Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 4 TO AMENDED AND RESTATED CREDIT AGREEMENT 

AMENDMENT NO. 4 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of January 31, 2019 (the
“Amendment Effective Date”) relating to the Amended and Restated Credit Agreement dated as of March 28, 2013 (as amended prior to the date hereof, the “Credit Agreement”) among MoneyGram International, Inc., a
Delaware corporation (the “Borrower”), the Lenders from time to time party thereto and Bank of America, N.A., a national banking association, as LC Issuer, as the Swing Line Lender, as Administrative Agent (in such capacity, the
“Administrative Agent”) and as Collateral Agent. 
 WHEREAS, the Borrower has requested that the Credit Agreement be
amended, pursuant to Section 8.02 of the Credit Agreement, as described in Section 2 below, among other things, to modify the Revolver Financial Covenants. 

WHEREAS, the amendments to the Credit Agreement contained herein are, in each case, subject to the approval of the requisite Revolving Lenders
under Section 8.02 of the Credit Agreement and will become effective on the Amendment Effective Date on the terms and subject to the conditions set forth herein. 

WHEREAS, the Revolving Lenders party hereto constitute the requisite Revolving Lenders under Section 8.02 of the Credit Agreement
necessary to approve the amendments to the Credit Agreement set forth in Section 2 hereof immediately prior to the effectiveness of this Amendment, and each Revolving Lender party hereto consents to the Amendments. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined herein, capitalized terms which are defined in the Credit
Agreement are used herein as therein defined. 
 SECTION 2. Amendment. Each of the parties hereto agrees that, effective on the
Amendment Effective Date, (i) the Credit Agreement shall be amended to delete the stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the double-underlined text (indicated textually in the same manner as the following example:
double-underlined text) as set forth in the pages of the Credit Agreement
attached as Exhibit A hereto and (ii) the Revolving Credit Commitments shall be reduced to $45 million in the aggregate, with such reduction allocated pro rata amongst the Revolving Lenders as set forth on Schedule A hereto, which schedule
shall replace the portion of the Commitment Schedule of the Credit Agreement setting forth the Revolving Credit Commitments in its entirety. Each Revolving Lender that has signed this Amendment consents to the amendments contained herein in
accordance with Section 8.02 of the Credit Agreement. 
 SECTION 3. Effectiveness. This Amendment shall become effective
on the date hereof when each of the following conditions has been satisfied or waived: 
 (i) the Administrative Agent shall
have received this Amendment, executed and delivered by the Administrative Agent, each L/C Issuer, the Swing Line Lender, the Borrower, and the Revolving Lenders required under Section 8.02 of the Credit Agreement to approve the Amendments;

 (ii) since December 31, 2017, no change or event shall have occurred
and no circumstances shall exist which have had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; 

(iii) the Borrower shall have paid to the Administrative Agent, for the account of each Revolving Lender that consented to this
Amendment prior to 12:00 noon New York City time on January 31, 2019, a fee equal to 0.15% of such consenting Lender’s Revolving Credit Commitments held on the Amendment Effective Date (immediately after giving effect to this Amendment); and

 (iv) the Borrower shall have paid all reasonable
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates incurred in connection with this Amendment (including the reasonable fees, charges and
disbursements of counsel for the Administrative Agent) and required to be reimbursed pursuant to Section 9.06(a) of the Credit Agreement. 

SECTION 4. Representations and Warranties. The Borrower represents and warrants that as of the date hereof: 

(a) Each of the representations and warranties contained in Section 3(ii) of this Amendment and Article 5 of the Credit Agreement is true
and correct as of the Amendment Effective Date in all material respects except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and
correct on and as of such earlier date; 
 (b) Each of the Loan Parties has the power and authority and legal right to execute and deliver
this Amendment and to perform its obligations under the Loan Documents to which it is a party (in each case in this Section 4, as amended by this Amendment). The execution and delivery by each of the Loan Parties of this Amendment and the
performance of its obligations under the Loan Documents to which it is a party have been duly authorized by proper corporate or other organizational proceedings, and the Loan Documents to which each such Loan Party is a party constitute legal, valid
and binding obligations of such Loan Party enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally or by general equitable principles; and 
 (c) Neither the execution and delivery by any Loan Party of this Amendment, nor the
consummation of the transactions contemplated by the Loan Documents, nor compliance with the provisions thereof will violate (x) any applicable law, rule, regulation, ruling, order, writ, judgment, injunction, decree or award binding on the
Borrower or any of its Subsidiaries or any Property of such Person or (y) the Borrower’s or any Material Domestic Subsidiary’s articles or certificate of incorporation, partnership agreement, certificate of partnership, articles or
certificate of organization, by laws, or operating or other management agreement, or substantially equivalent governing document, as the case may be, or (z) the provisions of any note, bond, mortgage, deed of trust, license, lease indenture,
instrument, agreement or other obligation (each a “Contract”) to which the Borrower or any Subsidiary is a party or is subject, or by which it, or its Property, is bound, or conflict with, result in a breach of any provision thereof
or constitute a default thereunder (or result in an event which, with notice or lapse of time or both, would constitute a default thereunder), or result in the termination of, or accelerate the performance required by, or result in a right of
termination or acceleration of, or (except for the Liens created by the Loan Documents and Permitted Liens) result in, or require, the creation or imposition of any Lien in, of or on the Property of the

  
 2 

 
Borrower or any of its Subsidiaries pursuant to the terms of any such note, bond, mortgage, deed of trust, license, lease indenture, instrument, agreement or other obligation, except with respect
to clauses (x) or (z), to the extent, individually or in the aggregate, that such violation, conflict, breach, default or creation or imposition of any lien could not reasonably be expected to result in a Material Adverse Effect. No order,
consent, adjudication, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has
not been obtained by the Borrower or any of its Material Domestic Subsidiaries, is required to be obtained by the Borrower or any of its Material Domestic Subsidiaries in connection with the execution and delivery of the Loan Documents, the
borrowings under this Amendment, the payment and performance by the Borrower of the Obligations or the legality, validity, binding effect or enforceability of any of the Loan Documents. 

SECTION 5. Effect of Amendment. By signing this Amendment, each Loan Party hereby confirms that (i) the obligations of the Credit
Parties under the Credit Agreement as modified hereby and the other Loan Documents are entitled to the benefits of the guarantees and the security interests set forth or created in the Guaranty, the Collateral Documents and the other Loan Documents
and (ii) notwithstanding the effectiveness of the terms hereof, the Guaranty, the Collateral Documents and the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects.
Each Loan Party ratifies and confirms that all Liens granted, conveyed, or assigned to the Collateral Agent by such Person pursuant to each Loan Document to which it is a party remain in full force and effect, are not released or reduced, and
continue to secure full payment and performance of the Obligations as increased hereby. 
 SECTION 6. Counterparts. This
Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

SECTION 7. Miscellaneous. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan
Documents. The Borrower shall pay all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent incurred in connection with the negotiation,
preparation and execution of this Amendment and the transactions contemplated hereby (including reasonable fees and expenses of Davis Polk & Wardwell LLP). The provisions of this Amendment are deemed incorporated into the Credit Agreement
as if fully set forth therein. 
 [The remainder of this page is intentionally left blank.] 

  
 3 

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

			
	MONEYGRAM INTERNATIONAL, INC.
		
	  By:	 	/s/ John McWilliams
	  Name:	 	John McWilliams
	  Title:	 	Corporate Treasurer

  

			
	 MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.

MONEYGRAM PAYMENT SYSTEMS, INC.

MONEYGRAM OF NEW YORK LLC

MONEYGRAM INTERNATIONAL PAYMENT SYSTEMS, INC.

MONEYGRAM ENTERPRISE GROUP, LLC

		
	  By:	 	/s/ John McWilliams
	  Name:	 	John McWilliams
	  Title:	 	Corporate Treasurer

  
 [Signature page to
Amendment No. 4] 

 
			
	 BANK OF AMERICA, N.A., as
Administrative Agent and Collateral Agent

		
	By:	 	/s/ Kevin L. Ahart
		 	Name: Kevin L. Ahart
		 	Title: Vice President

  
 [Signature page to
Amendment No. 4] 

 
			
	 BANK OF AMERICA, N.A., as LC Issuer,
Swing Line Lender and a Revolving
Lender

		
	By:	 	/s/ John McDowell
		 	Name: John McDowell
		 	Title: Vice President

  
 [Signature page to
Amendment No. 4] 

 
			
	REVOLVING LENDERS
	
	 BARCLAYS BANK PLC, as a Revolving Lender

		
	By:	 	/s/ Michael Orphanides
		 	Name: Michael Orphanides
		 	Title: Managing Director

  
 [Signature page to
Amendment No. 4] 

 
			
	 WELLS FARGO BANK, N.A., as a Revolving Lendeis supp

		
	By:	 	/s/ Tracy Moosbrugger
		 	Name: Tracy Moosbrugger
		 	Title: Managing Director

  
 [Signature page to
Amendment No. 4] 

 
			
	 CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as a Revolving Lender

		
	By:	 	/s/ Jill Wong
		 	Name: Jill Wong
		 	Title: Director
		
	By:	 	/s/ Gordon Yip
		 	Name: Gordon Yip
		 	Title: Director

  
 [Signature page to
Amendment No. 4] 

 Exhibit A 

[Amendments to Credit Agreement attached] 

 Schedule A 
  

									
	 	  	Revolving Credit Commitment	 
	 Revolving Lender
	  	Immediately
PRIOR to the
Amendment
Effective Date	 	  	Immediately
AFTER the
Amendment
Effective Date	 
	 Bank of America, N.A.
	  	$	24,166,666.67	 	  	$	12,669,902.92	 
	 Barclays Bank PLC
	  	$	22,500,000.00	 	  	$	11,796,116.50	 
	 Wells Fargo Bank N.A.
	  	$	22,500,000.00	 	  	$	11,796,116.50	 
	 Credit Agricole Corporate and Investment Bank
	  	$	16,666,666.67	 	  	$	8,737,864.08	 
	 Total Revolving Credit Commitment
	  	$	85,833,333.34	 	  	$	45,000,000.00	 

 [Conformed Copy] 

[As Amended by Amendment No. 1 to Credit Agreement – April 2, 2014] 

[As Amended by Amendment No. 2 to Credit Agreement – December 12, 2016] 

[As Amended by Amendment No. 3 to Credit Agreement – December 30, 2016] 

[As Amended by Amendment No. 4 to Credit Agreement – January 31, 2019] 

 
  

 
 AMENDED AND RESTATED CREDIT
AGREEMENT 
 DATED AS OF MARCH 28, 2013 

AMONG 
 MONEYGRAM
INTERNATIONAL, INC., as the Borrower, 
 THE LENDERS, 

AND 
 BANK OF AMERICA,
N.A. 
 AS ADMINISTRATIVE AGENT 
  

 
  

BANK OF AMERICA, N.A., 

WELLS FARGO SECURITIES, LLC, 

J.P. MORGAN SECURITIES LLC, 

DEUTSCHE BANK SECURITIES INC. 

and 
 CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK, 
 As Joint Lead Arrangers and Joint Bookrunners, 

WELLS FARGO BANK, N.A., 

As Syndication Agent 

and 
 J.P. MORGAN
SECURITIES LLC, 
 DEUTSCHE BANK SECURITIES INC. 

and 
 CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK, 
 As Co-Documentation Agents 

 TABLE OF CONTENTS 

 
  

 

							
	 	  	PAGE	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
			
	 Section 1.01 .
	  	 Definitions
	  	 	1	 
	 Section 1.02 .
	  	 Terms Generally
	  	 	48	 
	 Section 1.03 .
	  	 Rounding
	  	 	48	 
	 Section 1.04 .
	  	 Times of Day
	  	 	49	 
	 Section 1.05 .
	  	 Timing of Payment or Performance
	  	 	49	 
	 Section 1.06 .
	  	 Accounting
	  	 	49	 
	 Section 1.07 .
	  	 Pro Forma Calculations
	  	 	49	 
	 Section 1.08 .
	  	 Letter of Credit Amount
	  	 	51	 
		
	 ARTICLE 2 THE CREDITS
	  	 	51	 
			
	 Section 2.01 .
	  	 Term Loans.
	  	 	51	 
	 Section 2.02 .
	  	 Term Loan Repayment.
	  	 	52	 
	 Section 2.03 .
	  	 Revolving Credit Commitments.
	  	 	52	 
	 Section 2.04 .
	  	 Other Required Payments
	  	 	53	 
	 Section 2.05 .
	  	 Ratable Loans
	  	 	53	 
	 Section 2.06 .
	  	 Types of Advances
	  	 	53	 
	 Section 2.07 .
	  	 Swing Line Loans.
	  	 	53	 
	 Section 2.08 .
	  	 Commitment Fee; Reductions in Aggregate Revolving Credit Commitment.
	  	 	55	 
	 Section 2.09 .
	  	 Minimum Amount of Each Advance
	  	 	55	 
	 Section 2.10 .
	  	 Optional and Mandatory Principal Payments.
	  	 	56	 
	 Section 2.11 .
	  	 Method of Selecting Types and Interest Periods for New Advances
	  	 	58	 
	 Section 2.12 .
	  	 Conversion and Continuation of Outstanding Advances
	  	 	58	 
	 Section 2.13 .
	  	 Changes in Interest Rate, Etc
	  	 	59	 
	 Section 2.14 .
	  	 Rates Applicable After Default
	  	 	59	 
	 Section 2.15 .
	  	 Method of Payment
	  	 	60	 
	 Section 2.16 .
	  	 Noteless Agreement; Evidence Of Indebtedness.
	  	 	60	 
	 Section 2.17 .
	  	 Telephonic Notices
	  	 	61	 
	 Section 2.18 .
	  	 Interest Payment Dates; Interest and Fee Basis
	  	 	61	 
	 Section 2.19 .
	  	 Notification of Advances, Interest Rates, Prepayments and Revolving Credit Commitment
Reductions
	  	 	61	 
	 Section 2.20 .
	  	 Lending Installations
	  	 	61	 
	 Section 2.21 .
	  	 Non Receipt of Funds by the Administrative Agent
	  	 	62	 
	 Section 2.22 .
	  	 Letters of Credit.
	  	 	62	 
	 Section 2.23 .
	  	 Mitigation Obligations; Replacement of Lender.
	  	 	68	 
	 Section 2.24 .
	  	 Pro Rata Treatment.
	  	 	70	 
	 Section 2.25 .
	  	 Incremental Credit Facilities.
	  	 	72	 

							
	 Section 2.26 .
	  	 Defaulting Lenders.
	  	 	76	 
		
	 ARTICLE 3 YIELD PROTECTION;
TAXES
	  	 	79	 
			
	 Section 3.01 .
	  	 Yield Protection
	  	 	79	 
	 Section 3.02 .
	  	 Changes in Capital Adequacy Regulations
	  	 	80	 
	 Section 3.03 .
	  	 Availability of Types Of Advances
	  	 	80	 
	 Section 3.04 .
	  	 Funding Indemnification.
	  	 	80	 
	 Section 3.05 .
	  	 Taxes.
	  	 	81	 
	 Section 3.06 .
	  	 Lender Statements; Survival of Indemnity
	  	 	84	 
		
	 ARTICLE 4 CONDITIONS PRECEDENT
	  	 	85	 
			
	 Section 4.01 .
	  	 Conditions to Initial Credit Extension
	  	 	85	 
	 Section 4.02 .
	  	 Each Subsequent Credit Extension
	  	 	86	 
		
	 ARTICLE 5 REPRESENTATIONS AND
WARRANTIES
	  	 	87	 
			
	 Section 5.01 .
	  	 Existence and Standing
	  	 	87	 
	 Section 5.02 .
	  	 Authorization and Validity
	  	 	87	 
	 Section 5.03 .
	  	 No Conflict; Government Consent
	  	 	87	 
	 Section 5.04 .
	  	 Financial Statements
	  	 	88	 
	 Section 5.05 .
	  	 Material Adverse Change
	  	 	88	 
	 Section 5.06 .
	  	 Taxes
	  	 	88	 
	 Section 5.07 .
	  	 Litigation
	  	 	89	 
	 Section 5.08 .
	  	 Subsidiaries; Capital Stock; Loan Parties
	  	 	89	 
	 Section 5.09 .
	  	 Erisa; Labor Matters.
	  	 	89	 
	 Section 5.10 .
	  	 Accuracy of Information.
	  	 	90	 
	 Section 5.11 .
	  	 Regulation U
	  	 	91	 
	 Section 5.12 .
	  	 Compliance With Laws
	  	 	91	 
	 Section 5.13 .
	  	 Ownership of Properties
	  	 	91	 
	 Section 5.14 .
	  	 Plan Assets; Prohibited Transactions
	  	 	91	 
	 Section 5.15 .
	  	 Environmental Matters
	  	 	91	 
	 Section 5.16 .
	  	 Investment Company Act
	  	 	91	 
	 Section 5.17 .
	  	 Sanctions and Anti-Corruption Laws
	  	 	91	 
	 Section 5.18 .
	  	 Intellectual Property
	  	 	92	 
	 Section 5.19 .
	  	 Collateral
	  	 	93	 
	 Section 5.20 .
	  	 Revolver Drawings
	  	 	93	 
		
	 ARTICLE 6 COVENANTS
	  	 	93	 
			
	 Section 6.01 .
	  	 Financial Reporting
	  	 	93	 
	 Section 6.02 .
	  	 Use of Proceeds.
	  	 	95	 
	 Section 6.03 .
	  	 Notices
	  	 	96	 
	 Section 6.04 .
	  	 Conduct of Business
	  	 	96	 
	 Section 6.05 .
	  	 Payment of Obligations
	  	 	97	 
	 Section 6.06 .
	  	 Insurance
	  	 	97	 

							
	 Section 6.07 .
	  	 Compliance with Laws
	  	 	97	 
	 Section 6.08 .
	  	 Maintenance of Properties
	  	 	97	 
	 Section 6.09 .
	  	 Inspection
	  	 	97	 
	 Section 6.10 .
	  	 Compliance With Environmental Laws
	  	 	98	 
	 Section 6.11 .
	  	 Further Assurances
	  	 	98	 
	 Section 6.12 .
	  	 Maintenance Of Ratings
	  	 	98	 
	 Section 6.13 .
	  	 Restricted Payments
	  	 	98	 
	 Section 6.14 .
	  	 Indebtedness
	  	 	100	 
	 Section 6.15 .
	  	 Merger.
	  	 	105	 
	 Section 6.16 .
	  	 Sale of Assets
	  	 	107	 
	 Section 6.17 .
	  	 Investments and Acquisitions
	  	 	108	 
	 Section 6.18 .
	  	 Liens
	  	 	111	 
	 Section 6.19 .
	  	 Affiliates
	  	 	114	 
	 Section 6.20 .
	  	 Amendments to Agreements
	  	 	115	 
	 Section 6.21 .
	  	 Inconsistent Agreements
	  	 	115	 
	 Section 6.22 .
	  	 Revolver Financial Covenants
	  	 	117	 
	 Section 6.23 .
	  	 Subsidiary Guarantees
	  	 	120	 
	 Section 6.24 .
	  	 Collateral
	  	 	121	 
	 Section 6.25 .
	  	 Commodity Exchange Act Keepwell Provisions
	  	 	121	 
	 Section 6.26 .
	  	 Anti-Corruption Laws
	  	 	122	 
		
	 ARTICLE 7 DEFAULTS
	  	 	122	 
			
	 Section 7.01 .
	  	 Representation or Warranty
	  	 	122	 
	 Section 7.02 .
	  	 Non-Payment
	  	 	122	 
	 Section 7.03 .
	  	 Specific Defaults
	  	 	122	 
	 Section 7.04 .
	  	 Other Defaults
	  	 	122	 
	 Section 7.05 .
	  	 Cross-Default
	  	 	123	 
	 Section 7.06 .
	  	 Insolvency; Voluntary Proceedings
	  	 	123	 
	 Section 7.07 .
	  	 Involuntary Proceedings
	  	 	123	 
	 Section 7.08 .
	  	 Judgments
	  	 	123	 
	 Section 7.09 .
	  	 Unfunded Liabilities; Reportable Event
	  	 	123	 
	 Section 7.10 .
	  	 Change in Control
	  	 	124	 
	 Section 7.11 .
	  	 Withdrawal Liability
	  	 	124	 
	 Section 7.12 .
	  	 Loan Document
	  	 	124	 
	 Section 7.13 .
	  	 Events Not Constituting Default
	  	 	124	 
		
	 ARTICLE 8 ACCELERATION, WAIVERS,
AMENDMENTS AND REMEDIES
	  	 	125	 
			
	 Section 8.01 .
	  	 Acceleration
	  	 	125	 
	 Section 8.02 .
	  	 Amendments
	  	 	125	 
	 Section 8.03 .
	  	 Replacement Loans
	  	 	128	 
	 Section 8.04 .
	  	 Errors
	  	 	128	 
	 Section 8.05 .
	  	 Preservation of Rights
	  	 	128	 

							
		
	 ARTICLE 9 GENERAL PROVISIONS
	  	 	129	 
			
	 Section 9.01 .
	  	 Survival of Representations
	  	 	129	 
	 Section 9.02 .
	  	 Governmental Regulation
	  	 	129	 
	 Section 9.03 .
	  	 Headings
	  	 	129	 
	 Section 9.04 .
	  	 Entire Agreement
	  	 	129	 
	 Section 9.05 .
	  	 Several Obligations; Benefits of This Agreement
	  	 	129	 
	 Section 9.06 .
	  	 Expenses; Indemnification; Damage Waiver.
	  	 	129	 
	 Section 9.07 .
	  	 Severability of Provisions
	  	 	132	 
	 Section 9.08 .
	  	 Nonliability of Lenders
	  	 	132	 
	 Section 9.09 .
	  	 Confidentiality
	  	 	132	 
	 Section 9.10 .
	  	 Nonreliance
	  	 	133	 
	 Section 9.11 .
	  	 Disclosure
	  	 	133	 
	 Section 9.12 .
	  	 No Advisory or Fiduciary Responsibility
	  	 	133	 
	 Section 9.13 .
	  	 USA PATRIOT Act
	  	 	134	 
		
	 ARTICLE 10 THE ADMINISTRATIVE
AGENT
	  	 	134	 
			
	 Section 10.01 .
	  	 Appointment and Authority.
	  	 	134	 
	 Section 10.02 .
	  	 Rights as a Lender
	  	 	135	 
	 Section 10.03 .
	  	 Exculpatory Provisions
	  	 	135	 
	 Section 10.04 .
	  	 Reliance by Administrative Agent
	  	 	136	 
	 Section 10.05 .
	  	 Delegation of Duties
	  	 	137	 
	 Section 10.06 .
	  	 Resignation of Administrative Agent
	  	 	137	 
	 Section 10.07 .
	  	 Non-reliance On Administrative Agent And Other
Lenders
	  	 	138	 
	 Section 10.08 .
	  	 No Other Duties, Etc
	  	 	138	 
	 Section 10.09 .
	  	 Administrative Agent May File Proofs of Claim
	  	 	138	 
	 Section 10.10 .
	  	 Collateral and Guaranty Matters
	  	 	139	 
	 Section 10.11 .
	  	 Intercreditor Agreement
	  	 	140	 
		
	 ARTICLE 11 SETOFF; RATABLE
PAYMENTS
	  	 	140	 
			
	 Section 11.01 .
	  	 Setoff
	  	 	140	 
	 Section 11.02 .
	  	 Ratable Payments
	  	 	140	 
		
	 ARTICLE 12 BENEFIT OF
AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	  	 	141	 
			
	 Section 12.01 .
	  	 Successors and Assigns.
	  	 	141	 
	 Section 12.02 .
	  	 Dissemination of Information
	  	 	148	 
	 Section 12.03 .
	  	 Tax Treatment
	  	 	148	 
		
	 ARTICLE 13 NOTICES
	  	 	149	 
			
	 Section 13.01 .
	  	 Notices; Effectiveness; Electronic Communication.
	  	 	149	 

							
		
	 ARTICLE 14 COUNTERPARTS; INTEGRATION;
EFFECTIVENESS; ELECTRONIC EXECUTION; NO NOVATION
	  	 	152	 
			
	 Section 14.01 .
	  	 Counterparts; Effectiveness
	  	 	152	 
	 Section 14.02 .
	  	 Electronic Execution of Assignments
	  	 	152	 
	 Section 14.03 .
	  	 Amendment and Restatement; No Novation
	  	 	152	 
		
	 ARTICLE 15 CHOICE OF LAW;
CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; ACKNOWLEDGEMENT AND CONSENT TO
BAIL-IN OF EEA FINANCIAL INSTITUTIONS
	  	 	152	 
			
	 Section 15.01 .
	  	 Choice of Law
	  	 	152	 
	 Section 15.02 .
	  	 Consent to Jurisdiction
	  	 	153	 
	 Section 15.03 .
	  	 Waiver of Jury Tria
	  	 	153	 
	 Section 15.04 .
	  	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	153	 

 EXHIBITS AND SCHEDULES 

 

					
	Schedules
	
	Commitment Schedule
	Schedule 2	  	  –  	  	Scheduled Restricted Investments (Section 1.01) and Specified Securities (Section 1.01)
	Schedule 2.22	  	  –  	  	Outstanding Letters of Credit (Section 2.22)
	Schedule 5.08	  	  –  	  	Subsidiaries (Section 5.08)
	Schedule 5.13	  	  –  	  	Ownership of Properties (Section 5.13)
	Schedule 6.14	  	  –  	  	Existing Indebtedness (Section 6.14)
	Schedule 6.16	  	  –  	  	Investment Writedowns (Section 6.16)
	Schedule 6.17(i)	  	  –  	  	Existing Investments (Section 6.17(i))
	Schedule 6.18	  	  –  	  	Existing Liens (Section 6.18)
	Schedule 6.19	  	  –  	  	Existing Affiliate Transactions (Section 6.19)
			
	Exhibits	  		  	
			
	Exhibit A	  	  –  	  	Form of Revolving Credit Note
	Exhibit B	  	  –  	  	Form of Term Note
	Exhibit C	  	  –  	  	Form of Swing Line Note
	Exhibit D	  	  –  	  	Form of Assignment and Assumption Agreement
	Exhibit E	  	  –  	  	Form of Compliance Certificate
	Exhibit F	  	  –  	  	[Reserved]
	Exhibit G	  	  –  	  	Form of Solvency Certificate
	Exhibit H	  	  –  	  	Auction Procedures

 AMENDED AND RESTATED CREDIT AGREEMENT 

Amended and Restated Credit Agreement dated as of March 28, 2013 (originally dated as of May 18, 2011) among MoneyGram
International, Inc., a Delaware corporation (the “Borrower”), as the borrower, each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”) and Bank of
America, N.A., a national banking association, as LC Issuer, as the Swing Line Lender, as Administrative Agent and as Collateral Agent. 

R E C I T A L S 
 1. The
Borrower and MPSW (as defined below) are parties to the Credit Agreement, dated as of May 18, 2011 (as amended, supplemented or otherwise modified from time to time prior to the Amendment Effective Date (as defined below), the “Original
Credit Agreement”), with the lenders (the “Original Lenders”) party thereto from time to time and Bank of America, as letter of credit issuer, swing line lender, administrative agent and collateral agent, under which the
Original Lenders extended certain loans and commitments to MPSW, as borrower under the Original Credit Agreement. 
 2. Upon satisfaction of
the conditions set forth herein, the Original Credit Agreement is being amended and restated in the form of this Agreement. 
 3. Therefore,
in consideration of the premises and of the mutual agreements made herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders and the Administrative Agent hereby
agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. As used in this Agreement: 

“Accounts Receivable” means net accounts receivable as reflected on a balance sheet in accordance with GAAP. 

“Acquisition” means any transaction, or any series of related transactions, consummated on or after the Amendment Effective
Date, by which the Borrower or any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm, corporation or limited liability company, or division thereof, whether through purchase of assets,
merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary
voting power for the election of directors (other than securities having such power only by reason of the happening of a 

  
 1 

 
contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company. 

“Act” is defined in Section 9.13. 

“Additional Lender” is defined in Section 2.25(b). 

“Additional Revolving Facility” is defined in Section 2.25(a). 

“Additional Revolving Facility Lender” is defined in Section 2.25(d). 

“Administrative Agent” means Bank of America in its capacity as administrative agent of the Lenders pursuant to Article 10,
and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article 10. 

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

“Advance” means an advance of funds hereunder, (i) made by the applicable Lenders on the same Borrowing Date, or
(ii) converted or continued by the applicable Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the several Loans of the same Type and Class and, in the case of Eurodollar Loans,
for the same Interest Period. The term “Advance” shall include Swing Line Loans unless otherwise expressly provided. 

“Affected Lender” is defined in Section 2.23(b). 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control
with such Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 

“Affiliated Lender” means, at any time, any Lender that is a Sponsor at such time; provided that, notwithstanding the
foregoing, “Affiliated Lender” shall not include the Borrower, any Subsidiary of the Borrower, any Specified Debt Fund or any natural person. 

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

  
 2 

 
Revolving Credit Commitment as of the Amendment No. 2 Effective Date is $125,000,000. 

“Aggregate Term Loan Commitment” means the aggregate of the Term Loan Commitments of all the Term Lenders. The Aggregate Term
Loan Commitment is $850,000,000 on the Amendment Effective Date. 
 “Agreement” means this amended and restated credit
agreement, as it may be further amended, restated, amended and restated or otherwise modified and in effect from time to time. 

“Alternate Base Rate” means, for any day, a rate of interest per annum equal to the highest of (i) the Prime Rate in
effect on such day, (ii) the sum of the Federal Funds Effective Rate for such day plus 1⁄2 of 1.00% per annum and (iii) the Eurodollar Rate
determined on such date for a one-month Interest Period plus 1.00%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the one-month Eurodollar Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the one-month
Eurodollar Rate, respectively. 
 “Amendment Effective Date” means the date on which each of the conditions set forth in
Section 4.01 shall have been satisfied (or waived in accordance with Section 8.02) and the Term Loan is funded, which is the date hereof. 

“Amendment No. 2” means Amendment No. 2 to Amended and Restated Credit Agreement dated as of
December 12, 2016, among Borrower, each LC Issuer, the Swing Line Lender, the Administrative Agent, the Collateral Agent and each Revolving Lender party thereto. 

