of Environmental Concern), protection of natural resources or protection of the environment, as now are or may at any time be in effect during the term of this Agreement. 

“Equity Interests” shall mean (a) in the case of a corporation, capital stock, (b) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general, preferred or limited), (d) in the
case of a limited liability company, membership interests and (e) any other interest or participation that confers or could confer on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing
Person, without limitation, options, warrants and any other “equity security” as defined in Rule 3a11-1 of the Exchange Act. 

“Equity Issuance” shall mean any issuance by any Credit Party or any Subsidiary to any Person which is not a Credit Party or
a Subsidiary of (a) shares or interests of its Equity Interests, (b) its Equity Interests pursuant to the exercise of options or warrants or similar rights, (c) any shares or interests of its Equity Interests pursuant to the
conversion of any debt securities to equity or (d) warrants or options or similar rights that are exercisable or convertible into shares or interests of its Equity Interests. The term “Equity Issuance” shall not include (i) any
Equity Interests issued as consideration for a Permitted Acquisition, (ii) any Asset Disposition, (iii) any Debt Issuance or (iv) any Equity Interests issued to officers, directors, management and employees of any Credit
Party or any of its Subsidiaries (v) any issuance by any Credit Party or any Subsidiary to any other Credit Party or Subsidiary or (vi) any issuance by any Excluded Joint Venture.  

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

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

  
 21 

 “Euro” shall mean the single currency of Participating Member States of the
European Union. 
 “Event of Default” shall mean any of the events specified in Section 7.1; provided,
however, that any requirement for the giving of notice or the lapse of time, or both, or any other condition, has been satisfied. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Excluded Joint Venture” shall mean any Subsidiary of the Company that is a joint venture between a Credit Party or a
Subsidiary, on one hand, and a third party that is not a Credit Party, Subsidiary or Affiliate thereof, on the other hand, to the extent not permitted by the terms of its formation documents to become a Credit Party hereunder. 

“Excluded Swap Obligation” shall mean, with respect to any Credit Party, any Swap Obligation if, and to the extent that, all
or a portion of the Guaranty of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s failure for any reason to constitute an “eligible contract participant” as
defined in the Commodity Exchange Act and the regulations thereunder at the time the Guaranty of such Credit Party or the grant of such security interest would otherwise have become effective with respect to such Swap Obligation but for such Credit
Party’s failure to constitute an “eligible contract participant at such time, unless otherwise agreed between the Company and the Administrative Agent. If a Swap Obligation arises under a master agreement governing more than one swap, such
exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, the Issuing Lender or any other recipient
of any payment to be made by or on account of any obligation of any Credit Party under any Credit Document, (a) any Other Connection Taxes, (b) any U.S. federal withholding Tax imposed by a law in effect at the time such
Person (other than an assignee under Section 2.22) becomes a party hereto (or designates a new lending office), with respect to any payment made by or on account of any obligation of a U.S. Borrower to such Person, except to the extent that
such Person (or its assignor, if any) was entitled, at the time of the assignment (or designation of a new lending office), to receive additional amounts with respect to such withholding Tax pursuant to Section 2.16(a), (c) Taxes attributable to
such Person’s failure to comply with Section 2.16(f), (d) any U.S. federal withholding Tax imposed on any payment of fees pursuant to Section 2.5 and (e) any Taxes imposed under FATCA. 

“Existing Credit Agreement” shall have the meaning set forth in the Recitals hereto. 

“Existing Lenders” shall have the meaning set forth in the Recitals hereto. 

  
 22 

 “Existing Letter of Credit” shall mean each of the letters of credit described
by applicant, date of issuance, letter of credit number, amount, beneficiary and the date of expiry on Schedule 1.1(c) hereto.  

“Extension of Credit” shall mean, as to any Lender, the making of a Loan by such Lender or the issuance, extension or renewal
of, or participation in, a Letter of Credit or Swingline Loan by such Lender. 
 “FATCA” shall mean Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Code. 
 “Federal Funds Effective Rate” shall have the meaning set forth in the definition of
“Alternate Base Rate”. 
 “Fee Letter” shall mean the letter agreement dated November 30, 2016, addressed to
the Company from Wells Fargo, WFS, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Bank and SunTrust Robinson Humphrey, Inc., as amended, modified, extended, restated, replaced, or supplemented from time
to time. 
 “Fixed Amounts” shall have the meaning set forth in Section 1.8(b). 

“Flood Hazard Property” shall mean any Mortgaged Property with a building or other insurable improvement that is located in
an area designated by the Federal Emergency Management Agency as having special flood or mudslide hazards. 
 “Foreign
Currency” shall mean (a) Euros, Mexican Pesos and Canadian Dollars and (b) any other currency that is freely tradable and convertible into Dollars that is approved by the Issuing Lender and the Administrative Agent. 

“Foreign Currency Letter of Credit” shall have the meaning set forth in Section 2.3(k). 

“Foreign Lender” shall mean any Lender or Issuing Lender, (a) with respect to any Borrower other than a U.S. Borrower,
that is treated as foreign by the jurisdiction in which such Borrower is resident for tax purposes, and (b) with respect to any U.S. Borrower, that, (i) is not a U.S. Person, or (ii) is a partnership or other entity treated as a
partnership for U.S. federal income tax purposes that is a U.S. Person, but only to the extent the beneficial owners (including indirect partners if its direct partners are partnerships for U.S. federal income tax purposes that are U.S. Persons) are
not U.S. Persons. 
 “Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary. 

“Foreign Subsidiary Contribution” shall mean the transfer of the Equity Interests of Mexico Holdings to one or more Foreign
Subsidiary Holdcos of the Credit Parties in exchange for Equity Interests of Subsidiaries and/or intercompany Indebtedness. 

  
 23 

 “Foreign Subsidiary Holdco” shall mean any newly created Foreign Subsidiary
which has no material assets other than intercompany indebtedness and Equity Interests of Subsidiaries. 
 “Foreign Subsidiary
Reorganization” shall mean each of the transactions set forth on Schedule 1.1(f). 
 “Free Cash Flow” shall
mean, with respect to any fiscal year for which financial statements have been delivered pursuant to Section 5.1(a), an amount equal to (a) “Net Cash Provided from Operating Activities” for such fiscal year as set forth in such financial
statements minus (b) decreases in Consolidated Working Capital during such fiscal year plus (c) increases in Consolidated Working Capital during such fiscal year minus
(d) Consolidated Capital Expenditures made during such fiscal year; provided that with respect to any fiscal year of the Company, Free Cash Flow shall not exceed $100,000,000. 

“Fronting Exposure” shall mean, at any time there is a Defaulting Lender, (a) with respect to any Issuing Lender, such
Defaulting Lender’s Applicable Percentage of the outstanding LOC Obligations with respect to Letters of Credit issued by such Issuing Lender other than LOC Obligations as to which such Defaulting Lender’s participation obligation has been
reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any Swingline Lender, such Defaulting Lender’s Applicable Percentage of outstanding Swingline Loans made by such Swingline
Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

“Fund” shall mean any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “Funded
Debt” shall mean, with respect to any Person, without duplication, all Indebtedness of such Person (other than Indebtedness set forth in clauses (e) and (i) of such definition); provided, that with respect to Indebtedness set
forth in clause (j) of such definition, such Indebtedness shall constitute Funded Debt only with respect to unreimbursed amounts outstanding under any such letters of credit or bankers’ acceptances facilities; provided,
further, that with respect to Indebtedness set forth in clause (l) of such definition, such Indebtedness shall constitute Funded Debt solely to the extent it is recourse to a Credit Party or any of its Subsidiaries. 

“GAAP” shall mean generally accepted accounting principles in effect in the United States of America (or, in the case of
Foreign Subsidiaries with significant operations outside the United States of America, generally accepted accounting principles in effect from time to time in their respective jurisdictions of organization or formation) applied on a consistent
basis, subject, however, to the provisions of Section 1.3. 
 “Government Acts” shall have the meaning
set forth in Section 2.17. 

  
 24 

 “Government Contract” shall mean any contract entered into between any Credit
Party or any of its Subsidiaries and the government of the United States of America, or any department, agency, public corporation, or other instrumentality or agent thereof or any state government or any department, agency or instrumentality or
agent thereof providing for the sale of products or services to a Governmental Authority. 
 “Government Obligations” shall
have the meaning set forth in the definition of “Cash Equivalents.” 
 “Governmental Authority” shall mean the
government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantor” shall mean the Domestic Subsidiaries of the Company (other than the Subsidiary Borrowers, any Excluded
Joint Ventures or any Domestic Subsidiary owned by a Foreign Subsidiary) as are, or may from time to time become parties to this Agreement. 

“Guaranty” shall mean the guaranty of the Guarantors set forth in Article X. 

“Guaranty Obligations” shall mean, with respect to any Person, without duplication, any obligations of such Person (other
than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any manner, whether direct or indirect, and including, without
limitation, any obligation, whether or not contingent, (a) to purchase any such Indebtedness or any property constituting security therefor, (b) to advance or provide funds or other support for the payment or purchase of any such
Indebtedness or to maintain working capital, solvency or other balance sheet condition of such other Person (including, without limitation, keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements) for the
benefit of any holder of Indebtedness of such other Person, (c) to lease or purchase property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (d) to otherwise assure or hold harmless the
holder of such Indebtedness against loss in respect thereof. The amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum
principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made. 
 “Hedging
Agreement” shall mean any Swap Agreement. 
 “Incremental Revolving Loans” shall have the meaning set forth in
Section 2.22(c). 
 “Incremental Revolving Tranche” shall have the meaning set forth in Section 2.22(f). 

“Incurrence Based Amounts” shall have the meaning set forth in Section 1.8(b). 

  
 25 

 “Indebtedness” shall mean, with respect to any Person, 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, or upon which interest payments are customarily made, (c) all obligations of such
Person under conditional sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of
business), (d) all obligations (including, without limitation, earnout obligations) of such Person incurred, issued or assumed as the deferred purchase price of property or services purchased by such Person (other than trade payables incurred
in the ordinary course of business) which would appear as liabilities on a balance sheet of such Person, (e) all obligations of such Person under take-or-pay or
similar arrangements or under commodities agreements, (f) 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, or payable out of the
proceeds of production from, property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed; provided that if such Person has not assumed or otherwise become liable for payment of such Indebtedness
of others, the amount of Indebtedness under this clause (f) shall be the lesser of the amount of such Indebtedness of others and the fair market value of such property, (g) all Guaranty Obligations of such Person with respect to
Indebtedness of another Person, (h) the principal portion of all Capital Lease Obligations plus any capitalized interest thereon, (i) all net obligations of such Person under Swap Agreements, (j) the maximum amount of all
letters of credit issued or bankers’ acceptances facilities created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (k) all preferred Equity Interests issued by such Person
and which by the terms thereof are or could be (at the request of the holders thereof or otherwise) subject to mandatory sinking fund payments, redemption or other acceleration prior to the date that is 180 days after the Maturity Date, (l) the
principal balance outstanding under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product plus
any capitalized interest thereon, and (m) all obligations of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venturer to the extent such obligations are recourse to such Person.
Notwithstanding any other provision of this Agreement to the contrary, (A) the term “Indebtedness” shall not be deemed to include (1) any earn-out obligation until such obligation becomes a
liability on the balance sheet of the applicable Person in accordance with GAAP, (2) any deferred compensation arrangements and post-retirement liabilities relating to life and health insurance for officers, directors or employees or
(3) any non-compete or consulting obligations incurred in connection with Permitted Acquisitions and (B) the amount of Indebtedness (other than Indebtedness set forth in clause (f) above) for
which recourse is expressly limited to a specified amount shall be deemed to be equal to such specified amount. 
 “Indemnified
Taxes” shall mean Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any Credit Party under any Credit Document. 

“Indemnitee” shall have the meaning set forth in Section 9.5(b). 

“Insolvency” shall mean, with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning
of such term as used in Section 4245 of ERISA. 

  
 26 

 “Intellectual Property” shall mean, collectively, all Copyrights, Patents and
Trademarks of the Credit Parties and their Subsidiaries, all goodwill associated therewith and all rights to sue for infringement thereof. 

“Intercompany Debt” shall have the meaning set forth in Section 9.19. 

“Interest Coverage Ratio” shall mean, with respect to any Test Period, for the Company and its Subsidiaries on a
Consolidated basis, the ratio of (a) Consolidated EBITDA for such Test Period to (b) Consolidated Cash Interest Expense for such Test Period. 

“Interest Determination Date” shall have the meaning specified in the definition of “Applicable Margin”. 

“Interest Payment Date” shall mean (a) as to any Alternate Base Rate Loan, the last Business Day of each March, June,
September and December and on the applicable Maturity Date, (b) as to any LIBOR Rate Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any LIBOR Rate Loan having an Interest Period
longer than three months, (i) each three (3) month anniversary following the first day of such Interest Period and (ii) the last day of such Interest Period and (d) as to any Loan which is the subject of a mandatory prepayment
required pursuant to Section 2.7(b), the date on which such mandatory prepayment is due. 
 “Interest Period” shall mean,
with respect to any LIBOR Rate Loan, 
 (a) initially, the period commencing on the Borrowing Date or conversion date, as the
case may be, with respect to such LIBOR Rate Loan and ending one, two, three, six or twelve months thereafter, subject, in the case of twelve months, to availability to all applicable Lenders, as selected by the applicable Borrower in the Notice of
Borrowing or Notice of Conversion given with respect thereto; and 
 (b) thereafter, each period commencing on the last day
of the immediately preceding Interest Period applicable to such LIBOR Rate Loan and ending one, two, three, six or twelve months thereafter, subject, in the case of twelve months, to availability to all applicable Lenders, as selected by the
applicable Borrower by irrevocable notice to the Administrative Agent not less than three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that the foregoing provisions are subject to the
following: 
 (i) if any Interest Period pertaining to a LIBOR Rate Loan would otherwise end on a day that is not a Business
Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately
preceding Business Day; 
 (ii) any Interest Period pertaining to a LIBOR Rate Loan that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month; 

  
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 (iii) if the applicable Borrower shall fail to give notice as provided above, the
applicable Borrower shall be deemed to have selected an Alternate Base Rate Loan to replace the affected LIBOR Rate Loan; 

(iv) no Interest Period in respect of any Loan shall extend beyond the applicable Maturity Date; and 

(v) no more than six (6) LIBOR Rate Loans may be in effect at any time. For purposes hereof, LIBOR Rate Loans with
different Interest Periods shall be considered as separate LIBOR Rate Loans, even if they shall begin on the same date and have the same duration, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be
combined at the end of existing Interest Periods to constitute a new LIBOR Rate Loan with a single Interest Period. 

“Investment” shall mean (a) the acquisition (whether for cash, property, services, assumption of Indebtedness,
securities or otherwise) of Equity Interests, other ownership interests or other securities of any Person or bonds, notes, debentures or all or substantially all of the assets of any Person, (b) any deposit with, or advance, loan or other
extension of credit to, any Person (other than deposits and extensions of trade credit made in the ordinary course of business) or (c) any other capital contribution to or investment in any Person, including, without limitation, any Guaranty
Obligation (including any support for a letter of credit issued on behalf of such Person) incurred for the benefit of such Person. In the event that any Investment is made by a Borrower or any Subsidiary in any Person in order to consummate a
Permitted Acquisition of a Foreign Subsidiary through substantially concurrent interim transfers, it is understood and agreed that such interim transfers shall be disregarded for purposes of Section 6.5, resulting in such Investment and such
Permitted Acquisition being calculated without duplication for purposes of determining compliance with Section 6.5. The outstanding amount of any Investment on any date of determination shall be calculated after giving effect to all cash
returns of principal or capital thereon, cash dividends or other cash returns thereon received by the applicable Person making such Investment. 

“Issuing Lender” shall mean, as the context may require, (a) with respect to any Existing Letter of Credit, Wells
Fargo, (b) with respect to all other Letters of Credit, either (i) Wells Fargo or (ii) such other Lender as designated by the Company, agreed to by such Lender and approved by the Administrative Agent (such
approval not to be unreasonably withheld), together with any successor to any such issuing lender hereunder. 
 “Issuing Lender
Fees” shall have the meaning set forth in Section 2.5(c). 
 “Joinder Agreement” shall mean a Joinder Agreement in
substantially the form of Exhibit 1.1(c), executed and delivered by an Additional Credit Party in accordance with the provisions of Section 5.10. 

  
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 “LCA Election” shall have the meaning set forth in Section 1.7. 

“LCA Test Date” shall have the meaning set forth in Section 1.7. 

“Lender” shall mean any of the several banks and other financial institutions as are, or may from time to time become parties
to this Agreement. 
 “Lender Commitment Letter” shall mean, with respect to any Lender, the letter (or other
correspondence) to such Lender from the Administrative Agent notifying such Lender of its LOC Commitment, and/or Revolving Commitment Percentage. 

“Letter of Credit” shall mean (a) any letter of credit issued by the Issuing Lender pursuant to the terms hereof, as
such letter of credit may be amended, modified, restated, extended, renewed, increased, replaced or supplemented from time to time in accordance with the terms of this Agreement and (b) any Existing Letter of Credit, in each case as such letter
of credit may be amended, modified, extended, renewed or replaced from time to time in accordance with the terms of this Agreement. A Letter of Credit may be issued in Dollars or in a Foreign Currency, in accordance with Section 2.3. 

“Letter of Credit Facing Fee” shall have the meaning set forth in Section 2.5(c). 

“Letter of Credit Fee” shall have the meaning set forth in Section 2.5(b). 

“LIBOR” shall mean, for any LIBOR Rate Loan for any Interest Period therefor, the rate per annum (rounded upwards, if
necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or any successor page) for Eurocurrency deposits for the corresponding deposits in Dollars at approximately 11:00 A.M. (London time) two (2) Business Days
prior to the first day of such Interest Period for a term comparable to such Interest Period. If for any reason such rate is not available, then “LIBOR” shall mean the rate per annum at which, as determined by the Administrative Agent in
accordance with its customary practices, Dollars in an amount comparable to the Loans then requested are being offered to leading banks at approximately 11:00 A.M. London time, two (2) Business Days prior to the commencement of the
applicable Interest Period for settlement in immediately available funds by leading banks in the London interbank market for a period equal to the Interest Period selected. Notwithstanding the foregoing, for purposes of this Agreement, LIBOR shall
in no event be less than 0% at any time. 
 “LIBOR Lending Office” shall mean, initially, the office(s) of each Lender
designated as such Lender’s LIBOR Lending Office in such Lender’s Administrative Questionnaire; and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative Agent and the Company as
the office of such Lender at which the LIBOR Rate Loans of such Lender are to be made. 
 “LIBOR Rate” shall mean a LIBOR
rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) determined by the Administrative Agent in accordance with the definition of “LIBOR”. 

  
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 “LIBOR Rate Loan” shall mean Loans the rate of interest applicable to which is
based on the LIBOR Rate. 
 “LIBOR Tranche” shall mean the collective reference to LIBOR Rate Loans whose Interest Periods
begin and end on the same day. 
 “Lien” shall mean 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, without limitation, any conditional sale or
other title retention agreement and any Capital Lease having substantially the same economic effect as any of the foregoing). For the avoidance of doubt, “Lien” shall not include any license to Intellectual Property. 

“Limited Condition Acquisition” shall mean any Permitted Acquisition or investment not prohibited hereunder in any assets,
business or Person, in each case the consummation of which is not conditioned on the availability of, or on obtaining, third party financing. 

“Loan” shall mean a Revolving Loan and/or a Swingline Loan, as appropriate. 

“LOC Commitment” shall mean the commitment of the Issuing Lender to issue Letters of Credit and with respect to each
Revolving Lender, the commitment of such Revolving Lender to purchase Participation Interests in the Letters of Credit up to such Lender’s Revolving Commitment Percentage of the LOC Committed Amount. 

“LOC Committed Amount” shall have the meaning set forth in Section 2.3(a). 

“LOC Documents” shall mean, with respect to each Letter of Credit, such Letter of Credit, any amendments thereto, any
documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for
(a) the rights and obligations of the parties concerned or (b) any collateral for such obligations. 
 “LOC
Obligations” shall mean, at any time, the sum of (a) the Dollar Equivalent of the maximum amount which is, or at any time thereafter may become, available to be drawn under Letters of Credit then outstanding, assuming compliance with
all requirements for drawings referred to in such Letters of Credit plus (b) the aggregate amount of all drawings under Letters of Credit honored by the Issuing Lender but not theretofore reimbursed. 

“Maintenance Capital Expenditures” shall mean, for any period, the aggregate amount of Consolidated Capital Expenditures
expended by the Credit Parties and their Subsidiaries on a Consolidated basis during such period for the maintenance of their capital assets. 

“Mandatory LOC Borrowing” shall have the meaning set forth in Section 2.3(e). 

“Mandatory Swingline Borrowing” shall have the meaning set forth in Section 2.4(b)(ii). 

  
 30 

 “Material Adverse Effect” shall mean a material adverse effect on (a) the
business, operations, property, assets or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole, (b) the ability of the Borrowers and the Guarantors to perform their obligations, when such obligations are
required to be performed, under this Agreement, any of the Notes or any other Credit Document or (c) the validity or enforceability of this Agreement, any of the Notes or any of the other Credit Documents against the Credit Parties, the
Administrative Agent’s Liens (for the benefit of the Secured Parties) on a material portion of the Collateral or the priority of such Liens or the rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder (when taken
as a whole). 
 “Material Contract” shall mean (a) any contract or other agreement listed on
Schedule 6.8 and (b) any other contract, agreement, permit or license, written or oral, of the Credit Parties or any of their Subsidiaries as to which the breach, nonperformance, cancellation or failure to renew by any
party thereto, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 “Material
Government Contract” shall mean a Government Contract that is a Material Contract. 
 “Materials of Environmental
Concern” shall mean any gasoline or petroleum (including crude oil or any extraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, as defined or regulated as such in or under any Environmental
Law, including, without limitation, asbestos, perchlorate, polychlorinated biphenyls, urea-formaldehyde insulation and radioactive materials regulated by Environmental Law. 

“Maturity Date” shall mean the date that is five years following the Closing Date; provided, however, if such
date is not a Business Day, the Maturity Date shall be the next Business Day. 
 “Mexican Peso” shall mean the lawful
currency of United Mexican States. 
 “Mexico Holdings” shall mean Innophos Mexico Holdings, LLC, a Delaware limited
liability company. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

“Mortgage Instrument” shall mean any mortgage, deed of trust or deed to secure debt executed by a Credit Party in favor of
the Administrative Agent, for the benefit of the Secured Parties, as the same may be amended, modified, extended, restated, replaced, or supplemented from time to time. 

“Mortgage Policy” shall mean, with respect to any Mortgage Instrument, an ALTA mortgagee title insurance policy issued by a
title insurance company (the “Title Insurance Company”) reasonably acceptable to the Administrative Agent in an amount satisfactory to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative
Agent. 

  
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 “Mortgaged Property” shall mean any owned real property of a Credit Party listed
on Schedule 3.16(f)(i) and any other owned real property of a Credit Party that is or will become encumbered by a Mortgage Instrument in favor of the Administrative Agent in accordance with the terms of this Agreement. In
no event shall the SC Property be a Mortgaged Property. 
 “Multiemployer Plan” shall mean a “multiemployer plan”
as defined in Section 4001(a)(3) of ERISA to which a Credit Party or a Commonly Controlled Entity is obligated to contribute. 

“Net Income Taxes” shall mean, with respect to the Administrative Agent, any Lender, the Issuing Lender or any other
recipient of any payment to be made by or on account of any obligation of any Credit Party under any Credit Document, (a) any Taxes imposed on or measured by such recipient’s overall net income (however denominated), or any franchise Taxes
imposed on such recipient in lieu of net income Taxes by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which
its applicable lending office is located, and (b) any branch profits Taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which any Borrower is located. 

“Non-Cash Charges” shall mean (a) any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets (including goodwill), long-lived assets, and Investments in debt and equity securities or as a
result of a change in law or regulation, in each case pursuant to GAAP, and the amortization of intangibles pursuant to GAAP (which, without limiting the foregoing, shall include any impairment charges resulting from the application of FASB
Statements No. 142 and 144 and the amortization of intangibles arising pursuant to No. 141), (b) all non-cash compensation expenses, (c) the non-cash
impact of acquisition method accounting, (d) depreciation and amortization (including, without limitation, as they relate to acquisition accounting, amortization of deferred financing fees or costs, capitalized software expenditures and
amortization of unrecognized prior service costs and actuarial gains and losses related to pension and other post-employment benefits) and (e) other non-cash charges (including non-cash charges related to deferred rent) (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period,
the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period). 

“Non-Defaulting Lender’ shall mean, at any time, each Lender that is not a Defaulting
Lender at such time. 
 “Note” or “Notes” shall mean the Revolving Loan Notes and/or the Swingline Loan
Note, collectively, separately or individually, as appropriate. 

  
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 “Notice of Borrowing” shall mean a request for a Revolving Loan borrowing
pursuant to Section 2.1(b)(i) or a request for a Swingline Loan borrowing pursuant to Section 2.4(b)(i), as appropriate. A Form of Notice of Borrowing is attached as Exhibit 1.1(d). 

“Notice of Conversion/Extension” shall mean the written notice of conversion of a LIBOR Rate Loan to an Alternate Base Rate
Loan or an Alternate Base Rate Loan to a LIBOR Rate Loan, or extension of a LIBOR Rate Loan, in each case substantially in the form of Exhibit 1.1(e). 

“Obligations” shall mean, collectively, all of the obligations, Indebtedness and liabilities of the Credit Parties to the
Lenders (including the Issuing Lender) and the Administrative Agent, whenever arising, under this Agreement, the Notes or any of the other Credit Documents, including principal, interest, fees, costs, charges, expenses, professional fees,
reimbursements, all sums chargeable to the Credit Parties or for which any Credit Party is liable as an indemnitor and whether or not evidenced by a note or other instrument and indemnification obligations and other amounts (including, but not
limited to, any interest accruing after the occurrence of a filing of a petition of bankruptcy under the Bankruptcy Code with respect to any Credit Party, regardless of whether such interest is an allowed claim under the Bankruptcy Code). In no
event shall the Obligations include any Excluded Swap Obligations. 
 “OFAC” shall mean the U.S. Department of the
Treasury’s Office of Foreign Assets Control. 
 “Operating Lease” shall mean, as applied to any Person, any lease
(including, without limitation, leases which may be terminated by the lessee at any time) of any property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor. 

“Other Connection Taxes” shall mean, with respect to the Administrative Agent, any Lender, any Issuing Lender or any other
recipient of any payment to be made by or on account of any obligation of any Credit Party under any Credit Document, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other
than connections arising from such recipient having executed, delivered, or become a party to, performed its obligations or received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or
enforced, any Credit Document, or sold or assigned an interest in any Loan or Credit Document). 
 “Other Taxes” shall mean
all present or future stamp, court or documentary Taxes and any other excise, property, intangible, recording, filing or similar Taxes which arise from any payment made under, from the execution, delivery, performance, enforcement or registration
of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Credit Document. 

“Participant” has the meaning assigned to such term in clause (d) of Section 9.6. 

  
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 “Participating Member State” shall mean each country so described in any EMU
Legislation. 
 “Participation Interest” shall mean a participation interest purchased by a Revolving Lender in LOC
Obligations as provided in Section 2.3(c) and in Swingline Loans as provided in Section 2.4. 
 “Patent Licenses”
shall mean any agreement, whether written or oral, providing for the grant by or to a Person of any right to manufacture, use or sell any invention covered by a Patent. 

“Patents” shall mean (a) all letters patent of the United States or any other country, now existing or hereafter
arising, and all improvement patents, reissues, reexaminations, patents of additions, renewals and extensions thereof and (b) all applications for letters patent of the United States or any other country and all provisionals, divisions,
continuations and continuations-in-part and substitutes thereof. 

“Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time. 

“Payment Event of Default” shall mean an Event of Default specified in Section 7.1(a). 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA. 

“Permitted Acquisition” shall mean an acquisition or any series of related acquisitions by a Credit Party of (a) all or
substantially all of the assets or a majority of the outstanding Voting Stock or economic interests of a Person, (b) a Person that is incorporated, formed or organized by a merger, amalgamation or consolidation or any other combination with
such Person or (c) any division, line of business or other business unit of a Person (such Person or such division, line of business or other business unit of such Person shall be referred to herein as the “Target”), in each
case that is a type of business (or assets used in a type of business) permitted to be engaged in by the Credit Parties and their Subsidiaries pursuant to Section 6.3, in each case so long as: 

(i) no Default or Event of Default shall then exist or would exist after giving effect thereto; 

(ii) the Credit Parties shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect
to the acquisition on a Pro Forma Basis, the Credit Parties are in compliance with each of the financial covenants set forth in Section 5.9; 

(iii) the Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the
closing of such acquisition) 

  
 34 

 
a first priority perfected security interest in all property (including, without limitation, Equity Interests) acquired with respect to the Target in accordance with the terms of Sections 5.10
and 5.12 and the Target, if a Domestic Subsidiary, shall have executed a Joinder Agreement in accordance with the terms of Section 5.10; 

(iv) with respect to any acquisition for aggregate consideration in excess of $75,000,000, the Administrative Agent and the
Lenders shall have received (A) a description of the material terms of such acquisition, (B) (1) to the extent available, audited financial statements of the Target for its two most recent fiscal years and for any fiscal quarters ended
within the fiscal year to date or (2) if the financial statements referred to in clause (1) are unavailable, financial statements prepared by management of the Target (if available) for its two most recent fiscal years and for any fiscal
quarters ended within the fiscal year to date, (C) Consolidated projected income statements, balance sheets and cash flow statements of the Company and its Subsidiaries (giving effect to such acquisition), and (D) a certificate
substantially in the form of Exhibit 1.1(f), executed by an Authorized Officer of the Company certifying that such Permitted Acquisition complies with the requirements of this Agreement; 

(v) such acquisition shall not be a “hostile” acquisition and shall have been approved by the Board of Directors (or
equivalent) and/or shareholders (or equivalent) of the applicable Credit Party and the Target; 
 (vi) as of the date the
definitive agreements for such Permitted Acquisition are entered into, there shall be at least $10,000,000 of Accessible Borrowing Availability; 

(vii) with respect to acquisitions of Foreign Subsidiaries, after giving effect to any such acquisition, the aggregate
consideration (including, without limitation, equity consideration, earn out obligations, deferred compensation, non-competition arrangements and the amount of Indebtedness and other liabilities incurred or
assumed by the Credit Parties and their Subsidiaries) paid by the Credit Parties and their Subsidiaries for all acquisitions made since the Closing Date shall not exceed the Applicable Amount (immediately prior to giving effect to such
contemplated Permitted Acquisition); and 
 (viii) after giving effect to such Permitted Acquisition, the Target shall not be
an Excluded Joint Venture. 
 “Permitted Investments” shall have the meaning set forth in Section 6.5. 

“Permitted Liens” shall have the meaning set forth in Section 6.2. 

“Person” shall mean any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 

  
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 “Plan” shall mean, other than any Multiemployer Plan, any employee benefit plan
which is covered by Title IV of ERISA and in respect of which any Credit Party or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as
defined in Section 3(5) of ERISA. 
 “Pledge Agreement” shall mean the Pledge Agreement dated as of the Closing Date
executed by the Credit Parties in favor of the Administrative Agent, for the benefit of the Secured Parties, as the same may from time to time be amended, modified, extended, restated, replaced, or supplemented from time to time in accordance with
the terms hereof and thereof. 
 “Post-Transaction Period” shall mean, with respect to any Specified Transaction, the
period beginning on the date such Specified Transaction is consummated and ending on the last day of the fourth full consecutive fiscal quarter immediately following the date on which such Specified Transaction is consummated. 

“Prime Rate” shall have the meaning set forth in the definition of Alternate Base Rate. 

“Pro Forma Adjustment” means, for any Test Period that includes all or any part of a fiscal quarter included in any
Post-Transaction Period with respect to the Acquired EBITDA of the applicable Pro Forma Entity or the Consolidated EBITDA of the Company, the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be,
projected by the Company in good faith as a result of (a) actions taken, prior to or during such Post-Transaction Period, for the purposes of realizing reasonably identifiable and quantifiable cost savings, or (b) any additional costs
incurred prior to or during such Post-Transaction Period in connection with the combination of the operations of such Pro Forma Entity with the operations of the Company and its Subsidiaries; provided that (A) so long as such
actions are taken prior to or during such Post-Transaction Period or such costs are incurred prior to or during such Post-Transaction Period it may be assumed, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or
such Consolidated EBITDA, as the case may be, that such cost savings will be realizable during the entirety of such Test Period, or such additional costs will be incurred during the entirety of such Test Period, (B) any Pro Forma Adjustment to
Consolidated EBITDA shall be certified by the chief financial officer or other Authorized Officer of the Company approved by the Administrative Agent and (C) any such pro forma increase or decrease to such Acquired EBITDA or such Consolidated
EBITDA, as the case may be, shall be without duplication for cost savings or additional costs already included in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, for such Test Period. 

“Pro Forma Basis” shall mean, with respect to any transaction, that such transaction shall be deemed to have occurred as of
the first day of the four-quarter period (or twelve month period, as applicable) ending as of the most recent quarter end (or month end, as applicable) preceding the date of such transaction for which financial statement information is available.

 “Pro Forma Entity” has the meaning given such term in the definition of “Consolidated EBITDA.” 

  
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 “Properties” shall have the meaning set forth in Section 3.10(a). 

“Qualified ECP Guarantor” shall mean, in respect of any Swap Obligation, each Credit Party that has total assets exceeding
$10,000,000 at the time the relevant Guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other Credit Party as constitutes an “eligible contract participant” under the
Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. 
 “Recovery Event” shall mean the receipt by any Credit Party or its Subsidiaries of any cash insurance
proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective property or assets. 

“Register” shall have the meaning set forth in Section 9.6(c). 

“Regular Dividend” shall mean any dividend made by the Company regularly on a quarterly basis. 

“Reimbursement Obligation” shall mean the obligation of the Borrowers to reimburse the Issuing Lender pursuant to Section
2.3(d) for amounts drawn under Letters of Credit. 
 “Related Parties” shall mean, with respect to any Person, such
Person’s Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Reorganization” shall mean, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is in
reorganization within the meaning of such term as used in Section 4241 of ERISA. 
 “Reportable Event” shall mean any
of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty-day notice period is waived under PBGC Reg. §4043 as in effect on the date hereof. 

“Required Lenders” shall mean, as of any date of determination, Lenders holding at least a majority of (a) the
outstanding Revolving Commitments or (b) if the Revolving Commitments have been terminated, the outstanding Loans and Participation Interests; provided, however, that if any Lender shall be a Defaulting Lender at such time, then
there shall be excluded from the determination of Required Lenders, Obligations (including Participation Interests) owing to such Defaulting Lender and such Defaulting Lender’s Commitments. 

“Requirement of Law” shall mean, as to any Person, (a) the articles or certificate of incorporation, by-laws or other organizational or governing documents of such Person, and (b) all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes,
executive orders, and administrative or judicial precedents or 

  
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authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority (in each case whether or not having the force of law); in each case applicable to or binding upon such Person
or any of its property or to which such Person or any of its property is subject. 
 “Responsible Officer” shall mean, for
any Credit Party, the chief executive officer, president or chief financial officer of such Credit Party and any additional responsible officer that is designated as such to the Administrative Agent. 

“Restricted Payment” shall mean (a) any dividend or other distribution, direct or indirect, on account of any shares (or
equivalent) of any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or
indirect, of any shares (or equivalent) of any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants,
options or other rights to acquire shares of any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (d) any payment with respect to any earnout obligation, (e) any payment or prepayment
of principal of, premium, if any, or interest on, redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Subordinated Debt of any Credit Party or any of its Subsidiaries, or (f) the payment of any
extraordinary salary, bonus or other form of compensation to any Person who is directly or indirectly a significant partner, shareholder, owner or executive officer of any such Person, to the extent such extraordinary salary, bonus or other form of
compensation is not included in the corporate overhead of such Credit Party or such Subsidiary. 
 “Revaluation Date” shall
mean each of the following: (a) each date a Loan is borrowed or a Letter of Credit is issued; (b) each date there is a drawing under any Foreign Currency Letter of Credit; (c) the last Business Day of each calendar month; and
(d) such additional dates as the Administrative Agent, the Issuing Lender, the Required Lenders or the Company shall specify. 

“Revolving Commitment” shall mean, with respect to each Revolving Lender, the commitment of such Revolving Lender to make
Revolving Loans in an aggregate principal amount at any time outstanding up to an amount equal to such Revolving Lender’s Revolving Commitment Percentage of the Revolving Committed Amount. 

“Revolving Commitment Percentage” shall mean, for each Lender, the percentage identified as its Revolving Commitment
Percentage in its Lender Commitment Letter or in the Assignment and Assumption pursuant to which such Lender became a Lender hereunder, as such percentage may be modified in connection with any assignment made in accordance with the provisions of
Section 9.6(b). 
 “Revolving Committed Amount” shall have the meaning set forth in Section 2.1(a). 

“Revolving Facility” shall have the meaning set forth in Section 2.1(a). 

  
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 “Revolving Lender” shall mean, as of any date of determination, a Lender holding
a Revolving Commitment, a Revolving Loan or a Participation Interest on such date. 
 “Revolving Loan” shall have the
meaning set forth in Section 2.1. 
 “Revolving Loan Note” or “Revolving Loan Notes” shall mean the
promissory notes of the Borrowers provided pursuant to Section 2.1(e) in favor of any of the Revolving Lenders evidencing the Revolving Loan provided by any such Revolving Lender pursuant to Section 2.1(a), individually or collectively, as
appropriate, as such promissory notes may be amended, modified, extended, restated, replaced, or supplemented from time to time. 

“S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. 

“Sale and Leaseback Transaction” shall mean, with respect to any Person (the “obligor”), any Contractual
Obligation or other arrangement with any other Person (the “counterparty”) consisting of a lease by such obligor of any property that, directly or indirectly, has been or is to be sold by the obligor to such counterparty or to any
other Person to whom funds have been advanced by such counterparty based on a Lien on, or an assignment of, such property or any obligations of such obligor under such lease. 

“Sanctioned Entity” shall mean (a) a country or a government of a country, (b) an agency of the government of a
country, (c) an organization directly or indirectly controlled by a country or its government, or (d) a person or entity resident in or determined to be resident in a country, that is subject to a country sanctions program administered and
enforced by OFAC or by any other authority with jurisdiction over any Credit Party. 
 “Sanctioned Person” shall mean a
person named on the list of Specially Designated Nationals maintained by OFAC. 

“Sarbanes-Oxley” shall mean the
Sarbanes-Oxley Act of 2002. 
 “SC Property” shall mean the property located at 88
Weiss Lane, Green Pond, South Carolina 29446 owned by the Company. 
 “Scheduled Funded Debt Payments” shall mean, as of
any date of determination for the four (4) consecutive fiscal quarter period ending on such date, the sum of all regularly scheduled payments of principal on Funded Debt of the Credit Parties and their Subsidiaries (other than any Excluded
Joint Venture) on a Consolidated basis for the applicable period ending on the date of determination (including the principal component of payments due on Capital Leases during the applicable period ending on the date of determination) to the
extent actually paid in cash. 
 “SEC” shall mean the Securities and Exchange Commission or any successor Governmental
Authority. 

  
 39 

 “Secured Leverage Ratio” shall mean, with respect to any Test Period, for the
Company and its Subsidiaries on a Consolidated basis, the ratio of (a) Consolidated Funded Debt as of the last day of such Test Period secured by a Lien on any asset of a Credit Party or any of its Subsidiaries on such date to
(b) Consolidated EBITDA for such Test Period. 
 “Secured Parties” shall mean the Administrative Agent, the Lenders
and the Bank Product Providers. 
 “Securities Account Control Agreement” shall mean an agreement, among a Credit Party, a
securities intermediary, and the Administrative Agent, which agreement shall be in a form acceptable to the Administrative Agent and which provides the Administrative Agent with “control” (as such term is used in Articles 8 and 9 of the
UCC) over the securities account(s) described therein, as the same may be as amended, modified, extended, restated, replaced, or supplemented from time to time. 

“Securities Act” shall mean the Securities Act of 1933, together with any amendment thereto or replacement thereof and any
rules or regulations promulgated thereunder. 
 “Securities Laws” shall mean the Securities Act, the Exchange Act,
Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in
effect on any applicable date hereunder. 
 “Security Agreement” shall mean the Security Agreement dated as of the Closing
Date executed by the Credit Parties in favor of the Administrative Agent, for the benefit of the Secured Parties, as amended, modified, extended, restated, replaced, or supplemented from time to time in accordance with its terms. 

“Security Documents” shall mean the Security Agreement, the Pledge Agreement, any Deposit Account Control Agreement, any
Securities Account Control Agreement, the Mortgage Instruments and all other agreements, documents and instruments relating to, arising out of, or in any way connected with any of the foregoing documents or granting to the Administrative Agent, for
the benefit of the Secured Parties, Liens or security interests to secure, inter alia, the Credit Party Obligations whether now or hereafter executed and/or filed, each as may be amended from time to time in accordance with the terms hereof,
executed and delivered in connection with the granting, attachment and perfection of the Administrative Agent’s security interests and liens arising thereunder, including, without limitation, UCC financing statements. 

“Sold Entity or Business” has the meaning given such term in the definition of “Consolidated EBITDA.” 

“Specified Transaction” means, with respect to any period, any Investment, sale, transfer or other disposition of assets,
incurrence or repayment of Indebtedness, Restricted Payment, subsidiary designation or other event that by the terms of the Credit Documents requires “Pro Forma Compliance” with a test or covenant hereunder or requires such test or
covenant to be calculated on a Pro Forma Basis or after giving pro forma effect thereto. 

  
 40 

 “Spot Rate” for any Foreign Currency on any Revaluation Date shall mean the rate
determined by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such Foreign Currency with Dollars through its principal foreign exchange trading office on such Revaluation Date; provided that the
Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Administrative Agent acting in such capacity does not have as of the date of determination a spot buying rate for any
such Foreign Currency; and provided, further, that the Administrative Agent may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Foreign Currency Letter of Credit. 

“Step Up” shall have the meaning set forth in Section 5.9(a). 

“Subordinated Debt” shall mean any Indebtedness incurred by any Credit Party which by its terms is specifically subordinated
in right of payment to the prior payment of the Credit Party Obligations. 
 “Subsidiary” shall mean, as to any Person, a
corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the
happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled,
directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries
of the Company. 
 “Subsidiary Borrowers” shall mean the Domestic Subsidiaries (other than Excluded Joint Ventures) of the
Company as are, or may from time to time become parties to, this Credit Agreement as Subsidiary Borrowers. 
 “Swap
Agreement” shall mean (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or
options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the
foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by,
any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules,
a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

  
 41 

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

“Swingline Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans in an aggregate principal
amount at any time outstanding up to the Swingline Committed Amount, and the commitment of the Revolving Lenders to purchase participation interests in the Swingline Loans as provided in Section 2.4(b)(ii), as such amounts may be reduced from time
to time in accordance with the provisions hereof. 
 “Swingline Committed Amount” shall mean the amount of the Swingline
Lender’s Swingline Commitment as specified in Section 2.4(a). 
 “Swingline Lender” shall mean Wells Fargo and any
successor swingline lender. 
 “Swingline Loan” shall have the meaning set forth in Section 2.4(a). 

“Swingline Loan Note” shall mean the promissory note of the Borrowers in favor of the Swingline Lender evidencing the
Swingline Loans provided pursuant to Section 2.4(d), as such promissory note may be amended, modified, extended, restated, replaced, or supplemented from time to time. 

“Target” shall have the meaning set forth in the definition of “Permitted Acquisition”. 

“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other
charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Test
Period” shall mean, at any date of determination, the period of four consecutive fiscal quarters of the Company then last ended as of such time for which financial statements have been delivered pursuant to Section 5.01(a) or (b);
provided that for any date of determination before the delivery of the first financial statements pursuant to Section 5.01(a) or (b), the Test Period shall be the period of four consecutive fiscal quarters of the Company then last ended as of
such time. 
 “Title Insurance Company” shall have the meaning set forth in the definition of “Mortgage
Policy”. 
 “Total Leverage Ratio” shall mean, with respect to any Test Period, for the Company and its
Subsidiaries on a Consolidated basis, the ratio of (a) Consolidated Funded Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 

“Trademark License” shall mean any agreement, whether written or oral, providing for the grant by or to a Person of any right
to use any Trademark. 

  
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 “Trademarks” shall mean (a) all trademarks, trade names, corporate names,
company names, business names, fictitious business names, service marks, elements of package or trade dress of goods or services, logos and other source or business identifiers, together with the goodwill associated therewith, all registrations and
recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision
thereof and (b) all renewals thereof. 
 “Tranche” shall mean the collective reference to (a) LIBOR Rate Loans
whose Interest Periods begin and end on the same day and (b) Alternate Base Rate Loans made on the same day. 

“Transactions” shall mean the closing of the Credit Agreement and the other Credit Documents and the other transactions
contemplated hereby and pursuant to the other Credit Documents (including, without limitation, the initial borrowings under the Credit Documents and the payment of fees and expenses in connection with all of the foregoing). 

“Transfer Effective Date” shall have the meaning set forth in each Assignment and Assumption. 

“Type” shall mean, as to any Loan, its nature as an Alternate Base Rate Loan or LIBOR Rate Loan, as the case may be. 

“UCC” shall mean the Uniform Commercial Code from time to time in effect in any applicable jurisdiction. 

“U.S. Tax Compliance Certificate” has the meaning set forth in Section 2.16(f). 

“Voting Stock” shall mean, with respect to any Person, Equity Interests issued by such Person the holders of which are
ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote may be or have been suspended by the happening of such a
contingency. 
 “Wells Fargo” shall mean Wells Fargo Bank, National Association, a national banking association, together
with its successors and/or assigns. 
 “WFS” shall mean Wells Fargo Securities, LLC, together with its successors and
assigns. 
 “Withholding Agent” shall mean a Credit Party, the Administrative Agent, or, in the case of any Lender that is
treated as a partnership for U.S. federal income tax purposes, such Lender or any partnership for U.S. federal income tax purposes that is a direct or indirect (through a chain of entities treated as flow-through entities for U.S. federal income tax
purposes) beneficial owner of such Lender, or any of their respective agents, that is required under applicable law to deduct or withhold any Tax from a payment by or on account of any obligation of any Credit Party under any Credit Document. 

  
 43 

 “Works” shall mean all works which are subject to copyright protection pursuant
to Title 17 of the United States Code. 
 “Write-Down and Conversion Powers” shall mean, with respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule. 
  

	 	Section 1.2	Other Definitional Provisions. 

 The definitions of 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 amended, restated, supplemented, amended and restated
or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) 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
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (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, (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights and (g) all terms defined in this Agreement shall have the defined meanings when used in any other Credit Document or any certificate or other document made or
delivered pursuant hereto. 
  

	 	Section 1.3	Accounting Terms. 

 (a) Generally. All accounting terms not
specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the most recently delivered audited Consolidated financial statements of the Company and its Subsidiaries,
except as otherwise specifically prescribed herein. 
 (b) Changes in GAAP. If at any time any change in GAAP
would affect the computation of any financial ratio or requirement set forth in any Credit Document, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company shall negotiate in good faith
to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP 

  
 44 

 
(subject to the approval of the Required Lenders and the Company); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance
with GAAP prior to such change therein and (ii) the Company shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding any other provision contained herein, (a) all terms of an accounting or financial nature used herein
shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB Accounting Standards Codification 825-Financial Instruments, or
any successor thereto (including pursuant to the FASB Accounting Standards Codification), to value any Indebtedness of any subsidiary at “fair value,” as defined therein and (b) the amount of any Indebtedness under GAAP with respect
to Capital Lease Obligations shall be determined in accordance with the definition of Capital Lease Obligations. 
  

	 	Section 1.4	Time References. 

 Unless otherwise specified, all references herein to times of
day shall be references to Eastern time (daylight or standard, as applicable). 
  

	 	Section 1.5	Execution of Documents. 

 Unless otherwise specified, all Credit Documents and all
other certificates executed in connection therewith must be signed by an Authorized Officer. 
  

	 	Section 1.6	Foreign Currency. 

 (a) The Administrative Agent shall determine the Spot Rates as
of each Revaluation Date to be used for calculating Dollar Equivalent amounts of outstanding LOC Obligations denominated in Foreign Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed
in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Credit Parties hereunder or calculating financial covenants hereunder or except as
otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Credit Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent. 

(b) At the Company’s request, the Administrative Agent shall advise the Company of the outstanding LOC Obligations as of the last
Revaluation Date.  
  

	 	Section 1.7	Limited Condition Acquisitions. 

 Notwithstanding anything in this Agreement or
any Credit Document to the contrary, when calculating any applicable ratio, the amount or availability of the Applicable Amount or 

  
 45 

 
any other basket based on Consolidated EBITDA or total assets, or determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement
which requires that no Default or Event of Default has occurred, is continuing or would result therefrom, but excluding determination of compliance with Section 4.2 in accordance with the terms thereof) in connection with a Specified
Transaction undertaken in connection with the consummation of a Limited Condition Acquisition, the date of determination of such ratio, the amount or availability of the Applicable Amount or any other basket based on Consolidated EBITDA or total
assets, and determination of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable covenant shall, at the option of the Company (the Company’s election to exercise such option in
connection with any Limited Condition Acquisition, an “LCA Election”), be deemed to be the date the definitive agreements for such Limited Condition Acquisition are entered into (the “LCA Test Date”) and if, after
such ratios and other provisions are measured on a Pro Forma Basis after giving effect to such Limited Condition Acquisition and the other Specified Transactions to be entered into in connection therewith (including any incurrence of Indebtedness
and the use of proceeds thereof) as if they occurred at the beginning of the applicable Test Period ending prior to the LCA Test Date, the Company could have taken such action on the relevant LCA Test Date in compliance with such ratios and
provisions, such provisions shall be deemed to have been complied with. For the avoidance of doubt, (x) if any of such ratios are exceeded as a result of fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA of the
Company and its Subsidiaries) at or prior to the consummation of the relevant Limited Condition Acquisition, such ratios and other provisions will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of
determining whether the Limited Condition Acquisition is permitted hereunder and (y) such ratios and other provisions shall not be tested at the time of consummation of such Limited Condition Acquisition or related Specified Transactions. If
the Company has made an LCA Election for any Limited Condition Acquisition, then in connection with any subsequent calculation of any ratio or basket availability with respect to any other Specified Transaction on or following the relevant LCA Test
Date and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited
Condition Acquisition, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds
thereof) have been consummated. Notwithstanding the foregoing, nothing contained in Section 1.7 shall modify the requirements contained in Section 4.2, except as stated explicitly therein. 

 

	 	Section 1.8	Certain Determinations. 

 (a) For purposes of determining compliance with any of
the covenants set forth in Article V or Article VI (including in connection with any Incremental Facility) at any time (whether at the time of incurrence or thereafter), any Lien, Investment, Indebtedness, Disposition, Restricted Payment or
Affiliate transaction meets the criteria of one, or more than one, of the categories permitted pursuant to Article V or Article VI (including in connection with any Incremental Facility), the Company (i) shall in its sole discretion determine
under which category such Lien, Investment, Indebtedness, Disposition, Restricted Payment or Affiliate 

  
 46 

 
transaction (or, in each case, any portion there) is permitted and (ii) shall be permitted, in its sole discretion, to make any redetermination and/or to divide, classify or reclassify under
which category or categories such Lien, Investment, Indebtedness, Disposition, Restricted Payment or Affiliate transaction is permitted from time to time as it may determine and without notice to the Administrative Agent or any Lender. For the
avoidance of doubt, if the applicable date for meeting any requirement hereunder or under any other Credit Document falls on a day that is not a Business Day, compliance with such requirement shall not be required until noon on the first Business
Day following such applicable date. 
 (b) Notwithstanding anything to the contrary herein, with respect to any amounts incurred or
transactions entered into (or consummated) in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (including, without limitation, any Total Leverage Ratio and/or Interest Coverage Ratio) (any
such amounts, the “Fixed Amounts”) substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement that requires compliance with any such financial
ratio or test (any such amounts, the “Incurrence Based Amounts”), it is understood and agreed that the Fixed Amounts (and any cash proceeds thereof) shall be disregarded in the calculation of the financial ratio or test applicable
to the Incurrence Based Amounts in connection with such substantially concurrent incurrence, except that incurrences of Indebtedness and Liens constituting Fixed Amounts shall be taken into account for purposes of Incurrence Based Amounts other than
Incurrence Based Amounts contained in Section 6.1 or Section 6.2. 
 ARTICLE II

 THE LOANS; AMOUNT AND TERMS 
  

	 	Section 2.1	Revolving Loans. 

 (a) Revolving Commitment. During the
Commitment Period, subject to the terms and conditions hereof, each Revolving Lender severally, but not jointly, agrees to make revolving credit loans in Dollars (“Revolving Loans”) to the Borrowers from time to time in an aggregate
principal amount of up to FOUR HUNDRED FIFTY MILLION DOLLARS ($450,000,000) (as increased from time to time as provided in Section 2.22 and as such aggregate maximum amount may be reduced from time to time as provided in
Section 2.6, the “Revolving Committed Amount”) for the purposes hereinafter set forth (such facility, the “Revolving Facility”); provided, however, that (i) with regard to each Revolving
Lender individually, the sum of such Revolving Lender’s Revolving Commitment Percentage of the aggregate principal amount of outstanding Revolving Loans plus such Revolving Lender’s Revolving Commitment Percentage of outstanding
Swingline Loans plus such Revolving Lender’s Revolving Commitment Percentage of outstanding LOC Obligations shall not exceed such Revolving Lender’s Revolving Commitment and (ii) with regard to the Revolving Lenders
collectively, the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect. Revolving Loans
may consist 

  
 47 

 
of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the applicable Borrower may request, and may be repaid and reborrowed in accordance with the provisions hereof;
provided, however, the Revolving Loans made on the Closing Date or any of the three (3) Business Days following the Closing Date, may only consist of Alternate Base Rate Loans unless the Borrowers deliver a funding indemnity
letter, substantially in the form of Exhibit 2.1(a), reasonably acceptable to the Administrative Agent not less than three (3) Business Days prior to the Closing Date. LIBOR Rate Loans shall be made by each Revolving Lender at its LIBOR
Lending Office and Alternate Base Rate Loans at its Domestic Lending Office. 
 (b) Revolving Loan Borrowings. 

(i) Notice of Borrowing. The Company shall request a Revolving Loan borrowing by delivering a written Notice of
Borrowing (or telephone notice promptly confirmed in writing by delivery of a written Notice of Borrowing, which delivery may be by fax) to the Administrative Agent not later than (A) with respect to any Revolving Loan borrowings requested to
be made on the Closing Date, 11:00 A.M. on such Business Day and (B) for all other Revolving Loan borrowings, 11:00 A.M. on the Business Day prior to the date of the requested borrowing in the case of Alternate Base Rate Loans, and on
the third Business Day prior to the date of the requested borrowing in the case of LIBOR Rate Loans. Each such Notice of Borrowing shall be irrevocable and shall specify (A) that a Revolving Loan is requested, (B) the date of the requested
borrowing (which shall be a Business Day), (C) the aggregate principal amount to be borrowed, (D) the applicable Borrower, (E) the applicable wiring instructions for such borrowing and (F) whether the borrowing shall be comprised
of Alternate Base Rate Loans, LIBOR Rate Loans or a combination thereof, and if LIBOR Rate Loans are requested, the Interest Period(s) therefor. If the applicable Borrower shall fail to specify in any such Notice of Borrowing (1) an applicable
Interest Period in the case of a LIBOR Rate Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (2) the Type of Revolving Loan requested, then such notice shall be deemed to be a request for an
Alternate Base Rate Loan hereunder. The Administrative Agent shall give notice to each Revolving Lender promptly upon receipt of each Notice of Borrowing, the contents thereof and each such Revolving Lender’s share thereof. 

(ii) Minimum Amounts. Each Revolving Loan that is made as an Alternate Base Rate Loan shall be in a minimum aggregate
amount of $500,000 and in integral multiples of $100,000 in excess thereof (or the remaining amount of the Revolving Committed Amount, if less). Each Revolving Loan that is made as a LIBOR Rate Loan shall be in a minimum aggregate amount of
$1,000,000 and in integral multiples of $500,000 in excess thereof (or the remaining amount of the Revolving Committed Amount, if less). 

(iii) Advances. Each Revolving Lender will make its Revolving Commitment Percentage of each Revolving Loan borrowing
available to the 

  
 48 

 
Administrative Agent for the account of the applicable Borrower at the office of the Administrative Agent specified in Section 9.2, or at such other office as the Administrative Agent may
designate in writing, by 1:00 P.M. on the date specified in the applicable Notice of Borrowing, in Dollars and in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the applicable Borrower by
the Administrative Agent by crediting the account of the applicable Borrower on the books of such office (or such other account that the Company may designate in writing to the Administrative Agent pursuant to the Notice of Borrowing or otherwise)
with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative Agent. 

(c) Repayment. Revolving Loans may be borrowed, repaid and reborrowed during the Commitment Period, subject to Section
2.7(a). The principal amount of all Revolving Loans shall be due and payable in full on the Maturity Date, unless accelerated sooner pursuant to Section 7.2. 

(d) Interest. Subject to the provisions of Section 2.8, Revolving Loans shall bear interest as follows: 

(i) Alternate Base Rate Loans. During such periods as any Revolving Loans shall be comprised of Alternate Base Rate
Loans, each such Alternate Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Alternate Base Rate plus the Applicable Margin; and 

(ii) LIBOR Rate Loans. During such periods as Revolving Loans shall be comprised of LIBOR Rate Loans, each such LIBOR
Rate Loan shall bear interest at a per annum rate equal to the sum of the LIBOR Rate plus the Applicable Margin. 
 Interest on
Revolving Loans shall be payable in arrears on each Interest Payment Date. 
 (e) Revolving Loan Notes; Covenant to
Pay. Each Borrower’s obligation to pay each Revolving Lender shall be evidenced by this Agreement and, upon such Revolving Lender’s request, by a duly executed promissory note of the Borrowers to such Revolving Lender in substantially
the form of Exhibit 2.1(e). Each of the Borrowers covenants and agrees to pay the Revolving Loans in accordance with the terms of this Agreement. 
  

	 	Section 2.2	Reserved. 

  

	 	Section 2.3	Letter of Credit Subfacility. 

 (a) Issuance. Subject to
the terms and conditions hereof and of the LOC Documents, if any, and any other terms and conditions which the Issuing Lender may reasonably require, during the Commitment Period the Issuing Lender shall issue, and the

  
 49 

 
Revolving Lenders shall participate in, standby Letters of Credit for the account of the Borrowers (or a Subsidiary of the Company in accordance with clause (i) below) from time to
time upon request in a form acceptable to the Issuing Lender; provided, however, that (i) the aggregate amount of LOC Obligations shall not at any time exceed TWENTY MILLION DOLLARS ($20,000,000) (the “LOC Committed
Amount”), (ii) the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not at any time exceed the Revolving Committed Amount then in
effect, (iii) all Letters of Credit shall be denominated in Dollars or, subject to Section 2.3(k), a Foreign Currency and (iv) Letters of Credit shall be issued for any lawful corporate purposes and shall be issued as standby letters
of credit, including in connection with workers’ compensation and other insurance programs. Except as otherwise expressly agreed in writing upon by all the Revolving Lenders, no Letter of Credit shall have an original expiry date more than
twelve (12) months from the date of issuance subject to automatic renewal by operation of the terms of the applicable Letter of Credit to a date not more than twelve (12) months from the date of extension; provided, however,
so long as no Default or Event of Default has occurred and is continuing and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically
from time to time on the request of the applicable Borrower; provided, further, that no Letter of Credit, as originally issued or as extended, shall have an expiry date extending beyond the date that is thirty (30) days prior to
the Maturity Date. Each Letter of Credit shall comply with the related LOC Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. Each Letter of Credit issued hereunder shall be in a minimum original face amount
of $25,000 or such lesser amount as approved by the Issuing Lender. The Borrowers’ Reimbursement Obligations in respect of each Existing Letter of Credit, and each Revolving Lender’s participation obligations in connection
therewith, shall be governed by the terms of this Credit Agreement. Wells Fargo shall be the Issuing Lender on all Letters of Credit issued after the Closing Date. The Existing Letters of Credit shall, as of the Closing Date, be deemed
to have been issued as Letters of Credit hereunder and subject to and governed by the terms of this Agreement. 
 (b)
Notice and Reports. The request for the issuance of a Letter of Credit shall be submitted to the Issuing Lender at least five (5) Business Days prior to the requested date of issuance (or such lesser time as agreed to by the Issuing
Lender). The Issuing Lender will promptly upon request provide to the Administrative Agent for dissemination to the Revolving Lenders a detailed report specifying the Letters of Credit which are then issued and outstanding and any activity with
respect thereto which may have occurred since the date of any prior report, and including therein, among other things, the account party, the beneficiary, the face amount, expiry date as well as any payments or expirations which may have occurred.
The Issuing Lender will further provide to the Administrative Agent promptly upon request copies of the Letters of Credit. The Issuing Lender will provide to the Administrative Agent promptly upon request a summary report of the nature and extent of
LOC Obligations then outstanding. 

  
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 (c) Participations. Each Revolving Lender, (i) on the Closing Date
with respect to each Existing Letter of Credit and (ii) upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a risk participation from the Issuing Lender in such Letter of Credit and the obligations arising
thereunder and any Collateral relating thereto, in each case in an amount equal to its Revolving Commitment Percentage of the obligations under such Letter of Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor
and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its Revolving Commitment Percentage of the obligations arising under such Letter of Credit; provided that any Person that becomes a Revolving
Lender after the Closing Date shall be deemed to have purchased a Participation Interest in all outstanding Letters of Credit on the date it becomes a Lender hereunder and any Letter of Credit issued on or after such date, in each case in accordance
with the foregoing terms. Without limiting the scope and nature of each Revolving Lender’s participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any LOC Document,
each such Revolving Lender shall pay to the Issuing Lender its Revolving Commitment Percentage of such unreimbursed drawing in same day funds pursuant to and in accordance with the provisions of subsection (d) hereof. The obligation of each
Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or
otherwise impair the obligation of the Borrowers to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided. 

(d) Reimbursement. In the event of any drawing under any Letter of Credit, the Issuing Lender will promptly notify the
Company and the Administrative Agent. The Borrowers shall reimburse the Issuing Lender on the day of drawing under any Letter of Credit if notified prior to 3:00 P.M. on a Business Day or, if after 3:00 P.M., on the following Business Day
(either with the proceeds of a Revolving Loan obtained hereunder or otherwise) in same day funds as provided herein or in the LOC Documents. If the Borrowers shall fail to reimburse the Issuing Lender as provided herein, the unreimbursed amount of
such drawing shall automatically bear interest at a per annum rate equal to the Default Rate. Unless the Company shall immediately notify the Issuing Lender and the Administrative Agent of its intent to otherwise reimburse the Issuing Lender, the
Borrowers shall be deemed to have requested a Mandatory LOC Borrowing in the amount of the drawing as provided in subsection (e) hereof, the proceeds of which will be used to satisfy the Reimbursement Obligations. The Borrowers’
Reimbursement Obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of set-off, counterclaim or defense to payment the Borrowers may claim or have against
the Issuing Lender, the Administrative Agent, the Lenders, the beneficiary of the Letter of Credit drawn upon or any other Person, including, without limitation, any defense based on any failure of the Borrowers to receive consideration or the
legality, validity, regularity or unenforceability of the Letter of Credit. The Administrative Agent will promptly notify the other Revolving Lenders of the amount of any unreimbursed drawing and each Revolving Lender shall promptly pay to the
Administrative Agent for the account of the Issuing Lender, in Dollars and in 

  
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immediately available funds, the amount of such Revolving Lender’s Revolving Commitment Percentage of such unreimbursed drawing. Such payment shall be made on the Business Day such notice is
received by such Revolving Lender from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on the Business Day next succeeding the Business Day such
notice is received. If such Revolving Lender does not pay such amount to the Administrative Agent for the account of the Issuing Lender in full upon such request, such Revolving Lender shall, on demand, pay to the Administrative Agent for the
account of the Issuing Lender interest on the unpaid amount during the period from the date of such drawing until such Revolving Lender pays such amount to the Administrative Agent for the account of the Issuing Lender in full at a rate per annum
equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Effective Rate and thereafter at a rate equal to the Alternate Base Rate. Each Revolving Lender’s obligation to make such payment to the Issuing
Lender, and the right of the Issuing Lender to receive the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination of this Agreement or the Commitments hereunder, the
existence of a Default or Event of Default or the acceleration of the Obligations hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever. 

(e) Repayment with Revolving Loans. On any day on which a Borrower shall have requested, or been deemed to have
requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter
of Credit, in which case a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the Commitments
pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof
shall be paid directly to the Administrative Agent for the account of the Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans on the day such notice is
received by the Revolving Lenders from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on the Business Day next succeeding the day such notice is
received, in each case notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in
Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b),
(v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on
the date otherwise required above (including, without limitation, as a result of the occurrence of a Bankruptcy Event), then each such Revolving Lender hereby agrees that it shall forthwith 

  
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fund its Participation Interests in the outstanding LOC Obligations on the Business Day such notice to fund is received by such Revolving Lender from the Administrative Agent if such notice is
received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 Noon on the Business Day next succeeding the Business Day such notice is received; provided, further, that in the event any Lender shall
fail to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for
the account of the Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate. 

(f) Modification, Extension. The issuance of any supplement, modification, amendment, renewal, or extension to any
Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder. 

(g) ISP98 and UCP. Unless otherwise expressly agreed by the Issuing Lender and the applicable Borrower, when a Letter of
Credit is issued, (i) the rules of the “International Standby Practices 1998,” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance)
shall apply to each standby Letter of Credit, and (ii) the rules of The Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each
documentary Letter of Credit. 
 (h) Conflict with LOC Documents. In the event of any conflict between this Agreement
and any LOC Document (including any letter of credit application and any LOC Documents relating to the Existing Letters of Credit), this Agreement shall control. 

(i) Designation of Subsidiaries as Account Parties. Notwithstanding anything to the contrary set forth in this
Agreement, including, without limitation, Section 2.3(a), a Letter of Credit issued hereunder may contain a statement to the effect that such Letter of Credit is issued for the account of a Subsidiary of the Company; provided that,
notwithstanding such statement, the Borrowers shall be the actual account parties for all purposes of this Agreement for such Letter of Credit and such statement shall not affect the Borrowers’ Reimbursement Obligations hereunder with respect
to such Letter of Credit. 
 (j) Cash Collateral. At any point in time in which there is a Defaulting Lender, the
Issuing Lender may, after giving effect to any reallocation in accordance with Section 2.21(a)(iv), require the Borrowers to cash collateralize the Fronting Exposure pursuant to Section 2.20. 