“Amendment No. 2 Effective Date” means December 12, 2016. 

“Amendment No. 4 Effective Date” means January 31, 2019. 

“Applicable Margin” means, for any Loan of any Type or Class, the applicable rate per annum set forth below opposite such Type
or Class: 
  

																	
	 Facility
	  	Floating
Rate	 	 	Floating Rate
during
Step-Down
Period	 	 	Eurodollar
Rate	 	 	Eurodollar Rate
during
Step-Down
Period	 
	 Revolving Loan
	  	 	2.25	% 	 	 	2.00	% 	 	 	3.25	% 	 	 	3.00	% 
	 Term Loan
	  	 	2.25	% 	 	 	2.00	% 	 	 	3.25	% 	 	 	3.00	% 
	 Swing Line Loan
	  	 	2.25	% 	 	 	2.00	% 	 	 	N/A	 	 	 	N/A	 

 For purposes of the foregoing, each change in the Applicable Margin with respect to a (i) Revolving Loan or Swing Line
Loan resulting from a change in the Secured Leverage Ratio after the Amendment Effective Date or (ii) Term Loan resulting from a change in the Total Leverage Ratio after the Amendment 

  
 3 

 
Effective Date shall be effective during the period commencing on and including the Business Day following the date of delivery to the Administrative Agent of the compliance certificate required
under Section 6.01 indicating such change and ending on the date immediately preceding the effective date of the next such change; provided that such Applicable Margin shall be based on the rates per annum set forth above for non
Step-Down Periods if the Borrower fails to deliver the compliance certificate required to be delivered within the time periods specified for such delivery pursuant to Section 6.01, during the period commencing on and including the day of the
occurrence of a Default resulting from such failure and until the Business Day following the delivery thereof. In the event that any financial statement or compliance certificate delivered is inaccurate, and such inaccuracy, if corrected would have
led to the application of a higher Applicable Margin for any period (an “Applicable Period”) then the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative
Agent a corrected financial statement and a corrected compliance certificate for such Applicable Period, (ii) the Applicable Margin shall be determined based on the corrected compliance certificate for such Applicable Period and (iii) the
Borrower shall immediately pay to the Administrative Agent (for the account of the Lenders during the Applicable Period or their successor and assigns) the accrued additional interest owing as a result of such increased Applicable Margin for such
Applicable Period. 
 “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arranger”
means each of Bank of America, Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Crédit Agricole Corporate and Investment Bank and each of their respective successors, in their capacity as joint lead
arranger. 
 “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more
Approved Funds managed by the same investment advisor. 
 “Assignment and Assumption” means 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 12.01) and accepted by the Administrative Agent, in the form of Exhibit D or any other form approved by the Administrative
Agent. 
 “Auction Procedures” means the auction procedures with respect to non-pro
rata assignments of Term Loans pursuant to Sections 12.01(h) and 12.01(i) set forth in Exhibit H hereto. 

  
 4 

 “Authorized Officer” means any of the Chairman, Chief Executive Officer,
President, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller of any Person, acting singly. Unless otherwise specified herein, each reference to an “Authorized Officer” shall be deemed to be a reference to an Authorized
Officer of the Borrower. 
 “Bail-In Action” means 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. 
 “Bail-In Legislation” means, 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 of America” means Bank of America, N.A. 

“Basket Amount” means, at any time, the sum of: 

(a) 50% of the Consolidated Net Income of the Borrower and its Subsidiaries for the period (taken as one accounting period) from the Amendment
Effective Date to the end of the Borrower’s most recently ended fiscal quarter for which internal financial statements are available at such time or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such
deficit (it being understood that gains from the sale or other disposition of Specified Securities are disregarded in the computation of Consolidated Net Income); plus 

(b) 100% of the aggregate amount of cash contributed to the common equity capital of the Borrower following the Amendment Effective Date (other
than (i) by a Subsidiary of the Borrower or (ii) proceeds of a Specified Equity Contribution); plus 
 (c) to the extent a
positive amount and not already included in Consolidated Net Income, an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by
the Borrower of any Subsidiary in respect of any Investment made after the Amendment Effective Date pursuant to clauses (a), (d), (t) or (v) of Section 6.17 less any amounts thereof used to make Investments pursuant to clauses (a)
(other than clause (v)(C) thereof), (d) or (v) of Section 6.17 after the Amendment Effective Date prior to such time. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act. The terms “Beneficial Ownership” and “Beneficially Own” have a corresponding meaning. 

  
 5 

 “Bookrunners” means Bank of America, Wells Fargo Securities, LLC, J.P.
Morgan Securities LLC, Deutsche Bank Securities Inc., Crédit Agricole Corporate and Investment Bank and each of their respective successors, in their capacities as joint bookrunners. 

“Borrower” has the meaning specified in the introductory paragraph to this Agreement. 

“Borrowing Date” means a date on which a Credit Extension is made hereunder. 

“Borrowing Notice” is defined in Section 2.11. 

“Business Combination” means (i) any reorganization, consolidation, merger, share exchange or similar business
combination transaction involving the Borrower with any Person (other than, in the case of clause (b)(A) of the definition of “Change of Control”, any sale of the Capital Stock of the Borrower) or (ii) the sale, assignment,
conveyance, transfer, lease or other disposition by the Borrower of all or substantially all of its assets. 
 “Business
Day” means (i) with respect to any borrowing, payment or rate selection of Eurodollar Advances, a day (other than a Saturday or Sunday) on which banks generally are open in the city in which the office of the Administrative Agent (as
identified in Section 13.01(a)(ii)) is located for the conduct of substantially all of their commercial lending activities, interbank wire transfers can be made on the Fedwire system and dealings in United States dollars are carried on in the
London interbank market and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in the city in which the office of the Administrative Agent (as identified in Section 13.01(a)(iii)) is
located for the conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock
of a corporation, any and all equivalent ownership interests in a Person other than a corporation and any and all warrants, rights or options to purchase any of the foregoing (but excluding any debt security that is convertible into, or exchangeable
for, Capital Stock). The Purchase Agreement Equity shall be Capital Stock, whether or not classified as indebtedness for purposes of GAAP. 

“Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance
sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP. 

  
 6 

 “Capitalized Lease Obligations” of a Person means the amount of the
obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 

“Cash and Cash Equivalents” means: 

(a) U.S. dollars, Canadian dollars, Australian dollars or Pounds Sterling; 

(b) (x) euros or any national currency of any participating member state of the EMU or (y) such local currencies held from time to time in
the ordinary course of business; 
 (c) Government Securities; 

(d) securities issued by any agency of the United States or U.S. government-sponsored enterprise, which may or may not be backed by the full
faith and credit of the United States, in each case maturing within 24 months or less and, in the case of securities issued by a government-sponsored enterprise that is not backed by the full faith and credit of the United States, with a rating, or
guaranteed on a senior basis by an entity with a rating of its senior unsecured debt, of A3/A- or better from two of the following three rating agencies: (i) Moody’s, (ii) S&P or
(iii) Fitch Ratings, Inc.; 
 (e) certificates of deposit, time deposits and eurodollar time deposits with maturities of 24 months or
less from the date of acquisition, banker’s acceptances with maturities not exceeding 24 months and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $500,000,000 in the case of a domestic
bank and $250,000,000 (or the U.S. dollar equivalent as of the date of determination) in the case of a foreign bank; 
 (f) commercial paper
rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 13 months after the date of creation thereof; 

(g) investment funds investing not less than 95% of their assets in securities of the types described in clauses (a) through (f) above or
clause (i) below; 
 (h) readily marketable direct obligations issued by any state of the United States of America or any political
subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

  
 7 

 (i) overnight repurchase obligations for underlying securities or other investments of the
types described in clauses (a) through (h) above with any bank or trust company organized under the laws of any state of the United States or any national banking association or any government securities dealer which is listed as reporting to
the market statistics division of the Federal Reserve Bank of New York, in each case with such entity having capital and surplus in excess of $500,000,000 in the case of a domestic entity and $250,000,000 (or the U.S. dollar equivalent as of the
date of determination) in the case of a foreign entity; and 
 (j) Scheduled Restricted Investments. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Collateral Agent, for the benefit of one or more of
the LC Issuers or Lenders, as collateral for the LC Exposure, cash or deposit account balances or, if the Administrative Agent and each applicable LC Issuer shall agree in their sole discretion, other credit support, in each case in an amount equal
to 101% of such LC Exposure, pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and each applicable LC Issuer. 

“Cash Collateral” shall have a meaning correlative to the foregoing definition of “Cash Collateralize” and shall
include the proceeds of such cash collateral and other credit support. 
 “Cash Management Agreement” means any agreement,
document or other instrument governing Cash Management Obligations incurred by the Borrower or any of its Subsidiaries. 
 “Cash
Management Bank” means (a) any Person that, at the time it enters into a Cash Management Agreement, is a Lender or an Affiliate of a Lender or (b) any Lender or Affiliate of a Lender that entered into a Cash Management Agreement
prior to the Amendment Effective Date, in either case in its capacity as a party to such Cash Management Agreement. 
 “Cash
Management Obligation” means any obligations incurred (including by way of a guaranty) by the Borrower or any of its Subsidiaries in respect of treasury, depositary and cash management services or automated clearinghouse transfer of funds
(including, without limitation, controlled disbursement, return items, interstate depository network services, corporate card services and international wire services). 

“Change” is defined in Section 3.02. 

“Change in Control” means the occurrence of any of the following: 

(a) any Person (other than the Sponsors) acquires Beneficial Ownership, directly or indirectly, of 50% or more of the combined
voting 

  
 8 

 
power of the then-outstanding voting securities of the Borrower entitled to vote generally in the election of directors (“Outstanding Corporation Voting Stock”); 

(b) the consummation of a Business Combination pursuant to which either (A) the Persons that were the Beneficial Owners of
the Outstanding Corporation Voting Stock immediately prior to such Business Combination Beneficially Own, directly or indirectly, less than 50% of the combined voting power of the then-outstanding voting securities entitled to vote generally in the
election of directors (or equivalent) of the entity resulting from such Business Combination (including, without limitation, a company that, as a result of such transaction, owns the Borrower or all or substantially all of the Borrower’s assets
either directly or through one or more subsidiaries), or (B) any Person (other than the Sponsors) Beneficially Owns, directly or indirectly, 50% or more of the combined voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors (or equivalent) of the entity resulting from such Business Combination; 
 (c) the
failure by the Borrower to directly own 100% of the Capital Stock of MPSW; 
 (d) the failure by MPSW to own 100% of the
Capital Stock of MoneyGram Payment Systems, Inc., a Delaware corporation; or 
 (e) the adoption of a plan relating to the
liquidation of the Borrower. 
 “Class”, when used in reference to any Commitment, Loan or Advance, refers to whether such
Commitment, Loan, or the Loans comprising such Advance, are Revolving Credit Commitments, Revolving Loans, Additional Revolving Facilities, Term Loans, Incremental Term Loans or Swing Line Loans. 

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

“Co-Documentation Agents” means J.P. Morgan Securities LLC, Deutsche Bank Securities
Inc. and Crédit Agricole Corporate And Investment Bank, and each of their respective successors, in their capacities as co-documentation agents. 

“Collateral” means all property with respect to which any security interests have been granted (or purported to be granted) to
the Collateral Agent pursuant to any Collateral Document. 

  
 9 

 “Collateral Agent” means Bank of America, in the capacity of collateral
agent for the Lenders and the other Secured Parties named in the Collateral Documents. 
 “Collateral Documents” means each
security agreement, pledge agreement, mortgage and other document or instrument pursuant to which security is granted to the Collateral Agent pursuant hereto for the benefit of the Secured Parties to secure the Secured Obligations, including without
limitation that certain Security Agreement, Pledge Agreement, Trademark Security Agreement and Patent Security Agreement, in each case initially dated as of May 18, 2011 and made between MPSW, the Borrower and one or more other Loan Parties and
the Collateral Agent and as amended, supplemented or otherwise modified and in effect from time to time. 
 “Commitment”
means a Revolving Credit Commitment or a Term Loan Commitment. 
 “Commitment Schedule” means the Schedule attached hereto
identified as such. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as
amended from time to time, and any successor statute. 
 “Consolidated Cash Interest Expense” means, with respect to any
Person for any period, Consolidated Interest Expense of such Person for such period, but excluding (A) amortization of deferred financing fees, debt issuance costs, commissions, fees, expenses and original issue discount resulting from the
issuance of indebtedness at less than par, (B) debt refinancing costs, debt retirement costs, fees and costs of entering into and unwinding Rate Management Transactions, administrative agency fees and rating agency fees and (C) interest
not paid in cash, whether in such period or any other. 
 “Consolidated Depreciation and Amortization Expense” means, with
respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees of such Person and its Subsidiaries for such period on a consolidated basis. 

“Consolidated EBITDA” means with respect to any Person for any period, the Consolidated Net Income of such Person for such
period: 
 (a) increased (without duplication) to the extent deducted in computing the Consolidated Net Income of such Person
for such period by: 
 (i) provision for taxes based on income or profits or capital gains of such Person and its
Subsidiaries (including any tax 

  
 10 

 
sharing arrangements) and, without duplication, any tax settlements, costs or adjustments; plus 

(ii) Consolidated Interest Expense of such Person (including costs of surety bonds in connection with financing activities, to
the extent included in Consolidated Interest Expense); plus 
 (iii) Consolidated Depreciation and Amortization
Expense of such Person; plus 
 (iv) any fees and expenses incurred, or any amortization thereof regardless of how
characterized by GAAP, in connection with the Transactions, any acquisition, disposition, recapitalization, Investment, asset sale, issuance, early retirement or repayment of Indebtedness, issuance of Capital Stock, refinancing transaction or
amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the date hereof and any such transaction undertaken but not completed) and any charges or
non-recurring merger costs incurred as a result of any such transaction; plus 

(v) other non-cash charges reducing the Consolidated Net Income of such Person,
excluding any such charge that represents an accrual or reserve for a cash expenditure for a future period; plus 

(vi) the amount of any minority interest expense deducted in calculating the Consolidated Net Income of such Person (less the
amount of any cash dividends or distributions paid to the holders of such minority interests); plus 
 (vii) (A) non-recurring or unusual losses or expenses (including costs and expenses of litigation included in Consolidated Net Income pursuant to the definition of Consolidated Net Income) and (B) severance, legal
settlement, relocation costs, curtailments or modifications to pension and post-retirement employee benefit plans, the amount of any restructuring charges or reserves deducted, including any restructuring costs incurred in connection with
acquisitions, costs related to the closure, opening and/or consolidation of facilities, retention charges, systems establishment costs, spin-off costs, transition costs associated with transferring operations
offshore and other transition costs, signing, retention and completion bonuses, conversion costs and excess pension charges and consulting fees incurred in connection with any of the foregoing and amortization of signing bonuses. 

  
 11 

 (b) to the extent deducted or added in computing Consolidated Net Income of
such Person for such period, increased or decreased by (without duplication) any non-cash net loss or gain resulting from currency remeasurements of indebtedness; 

(c) to the extent deducted or added in computing Consolidated Net Income of such Person for such period, increased or decreased
by (without duplication) any loss or gain resulting from Rate Management Transactions; and 
 (d) decreased (without
duplication) to the extent included in computing Consolidated Net Income of such Person for such period by: 
 (i) non-cash items increasing Consolidated Net Income of such Person and its Subsidiaries, excluding any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior
period; plus 
 (ii) non-recurring or unusual gains increasing Consolidated
Net Income of such Person and its Subsidiaries. 
 “Consolidated Interest Expense” means with respect to any Person for any
period, the sum, without duplication, of: 
 (a) consolidated interest expense of such Person and its Subsidiaries for such
period, to the extent such expense was deducted in computing Consolidated Net Income for such period (including (A) amortization of deferred financing fees, debt issuance costs, commissions, fees, expenses and original issue discount resulting
from the issuance of indebtedness at less than par, (B) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers’ acceptances, (C) non-cash
interest payments (but excluding any non-cash interest expense attributable to the movement in the mark-to-market valuation of
Rate Management Obligations or other derivative instruments pursuant to Financial Accounting Standards Board Statement No. 133 – “Accounting for Derivative Instruments and Rate Management Activities”), (D) the interest
component of Capitalized Lease Obligations and (E) net payments, if any, pursuant to interest rate Rate Management Obligations with respect to Indebtedness); plus 

(b) consolidated capitalized interest of such Person and its Subsidiaries for such period, whether paid or accrued. 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate
implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of clarity, no obligations in respect of Purchase Agreement Equity, whether 

  
 12 

 
or not classified as indebtedness in accordance with GAAP, shall constitute interest expense. 

“Consolidated Net Income” means, with respect to any Person for any period, the Net Income of such Person and its Subsidiaries
calculated on a consolidated basis for such period; provided, however, that: 
 to the extent included in Net
Income for such period and without duplication: 
 (i) there shall be excluded in computing Consolidated Net Income
(w) all extraordinary gains, (x) all extraordinary losses, (y) non-recurring or unusual losses or expenses (including costs and expenses of litigation) and (z) costs, fees, and expenses of
the Transactions; 
 (ii) the Net Income for such period shall not include the cumulative effect of a change in accounting
principles or policies during such period, whether effected through a cumulative effect adjustment or a retroactive application in each case in accordance with GAAP; 

(iii) any net after-tax income (loss) from disposed or discontinued operations and any
net after-tax gains or losses on disposal of disposed or discontinued operations shall be excluded; 

(iv) any net after-tax gains or losses (less all fees and expenses relating thereto)
attributable to asset dispositions other than in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded; 

(v) the Net Income for such period of any Person that is not a Subsidiary thereof or that is accounted for by the equity method
of accounting, shall be excluded, except to the extent of the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash) to the referent Person or a Subsidiary thereof in respect of
such period; 
 (vi) solely for the purpose of determining the Basket Amount at any time, the Net Income or loss for such
period of any Subsidiary of such Person will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of its Net Income is not at the date of determination permitted without any prior
governmental approval (that has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable

  
 13 

 
to that Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived or such income has been dividended or
distributed to the Borrower or any of its Subsidiaries without such restriction (in which case the amount of such dividends or distributions or other payments that are actually paid in cash (or converted into cash) to the referent Person in respect
of such period shall be included in Net Income); provided, however, that for the avoidance of doubt, any restrictions based solely on (1) financial maintenance requirements imposed as a matter of state regulatory requirements or
(2) the type of restriction set forth in Section 6.18(q) or excluded from the definition of Liens pursuant to clause (b) or (d) of the definition thereof shall not result in the exclusion of Net Income (loss); and provided
further that any net loss of any Subsidiary of such Person shall not be excluded pursuant to this clause (vi); 

(vii) without duplication of any amount excluded under clause (vi) above, and solely for the purpose of determining the
Basket Amount at any time, any amount deducted in arriving at Excess Cash Flow for the relevant period pursuant to clause (xviii) of the definition thereof shall be deducted in arriving at Consolidated Net Income for the Borrower for such
period; 
 (viii) any net after-tax income (loss) from the early extinguishment of
Indebtedness or Rate Management Obligations or other derivative instruments shall be excluded; 
 (ix) any Net Income (loss)
for such period will be excluded to the extent it relates to the impairment or appreciation of, or it is realized out of the income (or loss) generated by, or from the sale or disposition of, any assets included in the Scheduled Restricted
Investments; 
 (x) any Net Income (loss) for such period will be excluded to the extent it relates to the impairment or
appreciation of, or it is realized out of the income (or loss) generated by, or from the sale or disposition of, any Specified Security or any asset included in the Restricted Investment Portfolio; 

(xi) any impairment charge or asset write-off pursuant to Financial Accounting
Standards Board Statement No. 142 “Goodwill and Other Intangible Assets” or Financial Accounting Standards Board Statement No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets” and the
amortization of intangibles arising pursuant to Financial 

  
 14 

 
Accounting Standards Board Statement No. 141 “Business Combinations” will be excluded; 

(xii) any non-cash compensation expense recorded from grants of stock appreciation or
similar rights, stock options, restricted stock or other rights and any non-cash charges associated with the rollover, acceleration or payout of Capital Stock by management of the Borrower in connection with
the Transactions shall be excluded; and 
 (xiii) any non-cash items included in the
Consolidated Net Income of the Borrower as a result of an agreement of the Sponsors or the Borrower in respect of any equity participation shall be excluded. 

For purposes of clarity, any impact in respect of Purchase Agreement Equity, whether or not classified as indebtedness in
accordance with GAAP, shall be excluded from Consolidated Net Income. 
 Notwithstanding the foregoing, for the purpose of
Section 6.13 only and in order to avoid double counting, there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Investments made by the Borrower and its Subsidiaries, any repurchases and
redemptions of Investments from the Borrower and its Subsidiaries, any repayments of loans and advances that constitute Investments by the Borrower or any Subsidiary, in each case to the extent such amounts increase clause (c) of the definition
of Basket Amount. 
 “Consolidated Total Indebtedness” means, at any time, the amount of Indebtedness of the type referred
to in clauses (i), (iii), (iv) and (v) of the definition thereof. 
 “Contingent Obligation” is defined in the
definition of Indebtedness. 
 “Contract” is defined in Section 5.03. 

“Controlled Group” means all members of a controlled group of corporations or other business entities and all trades or
businesses (whether or not incorporated) under common control which, together with the Borrower or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code. 

“Conversion/Continuation Notice” is defined in Section 2.12. 

“CPA Change” means any adoption or change in law, order, policy, rule or regulation, in each case to the extent occurring or
arising after the Amendment Effective Date, and any request, rule, guideline or directive to implement or further effect the policies of the Dodd-Frank Wall Street Reform and Consumer 

  
 15 

 
Protection Act (any of the foregoing, an “Implementation”), which shall be deemed to be effective on the date on which Implementation is adopted or effected (and not on the date on
which such Act was initially enacted). 
 “Credit Extension” means the making of an Advance or the issuance, amendment,
renewal or extension of a Letter of Credit. 
 “Credit Extension Date” means the Borrowing Date for an Advance or the date
of the issuance, amendment (to the extent it increases the amount available for draw thereunder), renewal or extension of a Letter of Credit. 

“Default” means an event described in Article 7. 

“Defaulting Lender” has the meaning assigned to such term in the definition of “Required Lender”. 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of
any Sanction. 
 “Disgorged Recovery” means the portion, if any, of any payment or other distribution received by a Lender
in satisfaction of Obligations of a Loan Party to such Lender, that is required in any Insolvency Proceedings or otherwise to be disgorged, turned over or otherwise paid to such Loan Party, such Loan Party’s estate or creditors of such Loan
Party, whether because the transfer of such payment or other property is avoided or otherwise, including, without limitation, because it was determined to be a fraudulent or preferential transfer. 

“Disqualified Institutions” means those banks, financial institutions and other Persons that are competitors of the Borrower
and its Subsidiaries or Affiliates of such competitors and are identified as such in writing to the Administrative Agent (who will inform the Lenders) on the Amendment Effective Date and additional competitors or Affiliates thereof identified to the
Administrative Agent in writing (who will inform the Lenders) from time to time; provided that if such identified Person is a commercial bank, the global funds transfer or payment services activities of which are merely incidental to its
primary business (an “Incidental Competitor”) and which is not an Affiliate of a competitor of the Borrower and its Subsidiaries (other than an Incidental Competitor), the inclusion of such Person as a Disqualified Institution shall
be reasonably acceptable to the Administrative Agent. 
 “Disqualified Stock” means, with respect to any Person, any Capital
Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than as a result of a
change of control or asset sale), pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than as a result of a change of control or asset sale) in whole or in part, in each case prior to

  
 16 

 
the date 91 days after the Term Loan Maturity Date; provided, however, that if such Capital Stock is issued to any plan for the benefit of employees, directors, managers or
consultants of the Borrower or its Subsidiaries (or their direct or indirect parent) or by any such plan to such employees, directors, managers, consultants (or their respective estates, heirs, beneficiaries, transferees, spouses or former spouses),
such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. For purposes hereof, the amount
(or principal amount) of any Disqualified Stock shall be equal to its voluntary or involuntary liquidation preference. 

“Dollars” means lawful currency of the United States of America. 

“Domestic Subsidiary” means any Subsidiary of the Borrower that is (i) organized under the laws of the United States of
America, any state thereof or the District of Columbia or (ii) a disregarded entity for U.S. federal income tax purposes the sole assets of which are Capital Stock of Subsidiaries that are not organized under the laws of the United States of
America, any state thereof or the District of Columbia. 
 “Dutch Auction” means an auction conducted by the Borrower, any
of their Subsidiaries or an Affiliated Lender in order to purchase Term Loans as contemplated by Section 12.01(h) or 12.01(j), as applicable, in accordance with the procedures set forth in Exhibit H. 

“ECF Percentage” means, for any fiscal year of the Borrower, (i) if the Secured Leverage Ratio determined on the last day
of such fiscal year is greater than 3.750 to 1.000, 50% and (ii) if such Secured Leverage Ratio so determined is less than or equal to 3.750 to 1.000, 0%. 

“EEA Financial Institution” means (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” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means 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. 

  
 17 

 “Eligible Assignee” means any Person that meets the requirements to be an
assignee under Section 12.01(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 12.01(b)(iii)); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the
Borrower, any Subsidiary of the Borrower or any Affiliated Lender (it being understood that assignments to the Borrower, any Subsidiary of the Borrower or an Affiliated Lender may only be made pursuant to Section 12.01(h) or 12.01(i), as
applicable). For the avoidance of doubt, no Specified Debt Fund shall be deemed to be an Affiliate of the Borrower or any Sponsor for purposes of the definition of “Eligible Assignee”. 

“EMU” means the economic and monetary union as contemplated in the Treaty on European Union. 

“Environmental Laws” means any Laws relating to pollution, emissions, contamination, the indoor or outdoor environment, human
health and safety as such relates to the environment or natural resources or the use, treatment, storage, disposal, transport, handling, cleanup, or remediation of any hazardous or toxic substance. 

“Equity Purchase Agreement” means that certain Amended and Restated Purchase Agreement, dated as of March 17, 2008, among
the Borrower and the several “Investors” named therein, including all exhibits and schedules thereto, as in effect on the Original Effective Date. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any applicable rule or
regulation issued thereunder. 
 “ERISA Event” means, with respect to Borrower or any member of the Controlled Group,
(a) the withdrawal of Borrower or any member of the Controlled Group from a Plan during a plan year in which it was a “substantial employer,” as defined in Section 4001(a)(2) of ERISA, with the attendant incurrence of liability
by the Borrower or any member of its Controlled Group in accordance with Section 4062 of ERISA; (b) the filing of a notice of intent to terminate a Plan or the treatment of an amendment to such a Plan as a termination under section 4041 of
ERISA at a time when the Plan has Unfunded Liabilities; (c) the institution of proceedings to terminate a Plan by the PBGC; or (c) any other event or condition which might reasonably be expected to constitute grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan. 
 “Eurodollar
Advance” means an Advance which, except as otherwise provided in Section 2.14, bears interest at the applicable Eurodollar Rate plus the Applicable Margin. 

“Eurodollar Base Rate” means, with respect to Term Loans: 

  
 18 

 (a) for any Interest Period with respect to a Eurodollar Advance, the rate per annum equal
to (i) the British Bankers Association LIBOR Rate or the successor thereto if the British Bankers Association is no longer making a LIBOR Rate available (“LIBOR”), as published by Reuters (or such other commercially available
source providing quotations of LIBOR as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery
on the first day of such Interest Period) with a term equivalent to such Interest Period or, (ii) if such rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which
deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted and with a term equivalent to such Interest Period would be offered
by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period; and 

(b) for any interest calculation with respect to an Floating Rate Advance on any date, the rate per annum equal to (i) LIBOR, at
approximately 11:00 a.m., London time determined two London Banking Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not
available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount of the Alternate Base
Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurodollar market at their request at the date and time of determination. 

with respect to Revolving Loans: 

(a) for any Interest Period with respect to a Eurodollar Advance, the rate per annum equal to the London Interbank Offered Rate or a comparable
or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from
time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;
and 
 (b) for any interest calculation with respect to a Floating Rate Advance on any date, the rate per annum equal to the London Interbank
Offered Rate, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; and 

(c) if the Eurodollar Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement; 

  
 19 

 provided that to the extent a comparable or successor rate is approved by the Administrative Agent in
connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be
applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 “Eurodollar Loan” means a Loan which,
except as otherwise provided in Section 2.14, bears interest at the applicable Eurodollar Rate plus the Applicable Margin. 

“Eurodollar Rate” means for any Interest Period with respect to any Eurodollar Advance comprised of Revolving Loans or Term
Loans, a rate per annum determined by the Administrative Agent pursuant to the following formula: 
  

							
		 	Eurodollar Rate =  	 	 Eurodollar Base Rate

1.00 – Eurodollar Reserve Percentage
	  	

 provided 
 that with
respect to any Eurodollar Advance comprised of Term Loans for any Interest Period, the Eurodollar Rate shall not be less than 1.00% per annum 

“Eurodollar Reserve Percentage” means, for any day during any Interest Period, the reserve percentage (expressed as a decimal,
carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurodollar Rate for each outstanding Eurodollar Loan shall be adjusted automatically as of
the effective date of any change in the Eurodollar Reserve Percentage. 
 “Excess Cash Balance” means, as of the last day of
the most recently ended calendar month for which an internally prepared consolidated balance sheet of the Borrower is available, the amount by which the amount set forth on the line item entitled “Cash and cash equivalents” in such balance
sheet as of the last day of such calendar month exceeds $140,000,000, if any. For the time period between the last day of the most recently ended calendar month through but not including the date that the Borrower delivers to the Administrative
Agent the internally prepared consolidated balance sheet of the Borrower for the most recently ended calendar month, the Excess Cash Balance as of the last day of such calendar month shall be deemed to be $0. 