  
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 (k) The Company may request, and the Issuing Lender may issue, Letters of Credit
denominated in any Foreign Currency (any such Letter of Credit, a “Foreign Currency Letter of Credit”), subject to the following provisions: 

(i) all provisions of Section 2.3 shall be satisfied with respect to such Foreign Currency Letter of Credit; 

(ii) any drawing under any Foreign Currency Letter of Credit shall be deemed to be a drawing under a Letter of Credit hereunder
in Dollars in an amount equal to the Dollar Equivalent of such drawing, and such drawing shall be reimbursed or repaid with Revolving Loans as provided in Sections 2.3(d) and (e) hereof as if such drawing had been made in Dollars in an amount
equal to the Dollar Equivalent of such drawing; 
 (iii) for purposes of determining the LOC Obligations attributable to the
Foreign Currency Letters of Credit at any time, such LOC Obligations shall be equal to the sum of (A) the maximum Dollar Equivalent which is, or at any time thereafter may become, available to be drawn under the Foreign Currency Letters of
Credit then outstanding, assuming compliance with all requirements for drawings referred to in all such Foreign Currency Letters of Credit plus (B) the aggregate Dollar Equivalent of all drawings under the Foreign Currency Letters of
Credit honored by the Issuing Lender but not theretofore reimbursed; 
 (iv) the obligation of the Borrowers to reimburse the
Issuing Lender for each drawing under such Foreign Currency Letter of Credit shall be absolute, unconditional and irrevocable under all circumstances, including, without limitation, any adverse change in the relevant exchange rates or in the
availability of any such Foreign Currency to the Borrowers or any Subsidiary or in the relevant currency markets generally; 

(v) within five days of demand therefor by the Issuing Lender, the Borrowers shall reimburse the Issuing Lender for any costs,
expenses, losses or liabilities (including foreign currency exchange costs and losses) incurred by the Issuing Lender in connection with any drawing under such Foreign Currency Letter of Credit and the reimbursement of such drawing in Dollars rather
than the applicable Foreign Currency, including, without limitation, any costs, expenses, losses or liabilities resulting from the determination of the Spot Rate two Business Days prior to the date a drawing under such Foreign Currency Letter of
Credit is reimbursed; and 
 (vi) any request for a Letter of Credit in a currency other than Dollars shall be made to the
Administrative Agent and the Issuing Lender not later than 11:00 a.m. five (5) Business Days prior to the date of the desired Extension of Credit (or such earlier date as may be agreed by the Administrative Agent and the Issuing Lender in
their sole discretion). The Administrative Agent and the Issuing Lender shall promptly notify the Company of the response to any request pursuant to this Section. 

  
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	 	Section 2.4	Swingline Loan Subfacility. 

 (a) Swingline Commitment.
During the Commitment Period, subject to the terms and conditions hereof, the Swingline Lender, in its individual capacity, may, in its discretion and in reliance upon the agreements of the other Lenders set forth in this Section, make certain
revolving credit loans to the Borrowers (each a “Swingline Loan” and, collectively, the “Swingline Loans”) for the purposes hereinafter set forth; provided, however, (i) the aggregate principal
amount of Swingline Loans outstanding at any time shall not exceed TWENTY MILLION DOLLARS ($20,000,000) (the “Swingline Committed Amount”), and (ii) the sum of the aggregate principal amount of outstanding Revolving
Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect. Swingline Loans hereunder may be repaid and reborrowed in accordance with the provisions hereof.

 (b) Swingline Loan Borrowings. 

(i) Notice of Borrowing and Disbursement. Upon receiving a Notice of Borrowing from the Company not later than
12:00 P.M. on any Business Day requesting that a Swingline Loan be made, the Swingline Lender will make Swingline Loans available to the applicable Borrower on the same Business Day such request is received by the Administrative Agent.
Swingline Loan borrowings hereunder shall be made in minimum amounts of $100,000 (or the remaining available amount of the Swingline Committed Amount if less) and in integral amounts of $100,000 in excess thereof. 

(ii) Repayment of Swingline Loans. Each Swingline Loan borrowing shall be due and payable on the earlier of (A) the
Maturity Date and (B) fifteen (15) days following such borrowing. The Swingline Lender may, at any time, in its sole discretion, by written notice to the Company and the Administrative Agent, demand repayment of its Swingline Loans by way
of a Revolving Loan borrowing, in which case the Borrowers shall be deemed to have requested a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans in the amount of such Swingline Loans; provided, however, that, in
the following circumstances, any such demand shall also be deemed to have been given one Business Day prior to each of (A) the Maturity Date, (B) the occurrence of any Bankruptcy Event, (C) upon acceleration of the Obligations
hereunder, whether on account of a Bankruptcy Event or any other Event of Default, and (D) the exercise of remedies in accordance with the provisions of Section 7.2 hereof (each such Revolving Loan borrowing made on account of any such
deemed request therefor as provided herein being hereinafter referred to as “Mandatory Swingline Borrowing”). Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans promptly upon any such request or deemed
request on account of each Mandatory Swingline Borrowing in the amount and in the manner specified in the preceding sentence on the date such notice is received by the Revolving Lenders from the Administrative Agent if such notice is received at or
before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. 

  
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on the Business Day next succeeding the date such notice is received notwithstanding (1) the amount of Mandatory Swingline Borrowing may not comply with the minimum amount for
borrowings of Revolving Loans otherwise required hereunder, (2) whether any conditions specified in Section 4.2 are then satisfied, (3) whether a Default or an Event of Default then exists, (4) failure of any such request or
deemed request for Revolving Loans to be made by the time otherwise required in Section 2.1(b)(i), (5) the date of such Mandatory Swingline Borrowing, or (6) any reduction in the Revolving Committed Amount or termination of the Revolving
Commitments immediately prior to such Mandatory Swingline Borrowing or contemporaneously therewith. In the event that any Mandatory Swingline Borrowing cannot for any reason be made on the date otherwise required above (including, without
limitation, as a result of the commencement of a proceeding under the Bankruptcy Code), then each Revolving Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Swingline Borrowing would otherwise have occurred, but
adjusted for any payments received from the Borrowers on or after such date and prior to such purchase) from the Swingline Lender such Participation Interest in the outstanding Swingline Loans as shall be necessary to cause each such Revolving
Lender to share in such Swingline Loans ratably based upon its respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2); provided that (x) all
interest payable on the Swingline Loans shall be for the account of the Swingline Lender until the date as of which the respective Participation Interest is purchased, and (y) at the time any purchase of a Participation Interest pursuant to
this sentence is actually made, the purchasing Revolving Lender shall be required to pay to the Swingline Lender interest on the principal amount of such Participation Interest purchased for each day from and including the day upon which the
Mandatory Swingline Borrowing would otherwise have occurred to but excluding the date of payment for such Participation Interest, at the rate equal to, if paid within two (2) Business Days of the date of the Mandatory Swingline Borrowing, the
Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate. The Borrowers shall have the right to repay the Swingline Loan in whole or in part from time to time in accordance with Section 2.7(a). 

(c) Interest on Swingline Loans. Subject to the provisions of Section 2.8, Swingline Loans shall bear interest at a
per annum rate equal to the Alternate Base Rate plus the Applicable Margin for Revolving Loans that are Alternate Base Rate Loans. Interest on Swingline Loans shall be payable in arrears on each Interest Payment Date. 

(d) Swingline Loan Note; Covenant to Pay. The Swingline Loans shall be evidenced by this Agreement and, upon request of
the Swingline Lender, by a duly executed promissory note of the Borrowers in favor of the Swingline Lender in the original amount of the Swingline Committed Amount and substantially in the form of Exhibit 2.4(d). Each of the Borrowers
covenants and agrees to pay the Swingline Loans in accordance with the terms of this Agreement. 

  
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 (e) Cash Collateral. At any point in time in which there is a Defaulting
Lender, the Swingline Lender may require the Borrowers to cash collateralize the outstanding Fronting Exposure pursuant to Section 2.20. 
  

	 	Section 2.5	Fees. 

 (a) Commitment Fee. Subject to Section 2.21,
in consideration of the Revolving Commitments, the Borrowers agree to pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders, a commitment fee (the “Commitment Fee”) in an amount equal to the Applicable
Margin per annum on the average daily unused amount of the Revolving Committed Amount. The Commitment Fee shall be calculated quarterly in arrears. For purposes of computation of the Commitment Fee, LOC Obligations shall be considered usage of the
Revolving Committed Amount but Swingline Loans shall not be considered usage of the Revolving Committed Amount. The Commitment Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter. 

(b) Letter of Credit Fees. Subject to Section 2.21, in consideration of the LOC Commitments, the Borrowers agree to
pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders, a fee (the “Letter of Credit Fee”) equal to the Applicable Margin for Revolving Loans that are LIBOR Rate Loans per annum on the average daily
maximum amount available to be drawn under each Letter of Credit from the date of issuance to the date of expiration. The Letter of Credit Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter. 

(c) Issuing Lender Fees. In addition to the Letter of Credit Fees payable pursuant to subsection (b) hereof, the
Borrowers shall pay to the Issuing Lender for its own account without sharing by the other Lenders the reasonable and customary charges from time to time of the Issuing Lender with respect to the amendment, transfer, administration, cancellation and
conversion of, and drawings under, such Letters of Credit (collectively, the “Issuing Lender Fees”). The Issuing Lender may charge, and retain for its own account without sharing by the other Lenders, an additional facing fee (the
“Letter of Credit Facing Fee”) of 0.125% per annum on the average daily maximum amount available to be drawn under each such Letter of Credit issued by it. The Issuing Lender Fees and the Letter of Credit Facing Fee shall be payable
quarterly in arrears on the last Business Day of each calendar quarter. 
 (d) Administrative Fee. The Borrowers agree
to pay to the Administrative Agent the annual administrative fee as described in the Fee Letter. 
  

	 	Section 2.6	Commitment Reductions. 

 (a) Voluntary Reductions. The
Borrowers shall have the right to terminate or permanently reduce the unused portion of the Revolving Committed Amount at any time or from time to time upon not less than three (3) Business Days’ prior written notice to the Administrative
Agent (which shall notify the Lenders thereof as soon as practicable) 

  
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of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction which shall be in a minimum amount of $1,000,000 or a whole
multiple of $500,000 in excess thereof and shall be irrevocable and effective upon receipt by the Administrative Agent; provided that no such reduction or termination shall be permitted if after giving effect thereto, and to any prepayments
of the Revolving Loans made on the effective date thereof, the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations would exceed the Revolving Committed
Amount then in effect. Any reduction in the Revolving Committed Amount shall be applied to the Commitment of each Revolving Lender according to its Revolving Commitment Percentage. 

(b) LOC Committed Amount. If the Revolving Committed Amount is reduced below the then current LOC Committed Amount, the
LOC Committed Amount shall automatically be reduced by an amount such that the LOC Committed Amount equals the Revolving Committed Amount. 

(c) Swingline Committed Amount. If the Revolving Committed Amount is reduced below the then current Swingline Committed
Amount, the Swingline Committed Amount shall automatically be reduced by an amount such that the Swingline Committed Amount equals the Revolving Committed Amount. 

(d) Maturity Date. The Revolving Commitments, the Swingline Commitment and the LOC Commitment shall automatically
terminate on the Maturity Date. 
  

	 	Section 2.7	Prepayments. 

 (a) Optional Repayments. The
Borrowers shall have the right to repay the Revolving Loans and Swingline Loans in whole or in part from time to time; provided, however, that each partial prepayment or repayment of (i) Revolving Loans that are Alternate
Base Rate Loans shall be in a minimum principal amount of $500,000 and integral multiples of $100,000 in excess thereof (or the remaining outstanding principal amount), (ii) Revolving Loans that are LIBOR Rate Loans shall be in a minimum
principal amount of $1,000,000 and integral multiples of $500,000 in excess thereof (or the remaining outstanding principal amount) and (iii) Swingline Loans shall be in a minimum principal amount of $100,000 and integral multiples of
$100,000 in excess thereof (or the remaining outstanding principal amount). The Company shall give three Business Days’ irrevocable notice of prepayment in the case of LIBOR Rate Loans and same-day
irrevocable notice on any Business Day in the case of Alternate Base Rate Loans, to the Administrative Agent (which shall notify the Lenders thereof as soon as practicable). To the extent the Borrowers elect to repay the Revolving Loans and/or
Swingline Loans, amounts prepaid under this Section shall be applied to the Revolving Loans and/or Swingline Loans, as applicable of the Revolving Lenders in accordance with their respective Revolving Commitment Percentages. Within the foregoing
parameters, prepayments under this Section shall be applied first to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period maturities. All 

  
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prepayments under this Section shall be subject to Section 2.15, but otherwise without premium or penalty. Interest on the principal amount prepaid shall be payable on the next occurring
Interest Payment Date that would have occurred had such loan not been prepaid or, at the request of the Administrative Agent, interest on the principal amount prepaid shall be payable on any date that a prepayment is made hereunder through the date
of prepayment. 
 (b) Mandatory Prepayments. 

(i) Revolving Committed Amount. If at any time after the Closing Date, the sum of the aggregate principal amount of
outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall exceed the Revolving Committed Amount, the Borrowers shall immediately prepay the Revolving Loans and Swingline Loans and (after all
Revolving Loans and Swingline Loans have been repaid) cash collateralize the LOC Obligations in an amount sufficient to eliminate such excess (such prepayment to be applied as set forth in clause (ii) below). 

(ii) Application of Mandatory Prepayments. All amounts required to be paid pursuant to this Section shall be applied as
follows: (1) first to the outstanding Swingline Loans, (2) second to the outstanding Revolving Loans and (3) third to cash collateralize the LOC Obligations. Within the parameters of the applications set forth
above, prepayments shall be applied first to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period maturities. All prepayments under this Section shall be subject to Section 2.15 and be accompanied by
interest on the principal amount prepaid through the date of prepayment, but otherwise without premium or penalty. 
 (c)
Bank Product Obligations Unaffected. Any repayment or prepayment made pursuant to this Section shall not affect the Borrowers obligation to continue to make payments under any Bank Product, which shall remain in full force and effect
notwithstanding such repayment or prepayment, subject to the terms of such Bank Product. 
  

	 	Section 2.8	Default Rate and Payment Dates. 

 (a) If all or a portion of the
principal amount of any Loan which is a LIBOR Rate Loan shall not be paid when due or continued as a LIBOR Rate Loan in accordance with the provisions of Section 2.9 (whether at the stated maturity, by acceleration or otherwise), such overdue
principal amount of such Loan shall be converted to an Alternate Base Rate Loan at the end of the Interest Period applicable thereto. 

(b) Upon the occurrence and during the continuance of a (i) Bankruptcy Event or a Payment Event of Default, the principal
of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall automatically bear interest at a rate per annum which is equal to the

  
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Default Rate and (ii) any other Event of Default hereunder, at the option of the Required Lenders, the principal of and, to the extent permitted by law, interest on the Loans and any other
amounts owing hereunder or under the other Credit Documents shall automatically bear interest, at a per annum rate which is equal to the Default Rate, in each case from the date of such Event of Default until such Event of Default is waived in
accordance with Section 9.1. Any default interest owing under this Section 2.8(b) shall be due and payable on the earlier to occur of (x) demand by the Administrative Agent (which demand the Administrative Agent shall make if directed by
the Required Lenders) and (y) each Maturity Date. 
 (c) Interest on each Loan shall be payable in arrears on each
Interest Payment Date; provided that interest accruing pursuant to paragraph (b) of this Section shall be payable from time to time on demand. 
  

	 	Section 2.9	Conversion Options. 

 (a) The Borrowers may, in the case of
Revolving Loans, elect from time to time to convert Alternate Base Rate Loans to LIBOR Rate Loans or to continue LIBOR Rate Loans, by delivering a Notice of Conversion/Extension to the Administrative Agent at least three Business Days prior to the
proposed date of conversion or continuation. In addition, the Borrowers may elect from time to time to convert all or any portion of a LIBOR Rate Loan to an Alternate Base Rate Loan by giving the Administrative Agent irrevocable written notice
thereof by 11:00 A.M. one (1) Business Day prior to the proposed date of conversion. If the date upon which an Alternate Base Rate Loan is to be converted to a LIBOR Rate Loan is not a Business Day, then such conversion shall be made on
the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. If the date upon which a LIBOR Rate Loan is to
be converted to an Alternate Base Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall
bear interest as if it were an Alternate Base Rate Loan. All or any part of outstanding Alternate Base Rate Loans may be converted as provided herein; provided that (i) no Loan may be converted into a LIBOR Rate Loan when any Default or
Event of Default has occurred and is continuing and (ii) partial conversions shall be in an aggregate principal amount of $500,000 or a whole multiple of $1,000,000 in excess thereof. All or any part of outstanding LIBOR Rate Loans may be
converted as provided herein; provided that partial conversions shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. 

(b) Any LIBOR Rate Loans may be continued as such upon the expiration of an Interest Period with respect thereto by compliance
by the Borrowers with the notice provisions contained in Section 2.9(a); provided, that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, in which case such Loan shall be
automatically converted to an Alternate Base Rate Loan at the end of the applicable Interest Period with respect thereto. If the Company shall fail 

  
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to give timely notice of an election to continue a LIBOR Rate Loan, or the continuation of LIBOR Rate Loans is not permitted hereunder, such LIBOR Rate Loans shall be automatically converted to
Alternate Base Rate Loans at the end of the applicable Interest Period with respect thereto. 
  

	 	Section 2.10	Computation of Interest and Fees; Usury. 

 (a) Interest payable
hereunder with respect to any Alternate Base Rate Loan based on the Prime Rate shall be calculated on the basis of a year of 365 days (or 366 days, as applicable) for the actual days elapsed. All other fees, interest and all other amounts payable
hereunder shall be calculated on the basis of a 360-day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Company and the Lenders of each determination of a
LIBOR Rate on the Business Day of the determination thereof. Any change in the interest rate on a Loan resulting from a change in the Alternate Base Rate shall become effective as of the opening of business on the day on which such change in the
Alternate Base Rate shall become effective. The Administrative Agent shall as soon as practicable notify the Company and the Lenders of the effective date and the amount of each such change. 

(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be
prima facie evidence thereof in the absence of demonstrable error. The Administrative Agent shall, at the request of the Company, deliver to the Borrowers a statement showing the computations used by the Administrative Agent in determining any
interest rate. 
 (c) It is the intent of the Lenders and the Credit Parties to conform to and contract in strict compliance
with applicable usury law from time to time in effect. All agreements between the Lenders and the Credit Parties are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or
hereafter arising and whether written or oral. In no way, nor in any event or contingency (including, but not limited to, prepayment or acceleration of the maturity of any Obligation), shall the interest taken, reserved, contracted for, charged, or
received under this Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable law. If, from any possible construction of any of the Credit Documents or any other document, interest would otherwise be
payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this paragraph and such interest shall be automatically reduced to the maximum nonusurious amount permitted under applicable law,
without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable law and which would, apart from this provision, be in excess of
the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to
the Borrowers or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans 

  
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or any other Indebtedness evidenced by any of the Credit Documents does not include the right to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders
do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of such Indebtedness does not exceed the maximum nonusurious amount permitted by applicable law. 

 

	 	Section 2.11	Pro Rata Treatment and Payments. 

 (a) Allocation of Payments
Prior to Exercise of Remedies. Each borrowing of Revolving Loans and any reduction of the Revolving Commitments shall be made pro rata according to the respective Revolving Commitment Percentages of the Revolving Lenders. Unless otherwise
required by the terms of this Agreement, each payment under this Agreement shall be applied, first, to any fees then due and owing by the Borrowers pursuant to Section 2.5, second, to interest then due and owing hereunder of the
Borrowers and, third, to principal then due and owing hereunder and under this Agreement of the Borrowers. Each payment on account of any fees pursuant to Section 2.5 shall be made pro rata in accordance with the respective amounts due
and owing (except as to the Letter of Credit Facing Fees and the Issuing Lender Fees which shall be paid to the Issuing Lender). Each optional repayment by the Borrowers on account of principal of and interest on the Revolving Loans shall be applied
to such Loans on a pro rata basis and, to the extent applicable, in accordance with the terms of Section 2.7(a) hereof. Each mandatory prepayment on account of principal of the Loans shall be applied to such Loans, as applicable, on a pro rata
basis and, to the extent applicable, in accordance with Section 2.7(b). All payments (including prepayments) to be made by the Borrowers on account of principal, interest and fees shall be made without defense,
set-off or counterclaim (except as provided in Section 2.15) and shall be made to the Administrative Agent for the account of the Lenders at the Administrative Agent’s office specified on
Section 9.2 in Dollars and in immediately available funds not later than 1:00 P.M. on the date when due. The Administrative Agent shall distribute such payments to the Lenders entitled thereto promptly upon receipt in like funds as
received. If any payment hereunder (other than payments on the LIBOR Rate Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments of
principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a LIBOR Rate Loan becomes due and payable on a day other than a Business Day, such payment date shall be extended to the next
succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. 

(b) Allocation of Payments After Exercise of Remedies. Notwithstanding any other provisions of this Agreement to the
contrary, after the exercise of remedies (other than the application of default interest pursuant to Section 2.8) by the Administrative Agent or the Lenders pursuant to Section 7.2 (or after the Commitments shall

  
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automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents (including, without limitation, the maximum amount of all contingent
liabilities under Letters of Credit) shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received by the Administrative Agent or any Lender on account of the Credit Party Obligations or
any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows (irrespective of whether the following costs, expenses, fees, interest, premiums, scheduled periodic payments
or Credit Party Obligations are allowed, permitted or recognized as a claim in any proceeding resulting from the occurrence of a Bankruptcy Event): 

FIRST, to the payment of all reasonable
out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of
the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; 

SECOND, to the payment of any fees owed to the Administrative Agent and the Issuing Lender; 

THIRD, to the payment of all reasonable
out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees) of each of the Lenders in connection with enforcing its rights under
the Credit Documents or otherwise with respect to the Credit Party Obligations owing to such Lender; 
 FOURTH, to the
payment of all of the Credit Party Obligations consisting of accrued fees and interest, and including, with respect to any Bank Product, any fees, premiums and scheduled periodic payments due under such Bank Product and any interest accrued
thereon; 
 FIFTH, to the payment of the outstanding principal amount of the Credit Party Obligations and the payment or cash
collateralization of the outstanding LOC Obligations, and including with respect to any Bank Product, any breakage, termination or other payments due under such Bank Product and any interest accrued thereon; 

SIXTH, to all other Credit Party Obligations and other obligations which shall have become due and payable under the Credit
Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and 
 SEVENTH,
to the payment of the surplus, if any, to the Borrowers. 
 In carrying out the foregoing, (a) amounts received shall be
applied in the numerical order provided until exhausted prior to application to the next succeeding category; (b) each of the Lenders and any Bank Product Provider shall receive an amount

  
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equal to its pro rata share (based on the proportion that the then outstanding Loans and LOC Obligations held by such Lender or the outstanding obligations payable to such Bank Product
Provider bears to the aggregate then outstanding Loans and LOC Obligations and obligations payable under all Bank Products) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH”, “FIFTH” and
“SIXTH” above; and (c) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held
by the Administrative Agent in a cash collateral account and applied (i) first, to reimburse the Issuing Lender from time to time for any drawings under such Letters of Credit and (ii) then, following the expiration of all Letters of
Credit, to all other obligations of the types described in clauses “FIFTH” and “SIXTH” above in the manner provided in this Section. Notwithstanding the foregoing terms of this Section, only Collateral proceeds and payments under
the Guaranty (as opposed to ordinary course principal, interest and fee payments hereunder) shall be applied to obligations under any Bank Product. Amounts distributed with respect to any Bank Product Debt shall be the last Bank Product Amount
reported to the Administrative Agent; provided that any such Bank Product Provider may provide an updated Bank Product Amount to the Administrative Agent prior to payments made pursuant to this Section. The Administrative Agent shall have no
obligation to calculate the amount to be distributed with respect to any Bank Product Debt, but may rely upon written notice of the amount (setting forth a reasonably detailed calculation) from the applicable Bank Product Provider. In the absence of
such notice, the Administrative Agent may assume the amount to be distributed is the Bank Product Amount last reported to the Administrative Agent. 
  

	 	Section 2.12	Non-Receipt of Funds by the Administrative Agent. 

(a) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received written
notice from a Lender prior to the proposed date of any Extension of Credit that such Lender will not make available to the Administrative Agent such Lender’s share of such Extension of Credit, the Administrative Agent may assume that such
Lender has made such share available on such date in accordance with this Agreement and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the
applicable Extension of Credit available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day
from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrowers, the interest rate applicable to Alternate Base Rate Loans.
If the Borrowers and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrowers the amount of such interest paid by the Borrowers for such
period. If such 

  
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Lender pays its share of the applicable Extension of Credit to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Extension of Credit. Any
payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(b) Payments by the Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Company prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that
the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due. In such event, if the Borrowers have not in fact
made such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. 
 A notice of the Administrative Agent to any Lender or
the Company with respect to any amount owing under subsections (a) and (b) of this Section shall be prima facie evidence thereof, conclusive, absent demonstrable error. 

(c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any
Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrowers by the Administrative Agent because the conditions to the applicable Extension of Credit set forth in
Article IV are not satisfied or waived in accordance with the terms thereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest. 

(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Revolving Loans, to fund
participations in Letters of Credit and Swingline Loans and to make payments pursuant to Section 9.5(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any such payment under Section
9.5(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation
or to make its payment under Section 9.5(c). 
 (e) Funding Source. Nothing herein shall be deemed to obligate any
Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

  
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	 	Section 2.13	Inability to Determine Interest Rate. 

 Notwithstanding any other provision of
this Agreement, if (a) the Administrative Agent shall reasonably determine (which determination shall be conclusive and binding absent manifest error) that, by reason of circumstances affecting the relevant market, reasonable and adequate means
do not exist for ascertaining the LIBOR Rate for such Interest Period, or (b) the Required Lenders shall reasonably determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately
and fairly reflect the cost to such Lenders of funding LIBOR Rate Loans that the applicable Borrower has requested be outstanding as a LIBOR Tranche during such Interest Period, the Administrative Agent shall forthwith give telephone notice of such
determination, confirmed in writing, to the Company, and the Lenders at least two (2) Business Days prior to the first day of such Interest Period. Unless the Company shall have notified the Administrative Agent upon receipt of such telephone
notice that it or another Borrower wishes to rescind or modify its request regarding such LIBOR Rate Loans, any Loans that were requested to be made as LIBOR Rate Loans shall be made as Alternate Base Rate Loans and any Loans that were requested to
be converted into or continued as LIBOR Rate Loans shall remain as or be converted into Alternate Base Rate Loans. Until any such notice has been withdrawn by the Administrative Agent, no further Loans shall be made as, continued as, or converted
into, LIBOR Rate Loans for the Interest Periods so affected. 
  

	 	Section 2.14	Yield Protection. 

 (a) Increased Costs Generally. If any
Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance
charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or the Issuing Lender; 

(ii) subject the Administrative Agent, any Lender, the Issuing Lender or any other recipient of any payment to be made by
or on account of any obligation of any Credit Party under any Credit Document to any (or any increase in any) Other Connection Taxes with respect to any Credit Document, any Letter of Credit or any participation in any Loan or a Letter of Credit
(except for the imposition of, or any change in the rate of, any Net Income Tax); or 
 (iii) impose on any Lender or
the Issuing Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBOR Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any LIBOR Rate Loan (or, in the
case of clause (ii), any Loan or any participation in any Loan) or of maintaining its obligation to make any such Loan), or 

  
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to increase the cost to such Lender or the Issuing Lender of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any
Letter of Credit), or to reduce the amount of any sum received or receivable by such Administrative Agent, Lender, the Issuing Lender or other recipient hereunder (whether of principal, interest or any other amount) then, upon request of such
Administrative Agent, Lender, the Issuing Lender, or other recipient, the Borrowers will pay to such Administrative Agent, Lender, the Issuing Lender or other recipient, as the case may be, such additional amount or amounts as will compensate such
Administrative Agent, Lender, Issuing Lender or other recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender or the Issuing Lender determines that any Change in Law affecting such Lender or
the Issuing Lender or any lending office of such Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such
Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding company with respect to capital adequacy and
liqudity), then from time to time the Borrowers will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing
Lender’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of
a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to the
Company shall be conclusive absent manifest error. The Borrowers shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant
to this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation, provided that the Borrowers shall not be required to compensate a Lender or the Issuing Lender pursuant to
this Section for any increased costs incurred or reductions suffered, as the case may be, to the extent that such Lender or the Issuing Lender fails to make a demand for such compensation more than nine (9) months after becoming aware of such
Change in Law giving arise to such increased costs or reductions. 

  
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	 	Section 2.15	Compensation for Losses; Eurocurrency Liabilities. 

 (a)
Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by
it as a result of: 
 (i) any continuation, conversion, payment or prepayment of any Loan other than an Alternate Base Rate
Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(ii) any failure by the Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow,
continue or convert any Loan other than an Alternate Base Rate Loan on the date or in the amount notified by the Company or the applicable Borrower; or 

(iii) any assignment of a LIBOR Rate Loan on a day other than the last day of the Interest Period therefor as a result of a
request by the Company pursuant to Section 2.19; 
 including any loss of anticipated profits and any loss or expense arising
from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrowers shall also pay any customary administrative fees charged by such
Lender in connection with the foregoing. 
 For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section,
each Lender shall be deemed to have funded each LIBOR Rate Loan made by it at the LIBOR Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period,
whether or not such LIBOR Rate Loan was in fact so funded. 
 (b) The Borrowers shall pay to each Lender, as long as such
Lender shall be required to maintain reserves under Regulation D with respect to “Eurocurrency liabilities” within the meaning of Regulation D, or under any similar or successor regulation with respect to Eurocurrency liabilities or
Eurocurrency funding, additional interest on the unpaid principal amount of each LIBOR Loan equal to the actual costs of such reserves allocated to such LIBOR Loan by such Lender (as determined by such Lender in good faith, which determination shall
be conclusive), which shall be due and payable on each date on which interest is payable on such LIBOR Loan, provided the Company shall have received at least fifteen (15) days prior notice (with a copy to the Administrative Agent) of such
additional interest from such Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant interest payment date, such additional interest shall be due and payable fifteen (15) days from receipt of such notice. 

  
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	 	Section 2.16	Taxes. 

 (a) Payments Free of Taxes. Any and all payments
by or on account of any obligation of any Credit Party under any Credit Document shall be made free and clear of and without reduction or withholding for any Taxes, provided that if any applicable law (as determined in the good faith
discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment, then the applicable Withholding Agent shall make such deduction and timely pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Credit Party shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section) the Administrative Agent, Issuing Lender, Lender (or each of its beneficial owners), as the case may be, receives an amount equal to the sum it would have received had no such deductions been
made. A certificate as to the amount of such withholding or deduction that is an Indemnified Tax delivered by the Withholding Agent to the Borrowers (with, if the Withholding Agent is not the Administrative Agent, a copy to the Administrative
Agent), shall be conclusive absent manifest error. 
 (b) Payment of Other Taxes by the Borrowers. Without limiting
the provisions of paragraph (a) above, the Borrowers shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other
Taxes. 
 (c) Indemnification by the Borrowers. The Borrowers shall indemnify the Administrative Agent, each Lender
and the Issuing Lender, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section) payable or paid by the Administrative Agent, such Lender or the Issuing Lender, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by a Lender or the Issuing Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Lender, shall be conclusive absent manifest error. The Borrowers shall also indemnify the Administrative Agent, within 10 days after demand therefor, for any amount which
a Lender or the Issuing Lender for any reason fails to pay indefeasibly to the Administrative Agent as required by paragraph (d) below; provided that, such Lender or the Issuing Lender, as the case may be, shall indemnify the Borrowers
to the extent of any payment any Borrower makes to the Administrative Agent pursuant to this sentence. In addition, the Borrowers shall indemnify the Administrative Agent, each Lender and the Issuing Lender, within 10 days after demand therefor, for
any incremental Taxes that may become payable by such Administrative Agent, Lender (or its beneficial owners) or Issuing Lender as a result of any failure of any Credit Party to pay any Taxes when due to the appropriate Governmental Authority or to
deliver to such Administrative Agent, 

  
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pursuant to clause (e), documentation evidencing the payment of Taxes. Notwithstanding the foregoing, the Credit Parties shall not be liable for any penalties, interest or expenses imposed or
incurred as a result of the willful misconduct or gross negligence of the Administrative Agent or any Lender. 
 (d)
Indemnification of the Administrative Agent. Each Lender and the Issuing Lender shall indemnify the Administrative Agent within 10 days after demand therefor, for the full amount of any Excluded Taxes attributable to such Lender that are
payable or paid by the Administrative Agent, and reasonable expenses arising therefrom or with respect thereto, whether or not such Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender and the Issuing Lender hereby authorizes the Administrative Agent to set off and apply any and all
amounts at any time owing to such Lender or the Issuing Lender, as the case may be, under any Credit Document against any amount due to the Administrative Agent under this paragraph (d). The agreements in paragraph (d) shall survive the
resignation and/or replacement of the Administrative Agent. 
 (e) Evidence of Payments. As soon as reasonably
practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section, the Company shall deliver to the Administrative Agent the original or a certified copy (certified by the Company) of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(f) Status of Lenders. Each Foreign Lender that is entitled to an exemption from or reduction of withholding tax with
respect to payments made under any Credit Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation
prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Company or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the applicable Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, in the case of any withholding Tax other than the U.S. federal withholding Tax, the completion, execution and submission of
such forms shall not be required if in the Foreign Lender’s judgment such completion, execution or submission would subject such Foreign Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Foreign Lender. 
 Without limiting the generality of the foregoing, in the event that the applicable
Borrower is a U.S. Borrower, 

  
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 (i) each Lender that is a U.S. Person shall deliver to the Company and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Company or the Administrative Agent), executed originals of Internal Revenue Service
Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent, as
the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and 

(ii) each Foreign Lender (other than a Foreign Lender that is a U.S. Person) shall, to the extent it is legally entitled to do
so, deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the request of the Company or the Administrative Agent), whichever of the following is applicable: 
 (A) properly
completed and duly executed originals of Internal Revenue Service Form W-8BEN or W-BEN-E, as applicable, claiming eligibility for
benefits of an income tax treaty to which the United States of America is a party; 
 (B) properly completed and duly
executed originals of Internal Revenue Service Form W-8ECI; 
 (C) in the case of a
Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that (A) such Foreign Lender is not a “bank” within the meaning of section
881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning of section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and
(B) the interest payments in question are not effectively connected with a U.S. trade or business conducted by such Foreign Lender or are effectively connected but are not includible in the Foreign Lender’s gross income for U.S. federal
income tax purposes under an income tax treaty (a “U.S. Tax Compliance Certificate”) and (y) properly completed and duly executed originals of Internal Revenue Service Form W-8BEN or W-BEN-E, as applicable; 
 (D) to the extent a
Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or participating Lender granting a typical participation), properly completed and duly executed originals of Internal Revenue Service Form W-8IMY, accompanied by an Internal Revenue Service Form W-8ECI, Internal 

  
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Revenue Service Form W-8BEN or W-BEN-E, as applicable, and, U.S. Tax
Compliance Certificate, Internal Revenue Service Form W-9, and/or other certification documents from each beneficial owner, as applicable, in each case in accordance with this Section 2.16(f); provided that if
the Foreign Lender is a partnership (and not a participating Lender) and one or more beneficial owners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf
of each such beneficial owner; or 
 (E) executed originals of any other form prescribed by applicable law as a basis for
claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Company or the applicable Borrower to determine the
withholding or deduction required to be made. 
 (iii) If a payment made to a Lender under any Credit Document would be
subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender
shall deliver to the Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.16(f)(iii), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or
certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall provide a new form or certification in accordance with this Section 2.16(f) or promptly notify the Company and the Administrative Agent in
writing of its legal inability to do so. 
 (g) Treatment of Certain Refunds. If the Administrative Agent, a Lender or
the Issuing Lender determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including additional amounts paid by any Credit Party pursuant to this Section), it shall
pay to the indemnifying party an amount equal to such refund (but only to the extent of additional amounts or indemnity payments made under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of the Administrative Agent, such Lender or the Issuing Lender, as the case may be, and without interest (other than any interest paid
by the relevant 

  
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Governmental Authority with respect to such refund), provided that such indemnifying party, upon the request of the Administrative Agent, such Lender or the Issuing Lender, agrees to repay
the amount paid over pursuant to this Section (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the Issuing Lender in the event the Administrative Agent,
such Lender or the Issuing Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the Administrative Agent, the Issuing Lender or any Lender be
required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the Administrative Agent, Issuing Lender or Lender in a less favorable net after-Tax
position than the Administrative Agent, Issuing Lender or Lender would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require the
Administrative Agent, any Lender or the Issuing Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Borrower or any other Person. 