“Excess Cash Flow” means, for any fiscal year of the Borrower, the excess, if any, of: 

(a) the sum, without duplication, for such period of: 

  
 20 

 (i) Consolidated EBITDA of the Borrower for such period (it being
understood, for avoidance of doubt, that any Specified Equity Contribution shall not increase Consolidated EBITDA for purposes of this definition); 

(ii) foreign currency translation gains received in cash related to currency remeasurements of indebtedness (including any net
cash gain resulting from Rate Management Transactions), to the extent not otherwise included in calculating such Consolidated EBITDA; 

(iii) net cash gains resulting in such period from Rate Management Obligations and the application of Statement of Financial
Accounting Standards No. 133 and International Accounting Standards No. 39 and their respective pronouncements and interpretations, to the extent not otherwise included in calculating such Consolidated EBITDA, including pursuant to clause
(ii) of EBITDA; 
 (iv) extraordinary, unusual or nonrecurring cash gains (other than gains on asset sales in the
ordinary course of business, including Portfolio Securities), to the extent not otherwise included in calculating such Consolidated EBITDA; and 

(v) to the extent not otherwise included in calculating such Consolidated EBITDA, cash gains from any sale or disposition
outside the ordinary course of business (excluding gains from Prepayment Events to the extent an amount equal to the Net Proceeds therefrom was applied to the prepayment of Term Loans pursuant to Section 2.10(c)); 

minus 
 (b)
the sum, without duplication, for such period of (in each case, except as expressly provided in clauses (vi) and (xvi) below, to the extent the same increased or was not otherwise deducted in determining such Consolidated EBITDA for such
period): 
 (i) the amount of any taxes, including taxes based on income, profits or capital, state, franchise and similar
taxes, foreign withholding taxes and foreign unreimbursed value added taxes (to the extent added in calculating such Consolidated EBITDA), and including penalties and interest on any of the foregoing, in each case, payable in cash by the Borrower
and its Subsidiaries (to the extent not otherwise deducted in calculating such Consolidated EBITDA); 

  
 21 

 (ii) Consolidated Interest Expense, including costs of surety bonds in
connection with financing activities (to the extent included in Consolidated Interest Expense), to the extent payable in cash and not otherwise deducted in calculating such Consolidated EBITDA; 

(iii) foreign currency translation losses paid in cash related to currency remeasurements of indebtedness (including any net
cash loss resulting from Rate Management Transactions), to the extent not otherwise deducted in calculating such Consolidated EBITDA; 

(iv) without duplication of amounts deducted pursuant to this clause (iv) or clause (xvi) below in respect of a prior
fiscal year, capital expenditures of the Borrower and its Subsidiaries made in cash prior to the date the applicable Excess Cash Flow prepayment is required to be made pursuant to Section 2.10(d); 

(v) repayments of long-term Indebtedness (including (i) payments of the principal component of Capitalized Lease
Obligations, (ii) the repayment of Loans pursuant to Section 2.10 (but excluding prepayments of Loans deducted pursuant to clause (ii) of Section 2.10(d)) and (iii) the aggregate amount of any premium, make-whole or
penalties paid in connection with any such repayments of Indebtedness, made by the Borrower and its Subsidiaries, but only to the extent that, in each case, such repayments (x) by their terms cannot be reborrowed or redrawn and (y) are not
financed with the proceeds of long-term Indebtedness (other than revolving Indebtedness)) and increases in Consolidated Net Income due to a sale, transfer or other disposition of an asset (including pursuant to a sale and leaseback transaction or a
casualty or condemnation or similar proceeding) but not in excess of the amount of such increase; 
 (vi) without duplication
of amounts deducted pursuant to this clause (vi) or clause (xvi) below in respect of a prior fiscal year, the amount of Investments permitted by Section 6.17 (other than Investments in (x) Cash Equivalents and (y) the
Borrower or any of its Subsidiaries, or any Investment funded with the proceeds of Indebtedness) made by the Borrower and its Subsidiaries in cash prior to the date the applicable Excess Cash Flow prepayment is required to be made pursuant to
Section 2.10(d); 
 (vii) letter of credit fees paid in cash, to the extent not otherwise deducted in calculating such
Consolidated EBITDA; 

  
 22 

 (viii) extraordinary, unusual or nonrecurring cash charges, to the extent
not otherwise deducted in calculating such Consolidated EBITDA; 
 (ix) cash fees and expenses incurred in connection with
the Transactions, any acquisition, disposition, recapitalization, Investment, asset sale, the issuance or repayment of any Indebtedness, issuance of Capital Stock, refinancing transaction or amendment or modification of any debt instrument (in each
case, including any such transaction consummated prior to the Amendment Effective Date and any such transaction undertaken but not completed) and any cash charges or cash non-recurring merger costs incurred
during such period as a result of any such transaction or other early extinguishment of Indebtedness permitted by this Agreement (in each case, whether or not consummated); 

(x) cash charges or losses added to such Consolidated EBITDA pursuant to clauses (vi), (vii) and (viii) and to
Consolidated Net Income pursuant to clause (a) (ii), (vii), (viii), (ix), (x) or clause (b); 
 (xi) the amount of Restricted
Payments made pursuant to clause (d), (f), (g) or (j) of Section 6.13, to the extent not funded with the proceeds of a substantially contemporaneous incurrence of Indebtedness; 

(xii) cash expenditures in respect of Rate Management Obligations (including net cash losses resulting in such period from Rate
Management Obligations and the application of Statement of Financial Accounting Standards No. 133 and International Accounting Standards No. 39 and their respective pronouncements and interpretations), to the extent not otherwise deducted
in calculating such Consolidated EBITDA, including pursuant to clause (b) or such Consolidated EBITDA; 
 (xiii) to the
extent added to Consolidated Net Income, cash losses from any sale or disposition outside the ordinary course of business; 

(xiv) cash payments by the Borrower and its Subsidiaries in respect of long-term liabilities (other than Indebtedness) of the
Borrower and its Subsidiaries; 
 (xv) the aggregate amount of expenditures actually made by the Borrower and its
Subsidiaries in cash (including expenditures for the payment of financing fees) to the extent that 

  
 23 

 
such expenditures are not expensed and signing bonus expenditures; 

(xvi) without duplication of amounts deducted from Excess Cash Flow in respect of a prior fiscal year, the aggregate
consideration required to be paid in cash by the Borrower and its Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered into prior to or during such fiscal year relating to Investments permitted by
Section 6.17 (other than Investments in (x) Cash Equivalents and (y) the Borrower or any of its Subsidiaries) or capital expenditures to be consummated or made plus cash restructuring expenses to be incurred, in each case,
during the period of 4 consecutive fiscal quarters of the Borrower following the end of such fiscal year; provided that to the extent the aggregate amount actually utilized to finance such capital expenditures or Investments during such
period of 4 consecutive fiscal quarters is less than the Contract Consideration, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such period of 4 consecutive fiscal quarters; 

(xvii) to the extent added to Consolidated Net Income and not deducted in determining Consolidated EBITDA, Net Proceeds
received by the Borrower or any Subsidiary of the Borrower from the sale or other disposition of, or any payment of principal of, or return on investment in respect of, Specified Securities; and 

(xviii) to the extent added in determining Consolidated Net Income and not deducted in determining Consolidated EBITDA, any
portion of “Excess Cash Flow”, determined pursuant to all of the preceding clauses of this definition, that is attributable to a Subsidiary of the Borrower that is required to maintain a minimum net worth or similar requirement under
applicable law, rule or regulation or by order, decree or power of any Governmental Entity, to the extent (and only to the extent) that the payment of cash by such Subsidiary to the Borrower in respect of such portion of Excess Cash Flow (by way of
dividend, intercompany loan or otherwise) would result in such Subsidiary’s failure to comply with such requirement. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to
time. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

  
 24 

 “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap
Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor under the Guaranty, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal
under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an
“eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to any keepwell, support or other agreement obtained for the benefit of such Guarantor and any and all guarantees of such
Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty, or a grant by such Guarantor of a security interest to secure such Swap Obligation, becomes effective with respect to such Swap Obligation. If a Swap Obligation
arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest becomes illegal. 

“Excluded Taxes” means, in the case of each Lender, LC Issuer, applicable Lending Installation and the Administrative Agent or
any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on its overall net income, (b) franchise taxes and branch profits taxes imposed on it, by (i) the
jurisdiction under the laws of which such Lender, LC Issuer or the Administrative Agent is incorporated or organized or (ii) the jurisdiction in which the Administrative Agent’s or such Lender’s or LC Issuer’s principal executive
office or such Lender’s or LC Issuer’s applicable Lending Installation is located, (c) in the case of a Non-U.S. Lender, any withholding Tax that is imposed on amounts payable to such Non-U.S. Lender at the time such Non-U.S. Lender becomes a party hereto (or designates a new lending office) or is attributable to such
Non-U.S. Lender’s failure or inability to comply with Section 3.05(d), (f) or (g), except to the extent that such Non-U.S. Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 3.05(a), and (d) any U.S. federal withholding taxes
imposed under FATCA. 
 “Existing Debt” means (i) all principal, premium, if any, interest, fees and other amounts due
or outstanding under the Original Credit Agreement and (ii) the Second Lien Indebtedness. 
 “Extended Revolving Credit Maturity
Date” has the meaning set forth in the definition of “Revolving Credit Maturity Date”. 
 “Extending
Lender” shall have the meaning assigned to such term in Amendment No. 2. 

  
 25 

 “Facility” means the Revolving Credit Facility, the Term Facility, any
Incremental Facility or any Additional Revolving Facility, as the context may require. 
 “FATCA” means Sections 1471
through 1474 of the Code, as of the Amendment Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 
 “Federal Funds Effective Rate” means,
for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on
the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%)
charged to Bank of America on such day on such transactions as determined by the Administrative Agent; provided that with respect to Revolving Loans made after the Amendment No. 2 Effective Date, “Federal Funds Effective Rate”
shall mean, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next
succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day,
and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such
day on such transactions as determined by the Administrative Agent. 
 “Final 10-K”
shall mean the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the U.S. Securities and Exchange Commission on March 4, 2013. 

“Financial Covenant Relief Period” means any period commencing on any date that the ratio of (a) Secured Indebtedness
outstanding as of such date to (b) Consolidated EBITDA of the Borrower and its Subsidiaries as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 6.01(a) or
(b) was greater than 3.75 to 1.00 and continuing until the earlier of (i) the Revolving Credit Maturity Date and (ii) the first date thereafter that such ratio as of such subsequent date was less than or equal to 3.75 to 1.00. 

  
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 “Financial Officer” means the Chief Financial Officer, the Controller, the
Treasurer, any Assistant Treasurer or any other officer with responsibilities customarily performed by such officers. 
 “First
Incremental Agreement” means the First Incremental Amendment and Joinder Agreement dated as of April 2, 2014 among the Borrower, the Tranche B-1 Lenders identified therein, the other Lenders
identified therein and the Administrative Agent. 
 “First Incremental Revolving Commitment” means the New Revolving
Commitments as defined in the First Incremental Agreement. 
 “First Lien Indebtedness” means the sum of
(a) Indebtedness of the Borrower and its Subsidiaries of the types referred to in clauses (i), (iii) and (iv) of the definition thereof, in each case to the extent secured by first-priority Liens (provided that such Indebtedness
shall also include any Incremental Second Lien Notes and any Incremental Unsecured Notes) plus (b) Indebtedness of the Borrower and its Subsidiaries of the type referred to in clause (v) of the definition thereof. 

“First Lien Leverage Ratio” means at any time the ratio of (i) First Lien Indebtedness to (ii) Consolidated EBITDA
of the Borrower and its Subsidiaries for the then most-recently ended four fiscal quarters. 
 “Floating Rate” means, for
any day, a rate per annum equal to the Alternate Base Rate for such day, in each case changing when and as the Alternate Base Rate changes. 

“Floating Rate Advance” means an Advance which, except as otherwise provided in Section 2.11, bears interest at the
Floating Rate plus the Applicable Margin. 
 “Floating Rate Loan” means a Loan which, except as otherwise provided in
Section 2.14, bears interest at the Floating Rate plus the Applicable Margin. 
 “Foreign Plan” is defined in
Section 5.09(d). 
 “Foreign Subsidiary” means any Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“Fund” means 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. 
 “GAAP” has the
meaning set forth in Section 1.06. 
 “Government Securities” means securities that are: 

  
 27 

 (a) direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged; or 
 (b) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific
payment of the principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of the principal of or interest on the Government Securities
evidenced by such depository receipt. 
 “Governmental Entity” means any nation, sovereign or government, any state,
province, territory or other political subdivision thereof, any regulatory agency, commission, court, body, entity or authority exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government,
including a central bank or stock exchange. 
 “GSMP Investors” means (i) GS Mezzanine Partners V, L.P., GS Mezzanine
Partners V Offshore, L.P. and GS Mezzanine Partners V Institutional, L.P., and any successor investment funds to the foregoing funds managed by Goldman, Sachs & Co., and (ii) any subsidiaries, investment vehicles, alternative
investment vehicles, special purpose vehicles and conduits through which such funds routes funds or makes investments. 
 “GS Loan
Funds” means (i) GS Loan Partners I, L.P., GS Loan Partners I Onshore, L.P., GS Loan Partners I Offshore B, L.P. and GS Loan Partners Offshore C, L.P., and any successor investment funds to the foregoing funds managed by Goldman,
Sachs & Co., including entities and managed accounts managed by the Merchant Banking Division of Goldman, Sachs &Co. and that invest primarily in senior secured loans and (ii) any subsidiaries, investment vehicles, alternative
investment vehicles, special purpose vehicles and conduits through which such funds routes funds or makes investments. 

“Guarantors” means (i) MPSW, MoneyGram Payment Systems, Inc., a Delaware corporation, MoneyGram of New York LLC, a
Delaware limited liability company, any Person which becomes a Guarantor pursuant to the last sentence of Section 6.23 and (ii) any other Wholly-Owned Subsidiary that (A) is a Material Domestic Subsidiary on the date hereof (other
than any SPE) or (B) is required to become a Guarantor after the date hereof pursuant to Section 6.23. 

  
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 “Guaranty” means that certain Guaranty dated as of May 18, 2011
executed by each Guarantor in favor of the Administrative Agent, for the ratable benefit of the Lenders and the Secured Parties, as it may be amended or modified (including by joinder agreement) and in effect from time to time. 

“Hazardous Materials” means (i) petroleum, petroleum by-products, petroleum
derivatives, hydrocarbons, toxic mold, asbestos, lead based paint, radioactive materials, medical or infectious wastes or polychlorinated biphenyls and (ii) any other material, substance or waste that is prohibited, limited or regulated by
Environmental Law because of its hazardous, toxic or deleterious properties or characteristics. 
 “Hedge Bank” means any
Person that (i) at the time it enters into Rate Management Transaction with the Borrower or any Subsidiary, is a Lender or an Affiliate of a Lender or (ii) (x) is a party to a Rate Management Transaction with the Borrower or any Subsidiary
entered into prior to the Amendment Effective Date and in existence on the date hereof, and (y) is a Lender or an Affiliate of a Lender as of the Amendment Effective Date, in each case as a party to such Rate Management Transaction. 

“Incremental Amendment” is defined in Section 2.25(c). 

“Incremental Facilities” is defined in Section 2.25(b). 

“Incremental Lender” is defined in Section 2.25(c). 

“Incremental Second Lien Notes” has the meaning set forth in Section 2.25. 

“Incremental Term Loan” is defined in Section 2.25(a). 

“Incremental Unsecured Notes” has the meaning set forth in Section 2.25. 

“Indebtedness” of a Person means, without duplication, such Person’s (i) obligations for borrowed money,
(ii) obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person’s business), (iii) to the extent not otherwise included in this definition,
Indebtedness of another Person whether or not assumed, secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, (iv) obligations (or, without double counting, reimbursement
obligations in respect thereof) which are evidenced by notes, acceptances, or other similar instruments to the extent not collateralized with Cash and Cash Equivalents or banker’s acceptances, (v) Capitalized Lease Obligations,
(vi) letters of credit or similar instruments which are issued upon the application of such Person or upon which such Person is an account party to the extent not collateralized with Cash and Cash

  
 29 

 
Equivalents or banker’s acceptances, (vii) to the extent not otherwise included, any obligation (each, a “Contingent Obligation”) by such Person to be liable for, or to
pay, as obligor, guarantor or otherwise, on the Indebtedness of another Person, other than by endorsement of negotiable instruments for collection in the ordinary course of business, (viii) Rate Management Obligations, and (ix) any other
financial accommodation which in accordance with GAAP would be shown as a liability on the consolidated balance sheet of such Person. For the purposes hereof, the amount of any Contingent Obligation shall be deemed to be an amount equal to the
stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. In respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the amount of such Indebtedness shall be the lesser of the fair market value of such assets at
the date of determination and the amount of the Indebtedness of the other Person secured by such asset. Notwithstanding the foregoing, the following shall not constitute Indebtedness: (i) Payment Services Obligations, (ii) obligations to
repay Payment Instruments Funding Amounts, (iii) Rate Management Obligations (to the extent incurred in the ordinary course of business and not for speculative purposes), (iv) Purchase Agreement Equity and (v) ordinary course contractual
obligations with clearing banks relative to clearing accounts. 
 “Indemnitee” is defined in Section 9.06(b). 

“Initial Revolving Credit Maturity Date” has the meaning set forth in the definition of “Revolving Credit Maturity
Date”. 
 “Insolvency Proceedings” means, with respect to any Person, any case or proceeding with respect to such
Person under U.S. federal bankruptcy laws or any other state, federal or foreign bankruptcy, insolvency, reorganization, liquidation, receivership or other similar laws, or the appointment, whether at common law, in equity or otherwise, of any
trustee, custodian, receiver, liquidator or the like for all or any material portion of the property of such Person. 
 “Intellectual
Property” means the following and all rights pertaining thereto: (i) patents, patent applications, (including all provisional divisional, continuation, continuation in part, and renewal applications) and statutory invention
registrations (including all utility models and other patent rights under the Laws of all countries) and any renewals, extensions or reissues of any of the foregoing, (ii) trademarks, service marks, trade dress, logos, trade names, service
names, corporate names, domain names and other brand identifiers, all goodwill associated with the foregoing, registrations and applications for registration thereof, including all extensions, modifications and renewals of any such registration or
application (iii) copyrights, software, databases, and registrations and applications for registration thereof, and any renewals or extensions thereof, (iv) confidential and proprietary information, trade secrets, and know-how, 

  
 30 

 
including any confidential inventions (whether patentable or not) and (v) all similar rights, however denominated, throughout the world. 

“Interest Coverage Ratio” means, for any date, the ratio of (i) Consolidated EBITDA of the Borrower for the period of
four consecutive fiscal quarters ended on or most recently prior to such date to (ii) Consolidated Cash Interest Expense of the Borrower for such period. 

“Interest Period” means, with respect to a Eurodollar Advance, a period of 1, 2, 3 or 6 months (or, if acceptable to all
relevant Lenders, 9 or 12 months or a period shorter than one month) commencing on a Business Day selected by the Borrower pursuant to this Agreement. Such Interest Period shall end on the day which corresponds numerically to such date one, two,
three or six months (or other applicable period) thereafter, provided, however, that (x) if there is no such numerically corresponding day in such next, second, third or sixth (or other corresponding) succeeding month, such
Interest Period shall end on the last Business Day of such next, second, third or sixth (or other corresponding) succeeding month, (y) if an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall
end on the next succeeding Business Day unless such next succeeding Business Day falls in a new calendar month, in which case such Interest Period shall end on the immediately preceding Business Day, and (z) no Interest Period shall extend
beyond the Maturity Date of the Facility under which such Loan was made (and, in the case of any Interest Period for a Revolving Loan that begins before the Initial Revolving Credit Maturity Date (if any
Non-Extending Lenders are holding Revolving Credit Commitments at such time) and would otherwise end after the Initial Revolving Credit Maturity Date, such Interest Period shall end on the Initial Revolving
Credit Maturity Date). 
 “Investment” of a Person means all investments by such Person in any other Person in the form of
any loan, advance (other than commission, travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms
customary in the trade), contribution of capital by such Person or Capital Stock, bonds, mutual funds, notes, debentures or other securities of such other Person. 

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

“Law” means any federal, state, local or foreign law (including the common law), statute, ordinance, rule, regulation,
judgment, judicial decision, code, order, injunction, arbitration award, writ, decree, agency requirement, license or permit of any Governmental Entity. 

  
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 “LC Disbursement” means a payment made by the LC Issuer pursuant to a
Letter of Credit which has not yet been reimbursed by or on behalf of the Borrower. 
 “LC Exposure” means, at any time, the
sum of (i) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (ii) the aggregate amount of all LC Disbursements at such time. The LC Exposure of any Lender at any time shall be its Pro Rata Share of
the total LC Exposure at such time. 
 “LC Fee” is defined in Section 2.22(k). 

“LC Issuer” means JPMorgan Chase Bank, N.A., Bank of America and each other Lender that agrees in writing with the Borrower
and the Administrative Agent to issue Letters of Credit, in each case, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.22(i). Each LC Issuer may, in its discretion,
arrange for one or more Letters of Credit to be issued by Affiliates of such LC Issuer, in which case the term “LC Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. With respect to
any Letter of Credit, “LC Issuer” shall mean the issuer thereof. 
 “Lender” has the meaning specified in
the introductory paragraph to this Agreement, any Person which becomes a party hereto pursuant to Section 2.25 and their respective successors and assigns. Unless otherwise specified, the term “Lenders” includes a Lender in its
capacity as the Swing Line Lender. 
 “Lending Installation” means, with respect to a Lender or the Administrative Agent,
the office, branch, subsidiary or affiliate of such Lender or the Administrative Agent listed on the signature pages hereof or on a Schedule or otherwise selected by such Lender or the Administrative Agent pursuant to Section 2.20. 

“Letter of Credit” means any standby letter of credit issued pursuant to this Agreement (including any Outstanding Letter of
Credit). 
 “Letter of Credit Application” means a letter of credit application or agreement entered into or submitted by
the Borrower pursuant to Section 2.22(b). 
 “Issuer Documents” means with respect to any Letter of Credit, the Letter
of Credit Application, and any other document, agreement and instrument entered into by the LC Issuer and the Borrower (or any Subsidiary) or in favor of the LC Issuer and relating to such Letter of Credit. 

“Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, encumbrance or preference, priority
or other security agreement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or 

  
 32 

 
other title retention agreement). For the purposes hereof, none of the following shall be deemed to be Liens: (i) setoff rights or statutory liens arising in the ordinary course of business,
(ii) restrictive contractual obligations with respect to assets comprising the Payment Instruments Funding Amounts or Payment Service Obligations; provided that such contractual obligations are no more restrictive in nature than those in
effect on the Amendment Effective Date, (iii) Liens purported to be created under Repurchase Agreements; provided that such Liens do not extend to any assets other than those that are the subject of such Repurchase Agreements,
(iv) ordinary course of business contractual obligations with clearing banks relative to clearing accounts or (v) operating leases. 

“Loan” means a Revolving Loan, a Term Loan or a Swing Line Loan. 

“Loan Documents” means this Agreement, any amendment hereto, any Letter of Credit Application, any Notes issued pursuant to
Section 2.16, the Guaranty, each Incremental Amendment and the Collateral Documents. 
 “Loan Parties” means the
Borrower and each of the other Guarantors that is a party to a Loan Document. 
 “Majority Revolving Credit Facility
Lenders” means the holders of more than 50% of the Aggregate Outstanding Revolving Credit Exposure and unused Revolving Commitments at such time, exclusive of Affected Lenders of the type described in clause (iii) or (iv) of
Section 2.23(b). 
 “Material Adverse Effect” means any event, condition or circumstance that has occurred since
December 31, 2012 that could reasonably be expected to have a material adverse effect on (i) the business, financial condition, results of operations or assets of the Borrower and its Subsidiaries, taken as a whole, (ii) the ability
of the Loan Parties, taken as a whole, to perform their obligations under the Loan Documents or (iii) the rights or remedies of the Administrative Agent or the Lenders under the Loan Documents, taken as a whole (other than, in each case, as
related to: (A) the valuation of the investment portfolio of the Borrower and its Subsidiaries and (B) any shareholder or derivative litigation arising as a result of the transactions contemplated hereby and/or the disclosure of or failure
to disclose information related to the valuation of the investment portfolio of the Borrower and its Subsidiaries). 
 “Material
Domestic Subsidiary” means a Domestic Subsidiary (other than an SPE) which, together with its Subsidiaries, either (i) has 5% or more of the consolidated total assets (valued at the greater of book or fair market value) of the Borrower
and its Subsidiaries determined on a consolidated basis as of the fiscal quarter end next preceding the date of determination, (ii) accounted for 5% or more of consolidated total revenues of the Borrower and its Subsidiaries determined on a
consolidated basis as of the last day of each fiscal year of the Borrower for the four consecutive fiscal quarters then ended or (iii) has been designated as a Material Domestic Subsidiary by the Borrower. 

  
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 “Material Indebtedness” means Indebtedness and/or Rate Management
Obligations in an outstanding principal or net payment amount of $35,000,000 or more in the aggregate (or the equivalent thereof in any currency other than U.S. dollars). 

“Material Indebtedness Agreement” means any agreement under which any Material Indebtedness was created or is governed or
which provides for the incurrence of Indebtedness in an amount which would constitute Material Indebtedness (whether or not an amount of Indebtedness constituting Material Indebtedness is outstanding thereunder). 

“Material Registered IP” is defined in Section 5.18(b). 

“Maturity Date” shall mean (i) with respect to the Term Loans in effect on the Amendment Effective Date, the Term Loan
Maturity Date, (ii) with respect to the Revolving Credit Commitments in effect on the Amendment Effective Date, the Revolving Credit Maturity Date and (iii) with respect to any Incremental Term Loans or any Additional Revolving Facility,
the final maturity date as specified in the applicable Incremental Amendment; provided that if any such day is not a Business Day, the applicable Maturity Date shall be the Business Day immediately preceding such day (notwithstanding anything
to the contrary in Section 1.05). 
 “Merrill Lynch” means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

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

“MPSW” has the meaning specified in the introductory paragraph to this Agreement. 

“Multiemployer Plan” is defined in Section 5.09(c). 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and
before any reduction in respect of preferred stock dividends. 
 “Net Proceeds” means, with respect to any event,
(i) the cash proceeds received in respect of such event, including (A) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of
principal pursuant to a note or installment receivable or purchase price adjustment or earn-out, but excluding any reasonable interest payments), but only as and when received, (B) in the case of a
casualty, cash insurance proceeds, and (C) in the case of a condemnation or similar event, cash condemnation awards and similar payments received in connection therewith, minus (ii) the sum of direct costs relating to such event and the
sale or disposition of such non-cash proceeds, including, without limitation, legal, accounting and investment banking fees, 

  
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brokerage and sales commissions, any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions
and, if such costs have not been incurred or invoiced, the Borrower’s or the applicable Subsidiary’s good faith estimates thereof), amounts required to be applied to the repayment of principal, premium or penalty, if any, and interest on
Indebtedness required to be paid as a result of such transaction and any deduction of appropriate amounts to be provided by the Borrower or its Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset
disposed of in such transaction and retained by the Borrower or its Subsidiaries after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to
environmental matters or against any indemnification obligations associated with such transaction. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting
Lender at such time. 
 “Non-Extending Lender” shall have the meaning assigned to
such term in Amendment No. 2. 
 “Non-Guarantor Subsidiary” means any
Subsidiary of the Borrower that is not a Guarantor. 
 “Non-U.S. Lender” is defined
in Section 3.05(d). 
 “Note” means any one or more of a Revolving Credit Note, Term Note or Swing Line Note. 

“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all reimbursement obligations with
respect to LC Disbursements, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Borrower and the other Loan Parties to the Lenders or to any Lender, the Administrative Agent or any indemnified
party arising under the Loan Documents. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.08. For all purposes of
this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be
“outstanding” in the amount so remaining available to be drawn. 
 “OFAC” means the Office of Foreign Assets
Control of the United States Department of the Treasury. 
 “OID” is defined in Section 2.25(b). 

“Original Credit Agreement” is defined in the first recital hereto. 

  
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 “Original Effective Date” means May 18, 2011. 

“Original Lenders” is defined in the first recital hereto. 

“Original Term Loans” means Term Loans (as such term is defined in the Original Credit Agreement) made under the Original
Credit Agreement. 
 “Other Taxes” is defined in Section 3.05(b). 

“Outstanding Letters of Credit” is defined in Section 2.22(l). 

“Outstanding Revolving Credit Exposure” means, as to any Revolving Lender at any time, the sum of (i) the aggregate
principal amount of its Revolving Loans outstanding at such time, plus (ii) an amount equal to its LC Exposure at such time, plus (iii) an amount equal to its Swing Line Exposure at such time. 

“Pari Passu First Lien Notes” has the meaning set forth in Section 2.25. 

“Participant” is defined in Section 12.01(d). 

“Payment Date” means the last Business Day of each calendar year quarter. 

“Payment Instruments Funding Amounts” means amounts advanced to and retained by the Borrower and its Subsidiaries as advance
funding for the payment instruments or obligations arising under an official check agreement or a customer agreement entered into in the ordinary course of business. 

“Payment Service Obligations” means all liabilities of the Borrower and its Subsidiaries calculated in accordance with GAAP
for outstanding payment instruments (as classified and defined as Payment Service Obligations in the Borrower’s latest Annual Report on Form 10-K under the Exchange Act, and if the Borrower is not subject
to the reporting requirements of Section 13(a) or Section 15(d) of the Exchange Act, the Borrower’s most recent audited financial statements). 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Permits” means all permits, licenses, authorizations, orders and approvals of, and filings, applications and registrations
with, Governmental Entities. 
 “Permitted Liens” means Liens permitted by Section 6.18. 

“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association,
enterprise, trust or other entity 

  
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or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 

“Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding
standards under Section 412 of the Code as to which the Borrower or any member of the Controlled Group may have any liability. 