(h) Survival. Each party’s obligations under this Section shall survive the termination of the Credit Documents and
payment of any obligations thereunder. 
  

	 	Section 2.17	Indemnification; Nature of Issuing Lender’s Duties. 

(a) In addition to its other obligations under Section 2.3, the Credit Parties hereby agree to protect, indemnify, pay and
save the Issuing Lender and each Lender harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’ fees) that the Issuing Lender or such Lender may incur or
be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit or (ii) the failure of the Issuing Lender to honor a drawing under a Letter of Credit as a result of any act or omission, whether rightful or
wrongful, of any present or future de jure or de facto government or Governmental Authority (all such acts or omissions, herein called “Government Acts”). 

(b) As between the Credit Parties, the Issuing Lender and each Lender, the Credit Parties shall assume all risks of the acts,
omissions or misuse of any Letter of Credit by the beneficiary thereof. Neither the Issuing Lender nor any Lender shall be responsible: (i) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by
any party in connection with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) for the validity or sufficiency of
any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason;
(iii) for failure of the beneficiary of a Letter of Credit to comply fully with conditions required in order to draw upon a Letter of Credit; (iv) for errors, omissions, interruptions or delays in transmission or delivery of any messages,
by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the 

  
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transmission or otherwise of any document required in order to make a drawing under a Letter of Credit or of the proceeds thereof; and (vii) for any consequences arising from causes beyond
the control of the Issuing Lender or any Lender, including, without limitation, any Government Acts. None of the above shall affect, impair, or prevent the vesting of the Issuing Lender’s rights or powers hereunder. 

(c) In furtherance and extension and not in limitation of the specific provisions hereinabove set forth, any action taken or
omitted by the Issuing Lender or any Lender, under or in connection with any Letter of Credit or the related certificates, if taken or omitted in the absence of gross negligence or willful misconduct, shall not put such Issuing Lender or such Lender
under any resulting liability to the Credit Parties. It is the intention of the parties that this Agreement shall be construed and applied to protect and indemnify the Issuing Lender and each Lender against any and all risks involved in the issuance
of the Letters of Credit, all of which risks are hereby assumed by the Credit Parties, including, without limitation, any and all risks of the acts or omissions, whether rightful or wrongful, of any Government Authority. The Issuing Lender and the
Lenders shall not, in any way, be liable for any failure by the Issuing Lender or anyone else to pay any drawing under any Letter of Credit as a result of any Government Acts or any other cause beyond the control of the Issuing Lender and the
Lenders. 
 (d) Nothing in this Section is intended to limit the Reimbursement Obligation of the Borrowers contained in
Section 2.3(d) hereof. The obligations of the Credit Parties under this Section shall survive the termination of this Agreement. No act or omissions of any current or prior beneficiary of a Letter of Credit shall in any way affect or impair the
rights of the Issuing Lender and the Lenders to enforce any right, power or benefit under this Agreement. 
 (e)
Notwithstanding anything to the contrary contained in this Section, the Credit Parties shall have no obligation to indemnify the Issuing Lender or any Lender in respect of any liability incurred by the Issuing Lender or any such Lender arising out
of the gross negligence or willful misconduct of the Issuing Lender (including action not taken by the Issuing Lender or such Lender), as determined by a court of competent jurisdiction or pursuant to arbitration. 

 

	 	Section 2.18	Illegality. 

 Notwithstanding any other provision of this Credit Agreement, if any
Change in Law shall make it unlawful for such Lender or its LIBOR Lending Office to make or maintain LIBOR Rate Loans as contemplated by this Credit Agreement or to obtain in the interbank eurodollar market through its LIBOR Lending Office the funds
with which to make such Loans, (a) such Lender shall promptly notify the Administrative Agent and the Company thereof, (b) the commitment of such Lender hereunder to make LIBOR Rate Loans or continue LIBOR Rate Loans as such shall
forthwith be suspended until the Administrative Agent shall give notice that the condition or situation which gave rise to the suspension shall no longer exist, and (c) such Lender’s Loans then outstanding as LIBOR Rate Loans, if any,
shall be converted on the last day of the Interest Period for such Loans or within such earlier period as required by law as Alternate 

  
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Base Rate Loans. Each Borrower hereby agrees to promptly pay any Lender, upon its demand, any additional amounts necessary to compensate such Lender for actual and direct costs (but not including
anticipated profits) reasonably incurred by such Lender in making any repayment in accordance with this Section including, but not limited to, any interest or fees payable by such Lender to lenders of funds obtained by it in order to make or
maintain its LIBOR Rate Loans hereunder. A certificate (which certificate shall include a description of the basis for the computation) as to any additional amounts payable pursuant to this Section submitted by such Lender, through the
Administrative Agent, to the Company shall be prima facie evidence thereof in the absence of demonstrable error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office) to avoid or to minimize
any amounts which may otherwise be payable pursuant to this Section; provided, however, that such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its
sole discretion to be material. 
  

	 	Section 2.19	Replacement of Lenders. 

 (a) Designation of a Different
Lending Office. If any Lender requests compensation under Section 2.14, or requires the Company to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates,
if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or Section 2.16, as the case may be, in the future and (ii) would not subject such Lender
to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees to pay all reasonable out-of-pocket costs and
expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) Replacement of Lenders.
If (i) any Lender requests compensation under Section 2.14, (ii) the Company is required to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.16, (iii) any Lender becomes a Defaulting Lender or (iv) any Lender (other than Wells Fargo) fails to consent to any proposed amendment, modification, termination, waiver or consent with respect to any provision hereof or of any
other Credit Document that requires the unanimous approval of all of the Lenders, the approval of all of the Lenders affected thereby or the approval of a class of Lenders, in each case in accordance with the terms of Section 9.1, then the
Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign (at par) and delegate, without recourse (in accordance with and subject to the restrictions contained in, and
consents required by, Section 9.6), all of its interests, rights and obligations under this Agreement and the related Credit 

  
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Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(A) the Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 9.6; 

(B) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in
Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Credit Documents (including any amounts under Section 2.15) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Company (in the case of all other amounts); 
 (C) in the case of any such
assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments thereafter; 

(D) in the case of any such assignment resulting from a Lender’s failure to consent as described in clause (iv), the
consent of the Required Lenders shall have been obtained with respect to such amendment, modification, termination, waiver or consent; and 

(E) such assignment does not conflict with applicable law. 

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

	 	Section 2.20	Cash Collateral. 

 (a) Cash Collateral. At any time that
there shall exist a Defaulting Lender, immediately upon the request of the Administrative Agent, any Issuing Lender or the Swingline Lender, the Borrowers shall Cash Collateralize all Fronting Exposure (after giving effect to Section 2.21(b) and any
Cash Collateral provided by the Defaulting Lender). 
 (b) Grant of Security Interest. All Cash Collateral (other than
credit support not constituting funds subject to deposit) shall be maintained in blocked deposit accounts with the Administrative Agent. Each of the Borrowers, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to
the control of) the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Lenders and the Lenders (including the Swingline Lender), and agrees to maintain, a first priority security interest in all such Cash Collateral as
security for the Defaulting Lenders’ obligations to which such Cash Collateral may be applied pursuant to clause (c) below. If at any time the Administrative Agent, any Issuing Lender or the Swingline Lender reasonably determines that Cash
Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured

  
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thereby, the Borrowers or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent, any Issuing Lender or the Swingline Lender, pay or provide to the Administrative
Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
any of this Section or Section 2.21 in respect of Letters of Credit or Swingline Loans, shall be held and applied to the satisfaction of the specific LOC Obligations, Swingline Loans, obligations to fund participations therein (including, as to
Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein. 

(d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other
obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as
appropriate, its assignee)), or (ii) the Administrative Agent’s good faith determination that there exists excess Cash Collateral (which determination shall be confirmed by any Issuing Lender or Swingline Lender affected by such release of
Cash Collateral); provided, however, that, subject to Section 2.21, the Person providing Cash Collateral and each applicable Issuing Lender or Swingline Lender may agree that Cash Collateral shall not be released but instead held to
support future anticipated Fronting Exposure or other obligations. 
  

	 	Section 2.21	Defaulting Lenders. 

 (a) Adjustments. Notwithstanding
anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 9.1. 

(ii) Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative
Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to
the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender or Swingline Lender hereunder;
third, after giving effect to any reallocation pursuant to clause (iv) below, to Cash 

  
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Collateralize the Issuing Lender’s or Swingline Lender’s Fronting Exposure in accordance with Section 2.20; fourth, as the Company may request (so long as no Default
exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative
Agent and the Company, to be held in a non-interest bearing deposit account and released in order to (x) satisfy obligations of such Defaulting Lender to fund Loans under this Agreement and
(y) subject to the operation of Section 2.21(a)(iv), Cash Collateralize the Issuing Lender’s and the Swingline Lender’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued
under this Agreement in accordance with Section 2.20; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any
Lender, any Issuing Lenders or the Swingline Lender against that Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment of any
amounts owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained by any Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and
eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans or LOC Obligations in respect of which such Defaulting
Lender has not fully funded its appropriate share and such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay
the Loans of, and LOC Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LOC Obligations owed to, such Defaulting Lender until such
time as all Loans and funded and unfunded participations in LOC Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable facility without giving effect to Section 2.21(a) (iv). Any
payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) Certain Fees. 

(A) Commitment Fees. (1) No Commitment Fee shall accrue on any of the Commitments of a Defaulting Lender so long
as such Lender shall be a Defaulting Lender and (2) any Commitment Fee accrued with respect to the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not
be payable by the Borrowers so long as such Lender shall be a Defaulting Lender. 

  
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 (B) Letter of Credit Fees. Each Defaulting Lender shall be entitled to
receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant
Section 2.20. 
 (C) Reallocation of Fees. With respect to any Letter of Credit Fee not required to be paid to
any Defaulting Lender pursuant to clause (B) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to
such Defaulting Lender’s participation in LOC Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below and (y) not be required to pay
the remaining amount of any such fee. 
 (iv) Reallocation of Participations to Reduce Fronting Exposure. All or any
part of such Defaulting Lender’s LOC Obligations and Swingline Loans shall automatically be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages
(calculated without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that such reallocation does not cause the aggregate Committed Funded Exposure of any Non-Defaulting
Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 9.30, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against
a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting
Lender’s increased exposure following such reallocation. 
 (v) Cash Collateral, Repayment of Swingline Loans. If
the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to them hereunder or under law, (x) first, prepay Swingline Loans in
an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize the Issuing Lender’s Fronting Exposure (after giving effect to any partial reallocation pursuant to clause (iv) above) in
accordance with the procedures set forth in Section 2.20 for so long as such LOC Obligations are outstanding. 
 (b)
Defaulting Lender Cure. If the Company, the Administrative Agent, the Swingline Lender and Issuing Lender agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), such Lender
will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such 

  
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other actions as the Administrative Agent may determine to be necessary to cause the Committed Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held on
a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.21(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no
change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender. 

 

	 	Section 2.22	Incremental Facility. 

 (a) Revolving Facility Increases.
Subject to the terms and conditions set forth in clause (b) hereof, the Borrowers shall have the right, at any time and from time to time (but not to exceed six (6) increases in the aggregate) prior to the Maturity Date, to incur
additional Indebtedness under this Agreement in the form of an increase to the Revolving Committed Amount (each, a “Revolving Facility Increase”) by an aggregate principal amount for all such Revolving Facility Increases of up to
ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000). 
 (b) Terms and Conditions. The following terms and conditions
shall apply to any Revolving Facility Increase: (i) no Default or Event of Default shall exist immediately prior to or after giving effect to such Revolving Facility Increase (or, to the extent constituting a Revolving Facility Increase to
finance a Limited Condition Acquisition, the foregoing condition, other than with respect to the absence of a Payment Event of Default or a Bankruptcy Event, shall be satisfied at the time of signing of the applicable acquisition agreement related
to such Limited Condition Acquisition), (ii) the other terms and documentation (other than the Applicable Margin, which shall be determined as set forth below in clause (c)) in respect of any Revolving Facility Increase, to the extent not consistent
with the Revolving Facility Increase, will be reasonably satisfactory to the Administrative Agent or apply solely to periods after the Maturity Date, (iii) any loans made pursuant to a Revolving Facility Increase shall constitute Credit
Party Obligations and will be secured and guaranteed with the other Credit Party Obligations on a pari passu or junior basis, (iv) any Lenders providing such Revolving Facility Increase shall be entitled to the same voting rights as the
existing Revolving Lenders and shall be entitled to receive proceeds of prepayments on the same basis as the existing Revolving Lenders, (v) subject to clause (i) above, the conditions to Extensions of Credit in Section 4.2 shall have
been satisfied, (vi) any such Revolving Facility Increase shall be in a minimum principal amount of $25,000,000 (or the amount then remaining available for such increase) and (vii) the Administrative Agent shall have received, to
the extent reasonably requested, (A) an opinion or opinions (including, if reasonably requested by the Administrative Agent, local counsel opinions) of counsel for the Credit Parties, addressed to the Administrative Agent and the Lenders, in
form and substance acceptable to the Administrative Agent and (B) any authorizing corporate documents as the Administrative Agent may reasonably request. 

  
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 (c) Applicable Margin and Yield. The Applicable Margin relating to the
Incremental Loans under any Revolving Facility Increase (such Loans, “Incremental Revolving Loans”) may exceed the Applicable Margin relating to the Revolving Commitments in effect prior to the effective date of the Incremental
Revolving Increase so long as, in the event that the Effective Yield for such Incremental Revolving Loans is greater than the Effective Yield applicable to all Revolving Loans immediately prior to the effective date of the Revolving Facility
Increase by more than 50 basis points, then the Effective Yield for such Revolving Loans shall be increased to the extent necessary so that the Effective Yield for such Revolving Loans is equal to the Effective Yield for such Incremental Revolving
Loans minus 0.50% per annum. 
 (d) Revolving Facility Increase Participations. In connection with the closing of any
Revolving Facility Increase, the outstanding Revolving Loans and Participation Interests shall be reallocated by causing such fundings and repayments (which shall not be subject to any processing and/or recordation fees) among the Revolving Lenders
(which the Company shall be responsible for any costs arising under Section 2.15 resulting from such reallocation and repayments) of Revolving Loans as necessary such that, after giving effect to such Revolving Facility Increase, each Revolving
Lender will hold Revolving Loans and Participation Interests based on its Revolving Commitment Percentage (after giving effect to such Revolving Facility Increase). 

(e) Participation. The Company may invite (x) existing Lenders; provided, that no existing Lender shall have
any obligation to provide all or any portion of such Revolving Facility Increase or (y) other banks, financial institutions and investment funds reasonably acceptable (such consent not to be unreasonably withheld or delayed) to the
Administrative Agent to join this Credit Agreement as Lenders hereunder for any portion of such Revolving Facility Increase; provided that such other banks, financial institutions and investment funds shall enter into such joinder agreements
to give effect thereto as the Administrative Agent may reasonably request. 
 (f) Incremental Revolving Tranche.
Solely to the extent a Revolving Facility Increase is used to finance a Limited Condition Acquisition, and the conditions set forth in Section 4.2 applicable to Extensions of Credit (other than pursuant to Revolving Facility Increases in
connection with a Limited Condition Acquisition) cannot be met at the time such Revolving Facility Increase is to be funded (but such Revolving Facility Increase could be consummated in accordance with the terms thereof and of this Agreement), such
Revolving Facility Increase shall constitute a separate tranche of Revolving Loans and Revolving Commitments (an “Incremental Revolving Tranche”) from the existing Revolving Loans and Revolving Commitments. 

(g) Amendments. The Administrative Agent is authorized to enter into, on behalf of the Lenders, any amendment to this
Credit Agreement or any other Credit Document as may be necessary to incorporate the terms of any such Revolving Facility Increase. 

  
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	 	Section 2.23	MIRE Events. 

 Each of the parties hereto acknowledges and agrees that, if there
are any Mortgaged Properties, any increase, extension or renewal of any of the Commitments or Loans (including the provision of Incremental Revolving Loans or any other incremental credit facilities hereunder pursuant to Section 2.22 or
otherwise, but excluding (i) any continuation or conversion of Loans under Section 2.9, (ii) the making of any Revolving Loans or Swingline Loans or (iii) the issuance, renewal or extension of Letters of Credit) shall be subject to
(and conditioned upon) (1) the prior delivery of all flood hazard determination certifications, acknowledgements and evidence of flood insurance and other flood-related documentation with respect to such Mortgaged Properties as required by laws
relating to flood insurance and as otherwise reasonably required by the Administrative Agent or any Lender and (2) the Administrative Agent shall have received written confirmation from each Lender that flood insurance due diligence and flood
insurance compliance has been completed by such Lender. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

To induce the Lenders to enter into this Agreement and to make the Extensions of Credit herein provided for, the Credit Parties hereby
represent and warrant to the Administrative Agent and to each Lender that: 
  

	 	Section 3.1	Financial Condition. 

 (a) (i) The audited Consolidated
financial statements of the Company and its Subsidiaries for the fiscal years ended December 31, 2015 together with the related Consolidated statements of income or operations, equity and cash flows for the fiscal years ended on
such dates, (ii) the unaudited Consolidated financial statements of the Company and its Subsidiaries for the year-to-date period ending on the last day of the
quarter that ended at least forty-five (45) days prior to the Closing Date, together with the related Consolidated statements of income or operations, equity and cash flows for the
year-to-date period ending on such date and (iii) a pro forma balance sheet of the Company and its Subsidiaries as of the last day of the quarter that
ended at least forty-five (45) days prior to the Closing Date: 
 (A) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and 
 (B) fairly
present the financial condition of the Company and its Subsidiaries, as applicable, as of the date thereof (subject, in the case of the unaudited financial statements, to normal year-end adjustments and
the absence of footnotes) and results of operations for the period covered thereby. 

  
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 (b) The five-year projections of the Credit Parties and their Subsidiaries
(prepared on a quarterly basis for the first year following the Closing Date and on an annual basis thereafter for the term of this Agreement) delivered to the Lenders on or prior to the Closing Date were prepared based on good faith estimates and
assumptions believed by such Persons to be reasonable at the time made, it being recognized by the Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any
such projections may differ from the projected results. 
  

	 	Section 3.2	No Material Adverse Effect. 

 Since December 31, 2015 (and, in
addition, after delivery of annual audited financial statements in accordance with Section 5.1(a), from the date of the most recently delivered annual audited financial statements), there has been no development or event which has had or could
reasonably be expected to have a Material Adverse Effect. 
  

	 	Section 3.3	Corporate Existence; Compliance with Law; Patriot Act Information. 

 Each of the
Credit Parties (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, (b) has the requisite power and authority and the legal right to own and
operate all its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged and has taken all actions necessary to maintain all rights, privileges, licenses and franchises necessary or required
in the normal conduct of its business except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, (c) is duly qualified to conduct business and in good standing under the laws of (i) the
jurisdiction of its organization or formation, and (ii) each other jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification except to the extent that the failure to so qualify
or be in good standing in any such other jurisdiction could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on the business or operations of the Company and its Subsidiaries in such jurisdiction and
(d) is in compliance with all Requirements of Law, organizational documents, government permits and government licenses except to the extent such non-compliance could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. Set forth on Schedule 3.3 as of the Closing Date, or as of the last date such Schedule was required to be updated in accordance with Section 5.2, is
the following information for each Credit Party: the exact legal name and any former legal names of such Credit Party in the four (4) months prior to the Closing Date, the state or place of incorporation or organization, the type of
organization, the chief executive office, the principal place of business, the organization identification number, the federal tax identification number and ownership information (e.g. publicly held, if private or partnership, the owners and
partners of each of the Credit Parties). 
  

	 	Section 3.4	Corporate Power; Authorization; Enforceable Obligations. 

 Each of the Credit
Parties has full power and authority and the legal right to make, deliver and perform the Credit Documents to which it is party and has taken all necessary limited 

  
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liability company, partnership or corporate action to authorize the execution, delivery and performance by it of the Credit Documents to which it is party. Each Credit Document to which it is a
party has been duly executed and delivered on behalf of each Credit Party. Each Credit Document to which it is a party constitutes a legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law). 
  

	 	Section 3.5	No Legal Bar; No Default. 

 The execution, delivery and performance by each Credit
Party of the Credit Documents to which such Credit Party is a party, the borrowings thereunder and the use of the proceeds of the Loans (a) will not violate any Requirement of Law or any Material Contract of any Credit Party (except those as to
which waivers or consents have been obtained) except, in the case of Material Contracts, where such violation could not reasonably be expected to result in a Material Adverse Effect, (b) will not conflict with, result in a breach of or
constitute a default under the articles of incorporation, bylaws, articles of organization, operating agreement or other organization documents of the Credit Parties or any material approval or material consent from any Governmental Authority
relating to such Person, and (c) will not result in, or require, the creation or imposition of any Lien on any Credit Party’s properties or revenues pursuant to any Requirement of Law or Contractual Obligation other than the Liens arising
under or contemplated in connection with the Credit Documents or Permitted Liens. No Default or Event of Default has occurred and is continuing. 
  

	 	Section 3.6	No Material Litigation. 

 No litigation, investigation, claim, criminal
prosecution, civil investigative demand, imposition of criminal or civil fines and penalties, or any other proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Credit Parties, threatened in writing
by or against any Credit Party or any of its Subsidiaries or against any of its or their respective properties or revenues (a) with respect to the Credit Documents or any Extension of Credit or any of the Transactions, or (b) which could
reasonably be expected to have a Material Adverse Effect. No permanent injunction, temporary restraining order or similar decree has been issued against any Credit Party or any of its Subsidiaries which could reasonably be expected to have a
Material Adverse Effect. Set forth on Schedule 3.6 is all material litigation of the Company and its Subsidiaries as of the Closing Date. 
  

	 	Section 3.7	Investment Company Act; etc. 

 No Credit Party is required to register under the
Investment Company Act of 1940, as amended. No Credit Party is subject to regulation under the Federal Power Act, the Interstate Commerce Act or any federal or state statute or regulation limiting its ability to incur the Credit Party Obligations.

  
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	 	Section 3.8	Margin Regulations. 

 No part of the proceeds of any Extension of Credit hereunder
will be used directly or indirectly for any purpose that violates, or that would require any Lender to make any filings in accordance with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System as now and
from time to time hereafter in effect. The Company and its Subsidiaries (a) are not engaged, principally or as one of their important activities, in the business of extending credit for the purpose of “purchasing” or
“carrying” “margin stock” within the respective meanings of each of such terms under Regulation U and (b) taken as a group do not own “margin stock” having a value that exceeds 25% of the value of their assets.

  

	 	Section 3.9	ERISA. 

 Except as could not reasonably be expected to have a Material Adverse
Effect with respect to (i) or (ii), (i) neither a Reportable Event nor an “accumulated funding deficiency” (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan, and (ii) each Plan has complied with the applicable provisions of ERISA and the Code. Except as
could not, with respect to (i) or (ii), reasonably be expected to have a Material Adverse Effect, (i) no termination of a Plan has occurred resulting in any liability that has remained unpaid, and (ii) no Lien in favor of the PBGC has
arisen, during such five-year period. Except as could not reasonably be expected to have a Material Adverse Effect: the present value of all accrued benefits under each Plan (based on those assumptions used to
fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits; and neither any Credit Party nor
any Commonly Controlled Entity is currently subject to any liability for a complete or partial withdrawal from a Multiemployer Plan. 
  

	 	Section 3.10	Environmental Matters. 

 Except as could not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect: 
 (a) The facilities and properties owned, leased or operated by the
Credit Parties or any of their Subsidiaries (other than Excluded Joint Ventures) (the “Properties”) do not contain any Materials of Environmental Concern in amounts or concentrations which (i) constitute a violation of, or
(ii) could give rise to liability on behalf of any Credit Party under, any Environmental Law. 
 (b) The Properties and
all operations of the Credit Parties and/or their Subsidiaries (other than Excluded Joint Ventures) at the Properties are in compliance, and have in the last five years been in compliance, with all applicable Environmental Laws, and there is no
contamination by Materials of Environmental Concern at, under or about the Properties or violation of any Environmental Law with respect to the Properties or the business operated by the Credit Parties or any of their Subsidiaries (other than
Excluded Joint Ventures) (the “Business”). 

  
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 (c) Neither the Credit Parties nor their Subsidiaries have received any written
notice of actual violation, alleged violation, non-compliance, liability or potential liability on behalf of any Credit Party with respect to environmental matters or Environmental Laws regarding any of the
Properties or the Business, nor do the Credit Parties or their Subsidiaries (other than Excluded Joint Ventures) have knowledge or reason to reasonably expect that any such notice will be received or is being threatened. 

(d) Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a
manner or to a location that could give rise to liability on behalf of any Credit Party under any Environmental Law, and no Materials of Environmental Concern have been generated, treated, stored or disposed of at, on or under any of the Properties
in violation of, or in a manner that could give rise to liability on behalf of any Credit Party under, any applicable Environmental Law. 

(e) No judicial proceeding or governmental or administrative action is pending or, to the knowledge of the Company and its
Subsidiaries (other than Excluded Joint Ventures), threatened, under any Environmental Law to which any Credit Party or any Subsidiary (other than Excluded Joint Ventures) is or could reasonably be expected to be named as a party with respect to the
Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the
Properties or the Business. 
 (f) There has been no release or threat of release of Materials of Environmental Concern at or
from the Properties, or arising from or related to the operations of any Credit Party or any Subsidiary (other than Excluded Joint Ventures)in connection with the Properties or otherwise in connection with the Business, in violation of or in amounts
or in a manner that could reasonably be expected to give rise to liability on behalf of any Credit Party under Environmental Laws. 
  

	 	Section 3.11	Use of Proceeds. 

 The proceeds of the Extensions of Credit shall be used by the
Borrowers solely (a) to refinance existing Indebtedness of the Credit Parties and their Subsidiaries, (b) to pay any costs, fees and expenses associated with this Agreement on the Closing Date and (c) for working capital and other
general corporate purposes of the Credit Parties and their Subsidiaries. 
  

	 	Section 3.12	Subsidiaries; Joint Ventures; Partnerships. 

 Set forth on Schedule 3.12 is
a complete and accurate list of all Subsidiaries, joint ventures and partnerships of the Credit Parties as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2. Information on the
attached Schedule includes the following: (a) the number of shares of each class of Equity Interests of each Credit Party outstanding and (b) the number and percentage of outstanding shares of each class of Equity Interests owned by the
Company and its Subsidiaries in each case, 

  
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as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2. The outstanding Equity Interests of all such Subsidiaries are validly
issued, fully paid and in the case of Subsidiaries that are corporations, non-assessable, and are owned free and clear of all Liens (other than Permitted Liens). 

 

	 	Section 3.13	Ownership. 

 Each of the Credit Parties and its Subsidiaries (other than Excluded
Joint Ventures) is the owner of, and has good title to or a valid leasehold interest in, all of its respective assets, that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free
and clear of all Liens (other than Permitted Liens) and except where the failure to have such good title could not reasonably be expected to have a Material Adverse Effect. Each Credit Party and its Subsidiaries (other than Excluded Joint Ventures)
enjoys peaceful and undisturbed possession under all of its leases and all such leases are valid and subsisting and in full force and effect except where the failure to enjoy peaceful and undisturbed possession or where such leases are not valid and
subsisting and in full force and effect in any case could not reasonably be expected to have a Material Adverse Effect. 
  

	 	Section 3.14	Consent; Governmental Authorizations. 

 No approval, consent or authorization of,
filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with acceptance of Extensions of Credit by the Borrowers or the making of the Guaranty hereunder or with the execution,
delivery or performance of any Credit Document by the Credit Parties (other than those which have been obtained) or with the validity or enforceability of any Credit Document against the Credit Parties (except such filings as are necessary in
connection with the perfection of the Liens created by such Credit Documents), except where failure to obtain such approval, consent, authorization or to make such filing could not reasonably be expected to result in a Material Adverse Effect. 

 

	 	Section 3.15	Taxes. 

 Each of the Credit Parties and its Subsidiaries (other than Excluded
Joint Ventures) has filed, or caused to be filed, all United States Federal and state income tax returns and all other material tax returns (federal, state, local and foreign) required to be filed and paid (a) all material amounts of material
taxes shown thereon to be due (including interest and penalties) and (b) all other material taxes, fees, assessments and other governmental charges (including mortgage recording taxes, documentary stamp taxes and intangibles taxes) owing by it,
except for such taxes (i) that are not yet delinquent, (ii) that are being contested in good faith and by proper proceedings, and against which adequate reserves are being maintained in accordance with GAAP and (iii) that are not
material in amount. Except as set forth on Schedule 3.15, none of the Credit Parties or their Subsidiaries is aware as of the Closing Date of any material tax assessments proposed in writing against it or any of its Subsidiaries (other than
Excluded Joint Ventures). 

  
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	 	Section 3.16	Collateral Representations. 

 (a) Intellectual Property.
Set forth on Schedule 3.16(a), as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2, is a list of all federal registered or issued United States and
Canadian Intellectual Property (including all applications for registration and issuance) owned by each of the Credit Parties (including the name/title, current owner, registration or application number, and registration or application date and such
other information as reasonably requested by the Administrative Agent). 
 (b) Documents, Instrument, and Tangible Chattel
Paper. Set forth on Schedule 3.16(b), as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2, is a description of all Documents (as defined in the
UCC), Instruments (as defined in the UCC), and Tangible Chattel Paper (as defined in the UCC) of the Credit Parties (including the Credit Party owning such Document, Instrument and Tangible Chattel Paper and such other information as reasonably
requested by the Administrative Agent) having a value in excess of $5,000,000. 
 (c) Deposit Accounts, Electronic Chattel
Paper, Letter-of-Credit Rights, Securities Accounts and Uncertificated Investment Property. Set forth on Schedule 3.16(c), as of the
Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2, is a description of all Deposit Accounts (as defined in the UCC), Electronic Chattel Paper (as defined in the UCC), Letter-of-Credit Rights (as defined in the UCC), Securities Accounts (as defined in the UCC) and uncertificated Investment Property (as defined in the UCC) of the Credit
Parties, including the name of (i) the applicable Credit Party, (ii) in the case of a Deposit Account, the depository institution, (iii) in the case of Electronic Chattel Paper, the account debtor, (iv) in the case of Letter-of-Credit Rights, the issuer or nominated person, as applicable, and (v) in the case of a Securities Account or other uncertificated Investment Property, the
Securities Intermediary or issuer and the average amount held in such Securities Account, as applicable. 
 (d) Commercial
Tort Claims. Set forth on Schedule 3.16(d), as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2, is a description of all Commercial Tort Claims (as
defined in the UCC) of the Credit Parties (detailing such Commercial Tort Claim in such detail as reasonably requested by the Administrative Agent) where such Credit Party has filed a claim with a Governmental Authority and reasonably expects to
receive a recovery in excess of $5,000,000. 
 (e) Pledged Equity Interests. Set forth on Schedule 3.16(e), as
of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2, is a list of (i) the issued and outstanding Equity Interests owned by such Credit Party of each Subsidiary and
(ii) all other Equity Interests required to be pledged to the Administrative Agent pursuant to the Security Documents. 

  
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 (f) Properties. Set forth on
Schedule 3.16(f)(i), as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2, is a list of all Mortgaged Properties (including the Credit Party owning such
Mortgaged Property). Set forth on Schedule 3.16(f)(ii) is a list of (i) each headquarter location of the Credit Parties (and an indication if such location is leased or owned), (ii) each other location where any significant
administrative or governmental functions are performed (and an indication if such location is leased or owned), (iii) each other location where the Credit Parties maintain any books or records (electronic or otherwise) (and an indication if
such location is leased or owned) and (iv) each location where any personal property Collateral (other than Collateral out-for-repair or in-transit) is located at any premises owned or leased by a Credit Party with a Collateral value in excess of $5,000,000 (and an indication whether such location is leased or owned). 

 

	 	Section 3.17	Solvency. 

 Before and after giving effect to the Transactions, (a) the
Credit Parties, taken as a whole, are solvent and able to pay their debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, and (b) the fair saleable value of the Credit
Parties’ assets, taken as a whole, measured on a going concern basis, exceeds all probable liabilities as they become absolute and matured, including those to be incurred pursuant to this Agreement. Before and after giving effect to the
Transactions, the Credit Parties, taken as a whole, do not have unreasonably small capital in relation to the business in which they are or propose to be engaged. After giving effect to the Transactions, the Credit Parties, taken as a whole, have
not incurred debts beyond their ability to pay such debts as they become due. In executing the Credit Documents and consummating the Transactions, none of the Credit Parties intends to hinder, delay or defraud either present or future creditors or
other Persons to which one or more of the Credit Parties is or will become indebted. 
  

	 	Section 3.18	Compliance with FCPA. 

 Each of the Credit Parties and their Subsidiaries is in
compliance in all material respects with the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq., and any foreign counterpart thereto. None of the Credit Parties or their Subsidiaries
has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political
party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the intent to induce the recipient to misuse
his or her official position to direct business wrongfully to such Credit Party or its Subsidiary or to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et
seq, in each case, which could reasonably be expected to have a Material Adverse Effect. 

  
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	 	Section 3.19	Reserved. 

  

	 	Section 3.20	Reserved. 

  

	 	Section 3.21	Labor Matters. 

 None of the Credit Parties or their Subsidiaries (other than
Excluded Joint Ventures) (a) has suffered any strikes, walkouts or work stoppages within the last five years or (b) has knowledge of any potential or pending strike, walkout or work stoppage that in either case could reasonably be expected
to result in a Material Adverse Effect. No unfair labor practice complaint is pending against any Credit Party or any of its Subsidiaries (other than Excluded Joint Ventures) that could reasonably be expected to result in a Material Adverse Effect.
There are no strikes, walkouts or work stoppages pending or to the knowledge of the Credit Parties threatened in writing against any Credit Party that could reasonably be expected to result in a Material Adverse Effect. 

 

	 	Section 3.22	Accuracy and Completeness of Information. 

 All written factual information
heretofore, contemporaneously or hereafter furnished by or on behalf of any Credit Party or any of its Subsidiaries to the Administrative Agent, the Arrangers or any Lender for purposes of or in connection with this Agreement or any other Credit
Document, or any Transaction, is (when taken as a whole), or when furnished, will be true and accurate in all material respects and not incomplete by omitting to state any material fact necessary to make such information not materially misleading at
such time in light of the circumstances under which such information or data was furnished, it being understood and agreed that for purposes of this Section 3.22, such factual information and data shall not include projections (including
financial estimates, forecasts and/or any other forward-looking information) and information of a general economic or general industry nature. 
  

	 	Section 3.23	Insurance. 

 The insurance coverage of the Company and its Subsidiaries (other
than Excluded Joint Ventures) complies with the requirements set forth in Section 5.5(b). 
  

	 	Section 3.24	Security Documents. 

 The Security Documents create valid and enforceable security
interests in, and Liens on, the Collateral purported to be covered in the United States thereby to the extent required hereby and thereby. Except as set forth in the Security Documents, such security interests and Liens are currently (or will be,
upon (a) the filing of appropriate financing statements with the Secretary of State of the state of incorporation or organization in the United States for each Credit Party, the filing of appropriate assignments or notices with the United
States Patent and Trademark Office and the United States Copyright Office, and the recordation of the Mortgage Instruments, in each case in favor of the Administrative Agent, on behalf of the Lenders, (b) the Administrative Agent obtaining
control or possession over those items of Collateral in which a security interest is perfected through control or possession and (c) taking such other actions as are set forth in such 

  
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Security Documents) perfected security interests and Liens in the United States in favor of the Administrative Agent, for the benefit of the Secured Parties, prior to all other Liens other than
Permitted Liens in each case to the extent required by the terms of this Agreement and the Security Documents and with respect to Intellectual Property, (i) only if and to the extent a security interest can be perfected by the filing of
appropriate UCC financing statements with the Secretary of State of the state of incorporation or organization for each Credit Party and/or, in respect of applied for, issued or registered Intellectual Property, a filing in the United States Patent
and Trademark Office or United States Copyright Office, and (ii) subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be required to establish a Lien on applied for, issued or
registered Intellectual Property acquired by a Credit Party after the Closing Date. 
  

	 	Section 3.25	Classification of Senior Indebtedness. 

 If any Subordinated Debt is outstanding,
the Credit Party Obligations constitute “Senior Indebtedness”, “Designated Senior Indebtedness” or any similar designation under and as defined in any agreement governing any Subordinated Debt, if any and the subordination
provisions set forth in each such agreement are legally valid and enforceable against the parties thereto. 
  

	 	Section 3.26	Anti-Terrorism Laws. 

 Neither any Credit Party nor any of its Subsidiaries (other
than Excluded Joint Ventures) is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.) (the
“Trading with the Enemy Act”), as amended. Neither any Credit Party nor any of its Subsidiaries (other than Excluded Joint Ventures) is in violation of (a) the Trading with the Enemy Act, as amended, (b) any of the foreign
assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (c) the Patriot Act. None of the Credit Parties (i) is a
blocked person described in Section 1 of the Anti-Terrorism Order or (ii) to its knowledge, engages in any dealings or transactions, or is otherwise associated, with any such blocked person. 

 

	 	Section 3.27	Compliance with OFAC Rules and Regulations. 

 (a) None of the
Credit Parties or their Subsidiaries (other than Excluded Joint Ventures) or their respective Affiliates is in violation of and shall not violate any of the country or list based economic and trade sanctions administered and enforced by OFAC that
are described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time. 

(b) None of the Credit Parties or their Subsidiaries (other than Excluded Joint Ventures) or their respective Affiliates
(i) is a Sanctioned Person or a Sanctioned Entity, (ii) has a more than 10% of its assets located in Sanctioned Entities, or (iii) derives more than 10% of its operating income from investments in, or transactions with Sanctioned
Persons or Sanctioned Entities. No proceeds of any Loan will be used, directly or, to the 

  
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knowledge of the Credit Parties, indirectly, nor have any been used, (i) to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a
Sanctioned Entity or (ii) in furtherance of any offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of Foreign Corrupt Practices Act or any other laws, rules,
and regulations of any jurisdiction applicable to the Credit Parties from time to time concerning or relating to bribery or corruption. 
  

	 	Section 3.28	Reserved. 

  

	 	Section 3.29	Regulation H. 

 No Mortgaged Property is a Flood Hazard Property unless the
Administrative Agent shall have received the following: (a) the applicable Credit Party’s written acknowledgment of receipt of written notification from the Administrative Agent (i) as to the fact that such Mortgaged Property is a
Flood Hazard Property and (ii) as to whether the community in which each such Flood Hazard Property is located is participating in the National Flood Insurance Program and (b) copies of insurance policies or certificates of insurance of
the applicable Credit Party evidencing flood insurance required by the Flood Disaster Protection Act and otherwise reasonably satisfactory to the Administrative Agent and naming the Administrative Agent and each Lender as loss payee on behalf of the
Lenders. 
  

	 	Section 3.30	EEA Financial Institution. 

 No Credit Party is an EEA Financial Institution. 

ARTICLE IV 
 CONDITIONS
PRECEDENT 
  

	 	Section 4.1	Conditions to Closing Date. 

 This Agreement shall become effective upon, and the
obligation of each Lender to make the initial Extensions of Credit on the Closing Date is subject to, the satisfaction or waiver of the following conditions precedent: 

(a) Execution of Credit Agreement and Credit Documents. The Administrative Agent shall have received
(i) counterparts of this Agreement, executed by a duly authorized officer of each party hereto, (ii) for the account of each Revolving Lender requesting a promissory note, a duly executed Revolving Loan Note, (iii) for the account of
the Swingline Lender requesting a promissory note, the Swingline Loan Note, (iv) counterparts of the Security Agreement and the Pledge Agreement, in each case conforming to the requirements of this Agreement and executed by duly authorized
officers of the Credit Parties or other Person, as applicable and (v) counterparts of any other Credit Document, executed by the duly authorized officers of the parties thereto. 

  
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 (b) Authority Documents. The Administrative Agent shall have received the
following: 
 (i) Articles of Incorporation/Charter Documents. Original certified certificates of incorporation or
other charter documents, as applicable, of each Credit Party certified (A) by an officer of such Credit Party (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) as
of the Closing Date to be true and correct and in force and effect as of such date, and (B) to be true and complete as of a recent date by the appropriate Governmental Authority of the state of its incorporation or organization, as applicable.

 (ii) Resolutions. Copies of resolutions of the board of directors or comparable managing body of each Credit Party
approving and adopting the Credit Documents, the Transactions and authorizing execution and delivery thereof, certified by an officer of such Credit Party (pursuant to an officer’s certificate in substantially the form of
Exhibit 4.1(b) attached hereto) as of the Closing Date to be true and correct and in force and effect as of such date. 

(iii) Bylaws/Operating Agreement. A copy of the bylaws or comparable operating agreement of each Credit Party certified
by an officer of such Credit Party (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) as of the Closing Date to be true and correct and in force and effect as of such
date. 
 (iv) Good Standing. Original certificates of good standing, existence or its equivalent with respect to each
Credit Party certified as of a recent date by the appropriate Governmental Authorities of the state of incorporation or organization and each other state in which the failure to so qualify and be in good standing could reasonably be expected to have
a Material Adverse Effect. 
 (v) Incumbency. An incumbency certificate of each Authorized Officer of each Credit
Party certified by an officer (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) to be true and correct as of the Closing Date. 

(c) Legal Opinion of Counsel. The Administrative Agent shall have received an opinion or opinions (including, if
requested by the Administrative Agent, local counsel opinions) of counsel for the Credit Parties, dated the Closing Date and addressed to the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent (which
shall include, without limitation, opinions with respect to the due organization and valid existence of each Credit Party, opinions as to perfection of the Liens granted to the Administrative Agent pursuant to the Security Documents and opinions as
to the non-contravention of the Credit Parties’ organizational documents and Material Contracts that constitute Indebtedness). 

  
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 (d) Personal Property Collateral. The Administrative Agent shall have
received, in form and substance satisfactory to the Administrative Agent: 
 (i) (A) searches of UCC filings in the
jurisdiction of incorporation or formation, as applicable, of each Credit Party and each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent’s security interest in
the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens and (B) tax lien and judgment searches; 

(ii) searches of ownership of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright
filings as reasonably requested by the Administrative Agent in order to perfect the Administrative Agent’s security interest in the Intellectual Property; 

(iii) completed UCC financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s
sole discretion, to perfect the Administrative Agent’s security interest in the Collateral; 
 (iv) stock or membership
certificates, if any, evidencing the Equity Interests pledged to the Administrative Agent pursuant to the Pledge Agreement and undated stock or transfer powers duly executed in blank; 

(v) duly executed consents as are necessary, in the Administrative Agent’s sole discretion, to perfect the Lenders’
security interest in the Collateral; and 
 (vi) to the extent required to be delivered pursuant to the terms of the Security
Documents, all instruments, documents and chattel paper in the possession of any of the Credit Parties, together with allonges or assignments as may be necessary or appropriate to perfect the Administrative Agent’s and the Lenders’
security interest in the Collateral to the extent required to be perfected hereunder or under the Security Documents. 
 (e)
Flood Determinations and Notices. With respect to any Mortgaged Property, the Company shall provide to the Lenders (i) “Life of Loan” Federal Emergency Management Agency Standard Flood Hazard determinations, (ii) notices, in
the form required under the flood insurance laws, about special flood hazard area status and flood disaster assistance duly executed by each Credit Party and (iii) if applicable, evidence of flood insurance in compliance with applicable
Requirements of Law and satisfactory to each Lender. 
 (f) [Reserved]. 

(g) Solvency Certificate. The Administrative Agent shall have received an officer’s certificate executed by the
chief financial officer or other Authorized Officer 

  
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approved by the Administrative Agent of the Company as to the financial condition, solvency and related matters of the Credit Parties and their Subsidiaries, after giving effect to the
Transactions and the initial borrowings under the Credit Documents, in substantially the form of Exhibit 4.1(f) hereto. 

(h) Account Designation Notice. The Administrative Agent shall have received the executed Account Designation Notice in
the form of Exhibit 1.1(a) hereto. 
 (i) Notice of Borrowing. The Administrative Agent
shall have received a Notice of Borrowing with respect to the Loans to be made on the Closing Date. 
 (j) Existing
Indebtedness of the Credit Parties. All of the existing Indebtedness for borrowed money of the Credit Parties and their Subsidiaries (including Indebtedness under the Existing Credit Agreement but excluding Indebtedness permitted to exist
pursuant to Section 6.1) shall be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date. 

(k) Financial Condition Certificate. The Administrative Agent shall have received a certificate or certificates executed
by an Authorized Officer of the Company as of the Closing Date, substantially in the form of Exhibit 4.1(j) stating that (i) immediately after giving effect to this Agreement, the other Credit Documents, and all the
Transactions contemplated to occur on such date, (A) no Default or Event of Default exists and (B) the Credit Parties are in pro forma compliance with each of the initial financial covenants set forth in Section 5.9 (as
evidenced through detailed calculations of such financial covenants on a schedule to such certificate) as of the last day of the quarter ending at least forty-five (45) days preceding the Closing Date and (ii) each of the other
conditions precedent in Section 4.1 have been satisfied, except to the extent the satisfaction of any such condition is subject to the judgment or discretion of the Administrative Agent or any Lender. 

(l) Fees and Expenses. The Administrative Agent and the Lenders shall have received all fees and expenses, if any, owing
pursuant to the Fee Letter and Section 2.5 to the extent invoiced. 
 Without limiting the generality of the provisions of
Section 8.4, for purposes of determining compliance with the conditions specified in this Section 4.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each
document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its
objection thereto. 
  

	 	Section 4.2	Conditions to All Extensions of Credit. 

 The obligation of each Lender to make
any Extension of Credit hereunder is subject to the satisfaction of the following conditions precedent on the date of making such Extension of Credit (provided, that solely in connection with an initial drawing under an Incremental

  
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Revolving Tranche, clauses (a) and (b) (other than with respect to the absence of a Payment Event of Default or a Bankruptcy Event) are only required to be satisfied on the date the
applicable acquisition agreement is signed, not on the date of the related Extension of Credit): 
 (a) Representations
and Warranties. The representations and warranties made by the Credit Parties herein, in the other Credit Documents and which are contained in any certificate furnished at any time under or in connection herewith shall (i) with respect to
representations and warranties that contain a materiality qualification, be true and correct and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects,
in each case on and as of the date of such Extension of Credit as if made on and as of such date except for any representation or warranty made as of an earlier date, which representation and warranty shall remain true and correct as of such earlier
date. 
 (b) No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing on
such date or after giving effect to the Extension of Credit to be made on such date unless such Default or Event of Default shall have been cured or waived in accordance with this Agreement. 

(c) Compliance with Commitments. Immediately after giving effect to the making of any such Extension of Credit (and the
application of the proceeds thereof), (i) the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the Revolving Committed Amount
then in effect, (ii) the outstanding LOC Obligations shall not exceed the LOC Committed Amount, and (iii) the outstanding Swingline Loans shall not exceed the Swingline Committed Amount. 

(d) Incremental Facility. If an Incremental Facility is requested, all conditions set forth in Section 2.22 shall
have been satisfied. 
 Each request for an Extension of Credit and each acceptance by the Borrowers of any such Extension of Credit shall
be deemed to constitute representations and warranties by the Credit Parties as of the date of such Extension of Credit that the conditions set forth above in paragraphs (a) through (d), as applicable, have been satisfied (provided that,
solely in connection with an initial drawing under a Revolving Facility Increase in connection with a Limited Condition Acquisition, such certification for clauses (a) and (b) (other than with respect to the absence of a Payment Event of
Default or a Bankruptcy Event) shall relate to the date the applicable acquisition agreement is signed, not the date of the related Extension of Credit). 

ARTICLE V 
 AFFIRMATIVE
COVENANTS 
 Each of the Credit Parties hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as
this Agreement is in effect, (b) until the Commitments have 

  
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terminated, and (c) the Credit Party Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder are paid in full in cash (other than contingent indemnity
obligations for which no claim has been made), such Credit Party shall, and shall cause each of their Subsidiaries (excluding Excluded Joint Ventures), to: 
  

	 	Section 5.1	Financial Statements. 

 Furnish to the Administrative Agent and each of the
Lenders: 
 (a) Annual Financial Statements. No later than the earlier of (i) to the extent applicable, the date
the Company is required by the SEC to deliver its Form 10-K for each fiscal year of the Company (beginning with the fiscal year ended December 31, 2016) and (ii) ninety (90) days after the end
of each fiscal year of the Company (beginning with the fiscal year ended December 31, 2016), a copy of the Consolidated balance sheet of the Company and its Subsidiaries as of the end of such fiscal year (beginning with the fiscal year ended
December 31, 2016) and the related Consolidated statements of income and retained earnings and of cash flows of the Company and its Subsidiaries for such year, which shall be audited by Pricewaterhouse Coopers LLP or another firm of independent
certified public accountants of nationally recognized standing, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification
indicating that the scope of the audit was inadequate to permit such independent certified public accountants to certify such financial statements without such qualification; provided, that the delivery within the time period specified above
of the Company’s annual report on Form 10-K for such fiscal year prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission, together with such certified
public accountants’ opinion, shall be deemed to satisfy the requirements of this Section 5.1(a); 
 (b) Quarterly
Financial Statements. No later than the earlier of (i) to the extent applicable, the date the Company is required by the SEC to deliver its Form 10-Q for any fiscal quarter of the Company and
(ii) forty-five (45) days after the end of each of the first three (3) fiscal quarters of the Company, a copy of the Consolidated balance sheet of the Company and its Subsidiaries as of the end of such period and related
Consolidated statements of income and retained earnings and of cash flows for the Company and its Subsidiaries for such quarterly period and for the portion of the fiscal year ending with such period, in each case setting forth in comparative form
Consolidated figures for the corresponding period or periods of the preceding fiscal year (subject to normal recurring year-end audit adjustments) and including management discussion and analysis of operating
results inclusive of operating metrics in comparative form; provided, that the delivery within the time period specified above of the Company’s Form 10-Q for such fiscal quarter filed with the
Securities and Exchange Commission shall be deemed to satisfy the requirements of this Section 5.1(b); and 
 (c)
Annual Operating Budget and Cash Flow. Within ninety (90) days after the end of each fiscal year (including the fiscal year ending December 31, 2016), a copy 

  
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of the detailed annual operating budget or plan including cash flow projections of the Company and its Subsidiaries for the next four fiscal quarter period prepared on a quarterly basis, in form
and detail reasonably acceptable to the Administrative Agent and the Lenders, together with a summary of the material assumptions made in the preparation of such annual budget or plan; 

all such financial statements shall be complete and correct in all material respects (subject, in the case of interim statements, to normal year-end audit adjustments and the absence of footnotes) and to be prepared in reasonable detail and, in the case of the annual and quarterly financial statements provided in accordance with subsections (a) and
(b) above, in accordance with GAAP applied consistently throughout the periods reflected therein with changes required or permitted by GAAP and further accompanied by a description of, and an estimation of the effect on the financial statements
on account of, a material change, if any, in GAAP as provided in Section 1.3(b). 
 Notwithstanding the foregoing, financial statements
and reports required to be delivered pursuant to the foregoing provisions of this Section may be delivered electronically and if so, shall be deemed to have been delivered on the date on which the Administrative Agent receives such reports from the
Company through electronic mail; provided that, upon the Administrative Agent’s request, the Company shall provide paper copies of any documents required hereby to the Administrative Agent. 

 

	 	Section 5.2	Certificates; Other Information. 

 Furnish to the Administrative Agent and each of
the Lenders: 
 (a) [Intentionally Omitted]. 

(b) Officer’s Certificate. Concurrently with the delivery of the financial statements referred to in
Sections 5.1(a) and 5.1(b) above, a certificate of an Authorized Officer substantially in the form of Exhibit 5.2(b) stating that (i) such financial statements present fairly the financial position of the Company and its
Subsidiaries for the periods indicated in conformity with GAAP applied on a consistent basis and (ii) such Authorized Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and such
certificate shall include the calculations in reasonable detail required to indicate compliance with Section 5.9 as of the last day of such period. 

(c) Updated Schedules. Concurrently with or prior to the delivery of (i) the financial statements referred to in
Section 5.1(a) above, (A) an updated copy of Schedule 3.16(a) if the Credit Parties have registered, applied for registration of, acquired or otherwise obtained ownership of any federal registered, issued or
pending application for new United States or Canadian Intellectual Property since the Closing Date or since such Schedule was last updated that is owned by a Credit Party, as applicable and (B) an updated copy of
Schedule 3.23 if the Credit Parties or any of their Subsidiaries has materially altered or acquired any material insurance policies since the Closing Date or 

  
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since such Schedule was last updated and (ii) the financial statements referred to in Sections 5.1(a) and 5.1(b) above, (A) an updated copy of
Schedule 3.3 and Schedule 3.12 if the Credit Parties or any of their Subsidiaries has formed or acquired a new Subsidiary since the Closing Date or since such Schedule was last updated, as
applicable, (B) an updated copy of Schedule 3.16(b) if the Credit Parties have obtained any Documents (as defined in the UCC), Instruments (as defined in the UCC) or Tangible Chattel Paper (as defined in the UCC) since
the Closing Date or since such Schedule was last updated, as applicable, with a value in excess of $5,000,000, (C) an updated copy of Schedule 3.16(c) if the Credit Parties maintain any Deposit Accounts (as defined in the UCC),
Electronic Chattel Paper (as defined in the UCC), Letter-of-Credit Rights (as defined in the UCC), Securities Accounts (as defined in the UCC) or uncertificated
Investment Property (as defined in the UCC) to the extent not otherwise set forth on such Schedule as of the Closing Date or since such Schedule was last updated, as applicable, with a value in excess of $5,000,000, (D) an updated copy of
Schedule 3.16(d) if the Credit Parties have filed suit with respect to any Commercial Tort Claims reasonably expected to result in a judgment in excess of $5,000,000 not otherwise set forth on such Schedule as of the
Closing Date or since such Schedule was last updated, as applicable, (E) an updated copy of Schedule 3.16(e) to the extent required to be updated to make the representation in Section 3.16(e) true and correct, (F) an updated copy of
Schedule 3.16(f)(i) to the extent any Credit Party is obligated to provide a mortgage or deed of trust on any Property in accordance with Section 5.12 and (G) an updated copy of Schedule 3.16(f)(ii) to the
extent any Credit Party has a (1) headquarter location, (2) location where any significant administrative or governmental functions are performed, (3) location where any Credit Party maintains books or records or (4) location
where any personal property Collateral is located at any premises owned or leased by a Credit Party with a Collateral value in excess of $5,000,000 (and an indication whether such location is leased or owned), to the extent not otherwise set
forth on such Schedule as of the Closing Date or since such Schedule was last updated, as applicable. 
 (d) Regulatory
Reports. Promptly upon their becoming available, all material regulatory reports provided to or received from any Governmental Authority with jurisdiction over the Credit Parties where such Credit Party is reasonably likely to incur a material
liability as a result thereof or in connection therewith. 
 (e) Calculations. Within ninety (90) days after the
end of each fiscal year of the Company, a certificate containing information including the amount of all Restricted Payments, Investments (including Permitted Acquisitions), Asset Dispositions in an aggregate amount in excess of $5,000,000 and
Consolidated Capital Expenditures and Maintenance Capital Expenditures that were made during the prior fiscal year and amounts received in excess of $5,000,000 in the aggregate in connection with any Recovery Event during the prior fiscal year. It
is understood and agreed that nothing contained in this clause (e) shall preclude the Company from reallocating any Restricted Payment, Investment or Asset Disposition from one permitted basket to another permitted basket after delivery of any
certificate referenced above. 

  
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 (f) Required Communications. Promptly upon receipt thereof, a copy of any
required communication from the independent public accountants. 
 (g) Changes in Corporate Structure. Promptly,
notice of any merger, consolidation, dissolution or other change in corporate structure of any Credit Party or any of its Subsidiaries permitted pursuant to the terms hereof. 

(h) General Information. Promptly, such additional financial and other information as the Administrative Agent, on
behalf of any Lender, may from time to time reasonably request. 
  

	 	Section 5.3	Payment of Taxes and Other Obligations. 

 Pay, discharge or otherwise satisfy at
or before maturity or before they become delinquent, as the case may be, subject, where applicable, to specified grace periods, (a) all of its material taxes (Federal, state, local and any other taxes) that are material in amount and any
additional material costs that are imposed as a result of any failure to so pay, discharge or otherwise satisfy such taxes, (b) all of its other material obligations and liabilities of whatever nature in accordance with industry practice
(excluding Indebtedness) and (c) any additional costs that are imposed as a result of any failure to so pay, discharge or otherwise satisfy such obligations and liabilities, except (y) in the case of clause (a), (b) and/or (c), when in
each case, the amount or validity of any such taxes, obligations and liabilities is currently being contested in good faith by appropriate proceedings and reserves, if applicable, in conformity with GAAP with respect thereto have been provided on
the books of the Credit Parties or (z) in the case of clause (b) and/or (c), when the failure to pay, discharge or otherwise satisfy such amount could not reasonably be expected to result in a Material Adverse Effect. 

 

	 	Section 5.4	Conduct of Business and Maintenance of Existence. 

 Except as expressly permitted
under Section 6.4, (a) continue to engage in business of the same general type as now conducted by it on the Closing Date, (b) preserve, renew and keep in full force and effect its corporate or other formative existence and good standing
in its jurisdiction of formation and in each other jurisdiction where the failure to be in good standing could reasonably be expected to result in a Material Adverse Effect and (c) take all reasonable action to maintain all rights, privileges
and franchises necessary or desirable in the normal conduct of its business and to maintain its goodwill and comply with all Contractual Obligations and Requirements of Law except in each case under this clause (c) where the failure to do so
could not reasonably be expected to result in a Material Adverse Effect. 
  

	 	Section 5.5	Maintenance of Property; Insurance; Contractual Obligations. 

 (a)
Keep all material property useful and necessary in its business in good working order and condition (ordinary wear and tear and obsolescence excepted) except where the failure to do so could not reasonably be expected to result in a Material Adverse
Effect. 

  
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 (b) Maintain with financially sound and reputable insurance companies
(provided that if any such insurance company shall at any time cease to be financially sound and reputable, there shall be no breach of this provision in the event that the Company promptly (and in any event within forty-five (45) days
of such date) obtains insurance from an alternative insurance carrier that is reasonably acceptable to the Administrative Agent) liability, casualty, property, business interruption and, if applicable, flood insurance (including, without limitation,
insurance with respect to its tangible Collateral) in at least such amounts and against at least such risks as are usually insured against in the same general area by companies engaged in the same or a similar business; and furnish to the
Administrative Agent, concurrently with the delivery of financial statements referred to in Section 5.1(a) above, insurance certificates with full information as to the insurance carried. To the extent permitted under applicable laws, the
Administrative Agent shall be named (i) as lenders’ loss payee or mortgagee, as its interest may appear with respect to any property insurance, and (ii) as additional insured, as its interest may appear, with respect to any such
liability insurance, and each provider of any such insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments to be furnished to the Administrative Agent, that it will give the Administrative Agent
thirty (30) days prior written notice before any such policy or policies shall be altered or canceled, and such policies shall provide that no act or default of the Credit Parties or any of their Subsidiaries or any other Person shall affect
the rights of the Administrative Agent or the Lenders under such policy or policies (subject to customary exceptions). 
  

	 	Section 5.6	Maintenance of Books and Records. 

 Keep proper books, records and accounts in
which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its businesses and activities. 

 

	 	Section 5.7	Notices. 

 Give notice in writing to the Administrative Agent (which shall
promptly transmit such notice to each Lender): 
 (a) promptly, but in any event within three (3) Business Days after a
Responsible Officer of any Credit Party knows thereof, the occurrence of any Default or Event of Default; 
 (b) promptly,
any default or event of default under any Material Contract which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; 

(c) promptly, any litigation, or any investigation or proceeding known or threatened in writing to any Credit Party
(i) affecting any Credit Party or any of its Subsidiaries (other than Excluded Joint Ventures) which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or could reasonably be

  
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expected to result in monetary damages in excess of $10,000,000, (ii) affecting or with respect to this Agreement, any other Credit Document or any security interest or Lien created
thereunder, (iii) involving an environmental claim or potential liability under Environmental Laws which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or (iv) by any Governmental
Authority relating to any Credit Party or any Subsidiary thereof and alleging fraud, deception or willful misconduct by such Person that is reasonably likely to result in material liability; 

(d) of any labor controversy that has resulted in, or threatens to result in, a strike or other work action against any Credit
Party which could reasonably be expected to have a Material Adverse Effect; 
 (e) of any attachment, judgment, lien, levy or
order exceeding $5,000,000 that may be assessed against any Credit Party other than Permitted Liens; 
 (f) to the extent a
Material Adverse Effect could reasonably be expected to result, as soon as possible and in any event within thirty (30) days after any Credit Party knows or has reason to know thereof: (i) the occurrence or expected occurrence of any
Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC (other than a Permitted Lien) or a Plan or any withdrawal from, or the termination, Reorganization or
Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or any Credit Party, any Commonly Controlled Entity or any Multiemployer Plan, with respect to the withdrawal from, or
the termination, Reorganization or Insolvency of, any Multiemployer Plan; 
 (g) [Intentionally Omitted]; 

(h) notice of the creation of any Domestic Subsidiary; 

(i) promptly, any notice of any violation received by any Credit Party from any Governmental Authority that is reasonably
likely to result in material liability, including, without limitation, any notice of violation of Environmental Laws, in any case that could reasonably be expected to have a Material Adverse Effect; and 

(j) promptly, any other development or event which could reasonably be expected to have a Material Adverse Effect. 

Each notice pursuant to this Section shall be accompanied by a statement of an Authorized Officer setting forth details of the occurrence referred to therein
and stating what action the Credit Parties propose to take with respect thereto. In the case of any notice of a Default or Event of Default, the Company shall specify that such notice is a Default or Event of Default notice on the face thereof. 

  
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	 	Section 5.8	Environmental Laws. 

 (a) Except where the failure to do so could
not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, comply with, and ensure compliance in all material respects by all tenants and subtenants of the Credit Parties and their Subsidiaries (other
than Excluded Joint Ventures), if any, with, all applicable Environmental Laws and obtain and comply with and maintain, and ensure that all tenants and subtenants of the Credit Parties and their Subsidiaries (other than Excluded Joint Ventures)
obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws; and 

(b) Except where the failure to do so could not reasonably be expected, either individually or in the aggregate, to have a
Material Adverse Effect, conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions to the extent required by Environmental Laws and promptly comply with all lawful orders and directives of
all Governmental Authorities regarding Environmental Laws except to the extent that the same are being contested in good faith by appropriate proceedings. 
  

	 	Section 5.9	Financial Covenants. 

 Comply with the following financial covenants: 

(a) Total Leverage Ratio. The Total Leverage Ratio, calculated as of the last day of each fiscal quarter shall be less
than or equal to 3.50 to 1.00; provided that, at the election of the Borrower, such ratio level shall step up (each, a “Step Up”) to 4.00 to 1.00 for four consecutive fiscal quarters following the date on which a Permitted
Acquisition with a purchase price equal to or greater than $75,000,000 is consummated; provided, however, that (i) there shall occur no more than three (3) Step Ups prior to the Maturity Date and (ii) the Total Leverage Ratio,
calculated as of the last day of the fiscal quarter, shall be less than or equal to 3.50 to 1.0 for two consecutive fiscal quarters following a Step Up before another Step Up may occur. 

(b) Interest Coverage Ratio. The Interest Coverage Ratio, calculated as of the last day of each fiscal quarter shall be
greater than or equal to 3.00 to 1.00. 
  

	 	Section 5.10	Additional Guarantors. 