“Portfolio Securities” means, collectively, portfolio securities (i) designated as “trading investments”
on the Borrower’s consolidated financial statements, (ii) designated as “available for sale investments” on the Borrower’s consolidated financial statements or (iii) otherwise designated as investments on the
Borrower’s consolidated financial statements, in each case valued at fair value in accordance with GAAP. 
 “Prepayment
Event” means: 
 (a) any sale, transfer or other disposition pursuant to Section 6.16(j) or (t) other than
dispositions resulting in aggregate Net Proceeds not exceeding (1) $5,000,000 in the case of any single transaction or series of related transactions or (2) $15,000,000 for all such transactions during any fiscal year of the Borrower; or 

(b) the incurrence by the Borrower or any Domestic Subsidiary after the Amendment Effective Date of any Indebtedness other than
Indebtedness permitted under Section 6.14. 
 “Prime Rate” means the rate of interest per annum publicly announced from
time to time by Bank of America, N.A. as its prime rate; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or
other assets owned, leased or operated by such Person. 
 “Pro Rata Share” means, with respect to a Lender, a portion equal
to a fraction the numerator of which is such Lender’s Revolving Credit Commitment (or, if the Aggregate Revolving Credit Commitment has expired or been terminated, such Lender’s Revolving Credit Commitment immediately prior to such
expiration or termination, giving effect to any subsequent assignments made pursuant to the terms hereof and any subsequent repayments of such Lender’s Revolving Loans and reductions in such Lender’s participation exposure relative to
Letters of Credit and Swing Line Loans) and the denominator of which is the Aggregate Revolving Credit Commitments (or, if the Aggregate Revolving Credit Commitment has expired or been terminated, the Aggregate Revolving Credit Commitment
immediately prior to such expiration or termination, giving effect to 

  
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any subsequent repayments of the Revolving Loans and reductions in the aggregate participation exposure relative to Letters of Credit and Swing Line Loans). 

“Purchase Agreement Equity” means Capital Stock of the Borrower issued to the Sponsors pursuant to the terms of (a) the
Equity Purchase Agreement, including any Capital Stock into which such equity is converted or any additional Capital Stock issued after the Original Effective Date pursuant to the terms of the certificates of designation referred to in, and attached
as exhibits to, the Equity Purchase Agreement, or (b) the Recapitalization Agreement. 
 “Rate Management Obligations”
of a Person means any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor),
under (i) any and all Rate Management Transactions, (ii) any guaranty of obligations described under clause (i) and (iii) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Management
Transactions. 
 “Rate Management Transaction” means any transaction (including an agreement with respect thereto) now
existing or hereafter entered into by the Borrower or any of its Subsidiaries which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction
(including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Recapitalization Agreement” means that certain Recapitalization Agreement dated as of March 7, 2011, among the Borrower,
the THL Investors and the GS Investors (each as defined in the Recapitalization Agreement), as amended from time to time. 

“Refinanced Commitment” and “Refinanced Term Loans” are each defined in Section 8.03. 

“Refinanced Restricted Indebtedness” is defined in Section 6.13(e)(i). 

“Refinancing Indebtedness” is defined in Section 6.14(j). 

“Refinancing Restricted Indebtedness” is defined in Section 6.13(e). 

“Register” is defined in Section 12.01(c). 

  
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 “Regulation D” means Regulation D of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and
any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System.

 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Release” means any
release, spill, emission, leaking, pumping, emitting, discharging, injecting, escaping, leaching, dumping, disposing or migrating into or through the indoor or outdoor environment. 

“Remaining Basket Amount” means, at any time, the excess (if any) of (i) the Basket Amount determined at such time over
(ii) the aggregate amount, from and after the Amendment Effective Date up to the time of determination, of (A) all Restricted Payments made pursuant to Section 6.13(g) (excluding, for the avoidance of doubt, any payments made in
connection with the Second Lien Redemption) and (B) Investments made pursuant to Section 6.17(a)(v)(C) or 6.17(t), all determined at the time of making any such Restricted Payment or Investment or incurring such Indebtedness (each, in this
definition, a “transaction”), before giving effect to such transaction but after giving effect to any and all other simultaneous transactions. 

“Rentals” of a Person means the aggregate fixed amounts payable by such Person under any Operating Lease. 

“Replacement Commitments” and “Replacement Term Loans” are each defined in Section 8.03. 

“Reportable Event” means a reportable event as defined in Section 4043(c) of ERISA and the regulations issued under such
section, with respect to a Single Employer Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event,
provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement
in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code. 

  
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 “Repricing Transaction” means the prepayment, refinancing, substitution or
replacement of all or a portion of the Term Loans with the incurrence by the Borrower or any Subsidiary of any debt financing having an effective interest cost or weighted average yield (with the comparative determinations to be made by the
Administrative Agent consistent with generally accepted financial practices, after giving effect to, among other factors, margin, interest rate floors, upfront or similar fees or original issue discount shared with all providers of such financing,
but excluding the effect of any arrangement, structuring, syndication or other fees payable in connection therewith that are not shared with all providers of such financing, and without taking into account any fluctuations in the Eurodollar Rate)
that is less than the effective interest rate for or weighted average yield (as determined by the Administrative Agent on the same basis) of such Term Loans, including without limitation, as may be effected through any amendment to this Agreement
relating to the interest rate for, or weighted average yield of, such Term Loans. 
 “Repurchase Agreement” means an
agreement of a Person to purchase securities arising out of or in connection with the sale of the same or substantially similar securities. 

“Required Amount of Loans” means, at any time, the amount of Loans required to be held by Lenders in order for such Lenders to
constitute “Required Lenders” (without giving effect to the first proviso in Section 8.02). 
 “Required
Lenders” means, at any time, Lenders having in the aggregate more than 50% of the sum of (i) the Term Balance at such time plus (ii) the sum of the Aggregate Outstanding Revolving Credit Exposure and the unused Revolving
Credit Commitments at such time, in each case exclusive of Affected Lenders of the type described in clause (iii) or (iv) of Section 2.23(b) (such Affected Lender, a “Defaulting Lender”) and subject to
Section 12.01(h)(iv). 
 “Required Term Lenders” means, at any time, Term Lenders having in the aggregate more than 50%
of the sum of the Term Balance at such time. 
 “Restricted Investment Portfolio” means assets of the Borrower and its
Subsidiaries which are restricted by state law, contract or otherwise designated by the Borrower for the payment of Payment Service Obligations. 

“Restricted Payment” means (i) any dividend or distribution in respect of the Capital Stock of the Borrower or any
Subsidiary, (ii) any redemption, repurchase, acquisition or other retirement of the Capital Stock of the Borrower and (iii) any principal or other payment on, or any redemption, repurchase, defeasance, acquisition or other retirement of
any Subordinated Indebtedness (other than Indebtedness permitted under Sections 6.14(h), (r), (s), (t), (v) and (w) and excluding, for the avoidance of doubt, any payment made in connection with the Second Lien Redemption) in each case prior to
any scheduled repayment, sinking fund or maturity. 

  
 40 

 “Revolver Financial Covenants” shall mean the covenants set forth in
Section 6.22. 
 “Revolver Financial Covenant Default” means (i) a failure to comply with Section 6.22 or
(ii) the taking of any action by the Borrower or its Subsidiaries if such action was prohibited hereunder solely due to the existence of a Revolver Financial Covenant Default of the type described in clause (i) of this definition. It is
understood and agreed that this definition may not be amended without the written consent of the Majority Revolving Credit Facility Lenders. 

“Revolver Step-Down Period” means any period, after the first six months after the Amendment Effective Date, during which the
Secured Leverage Ratio is less than 2.5 to 1.0 (such period to be measured as provided in the definition of Applicable Margin). 

“Revolver Termination Date” means the first date on which the Revolving Credit Commitments shall have been terminated in full,
all Revolving Loans shall have been paid in full, all accrued and unpaid interest and fees payable in connection with the Revolving Credit Commitments and the Revolving Loans shall have been paid in full, and there shall be no Letter of Credit
outstanding hereunder that has not been fully Cash Collateralized or backstopped by a letter of credit reasonably satisfactory to the applicable LC Issuer. 

“Revolving Credit Advance” means an Advance made by the Revolving Lenders pursuant to Section 2.03 or any Additional
Revolving Facilities. 
 “Revolving Credit Commitment” shall mean, as to each Revolving Lender, the commitment of such
Lender to make Revolving Loans and to acquire participations in Swing Line Loans and Letters of Credit as provided for herein, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Revolving
Lender’s name, on the Commitment Schedule or in the Assignment and Acceptance or Incremental Amendment pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this
Agreement. 
 “Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving Credit Commitments at
such time. 
 “Revolving Credit Maturity Date” means (i) with respect to the Revolving Loans and Revolving Credit
Commitment of any Extending Lender, September 28, 2019, or, if such day is not a Business Day, the next preceding Business Day (the “Extended Revolving Credit Maturity Date”) and (ii) with respect to the Revolving Loans
and Revolving Credit Commitments of any Non-Extending Lender, March 28, 2018, or, if such day is not a Business Day, the next preceding Business Day (the “Initial Revolving Credit Maturity
Date”). 

  
 41 

 “Revolving Credit Note” means a promissory note in substantially the form
of Exhibit A hereto, with appropriate insertions, and payable to the order of a Lender in the amount of its Revolving Credit Commitment, including any amendment, modification, renewal or replacement of such promissory note. 

“Revolving Lender” means a Lender having a Revolving Credit Commitment. 

“Revolving Loan” means, with respect to a Revolving Lender, such Lender’s loans made pursuant to Section 2.03 hereof
and any Additional Revolving Facilities. 
 “S&P” means Standard and Poor’s Ratings Services, a division of The
McGraw Hill Companies, Inc. 
 “Sanction(s)” means any sanction administered or enforced by the United States Government
(including without limitation, OFAC), the United Nations Security Council, the European Union or Her Majesty’s Treasury (“HMT”). 

“Scheduled Restricted Investments” means the securities listed on Schedule 2 hereto. 

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

“Second Lien Indebtedness” means the senior second lien indebtedness incurred by MPSW pursuant to that certain Indenture,
dated as of March 25, 2008, among MPSW, the guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee, as amended by supplements thereto prior to the Amendment Effective Date. 

“Second Lien Redemption” means the prepayment and redemption in full of the Second Lien Indebtedness (including the payment of
any premium in connection therewith) to occur on the Amendment Effective Date. 
 “Secured Cash Management Obligation” means
any Cash Management Obligation that is owed by the Borrower or any of its Subsidiaries to any Cash Management Bank. 
 “Secured Hedge
Obligation” means any Rate Management Obligation that is owing by the Borrower or any of its Subsidiaries to any Hedge Bank regardless of whether such Hedge Bank ceases to be a Lender or an Affiliate of a Lender, but excluding (a) Rate
Management Obligations arising from trades or confirmations entered into after such Hedge Bank ceases to be a Lender or an Affiliate of a Lender and (b) solely with respect to any Guarantor that is not an “eligible contract
participant” under the Commodity Exchange Act or any regulations promulgated thereunder, Excluded Swap Obligations owing by such Guarantor. 

  
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 “Secured Indebtedness” means the sum of (a) Indebtedness of the
Borrower and its Subsidiaries of the types referred to in clauses (i), (iii) and (iv) of the definition thereof, in each case to the extent secured by Liens plus (b) Indebtedness of the Borrower and its Subsidiaries of the type referred to
in clause (v) of the definition thereof. 
 “Secured Leverage Ratio” means at any time the ratio of (i) Secured
Indebtedness to (ii) Consolidated EBITDA of the Borrower and its Subsidiaries for the then most-recently ended four fiscal quarters. 

“Secured Obligations” means, collectively, the Obligations, the Secured Cash Management Obligations and the Secured Hedge
Obligations. 
 “Secured Parties” means the Administrative Agent, the Collateral Agent, the Lenders, the Hedge Banks and the
Cash Management Banks. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
thereunder. 
 “Similar Business” means (i) the global funds transfer and payment services business conducted by the
Borrower and its Subsidiaries, (ii) any other business described under the heading “Business” in the Borrower’s Annual Report on Form 10-K under the Exchange Act for the fiscal year
ended December 31, 2012, and (iii) any business that is similar, reasonably related, incidental, complementary or ancillary thereto or any reasonable extension thereof. 

“Single Employer Plan” means a Plan (other than a Multiemployer Plan) maintained by the Borrower or any member of the
Controlled Group for employees of the Borrower or any member of the Controlled Group. 
 “Specified Debt Fund” means
(i) any GSMP Investors and any GS Loan Funds and (ii) any other Affiliate of a Sponsor that is a bona fide debt fund or an investment vehicle that is primarily engaged in or advises debt funds or other investment vehicles that are engaged
in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and with respect to which a Sponsor and investment vehicles managed or advised by a Sponsor that are not
engaged primarily in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of business do not make the investment decisions for such entity. 

“Specified Equity Contribution” is defined in Section 6.22. 

“Specified Securities” means the securities set forth on Schedule 2 listed under
“C-2” and “C-3”. 

  
 43 

 “SPEs” means Ferrum Trust, a Delaware business trust, Tsavorite Trust, a
Delaware business trust, Hematite Trust, a Delaware business trust, and, to the extent the formation thereof is not prohibited hereunder, any Wholly-Owned Subsidiary of the Borrower or trust (which is consolidated with the Borrower for financial
statement purposes), in each case formed for the limited organizational purpose of isolating and transferring a limited and specified pool of assets and related rights and obligations with respect to Payment Service Obligations, which assets shall
consist solely of (i) Cash and Cash Equivalents, (ii) Portfolio Securities (including, for purposes of clarity, Scheduled Restricted Investments), (iii) Accounts Receivable, (iv) Rate Management Obligations (with respect to interest
rate hedging) that relate to Portfolio Securities and Payment Service Obligations. 
 “Sponsors” means Thomas H. Lee
Partners L.P., Goldman Sachs Credit Partners L.P. and Goldman Sachs Mezzanine Partners, and their respective affiliates. 

“Step-Down Period” means (i) for Revolving Loans or Swing Line Loans, a Revolver Step-Down Period and (ii) for Term
Loans, a Term Step-Down Period. 
 “Subordinated Indebtedness” means any Indebtedness which is by its terms subordinated in
right of payment or in respect of the proceeds of any collateral to the Obligations. 
 “Subsidiary” of a Person means: 

(a) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company
or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of
determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; 

(b) any partnership, joint venture, limited liability company or similar entity of which: 

(i) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited
partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited
partnership or otherwise, and 

  
 44 

 (ii) such Person or any Subsidiary of such Person is a controlling general
partner or otherwise controls such entity; and 
 (c) with respect to the Borrower and any Subsidiary which owns such SPE,
any SPE. 
 Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Borrower. 

“Substantial Portion” means, with respect to the Property of the Borrower and its Subsidiaries, Property which represents more
than 10% of the consolidated assets (excluding Portfolio Securities) of the Borrower and its Subsidiaries, as would be shown in the consolidated financial statements of the Borrower and its Subsidiaries as at the beginning of the twelve-month period
ending with the month in which such determination is made (or if financial statements have not been delivered hereunder for that month which begins the twelve-month period, then the financial statements delivered hereunder for the quarter ending
immediately prior to that month). 
 “Swap Obligations” means with respect to any Guarantor 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. 

“Swing Line Borrowing Notice” is defined in Section 2.07(b). 

“Swing Line Commitment” means, with respect to the Swing Line Lender, its commitment to make Swing Line Loans to the Borrower
pursuant to Section 2.07 in an aggregate outstanding amount at no time exceeding its Swing Line Commitment amount specified on the Commitment Schedule. 

“Swing Line Exposure” means, at any time, the aggregate principal amount of all Swing Line Loans outstanding at such time. The
Swing Line Exposure of any Lender at any time shall be its Pro Rata Share of the total Swing Line Exposure at such time. 
 “Swing
Line Lender” means Bank of America. 
 “Swing Line Loan” means a Loan made available to the Borrower by the Swing
Line Lender pursuant to Section 2.07. 
 “Swing Line Note” means a promissory note, in substantially the form of
Exhibit C hereto, with appropriate insertions, and payable to the order of the Swing Line Lender in the principal amount of its Swing Line Commitment, including any amendment, modification, renewal or replacement of such promissory note. 

“Syndication Agent” means Wells Fargo Bank, N.A. and its successor, in its capacity as syndication agent. 

  
 45 

 “Tax-Efficient Restructuring” means
one or more transfers from MoneyGram Payment Systems, Inc. to one or more Non-Guarantors of Intellectual Property and related contracts with an aggregate fair market value, for all such transfers during the
term of this Agreement, of not greater than $100,000,000 as part of a restructuring deemed by the Borrower to be tax efficient for the Borrower and its Subsidiaries. 

“Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings, and any and
all liabilities with respect to the foregoing, but excluding Excluded Taxes and Other Taxes. 
 “Term Balance” means, at any
time, the then aggregate outstanding principal amount of the Term Loans. 
 “Term Facility” means the Term Loans and the
Term Loan Commitments made available to the Borrower on the Amendment Effective Date. 
 “Term Lender” means, at any time,
each Lender that has a Term Loan Commitment or is the holder of a Term Loan. 
 “Term Loan” means, with respect to each
Lender, such Lender’s pro-rata portion of (i) any term Advance made by the Lenders on the Amendment Effective Date pursuant to Section 2.01 and (ii) any Incremental Term Loan, and, with
respect to all Lenders, the aggregate of all such pro-rata portions. 
 “Term Loan
Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make a Term Loan hereunder on the Amendment Effective Date, expressed as an amount representing the maximum principal amount of the Term Loan to be
made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.10 and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Lender pursuant to an
Assignment and Acceptance or (ii) an Incremental Amendment. The amount of each Lender’s Term Loan Commitment is set forth on the Commitment Schedule or in the Assignment and Acceptance or Incremental Amendment pursuant to which such Lender
shall have assumed its Term Loan Commitment, as the case may be. 
 “Term Loan Maturity Date” means March 28, 2020 or,
with respect to any Incremental Term Loans, the final maturity date as specified in the applicable Incremental Amendment (or, in either case, if such day is not a Business Day, the next preceding Business Day). 

“Term Note” means a promissory note, in substantially the form of Exhibit B hereto, with appropriate insertions, and payable
to the order of a Lender in the amount of such Lender’s Term Loan, including any amendment, modification, renewal. 

  
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 “Term Step-Down Period” means any period, after the first six months after
the Amendment Effective Date, during which the Total Leverage Ratio is less than 2.5 to 1.0 (such period to be measured as provided in the definition of Applicable Margin). 

“Total Leverage Ratio” means, at any time, the ratio of (i) Consolidated Total Indebtedness of the Borrower and its
Subsidiaries at such time to (ii) Consolidated EBITDA of the Borrower and its Subsidiaries (a) for purposes of Section 6.22(d) only, for the four fiscal quarter period ending on such date of determination, or (b) for all other
purposes herein, for the then most-recently ended four fiscal quarters for which financial statements are available. 
 “Total
Leverage Threshold” means a Total Leverage Ratio of 4.5 to 1.0. 
 “Tranche B-1
Commitment” means, for each Tranche B-1 Lender, the amount as defined therefor in the First Incremental Agreement. 

“Tranche B-1 Funding Date” means the date on which the Tranche B-1 Loans are made (if at all) pursuant to the First Incremental Agreement. 
 “Tranche B-1 Lender” means the “Tranche B-1 Lenders” identified in and party to the First Incremental Agreement. 

“Tranche B-1 Loan” has the meaning set forth in Section 2.01. 

“Transactions” means the transactions contemplated by this Agreement and the other Loan Documents including, without
limitation, the borrowing of Loans hereunder, the refinancing of the Original Term Loans and the Second Lien Redemption. 

“Transferee” is defined in Section 12.02. 

“Type” means, with respect to any Advance, its nature as a Floating Rate Advance or a Eurodollar Advance and with respect to
any Loan, its nature as a Floating Rate Loan or a Eurodollar Loan. 
 “Unfunded Liabilities” means the amount (if any) by
which the present value of all vested and unvested accrued benefits under all Single Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such
Plans based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87. 
 “Unmatured
Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default. 

  
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 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness, Disqualified Stock or preferred stock, as the case may be, at any date, the quotient obtained by dividing: 

(a) the sum of the products of the number of years from the date of determination to the date of each successive scheduled
principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or preferred stock multiplied by the amount of such payment, by 

(b) the sum of all such payments. 

“Wells Fargo” means Wells Fargo Bank, N.A. 

“Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person. 

“Write-Down and Conversion Powers” means, 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 1.02. Terms Generally.
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, amended and restated, supplemented 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 permitted successors and permitted 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 and (e) 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. 
 Section 1.03. Rounding. The calculation of any
financial ratios under this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which 

  
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such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-down if there is no nearest number). 

Section 1.04. Times of Day. Unless otherwise specified, all references herein to times of day shall be references to New
York time (daylight or standard, as applicable). 
 Section 1.05. Timing of Payment or Performance. When the payment of
any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment or performance shall extend to the immediately succeeding Business Day
and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that with respect to any payment of interest on or principal of Eurodollar Loans, if such extension would cause any such payment to be
made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day. 
 Section 1.06.
Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with generally accepted accounting principles as in
effect from time to time in the United States, but (i) without giving effect to any changes in lease accounting after the Amendment Effective Date and (ii) any calculation or determination which is to be made on a consolidated basis shall
be made for the Borrower and all of its Subsidiaries, including those Subsidiaries, if any, which are unconsolidated on the Borrower’s audited financial statements (such principles as so modified, “GAAP”). If at any time any
change in GAAP or application thereof would affect the computation of any financial ratio or requirement set forth in any Loan Document, and the Borrower, the Administrative Agent or the Required Lenders shall so request, the Administrative Agent,
the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP or the application thereof (subject to the approval of the Required Lenders);
provided that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP or application thereof prior to such change therein and the Borrower shall provide to the Administrative Agent and the Lenders
reconciliation statements showing the difference in such calculation, together with the delivery of quarterly and annual financial statements required hereunder. 

Section 1.07. Pro Forma Calculations. For purposes of determining compliance with any ratio set forth herein, such ratio
shall be calculated in each case on a pro forma basis as follows: 
 (a) In the event that the Borrower or any Subsidiary incurs, assumes,
guarantees or redeems any Indebtedness subsequent to the commencement of the period for which such ratio is being calculated but on or prior to or simultaneously with the event for which the calculation of such ratio is made (the
“Calculation Date”), then such ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee or redemption of Indebtedness, as if the same had occurred at the beginning of the applicable reference
period. 

  
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 (b) For purposes of making the computation referred to above, Investments, acquisitions,
dispositions, mergers and consolidations that have been made by the Borrower or any Subsidiary during the reference period or subsequent to the reference period and on or prior to or simultaneously with the Calculation Date shall be given pro forma
effect as if all such Investments, acquisitions, dispositions, mergers and consolidations (and all related financing transactions) had occurred on the first day of the reference period. Additionally, if since the beginning of such reference period
any Person that subsequently became a Subsidiary or was merged with or into the Borrower or any Subsidiary since the beginning of such reference period shall have made any Investment, acquisition, disposition, merger or consolidation that would have
required adjustment pursuant to this definition, then such ratio shall be calculated giving pro forma effect thereto for such reference period as if such Investment, acquisition, disposition, merger or consolidation (and all related financing
transactions) had occurred at the beginning of the reference period. 
 (c) For purposes of the calculations referred to herein, whenever pro
forma effect is to be given to a transaction, the pro forma calculations (including any cost savings associated therewith) shall be made in good faith by a responsible financial or accounting officer of the Borrower. In addition, any such pro forma
calculation may include adjustments appropriate, in the reasonable determination of the Borrower, to reflect any operating expense reductions and other operating improvements or synergies projected in good faith to result from any acquisition,
amalgamation, merger or operational change (including, to the extent applicable, from the Transactions); provided that (x) such operating expense reductions and other operating improvements or synergies are reasonably identifiable and factually
supportable, (y) with respect to operational changes resulting from an acquisition, such actions are taken or committed to be taken no later than 15 months after date of such acquisition and (z) the aggregate amount of projected operating
expense reductions, operating improvements and synergies in respect of operational changes (not resulting from an acquisition) included in any pro forma calculation shall not exceed $20,000,000 for any four consecutive fiscal quarter period unless
otherwise approved by the Administrative Agent. 
 (d) If any Indebtedness bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Rate Management Obligations applicable to such Indebtedness).
For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the reference
period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually
chosen, or, if none, then based upon such optional rate as the Borrower may designate. 

  
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 (e) Any Person that is a Subsidiary on the Calculation Date will be deemed to have been a
Subsidiary at all times during the reference period, and any Person that is not a Subsidiary on the Calculation Date will be deemed not to have been a Subsidiary at any time during the reference period. 

Section 1.08. Letter of Credit Amount. Unless otherwise specified herein, the amount of a Letter of Credit at any time
shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for
one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated
amount is in effect at such time. 
 ARTICLE 2 

THE CREDITS 

Section 2.01. Term Loans.  

(a) Each Term Lender severally (and not jointly) agrees, on the terms and conditions set forth in this Agreement, to make a Term Loan to the
Borrower on the Amendment Effective Date in the amount of its respective Term Loan Commitment. No amount of the Term Loan which is repaid or prepaid by the Borrower may be reborrowed hereunder. Not later than 1:00 p.m., New York City time, on the
Amendment Effective Date, each Term Lender shall make available funds equal to its Term Loan Commitment in immediately available funds to the Administrative Agent at its address specified pursuant to Article 13. Gross proceeds required to be funded
by each Term Lender with respect to the Term Loans shall be equal to 100% of the principal amount of such Term Loan. 
 (b) Each Tranche B-1 Lender severally (and not jointly) agreed, on the terms and subject to the conditions set forth in the First Incremental Agreement, to make an Incremental Term Loan (each, a “Tranche B-1 Loan”) to the Borrower on the Tranche B-1 Funding Date in the amount of such Tranche B-1 Lender’s Tranche B-1 Commitment. The Tranche B-1 Loans shall constitute the same Class of Term Loans under the Credit Agreement as the Class of Term Loans made by the Lenders on the
Amendment Effective Date. No amount of any Tranche B-1 Loan which is repaid or prepaid by the Borrower may be reborrowed hereunder. Not later than 1:00 p.m., New York City time, on the Tranche B-1 Funding Date, each Tranche B-1 Lender shall make available funds equal to its Tranche B-1 Commitment in immediately available funds
to the Administrative Agent at its address specified pursuant to Article 13 of the Credit Agreement. Gross proceeds required to be funded by each Tranche B-1 Lender with respect to its Tranche B-1 Loan shall be equal to 99.875% of the principal amount of such Tranche B-1 Loan. 

  
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 Section 2.02. Term Loan Repayment.  

(a) From and after the Tranche B-1 Funding Date, the Borrower shall repay to the Administrative Agent
for the ratable account of the applicable Term Lenders (including the Tranche B-1 Lenders) (i) on the last Business Day of each March, June, September and December, commencing with the last Business Day
of June 2014, an amount equal to $2,453,282.83 (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.10(a)) and (ii) on the Term Loan Maturity Date,
the aggregate principal amount of such Term Loans outstanding on such date (or, in the case of Incremental Term Loans other than the Tranche B-1 Loans, as provided in the applicable Incremental Amendment),
together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment. 
 (b)
To the extent not previously paid, all Term Loans shall be due and payable on the Term Loan Maturity Date, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment. 

(c) All repayments pursuant to this Section 2.02 shall be subject to Section 3.04, but shall otherwise be without premium or
penalty. 
 Section 2.03. Revolving Credit Commitments.  

(a) From and including the Amendment Effective Date and prior to the Maturity Date, each Revolving Lender severally agrees, on the terms and
conditions set forth in this Agreement, to (a) make or continue Revolving Loans to the Borrower from time to time and (b) participate in Letters of Credit issued upon the request of the Borrower; provided that, after giving effect to the
making of each such Loan and the issuance of each such Letter of Credit, such Lender’s Outstanding Revolving Credit Exposure shall not exceed in the aggregate the amount of its Revolving Credit Commitment and the Aggregate Outstanding Revolving
Credit Exposure shall not exceed the Aggregate Revolving Credit Commitment. Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow Revolving Loans, in whole or in part, at any time prior to the Maturity Date. The
Revolving Credit Commitment of each Revolving Credit Lender to extend credit hereunder shall expire on (i) in the case of any Non-Extending Lender, the Initial Revolving Credit Maturity Date and
(ii) in the case of any Extending Lender, the Extended Revolving Credit Maturity Date. 
 (b) The Revolving Credit Commitment of each Non-Extending Lender shall terminate, and its Revolving Credit Loans made by such Non-Extending Lender shall mature on the Initial Revolving Credit Maturity Date. On the
Initial Revolving Credit Maturity Date the respective LC Exposures of the Extending Lenders shall be redetermined on the basis of their respective Revolving Credit Commitments after giving effect to such termination and the LC Exposure;
provided that the Borrower shall, if and to the extent necessary to permit such 

  
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redetermination of the respective LC Exposures of the Revolving Lenders within the limits of the Revolving Credit Commitments which are not terminated, prepay on such date all or a portion of the
outstanding Revolving Loans, and such redetermination and termination of LC Exposures shall be conditioned upon its having done so. 

Section 2.04. Other Required Payments. All outstanding Revolving Loans, Swing Line Loans, unreimbursed LC Disbursements and
all other unpaid Obligations shall be paid in full by the Borrower on the Maturity Date or, in the case of Additional Revolving Facilities, as specified in the Incremental Amendment. 

Section 2.05. Ratable Loans. Each Revolving Credit Advance hereunder shall consist of Revolving Loans made from the several
Revolving Lenders ratably according to their Pro Rata Shares. 
 Section 2.06. Types of Advances. The Advances may be
Floating Rate Advances or Eurodollar Advances, or a combination thereof, selected by the Borrower in accordance with Sections 2.11 and 2.12, or Swing Line Loans selected by the Borrower in accordance with Section 2.07. 

Section 2.07. Swing Line Loans.  

(a) (i) Subject to the terms and conditions set forth herein, the Swing Line Lender agrees to make Swing Line Loans to the Borrower from time
to time from and including the Amendment Effective Date and prior to its Revolving Credit Maturity Date, in an aggregate principal amount at any time outstanding that will not result in (ii) the aggregate principal amount of outstanding Swing
Line Loans exceeding $45,000,000, (iii) the aggregate principal amount of the Swing Line Lender’s outstanding Swing Line Loans exceeding its Swing Line Commitment, or (iv) the sum of the Aggregate Outstanding Revolving Credit Exposure
exceeding the Aggregate Revolving Credit Commitment; provided that the Swing Line Lender shall not be required to make a Swing Line Loan to refinance an outstanding Swing Line Loan. Within the foregoing limits and subject to the terms and conditions
set forth herein, the Borrower may borrow, prepay and reborrow Swing Line Loans. The Borrower will repay in full each Swing Line Loan on or before the fifth (5th) Business Day after the Borrowing Date for such Swing Line Loan. 