 The Credit Parties will cause each of their Domestic
Subsidiaries (other than Excluded Joint Ventures), whether newly formed, after acquired or otherwise existing to promptly (and in any event within sixty (60) days after such Subsidiary is formed or acquired (or such longer period of time as
agreed to by the Administrative Agent in its reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder Agreement; provided, however, no Foreign Subsidiary or any Domestic Subsidiary that is a Subsidiary of a
Foreign Subsidiary shall 

  
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be required to become a Guarantor. The Credit Party Obligations shall be secured by, among other things, a first priority perfected security interest in the Collateral of such new Guarantor
(subject to the same terms and limitations set forth in any of the Credit Documents with respect to granting a first priority perfected security interest in Collateral and only to the extent a Credit Party is required to perfect such Collateral
hereunder or under any other Credit Documents) and a pledge of 100% of the Equity Interests of such new Guarantor and its Domestic Subsidiaries (other than any Domestic Subsidiary that is a Subsidiary of a Foreign Subsidiary) and 65% of the voting
Equity Interests and 100% of the non-voting Equity Interests of its first-tier Foreign Subsidiaries. In connection with the foregoing, the Credit Parties shall deliver to the Administrative Agent, with respect
to each new Guarantor to the extent applicable, substantially the same documentation required pursuant to Sections 4.1(b) – (f), (j) and 5.12 and such other documents or agreements as the Administrative Agent may reasonably request.
Notwithstanding the foregoing, it is understood and agreed that (a) Mexico Holdings shall not be required to become a Guarantor hereunder or pledge its assets pursuant to the Credit Documents and (b) if, but only so long as, Equity
Interests of Mexico Holdings are directly owned by a Credit Party, such Credit Party shall be required to pledge 65% of the Equity Interests of Mexico Holdings pursuant to the terms of the Security Documents. 

 

	 	Section 5.11	Compliance with Law. 

 Comply with all Requirements of Law and orders (including
Environmental Laws), and all applicable restrictions imposed by all Governmental Authorities, applicable to it and the Collateral, except for any noncompliance with any such Requirements of Law, order or restriction that could not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. 
  

	 	Section 5.12	Pledged Assets. 

 (a) Equity Interests. Subject to Section
5.14(d)(ii), each Credit Party will cause 100% of the Equity Interests in each of its direct or indirect Domestic Subsidiaries (unless such Domestic Subsidiary is an Excluded Joint Venture or is owned (directly or indirectly) by a Foreign
Subsidiary) and 65% of the Equity Interests of its first-tier Foreign Subsidiaries, in each case to the extent owned by such Credit Party, to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent pursuant
to the terms and conditions of the Security Documents or such other security documents as the Administrative Agent shall reasonably request. For avoidance of doubt, the stock of all Foreign Subsidiaries which are held, directly or indirectly, by
first-tier Foreign Subsidiaries, shall not secure the Credit Party Obligations. 
 (b) Personal Property. Subject to
the terms of subsection (c) below, each Credit Party will cause all of its tangible and intangible personal property now owned or hereafter acquired by it to be subject at all times to a first priority, perfected Lien (subject in each case to
Permitted Liens) in favor of the Administrative Agent for the benefit of the Secured Parties to secure the Credit Party Obligations pursuant to, and if and to the extent required by, the terms and conditions of the Security Documents. Each Credit
Party shall, and shall cause each of its Subsidiaries to, adhere to the covenants set forth in the Security Documents. 

  
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 (c) Real Property. To the extent otherwise permitted hereunder, if any
Credit Party acquires a fee ownership interest in any real property (“Real Estate”) after the Closing Date and such Real Estate has a fair market value in excess of $5,000,000, it shall provide to the Administrative Agent promptly
(i) such security documentation as the Administrative Agent may request to cause such Real Estate to be subject at all times to a first priority, perfected Lien (subject in each case to Permitted Liens) in favor of the Administrative Agent and
(ii) such other documentation required pursuant to Section 5.14(d)(i) with respect to the Mortgaged Properties, all in form and substance reasonably satisfactory to the Administrative Agent; provided that no Credit Party will pledge any
Real Estate to the Administrative Agent unless and until (A) each Lender has received at least 45 days prior written notice prior that such Real Estate will become a Mortgaged Property and (B) each Lender has confirmed to the
Administrative Agent that all flood insurance due diligence and flood insurance compliance required by such Lender has been completed. 
  

	 	Section 5.13	Landlord Waivers and Warehouseman Agreements. 

 Subject to Section 5.14(d), in the
case of (a) each headquarter location of the Credit Parties, each other location where any significant administrative or governmental functions are performed and each other location where the Credit Parties maintain any books or records
(electronic or otherwise) and (b) any personal property Collateral located at any other premises leased by a Credit Party containing personal property Collateral with a value in excess of $5,000,000, the Credit Parties will provide the
Administrative Agent with such estoppel letters, consents and waivers from the landlords on such real property to the extent (i) requested by the Administrative Agent and (ii) the Credit Parties are able to secure such letters, consents
and waivers after using commercially reasonable efforts (such letters, consents and waivers shall be in form and substance reasonably satisfactory to the Administrative Agent). Subject to Section 5.14(d), in the case of any Collateral in excess of
$5,000,000 held by a warehouseman or a bailee, the Credit Parties will provide the Administrative Agent with an estoppel, consent and waiver letter from such warehousemen or bailee to the extent (a) requested by the Administrative Agent and
(b) the Credit Parties are able to secure such letters, consents and waivers after using commercially reasonable efforts (such estoppels, consents and waivers shall be in form and substance reasonably satisfactory to the Administrative Agent).

  

	 	Section 5.14	Further Assurances and Post-Closing Items. 

 (a) Public/Private
Designation. The Credit Parties will cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Credit Parties to the Administrative Agent and Lenders
(collectively, “Information Materials”) and will designate Information Materials (i) that are either available to the public or not material with respect to the Credit Parties and their Subsidiaries or any of their
respective securities for purposes of United States federal and state securities laws, as “Public Information” and (ii) that are not Public 

  
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Information as “Private Information”; provided that the Credit Parties’ failure to comply with this sentence shall not constitute a Default or an Event of Default
under this Agreement or the Credit Documents. To the extent any Information Materials bear no designation, such Information Materials shall be deemed to be Public Information . 

(b) Visits and Inspections. The Credit Parties shall permit representatives of the Administrative Agent or any Lender,
from time to time upon prior reasonable notice and at such times during normal business hours, to visit and inspect its properties (including the Collateral); inspect, audit and make extracts from its books, records and files, including, but not
limited to, management letters prepared by independent accountants; and discuss with its principal officers, and its independent accountants, its business, assets, liabilities, financial condition, results of operations and business prospects
provided that (a) excluding any such visits and inspections during the continuance of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative Agent and the Lenders under this
Section; (b) the Administrative Agent shall not exercise such rights more often than one time during any calendar year, absent the existence of an Event of Default, and only one such time shall be at the Company’s expense, absent the
existence of an Event of Default and (c) a representative of such or any other Credit Party shall have been given the opportunity to be present at such inspection. Upon the occurrence and during the continuance of an Event of Default,
(i) the Administrative Agent or any Lender may do any of the foregoing at any time without advance notice and (ii) the Credit Parties shall reimburse the Administrative Agent and any such Lenders in accordance with Section 9.5 for the
cost of any such inspection. 
 (c) Further Assurances. Upon the reasonable request of the Administrative Agent,
promptly perform or cause to be performed any and all acts and execute or cause to be executed any and all documents for filing under the provisions of the UCC or any other Requirement of Law which are necessary or advisable to maintain in favor of
the Administrative Agent, for the benefit of the Secured Parties, Liens on the Collateral that are duly perfected in accordance with the requirements of, or the obligations of the Credit Parties under, the Credit Documents and all applicable
Requirements of Law. 
 (d) Post-Closing Items. 

(i) The Administrative Agent shall have received, in each case in form and substance reasonably satisfactory thereto, within
ninety (90) days following the Closing Date (or such extended period of time as reasonably agreed to by the Administrative Agent): 

(A) fully executed and notarized Mortgage Instruments (or amendments to the existing Mortgage Instruments) encumbering the
Mortgaged Properties as to properties owned by the Credit Parties; 
 (B) with respect to each Mortgaged Property, a
Mortgage Policy insuring that the Mortgage Instrument with respect to such Mortgaged Property 

  
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creates a valid and enforceable first priority mortgage lien on such Mortgaged Property, free and clear of all defects and encumbrances except Permitted Liens, which Mortgage Policy shall be in
form and substance reasonably satisfactory to the Administrative Agent; 
 (C) a title report in respect of each of the
Mortgaged Properties; 
 (D) evidence as to (1) whether any Mortgaged Property is a Flood Hazard Property and
(2) if any Mortgaged Property is a Flood Hazard Property, (x) whether the community in which such Mortgaged Property is located is participating in the National Flood Insurance Program, (y) the applicable Credit Party’s written
acknowledgment of receipt of written notification from the Administrative Agent (I) as to the fact that such Mortgaged Property is a Flood Hazard Property and (II) as to whether the community in which each such Flood Hazard Property is
located is participating in the National Flood Insurance Program and (z) copies of insurance policies or certificates of insurance of the Credit Parties and their Subsidiaries evidencing flood insurance reasonably satisfactory to the
Administrative Agent and Lenders and naming the Administrative Agent as loss payee on behalf of the Lenders; 
 (E) with
respect to each Mortgaged Property, a survey of the site of such Mortgaged Property certified to the Administrative Agent and the Title Insurance Company in a manner reasonably satisfactory to them, which survey shall be sufficient to delete any
standard printed survey exception contained in the applicable Mortgage Policy; 
 (F) reasonably satisfactory
third-party environmental reviews of all Mortgaged Properties, including but not limited to Phase I environmental assessments, together with reliance letters in favor of the Lenders; 

(G) to the extent requested by the Administrative Agent, opinions of counsel to the Credit Parties for each jurisdiction
in which the Mortgaged Properties are located addressing the enforceability of the Mortgage Instrument; 
 (H) to the
extent available, zoning letters from each municipality or other Governmental Authority for each jurisdiction in which the Mortgaged Properties are located; and 

(I) an appraisal of each Mortgaged Property, in form and substance reasonably satisfactory to the Administrative Agent.

 (ii) The Administrative Agent shall have received, within sixty (60) days following the Closing Date (or such
extended period of time as reasonably agreed to by the Administrative Agent), any stock or membership certificates evidencing the Equity Interests pledged to the Administrative Agent pursuant to the Pledge Agreement (together with undated stock or
transfer powers duly executed in blank) after giving effect to the Foreign Subsidiary Reorganization to the extent not previously delivered to the Administrative Agent. 

  
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 (iii) The Administrative Agent shall have received, within thirty (30) days
following the Closing Date (or such extended period of time as reasonably agreed to by the Administrative Agent), copies of insurance policies or certificates and endorsements of insurance evidencing liability, casualty, hazard, property and
business interruption insurance meeting the requirements set forth herein. The Administrative Agent shall be named (i) as lenders’ loss payee, as its interest may appear, with respect to any such insurance providing coverage in respect of
any Collateral and (ii) as additional insured, as its interest may appear, with respect to any such insurance providing liability coverage. 

ARTICLE VI 
 NEGATIVE
COVENANTS 
 Each of the Credit Parties hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as
this Agreement is in effect, (b) until the Commitments have terminated, (c) the Credit Party Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder are paid in full in cash (other than contingent
indemnity obligations for which no claim has been made), that: 
  

	 	Section 6.1	Indebtedness. 

 No Credit Party will, nor will it permit any Subsidiary (excluding
Excluded Joint Ventures) to, create, incur, assume or permit to exist any Indebtedness, except: 
 (a) Indebtedness arising
or existing under this Agreement and the other Credit Documents; 
 (b) Indebtedness of the Company and its Subsidiaries
existing as of the Closing Date set out more specifically in Schedule 6.1(b) hereto and any renewals, refinancings or extensions thereof in a principal amount not in excess of that outstanding as of the date of such
renewal, refinancing or extension and the terms (other than interest rate so long as such interest rate is not in excess of then prevailing rates for such Indebtedness in the market) of any such renewal, refinancing or extension are not less
favorable to the obligor thereunder; 
 (c) Indebtedness of the Company and its Subsidiaries incurred after the Closing Date
consisting of Capital Leases or Indebtedness incurred to provide all or a portion of the purchase price or cost of repair, improvement or construction of, or addition to, an asset; provided that (i) such Indebtedness when incurred shall
not exceed the purchase price or cost of construction of such asset; (ii) no such Indebtedness shall be renewed, refinanced or extended for a principal amount in excess of the principal balance outstanding thereon at the time of such renewal,
refinancing or extension; and (iii) the total amount of all such Indebtedness shall not exceed $30,000,000 at any time outstanding; 

  
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 (d) Unsecured intercompany Indebtedness (i) among the Credit Parties,
(ii) of any Subsidiary that is not a Credit Party to any Credit Party, (iii) of any Subsidiary that is not a Credit Party to any other Subsidiary that is not a Credit Party or (iv) incurred in connection with the Foreign Subsidiary
Contribution and/or the Foreign Subsidiary Reorganization to the extent the principal amount of such Indebtedness is set forth on Schedule 1.1(f); 

(e) Indebtedness and obligations owing under (i) Bank Products, (ii) other Swap Agreements entered into in order to
manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes and (iii) other Indebtedness in respect of netting services, overdraft protections and similar arrangements, in each case in
connection with deposit accounts in the ordinary course of business and discharged within two Business Days of its incurrence; 

(f) (i) Indebtedness of a Person existing at the time such Person becomes a Subsidiary of a Credit Party in a transaction
permitted hereunder to the extent such Indebtedness is repaid within five (5) days after such person becomes a Subsidiary and (ii) Indebtedness of a Person existing at the time such Person becomes a Subsidiary of a Credit Party in a
transaction permitted hereunder in an aggregate principal amount not to exceed $20,000,000 for all such Persons; provided that any such Indebtedness was not created in anticipation of or in connection with the transaction or series of
transactions pursuant to which such Person became a Subsidiary of a Credit Party and any renewals, refinancings or extensions thereof in a principal amount not in excess of the principal amount outstanding as of the date of such renewal, refinancing
or extension; 
 (g) Indebtedness of any Credit Party; provided that (i) such Indebtedness shall be unsecured,
(ii) if such Indebtedness is Subordinated Debt, the Credit Party Obligations have been, and while the Credit Party Obligations remain outstanding no other Indebtedness is or is permitted to be, designated as “Designated Senior Debt”
or its equivalent in respect of such Indebtedness, (iii) the representations, covenants and events of default in respect of such Indebtedness (other than interest rate and fees) are no more restrictive on the applicable obligor than the
representations, covenants and Events of Default hereof, (iv) the maturity date of such Indebtedness shall be no earlier than six months following the Maturity Date and such Indebtedness shall not be subject to amortization or prepayment prior
to such date and (v) the Credit Parties have delivered a certificate (including reasonably detailed supporting calculations related to the matters set forth in such certificate) of an Authorized Officer to the Administrative Agent to the effect
that, after giving effect to such Indebtedness on a Pro Forma Basis, (A) the Credit Parties are in compliance with each of the financial covenants set forth in Section 5.9 and (B) the Total Leverage Ratio shall be .25 less than the
then applicable level set forth in Section 5.9; 
 (h) [reserved]; 

  
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 (i) Guaranty Obligations in respect of Indebtedness of a Credit Party to the
extent such Indebtedness is permitted to exist or be incurred pursuant to this Section; 
 (j) other Indebtedness of Credit
Parties which does not exceed $20,000,000 in the aggregate at any time outstanding; provided that the Credit Parties are in pro forma compliance with each of the financial covenants set forth in Section 5.9; 

(k) Indebtedness consisting of (i) the financing of insurance premiums or (ii) customary take-or-pay obligations contained in supply agreements, in each case in the ordinary course of business; 

(l) obligations in respect of workers’ compensation claims, self-insurance obligations, performance, bid, appeal and
surety bonds and performance and completion guarantees and similar obligations provided by any Credit Party or any Subsidiary thereof, in each case in the ordinary course of business; 

(m) Indebtedness incurred by any Credit Party or any Subsidiary thereof constituting reimbursement obligations with respect to
letters of credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation
claims; provided that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing or incurrence; 

(n) Indebtedness of any Credit Party or any Subsidiary thereof arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within three Business Days of its incurrence; 

(o) Indebtedness of the Company and its Subsidiaries consisting of any Capital Lease that was classified as an Operating Lease
on the Closing Date or would have been classified as an Operating Lease had such agreement been in effect on the Closing Date prior to a relevant Change in Law or change in GAAP (from GAAP as in effect on the Closing Date) in which has the effect of
re-classifying such agreement as a Capital Lease; 
 (p) Indebtedness representing
deferred compensation and post-retirement liabilities relating to life and health insurance to officers, directors and employees of any Credit Party or any Subsidiary thereof incurred in the normal course of business; 

(q) customary indemnification obligations or customary obligations in respect of purchase price or other similar adjustments,
in each case incurred by any Credit Party or any Subsidiary thereof in connection with the Disposition of any assets permitted hereby, or any Permitted Investment (including any Permitted Acquisition), but excluding guarantees of Indebtedness;
provided that (i) such obligations are not required to be reflected on the balance sheet of any Credit Party or any Subsidiary thereof (contingent 

  
 110 

 
obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet) will not be deemed to be reflected on such balance sheet for purposes of this
clause (q)(i) and (ii) the maximum liability in respect of all such obligations incurred in connection with any Disposition shall at no time exceed the gross proceeds, including non-cash proceeds
(the fair market value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent changes in value), actually received by the Credit Parties and their
Subsidiaries in connection with such Disposition; 
 (r) Indebtedness issued by any Credit Party or any Subsidiary thereof to
current or former officers, directors and employees thereof, their respective estates, spouses or former spouses, in each case to finance the repurchase, retirement or other acquisition or retirement of Equity Interests of the Company to the extent
permitted pursuant to Section 6.10; and 
 (s) (A) Indebtedness of the Company or any Subsidiary or
any Person that becomes a Subsidiary after the Closing Date (or of any Person not previously a Subsidiary that is merged or consolidated with or into the Company or a Subsidiary) secured by the Collateral on a pari passu basis, or
secured on a junior or subordinated basis to the Secured Obligations and (B) any refinancing of Indebtedness incurred pursuant to the foregoing subclause (A); provided that, in each case, (i) no Default or Event of Default has
occurred or is continuing or would result therefrom, (ii) the representations, covenants and events of default in respect of such Indebtedness (other than interest rate and fees) are no more restrictive on the applicable obligor than the
representations, covenants and Events of Default hereof, (iii) the maturity date of such Indebtedness shall be no earlier than six months following the Maturity Date and shall be subject to not greater than customary amortization for such
Indebtedness and (iv) the Credit Parties have delivered a certificate (including reasonably detailed supporting calculations related to the matters set forth in such certificate) of an Authorized Officer to the Administrative Agent to the
effect that, after giving effect to such Indebtedness on a Pro Forma Basis, the Secured Leverage Ratio as of such time is less than or equal to 2.75 to 1.00 (calculated without giving effect to any repayment of the Revolving Loans with the proceeds
of such Indebtedness). 
  

	 	Section 6.2	Liens. 

 The Credit Parties will not, nor will they permit any Subsidiary
(excluding Excluded Joint Ventures) to, create, incur, assume or permit to exist any Lien with respect to any of their respective property or assets of any kind (whether real or personal, tangible or intangible), whether now owned or hereafter
acquired, except for the following (the “Permitted Liens”): 
 (a) Liens created by or otherwise existing
under or in connection with this Agreement or the other Credit Documents; 

  
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 (b) Liens in favor of a Bank Product Provider in connection with a Bank Product;
provided that such Liens shall secure the Credit Party Obligations on a pari passu basis; 
 (c) Liens securing
Indebtedness (and refinancings thereof) to the extent permitted under Section 6.1(c); provided, that (i) any such Lien attaches to such property concurrently with or within one hundred eighty (180) days after the acquisition thereof
and (ii) such Lien attaches solely to the property so acquired in such transaction; 
 (d) Liens for taxes, assessments,
charges or other governmental levies not yet due or as to which the period of grace (not to exceed sixty (60) days), if any, related thereto has not expired or which are being contested in good faith by appropriate proceedings; provided
that adequate reserves with respect thereto are maintained on the books of any Credit Party or its Subsidiaries, as the case may be, in conformity with GAAP; 

(e) Liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, landlords’, repairmen’s
or other like Liens arising in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being contested in good faith by appropriate proceedings; provided that a reserve or other
appropriate provision shall have been made therefor and the aggregate amount of such Liens is less than $5,000,000; 
 (f)
pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation arising in the ordinary course of business (other than any Lien imposed by ERISA) and deposits securing liability to
insurance carriers under insurance or self-insurance arrangements; 
 (g) deposits to secure the performance of bids, trade
contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(h) easements, covenants, conditions, rights of way, restrictions and other similar encumbrances affecting real property which,
in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 

(i) Liens existing on the Closing Date and set forth on Schedule 1.1(b); provided that (i) no such Lien
shall at any time be extended to cover property or assets other than the property or assets subject thereto on the Closing Date and improvements thereon and (ii) the principal amount of the Indebtedness secured by such Lien shall not be
extended, renewed, refunded or refinanced; 
 (j) any extension, renewal or replacement (or successive extensions, renewals
or replacements), in whole or in part, of any Lien referred to in this definition (other than 

  
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Liens set forth on Schedule 1.1(b)); provided that such extension, renewal or replacement Lien shall be limited to all or a part of the property which secured the Lien so extended,
renewed or replaced (plus improvements on such property); 
 (k) Liens arising in the ordinary course of business by virtue
of any contractual, statutory or common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies covering deposit or securities accounts (including funds or other assets
credited thereto) or other funds maintained with a depository institution or securities intermediary; 
 (l) any zoning,
building or similar laws or rights reserved to or vested in any Governmental Authority; 
 (m) restrictions on transfers of
securities imposed by applicable Securities Laws; 
 (n) Liens arising out of judgments or awards not resulting in an Event
of Default; provided that the applicable Credit Party or Subsidiary shall in good faith be prosecuting an appeal or proceedings for review; 

(o) Liens on the property of a Person existing at the time such Person becomes a Subsidiary of a Credit Party in a transaction
permitted hereunder securing Indebtedness in an aggregate principal amount not to exceed $20,000,000 for all such Persons; provided, however, that any such Lien may not extend to any other property of any Credit Party or any other
Subsidiary that is not a Subsidiary of such Person; provided, further, that any such Lien was not created in anticipation of or in connection with the transaction or series of transactions pursuant to which such Person became a
Subsidiary of a Credit Party; 
 (p) any interest or title of a lessor, licensor or sublessor under any lease, license or
sublease entered into by any Credit Party or any Subsidiary thereof in the ordinary course of its business and covering only the assets so leased, licensed or subleased; 

(q) Liens in favor of the Administrative Agent, any Issuing Lender and/or the Swingline Lender to cash collateralize or
otherwise secure the obligations of a Defaulting Lender to fund risk participations hereunder; 
 (r) assignments of
insurance or condemnation proceeds provided to landlords (or their mortgagees) pursuant to the terms of any lease and Liens or rights reserved in any lease for rent or for compliance with the terms of such lease; 

(s) additional Liens so long as the principal amount of Indebtedness and other obligations secured thereby does not exceed
$10,000,000 in the aggregate; and 

  
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 (t) Liens securing Indebtedness permitted under Section 6.1(s); provided
that any such Liens shall be subject to intercreditor arrangements on market terms and conditions customary for the Indebtedness secured by such Liens at the time such Indebtedness is incurred. 

Notwithstanding the foregoing, (A) if a Credit Party shall grant a Lien on any of its assets in violation of this Section, then it shall
be deemed to have simultaneously granted an equal and ratable Lien on any such assets in favor of the Administrative Agent for the ratable benefit of the Secured Parties, to the extent such Lien has not already been granted to the Administrative
Agent and (B) in no event shall the Credit Parties create, incur, assume or permit to exist any Lien on the SC Property that secures Funded Debt. 
  

	 	Section 6.3	Nature of Business. 

 No Credit Party will, nor will it permit any Subsidiary
(excluding Excluded Joint Ventures) to, alter the character of its business in any material respect from that conducted as of the Closing Date other than business, operations and activities reasonably related or ancillary thereto. 

 

	 	Section 6.4	Consolidation, Merger, Sale or Purchase of Assets, etc. 

 The Credit Parties will
not, nor will they permit any Subsidiary (excluding Excluded Joint Ventures) to, 
 (a) dissolve, liquidate or wind up its
affairs, or sell, transfer, lease or otherwise dispose of its property or assets (each a “Disposition”) or agree to do so at a future time, except the following, without duplication, shall be expressly permitted: 

(i) (A) the Disposition of cash, goods, products, inventory and materials and immaterial assets in the ordinary
course of business and (B) the conversion of cash into Cash Equivalents and Cash Equivalents into cash; 
 (ii) the
Disposition of property or assets to an unrelated party not in the ordinary course of business where and to the extent that they are the result of a Recovery Event; 

(iii) the Disposition of assets no longer used or useful in the conduct of the business of the Credit Parties or any of
their Subsidiaries; 
 (iv) the Disposition of assets from one Credit Party to another Credit Party or dissolution of
any Credit Party (other than any Borrower) to the extent any and all assets of such Credit Party (if any) are distributed to another Credit Party; 

(v) the termination of any Bank Product; 

  
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 (vi) the Disposition of property or assets (including, without limitation,
Sale and Leaseback Transactions); provided, that the aggregate book value of all property and assets subject to such Disposition in any fiscal year shall not exceed 5% of Consolidated Tangible Assets as of the end of the immediately preceding
fiscal year; 
 (vii) a Foreign Subsidiary Contribution and/or the Foreign Subsidiary Reorganization; 

(viii) any Restricted Payment by any Credit Party or any of its Subsidiaries permitted pursuant to Section 6.10; 

(ix) (A) any Disposition or issuance by the Company of its own Equity Interests to the extent that any such issuance does not
result in a Change of Control; (B) any Disposition or issuance by any Subsidiary of the Company of its own Equity Interests to any Credit Party; and (C) to the extent necessary to satisfy any requirement of Law in the jurisdiction of
incorporation of any Subsidiary of the Company, any Disposition or issuance by such Subsidiary of its own Equity Interests constituting directors’ qualifying shares or nominal holdings; 

(x) the abandonment or other Disposition of intellectual property that is, in the reasonable judgment of such Person, no longer
economically practicable to maintain because it is no longer useful in the operation of its business or otherwise of material value (including without limitation intellectual property that has expired on its own terms with no right to renew); 

(xi) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of
similar property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such similar property; 

(xii) Dispositions constituting Permitted Liens or Permitted Investments but only to the extent that any such Permitted Lien or
Permitted Investment was otherwise permitted; 
 (xiii) Dispositions of accounts receivables in connection with the
collection or compromise thereof in the ordinary course of business; and 
 (xiv) Dispositions of Investments in joint
ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements. 

provided that (A) with respect to clauses (vi) and (xiv) above, at least 75% of the consideration received
therefor by the Credit Parties or any such Subsidiary shall be in the form of cash or Cash Equivalents, (B) after giving effect to any Asset Disposition 

  
 115 

 
pursuant to clause (vi) above, the Credit Parties shall be in compliance on a Pro Forma Basis with the financial covenants set forth in Section 5.9 hereof, recalculated for the most
recently ended fiscal quarter for which information is available, (C) with respect to clauses (vi) and (xiv) above, no Default or Event of Default shall exist or shall result therefrom and (D) any Disposition pursuant to clause
(vi) shall be for fair market value; provided, further, that with respect to sales of assets permitted hereunder only, the Administrative Agent shall without the consent of any Lender, release its Liens relating to the
particular assets sold; or 
 (b) (i) purchase, lease or otherwise acquire (in a single transaction or a series of
related transactions) the property or assets of any Person, other than (A) Permitted Investments, Capital Expenditures, Sale and Leaseback Transactions and (B) except as otherwise limited or prohibited herein, purchases or other
acquisitions of inventory, materials, property, equipment or any other assets in the ordinary course of business, or (ii) enter into any transaction of merger or consolidation, except for (A) Permitted Investments so long as the Credit
Party subject to such merger or consolidation is the surviving entity, (B) (y) the merger or consolidation of a Subsidiary that is not a Credit Party with and into a Credit Party (excluding Excluded Joint Ventures); provided that such
Credit Party will be the surviving entity and (z) the merger or consolidation of a Credit Party with and into another Credit Party; provided that if any Borrower is a party thereto, such Borrower will be the surviving Person, and
(C) the merger or consolidation of a Subsidiary that is not a Credit Party with and into another Subsidiary that is not a Credit Party. 
  

	 	Section 6.5	Advances, Investments and Loans. 

 The Credit Parties will not, nor will they
permit any Subsidiary (excluding Excluded Joint Ventures) to, make any Investment except for the following (the “Permitted Investments”): 

(a) cash and Cash Equivalents; 

(b) Investments existing as of the Closing Date as set forth on Schedule 1.1(a); 

(c) (i) endorsements for collection or deposit in the ordinary course of business, (ii) receivables owing to the Credit
Parties or any of their Subsidiaries or any receivables and advances to suppliers and (iii) Investments received in settlements in the ordinary course of business of such extensions of trade credit; 

(d) Investments in and loans (i) to any Credit Party and (ii) from any Foreign Subsidiary to any other Foreign
Subsidiary; 
 (e) loans and advances to officers, directors and employees in an aggregate amount not to exceed $5,000,000 at
any time outstanding; provided that such loans and advances shall comply with all applicable Requirements of Law (including Sarbanes-Oxley); 

  
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 (f) Investments (including debt obligations) received in connection with the
bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business; 

(g) Permitted Acquisitions; 

(h) Investments in (i) Foreign Subsidiaries so long as, (A) after giving effect to any such Investment on a Pro Forma
Basis, the Total Leverage Ratio shall be .25 less than the then applicable level set forth in Section 5.9 and (B) after giving effect to any such Investment, the aggregate amount of all such Investments during the term of this Agreement
does not exceed the Applicable Amount (immediately prior to giving effect to such contemplated Investment) and (ii) joint ventures (including Excluded Joint Ventures) in an aggregate amount not to exceed $25,000,000 at any one time outstanding;

 (i) Bank Products to the extent permitted hereunder; 

(j) Investments consisting of, resulting from or received in connection with Dispositions, but only to the extent that any such
Dispositions were permitted without reference to this clause (j); 
 (k) any Investment owned by a Person at the time
such Person is acquired and becomes a Subsidiary pursuant to a Permitted Acquisition; provided that (i) such Investment was not made in connection with or in contemplation of such Permitted Acquisition and (ii) any incremental
Investments shall not be permitted by this clause (k); 
 (l) advances of payroll payments to employees in the
ordinary course of business; 
 (m) additional loan advances and/or Investments of a nature not contemplated by the foregoing
clauses hereof; provided that such loans, advances and/or Investments made after the Closing Date pursuant to this clause shall not exceed an aggregate amount of $10,000,000 at any one time outstanding; 

(n) any Investment constituting a Guaranty Obligation otherwise permitted pursuant to Section 6.1;
and 
 (o) non-cash Investments in connection with tax planning and reorganization
activities; provided that, in the reasonable judgment of the Administrative Agent (following consultation with the Company), after giving effect to any such activities, the security interests of the Lenders in the Collateral, taken as a
whole, would not be materially impaired. 

  
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	 	Section 6.6	Transactions with Affiliates. 

 The Credit Parties will not, nor will they permit
any Subsidiary (excluding Excluded Joint Ventures) to, enter into any transaction or series of transactions, whether or not in the ordinary course of business, with any Affiliate (that is not a Credit Party) except for (a) on terms and
conditions substantially as favorable as would be obtainable in a comparable arm’s-length transaction with a Person other than an Affiliate; (b) Permitted Investments and Restricted Payments not
prohibited by Section 6.10; (c) the issuance of Equity Interests of the Company to any director, manager, officer or employee of the Company and (d)(i) reasonable salaries and other reasonable director or employee
compensation and (ii) reasonable loans (or cancellation of loans) permitted pursuant to Section 6.5 and reasonable fees, indemnities and reimbursement of expenses to employees, consultants, officers and directors of any Credit Party
or any of their Subsidiaries. 
  

	 	Section 6.7	Ownership of Subsidiaries; Restrictions. 

 The Credit Parties will not, nor will
they permit any Subsidiary (excluding Excluded Joint Ventures) to, create, form or acquire any Subsidiaries, except for (i) Domestic Subsidiaries that are joined as Additional Credit Parties as required by the terms hereof, (ii) Domestic
Subsidiaries that are not required to be joined as Additional Credit Parties pursuant to Section 5.10, (iii) Foreign Subsidiaries or (iv) Excluded Joint Ventures. 
  

	 	Section 6.8	Corporate Changes. 

 No Credit Party will, nor will it permit any of its
Subsidiaries (excluding Excluded Joint Ventures) to, (a) change its fiscal year, (b) amend, modify or change its articles of incorporation, certificate of designation (or corporate charter or other similar organizational document)
operating agreement or bylaws (or other similar document) in any respect materially adverse to the interests of the Lenders in their capacity as lenders. No Credit Party shall (a) (i) change its state of incorporation or organization, without
providing thirty (30) days prior written notice to the Administrative Agent and without filing (or confirming that the Administrative Agent has filed) such financing statements and amendments to any previously filed financing statements as the
Administrative Agent may require, or (ii) change its registered legal name, without providing thirty (30) days prior written notice to the Administrative Agent and without filing (or confirming that the Administrative Agent has filed) such
financing statements and amendments to any previously filed financing statements as the Administrative Agent may require, (b) have more than one state of incorporation, organization or formation or (c) change its accounting method (except
in accordance with or as permitted or required by GAAP) in any manner adverse to the interests of the Lenders. 
  

	 	Section 6.9	Limitation on Restricted Actions. 