(b) To request a Swing Line Loan, the Borrower shall notify the Administrative Agent of such request by telephone or electronic mail (to such
electronic mail addresses as the Administrative Agent shall specify) (in each case confirmed by telecopy), not later than 1:00 p.m., New York City time, on the day of a proposed Swing Line Loan. Each such notice (a “Swing Line Borrowing
Notice”) shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swing Line Loan, which shall be an amount not less than $1,000,000. The Administrative Agent will promptly advise
the Swing Line Lender of any such notice received from the Borrower. The Swing Line Lender shall make each Swing Line Loan available to the Borrower 

  
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by means of a credit to a general deposit account of the Borrower with the Swing Line Lender or wire transfer to an account designated by the Borrower (or, in the case of a Swing Line Loan made
to finance the reimbursement of an LC Disbursement as provided in Section 2.22(e), by remittance to the LC Issuer) by 3:00 p.m., New York City time, on the requested date of such Swing Line Loan. 

(c) The Swing Line Lender may (and shall on the fifth (5th) Business Day after the Borrowing Date of each Swing Line Loan made by it that is
then still outstanding) by written notice given to the Administrative Agent not later than 1:00 p.m., New York City time, on any Business Day require the Revolving Lenders to acquire participations on such Business Day in all or a portion of its
Swing Line Loans outstanding. Such notice shall specify the aggregate amount of Swing Line Loans in which Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving
Lender, specifying in such notice such Lender’s Pro Rata Share of such Swing Line Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent,
for the account of the Swing Line Lender, such Lender’s Pro Rata Share of such Swing Line Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swing Line Loans pursuant to this paragraph
is unconditional, continuing, irrevocable and absolute and shall not be affected by any circumstances, including, without limitation, (i) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the
Administrative Agent, the Swing Line Lender or any other Person, (ii) the occurrence or continuance, prior to or after the funding of any Swing Line Loan, of a Default or Unmatured Default, (iii) any adverse change in the condition
(financial or otherwise) of the Borrower or (iv) any other circumstance, happening or event whatsoever, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender shall
comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.11 with respect to Loans made by such Lender (and Sections 2.11 and 2.21 shall apply, mutatis mutandis,
to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swing Line Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrower of any participations in any
Swing Line Loan acquired pursuant to this paragraph. Any amounts received by the Swing Line Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swing Line Loan after receipt by the Swing Line Lender of the proceeds of
a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments
pursuant to this paragraph and to the Swing Line Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swing Line Lender or to the Administrative Agent, as applicable, if and to the extent
such payment is required to be refunded to the Borrower for any 

  
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reason. The purchase of participations in a Swing Line Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 

Section 2.08. Commitment Fee; Reductions in Aggregate Revolving Credit Commitment.  

(a) (i) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee (other than any
Revolving Lender that is a Defaulting Lender), which shall accrue at the rate of 0.50% calculated per annum on the daily amount of the difference between the Revolving Credit Commitment of such Lender and the Outstanding Revolving Credit Exposure
(excluding Swing Line Exposure) of such Lender during the period from and including the Amendment Effective Date but excluding the date on which such Revolving Credit Commitment terminates. Accrued commitment fees shall be payable in arrears on the
last Business Day of March, June, September and December of each year and on the date on which the Revolving Credit Commitments terminate, commencing on the first such date to occur after the Amendment Effective Date. All commitment fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(b) The Borrower may permanently reduce the Aggregate Revolving Credit Commitment in whole, or in part ratably among the Revolving Lenders in
minimum amounts of $10,000,000 and integral multiples of $1,000,000 in excess thereof, upon at least three Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided,
however, that the amount of the Aggregate Revolving Credit Commitment may not be reduced below the Aggregate Outstanding Revolving Credit Exposure and further provided that a notice of a reduction of the Aggregate Revolving
Credit Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to
the specified effective date) if such condition is not satisfied. All accrued commitment fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder. 

Section 2.09. Minimum Amount of Each Advance. Each Eurodollar Advance (other than an Advance to repay Swing Line Loans or
with respect to any Incremental Term Loans or Additional Revolving Credit Facilities, to the extent otherwise provided in the related Incremental Amendment) shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess
thereof), and each Floating Rate Advance (other than a Swing Line Loan or with respect to any Incremental Term Loan or Additional Revolving Facility, to the extent otherwise provided in the related Incremental Amendment) shall be in the minimum
amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof), provided, however, that any Revolving Credit Advance which is a Floating Rate Advance may be in the amount of the unused Aggregate Revolving Credit Commitment.

  
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 Section 2.10. Optional and Mandatory Principal Payments.  

(a) The Borrower may from time to time pay, without premium or penalty except as provided in clause (b) below, all outstanding Floating
Rate Advances (other than Swing Line Loans), or, in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the outstanding Floating Rate Advances (other than Swing Line Loans) upon one
Business Day’s prior notice to the Administrative Agent. The Borrower may at any time pay, without penalty or premium, all outstanding Swing Line Loans, or, in a minimum amount of $1,000,000 and increments of $500,000 in excess thereof, any
portion of the outstanding Swing Line Loans, with notice to the Administrative Agent and the Swing Line Lender by 12:00 p.m., New York City time, on the date of repayment. The Borrower may from time to time pay, subject to the payment of any funding
indemnification amounts required by Section 3.04 and subject to clause (b) below, all outstanding Eurodollar Advances, or, in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of
the outstanding Eurodollar Advances upon three Business Days’ prior notice to the Administrative Agent. All voluntary principal payments in respect of the Term Loan shall be applied to the principal installments thereof in such order as the
Borrower may elect, or if not so specified on or prior to the date of such optional prepayment, in the direct order of maturity. All mandatory principal payments in respect of the Term Loan shall be applied to the principal installments thereof
under Section 2.02 in the direct order of maturity. 
 (b) In the event that, on or prior to the date that is six months after the
Tranche B-1 Funding Date, the Borrower (x) prepays, refinances, substitutes or replaces any Term Loans (including Tranche B-1 Loans) in connection with a Repricing
Transaction (including, for avoidance of doubt, any prepayment made pursuant to Section 2.10(c) that constitutes a Repricing Transaction), or (y) effects any amendment of this Agreement resulting in a Repricing Transaction, the Borrower
shall pay to the Administrative Agent, for the ratable account of each of the applicable Term Lenders, (I) in the case of clause (x), a prepayment premium of 1.00% of the aggregate principal amount of the Term Loans (including Tranche B-1 Loans) so prepaid, refinanced, substituted or replaced and (II) in the case of clause (y), a fee equal to 1.00% of the aggregate principal amount of the applicable Term Loans (including Tranche B-1 Loans) outstanding immediately prior to such amendment. Such amounts shall be due and payable on the date of effectiveness of such Repricing Transaction. 

(c) In the event and on each occasion that any Net Proceeds are received by or on behalf of the Borrower or any of its Subsidiaries in respect
of any Prepayment Event, the Borrower shall, within five Business Days after such Net Proceeds are received, prepay the Term Loan until paid in full and/or Revolving Credit Loans in accordance with Section 2.10(e) below; provided that in
the case of any such event described in clause (a) of the definition of the term “Prepayment Event,” if the Borrower or any Subsidiary applies (or commits to 

  
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apply) the Net Proceeds from such event (or a portion thereof) within 12 months after receipt of such Net Proceeds to pay all or a portion of the purchase price in connection with an Acquisition
permitted hereunder of a Similar Business or to acquire, restore, replace, rebuild, develop, maintain or upgrade real property, equipment or other capital assets useful or to be used in the business of the Borrower and the Subsidiaries (and, in each
case, the Borrower has delivered to the Administrative Agent within five Business Days after such Net Proceeds are received a certificate of its Financial Officer stating its intention to do so and certifying that no Default has occurred and is
continuing), then, so long as no Default has occurred and is continuing at the time of the giving of such notice and at the time of the proposed reinvestment, no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds
in respect of such event (or the portion of such Net Proceeds specified in such certificate, if applicable) except to the extent of any such Net Proceeds therefrom that have not been so applied (or committed to be so applied) by the end of such 12
month period, (or if committed to be so applied within such 12 month period, have not been so applied within 180 days after such 12 month period has expired). The Borrower shall provide to the Administrative Agent any such evidence reasonably
requested by the Administrative Agent with respect to any commitment of the Borrower or any Subsidiary to apply Net Proceeds in accordance with this Section 2.10(c). 

(d) Following the end of each fiscal year of the Borrower, commencing with the fiscal year ending December 31, 2013, the Borrower shall
prepay the Term Loans and/or Revolving Credit Loans in an aggregate amount equal to the ECF Percentage of Excess Cash Flow for such fiscal year (except, in the case of the fiscal year ending December 31, 2013, Excess Cash Flow shall be
calculated without regard for the first fiscal quarter of such fiscal year). Each prepayment pursuant to this clause shall be made on or before the date that is five Business Days after the date on which annual financial statements are required to
be delivered pursuant to Section 6.01(a) with respect to the fiscal year for which Excess Cash Flow is being calculated. Notwithstanding the foregoing, the amount required to be prepaid pursuant to this clause with respect to any fiscal year
shall be reduced dollar for dollar by the amount of (i) voluntary prepayments of Revolving Loans which were accompanied by corresponding permanent reductions in the Aggregate Revolving Credit Commitment, (ii) all optional prepayments of
the Term Loans, and (iii) mandatory prepayments of the Term Loans, in each case only to the extent that such prepayments (A) were made by the Borrower or its Subsidiaries after the start of the applicable fiscal year and prior to the due
date for (or, if earlier, the actual payment date of) the prepayment under this clause with respect to such fiscal year and (B) have not resulted in a reduction of Excess Cash Flow or prepayments pursuant to this clause with respect to any
prior fiscal year. 
 (e) In the event of a prepayment pursuant to Section 2.10(c) or (d), the prepayment amount shall be applied,
first to repay outstanding Term Loans (and principal installments thereof on a pro rata basis) and second, to repay outstanding 

  
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Revolving Loans, without any corresponding reduction in the Revolving Credit Commitment. 

(f) If, on the day that is eight Business Days after the last day of any calendar month, the Loan Parties have any Excess Cash Balance as of
the last day of such preceding calendar month, then on the following Business Day such Excess Cash Balance shall be applied to repay outstanding Revolving Loans to the extent necessary to reduce the outstanding principal amount of Revolving Loans to
zero, without any corresponding reduction in the Revolving Credit Commitment. For the avoidance of doubt, in no event is any repayment of any Term Loans required under this Section 2.10(f). 

Section 2.11. Method of Selecting Types and Interest Periods for New Advances. The Borrower shall select the Type of
Advance and, in the case of each Eurodollar Advance, the Interest Period applicable thereto from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) not later than 12:00 noon, New
York City time, on the Borrowing Date of each Floating Rate Advance (other than a Swing Line Loan) and three Business Days before the Borrowing Date for each Eurodollar Advance. Each such notice shall specify: 

(a) the Borrowing Date, which shall be a Business Day, of such Advance, 

(b) the aggregate amount of such Advance, 

(c) the Type of Advance selected, and 

(d) in the case of each Eurodollar Advance, the Interest Period applicable thereto. 

Not later than 1:00 p.m., New York City time, on each Borrowing Date, each Lender shall make available its Revolving Loan or Revolving Loans
in funds immediately available in Chicago to the Administrative Agent at its address specified pursuant to Article 13. The Administrative Agent will make the funds so received from the Lenders available to the Borrower in an account designated
in writing by the Borrower. Borrower shall not have more than 8 Eurodollar Loans outstanding at one time. 
 Section 2.12.
Conversion and Continuation of Outstanding Advances. Floating Rate Advances (other than Swing Line Loans) shall continue as Floating Rate Advances unless and until such Floating Rate Advances are converted into Eurodollar Advances
pursuant to this Section 2.12 or are repaid in accordance with Section 2.10. Each Eurodollar Advance shall continue as a Eurodollar Advance until the end of the then applicable Interest Period therefor, at which time such Eurodollar
Advance shall be automatically converted into a Floating Rate Advance unless (x) such Eurodollar Advance is or was repaid in accordance with Section 2.10 or (y) the Borrower shall have given the Administrative Agent a
Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such Eurodollar Advance continue as a 

  
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Eurodollar Advance for the same or another Interest Period. Subject to the terms of Section 2.09, the Borrower may elect from time to time to convert all or any part of a Floating Rate
Advance (other than Swing Line Loans) into a Eurodollar Advance. The Borrower shall give the Administrative Agent irrevocable notice (a “Conversion/ Continuation Notice”) of each conversion of a Floating Rate Advance into a
Eurodollar Advance or continuation of a Eurodollar Advance not later than 2:00 p.m., New York City time, at least three Business Days prior to the date of the requested conversion or continuation, specifying: 

(a) the requested date, which shall be a Business Day, of such conversion or continuation, 

(b) the aggregate amount and Type of the Advance which is to be converted or continued, and 

(c) the amount of such Advance which is to be converted into or continued as a Eurodollar Advance and the duration of the Interest Period
applicable thereto. 
 Section 2.13. Changes in Interest Rate, Etc. Each Floating Rate Advance (other than Swing Line
Loans) shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from a Eurodollar Advance into a Floating Rate Advance pursuant to Section 2.12,
to but excluding the date it is paid or is converted into a Eurodollar Advance pursuant to Section 2.12 hereof, at a rate per annum equal to the Floating Rate plus the Applicable Margin for such day. Each Swing Line Loan shall bear
interest on the outstanding principal amount thereof, for each day from and including the day such Swing Line Loan is made to but excluding the date it is paid hereof, at a rate per annum equal to the Floating Rate plus the Applicable Margin
for such day. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Eurodollar Advance shall bear interest on the
outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined by the Administrative Agent as applicable to
such Eurodollar Advance based upon the Borrower’s selections under Sections 2.11 and 2.12 and otherwise in accordance with the terms hereof, plus the Applicable Margin. No Interest Period may end after the Maturity Date applicable to
each Lender. 
 Section 2.14. Rates Applicable After Default. Notwithstanding anything to the contrary contained in
Section 2.11, 2.12 or 2.13, during the continuance of a Default, the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of
Section 8.02 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default under Section 7.02,
unless waived by the Required Lenders or until such defaulted amount shall have been paid in full, (a) each overdue Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable
hereunder to such Interest Period plus 2% per annum and (b) each overdue Floating Rate Advance and all overdue fees and other 

  
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overdue amounts payable hereunder shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus the Applicable Margin plus 2% per annum, in
each case without any election or action on the part of the Administrative Agent or any Lender. 
 Section 2.15. Method of
Payment. All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to
Article 13, or at any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower, by noon (local time) on the date when due and shall (except with respect to repayments of Swing Line Loans
and except in the case of reimbursement obligations with respect to LC Disbursements for which the LC Issuer has not been fully indemnified by the Lenders, or as otherwise specifically required hereunder) be applied ratably by the Administrative
Agent among the applicable Lenders. Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent
received at its address specified pursuant to Article 13 or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender. Each reference to the Administrative Agent in this Section 2.15 shall also be
deemed to refer, and shall apply equally, to the LC Issuer, in the case of payments required to be made by the Borrower to the LC Issuer pursuant to Section 2.22(e). 

Section 2.16. Noteless Agreement; Evidence Of Indebtedness.  

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to
such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(b) The Administrative Agent shall also maintain the Register as set forth in Section 12.01(c). 

(c) The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie evidence of the
existence and amounts of the Obligations therein recorded absent manifest error; provided, however, that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner
affect the obligation of the Borrower to repay the Obligations in accordance with their terms. 
 (d) Any Lender may request that its Loans
be evidenced by a promissory note in substantially the form of a Revolving Credit Note, a Term Note or a Swing Line Note, in each case as applicable. In such event, the Borrower shall prepare, execute and deliver to such Lender such Note payable to
the order of such Lender. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (prior to any assignment pursuant to Section 12.01) be represented by one or more Notes payable to the order of the payee named
therein, except to the extent that any such Lender subsequently returns any 

  
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such Note for cancellation and requests that such Loans once again be evidenced as described in paragraphs (a) and (b) above. 

Section 2.17. Telephonic Notices. The Borrower hereby authorizes the Lenders and the Administrative Agent to extend,
convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any person or persons the Administrative Agent or any Lender in good faith believes to be acting on behalf of the
Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to deliver promptly to the Administrative Agent a
written confirmation, if such confirmation is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the
Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error. 

Section 2.18. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Floating Rate Advance shall be
payable on each Payment Date, commencing with the first such date to occur after the Amendment Effective Date and at maturity. Interest accrued on each Eurodollar Advance shall be payable on the last day of its applicable Interest Period, on any
date on which the Eurodollar Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar Advance having an Interest Period longer than three months shall also be payable on the last day of each
three-month interval during such Interest Period. Interest on Eurodollar Advances, commitment fees and LC Fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on Floating
Rate Advances shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if
payment is received prior to 12:00 noon, New York City time, at the place of payment. If any payment of principal of or interest on an Advance or other amount hereunder shall become due on a day which is not a Business Day, such payment shall be
made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. 

Section 2.19. Notification of Advances, Interest Rates, Prepayments and Revolving Credit Commitment Reductions. Promptly
after receipt thereof, the Administrative Agent will notify each Lender of the contents of each Aggregate Revolving Credit Commitment reduction notice, Borrowing Notice, Swing Line Borrowing Notice, Conversion/Continuation Notice, and repayment
notice received by it hereunder. Promptly after notice from the LC Issuer, the Administrative Agent will notify each Lender of the contents of each request for issuance of a Letter of Credit hereunder. The Administrative Agent will notify each
Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate. 

Section 2.20. Lending Installations. Each Lender may book its Loans and its participation in any LC Exposure and the LC
Issuer may book the Letters of Credit at any Lending Installation selected by such Lender or the LC Issuer, as the case may be, and may change its Lending Installation from time to time. All terms of this Agreement shall

  
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apply to any such Lending Installation and the Loans, Letters of Credit, participations in LC Exposure and any Notes issued hereunder shall be deemed held by each Lender or the LC Issuer, as the
case may be, for the benefit of any such Lending Installation. Each Lender and the LC Issuer may, by written notice to the Administrative Agent and the Borrower in accordance with Article 13, designate replacement or additional Lending Installations
through which Loans will be made by it or Letters of Credit will be issued by it and for whose account Loan payments or payments with respect to Letters of Credit are to be made. 

Section 2.21. Non Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the case may be,
notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of the Borrower, a payment of principal,
interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated
to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such
payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by
the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three days and, thereafter,
the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan. 

Section 2.22. Letters of Credit.  

(a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit for its
own account, in a form reasonably acceptable to the applicable LC Issuer, at any time and from time to time from and including the Amendment Effective Date and prior to the Revolving Credit Maturity Date. In the event of any inconsistency between
the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the LC Issuer relating to any Letter of Credit, the
terms and conditions of this Agreement shall control. Notwithstanding anything herein contained to the contrary, the LC Issuer shall not be under any obligation to issue any Letter of Credit if the issuance of the Letter of Credit would violate one
or more policies of the LC Issuer applicable to letters of credit generally. 
 (b) Notice of Issuance, Amendment, Renewal, Extension;
Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall mail, hand deliver or telecopy (or transmit by electronic communication, if
arrangements for doing so have been approved by the LC Issuer) to the LC Issuer and the Administrative Agent (reasonably in advance of the requested date of 

  
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issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date
of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit in Dollars, the name
and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the LC Issuer, the Borrower also shall submit a letter of credit application on the LC
Issuer’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit, the Borrower
shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (x) the LC Exposure shall not exceed $45,000,000 and (y) the Aggregate Outstanding Revolving Credit Exposure shall not
exceed the Aggregate Revolving Credit Commitment. 
 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close
of business on the earlier of (x) the date one year after the date of the issuance of such Letter of Credit and (y) seven days prior to the Extended Revolving Credit Maturity Date then in effect; provided that any Letter of Credit
with a one year period may provide for the renewal thereof for additional one year periods but in no event shall the date of such Letters of Credit extend beyond the period in clause (y) hereof. 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and
without any further action on the part of the LC Issuer or the Lenders, the LC Issuer hereby grants to each Lender, and each Lender hereby acquires from the LC Issuer, a participation in such Letter of Credit equal to such Lender’s Pro Rata
Share of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of
the LC Issuer, such Lender’s Pro Rata Share of each LC Disbursement made by the LC Issuer and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be
refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any
offset, abatement, withholding or reduction whatsoever. 
 (e) Reimbursement. If the LC Issuer shall make any LC Disbursement in
respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC 

  
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Disbursement not later than 12:00 noon, New York City time, on the Business Day next following the date notice of such drawing is given to the Borrower (any such notice received after 1:00 p.m.,
New York City time, shall be deemed received by the Borrower on the next Business Day); provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.07 or 2.11 that such
payment be financed with a Revolving Credit Advance which is a Floating Rate Advance or Swing Line Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by
the resulting Revolving Credit Advance or Swing Line Loan. If the Borrower fails to reimburse an LC Disbursement when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in
respect thereof and such Lender’s Pro Rata Share thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Pro Rata Share of the payment then due from the Borrower, in the same manner as provided
in Section 2.11 with respect to Loans made by such Lender (and Sections 2.11 and 2.21 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the LC Issuer the amounts so
received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the LC Issuer or, to the extent that
Lenders have made payments pursuant to this paragraph to reimburse the LC Issuer, then to such Lenders and the LC Issuer as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the LC Issuer for any LC
Disbursement (other than the funding of a Revolving Credit Advance or a Swing Line Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. Until each Lender
funds its Revolving Credit Advance or Swing Line Loan pursuant to this Section 2.22(e) to reimburse the LC Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Pro Rata Share of such amount shall be
solely for the account of the LC Issuer. 
 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of
(i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the LC Issuer under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit,
or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the

  
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Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the LC Issuer, nor any of their Related Parties, shall have any liability or responsibility by reason of
or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption,
loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any
consequence arising from causes beyond the control of the LC Issuer; provided that the foregoing shall not be construed to excuse the LC Issuer from liability to the Borrower to the extent of any direct damages (as opposed to consequential
damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the LC Issuer’s failure to exercise care when determining whether drafts and other
documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence, willful misconduct or bad faith, in each case on the part of the LC Issuer, the LC Issuer shall
be deemed to have exercised care in each such determination. The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the
Borrower’s instructions or other irregularity, the Borrower will promptly notify the LC Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the LC Issuer and its correspondents unless such notice is
given as aforesaid. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of
Credit, the LC Issuer may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment
upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. The LC Issuer shall not be under any obligation to issue any Letter of Credit if any Revolving Lender is at such time a Defaulting Lender
hereunder, unless the LC Issuer has entered into satisfactory arrangements with the Borrower or such Lender to eliminate the LC Issuer’s risk with respect to such Lender (after giving effect to Section 2.26(a)(iii)). The LC Issuer may send
a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of
communicating with a beneficiary. 
 (g) Disbursement Procedures. The LC Issuer shall, promptly following its receipt thereof,
examine all documents purporting to represent a demand for payment under a Letter of Credit. The LC Issuer shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether
the LC Issuer has made or will make an 

  
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LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the LC Issuer and the Lenders
with respect to any such LC Disbursement. 
 (h) Interim Interest. If the LC Issuer shall make any LC Disbursement, then, unless the
Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made (or, if notice of such LC
Disbursement is given later than 1:00 p.m., New York City time, on the date of such LC Disbursement, then from and including the next Business Day) to but excluding the date that the Borrower reimburses such LC Disbursement, at the Floating Rate
plus the Applicable Margin; provided that, if the Borrower fails to reimburse such LC Disbursement within five Business Days of the date when due pursuant to paragraph (e) of this Section, then the unpaid amount thereof shall bear
interest, for each day from and including the date when due to and including the date that the Borrower reimburses such LC Disbursement, at the Floating Rate plus the Applicable Margin plus 2% per annum. Interest accrued pursuant to
this paragraph shall be for the account of the LC Issuer with respect to the applicable Letter of Credit, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse such LC
Issuer shall be for the account of such Lender to the extent of such payment. 
 (i) Replacement of the LC Issuer. An LC Issuer may
be replaced at any time by written agreement among the Borrower, the Administrative Agent and the successor LC Issuer. The Administrative Agent shall notify the Lenders of any such replacement of an LC Issuer. At the time any such replacement shall
become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced LC Issuer pursuant to paragraph (k) of this Section. From and after the effective date of any such replacement, (x) the successor LC Issuer
shall have all the rights and obligations of an LC Issuer under this Agreement with respect to Letters of Credit to be issued thereafter and (y) references herein to the term “LC Issuer” shall be deemed to refer to such
successor or to any previous LC Issuer, or to such successor and all previous LC Issuers, as the context shall require. After the replacement of an LC Issuer hereunder, the replaced LC Issuer shall remain a party hereto and shall continue to have
all the rights and obligations of an LC Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

(j) Cash Collateralization. If any Default shall occur and be continuing and the Borrower receives notice from the Administrative Agent
or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding that the Borrower provide Cash Collateral for the LC Exposure (which notice
shall be delivered no earlier than the earlier of the fifth Business Day of such Default continuing and the date of any acceleration of the Obligations with respect to such 

  
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Default), the Borrower shall, on the Business Day of the receipt of such notice, Cash Collateralize the LC Exposure; provided that the obligation to deposit such Cash Collateral shall
become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Default with respect to the Borrower described in Section 7.06 or 7.07. Such deposit
shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of
withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such
deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the LC Issuer for LC Disbursements for which it has
not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the
consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of Cash Collateral hereunder
as a result of the occurrence of a Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Defaults have been cured or waived. 

(k) Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender (other than any
Revolving Lender that is a Defaulting Lender) a participation fee (the “LC Fee”) with respect to its participations in Letters of Credit, which shall accrue at a per annum rate equal to the Applicable Margin then in effect with
respect to Revolving Loans that are Eurodollar Loans on the face amount of such Letters of Credit during the period from and including the Amendment Effective Date to but excluding the later of the date on which such Lender’s Commitment
terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to each LC Issuer a fronting fee, which shall accrue at the rate per annum separately agreed upon (but no more than 0.125% per annum) between the Borrower and
such LC Issuer on the daily amount of the LC Exposure with respect to Letters of Credit issued by such LC Issuer (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Amendment
Effective Date to but excluding the later of the date of termination of the Revolving Credit Commitments and the date on which there ceases to be any LC Exposure, as well as such LC Issuer’s standard fees with respect to the issuance,
amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. LC Fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third
Business Day following such last day, commencing on the first such date to occur 

  
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after the Amendment Effective Date; provided that all such fees shall be payable on the date on which the Revolving Credit Commitments terminate and any such fees accruing after the date
on which the Revolving Credit Commitments terminate shall be payable on demand. Any other fees payable to the LC Issuers pursuant to this paragraph shall be payable within 30 days after demand. All LC Fees and fronting fees shall be computed on the
basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(l) Outstanding Letters of Credit. The letters of credit set forth on Schedule 2.22 hereto (the “Outstanding Letters of
Credit”) were issued or deemed issued pursuant to the Original Credit Agreement and remain outstanding as of the date of this Agreement. The Borrower, the LC Issuer and each of the Revolving Lenders hereby agree with respect to the
Outstanding Letters of Credit that effective upon the Amendment Effective Date (A) such Outstanding Letters of Credit shall be deemed to be Letters of Credit issued under and governed in all respects by the terms and conditions of this
Agreement and (B) each Lender shall participate in each Outstanding Letter of Credit in an amount equal to its Pro Rata Share of the face amount of such Outstanding Letter of Credit. 

(m) Benefits and Immunities. The LC Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and
the documents associated therewith, and the LC Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article 10 with respect to any acts taken or omissions suffered by the LC Issuer in connection with
Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article 10 included the LC Issuer with respect to such acts
or omissions, and (B) as additionally provided herein with respect to the LC Issuer. 
 Section 2.23. Mitigation Obligations;
Replacement of Lender.  
 (a) If any Lender requires the Borrower to pay any additional amount to any Lender or to any
Governmental Entity for the account of any Lender pursuant to Section 3.05, 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 sole good faith judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.05, 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 Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment. 
 (b) If (i) the Borrower is required pursuant to Section 3.01, 3.02 or 3.05
to make any additional payment to any Lender, (ii) any Lender’s obligation to make or continue, or to convert Floating Rate Advances into, Eurodollar 

  
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Advances shall be suspended pursuant to Section 3.03, (iii) any Lender shall (x) default in its obligation to fund Loans hereunder or to pay to the Administrative Agent, the LC Issuer,
Swing Line Lender or any other Lender any other amount required to be paid by it hereunder, (y) notify the Borrower, the Administrative Agent, the LC Issuer or the Swing Line Lender in writing that it does not intend to comply with its
obligation to fund Loans hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied) or (z) fail, within five Business
Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall
cease to be an “Affected Lender” pursuant to this clause (z) upon receipt of such written confirmation by the Administrative Agent and the Borrower), (iv) any Lender or such Lender’s direct or indirect parent company shall
become the subject of a bankruptcy, insolvency, reorganization, receivership, liquidation or any similar proceeding (provided that a Lender shall not be an “Affected Lender” hereunder solely by virtue of the ownership or acquisition
of any Capital Stock in that Lender or any direct or indirect parent company thereof by a Governmental Entity so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the
United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Entity) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender), (v) any
Lender shall fail to consent to a departure or waiver of any provision of the Loan Documents or fail to agree to any amendment thereto, which waiver, consent or amendment requires the consent of all Lenders or of all Lenders directly affected
thereby and has been consented to by the Required Lenders or (vi) any Revolving Lender shall become subject to a Bail-In Action (any Lender described in clause (i), (ii), (iii), (iv), (v) or
(vi) being an “Affected Lender”), the Borrower may (x) elect to replace such Affected Lender as a Lender party to this Agreement; provided that the Borrower shall have such right only if (i) concurrently
with such replacement, (A) another bank or other entity (other than a Disqualified Institution at the time of assignment) which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase
for cash the Loans and other Obligations due to the Affected Lender pursuant to an assignment substantially in the form of Exhibit D and to become a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to
be terminated as of such date and to comply with the requirements of Section 12.01 applicable to assignments, and (B) the Borrower shall pay to such Affected Lender in same day funds on the day of such replacement (x) all interest,
fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Affected Lender

  
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under Sections 3.01, 3.02 and 3.05, and (y) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 3.04 had the
Loans or other Obligations of such Affected Lender been prepaid on such date rather than sold to the replacement Lender, (i) in the case of clause (i) or (ii) above, such additional payments continue to be required or such suspension is
still effective and will be reduced or negated by such assignment and (ii) in the case of (iv) above, the applicable Eligible Assignee shall have agreed to the applicable departure, waiver or amendment of the Loan Documents or
(y) terminate all Commitments of such Affected Lender and repay all Obligations of the Borrower owing to such Lender as of such termination date (including any amounts owing pursuant to Section 3.04 as a result of such repayment). 

Section 2.24. Pro Rata Treatment.  

(a) Except as provided below in this Section 2.24 and as required under Section 2.07, 3.01, 3.02, 3.04, 3.05 or 11.02, each Advance,
each payment or prepayment of principal of any Advance, each payment of interest on the Loans, each payment of the commitment fee set forth in Section 2.08 and the LC Fee, each reduction of the Revolving Credit Commitment and each conversion of
any Advance to or continuation of any Advance as an Advance of any Type shall be allocated pro rata among the Lenders in accordance with their respective applicable Commitments (or, if such Commitments shall have expired or been terminated, in
accordance with the respective principal amounts of their respective applicable outstanding Loans). 
 (b) Notwithstanding anything to the
contrary contained in this Agreement, any payment or other distribution (whether from proceeds of Collateral or any other source, whether in the form of cash, securities or otherwise, and whether made by any Loan Party or in connection with any
exercise of remedies by the Administrative Agent, the Collateral Agent or any Lender) made or applied in respect of any of the Obligations (i) following any acceleration of the Obligations, (ii) during the existence of a Default under
Section 7.02 or (iii) during or in connection with Insolvency Proceedings involving any Loan Party (or any plan of liquidation, distribution or reorganization in connection therewith), shall be made or applied, as the case may be, in the
following order of priority (with higher priority Obligations to be paid in full prior to any payment or other distribution in respect of lower priority Obligations): (A) first, to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such, the LC Issuer in its capacity as such and the Collateral Agent in its capacity as such (ratably among the Administrative
Agent, the LC Issuer and the Collateral Agent in proportion to the respective amounts described in this clause first payable to them); (B) second, to payment of (i) that portion of the Obligations constituting principal of and accrued
and unpaid interest (including any default interest) on the Loans (ratably among such Lenders in proportion to the respective amounts described in this clause (B) 

  
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payable to them), including interest accruing after the filing or commencement of any Insolvency Proceedings in respect of any Loan Party, whether or not any claim for post-filing or
post-petition interest is or would be allowed, allowable or otherwise enforceable in any such Insolvency Proceedings, and reimbursement obligations, interest and fees in respect of Letters of Credit, (ii) Secured Hedge Obligations and Secured
Cash Management Obligations and (iii) an amount to the Administrative Agent for the account of each applicable LC Issuer equal to one hundred and one percent (101%) of LC Exposure to be held as Cash Collateral; and (C) third, to
payment of any other Obligations due to the Administrative Agent or any Lender, ratably; and (D) last, in the case of proceeds of Collateral, the balance, if any, thereof, after all of the Obligations (including, without limitation, all
Obligations in respect of LC Exposure but excluding any contingent obligations) have been paid in full, to the Borrower or as otherwise required by a court of competent jurisdiction. Each Lender agrees that the provisions of this Section 2.24
(including, without limitation, the priority of the Obligations as set forth herein) constitute an intercreditor agreement among them for value received that is independent of any value received from the Loan Parties, and that such agreement shall
be enforceable as against each Lender, including, without limitation, in any Insolvency Proceedings in respect of any Loan Party (including without limitation with respect to interests and costs regardless of whether or not such interest or costs
are allowed as a claim in any such Insolvency Proceedings or enforceable or recoverable against the Loan Party or its bankruptcy estate), to the same extent that such agreement is enforceable under applicable
non-bankruptcy law (including, without limitation, pursuant to Section 510(a) of the U.S. federal Bankruptcy Code or any comparable provision of applicable insolvency law), and that, if any Lender
receives any payment or distribution in respect of any Obligation (including, without limitation, in connection with any Insolvency Proceedings or any plan of liquidation, distribution or reorganization therein) to which such Lender is not entitled
in accordance with the priorities set forth in this Section 2.24, such amount shall be held in trust by such Lender for the benefit of the Person or Persons entitled to such payment or distribution hereunder, and promptly shall be turned over
by such Lender to the Administrative Agent for distribution to the Person or Persons entitled to such payment or distribution in accordance with this Section 2.24. Excluded Swap Obligations with respect to any Guarantor shall not be paid with
amounts received from such Guarantor, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Obligations otherwise set forth above in this Section. 

(c) In the event there is any Disgorged Recovery in respect of any Lender’s Revolving Loans, Term Loans, Swing Line Loans or LC Exposure
in any Insolvency Proceedings of any Loan Party, such Revolving Loans, Term Loans, Swing Line Loans and LC Exposure shall be deemed to be outstanding as if such Disgorged Recovery had never been received by such Lender, and each Lender agrees that
the intercreditor agreements and priorities set forth in this Section 2.24 shall be enforced in accordance with their terms in respect of such 

  
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Revolving Loans, Term Loans, Swing Line Loans or LC Exposure, including, without limitation, for purposes of the allocation of payments and distributions made or applied in respect of the
Obligations (whether from proceeds of Collateral or otherwise), as well as for purposes of determining whether such other Lender must turn over all or any portion of any payment or other distribution received by such other Lender (whether before or
after occurrence of such Disgorged Recovery) to the Administrative Agent for redistribution in accordance with the last sentence of Section 2.24(b). 

Notwithstanding the foregoing, Secured Cash Management Obligations and Secured Hedge Obligations shall be excluded from the application
described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may
be. Each Cash Management Bank or Hedge Bank not a party to the Credit Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the
Administrative Agent pursuant to the terms of Article 10 hereof for itself and its Affiliates as if a “Lender” party hereto. 

Section 2.25. Incremental Credit Facilities.  

(a) The Borrower may at any time or from time to time after the Amendment Effective Date, by notice to the Administrative Agent (whereupon the
Administrative Agent shall promptly make available to each of the Lenders), request (i) one or more additional tranches or additions to an existing tranche of term loans (the “Incremental Term Loans”) or (ii) one or more
increases in the amount of the Revolving Credit Commitments on the same terms as the Revolving Loans or the establishment of one or more revolving credit commitments (each such increase or new commitments, an “Additional Revolving
Facility”), provided that (A) both at the time of any such request and upon the effectiveness of any Incremental Amendment referred to below, no Default or Unmatured Default shall exist and at the time that any such Incremental Term
Loan is made (and after giving effect thereto) no Default or Unmatured Default shall exist, (B) if such Incremental Facility is to become effective prior to the Revolver Termination Date, the Borrower shall be in compliance with the covenants
set forth in clauses (a), (c) and (d) of Section 6.22 determined on a pro forma basis as of the last day of the date of the most-recently ended fiscal quarter, in each case, as if such Incremental Term Loans or any borrowings under any
such Additional Revolving Facility, as applicable, had been outstanding on the last day of such fiscal quarter of the Borrower for testing compliance therewith; provided that any Additional Revolving Facility shall be tested as fully drawn,
(C) the First Lien Leverage Ratio calculated on a pro forma basis shall not exceed 4.0 to 1.0, in the case of the first $170,000,000 of Indebtedness incurred pursuant to this Section 2.25(a) after the Tranche
B-1 Funding Date and 3.5 to 1.0 for all other Indebtedness incurred pursuant to this Section 2.25(a) (other than the Tranche B-1 Loans and other than in connection

  
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with the First Incremental Revolving Commitment), in each case tested as of the last day of the most-recently ended period of four consecutive fiscal quarters of the Borrower for which financial
statements are internally available (calculated as if such Incremental Term Loans or borrowings under any such Additional Revolving Facilities (in an amount equal to the full amount of such Additional Revolving Facilities), as applicable, had been
outstanding on such last day; provided that any Additional Revolving Facility shall be tested as fully drawn) and (D) the Borrower shall have delivered a certificate of a Financial Officer to the effect set forth in clauses (A), (B) and
(C) above, together with reasonably detailed calculations demonstrating compliance with clauses (B) and (C) above, if applicable, (which calculations shall, if made as of the last day of any fiscal quarter of the Borrower for which the
Borrower has not delivered to the Administrative Agent the financial statements and compliance certificate required to be delivered by Section 6.01(d), be accompanied by a reasonably detailed calculation of Consolidated EBITDA and Consolidated
Interest Expense for the relevant period). Each tranche of Incremental Term Loans shall be in an aggregate principal amount that is not less than $10,000,000 and each Additional Revolving Facility shall be in an aggregate principal amount that is
not less than $5,000,000, and in all cases shall be in an increment of $1,000,000 (provided that such amount may be less than $10,000,000 or $5,000,000, as applicable, if such amount represents all remaining availability under the limit set forth in
the next sentence). Notwithstanding anything to the contrary herein, the aggregate amount of the Incremental Term Loans and the Additional Revolving Facilities incurred after the Tranche B-1 Funding Date shall
not exceed $370,000,000; provided that the aggregate amount of Additional Revolving Facilities incurred after the Tranche B-1 Funding Date shall not exceed $75,000,000. In no event shall the Incremental
Facilities be used for any purpose other than for the purposes set forth in Section 6.02. Notwithstanding anything herein to the contrary, in lieu of requesting Incremental Term Loans or an Additional Revolving Facility, the Borrower may issue
first lien notes on a pari passu basis (the “Pari Passu First Lien Notes”), second lien notes (the “Incremental Second Lien Notes”) or unsecured notes (the “Incremental Unsecured Notes”), subject to, in the case of Pari
Passu First Lien Notes and Incremental Second Lien Notes, an intercreditor agreement reasonably satisfactory to the Administrative Agent, which Pari Passu First Lien Notes, Incremental Second Lien Notes and/or Incremental Unsecured Notes shall be
treated the same as Incremental Term Loans for the purposes of this Agreement; provided that in no event will the aggregate amount of Incremental Term Loans, Additional Revolving Facilities, Pari Passu First Lien Notes, Incremental Second Lien Notes
and Incremental Unsecured Notes incurred after the Tranche B-1 Funding Date exceed $370,000,000. 

(b) The following terms shall apply to any Incremental Term Loans and any Additional Revolving Facilities established pursuant to an
Incremental Amendment: (i) such Incremental Term Loans and the borrowings under such Additional Revolving Facilities shall rank pari passu in right of payment and of security with the Revolving Loans and the Term Loans, (ii) the maturity
date of 

  
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such Incremental Term Loans shall not be earlier than the Maturity Date of the existing Term Loans, (iii) the Weighted Average Life to Maturity of such Incremental Term Loans is not less
than the remaining Weighted Average Life to Maturity of the exiting Term Loans, (iv) the applicable yield relating to any term loans or revolving loans incurred pursuant to such Incremental Amendment (each facility thereunder, the
“Incremental Facility”), as applicable, shall not be greater than that with respect to the existing Term Loans or existing Revolving Credit Commitments, as applicable, plus 0.50% per annum (or, in the case of any Incremental
Facility consisting of fixed rate notes, 1.00% per annum) unless the yield applicable to the existing Term Loans or existing Revolving Credit Commitments, as applicable, is increased so that the yield applicable to the applicable Incremental
Facility does not exceed the yield applicable to the existing Term Loans or existing Revolving Credit Commitments, by more than 0.50% per annum (or, in the case of any Incremental Facility consisting of fixed rate notes, 1.00% per annum);
provided that in determining the yield applicable to the existing Term Loans or existing Revolving Credit Commitments, as applicable, and the applicable Incremental Facility, (A) original issue discount (“OID”) or upfront
fees (which shall be deemed to constitute like amounts of OID) payable by the Borrower to the Lenders of the existing Term Loans or existing Revolving Credit Commitments, as applicable, or the applicable Incremental Facility in the primary
syndication thereof shall be included (with OID being equated to interest based on an assumed four-year life to maturity or, if less, the remaining life to maturity of the applicable Incremental Facility), (B) customary arrangement or commitment
fees payable to the joint bookrunners (or their affiliates) in connection with the existing Term Loans or existing Revolving Credit Commitments, as applicable, or to one or more arrangers (or their affiliates) of the applicable Incremental Facility
shall be excluded, (C) if the Eurodollar Base Rate in respect of such Incremental Facility includes a floor greater than any such floor that may be applicable to the analogous existing credit facility, such increased amount shall be equated to
interest margin for purposes of determining any increase to the applicable yield under the analogous existing credit facility and (D) in the case of any Incremental Facility consisting of fixed rate notes, the comparable rate shall be
determined by inclusion of the applicable US Treasury to LIBOR swap rate applied in customary fashion and (v) the revolving loans incurred pursuant to such Additional Revolving Facility will mature no earlier than, and will require no scheduled
amortization or mandatory commitment reduction prior to, the Extended Revolving Credit Maturity Date and all other terms of any such Incremental Facility (except as set forth in the foregoing clauses) shall be substantially identical to the existing
Revolving Credit Commitments or otherwise reasonably acceptable to the Administrative Agent. 
 (c) Each notice from the Borrower pursuant
to this Section 2.25(b) shall set forth (i) the requested amount and proposed terms of the relevant Incremental Term Loans or Additional Revolving Facilities and (ii) the date on which such the relevant increase is requested to become
effective (which shall not be less than 10 Business Days nor more than 60 days after the date of such notice); provided, 

  
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however, that notwithstanding anything to the contrary contained in this Agreement, no notice shall be required from the Borrower pursuant to Section 2.25 with respect to the
Borrower’s request for the Tranche B-1 Loans and the First Incremental Revolving Commitment. Incremental Term Loans may be made, and Additional Revolving Facilities may be provided by any existing Lender
(but each existing Lender will not have an obligation to make a portion of any Incremental Term Loan or any portion of any Additional Revolving Facility) or by any other bank or other financial institution that are Eligible Assignees (any such other
bank or other financial institution being called an “Additional Lender”), provided that the Administrative Agent, and to the extent of an Additional Revolving Facility, the LC Issuer and/or Swing Line Lender, as applicable,
shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or Additional Lender’s making such Incremental Term Loans or providing such Additional Revolving Facilities (collectively, the “Incremental
Lenders”) to the extent any such consent would be required under Section 12.01 for an assignment of Loans or Revolving Credit Commitments, as applicable, to such Incremental Lender. Commitments in respect of Incremental Term Loans and
Additional Revolving Facilities shall become Commitments under this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each
Incremental Lender and the Administrative Agent. The Incremental Amendment shall be on the terms and pursuant to documentation to be determined by the Borrower and the Incremental Lenders providing the relevant Incremental Terms Loans or Additional
Revolving Facilities, as applicable; provided that to the extent such terms and documentation are not consistent with this Agreement (except to the extent permitted by the foregoing clauses), they shall be reasonably satisfactory to the
Administrative Agent. The effectiveness of any Incremental Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.01 and, to the extent reasonably requested by the Administrative
Agent, receipt by the Administrative Agent of legal opinions, board resolutions, officers’ certificates and/or reaffirmation agreements consistent with those delivered on the Amendment Effective Date under Section 4.02 (other than changes
to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent). No Lender shall be obligated to provide any Incremental Term Loans or Additional
Revolving Facilities, unless it so agrees. 
 (d) Upon each increase in the Revolving Credit Commitments (which for purposes of this
Section 2.25(d) shall be deemed to include any new revolving commitments provided under an Incremental Amendment) pursuant to this Section 2.25, (i) each Revolving Lender immediately prior to such increase will automatically and without
further act be deemed to have assigned to each Incremental Lender providing a portion of the Additional Revolving Facility (each, an “Additional Revolving Facility Lender”), and each such Additional Revolving Facility Lender will
automatically and without further act be deemed 

  
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to have assumed (in the case of an increase to the Revolving Loans only), a portion of such Revolving Lender’s participations hereunder in outstanding Letters of Credit and Swing Line Loans
such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding (A) participations hereunder in Letters of Credit and (B) participations hereunder in Swing Line
Loans held by each Revolving Lender (including each such Additional Revolving Facility Lender) will equal the percentage of the aggregate Revolving Credit Commitments of all Additional Revolving Facility Lenders represented by such Additional
Revolving Facility Lender’s Revolving Credit Commitment and (ii) if, on the date of such increase, there are any Revolving Loans under the applicable facility outstanding, such Revolving Credit Loans shall on or prior to the effectiveness
of such Additional Revolving Credit Facility be prepaid from the proceeds of additional Revolving Loans made hereunder (reflecting such increase in Revolving Credit Commitments), which prepayment shall be accompanied by accrued interest on the
Revolving Loans being prepaid and any costs incurred by any Lender in accordance with Section 3.04. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained
elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence. 
 (e) The
Administrative Agent is hereby irrevocably authorized to effect such amendments to this Agreement as are required to effectuate the terms of any Incremental Amendment to the extent such terms are permitted under this Section 2.25.
Notwithstanding the foregoing, each of the Administrative Agent and the Collateral Agent shall have the right (but not the obligation) to seek the advice or concurrence of the Required Lenders with respect to any matter contemplated by this
Section 2.25 and, if either the Administrative Agent or the Collateral Agent seeks such advice or concurrence, it shall be permitted to enter into such amendments with the Borrower in accordance with any instructions actually received by such
Required Lenders and shall also be entitled to refrain from entering into such amendments with the Borrower unless and until it shall have received such advice or concurrence if the Administrative Agent reasonably determines that such concurrence is
required under the terms of this Agreement; provided, however, that whether or not there has been a request by the Administrative Agent or the Collateral Agent for any such advice or concurrence, all such amendments entered into with the
Borrower by the Administrative Agent or the Collateral Agent hereunder shall be binding and conclusive on the Lenders. 
 (f) This
Section 2.25 shall supersede any provisions in Section 2.24(a), 11.01 or 8.02 to the contrary. 
 Section 2.26. Defaulting
Lenders.  
 (a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes
a Defaulting Lender, then, until such time 

  
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as that 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 8.02. 

(ii) Defaulting Lender Waterfall. 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 8 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.01 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 the LC Issuer or Swing Line Lender hereunder; third, to Cash Collateralize the LC Issuer’s LC Exposure with respect to such Defaulting Lender; fourth, as the Borrower may
request (so long as no Default or Unmatured Default exists), to the funding of any Loan in respect of which such 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 Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans
under this Agreement and (y) Cash Collateralize the LC Issuer’s future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement; sixth, to the payment of any amounts
owing to the Lenders, the LC Issuer or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the LC Issuer or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the 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 (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its Pro Rata Share, and (y) such Loans were made or the
related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Obligations in respect of Letters of

  
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Credit owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or Obligations in respect of Letters
of Credit owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving
effect to clause (iii) of this Section 2.26(a). 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 2.26(a) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Reallocation of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting
Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such
Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent
at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. 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. 
 (iv)
Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (a)(iii) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under
applicable Law, (x) first, prepay Swing Line Loans in an amount equal to such Defaulting Lender’s Swing Line Exposure (after giving effect to any partial reallocation pursuant to clause (a)(iii) above) and (y) second,
Cash Collateralize such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (a)(iii) above). 

(b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swing Line Lender and the LC Issuer agree in writing that a
Lender is no longer 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), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the 

  
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Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the
Lenders in accordance with their Pro Rata Shares (without giving effect to clause (a)(iii) of this Section 2.26), 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 Borrower while that 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 that Lender’s having been a Defaulting Lender. 

ARTICLE 3 
 YIELD
PROTECTION; TAXES 
 Section 3.01. Yield Protection. If, after the date of this Agreement
(or, in the case of any assignee, after the date it became a party to this Agreement), the adoption of any law (including any CPA Change) or any governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether or not
having the force of law), or any change in the interpretation or administration thereof by any governmental or quasi-governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance
by any Lender or applicable Lending Installation or any LC Issuer with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency: 

(a) imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets
of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation (other than reserves and assessments taken into account in determining the interest rate applicable to Eurodollar Advances), or 

(b) imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending Installation or any LC
Issuer of making, funding or maintaining its Eurodollar Loans, or of issuing or participating in Letters of Credit, or reduces any amount receivable by any Lender or any applicable Lending Installation in connection with its Eurodollar Loans,
Letters of Credit or participations therein, or requires any Lender or any applicable Lending Installation or any LC Issuer to make any payment calculated by reference to the amount of Eurodollar Loans, Letters of Credit or participations therein
held or interest or LC Fees received by it, in each case by an amount deemed material by such Lender or such LC Issuer as the case may be, and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending
Installation or such LC Issuer, as the case may be, of making or maintaining its Eurodollar Loans or Commitment or of issuing or participating in Letters of Credit or to reduce the return received by such Lender or applicable Lending Installation or
such LC Issuer, as the case may be, in connection with 

  
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such Eurodollar Loans, Commitment, Letters of Credit or participations therein, then, within 30 days of written demand by such Lender or such LC Issuer, as the case may be, the Borrower shall pay
such Lender or such LC Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such LC Issuer, as the case may be, for such increased cost or reduction in amount received. Notwithstanding the foregoing, this
Section 3.01 shall not apply to any tax-related matters. 
 Section 3.02. Changes in
Capital Adequacy Regulations. If a Lender or an LC Issuer determines the amount of capital required or expected to be maintained by such Lender, any Lending Installation of such Lender or such LC Issuer, or any corporation controlling
such Lender or such LC Issuer is increased as a result of a Change, then, within 30 days of written demand by such Lender or such LC Issuer, the Borrower shall pay such Lender or such LC Issuer the amount necessary to compensate for any shortfall in
the rate of return on the portion of such increased capital which such Lender or such LC Issuer determines is attributable to this Agreement, its Outstanding Credit Exposure or its Commitment to make Loans and issue or participate in Letters of
Credit, as the case may be, hereunder (after taking into account such Lender’s or such LC Issuer’s policies as to capital adequacy). “Change” means (a) any change after the Amendment Effective Date in the Risk Based
Capital Guidelines, or (b) any adoption of or change in any other law (including any CPA Change), governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law)
after the Amendment Effective Date which affects the amount of capital required or expected to be maintained by any Lender or any LC Issuer or any Lending Installation or any corporation controlling any Lender or any LC Issuer. “Risk Based
Capital Guidelines” means (a) the risk based capital guidelines in effect in the United States on the Amendment Effective Date, including transition rules, and (b) the corresponding capital regulations promulgated by regulatory
authorities outside the United States implementing the July 1988 report of the Basel Committee on Banking Regulation and Supervisory Practices Entitled “International Convergence of Capital Measurements and Capital Standards,”
including transition rules, and any amendments to such regulations adopted prior to the Amendment Effective Date. 
 Section 3.03.
Availability of Types Of Advances. If any Lender determines that maintenance of its Eurodollar Loans at a suitable Lending Installation would violate any applicable law, rule, regulation, or directive, whether or not having the force of
law, or if the Required Lenders determine that (a) deposits of a type and maturity appropriate to match fund Eurodollar Advances are not available or (b) the interest rate applicable to Eurodollar Advances does not accurately reflect the
cost of making or maintaining Eurodollar Advances, then the Administrative Agent shall suspend the availability of Eurodollar Advances and require any affected Eurodollar Advances to be repaid or converted to Floating Rate Advances, subject to the
payment of any funding indemnification amounts required by Section 3.04. 
 Section 3.04. Funding Indemnification.
If any payment of a Eurodollar Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a Eurodollar Advance is not made on the date specified by the
Borrower for any reason other than default by the Lenders, the Borrower will indemnify each Lender for any loss or cost incurred by it 

  
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resulting therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar Advance. 

Section 3.05. Taxes.  

(a) All payments by the Borrower to or for the account of any Lender, any LC Issuer or the Administrative Agent hereunder or under any Note or
Letter of Credit Application shall be made free and clear of and without deduction for any and all Taxes. If the Borrower shall be required by law to deduct or withhold any Taxes from or in respect of any sum payable hereunder to any Lender, any LC
Issuer or the Administrative Agent, (i) the sum payable shall be increased as necessary so that after making all required deductions or withholdings (including deductions applicable to additional sums payable under this Section 3.05) such
Lender, such LC Issuer or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (i) the Borrower shall make such deductions or withholdings,
(ii) the Borrower shall pay the full amount deducted or withheld to the relevant Governmental Entity in accordance with applicable law and (iii) the Borrower shall furnish to the Administrative Agent the original or a certified copy of a
receipt evidencing payment thereof within 30 days after such payment is made. 
 (b) In addition, the Borrower hereby agrees to pay any
present or future stamp or documentary taxes and any other excise or property taxes, charges or similar levies that arise from any payment made hereunder or under any Loan Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any Loan Document (“Other Taxes”). 
 (c) The Borrower hereby agrees to indemnify the
Administrative Agent, such LC Issuer and each Lender for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 3.05) paid by the Administrative Agent, such
LC Issuer or such Lender as a result of its Commitment, any Loans made by it hereunder, or otherwise in connection with its participation in this Agreement and any liability (including penalties, interest and expenses) arising therefrom or with
respect thereto. Payments due under this indemnification shall be made within 30 days of the date the Administrative Agent, such LC Issuer or such Lender makes written demand therefor pursuant to Section 3.06. A certificate as to the amount of
such payment or liability delivered to the Borrower by a Lender or LC Issuer or by the Administrative Agent, on its own behalf or on behalf of a Lender or LC Issuer, shall be conclusive absent manifest error. 

(d) Each Lender and LC Issuer that is not incorporated under the laws of the United States of America, a state thereof or the District of
Columbia (each a “Non-U.S. Lender”) agrees that it will, on or before the date that it becomes party to this Agreement, (i) deliver to the Borrower and the Administrative Agent two duly
completed copies of United States Internal Revenue Service Form W-

  
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8BEN or W-8ECI, certifying in either case that such Non-U.S. Lender is entitled to receive payments under this
Agreement without deduction or withholding of any United States federal income taxes and in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, a certificate to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, is not a “10 percent shareholder” of the
Borrower within the meaning of Section 881(c)(3)(B) of the Code and is not a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code, and (ii) deliver to the Borrower and the Administrative Agent a
United States Internal Revenue Form W-8 and certify that it is entitled to an exemption from United States backup withholding tax. Each Non-U.S. Lender further
undertakes to deliver to each of the Borrower and the Administrative Agent (x) renewals or additional copies of such form (or any successor form) on or before the date that such form expires or becomes obsolete or upon the reasonable request of
the Borrower or the Administrative Agent, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto. All forms or amendments described in the preceding
sentence shall certify that such Non-U.S. Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, unless an event (including
without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required that renders all such forms inapplicable or that would prevent such
Non-U.S. Lender from duly completing and delivering any such form or amendment with respect to it and such Non-U.S. Lender advises the Borrower and the Administrative
Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax. For the avoidance of doubt, the failure to provide certification evidencing a complete exemption from U.S. withholding taxes
as required in this Section 3.05(d) shall not prevent a Person from becoming a Non-U.S. Lender under this Agreement (including for purposes of Section 12.03 in the case of a transfer), but shall
affect such Person’s entitlement to indemnification or gross-up under this Section 3.05 as provided herein.

(e) Each Lender and LC Issuer that is incorporated under the laws of the United States of America, a state thereof or the District of Columbia
(each a “U.S. Lender”) agrees that it will, on or before the date that it becomes a party to this Agreement, deliver to the Borrower and the Administrative Agent two duly completed copies of United States Internal Revenue Service
Form W-9, certifying that it is entitled to an exemption from United States backup withholding tax. Each U.S. Lender further undertakes to deliver to each of the Borrower and the Administrative Agent
(x) renewals or additional copies of such form (or any successor form) on or before the date that such form expires or becomes obsolete or upon the reasonable request of the Borrower or the Administrative Agent, and (y) after the
occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto. All forms or amendments described in the preceding sentence shall certify that such U.S.

  
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Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change in
treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such U.S. Lender from duly completing and delivering any such form or
amendment with respect to it and such U.S. Lender advises the Borrower and the Administrative Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax. 

(f) For any period during which a Lender or LC Issuer has failed to provide the Borrower with an appropriate form pursuant to clause
(d) or (e) of this Section 3.05 (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof by any governmental authority, occurring subsequent to the date on which a
form originally was required to be provided), such Lender or LC Issuer shall not be entitled to indemnification or gross-up under this Section 3.05 with respect to Taxes imposed by the United States;
provided that, should a Lender or LC Issuer that is otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes because of its failure to deliver a form required under clause (d) or (e) of this
Section 3.05, the Borrower shall take such steps at such Lender’s or LC Issuer’s expense as such Lender or LC Issuer shall reasonably request to assist such Lender or LC Issuer to recover such Taxes. 

(g) Any Lender or LC Issuer that is entitled to an exemption from or reduction of withholding tax with respect to payments under this
Agreement or any Note pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, 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. 
 (h) If the
U.S. Internal Revenue Service or any other Governmental Entity of the United States or any other country or any political subdivision thereof asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the
account of any Lender (because the appropriate form was not delivered or properly completed, because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered its exemption from withholding ineffective, or for
any other reason), such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes
imposed by any jurisdiction on amounts payable to the Administrative Agent under this subsection, together with all costs and expenses related thereto (including attorneys’ fees and time charges of attorneys for the Administrative Agent, which
attorneys may be employees of the Administrative Agent). The obligations of the 

  
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Lenders under this Section 3.05(g) shall survive the payment of the Obligations and termination of this Agreement. 

(i) In the case of an Administrative Agent, Lender or LC Issuer that would be subject to withholding tax imposed by FATCA on payments made
under this Agreement or any other Loan Document if such Administrative Agent, Lender or LC Issuer fails 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, Administrative Agent or LC Issuer, as applicable, shall provide 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 Borrower or Administrative Agent as may be necessary for Borrower or Administrative Agent to comply with its obligations under FATCA, to determine that such Administrative Agent, Lender or LC Issuer has complied with such
Administrative Agent’s, Lender’s or LC Issuer’s obligations under FATCA, or to determine the amount to deduct and withhold from any such payments. 