 The Credit Parties will not, nor will they
permit any Subsidiary (excluding Excluded Joint Ventures) to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any such Person to (a) pay dividends or make
any other distributions to any Credit Party on its Equity Interests or with respect to any 

  
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other interest or participation in, or measured by, its profits, (b) pay any Indebtedness or other obligation owed to any Credit Party, (c) make loans or advances to any Credit Party,
(d) sell, lease or transfer any of its properties or assets to any Credit Party, or (e) act as a Guarantor and pledge its assets pursuant to the Credit Documents or any renewals, refinancings, exchanges, refundings or extension thereof or
amend or otherwise modify the Credit Documents, except (in respect of any of the matters referred to in clauses (a)-(d) above) for such encumbrances or restrictions existing under or by reason of
(i) this Agreement and the other Credit Documents, (ii) applicable law, (iii) any document or instrument governing Indebtedness permitted hereunder; provided that any such restriction contained therein relates only to the asset
or assets constructed or acquired in connection therewith, (iv) any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction contained therein relates only to the asset or assets
subject to such Permitted Lien (v) (A) which exist on the Closing Date and (to the extent not otherwise permitted by this Section 6.9) are listed on Schedule 6.9 and (B) to the extent Contractual
Obligations permitted by clause (A) are set forth in an agreement evidencing Indebtedness, such Contractual Obligations may be set forth in any agreement evidencing any permitted renewal, extension or refinancing of such Indebtedness so
long as such renewal, extension or refinancing does not expand the scope of such Contractual Obligation; (vi) are binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary of the Company, so long as such Contractual
Obligations were not entered into in contemplation of such Person becoming a Subsidiary of the Company; (vii) are provisions in Organization Documents and other customary provisions in joint venture agreements and other similar agreements
applicable to Excluded Joint Ventures or to other Persons that are not Subsidiaries of the Company (to the extent the Investment in such Excluded Joint Venture or other Person is a Permitted Investment) that limit Liens on or transfers of the Equity
Interests of such joint venture or other Person entered into in the ordinary course of business; (viii) are customary restrictions in leases, subleases, licenses or asset sale agreements otherwise permitted hereby (or in easements, rights of
way or similar rights or encumbrances, in each case granted to the Company or a Subsidiary of the Company by a third party in respect of real property owned by such third party) so long as such restrictions relate only to the assets (or the
Company’s or such Subsidiary’s rights under such easement, right of way or similar right or encumbrance, as applicable) subject thereto; (ix) are customary provisions restricting subletting or assignment of any lease governing a
leasehold interest of the Company or any Subsidiary; (x) are customary provisions restricting assignment of any agreement entered into in the ordinary course of business; and (xi) are restrictions on cash or other deposits imposed by
customers under contracts entered into in the ordinary course of business. 
  

	 	Section 6.10	Restricted Payments. 

 The Credit Parties will not, nor will they permit any
Subsidiary (excluding Excluded Joint Ventures) to, directly or indirectly, declare, order, make or set apart any sum for or pay any Restricted Payment, except (a) to make dividends payable solely in the same class of Equity Interests of such
Person, (b) to make dividends or other distributions payable to the Credit Parties (directly or indirectly through its Subsidiaries); (c) cashless repurchases of Equity Interests in the Company or any Subsidiary of the Company deemed to occur
upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; (d) to refinance Subordinated Debt with the proceeds of Subordinated Debt permitted

  
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to be incurred pursuant to Section 6.1(g); provided, that such refinancing is made solely from the proceeds of a new Subordinated Debt issuance permitted pursuant to Section 6.1; (e)
to make regularly scheduled payments of interest on Subordinated Debt incurred pursuant to Section 6.1(g); provided, that (i) after giving effect to such Restricted Payment on a Pro Forma Basis, the Credit Parties are in
compliance with each of the financial covenants set forth in Section 5.9 and (ii) no Default or Event of Default shall exist or would result therefrom and (f) to make other Restricted Payments, so long as (i) no Default or
Event of Default has occurred or is continuing or would result therefrom and (ii) the Credit Parties have demonstrated to the reasonable satisfaction of the Administrative Agent that, after giving effect to such Restricted Payment on a Pro
Forma Basis, (A) the Credit Parties are in compliance with each of the financial covenants set forth in Section 5.9, (B) the Total Leverage Ratio shall be less than or equal to 3.00 to 1.00, and (C) the Accessible Borrowing
Availability, both before and after giving effect to such Restricted Payment, is at least $25,000,000; provided that the foregoing clauses (B) and (C) shall not apply with respect to Regular Dividends in an aggregate amount not to exceed
$60,000,000 during any fiscal year. 
  

	 	Section 6.11	Amendment of Subordinated Debt. 

 The Credit Parties will not, nor will they
permit any Subsidiary (excluding Excluded Joint Ventures) to, amend, modify, waive or extend or permit the amendment, modification, waiver or extension of any term of any document governing or relating to any Subordinated Debt with an outstanding
principal amount in excess of $5,000,000 in a manner that is materially adverse to the interests of the Lenders as reasonably determined by the Administrative Agent, or would shorten the final maturity or average life to maturity or require any
payment to be made sooner than originally scheduled or change any subordination provision thereof in a manner that is materially adverse to the interests of the Lenders. 
  

	 	Section 6.12	Sale Leasebacks. 

 The Credit Parties will not, nor will they permit any
Subsidiary (excluding Excluded Joint Ventures) to, directly or indirectly, enter into a Sale and Leaseback Transaction, other than Sale and Leaseback Transactions permitted by Section 6.4. 

 

	 	Section 6.13	No Further Negative Pledges. 

 The Credit Parties will not, nor will they permit
any Subsidiary (excluding Excluded Joint Ventures) to, enter into, assume or become subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon any of their properties or assets, whether now owned or
hereafter acquired, or requiring the grant of any security for such obligation if security is given for some other obligation, except (a) pursuant to this Agreement and the other Credit Documents, (b) pursuant to any document or instrument
governing Indebtedness permitted hereunder; provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, (c) in connection with any Permitted Lien or any
document or instrument governing any Permitted Lien; provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien, (d) (i) which exist on the Closing Date and (to the extent not
otherwise permitted by this 

  
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Section 6.13) are listed on Schedule 6.9 and (ii) to the extent the restriction or condition permitted by clause (i) is set forth in an agreement
evidencing Indebtedness, such restriction or condition may be set forth in any agreement evidencing any permitted renewal, extension or refinancing of such Indebtedness so long as such renewal, extension or refinancing does not expand the scope of
such restriction or condition; (e) are binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary of the Company, so long as such restriction or condition was not entered into in contemplation of such Person becoming a
Subsidiary of the Company; (f) are provisions in Organization Documents and other customary provisions in joint venture agreements and other similar agreements applicable to Excluded Joint Ventures or to other Persons that are not Subsidiaries
of the Company (to the extent the Investment in such Excluded Joint Venture or other Person is a Permitted Investment) that limit Liens on or transfers of the Equity Interests of such joint venture or other Person entered into in the ordinary course
of business; (g) are customary restrictions or conditions in leases, subleases, licenses or asset sale agreements otherwise permitted hereby (or in easements, rights of way or similar rights or encumbrances, in each case granted to the Company
or a Subsidiary of the Company by a third party in respect of real property owned by such third party) so long as such restrictions or conditions relate only to the assets (or the Company’s or such Subsidiary’s rights under such easement,
right of way or similar right or encumbrance, as applicable) subject thereto; (h) are customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the Company or any Subsidiary; (i) are customary
provisions restricting assignment of any agreement entered into in the ordinary course of business; and (j) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business. 

 

	 	Section 6.14	Account Control Agreements; Additional Bank Accounts. 

 Each of the Credit Parties
will not open, maintain or otherwise have any checking, savings or other accounts (including securities accounts) at any bank or other financial institution, or any other account where money is or may be deposited or maintained with any Person,
other than (a) deposit accounts that are subject to a Deposit Account Control Agreement not less than ninety (90) days (or such longer time as agreed to by the Administrative Agent) following the later of the Closing Date or the opening of
such deposit account, (b) securities accounts that are subject to a Securities Account Control Agreement not less than ninety (90) days (or such longer time as agreed to by the Administrative Agent) following the later of the Closing Date
or the opening of such securities account, (c) deposit accounts established solely as payroll and other zero balance accounts and (d) other deposit accounts, so long as the balance on any such account does not exceed $1,000,000 and the
aggregate balance in all such accounts does not exceed $5,000,000 and (e) deposit accounts the balance of which consists exclusively of (A) withheld income taxes and federal, state or local employment taxes in such amounts as are required
in the reasonable judgment of the Company to be paid to the Internal Revenue Service or state or local government agencies within the following two months with respect to employees of any of the Loan Parties and (B) amounts required to be paid
over to an employee benefit plan on behalf of or for the benefit of employees of one or more Credit Parties, and (g) all segregated deposit accounts constituting (and the balance of which consists solely of funds set aside in connection with)
fiduciary benefits and trust accounts. 

  
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	 	Section 6.15	Holding Company. 

 The Foreign Subsidiary Holdcos and Mexico Holdings will not
incur or permit to exist any Indebtedness (other than permitted intercompany indebtedness) nor grant or permit to exist any Liens upon any of their properties or assets nor engage in any operations, business or activity other than
(a) owning 100% of the Equity Interests of their Subsidiaries and all operations incidental thereto and (b) performing administrative functions in connection with the operation of the business of their Subsidiaries. 

ARTICLE VII 
 EVENTS OF
DEFAULT 
  

	 	Section 7.1	Events of Default. 

 An Event of Default shall exist upon the occurrence of any of
the following specified events (each an “Event of Default”): 
 (a) Payment. (i) Any Borrower
shall fail to pay any principal on any Loan or Note when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof or thereof; or (ii) any Borrower shall fail to reimburse the Issuing Lender for any
LOC Obligations when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof; or (iii) any Borrower shall fail to pay any interest on any Loan or any fee or other amount payable hereunder when due
(whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof and such failure shall continue unremedied for five (5) days; or (iv) or any Guarantor shall fail to pay on the Guaranty in respect of any of
the foregoing or in respect of any other Guaranty Obligations hereunder (after giving effect to the grace period in clause (iii)); or 

(b) Misrepresentation. Any representation or warranty made or deemed made herein, in the Security Documents or in any of
the other Credit Documents or which is contained in any certificate, document or financial or other statement furnished at any time under or in connection with this Agreement shall prove to have been (i) with respect to representations and
warranties that contain a materiality qualification, incorrect or false on or as of the date made or deemed made and (ii) with respect to representations and warranties that do not contain a materiality qualification, incorrect or false in any
material respect on or as of the date made or deemed made; or 
 (c) Covenant Default. 

(i) Any Credit Party shall fail to perform, comply with or observe any term, covenant or agreement applicable to it
contained in Sections 5.1, 5.2, 5.4, 5.7(a), 5.7(j), 5.9, 5.12, 5.14 or Article VI hereof (other than Section 6.14); or 

  
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 (ii) Any Credit Party shall fail to comply with any other covenant contained in
this Agreement or the other Credit Documents or any other agreement, document or instrument among any Credit Party, the Administrative Agent and the Lenders or executed by any Credit Party in favor of the Administrative Agent or the Lenders (other
than as described in Sections 7.1(a) or 7.1(c)(i) above) and, with respect to this clause (ii) only, such breach or failure to comply is not cured within thirty (30) days of its occurrence; or 

(d) Indebtedness Cross-Default. (i) Any Credit Party or any of its Subsidiaries (other than any Excluded Joint
Venture) shall default in any payment of principal of or interest on any Indebtedness (other than the Loans, Reimbursement Obligations and the Guaranty) in a principal amount outstanding of at least $20,000,000 for the Company and any of its
Subsidiaries in the aggregate beyond any applicable grace period (not to exceed thirty (30) days), if any, provided in the instrument or agreement under which such Indebtedness was created; or (ii) any Credit Party or any of its
Subsidiaries (other than any Excluded Joint Venture) shall default in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Loans, Reimbursement Obligations and the Guaranty) in a principal
amount outstanding of at least $20,000,000 in the aggregate for the Credit Parties and their Subsidiaries (other than Excluded Joint Ventures) or contained in any instrument or agreement evidencing, securing or relating thereto, or any other
event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf
of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or to be repurchased, prepaid, deferred or redeemed (automatically or
otherwise); or (iii) any Credit Party or any of its Subsidiaries (other than any Excluded Joint Venture) shall breach or default any payment obligation under any Swap Agreement that is a Bank Product; or 

(e) Reserved. 

(f) Bankruptcy Default. (i) A Credit Party or any of its Subsidiaries (other than any Excluded Joint Venture) shall
commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it
or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or a Credit Party or any of its Subsidiaries (other than any Excluded
Joint Venture) shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against a Credit Party or any of its Subsidiaries (other than any Excluded Joint Venture) any case, proceeding or other action of
a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded

  
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for a period of sixty (60) days; or (iii) there shall be commenced against a Credit Party or any of its Subsidiaries (other than any Excluded Joint Venture) any case, proceeding or
other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of their assets which results in the entry of an order for any such relief which shall not have been vacated,
discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) a Credit Party or any of its Subsidiaries (other than any Excluded Joint Venture) shall take any action in furtherance of, or indicating
its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) a Credit Party or any of its Subsidiaries (other than any Excluded Joint Venture) shall generally not, or shall be
unable to, or shall admit in writing their inability to, pay its debts as they become due; or 
 (g) Judgment Default.
(i) One or more judgments or decrees shall be entered against a Credit Party or any of its Subsidiaries (other than any Excluded Joint Venture) involving in the aggregate a liability (to the extent not covered by insurance) of $20,000,000 or
more and all such judgments or decrees shall not have been paid and satisfied, vacated, discharged, stayed or bonded pending appeal within ten (10) Business Days from the entry thereof or (ii) any injunction, temporary restraining order or
similar decree shall be issued against a Credit Party or any of its Subsidiaries (other than any Excluded Joint Venture) that, individually or in the aggregate, could result in a Material Adverse Effect; or 

(h) ERISA Default. The occurrence of any of the following, if as a result thereof the Credit Parties and their
Subsidiaries (other than any Excluded Joint Venture) incur or would reasonably be likely to incur aggregate liability of $20,000,000 or more: (i) any Person shall engage in any non-exempt “prohibited
transaction” (as defined in Section 406 or Section 4975 of the Code) involving any Plan, (ii) any failure to satisfy the minimum funding standards under Section 412 of the Code or Section 302 of ERISA, whether or not
waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan (other than a Permitted Lien) shall arise on the assets of the Credit Parties or their Subsidiaries, (iii) a Reportable Event shall occur with respect to,
or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is likely to result in the
termination of such Plan for purposes of Title IV of ERISA, (iv) any Plan shall terminate for purposes of Title IV of ERISA or (v) a Credit Party, any of its Subsidiaries (other than any Excluded Joint Venture) or any Commonly Controlled
Entity shall incur any liability in connection with a withdrawal from, or the termination, Insolvency or Reorganization of, any Multiemployer Plan; or 

(i) Change of Control. There shall occur a Change of Control; or 

(j) Invalidity of Guaranty. At any time after the execution and delivery thereof, the Guaranty, for any reason other
than the satisfaction in full of all Credit Party Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void, or any Credit Party shall contest the

  
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validity, enforceability, perfection or priority of the Guaranty, any Credit Document, or any Lien granted thereunder in writing or deny in writing that it has any further liability, including
with respect to future advances by the Lenders, under any Credit Document to which it is a party; or 
 (k) Invalidity of
Credit Documents. Any Credit Document shall fail to be in full force and effect or to give the Administrative Agent and/or the Lenders the security interests, liens, rights, powers, priority and privileges purported to be created thereby (except
as such documents may be terminated or no longer in force and effect in accordance with the terms thereof, other than those indemnities and provisions which by their terms shall survive) or any Lien required under the Credit Documents or the
Security Documents to be a first priority, perfected Lien shall fail to be a first priority, perfected Lien (subject to Permitted Liens) on a material portion of the Collateral (except to the extent that such failure results from the failure of the
Administrative Agent to maintain possession of Collateral previously delivered to the Administrative Agent as to which possession is required for perfection); or 

(l) Subordinated Debt. The subordination provisions contained in any Subordinated Debt shall cease to be in full force
and effect or shall cease to give the Lenders the rights, powers and privileges purported to be created thereby; or 
 (m)
Classification as Senior Debt. At any time any Subordinated Debt is outstanding, the Credit Party Obligations shall cease to be classified as “Senior Indebtedness,” “Designated Senior Indebtedness” or any similar
designation under any Subordinated Debt instrument. 
 If a Default shall have occurred under the Credit Documents, then such Default will
continue to exist until it either is cured (to the extent specifically permitted) in accordance with the Credit Documents or is otherwise expressly waived by Administrative Agent (with the approval of requisite Lenders (in their sole and absolute
discretion) as determined in accordance with Section 9.1); and once an Event of Default occurs under the Credit Documents, then such Event of Default will continue to exist until it is expressly waived by the requisite Lenders or by the
Administrative Agent with the approval of the requisite Lenders, as required hereunder in Section 9.1. 
  

	 	Section 7.2	Acceleration; Remedies. 

 Upon the occurrence and during the continuance of an
Event of Default, then, and in any such event, (a) if such event is a Bankruptcy Event, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon), and all other amounts under the Credit Documents
(including, without limitation, the maximum amount of all contingent liabilities under Letters of Credit) shall immediately become due and payable, and (b) if such event is any other Event of Default, any or all of the following actions may be
taken: (i) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Commitments to be terminated forthwith, whereupon the
Commitments shall immediately 

  
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terminate; (ii) the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Loans (with accrued interest thereon) and all
other amounts owing under this Agreement and the Notes to be due and payable forthwith and direct the Borrowers to pay to the Administrative Agent cash collateral as security for the LOC Obligations for subsequent drawings under then outstanding
Letters of Credit an amount equal to the maximum amount of which may be drawn under Letters of Credit then outstanding, whereupon the same shall immediately become due and payable; and/or (iii) with the written consent of the Required Lenders,
the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, exercise such other rights and remedies as provided under the Credit Documents and under applicable law. 

ARTICLE VIII 
 THE
ADMINISTRATIVE AGENT 
  

	 	Section 8.1	Appointment and Authority. 

 Each of the Lenders and the Issuing Lender hereby
irrevocably appoints Wells Fargo to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated
to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the
Issuing Lender, and neither the Borrowers nor any other Credit Party shall have rights as a third party beneficiary of any of such provisions. 
  

	 	Section 8.2	Nature of Duties. 

 Anything herein to the contrary notwithstanding, none of the
bookrunners, arrangers or other agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent, a
Lender, the Swingline Lender or the Issuing Lender hereunder. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges
that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 

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

  
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	 	Section 8.3	Exculpatory Provisions. 

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

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Credit Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Credit Document or applicable law; and 
 (c) shall not, except as expressly set
forth herein and in the other Credit Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained by the Person
serving as the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action
taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary,
under the circumstances as provided in Sections 9.1 and 7.2) or (ii) in the absence of its own gross negligence or willful misconduct. 

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any
other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent. 
  

	 	Section 8.4	Reliance by Administrative Agent. 

 The Administrative Agent shall be entitled to
rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or 

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

	 	Section 8.5	Notice of Default. 

 The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Company referring to this Agreement, describing such Default or Event of Default and
stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action
with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided, however, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent
may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement
expressly requires that such action be taken, or not taken, only with the consent or upon the authorization of the Required Lenders, or all of the Lenders, as the case may be. 

 

	 	Section 8.6	Non-Reliance on Administrative Agent and Other Lenders. 

 Each Lender and the
Issuing Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representation or warranty to it and that no act by the Administrative
Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender and the Issuing Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender and the Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder.

  
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	 	Section 8.7	Indemnification. 

 The Lenders agree to indemnify the Administrative Agent, the
Issuing Lender, and the Swingline Lender in its capacity hereunder and their Affiliates and their respective officers, directors, agents and employees (to the extent required and not reimbursed by the Credit Parties and without limiting the
obligation of the Credit Parties to do so), ratably according to their respective Revolving Commitment Percentages in effect on the date on which indemnification is sought under this Section, from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Credit Party Obligations) be imposed on,
incurred by or asserted against any such indemnitee in any way relating to or arising out of any Credit Document or any documents contemplated by or referred to herein or therein or the Transactions or any action taken or omitted by any such
indemnitee under or in connection with any of the foregoing; provided, however, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements to the extent resulting from such indemnitee’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction. The agreements in this Section shall survive the termination of this
Agreement and payment of the Notes, any Reimbursement Obligation and all other amounts payable hereunder. 
  

	 	Section 8.8	Administrative Agent in Its Individual Capacity. 

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

	 	Section 8.9	Successor Administrative Agent. 

 The Administrative Agent may at any time give
notice of its resignation to the Lenders, the Issuing Lender and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with so long as no Event of Default has occurred and is continuing, the consent
of the Company, to appoint a successor, or an Affiliate of any such bank. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications set forth above provided that if
the Administrative Agent shall notify the Company and the Lenders that 

  
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no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any Collateral held by the Administrative Agent on behalf of the Lenders or the Issuing Lender under any of the Credit Documents,
the retiring Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made by or to each Lender and the Issuing Lender directly, until such time as the Required Lenders and the Company (as applicable) appoint a successor Administrative Agent as provided for above in this
paragraph. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by the
Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the retiring Administrative Agent’s resignation hereunder and under the
other Credit Documents, the provisions of this Article and Section 9.5 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

Any resignation by Wells Fargo Bank, as Administrative Agent pursuant to this Section shall also constitute its resignation as Issuing Lender
and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing
Lender and Swingline Lender, (b) the retiring Issuing Lender and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (c) the successor Issuing Lender
shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Lender to effectively assume the obligations of the retiring
Issuing Lender with respect to such Letters of Credit. 
  

	 	Section 8.10	Collateral and Guaranty Matters. 

 (a) The Lenders and the Bank
Product Providers irrevocably authorize and direct the Administrative Agent: 
 (i) to release any Lien on any
Collateral granted to or held by the Administrative Agent under any Credit Document (A) upon termination of the Commitments and payment in full of all Credit Party Obligations (other than contingent indemnification obligations) and the
expiration or termination of all Letters of Credit, (B) that is transferred or to be transferred as part of or in connection with any sale or other disposition permitted under this Agreement, or (C) subject to Section 9.1, if
approved, authorized or ratified in writing by the Required Lenders; 

  
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 (ii) to subordinate any Lien on any Collateral granted to or held by the
Administrative Agent under any Credit Document to the holder of any Lien on such Collateral that is permitted by Section 6.2; and 

(iii) to release any Guarantor from its obligations under the applicable Guaranty if such Person ceases to be a Guarantor
as a result of a transaction permitted hereunder. 
 (b) In connection with a termination or release pursuant to this
Section, the Administrative Agent shall promptly execute and deliver to the applicable Credit Party, at the Borrowers expense, all documents that the applicable Credit Party shall reasonably request to evidence such termination or release. Upon
request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of Collateral, or to release any Guarantor
from its obligations under the Guaranty pursuant to this Section. 
  

	 	Section 8.11	Bank Products. 

 No Bank Product Provider that obtains the benefits of Sections
2.11 and 7.2, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other
Credit Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Credit Documents. The
Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Bank Products unless the Administrative Agent has received written notice of such
Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Bank Product Provider. 

ARTICLE IX 

MISCELLANEOUS 
  

	 	Section 9.1	Amendments, Waivers, Consents and Release of Collateral. 

 Neither this Agreement
nor any of the other Credit Documents, nor any terms hereof or thereof may be amended, modified, extended, restated, replaced, or supplemented (by amendment, waiver, consent or otherwise) except in accordance with the provisions of this Section nor
may Collateral be released except as specifically provided herein or in the Security Documents or in accordance with the provisions of this Section. The Required Lenders may or, 

  
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with the consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with the Company written amendments, supplements or modifications hereto and to the
other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Company hereunder or thereunder or (b) waive or consent to the
departure from, on such terms and conditions as the Required Lenders and the Company may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences;
provided, however, that no such amendment, supplement, modification, release, waiver or consent shall: 

(i) reduce the amount or extend the scheduled date of maturity of any Loan or Note or any installment thereon, or reduce
the stated rate of any interest or fee payable hereunder (except in connection with a waiver of Default Interest which shall be determined by a vote of the Required Lenders) or extend the scheduled date of any payment thereof or increase the amount
or extend the expiration date of any Lender’s Commitment, in each case without the written consent of each Lender directly affected thereby; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a
mandatory prepayment required pursuant to Section 2.7(b), nor any amendment of Section 2.7(b) shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment
of, any Loan or Note and (B) any reduction in the stated rate of interest on Revolving Loans shall only require the written consent of each Lender holding a Revolving Commitment; or 

(ii) amend, modify or waive any provision of this Section or reduce the percentage specified in the definition of Required
Lenders, without the written consent of all the Lenders; or 
 (iii) release any Borrower or all or substantially all of
the value of the Guaranty, without the written consent of all of the Lenders; provided that the Administrative Agent may release any Borrower or Guarantor permitted to be released pursuant to the terms of this Agreement (including in
connection with a Disposition of such Person); or 
 (iv) release all or substantially all of the value of the
Collateral without the written consent of all of the Lenders; provided that the Administrative Agent may release any Collateral permitted to be released pursuant to the terms of this Agreement or the Security Documents; or 

(v) subordinate the Loans to any other Indebtedness without the written consent of all of the Lenders; or 

(vi) permit any Borrower to assign or transfer any of its rights or obligations under this Agreement or other Credit
Documents without the written consent of all of the Lenders (except as otherwise permitted hereunder); or 

  
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 (vii) amend, modify or waive any provision of the Credit Documents requiring
consent, approval or request of the Required Lenders or all Lenders without the written consent of the Required Lenders or all the Lenders as appropriate; or 

(viii) without the consent of the Required Lenders, amend, modify or waive any provision in Section 4.2 or waive any
Default or Event of Default (or amend any Credit Document to effectively waive any Default or Event of Default) if the effect of such amendment, modification or waiver is that the Revolving Lenders shall be required to fund Revolving Loans when such
Lenders would otherwise not be required to do so; or 
 (ix) amend, modify or waive the pro rata sharing of payments by
and among the Lenders, in each case in accordance with Section 2.11(b) or 9.7(b) without the written consent of each Lender directly affected thereby; or 

(x) amend, modify or waive any provision of Article VIII without the written consent of the then Administrative
Agent; or 
 (xi) amend or modify the definition of Credit Party Obligations to delete or exclude any obligation or
liability described therein without the written consent of each Lender and each Bank Product Provider directly affected thereby; or 

(xii) amend the definitions of “Swap Agreement,” “Bank Product,” or “Bank Product Provider”
without the consent of any Bank Product Provider that would be adversely affected thereby; 
 provided, further, that no amendment, waiver or
consent affecting the rights or duties of the Administrative Agent, the Issuing Lender or the Swingline Lender under any Credit Document shall in any event be effective, unless in writing and signed by the Administrative Agent, the Issuing Lender
and/or the Swingline Lender, as applicable, in addition to the Lenders required hereinabove to take such action. 
 Any such waiver, any
such amendment, supplement or modification and any such release shall apply equally to each of the Lenders and shall be binding upon the Borrowers, the other Credit Parties, the Lenders, the Administrative Agent and all future holders of the Notes.
In the case of any waiver, the Company, the other Credit Parties, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the outstanding Loans and Notes and other Credit Documents, and any
Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. Further, notwithstanding anything to
the contrary contained in this Section, if the Administrative Agent and the Company shall have jointly identified an obvious error or any error or omission of an immaterial nature, in each case in any provision of the Credit Documents, then the
Administrative Agent and the Company shall be permitted to amend such provision and such 

  
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amendment shall become effective without any further action or consent of any other party to any Credit Document if the same is not objected to in writing by the Required Lenders within ten
Business Days following receipt of notice thereof. 
 Notwithstanding any of the foregoing to the contrary, the consent of the Company and
the other Credit Parties shall not be required for any amendment, modification or waiver of the provisions of Article VIII (other than the provisions of Section 8.9 or 8.10). 

Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above, (a) each Lender is
entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set
forth herein, (b) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and (c) no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except (i) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (ii) to the extent such amendment, waiver or consent impacts such Defaulting
Lender more than the other Lenders. 
 For the avoidance of doubt and notwithstanding any provision to the contrary contained in this
Section 9.1, this Agreement may be amended (or amended and restated) with the written consent of the Credit Parties and the Administrative Agent in accordance with Section 2.22. 

 

	 	Section 9.2	Notices. 

 (a) Notices Generally. Except in the case of
notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier as follows: 
 (i) If to the
Borrowers or any other Credit Party: 
 Innophos Holdings, Inc. 

259 Prospect Plains Road 

Cranbury, NJ 08512 
 Attention:
Han Kieftenbeld 
 Telephone: (609) 366-1202 

Email: han.kieftenbeld@innophos.com 

  
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 (ii) If to the Administrative Agent: 

Wells Fargo Bank, National Association, as Administrative Agent 

1525 West W.T. Harris Blvd. 

Mail Code MAC D1109-019 

Charlotte, North Carolina 28262 

Attention:       Syndication Agency Services 

Telephone:     (704) 427-8787 

Fax:                (704) 715-0017 

Email:             alexandra.winterman@wellsfargo.com 

with a copy to: 

Wells Fargo Bank, National Association 

99 Wood Ave. South, 3rd Floor – Suite 305 

MAC: J2371-030 
 Iselin, NJ
08830 
 Attention:       Crystie Ciriello, SVP 

Telephone:     (848) 244-4466 

Fax:                (848) 244-4522 

Email:             crystie.ciriello@wellsfargo.com 

(iii) if to a Lender, to it at its address (or telecopier number) set forth in its Administrative Questionnaire. 

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for
the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

(b) Electronic Communications. Notices and other communications to the Lenders, the Swingline Lender and the Issuing
Lender hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that
the foregoing shall not apply to notices to any Lender, the Swingline Lender or the Issuing Lender pursuant to Article II if such Lender, the Swingline Lender or the Issuing Lender, as applicable, has notified the Administrative Agent that it
is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrowers may, in their discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” 

  
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function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient,
such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the
deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c) Change of Address, Etc. Any party hereto may change its address or telecopier number for notices and other
communications hereunder by notice to the other parties hereto. 
 (d) Platform. 

(i) Each Credit Party agrees that the Administrative Agent may make the Communications (as defined below) available to the
Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”). 

(ii) The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not
warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the communications effected thereby (the “Communications”). No warranty of any kind, express, implied or statutory, including, without
limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform. In
no event shall the Administrative Agent or any of its affiliates or any of their respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent Parties”) have any liability to the Credit
Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of
any Credit Party’s or the Administrative Agent’s transmission of communications through the Platform. 
  

	 	Section 9.3	No Waiver; Cumulative Remedies. 

 No failure to exercise and no delay in
exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law. 

  
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	 	Section 9.4	Survival of Representations and Warranties. 

 All representations and warranties
made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the Notes and the making of the Loans; provided that all such
representations and warranties shall terminate on the date upon which the Commitments have been terminated and all Credit Party Obligations (other than contingent obligations for which no claim has been made or LC Obligations that have been cash
collateralized or subject to a backstop letter of credit) have been paid in full. 
  

	 	Section 9.5	Payment of Expenses and Taxes; Indemnity. 

 (a) Costs and
Expenses. If the Closing Date shall occur, the Credit Parties shall pay (i) all reasonable, documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements
of counsel for the Administrative Agent), and shall pay all fees and time charges and disbursements for attorneys who may be employees of the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the
preparation, negotiation, execution, delivery and administration of this Agreement and the other Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof, (ii) all reasonable out-of-pocket expenses incurred by the Issuing Lender and the Swingline Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or
Swingline Loan or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender, the Issuing Lender or the
Swingline Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender, the Swingline Lender or the Issuing Lender), and shall pay all fees and time charges for attorneys who may be employees of the
Administrative Agent, any Lender, the Issuing Lender or the Swingline Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Credit Documents, including its rights under this
Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b) Indemnification by the Credit
Parties. The Credit Parties shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, the Issuing Lender and the Swingline Lender, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, penalties, damages, liabilities and reasonable, documented out-of-pocket costs and related expenses (including the reasonable fees, charges
and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted
against any Indemnitee by any third party or by the Company or any other Credit Party or any other Person arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Credit Document or any
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions, 

  
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(ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if
the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Materials of Environmental Concern on or from any property owned or
operated by any Credit Party or any of its Subsidiaries, or any liability under Environmental Law related in any way to any Credit Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Company or any other Credit Party, and regardless of whether any Indemnitee is a party thereto,
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee. This section (b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from non-Tax claim.

 (c) Reimbursement by Lenders. To the extent that the Credit Parties for any reason fail to indefeasibly pay any
amount required under paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender, Swingline Lender or any Related Party of any of the foregoing, each Lender severally
agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing Lender, Swingline Lender or such Related Party, as the case may be, such Lender’s Revolving Commitment Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent), the Issuing Lender or Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), Issuing Lender or
Swingline Lender in connection with such capacity. 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent
permitted by applicable law, none of the Credit Parties shall assert, and each of the Credit Parties hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Credit Document or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds
thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Credit Documents or the Transactions. 
 (e)
Payments. All amounts due under this Section shall be payable promptly/not later than thirty (30) days after demand therefor. 

  
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 (f) Survival. The agreements contained in this Section shall survive the
resignation of the Administrative Agent, the Swingline Lender and the Issuing Lender, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of the Credit Party Obligations. 

 

	 	Section 9.6	Successors and Assigns; Participations. 

 (a) Successors and
Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Company nor any other Credit Party may
assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except
(i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment
of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the
Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

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

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the
time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount
need be assigned; and 
 (B) in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of
the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in 

  
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the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000 (provided, however, that simultaneous assignments shall be aggregated in respect of a Lender
and its Approved Funds), unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and
obligations among separate Tranches on a non-pro rata basis. 
 (iii) Required Consents. No consent shall be
required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section and, in addition: 

(A) the consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (y) an
Event of Default has occurred and is continuing at the time of such assignment or (z) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Company shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments if such assignment is to a Person that is not a Lender with a Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and 

(C) the consent of the Issuing Lender and Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be
required for assignments in respect of a Revolving Commitment. 
 (iv) Assignment and Assumption. The parties to
each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 and documentation in accordance with Section 2.16(f); provided that (A)only one
(1) such fee shall be payable in respect of simultaneous assignments by a Lender and its Approved Funds) and (B) the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

  
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 (v) No Assignment to Certain Persons. No such assignment shall be
made to (A) any Credit Party or any Credit Party’s Affiliates or Subsidiaries or (B) any Defaulting Lender or any of its Subsidiaries or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons
described in this clause (B). 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural person. 
 (vii) Certain Additional Payments. In connection with any assignment of rights and obligations of
any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in
an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Company and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay and satisfy
in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full pro rata share of all Loans and
participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from
and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a
Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.14 and 9.5 with respect to facts and
circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as
a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section. 

  
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 (c) Register. The Administrative Agent, acting solely for this purpose as
an agent of the Borrowers, shall maintain at one of its offices in Charlotte, North Carolina a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments
of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the
Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Company and any Lender, at any reasonable time and from time to time upon reasonable prior notice; provided that a Lender shall only be entitled to inspect its own entry in the Register and not that of any other
Lender. In addition, the Administrative Agent shall maintain on the Register information regarding the designation and revocation of designation, of any Lender as a Defaulting Lender. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Company or the Administrative
Agent, sell participations to any Person (other than a natural person or any Credit Party or any Credit Party’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Company, the Administrative Agent and the Lenders, Issuing Lender and Swingline Lender shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this Agreement. 
 Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that affects such Participant. Subject to paragraph (e) of this Section, each of the
Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.14 and 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section;
provided such Participant agrees to be subject to Sections 2.14 and 2.16 as if it were a Lender. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.7 as though it were a Lender, provided
such Participant agrees to be subject to Section 2.11 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain a register in the United States on
which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Credit Documents (the “Participant Register”).
The entries 

  
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in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (e) Limitations Upon
Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections 2.14 and 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Company’s prior written consent (such consent not to be unreasonably withheld or delayed). 

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

	 	Section 9.7	Right of Set-off; Sharing of Payments. 

(a) If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, the Swingline Lender and
each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender, the Swingline Lender or any such Affiliate to or for the credit or the account of the Company or any other Credit
Party against any and all of the obligations of the Company or such Credit Party now or hereafter existing under this Agreement or any other Credit Document to such Lender, the Swingline Lender or the Issuing Lender, irrespective of whether or not
such Lender, the Swingline Lender or the Issuing Lender shall have made any demand under this Agreement or any other Credit Document and although such obligations of the Company or such Credit Party may be contingent or unmatured or are owed to a
branch or office of such Lender, the Swingline Lender or the Issuing Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender, the Swingline Lender, the Issuing Lender and their
respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Swingline Lender, the Issuing Lender or their respective Affiliates may have. Each Lender, the Swingline
Lender and the Issuing Lender agree to notify the Company and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

 (b) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any
principal of or interest on any of its Loans or 

  
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other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater
than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the Administrative Agent of such fact, and (ii) purchase (for cash at face value) participations in the
Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans and other amounts owing them, provided that: 
 (A) if any such
participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(B) the provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrowers pursuant to
and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or participations in Letters of Credit to any assignee or participant, other than to any Credit Party or any Subsidiary thereof (as to which the provisions of this paragraph shall apply) or (z) (1) any
amounts applied by the Swingline Lender to outstanding Swingline Loans and (2) any amounts received by the Issuing Lender and/or Swingline Lender to secure the obligations of a Defaulting Lender to fund risk participations hereunder. 

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

	 	Section 9.8	Table of Contents and Section Headings. 

 The table of contents and the Section
and subsection headings herein are intended for convenience only and shall be ignored in construing this Agreement. 
  

	 	Section 9.9	Counterparts; Effectiveness; Electronic Execution. 

 (a)
Counterparts; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a
single contract. Except as provided in Section 4.1, this Agreement shall become effective when it shall have been executed by the Borrowers, the Guarantors, the Lenders and the 

  
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Administrative Agent, and the Administrative Agent shall have received copies hereof (telefaxed or otherwise), and thereafter this Agreement shall be binding upon and inure to the benefit of the
Borrowers, the Guarantors, the Administrative Agent and each Lender and their respective successors and permitted assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or email shall be effective as delivery
of a manually executed counterpart of this Agreement. 
 (b) Electronic Execution of Assignments. The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

 

	 	Section 9.10	Severability. 

 Any provision of this Agreement which 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 not invalidate or render unenforceable such provision in any other jurisdiction. 
  

	 	Section 9.11	Integration. 

 This Agreement and the other Credit Documents represent the
agreement of the Company, the other Credit Parties, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, the Company,
the other Credit Parties, or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or therein. 
  

	 	Section 9.12	Governing Law. 

 This Agreement and the other Credit Documents any claims,
controversy or dispute arising out of or relating to this Agreement or any other Credit Document (except, as to any other Credit Document, as expressly set forth therein) shall be governed by, and construed in accordance with, the laws of the State
of New York. 
  

	 	Section 9.13	Consent to Jurisdiction; Service of Process and Venue. 

 (a)
Consent to Jurisdiction. The Company and each other Credit Party irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement or any 

  
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other Credit Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York sitting State court or, to the fullest extent permitted by applicable law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Credit Document shall affect any right that the Administrative Agent, any Lender, the
Swingline Lender or the Issuing Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Credit Document against the Company or any other Credit Party or its properties in the courts of any jurisdiction.

 (b) Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for
notices in Section 9.2. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

(c) Venue. The Company and each other Credit Party irrevocably and unconditionally waives, to the fullest extent
permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Credit Document in any court referred to in paragraph (a)
of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

 

	 	Section 9.14	Confidentiality. 

 Each of the Administrative Agent, the Lenders, the Swingline
Lender and the Issuing Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors,
officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder, under any other Credit Document or Bank Product or any
action or proceeding relating to this Agreement, any other Credit Document or Bank Product or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section,
to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (g) (i) any actual or prospective party (or its partners, directors, officers, employees,
managers, administrators, trustees, agents, advisors or other representatives) to any swap or derivative or similar transaction under which payments are to be made by reference to the Company and its obligations, this Agreement or payments
hereunder, (ii) an investor or prospective investor in securities issued by an Approved 

  
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Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment in such securities issued by the Approved Fund, (iii) a trustee, collateral manager,
servicer, backup servicer, noteholder or secured party in connection with the administration, servicing and reporting on the assets serving as collateral for securities issued by an Approved Fund, or (iv) a nationally recognized rating agency
that requires access to information regarding the Credit Parties, the Loans and Credit Documents in connection with ratings issued in respect of securities issued by an Approved Fund (in each case, it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (h) with the consent of the Company or (i) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the Swingline Lender, the Issuing Lender or any of their respective Affiliates on a nonconfidential basis from a
source other than a Credit Party. 
 For purposes of this Section, “Information” shall mean all information received from
any Credit Party or any of its Subsidiaries relating to any Credit Party or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender, the Swingline
Lender or the Issuing Lender on a nonconfidential basis prior to disclosure by any Credit Party or any of its Subsidiaries; provided that, in the case of information received from any Credit Party or any of its Subsidiaries after the date
hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
  

	 	Section 9.15	Acknowledgments. 

 The Company and the other Credit Parties each hereby
acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of each Credit Document;

 (b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Company or any
other Credit Party arising out of or in connection with this Agreement and the relationship between the Administrative Agent and the Lenders, on one hand, and the Company and the other Credit Parties, on the other hand, in connection herewith is
solely that of creditor and debtor; and 
 (c) no joint venture exists among the Lenders and the Administrative Agent or
among the Company, the Administrative Agent or the other Credit Parties and the Lenders. 

  
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	 	Section 9.16	Waivers of Jury Trial. 

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

	 	Section 9.17	Patriot Act Notice. 

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

	 	Section 9.18	Resolution of Drafting Ambiguities. 

 Each Credit Party acknowledges and agrees
that it was represented by counsel in connection with the execution and delivery of this Agreement and the other Credit Documents to which it is a party, that it and its counsel reviewed and participated in the preparation and negotiation hereof and
thereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof. 

 

	 	Section 9.19	Subordination of Intercompany Debt. 

 Each Credit Party agrees that all
intercompany Indebtedness among Credit Parties (the “Intercompany Debt”) is subordinated in right of payment, to the prior payment in full of all Credit Party Obligations. Notwithstanding any provision of this Credit Agreement to
the contrary, provided that no Event of Default has occurred and is continuing, Credit Parties may make and receive payments with respect to the Intercompany Debt to the extent otherwise permitted by this Credit Agreement; provided
that in the event of and during the continuation of any Event of Default, no payment shall be made by or on behalf of any Credit Party on account of any Intercompany Debt. In the event that any Credit Party receives any payment of any Intercompany
Debt at a time when such payment is prohibited by this Section, such payment shall be held by such Credit Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the Administrative Agent. 

  
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	 	Section 9.20	Continuing Agreement. 

 This Credit Agreement shall be a continuing agreement and
shall remain in full force and effect until all Credit Party Obligations (other than those obligations that expressly survive the termination of this Credit Agreement) have been paid in full and all Commitments and Letters of Credit have been
terminated. Upon termination, the Credit Parties shall have no further obligations (other than those obligations that expressly survive the termination of this Credit Agreement) under the Credit Documents and the Administrative Agent shall, at the
request and expense of the Borrowers, deliver all the Collateral in its possession to the Company and release all Liens on the Collateral; provided that should any payment, in whole or in part, of the Credit Party Obligations be rescinded or
otherwise required to be restored or returned by the Administrative Agent or any Lender, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, then the Credit Documents shall automatically be reinstated and all Liens
of the Administrative Agent shall reattach to the Collateral and all amounts required to be restored or returned and all costs and expenses incurred by the Administrative Agent or any Lender in connection therewith shall be deemed included as part
of the Credit Party Obligations. 
  

	 	Section 9.21	Press Releases and Related Matters. 

 The Credit Parties and their Affiliates
agree that they will not in the future issue any press releases or other public disclosure using the name of Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the Credit Documents without the
prior written consent of such Person, unless (and only to the extent that) the Credit Parties or such Affiliate is required to do so under law and then, in any event, the Credit Parties or such Affiliate will consult with such Person before issuing
such press release or other public disclosure. The Credit Parties consent to the publication by Administrative Agent or any Lender of customary advertising material relating to the Transactions using the name, product photographs, logo or trademark
of the Credit Parties; provided that the Administrative Agent obtains the prior written consent of the applicable Credit Party (including as to the form and manner of such use). 

 

	 	Section 9.22	Appointment of Company. 

 Each of the Subsidiary Borrowers and the Guarantors
hereby appoints the Company to act as its agent for all purposes under this Agreement and agrees that (a) the Company may execute such documents on behalf of such Subsidiary Borrower or Guarantor, as applicable, as the Company deems appropriate
in its sole discretion and each Guarantor and each Subsidiary Borrower shall be obligated by all of the terms of any such document executed on its behalf, (b) any notice or communication delivered by the Administrative Agent or the Lender to
the Company shall be deemed delivered to each Subsidiary Borrower and each Guarantor and (c) the Administrative Agent or the Lenders may accept, and be permitted to rely on, any document, instrument or agreement executed by the Company on
behalf of each Guarantor and each Subsidiary Borrower. 

  
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	 	Section 9.23	No Advisory or Fiduciary Responsibility. 

 In connection with all aspects of each
Transaction, each of the Credit Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) the credit facility provided for hereunder and any related arranging or other services in connection therewith
(including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm’s-length commercial transaction between the Credit Parties and their Affiliates, on the one hand, and the
Administrative Agent and WFS, on the other hand, and the Credit Parties are capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the Transactions and by the other Credit Documents (including any
amendment, waiver or other modification hereof or thereof); (b) in connection with the process leading to such transaction, the Administrative Agent and WFS each is and has been acting solely as a principal and is not the financial advisor,
agent or fiduciary, for any Credit Party or any of their Affiliates, stockholders, creditors or employees or any other Person; (c) neither the Administrative Agent nor WFS has assumed or will assume an advisory, agency or fiduciary
responsibility in favor of any Credit Party with respect to any of the Transactions or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether
the Administrative Agent or WFS has advised or is currently advising any Credit Party or any of its Affiliates on other matters) and neither the Administrative Agent nor WFS has any obligation to any Credit Party or any of their Affiliates with
respect to the Transactions except those obligations expressly set forth herein and in the other Credit Documents; (d) the Administrative Agent and WFS and their respective Affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Credit Parties and their Affiliates, and neither the Administrative Agent nor WFS has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and
(e) the Administrative Agent and WFS have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the Transactions (including any amendment, waiver or other modification hereof or of any other
Credit Document) and the Credit Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the Credit Parties hereby waives and releases, to the fullest extent permitted by law,
any claims that it may have against the Administrative Agent or WFS with respect to any breach or alleged breach of agency or fiduciary duty. 
  

	 	Section 9.24	Responsible Officers and Authorized Officers. 

 The Administrative Agent and each
of the Lenders are authorized to rely upon the continuing authority of the Responsible Officers and the Authorized Officers with respect to all matters pertaining to the Credit Documents including, but not limited to, the selection of interest
rates, the submission of requests for Extensions of Credit and certificates with regard thereto. Such authorization may be changed only upon written notice to Administrative Agent accompanied by (a) an updated Schedule 3.28 and
(b) evidence, reasonably satisfactory to Administrative Agent, of the authority of the Person giving such notice and such notice shall be effective not sooner than five (5) Business Days following receipt thereof by Administrative Agent
(or such earlier time as agreed to by the Administrative Agent). 

  
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	 	Section 9.25	Swap Agreements. 

 The Borrowers may cause all or a portion of the Revolving
Credit Facility then outstanding to be hedged pursuant to Swap Agreements with one or more Lenders or their Affiliates or other counterparty acceptable to the Administrative Agent (for the avoidance of doubt, the consent of the Administrative Agent
shall not be required for Swap Agreements with Lenders or their Affiliates). 
  

	 	Section 9.26	Concerning Joint and Several Obligations of the Borrowers. 

(a) Each of the Borrowers is accepting joint and several liability hereunder in consideration of the financial accommodation to
be provided by the Lenders under this Credit Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings of each of the Borrowers to accept joint and several liability for the
obligations of each of them. 
 (b) Each of the Borrowers jointly and severally hereby irrevocably and unconditionally
accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrowers with respect to the payment and performance of all of the Credit Party Obligations, it being the intention of the parties hereto that all
the Credit Party Obligations shall be the joint and several obligations of each of the Borrowers without preferences or distinction among them. 

(c) If and to the extent that any of the Borrowers shall fail to make any payment with respect to any of the Credit Party
Obligations as and when due or to perform any of the Credit Party Obligations in accordance with the terms thereof, then in each such event, the other Borrowers will make such payment with respect to, or perform, such Credit Party Obligation. 

(d) The obligations of each Borrower under the provisions of this Section constitute full recourse obligations of such
Borrower, enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Credit Agreement or any other circumstances whatsoever. 

(e) Except as otherwise expressly provided herein, each Borrower hereby waives, to the extent permitted by law, notice of
acceptance of its joint and several liability, notice of any Loan made under this Credit Agreement, notice of occurrence of any Event of Default, or of any demand for any payment under this Credit Agreement, notice of any action at any time taken or
omitted by any Lender under or in respect of any of the Credit Party Obligations, any requirement of diligence and, generally, all demands, notices and other formalities of every kind in connection with this Credit Agreement. Each Borrower hereby
assents to, and waives notice of, to the extent permitted by law, any extension or postponement of the time for the payment of any of the Credit Party Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or
acquiescence by any Lender at any time or times in respect of any default by 

  
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any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Credit Agreement, any and all other indulgences whatsoever by any Lender in respect of any of
the Credit Party Obligations, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for any of the Credit Party Obligations or in part, at any time or times, of any security for any of the
Credit Party Obligations or the addition, substitution or release, in whole or in part, of any Borrower. Without limiting the generality of the foregoing, each Borrower assents to any other action or delay in acting or failure to act on the part of
any Lender, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with the applicable laws or regulations thereunder which might, but for the provisions of this Section,
afford grounds for terminating, discharging or relieving such Borrower, in whole or in part, from any of its obligations under this Section, it being the intention of each Borrower that, so long as any of the Credit Party Obligations remain
unsatisfied, the obligations of such Borrower under this Section shall not be discharged except by performance or payment and then only to the extent of such performance or payment. The obligations of each Borrower under this Section shall not be
diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any Borrower or any Lender. The joint and several liability of the Borrowers hereunder shall
continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any Borrower or any Lender. 

(f) The provisions of this Section are made for the benefit of the Lenders and their respective successors and assigns, and may
be enforced by any such Person from time to time against any of the Borrowers as often as occasion therefor may arise and without requirement on the part of any Lender first to marshal any of its claims or to exercise any of its rights against the
other Borrower or to exhaust any remedies available to it against the other Borrower or to resort to any other source or means of obtaining payment of any of the Credit Party Obligations or to elect any other remedy. The provisions of this Section
shall remain in effect until all the Credit Party Obligations shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the Credit Party Obligations, is rescinded or must
otherwise be restored or returned by any Lender upon the insolvency, bankruptcy or reorganization of any of the Borrowers, or otherwise, the provisions of this Section will forthwith be reinstated in effect, as though such payment had not been made.

 (g) Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents, to the extent
the joint obligations of a Borrower shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the
obligations of each Borrower hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code), after taking into account, among other things,
such Borrower’s right of contribution and indemnification from each other Credit Party under applicable law. 

  
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 (h) The Borrowers hereby agree, as among themselves, that if any Borrower shall
become an Excess Funding Borrower (as defined below), each other Borrower shall, on demand of such Excess Funding Borrower (but subject to the next sentence hereof and to subsection (B) below), pay to such Excess Funding Borrower an amount
equal to such Borrower’s Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, assets, liabilities and debts of such Excess Funding Borrower) of such Excess Payment (as defined below). The
payment obligation of any Borrower to any Excess Funding Borrower under this Section shall be subordinate and subject in right of payment to the prior payment in full of the Credit Party Obligations of such Borrower under the other provisions of
this Credit Agreement, and such Excess Funding Borrower shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such Credit Party Obligations. For purposes hereof, (i) “Excess
Funding Borrower” shall mean, in respect of any Credit Party Obligations arising under the other provisions of this Credit Agreement (hereafter, the “Joint Obligations”), a Borrower that has paid an amount in excess of its
Pro Rata Share of the Joint Obligations; (ii) “Excess Payment” shall mean, in respect of any Joint Obligations, the amount paid by an Excess Funding Borrower in excess of its Pro Rata Share of such Joint Obligations; and
(iii) “Pro Rata Share”, for the purposes of this Section, shall mean, for any Borrower, the ratio (expressed as a percentage) of (A) the amount by which the aggregate present fair salable value of all of its assets and
properties exceeds the amount of all debts and liabilities of such Borrower (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Borrower hereunder) to (B) the amount by which the
aggregate present fair salable value of all assets and other properties of such Borrower and the other Borrower exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but
excluding the obligations of such Borrower and the other Borrower hereunder) of such Borrower and the other Borrower, all as of the Closing Date (if any Borrower becomes a party hereto subsequent to the Closing Date, then for the purposes of this
Section such subsequent Borrower shall be deemed to have been a Borrower as of the Closing Date and the information pertaining to, and only pertaining to, such Borrower as of the date such Borrower became a Borrower shall be deemed true as of the
Closing Date). 
  

	 	Section 9.27	Judgment Currency. 

 If, for the purposes of obtaining judgment in any
court, it is necessary to convert a sum due hereunder or under any other Credit Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent
could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of any Credit Party in respect of any such sum due from it to the Administrative Agent or any Lender
hereunder or under the other Credit Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this
Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender of 

  
 153 

 
any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment
Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or such Lender in the Agreement Currency, each Credit Party agrees, as a separate obligation and notwithstanding any such
judgment, to indemnify the Administrative Agent or such Lender or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent
or such Lender in such currency, the Administrative Agent or such Lender agrees to return the amount of any excess to the Company (or to any other Person who may be entitled thereto under applicable law). 

 

	 	Section 9.28	[Reserved]. 

  

	 	Section 9.29	[Reserved]. 

  

	 	Section 9.30	Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 

Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and
Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part
or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued
to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or (iii) the variation
of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

  
 154 

 ARTICLE X 

GUARANTY 
  

	 	Section 10.1	The Guaranty. 

 In order to induce the Lenders to enter into this Agreement and
any Bank Product Provider to enter into any Bank Product and to extend credit hereunder and thereunder and in recognition of the direct benefits to be received by the Guarantors from the Extensions of Credit hereunder and any Bank Product, each of
the Guarantors hereby agrees with the Administrative Agent, the Lenders and the Bank Product Providers as follows: each Guarantor hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor and not merely as surety the
full and prompt payment when due, whether upon maturity, by acceleration or otherwise, of any and all Credit Party Obligations. If any or all of the indebtedness becomes due and payable hereunder or under any Bank Product, each Guarantor
unconditionally promises to pay such indebtedness to the Administrative Agent, the Lenders, the Bank Product Providers, or their respective order, on demand, together with any and all reasonable expenses which may be incurred by the Administrative
Agent or the Lenders in collecting any of the Credit Party Obligations. The Guaranty set forth in this Article X is a guaranty of timely payment and not of collection. The word “indebtedness” is used in this
Article X in its most comprehensive sense and includes any and all advances, debts, obligations and liabilities of the Borrowers, including specifically all Credit Party Obligations, arising in connection with this Agreement, the other
Credit Documents or any Bank Product, in each case, heretofore, now, or hereafter made, incurred or created, whether voluntarily or involuntarily, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether or not such
indebtedness is from time to time reduced, or extinguished and thereafter increased or incurred, whether the Borrowers may be liable individually or jointly with others, whether or not recovery upon such indebtedness may be or hereafter become
barred by any statute of limitations, and whether or not such indebtedness may be or hereafter become otherwise unenforceable. 

Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents, to the extent the obligations of a
Guarantor shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the obligations of each such Guarantor
hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code). 
  

	 	Section 10.2	Bankruptcy. 

 Additionally, each of the Guarantors unconditionally and irrevocably
guarantees jointly and severally the payment of any and all Credit Party Obligations of the Borrowers to the Lenders and any Bank Product Provider whether or not due or payable by the Borrowers upon the occurrence of any Bankruptcy Event and
unconditionally promises to pay such Credit Party Obligations to the Administrative Agent for the account of the Lenders and to any such Bank Product Provider, or order, on demand, in lawful money of the United States. Each of the Guarantors further
agrees that to the extent that a Borrower or a Guarantor shall make a payment 

  
 155 

 
or a transfer of an interest in any property to the Administrative Agent, any Lender or any Bank Product Provider, which payment or transfer or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, or otherwise is avoided, and/or required to be repaid to the Borrowers or a Guarantor, the estate of a Borrower or a Guarantor, a trustee, receiver or any other party under any bankruptcy law, state or
federal law, common law or equitable cause, then to the extent of such avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been made. 

 

	 	Section 10.3	Nature of Liability. 

 The liability of each Guarantor hereunder is exclusive and
independent of any security for or other guaranty of the Credit Party Obligations of the Borrowers whether executed by any such Guarantor, any other guarantor or by any other party, and no Guarantor’s liability hereunder shall be affected or
impaired by (a) any direction as to application of payment by the Borrowers or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Credit Party
Obligations of any Borrower, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowers, or (e) any payment made
to the Administrative Agent, the Lenders or any Bank Product Provider on the Credit Party Obligations which the Administrative Agent, such Lenders or such Bank Product Provider repay the Borrowers pursuant to court order in any bankruptcy,
reorganization, arrangement, moratorium or other debtor relief proceeding, and each of the Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding. 

 

	 	Section 10.4	Independent Obligation. 

 The obligations of each Guarantor hereunder are
independent of the obligations of any other Guarantor or the Borrowers, and a separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor or the Borrowers and whether
or not any other Guarantor or any other Borrower is joined in any such action or actions. 
  

	 	Section 10.5	Authorization. 

 Each of the Guarantors authorizes the Administrative Agent, each
Lender and each Bank Product Provider without notice or demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to (a) renew, compromise,
extend, increase, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Credit Party Obligations or any part thereof in accordance with this Agreement and any Bank Product, as applicable, including any increase
or decrease of the rate of interest thereon, (b) take and hold security from any Guarantor or any other party for the payment of this Guaranty or the Credit Party Obligations and exchange, enforce waive and release any such security,
(c) apply such security and direct the order or manner of sale thereof as the Administrative Agent and the Lenders in their discretion may determine, (d) release or substitute any one or more endorsers, Guarantors, the Borrowers or other
obligors and (e) to the extent otherwise permitted herein, release or substitute any Collateral. 

  
 156 

	 	Section 10.6	Reliance. 

 It is not necessary for the Administrative Agent, the Lenders or any
Bank Product Provider to inquire into the capacity or powers of the Borrowers or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and any Credit Party Obligations made or created in reliance upon the
professed exercise of such powers shall be guaranteed hereunder. 
  

	 	Section 10.7	Waiver. 

 (a) Each of the Guarantors waives any right (except as
shall be required by applicable statute and cannot be waived) to require the Administrative Agent, any Lender or any Bank Product Provider to (i) proceed against any Borrower, any other guarantor or any other party, (ii) proceed against or
exhaust any security held from the Borrowers, any other guarantor or any other party, or (iii) pursue any other remedy in the Administrative Agent’s, any Lender’s or any Bank Product Provider’s power whatsoever. Each of the
Guarantors waives any defense based on or arising out of any defense of the Borrowers, any other guarantor or any other party other than payment in full of the Credit Party Obligations (other than contingent indemnification obligations), including,
without limitation, any defense based on or arising out of the disability of any Borrower, any other guarantor or any other party, or the unenforceability of the Credit Party Obligations or any part thereof from any cause, or the cessation from any
cause of the liability of the Borrowers other than payment in full of the Credit Party Obligations. The Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent or a Lender by one or more judicial or
nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Administrative Agent or any Lender may have against the
Borrowers or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Credit Party Obligations have been paid in full and the Commitments have been terminated. Each
of the Guarantors waives any defense arising out of any such election by the Administrative Agent or any of the Lenders, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of
the Guarantors against any Borrower or any other party or any security. 
 (b) Each of the Guarantors waives all
presentments, demands for performance, protests and notices, including, without limitation, notices of nonperformance, notice of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or
incurring of new or additional Credit Party Obligations. Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrowers financial condition and assets, and of all other circumstances bearing upon the risk of
nonpayment of the Credit Party Obligations and the nature, scope and extent of the risks which such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty to advise such Guarantor
of information known to it regarding such circumstances or risks. 

  
 157 

 (c) Each of the Guarantors hereby agrees it will not exercise any rights of
subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the U.S. Bankruptcy Code, or otherwise) to the claims of the Lenders or any Bank Product Provider against any Borrower
or any other guarantor of the Credit Party Obligations of the Borrowers owing to the Lenders or such Bank Product Provider (collectively, the “Other Parties”) and all contractual, statutory or common law rights of reimbursement,
contribution or indemnity from any Other Party which it may at any time otherwise have as a result of this Guaranty until such time as the Credit Party Obligations shall have been paid in full and the Commitments have been terminated. Each of the
Guarantors hereby further agrees not to exercise any right to enforce any other remedy which the Administrative Agent, the Lenders or any Bank Product Provider now have or may hereafter have against any Other Party, any endorser or any other
guarantor of all or any part of the Credit Party Obligations of the Borrowers and any benefit of, and any right to participate in, any security or collateral given to or for the benefit of the Lenders and/or the Bank Product Providers to secure
payment of the Credit Party Obligations of the Borrowers until such time as the Credit Party Obligations (other than contingent indemnification obligations) shall have been paid in full and the Commitments have been terminated. 

 

	 	Section 10.8	Limitation on Enforcement. 

 The Lenders and the Bank Product Providers agree that
this Guaranty may be enforced only by the action of the Administrative Agent acting upon the instructions of the Required Lenders or such Bank Product Provider (only with respect to obligations under the applicable Bank Product) and that no Lender
or Bank Product Provider shall have any right individually to seek to enforce or to enforce this Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the Lenders under
the terms of this Agreement and for the benefit of any Bank Product Provider under any Bank Product. 
  

	 	Section 10.9	Confirmation of Payment. 

 The Administrative Agent and the Lenders will, upon
request after payment of the Credit Party Obligations which are the subject of this Guaranty and termination of the Commitments relating thereto, confirm to the Borrowers, the Guarantors or any other Person that such indebtedness and obligations
have been paid and the Commitments relating thereto terminated, subject to the provisions of Section 10.2. 
  

	 	Section 10.10	Swap Obligations. 

 Notwithstanding anything to the contrary in any Credit
Document, no Guarantor shall be deemed under this Article 10 to be a guarantor of any Swap Obligations if such Guarantor was not an “eligible contract participant” as defined in § 1a(18) of the Commodity Exchange Act, at

  
 158 

 
the time the guarantee under this Article 10 becomes effective with respect to such Swap Obligation and to the extent that the providing of such guarantee by such Guarantor would violate the
Commodity Exchange Act; provided however that in determining whether any Guarantor is an “eligible contract participant” under the Commodity Exchange Act, the guarantee of the Credit Party Obligations of such Guarantor under this
Article 10 by a Guarantor that is also a Qualified ECP Guarantor shall be taken into account. 
 Without limiting anything in this Article
10, each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time to each Guarantor that is not an “eligible contract
participant” under the Commodity Exchange Act at the time the guarantee under this Article 10 becomes effective with respect to any Swap Obligation, to honor all of the Obligations of such Guarantor under this Article 10 in respect of such Swap
Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.10 for the maximum amount of such liability that can be hereby incurred without rendering its undertaking under this
Section 10.10, or otherwise under this Article 10, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The undertaking of each Qualified ECP Guarantor under this
Section 10.10 shall remain in full force and effect until termination of the Commitments and payment in full of all Loans and other Credit Party Obligations. Each Qualified ECP Guarantor intends that this Section 10.10 constitute, and this
Section 10.10 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Guarantor that would otherwise not constitute an “eligible contract participant” under the Commodity Exchange
Act. 
 [Signature Pages Follow] 

  
 159 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by its proper and duly authorized officers as of the day and year first above written. 
  

							
	COMPANY:	 		 	INNOPHOS HOLDINGS, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Mark Feuerbach

		 		 	Name:	 	Mark Feuerbach
		 		 	Title:	 	Vice President, Investor Relations, Treasury, Financial Planning & Analysis
			
	SUBSIDIARY BORROWERS:	 		 	INNOPHOS INVESTMENTS HOLDINGS, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Mark Feuerbach

		 		 	Name:	 	Mark Feuerbach
		 		 	Title:	 	Vice President, Investor Relations, Treasury, Financial Planning & Analysis
			
		 		 	INNOPHOS, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Mark Feuerbach

		 		 	Name:	 	Mark Feuerbach
		 		 	Title:	 	Vice President, Investor Relations, Treasury, Financial Planning & Analysis
			
	GUARANTORS:	 		 	INNOPHOS NUTRITION, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Charles Brodheim

		 		 	Name:	 	Charles Brodheim
		 		 	Title:	 	Chief Financial Officer and Treasurer

					
	WOODY IV, LLC,
	a Utah limited liability company
			
		 	By:	 	Innophos, Inc., its sole member
			
		 	By:	 	 /s/ Charles Brodheim

		 	Name:	 	Charles Brodheim
		 	Title:	 	Controller

							
	ADMINISTRATIVE AGENT:	 		 	WELLS FARGO BANK, NATIONAL
		 		 	ASSOCIATION, as a Lender and as Administrative Agent on behalf of the Lenders
				
		 		 	By:	 	 /s/ Crystie Ciriello

		 		 	Name:	 	Crystie Ciriello
		 		 	Title:	 	Senior Vice President

							
	LENDERS:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 		 	as a Lender and Swingline Lender
				
		 		 	By:	 	 /s/ Cristie Ciriello

		 		 	Name:	 	Cristie Ciriello
		 		 	Title:	 	Senior Vice President

							
	LENDERS:	 		 	BANK OF AMERICA, N.A.,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Dilcia P. Hill

		 		 	Name:	 	Dilcia P. Hill
		 		 	Title:	 	Senior Vice President

							
	LENDERS:	 		 	SUNTRUST BANK,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Andrew Kirby

		 		 	Name:	 	Andrew Kirby
		 		 	Title:	 	Managing Director

							
	LENDERS:	 		 	 CITIZENS BANK, N.A.,

		 		 	as a Lender
				
		 		 	By:	 	 /s/ Donald A. Wright

		 		 	Name:	 	Donald A. Wright
		 		 	Title:	 	SVP

							
	LENDERS:	 		 	TD BANK, N.A.,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Cynthia A. Colucci

		 		 	Name:	 	Cynthia A. Colucci
		 		 	Title:	 	Vice President

							
	LENDERS:	 		 	BRANCH BANKING AND TRUST COMPANY,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Jeff Skalka

		 		 	Name:	 	Jeff Skalka
		 		 	Title:	 	Vice President

							
	LENDERS:	 		 	JPMORGAN CHASE BANK, N.A.,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Joon Hur

		 		 	Name:	 	Joon Hur
		 		 	Title:	 	Vice President

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