(j) If a Lender or LC Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has
been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 3.05 it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 3.05 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket
expenses of the Lender or LC Issuer and without interest (other than any interest paid by the relevant Governmental Entity with respect to such refund); provided that (i) the Borrower, upon the request of the Lender or LC Issuer, agrees
to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Entity) to the Lender or LC Issuer in the event the Lender or LC Issuer is required to repay such refund to such
Governmental Entity and (ii) nothing herein contained shall interfere with the right of a Lender or LC Issuer to arrange its tax affairs in whatever manner it thinks fit nor oblige any Lender or LC Issuer to claim any tax refund or to make
available its tax returns or disclose any information relating to its tax affairs or any computations in respect thereof or require any Lender or LC Issuer to do anything that would prejudice its ability to benefit from any other refunds, credits,
reliefs, remissions or repayments to which it may be entitled. 
 Section 3.06. Lender Statements; Survival of Indemnity.
To the extent reasonably possible, each Lender shall designate an alternate Lending Installation to reduce any liability of the Borrower to such Lender under Sections 3.01, 3.02 and 3.05 or to avoid the unavailability of Eurodollar Advances
under Section 3.03, so long as such designation is not, in the commercially reasonable judgment of such Lender, materially disadvantageous to such Lender. Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy
to the Administrative Agent) as to the amount due, if any, under Section 3.01, 3.02, 3.04 or 3.05. Such written statement shall set forth in 

  
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reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error. Determination of
amounts payable under Section 3.01, 3.02, 3.04 or 3.05 in connection with a Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the purchase of a deposit of the type and maturity corresponding to the
deposit used as a reference in determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand
after receipt by the Borrower of such written statement. The Borrower shall not be required to indemnify any Lender pursuant to Section 3.01, 3.02, 3.04 or 3.05 for any amounts paid or losses incurred by such Lender as to which such Lender has
not made demand hereunder within 120 days after the date such Lender has actual knowledge of such amounts or losses and their applicability to the lending transactions contemplated hereby. The obligations of the Borrower under Section 3.01,
3.02, 3.04 or 3.05 shall survive payment of the Obligations and termination of this Agreement. 
 ARTICLE 4 

CONDITIONS PRECEDENT 

Section 4.01. Conditions to Initial Credit Extension. The obligation of each Lender to fund the initial Credit Extension
requested to be made by it shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section 4.01: 

(a) Each Loan Party, each Lender, the Administrative Agent and the Collateral Agent shall each have executed and delivered to the
Administrative Agent each of the Loan Documents to which it is a party. 
 (b) Liens creating a first (subject only to Permitted Liens)
priority security interest in the Collateral shall have been perfected or documents required to perfect such security interest shall have been delivered to the Administrative Agent or arrangements have been made with respect thereto satisfactory to
the Administrative Agent. 
 (c) The Administrative Agent shall have received such corporate records, officer’s certificates and other
instruments as are customary for transactions of this type or as it may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent. 

(d) [Reserved]. 
 (e) Since
December 31, 2012, no change or event shall have occurred and no circumstances shall exist which have had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(f) On the Amendment Effective Date (i) all representations and warranties in the Loan Documents are true and correct in all material
respects 

  
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after giving effect to the substantially contemporaneous consummation of the transactions contemplated hereby on the Amendment Effective Date, (ii) after giving effect to the Credit
Extensions and other substantially contemporaneous transactions consummated on the Amendment Effective Date, no Default or Unmatured Default has occurred and is continuing, and (iii) the Administrative Agent shall have received a satisfactory
certificate to such effect dated the Amendment Effective Date and signed by a Financial Officer of the Borrower. 
 (g) The Administrative
Agent shall have received satisfactory evidence that substantially simultaneously with any Credit Extensions made on the Amendment Effective Date all Existing Debt shall have been repaid in full. 

(h) The Lenders, the Administrative Agent and the Arrangers shall have received all fees and expenses (including the reasonable fees and
expenses of one special counsel (including any one local counsel) for the Administrative Agent) required to be paid, and all expenses for which invoices have been presented, on or before the Amendment Effective Date. 

(i) After giving effect to the making and application of the proceeds of the Amendment Effective Date transactions contemplated hereby, there
shall exist unused Aggregate Revolving Credit Commitments of at least $125,000,000 less the amount of the Outstanding Letters of Credit. 

(j) Any Notes requested by a Lender pursuant to Section 2.16 shall have been issued by the Borrower payable to the order of each such
requesting Lender. 
 (k) The Administrative Agent shall have received such legal opinions as are customary for transactions of this type or
as it may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent. 
 (l) The Administrative Agent
shall have received a copy of, or a certificate as to coverage under, the insurance policies required by Section 6.06 and the applicable provisions in the Collateral Documents, each of which shall be endorsed or otherwise amended to include a
“standard” or “New York” lender’s loss payable or mortgagee endorsement (as applicable) and, with respect to any liability insurance policies, shall name the Collateral Agent, on behalf of the Secured Parties, as additional
insured, in form and substance satisfactory to the Administrative Agent. 
 (m) The Administrative Agent shall have received a solvency
certificate in the form of Exhibit G, dated the Amendment Effective Date and signed by the Chief Financial Officer of the Borrower. 

Section 4.02. Each Subsequent Credit Extension. The Lenders shall not be required to make any Credit Extension (except as
otherwise set forth in Section 2.07 with 

  
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respect to Revolving Loans for the purpose of repaying Swing Line Loans) after the Amendment Effective Date unless on the applicable Credit Extension Date: 

(a) There exists no Default or Unmatured Default. 

(b) The representations and warranties contained in Article 5 are true and correct as of such Credit Extension Date in all material respects
except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct on and as of such earlier date.  
 Each Borrowing Notice, Swing Line Borrowing Notice, or request for issuance of a
Letter of Credit, as the case may be, with respect to each such Credit Extension shall constitute a representation and warranty by the Borrower that the conditions contained in Sections 4.02(a) and (b) have been satisfied. 

ARTICLE 5 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lenders that: 

Section 5.01. Existence and Standing. Each of the Borrower and its Material Domestic Subsidiaries is a corporation,
partnership, trust or limited liability company duly and properly incorporated or organized, as the case may be, and validly existing, duly qualified or licensed to do business and (to the extent such concept applies to such entity) in good standing
under the laws of its jurisdiction of incorporation or organization and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted in each case (other than as to the valid existence of the Borrower),
except where, individually or in the aggregate, the failure to exist, qualify, be licensed or be in good standing or have such power and authority could not reasonably be expected to result in a Material Adverse Effect. 

Section 5.02. Authorization and Validity. Each of the Loan Parties has the power and authority and legal right to execute
and deliver the Loan Documents to which it is a party and to perform its obligations thereunder. The execution and delivery by each of the Loan Parties of the Loan Documents to which it is a party and the performance of its obligations thereunder
have been duly authorized by proper corporate or other organizational proceedings, and the Loan Documents to which each such Loan Party is a party constitute legal, valid and binding obligations of such Loan Party enforceable against such Loan Party
in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by general equitable principles. 

Section 5.03. No Conflict; Government Consent. Neither the execution and delivery by any Loan Party of the Loan Documents
to which it is a party, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate (a) any applicable law, rule, regulation, ruling, order, writ, judgment, injunction, decree or award
binding on the Borrower or any of its Subsidiaries 

  
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or any Property of such Person or (b) the Borrower’s or any Material Domestic Subsidiary’s articles or certificate of incorporation, partnership agreement, certificate of
partnership, articles or certificate of organization, by laws, or operating or other management agreement, or substantially equivalent governing document, as the case may be, or (c) the provisions of any note, bond, mortgage, deed of trust,
license, lease indenture, instrument, agreement or other obligation (each a “Contract”) to which the Borrower or any Subsidiary is a party or is subject, or by which it, or its Property, is bound, or conflict with, result in a
breach of any provision thereof or constitute a default thereunder (or result in an event which, with notice or lapse of time or both, would constitute a default thereunder), or result in the termination of, or accelerate the performance required
by, or result in a right of termination or acceleration of, or (except for the Liens created by the Loan Documents and Permitted Liens) result in, or require, the creation or imposition of any Lien in, of or on the Property of the Borrower or any of
its Subsidiaries pursuant to the terms of any such note, bond, mortgage, deed of trust, license, lease indenture, instrument, agreement or other obligation, except with respect to clause (a) or (c), to the extent, individually or in the
aggregate, that such violation, conflict, breach, default or creation or imposition of any lien could not reasonably be expect to result in a Material Adverse Effect. No order, consent, adjudication, approval, license, authorization, or validation
of, or filing, recording or registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by the Borrower or any of its Material Domestic
Subsidiaries, is required to be obtained by the Borrower or any of its Material Domestic Subsidiaries in connection with the execution and delivery of the Loan Documents, the borrowings under this Agreement, the payment and performance by the
Borrower of the Obligations or the legality, validity, binding effect or enforceability of any of the Loan Documents. 

Section 5.04. Financial Statements. The consolidated financial statements of the Borrower and its Subsidiaries heretofore
delivered to the Lenders as of and for the fiscal year ended December 31, 2012 were prepared in accordance with generally accepted accounting principles in effect on the date such statements were prepared and fairly present in all material
respects the consolidated financial condition and operations of the Borrower and its Subsidiaries at such date and the consolidated results of their operations for the period then ended. 

Section 5.05. Material Adverse Change. Since December 31, 2012 no change or event has occurred and no circumstance,
event or circumstance exists which has had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 5.06. Taxes. The Borrower and its Subsidiaries have filed or caused to be filed all United States federal tax
returns and all other material tax returns and reports required to be filed and have paid or caused to be paid all taxes due pursuant to said returns or pursuant to any assessment received by such Persons, except such taxes, if any, which are not
overdue by more than 30 days or that (a) are being contested in good faith and as to which adequate reserves have been provided in accordance with GAAP or (b) the non-payment of which could not
reasonably be expected to have a Material Adverse Effect. The United States federal income tax returns of the Borrower and its Subsidiaries have been audited by the Internal Revenue Service (or the statute of limitations applicable to audits of such
tax returns has run) through the fiscal year ended December 

  
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31, 2004. As of the Amendment Effective Date, neither the Borrower nor any of its Subsidiaries has entered into any “listed transaction” as defined under Section 1.6011-4(b)(2) of the Treasury Regulations promulgated under the Code. 

Section 5.07. Litigation. There is no litigation, arbitration, governmental investigation, proceeding or inquiry pending
or, to the knowledge of any of their senior officers, threatened against or affecting the Borrower or any of its Subsidiaries which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Neither the
Borrower nor any of its Subsidiaries is subject to any order, judgment or decree that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

Section 5.08. Subsidiaries; Capital Stock; Loan Parties. As of the Amendment Effective Date, no Loan Party has any
Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.08, and all of the outstanding Capital Stock in such Subsidiaries has been validly issued, is fully paid and non-assessable
and is owned by a Loan Party in the amounts specified on Part (a) of Schedule 5.08 free and clear of all Liens except Permitted Liens. As of the Amendment Effective Date, no Loan Party has equity investments in any other corporation or
entity other than those specifically disclosed in Part (b) of Schedule 5.08. Set forth on Part (c) of Schedule 5.08 is a complete and accurate list of all Loan Parties, showing as of the Amendment Effective Date (as to each Loan Party) the
jurisdiction of its incorporation, the address of its principal place of business and its U.S. taxpayer identification number or, in the case of any non-U.S. Loan Party that does not have a U.S. taxpayer
identification number, its unique identification number issued to it by the jurisdiction of its incorporation. As of the Amendment Effective Date, the copy of the charter of each Loan Party and each amendment thereto provided pursuant to
Section 4.01(c) is a true and correct copy of each such document, each of which is valid and in full force and effect. 

Section 5.09. Erisa; Labor Matters.  

(a) No Reportable Event has occurred with respect to any Single Employer Plan that could reasonably be expected to have a Material Adverse
Effect. Neither the Borrower, any of its Subsidiaries nor any other member of the Controlled Group has withdrawn from any Multiemployer Plan or has incurred or reasonably expects to incur any liability (other than that which could not reasonably be
expected to have a Material Adverse Effect) as a result of a complete or partial withdrawal. No ERISA Event with respect to any Single Employer Plan has occurred or is reasonably expected to occur that could reasonably be expected to have a Material
Adverse Effect. 
 (b) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
(i) the Borrower and each of its Subsidiaries has made all required contributions to each Plan in accordance with its terms; (ii) there is not now, nor do any circumstances exist that are likely to give rise to any requirement for the
posting of security with respect to a Plan or the imposition of any material liability or material lien on the assets of the Borrower or any of its Subsidiaries under ERISA or the Code in respect of any Plan, and no liability (other than for
premiums to the PBGC) under Title IV of 

  
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ERISA or under Section 412 or 4971 of the Code has been or is reasonably expected to be incurred by the Borrower or any of its Subsidiaries; and (iii) there are no pending or, to the
knowledge of the Borrower, threatened claims (other than claims for benefits in the ordinary course), lawsuits or arbitrations which have been asserted or instituted against the Plans or the assets of any of the trusts under any of the Plans. 

(c) None of the Borrower, any of its Subsidiaries or any other person or entity under common control with the Borrower within the meaning of
Section 414(b), (c), (m) or (o) of the Code participates in, or is required to contribute to, any “multiemployer plan” (within the meaning of Section 3(37) of ERISA) (a “Multiemployer Plan”). 

(d) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, with respect to any
employee benefit plan, program, policy, arrangement or agreement maintained or contributed to by the Borrower or any of its Subsidiaries with respect to employees employed outside the United States (a “Foreign Plan”), (i) each
Foreign Plan required to be registered has been registered and has been maintained in good standing with applicable regulatory authorities; and (ii) all Foreign Plans that are required to be funded are funded in accordance with applicable Laws,
and with respect to all other Foreign Plans, adequate reserves therefore have been established on the accounting statements of the Borrower or its applicable Subsidiary. 

Section 5.10. Accuracy of Information.  

(a) As of the Amendment Effective Date, no information, exhibit or report (as modified or supplemented by other information so furnished)
furnished by the Borrower or any of its Subsidiaries to the Administrative Agent or to any Lender (other than projections and other forward looking information and information of a general economic or industry specific nature) in connection with the
negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading. 

(b) As of the Amendment Effective Date, any projections and other financial estimates and forecasts furnished by the Borrower to the
Administrative Agent or to any Lender on or prior to the Amendment Effective Date in connection with the negotiation of, or compliance with, this Agreement were based on good faith estimates and assumptions believed by the Borrower 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.

  
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 Section 5.11. Regulation U. Margin stock (as defined in Regulation U)
constitutes less than 25% of the value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale, pledge, or other restriction hereunder. 

Section 5.12. Compliance With Laws. The Borrower and its Subsidiaries have complied with all applicable Laws of any
Governmental Entity having jurisdiction over the conduct of their respective businesses or the ownership of their respective Property, except for any failure to comply with any of the foregoing which could not reasonably be expected to have a
Material Adverse Effect. 
 Section 5.13. Ownership of Properties. Except as set forth on Schedule 5.13, the Borrower and
its Subsidiaries have good and marketable title to or valid leasehold interests in, free of all Liens other than Permitted Liens, to all of the Property and assets reflected in the Borrower’s most recent consolidated financial statements
provided to the Administrative Agent as owned by the Borrower and its Subsidiaries, in each case except to the extent that the failure to possess such title or interests could not reasonably be expected to have a Material Adverse Effect. 

Section 5.14. Plan Assets; Prohibited Transactions. Neither the Borrower nor any of its Subsidiaries is an entity deemed to
hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan
(within the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor the making of the Loans or Letters of Credit hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or
Section 4975 of the Code. 
 Section 5.15. Environmental Matters. Except for those matters that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (a) each of the Borrower and its Subsidiaries is and has been in compliance with all applicable Environmental Laws, and neither the Borrower nor any of
its Subsidiaries has received any communication alleging or has any other basis to believe that the Borrower or any subsidiary is in violation of, has any liability under, or has assumed the liability of any other Person under any Environmental Law
or with respect to Hazardous Materials, (b) each of the Borrower and its Subsidiaries validly possesses and is in compliance with all Permits required under Environmental Laws to conduct its business as presently conducted, and all such Permits
are valid and in good standing, (c) there are no claims relating to Environmental Laws or Hazardous Materials, pending or, to the knowledge of the Borrower or any of its Subsidiaries, threatened against the Borrower or any of its Subsidiaries
and (d) none of the Borrower or any of its Subsidiaries or any of their respective predecessors has released used, handled, or managed any Hazardous Materials in a manner that would reasonably be expected to result in any claim or liability
relating to Environmental Laws against the Borrower or any of its Subsidiaries. 
 Section 5.16. Investment Company Act.
Neither the Borrower nor any of its Subsidiaries is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as
amended. 
 Section 5.17. Sanctions and Anti-Corruption Laws. With respect to borrowings of Revolving Loans made after
the Amendment No. 2 Effective Date, 

  
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 (a) Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the Borrower
and its Subsidiaries, any director, officer, employee, agent or affiliate thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions,
(ii) included on OFAC’s List of Specially Designated Nationals and Blocked Persons or HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list administered by the United States
government, the United National Security Council, the European Union or HMT or (iii) located, organized or resident in a Designated Jurisdiction. The Borrower, its Subsidiaries, and, to the knowledge of the Borrower and its Subsidiaries, their
directors, officers, employees, agents and affiliates are in compliance in all material respects with applicable anti-money laundering laws and regulations, and the Borrower and its Subsidiaries have instituted and maintain policies and procedures
designed to promote and achieve compliance with such laws and regulations. 
 (b) The Borrower and its Subsidiaries have conducted their
businesses in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions that are applicable to the Borrower or its
Subsidiaries, and the Borrower and its Subsidiaries have instituted and maintain policies and procedures designed to promote and achieve compliance with such laws. 

Section 5.18. Intellectual Property. As of the Amendment Effective Date, 

(a) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Borrower and
each of its Subsidiaries own, free of all encumbrances except Permitted Liens, or have the valid right to use all the Intellectual Property used or held for use in, or necessary to, the conduct their respective businesses as currently conducted and
(ii) the conduct of the business of the Borrower and each of its Subsidiaries as currently conducted does not infringe, misappropriate or otherwise violate any Intellectual Property rights of any third party. Except as would not reasonably be
expected to have a Material Adverse Effect, there is no claim, demand, investigation, suit or proceeding pending, or to the knowledge of the Borrower, threatened, against the Borrower or any of its Subsidiaries (i) based upon, or challenging or
seeking to deny or restrict, the rights of the Borrower or any of its Subsidiaries in any Intellectual Property owned by or licensed to it (including by way of any opposition, cancellation or interference proceeding or similar action challenging the
validity or ownership of such Intellectual Property) or (ii) alleging that their respective use of any Intellectual Property or the conduct of their respective businesses infringes, misappropriates or otherwise violates the Intellectual
Property rights of any third party. Except as would not reasonably be expected to have a Material Adverse Effect, to the knowledge of the Borrower and the Borrower, no third parties are infringing the Intellectual Property rights of the Borrower or
any of its Subsidiaries. 

  
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 (b) All material registered trademarks, service marks, patents, copyrights and applications
for the foregoing, in each case owned by the Borrower or any of its Subsidiaries and material to the business of the Borrower and its Subsidiaries, taken as a whole (collectively, the “Material Registered IP”), have been duly
registered or applied for with the U.S. Patent and Trademark Office, United States Copyright Office, and their foreign equivalents, as applicable, and no such Material Registered IP as has been adjudged to be invalid or unenforceable in whole or in
part. 
 Section 5.19. Collateral. As of the Amendment Effective Date, the Collateral Documents are effective to create
(to the extent described therein), in favor of and for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein, except as may be limited by applicable domestic or foreign
bankruptcy, insolvency, fraudulent transfer, reorganization, receivership, moratorium and other similar laws of general applicability relating to or affecting creditors’ rights generally and general equitable principles (whether considered in a
proceeding in equity or at law). When the actions specified in each Collateral Document have been duly taken, the security interests granted pursuant thereto shall constitute (to the extent described therein) a perfected security interest (subject
only to Permitted Liens) in all right, title and interest of each pledgor party thereto in the Collateral described therein with respect to such pledgor if and to the extent perfection can be achieved by taking such actions. 

Section 5.20. Revolver Drawings. As of the date of any Credit Extension that is a Revolving Loan or a Swing Line Loan, both
before and after giving effect to such Credit Extension on a pro forma basis giving effect only to (a) such Credit Extension, (b) any such other Credit Extensions after the date the Borrower delivered to the Administrative Agent the
internally prepared consolidated balance sheet of the Borrower for the most recently ended calendar month and (c) any principal repayments of Revolving Loans and Swing Line Loans made after the last day of the most recently ended calendar
month, the Excess Cash Balance is $0. 
 ARTICLE 6 

COVENANTS 
 During
the term of this Agreement (or, in the case of Section 6.22, prior to the Revolver Termination Date), unless the Required Lenders shall otherwise consent in writing (or, in the case of Section 6.22, unless the Majority Revolving Credit
Facility Lenders shall otherwise consent in writing): 
 Section 6.01. Financial Reporting. The Borrower will maintain,
for itself and each Subsidiary, a system of accounting established and administered in accordance with generally accepted accounting principles, and will furnish to the Administrative Agent for further distribution to the Lenders the following: 

(a) within 90 days after the close of each fiscal year of the Borrower, an audit report certified by independent certified public accountants
of recognized 

  
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national standing (which in each case shall be without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such
audit), prepared in accordance with GAAP on a consolidated and consolidating basis (consolidating statements need not be certified by such accountants) for the Borrower and its Subsidiaries, including balance sheets as of the end of such period,
related profit and loss and reconciliation of surplus statements, and a statement of cash flows on a consolidated and consolidating basis, accompanied by any final management letter prepared by said accountants to the Borrower; 

(b) within 45 days after the close of the first three quarterly periods of each of the Borrower’s fiscal years (commencing with the first
fiscal quarter ending after the Amendment Effective Date), for the Borrower and its Subsidiaries, consolidated and consolidating unaudited balance sheets as at the close of each such period, consolidated and consolidating profit and loss and
reconciliation of surplus statements and a consolidated and consolidating statement of cash flows for the period from the beginning of such fiscal year to the end of such quarter, certified by a Financial Officer of the Borrower as in each case
fairly presenting, in all material respects, the consolidated financial condition of the Borrower and its consolidated Subsidiaries (subject to normal year-end adjustments and the absence of footnotes) and
having been prepared in reasonable detail; 
 (c) [Reserved]; 

(d) together with the financial statements required under Sections 6.01(a) and (b), a compliance certificate in substantially the form of
Exhibit E signed by a Financial Officer showing the calculations necessary to determine compliance with this Agreement (including, for fiscal periods ending prior to the Revolver Termination Date, Sections 6.22(a), 6.22(b), 6.22(c) and 6.22(d)) and
stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default exists, stating the nature and status thereof; 

(e) within 60 days after the commencement of each fiscal year of the Borrower and its Subsidiaries, a financial forecast of the Borrower
and its Subsidiaries for such fiscal year; 
 (f) within 270 days after the close of each fiscal year, a statement of the Unfunded
Liabilities of each Single Employer Plan, certified as correct by an actuary enrolled under ERISA; 
 (g) within 30 Business Days after the
Borrower knows that any Reportable Event has occurred with respect to any Single Employer Plan, a statement, signed by a Financial Officer of the Borrower describing said Reportable Event and the action which the Borrower or any Affiliate of the
Borrower proposes to take with respect thereto; 

  
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 (h) promptly upon the filing thereof, electronic notice to the Administrative Agent of the
filing of all proxy statements, registration statements and periodic and current reports on forms 10K, 10Q and 8K which the Borrower or any of its Subsidiaries files with the SEC; 

(i) as soon as possible and in any event on the later of (i) 30 days following the occurrence of the following events or (ii) the first
date required for delivery of the financial statements pursuant to Section 6.01(a) or 6.01(b) after the occurrence of the following events, written notice of the creation, establishment or acquisition of any Subsidiary or the issuance by or to
the Borrower or any of its Subsidiaries of any Capital Stock; and 
 (j) such other information (including
non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request. 

Information required to be delivered pursuant to this Section 6.01 shall be deemed to have been delivered if such information, or one or
more annual or quarterly reports containing such information, shall have been posted by the Administrative Agent on an IntraLinks or similar site to which the Lenders have been granted access or such reports shall be available on the website of the
SEC at http://www.sec.gov or on the website of the Borrower at http://www.moneygram.com and the Borrower has given notice that such reports are so available. Information required to be delivered pursuant to this Section may also be delivered by
electronic communications pursuant to procedures approved by the Administrative Agent. If any information which is required to be furnished to the Lenders under this Section 6.01 is required by law or regulation to be filed by the Borrower or
the Borrower with a government body on an earlier date, then the information required hereunder shall be furnished to the Lenders at such earlier date (which delivery may be by electronic communication including fax or email and shall be deemed to
be an original authentic counterpart thereof for all purposes). 
 Section 6.02. Use of Proceeds.  

(a) The Borrower will, and will cause each Subsidiary to, use the proceeds of the Credit Extensions for general corporate purposes, including
the repayment or refinancing of the Existing Debt (including the Second Lien Redemption), making Restricted Payments (including, without limitation, the repurchase of Capital Stock of the Borrower) and the payment of the costs, fees and expenses of
the Transactions and acquisitions permitted hereunder. Neither the Borrower, nor any of its Subsidiaries will use any of the proceeds of the Advances to purchase or carry any “margin stock” (as defined in Regulation U) in violation of
Regulation U. 

  
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 (b)    With respect to Revolving Loans made after the Amendment
No. 2 Effective Date, 
 (i) Neither the Borrower nor any of its Subsidiaries will, directly, or to the Borrower’s
or its Subsidiaries’ knowledge, indirectly, use the proceeds of any Credit Extension, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities
of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions (except to the extent permitted for a Person required to comply with the Sanctions), or in any other
manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Arranger, Administrative Agent, letter of credit issuer, swing line lender, or otherwise) of
Sanctions. 
 (ii) Neither the Borrower nor any of its Subsidiaries will, directly, or to the Borrower’s or its
Subsidiaries’ knowledge, indirectly, use the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, or other similar anti-corruption legislation in
any other jurisdiction applicable to the Borrower or its Subsidiaries. 
 Section 6.03. Notices. The Borrower will
promptly notify the Administrative Agent of: 
 (a) the occurrence of any Default or Unmatured Default; 

(b) [Reserved]; and 
 (c) any
matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a contractual obligation of the Borrower
or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between the Borrower or any Subsidiary and any Governmental Entity; or (iii) the commencement of, or any material development in, any litigation or
proceeding affecting the Borrower or any Subsidiary. 
 Each notice pursuant to Section 6.03 shall be accompanied by a statement of a
Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto.

Section 6.04. Conduct of Business. The Borrower will, and will cause each Subsidiary to, carry on and conduct its business
in the financial or payment services industry or the support thereof and do all things necessary to remain duly incorporated or organized, validly existing and (to the extent such concept applies to such entity) in good standing as a domestic
corporation, partnership or limited liability company in its 

  
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jurisdiction of incorporation or organization, as the case may be, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted except as
permitted by Sections 6.15 and 6.16 or where the failure to maintain such authority could not reasonably be expected to have a Material Adverse Effect. 

Section 6.05. Payment of Obligations. The Borrower will, and will cause each Subsidiary to, pay and discharge as the same
shall become due and payable, all its obligations and liabilities, including all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless (i) the same are being contested in good faith by
appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary or (ii) the failure to pay any such taxes or other amounts could not reasonably be expected to
have a Material Adverse Effect. 
 Section 6.06. Insurance. The Borrower will maintain or cause to be maintained, with
financially sound and reputable insurers, insurance on all its Property as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses of similar sizes, in each case in such
amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. The Borrower will furnish to any Lender upon request full information as to the
insurance carried (but no more often than once per year absent a Default). 
 Section 6.07. Compliance with Laws. The
Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject including, without limitation, all Environmental Laws, the
noncompliance with which could reasonably be expected to have a Material Adverse Effect. 
 Section 6.08. Maintenance of
Properties. The Borrower will, and will cause each of its Subsidiaries to, do all things necessary to maintain, preserve, protect and keep its Property in good repair, working order and condition (other than wear and tear occurring in the
ordinary course of business, routine obsolescence and casualty or condemnation), and from time to time make or cause to be made, all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may
be properly conducted at all times, in each case, except to the extent such non-compliance could not reasonably be expected to have a Material Adverse Effect. 

Section 6.09. Inspection. The Borrower will, and will cause each of its Subsidiaries to, keep adequate books of record and
accounts to allow preparation of financial statements in accordance with GAAP and permit the Administrative Agent and the Lenders, by their respective representatives and agents, to inspect any of the Property, books and financial records of the
Borrower and each of its Subsidiaries, to examine and make copies of the books of accounts and other financial records of the Borrower and each of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and each of its
Subsidiaries with, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Administrative Agent or any Lender may designate. The costs of such inspections shall be for the account of the Borrower,
except in the case of (a) a Lender inspection in the absence of the occurrence and continuation of a Default, which shall be done at such Lender’s expense, or (b) any 

  
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Administrative Agent inspections in excess of one inspection during any 12-month period in the absence of the occurrence and continuation of a Default,
each of which shall be done at the Administrative Agent’s expense. 
 Section 6.10. Compliance With Environmental Laws.
The Borrower will, and will cause each of its Subsidiaries to, comply, and undertake all commercially reasonable actions to cause all lessees and other Persons operating or occupying its properties to comply, in all material respects, with all
applicable Environmental Laws and any permits issued pursuant to Environmental Laws; obtain and renew all permits issued pursuant to Environmental Laws necessary for its operations and properties; and conduct any investigation, study, sampling and
testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in accordance with the requirements of all Environmental Laws; provided,
however, that neither the Borrower nor any of its Subsidiaries shall be required to so comply with such Environmental Laws, or undertake any such cleanup, removal, remedial or other action to the extent that (a) its obligation to do so
is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP or (b) the failure to do so could not reasonably be expected to have a Material
Adverse Effect. 
 Section 6.11. Further Assurances. Promptly upon reasonable request by the Administrative Agent, or any
Lender through the Administrative Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge, deliver,
record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and
other instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to (i) carry out more effectively the purposes of the Loan Documents, (ii) perfect and
maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (iii) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto
the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its
Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so. 
 Section 6.12. Maintenance Of Ratings.
The Borrower will use commercially reasonable efforts to maintain a public corporate rating from S&P and a public corporate family rating from Moody’s. 

Section 6.13. Restricted Payments. The Borrower will not, nor will it permit any of its Subsidiaries to, declare or pay any
Restricted Payments, except that, in each case, so long as no Default or Unmatured Default then exists or would result therefrom, the following shall be permitted: 

(a) the payment by the Borrower or any Subsidiary of dividends payable in its own Capital Stock (other than Disqualified Stock); 

(b) the making of any Restricted Payment in exchange for, or out of the proceeds of, the substantially concurrent contribution of common equity
capital to 

  
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the Borrower; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause (b) of the definition of Basket
Amount; 
 (c) repurchases of Capital Stock deemed to occur upon exercise of stock options or warrants if such Capital Stock represents a
portion of the exercise price of such options or warrants; 
 (d) the declaration and payment of dividends or distributions to holders of any
class or series of preferred stock of any Subsidiary issued in accordance with Section 6.14; 
 (e) the defeasance, redemption,
repurchase or other acquisition or retirement of Subordinated Indebtedness of the Borrower made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Subordinated Indebtedness (“Refinancing Restricted
Indebtedness”) of the Borrower, as the case may be, that is incurred in compliance with Section 6.14 so long as: 

(i) the principal amount (or accreted value, if applicable) of such Refinancing Restricted Indebtedness does not exceed the
principal amount plus any accrued and unpaid interest on the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired for value (in any case, the “Refinanced Restricted Indebtedness”), plus the
amount of any premium required to be paid under the terms of the instrument governing the Refinanced Restricted Indebtedness and any fees and expenses incurred in the issuance of such Refinancing Restricted Indebtedness; 

(ii) such Refinancing Restricted Indebtedness is subordinated to the Obligations at least to the same extent as such Refinanced
Restricted Indebtedness; 
 (iii) such Refinancing Restricted Indebtedness has a final scheduled maturity date equal to or
later than the final scheduled maturity date of the Refinanced Restricted Indebtedness; and 
 (iv) such Refinancing
Restricted Indebtedness has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of the Refinanced Restricted Indebtedness; 

(f) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Capital Stock of the Borrower
held by any current or former employee, director, manager or consultant of the Borrower or any Subsidiary (or their respective estates, heirs, beneficiaries, transferees, spouses or former spouses) pursuant to any management equity plan or stock
option plan or any other management or employee benefit plan or similar agreement; provided that the aggregate amount of Restricted Payments made 

  
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pursuant to this clause (f) in any four-fiscal quarter period shall not exceed $5,000,000 as of the last day of such four-fiscal quarter period; 

(g) Restricted Payments in an amount not to exceed the Remaining Basket Amount determined at such time, so long as after giving effect to any
such Restricted Payment made pursuant to this clause (g), the Total Leverage Ratio, determined on a pro forma basis, does not exceed the Total Leverage Threshold; 

(h) the payment by any Subsidiary of any dividends or distributions to the Borrower and to any other Subsidiary (and, in the case of a
Restricted Payment by a non- Wholly-Owned Subsidiary, to the Borrower and any other Subsidiary and to each other owner of Capital Stock of such Subsidiary based on their relative ownership interests); 

(i) Restricted Payments constituting the repurchase, retirement or other acquisition or retirement for value of Capital Stock of the Borrower
held by the Sponsors, in an amount not to exceed $300,000,000 during the term of this Agreement; and 
 (j) other Restricted Payments which,
when aggregated with all other Restricted Payments made pursuant to this clause (j) after the Amendment Effective Date do not exceed $50,000,000. 

Notwithstanding the foregoing, the making of any dividend or distribution or the consummation of any irrevocable redemption within 60 days
after the date of declaration of the dividend or distribution or giving of the redemption notice, as applicable, will not be prohibited if, at the date of declaration or notice such payment or redemption would have complied with the provisions of
this Agreement. 
 Section 6.14. Indebtedness. The Borrower will not, nor will it permit any Subsidiary to, create, incur
or suffer to exist any Indebtedness, nor will it permit Borrower or any of its Subsidiaries to issue preferred stock (other than shares of preferred stock of the Borrower or any of its Subsidiaries issued to the Borrower or a Guarantor), except:

 (a) Obligations of the Loan Parties under the Loan Documents; 

(b) Indebtedness existing on the Amendment Effective Date and described in all material respects in Schedule 6.14; 

(c) [Reserved]; 
 (d) unsecured
Indebtedness for borrowed money incurred by any Loan Party; provided, however, that after giving effect to the incurrence of such Indebtedness, the Total Leverage Ratio, determined on a pro forma basis, does not exceed the Total Leverage
Threshold; 

  
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 (e) Indebtedness or preferred stock of (i) the Borrower or a Guarantor incurred to
finance an acquisition permitted hereunder or (ii) Persons that are acquired by the Borrower or a Guarantor or merged into the Borrower or a Guarantor in accordance with the terms of this Agreement; provided, however, that after
giving effect to such acquisition or merger, the Total Leverage Ratio, determined on a pro forma basis, does not exceed the greater of (x) Total Leverage Threshold or (y) the Total Leverage Ratio in effect immediately prior to giving
effect to such transaction; 
 (f) Indebtedness incurred by the Borrower or any Subsidiary constituting reimbursement obligations with
respect to letters of credit issued in the ordinary course of business in respect of workers’ compensation claims, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims;
provided, however, 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; 

(g) Indebtedness arising from agreements of the Borrower or a Subsidiary providing for indemnification, adjustment of purchase price or similar
obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or
Subsidiary for the purpose of financing such acquisition; provided, however, that: 
 (i) such Indebtedness is
not reflected on the balance sheet of the Borrower or any Subsidiary (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will be deemed to be reflected on such balance sheet for
purposes of this clause (g)(i)); and 
 (ii) the maximum assumable liability in respect of all such Indebtedness 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 Borrower or any Subsidiary in connection with such disposition; 
 (h) (i)
Indebtedness of the Borrower to a Guarantor or (ii) Indebtedness of a Guarantor to the Borrower or another Guarantor; provided that any such Indebtedness is made pursuant to an intercompany note; provided further that any
subsequent transfer of any such Indebtedness (except to the Borrower or another Guarantor) shall be deemed, in each case, to be an incurrence of such Indebtedness that was not permitted by this clause (h); 

(i) the guarantee by the Borrower or any of the Guarantors of Indebtedness of the Borrower or a Subsidiary that was permitted to be incurred by
another provision of this covenant; provided that if the Indebtedness being 

  
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guaranteed is subordinated to the Obligations, then the guarantee shall be subordinated to the same extent as the Indebtedness guaranteed; 

(j) the incurrence by the Borrower or any Subsidiary of Indebtedness or issuance of preferred stock that serves to extend, refund, refinance,
renew, replace or defease any Indebtedness or preferred stock incurred or issued as permitted under clause (b), (d) or (e) above, this clause (j) or any Indebtedness or preferred stock incurred or issued to so refund or refinance such
Indebtedness or preferred stock (the “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

(i) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less than the
remaining Weighted Average Life to Maturity of the Indebtedness or preferred stock being refunded or refinanced; 
 (ii) to
the extent such Refinancing Indebtedness refinances (A) Indebtedness subordinated or pari passu to the Obligations, such Refinancing Indebtedness is subordinated or pari passu to the Obligations at least to the same extent as the
Indebtedness being refinanced or refunded; or (B) preferred stock, such Refinancing Indebtedness must be preferred stock; 

(iii) shall not include: 

(A) Indebtedness or preferred stock of a Subsidiary that refinances Indebtedness or preferred stock of the Borrower; or 

(B) Indebtedness or preferred stock of a Subsidiary that is not the Borrower or a Guarantor that refinances Indebtedness or
preferred stock of the Borrower or a Guarantor; and 
 (iv) is in a principal amount not in excess of the principal amount of
Indebtedness being refunded or refinanced (including additional Indebtedness incurred to pay premiums, fees and expenses in connection therewith); 

(k) Indebtedness 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 such Indebtedness is extinguished within five Business Days of its incurrence; 

(l) the incurrence by the Borrower or any Subsidiary of Indebtedness in respect of workers’ compensation claims, payment obligations in
connection with health or other types of social security benefits, unemployment or other insurance or self-insurance obligations in the ordinary course of business; 

  
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 (m) Indebtedness that may be deemed to exist pursuant to any performance, completion or
similar guarantees, performance, surety, statutory, appeal, bid, payment (other than payment of Indebtedness) or reclamation bonds, statutory obligations or similar obligations (including any bonds or letters of credit issued with respect thereto
and all guarantee, reimbursement and indemnity agreements entered into in connection therewith) incurred in the ordinary course of business; 

(n) obligations incurred in connection with any management or director deferred compensation plan; 

(o) Indebtedness in respect of (i) employee credit card programs and (ii) netting services, cash pooling arrangements or similar
arrangements in connection with cash management and deposit accounts; provided that, with respect to any such arrangements, the total amount of all deposits subject to such arrangement at all times equals or exceeds the total amount of
overdrafts subject to such arrangement; 
 (p) (x) overnight Repurchase Agreements incurred in the ordinary course of business and
(y) Repurchase Agreements with maturities of less than 30 days (and excluding Indebtedness incurred pursuant to clause (x) of this clause (p)) which at any one time outstanding do not exceed $100,000,000; 

(q) Indebtedness (including Capitalized Lease Obligations) and preferred stock incurred by the Borrower or any Guarantor, the proceeds of which
are applied to finance the development, construction, purchase, lease, repairs, additions or improvement of property (real or personal), equipment or other fixed or capital assets that are used or useful in a Similar Business, whether through the
direct purchase of assets or the Capital Stock of any Person owning such assets, in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness and preferred stock then outstanding and incurred pursuant
to this clause (q) and including all Indebtedness and preferred stock incurred to refund, refinance or replace any other Indebtedness incurred pursuant to this clause (q), does not exceed $35,000,000; 

(r) (A) Indebtedness or preferred stock of the Borrower or of a Guarantor owing to a Non-Guarantor
(other than an SPE) that is subordinated in right of payment to the Obligations of the Borrower or such Guarantor and (B) Indebtedness or preferred stock in an aggregate principal amount outstanding at any time not to exceed $150,000,000 of a Non-Guarantor (other than an SPE) owing to the Borrower or a Guarantor; provided that any subsequent transfer of any such Indebtedness or preferred stock (except to the Borrower or a Subsidiary) shall be
deemed to be an incurrence of such Indebtedness that was not permitted by this clause (r); 
 (s) loans and advances owing by any Non-Guarantor to another Non-Guarantor; 

  
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 (t) Indebtedness owing by any Non-Guarantor so long
as the aggregate amount of Indebtedness incurred pursuant to this clause (t) does not at any one time outstanding exceed $50,000,000 and guarantees of such Indebtedness by the Borrower or any Guarantor; 

(u) Indebtedness in respect of Pari Passu First Lien Notes, Incremental Second Lien Notes and Incremental Unsecured Notes issued pursuant to
Section 2.25(a); 
 (v) Indebtedness owing by a Non-Guarantor to the Borrower or a Guarantor as
a result of any Investment permitted under Section 6.17(d), 6.17(s), 6.17(t) or 6.17(v); and 
 (w) Indebtedness of the Borrower and
Indebtedness or preferred stock of the Borrower or any Guarantor not otherwise permitted hereunder in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference of all other
Indebtedness or preferred stock then outstanding and incurred pursuant to this clause (w), does not at any one time outstanding exceed $100,000,000. 

Without limiting the generality of the foregoing, neither the Borrower nor any Subsidiary shall incur or have outstanding any Indebtedness to
the SPEs. 
 For purposes of determining compliance with this Section 6.14: (i) in the event that an item of Indebtedness or preferred
stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness or preferred stock described in clauses (a) through (w) above, the Borrower, in its sole discretion, may classify or reclassify such
item of Indebtedness or preferred stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness or preferred stock in one of the above clauses; and (ii) at the time of incurrence or
reclassification, the Borrower will be entitled to divide and classify an item of Indebtedness or preferred stock in more than one of the types of Indebtedness or preferred stock described in clauses (a) through (w) above. 

Accrual of interest, the accretion of accreted value and the payment of interest or dividends in the form of additional Indebtedness will not
be deemed to be an incurrence of Indebtedness for purposes of this Section 6.14. 
 For purposes of determining compliance with any
U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the
date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and
such refinancing would cause the applicable U.S. dollar-denominated restriction to be 

  
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exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long
as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. 
 The
principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which
such respective Indebtedness is denominated that is in effect on the date of such refinancing. 
 Section 6.15. Merger. 

 (a) The Borrower will not consolidate, merge, liquidate or dissolve with or into (whether or not the Borrower is the surviving entity),
or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all the properties or assets of the Borrower and its Subsidiaries, taken as a whole, in one or more related transactions, to another Person, unless: 

(i) either: 

(C) the Borrower is the surviving company; or 

(D) the Person formed by or surviving any such consolidation or merger (if other than the Borrower) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is an entity organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Person, as the case may be, being
herein called the “Successor Company”); 
 (ii) the Successor Company, if other than the Borrower, expressly
assumes all the Obligations of the Borrower under the Loan Documents pursuant to documents in form reasonably satisfactory to the Administrative Agent; 

(iii) immediately before and after such transaction, no Default or Unmatured Default exists; 

(iv) the Total Leverage Ratio of the Successor Company, determined on a pro forma basis as if such transaction had occurred at
the beginning of the applicable four-quarter period, would not exceed the greater of (x) Total Leverage Threshold or (y) the Total Leverage Ratio in effect immediately prior to giving effect to such transaction; 

  
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 (v) each Guarantor, unless it is the other party to the transactions
described above, in which case clause (b) below applies, shall have confirmed that its Obligations under the applicable Loan Documents to which it is a party remain outstanding pursuant to documentation reasonably satisfactory to the
Administrative Agent; and 
 (vi) the Borrower shall have delivered to the Administrative Agent an officer’s certificate
stating that such consolidation, merger or transfer complies with the provisions described in this clause (a). 
 The Successor Company will
succeed to, and be substituted for the Borrower under this Agreement and each other Loan Document. 
 Notwithstanding the foregoing (but
subject to clause (b) below), any Subsidiary of the Borrower may consolidate with, merge, liquidate or dissolve into or transfer all or part of its properties and assets to the Borrower or to another Subsidiary. 

(b) No Guarantor will, and the Borrower will not permit any Guarantor to, consolidate or merge with or into or dissolve or liquidate into
(whether or not such Guarantor is the surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all its properties or assets in one or more related transactions, to any Person unless: 

(i) (A) such Guarantor is the surviving entity or the Person formed by or surviving any such consolidation or merger (if other
than such Guarantor) or to which such sale, assignment, transfer, conveyance or other disposition will have been made is an entity organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any
territory thereof (such Guarantor or such Person, as the case may be, being herein called the “Successor Person”); and 

(E) the Successor Person, if other than such Guarantor, expressly assumes all the obligations of such Guarantor under the Loan
Documents pursuant to documents in form reasonably satisfactory to the Administrative Agent; and 
 (F) immediately before
and after such transaction, no Default or Unmatured Default exists; or 
 (ii) such transaction is made in compliance with
Section 6.16 (without regard to Section 6.16(k)) or constitutes an Investment permitted by Section 6.17. 
 The Successor
Person will succeed to, and be substituted for such Guarantor under the Guaranty and each other Loan Document. 

  
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 Notwithstanding the foregoing, any Guarantor may consolidate with, merge into or transfer
all or part of its properties and assets to the Borrower or to another Guarantor. 
 Section 6.16. Sale of Assets. The
Borrower will not, nor will it permit any Subsidiary to, lease, sell or otherwise dispose of its Property to any other Person, except: 
 (a)
the disposition of (i) Cash and Cash Equivalents in the ordinary course of business, (ii) obsolete or worn out equipment or other tangible personal property or (iii) inventory sales in the ordinary course of business; 

(b) transfers of property subject to casualty, condemnation or similar events (including in lieu thereof) upon receipt of the Net Proceeds in
respect thereof; 
 (c) the disposition of Portfolio Securities (other than Specified Securities) for Cash and Cash Equivalents or securities
contained in the Restricted Investment Portfolio; 
 (d) the making of any Restricted Payment or Investment that is permitted to be made, and
is made, under Section 6.13 or 6.17, as applicable; 
 (e) the unwinding of any Rate Management Transaction; 

(f) [Reserved]; 
 (g) sales of
securities pursuant to Repurchase Agreements; 
 (h) sales, transfers or other dispositions of its Property to an SPE made in compliance with
Section 6.17(f); 
 (i) transfers from a Subsidiary to the Borrower, from the Borrower to any Guarantor, from a Guarantor to any other
Guarantor or from a Non-Guarantor to the Borrower or a Subsidiary; 
 (j) sales or dispositions of
the official check business by the Borrower and the Subsidiaries; 
 (k) the disposition of all or substantially all the assets of the
Borrower or any Subsidiary in a manner permitted pursuant to Section 6.15; 
 (l) to the extent allowable under Section 1031 of the
Code, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 
 (m) surrender or waiver of contract rights
or the settlement, release or surrender of contract, tort or other claims; 

  
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 (n) the lease, assignment or sub-lease of any real
or personal property in the ordinary course of business; 
 (o) foreclosures on assets; 

(p) sales of assets pursuant to any financing transaction otherwise permitted by this Agreement with respect to property built or acquired by
the Borrower or a Subsidiary after the Amendment Effective Date, including sale and leaseback transactions; 
 (q) the granting of Liens
otherwise permitted by this Agreement; 
 (r) sales of accounts receivable in connection with the collection or compromise thereof; 

(s) the abandonment of Intellectual Property rights in the ordinary course of business, which in the reasonable good faith determination of the
Borrower, are not material to the conduct of the business of the Borrower and its Subsidiaries taken as a whole; 
 (t) leases, sales or
other dispositions of its Property that, together with all other Property of the Borrower and the Subsidiaries previously leased, sold or disposed of as permitted by this clause (t) during the twelve month period ending with the month in which
any such lease, sale or other disposition occurs, do not constitute a Substantial Portion of the Property of the Borrower and the Subsidiaries; 

(u) the abandonment of the Investments described on Schedule 6.16; 

(v) the sale or other disposition of Specified Securities; and 

(w) sales or other dispositions comprising all or a portion of the Tax-Efficient Restructuring. 

For purposes of this Section 6.16, Property of a Subsidiary shall be deemed to include Capital Stock (other than preferred stock) of such
Subsidiary issued or sold to any Person other than (x) a Loan Party, (y) in the case of a Foreign Subsidiary, a Wholly-Owned Subsidiary of the Borrower, or (z) any Capital Stock issued to an equity holder other than the Borrower or a
Subsidiary to maintain its pro rata ownership. 
 Section 6.17. Investments and Acquisitions. The Borrower will not, nor
will it permit any Subsidiary to, make any Acquisition of any Person or make any Investment in any Person, except: 
 (a) Acquisitions of (or
all or substantially all of the assets of) entities engaged in a Similar Business, so long as (i) the acquired entity becomes a Subsidiary of the Borrower and, if the acquired entity is a Domestic Subsidiary,

  
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the acquired entity (x) becomes a Guarantor to the extent required by Section 6.23 and, to the extent required by Section 6.24, pledges its assets as Collateral or (y) is
merged, consolidated or amalgamated with or into, or transfers or conveys substantially all its assets to, or is liquidated into, the Borrower or a Guarantor; (ii) after giving effect to such acquisition and determined on a pro forma basis, the
Total Leverage Ratio shall not exceed the greater of (x) the Total Leverage Threshold or (y) the Total Leverage Ratio in effect immediately prior to giving effect to such acquisition; (iii) for any Acquisition with aggregate
consideration in excess of $50,000,000, the Borrower shall have delivered to the Administrative Agent a certificate executed by an Authorized Officer setting forth the calculations demonstrating such compliance; (iv) both before and after
giving effect to such acquisition no Default or Unmatured Default exists and (v) in the case of Acquisitions of Subsidiaries that are Non-Guarantors, the aggregate amount of Investments in all Non-Guarantors for all such Acquisitions shall not exceed (A) $125,000,000 plus (B) (I) $150,000,000 less (II) the aggregate amount of all Investments made at or prior to such time pursuant
to clause (d) of this Section 6.17 plus (C) the Remaining Basket Amount plus (D)(1) $50,000,000 less (II) the aggregate amount of all Investments made at or prior to such time pursuant to clause (v) of
this Section 6.17; 
 (b) [Reserved]; 

(c) any Investment in the Borrower or any Guarantor; 

(d) any Investments by the Borrower or any Guarantor in any Non-Guarantor (other than any SPE) that
together with all Investments made pursuant to this clause (d) after the Amendment Effective Date shall not exceed $150,000,000 less the aggregate amount of Investments made at or prior to such time pursuant to clause (a)(v)(B) above;

 (e) Investments made in any Non-Guarantor (but not any SPE) by another Non-Guarantor; 
 (f) Investments in SPEs to provide for payment obligations in the ordinary course
pursuant to arrangements with customers and counterparties existing on the Amendment Effective Date; 
 (g) any Investment in Cash or Cash
Equivalents; 
 (h) any Investment in the Restricted Investment Portfolio; 

(i) any Investment existing on the Amendment Effective Date (excluding assets held by any SPE) or made pursuant to legally binding written
commitments in existence on Amendment Effective Date which, in either case, is set forth in all material respects on Schedule 6.17(i), and any Investment that replaces, refinances or refunds any such Investment; provided that such replacing,
refinancing or refunding Investment is in an amount that does not exceed the 

  
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amount replaced, refinanced or refunded, and is made in the same Person as the Investment replaced, refinanced or refunded; 

(j) loans and advances to employees, directors, managers or consultants of the Borrower or any of its Subsidiaries for reasonable and customary
business related travel expenses, moving expenses and similar expenses, in each case incurred in the ordinary course of business whether or not consistent with past practice, and payroll advances in an aggregate outstanding amount at any time
(without giving effect to any writeoffs, writedowns or forgiveness) not exceeding $10,000,000; 
 (k) any Investment acquired by the Borrower
or any Subsidiary: 
 (i) in exchange for any other Investment or accounts receivable held by the Borrower or any Subsidiary
in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of such other Investment or accounts receivable; or 

(ii) as a result of a foreclosure by the Borrower or any Subsidiary with respect to any secured Investment or other transfer of
title with respect to any secured Investment in default; 
 (l) Investments to the extent the payment for which consists of Capital Stock
(other than Disqualified Stock) of the Borrower; 
 (m) Investments consisting of Indebtedness owing by
Non-Guarantors to any Loan Party permitted under Section 6.14(r) and Investments consisting of guarantees by the Borrower or any Subsidiary of Indebtedness owing by
Non-Guarantors permitted under Section 6.14(t); 
 (n) any Investments received in compromise or
resolution of (i) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Borrower or any Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy
or insolvency of any trade creditor or customer; or (ii) litigation, arbitration or other disputes with Persons who are not Affiliates; 

(o) any Investment in securities or other assets not constituting Cash or Cash Equivalents and received in connection with an asset sale made
pursuant to Section 6.16; 
 (p) Rate Management Obligations permitted hereunder; 

(q) receivables owing to the Borrower or any of its Subsidiaries created or acquired in the ordinary course of business and payable or
dischargeable in accordance with customary trade terms; 

  
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 (r) upfront payments, signing bonuses and similar payments paid to agents and guaranties of
agent commissions, in each case in the ordinary course of business and consistent with past practice; 
 (s) Investments by MoneyGram Payment
Systems, Inc. in one or more Non-Guarantors arising directly as a result of the Tax-Efficient Restructuring (through contributions to equity of, or intercompany loans or
advances to, such Non-Guarantors); 
 (t) any Investment not permitted by the other provisions of
this Section 6.17 in an amount not to exceed the Remaining Basket Amount determined at such time; 
 (u) transfers from the Borrower or
a Guarantor to a Non-Guarantor of Property with an aggregate fair market value not greater than $35,000,000 in any fiscal year of the Borrower and which constitute Investments; and 

(v) additional Investments in an aggregate amount, taken together with all other Investments previously made (I) pursuant to this clause
(v) or (II) pursuant to subclause (D) of clause (a) above, not to exceed $50,000,000 (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value). 

Section 6.18. Liens. The Borrower will not, nor will it permit any Subsidiary to, create, incur, or suffer to exist any
Lien in, of or on the Property of the Borrower or any of its Subsidiaries, except: 
 (a) [Reserved]; 

(b) Liens created pursuant to the Collateral Documents (which Liens shall equally and ratably secure Secured Hedge Obligations and Secured Cash
Management Obligations); 
 (c) Liens for taxes, assessments or governmental charges, claims or levies not yet overdue for a period of more
than 30 days or subject to penalties for nonpayment, or which are being contested in good faith and by appropriate proceedings; 
 (d) Liens
imposed by law, such as landlord’s, carriers’, warehousemen’s and mechanics’ Liens and other similar Liens arising in the ordinary course of business which secure payment of obligations not more than 30 days past due or which are
being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding in good faith with an appeal or other proceeding for review so
long as no such Lien secures claims constituting a Default under Section 7.08; 

  
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 (e) Liens arising out of pledges or deposits under worker’s compensation laws,
unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation; 
 (f) minor survey
exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties; 

(g) Liens in existence on the Amendment Effective Date and identified in all material respects on Schedule 6.18 hereto; 

(h) ordinary course pledges or deposits to secure bids, tenders, contracts (other than for the payment of Indebtedness for borrowed money) or
leases to which such Person is a party or deposits as security for contested taxes, import duties or the payment of rent; 
 (i) Liens in
favor of the issuer of stay, customs, appeal, performance and surety bonds or bid bonds or with respect to other regulatory requirements or securing bonds required by applicable state regulatory licensing requirements or letters of credit or bank
guarantees or similar instruments in lieu of such items or to support the issuance thereof issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

(j) Liens on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however, such Liens
are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided further that such Liens may not extend to any other property owned by the Borrower or any Subsidiary and
that such Liens are released within 30 days of such Person becoming a Subsidiary; 
 (k) Liens on property at the time the Borrower or a
Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into the Borrower or any Subsidiary; provided, however, that such Liens are not created or incurred in connection with, or in
contemplation of, such acquisition; and provided further that the Liens may not extend to any other property owned by the Borrower or any Subsidiary; 

(l) licenses, sublicenses, leases or subleases entered into in the ordinary course of business that do not materially impair their use in the
operation of the business of the Borrower and the Subsidiaries, taken as a whole; 
 (m) purported Liens evidenced by the filing of
precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business; 

  
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 (n) deposits made in the ordinary course of business to secure liability to insurance
carriers; 
 (o) Liens (i) of a collection bank arising under Section 4-210 of the UCC on
items in the course of collection, (ii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and
(iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(p) any attachment or judgment Lien against the Borrower or any Subsidiary, or any property of the Borrower or any Subsidiary, so long as such
Lien secures claims not constituting a Default under Section 7.08; 
 (q) the deposit or
pre-funding of amounts (including through delivery to a payment agent) to satisfy payment service or reimbursement obligations owed or estimated to be owed by the Borrower or any of its Subsidiaries, in each
case in the ordinary course of business; 
 (r) Liens securing Indebtedness permitted to be incurred pursuant to Section 6.14(e)(ii) or
Section 6.14(q); provided that Liens securing Indebtedness permitted to be incurred pursuant to Section 6.14(e)(ii) or Section 6.14(q) are solely on the assets financed, purchased, constructed, improved or acquired or assets of
the acquired entity as the case may be, and the proceeds and products thereof and accessions thereto; 
 (s) Liens securing Rate Management
Obligations not exceeding $50,000,000 in the aggregate outstanding at any time; 
 (t) Liens on specific items of inventory or other goods
and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(u) any Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions,
renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien of the type referred to in clause (b), (g), (j), (k) or (r) (or in this clause (u) and originally of the type referred to in such other clauses);
provided, however, that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property and the proceeds and products thereof), and (y) the
Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount of the Indebtedness permitted pursuant to such clause (b), (g), (j), (k) or (r) and (ii) an amount
necessary to pay any fees and expenses, including 

  
 113 

 
premiums, related to such refinancing, refunding, extension, renewal or replacement; 

(v) Liens in favor of the Borrower or any Guarantor; 

(w) any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real
property; 
 (x) Liens solely on any cash earnest money deposits relating to asset sales or acquisitions not in the ordinary course in
connection with any letter of intent or purchase agreement not prohibited by this Agreement; 
 (y) Liens securing Indebtedness evidenced by
Pari Passu First Lien Notes and Incremental Second Lien Notes issued pursuant to Section 2.25(a); 
 (z) Liens securing Indebtedness or
other obligations of a Subsidiary owing to the Borrower or a Guarantor permitted to be incurred in accordance with Section 6.14; 
 (aa)
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; and 

(bb) other Liens not otherwise permitted by this Section 6.18 securing obligations not at any time exceeding $100,000,000 in the
aggregate. 
 Section 6.19. Affiliates. The Borrower will not, and will not permit any Subsidiary to, make any payment
to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or
for the benefit of, any Affiliate of the Borrower, except: 
 (a) on terms not materially less favorable to the Borrower or such Subsidiary
as the Borrower or such Subsidiary would obtain in a comparable arms’ length transaction, and in connection with such transaction or series of related transactions involving aggregate annual payments or consideration in excess of $10,000,000
the Borrower delivers to the Administrative Agent a resolution adopted by the disinterested members of the board of directors of the Borrower approving such transaction and set forth in an officer’s certificate certifying that such transaction
complies with this clause (a); 
 (b) any Restricted Payments permitted under Section 6.13, any Investments permitted under
Section 6.17 and any transactions permitted under Section 6.14(r), Section 6.16(h) or Section 6.16(i); 
 (c)
reimbursement of the Sponsors or their Affiliates for expenses in accordance with the provisions of the Equity Purchase Agreement as in effect on the Original Effective Date; provided, however, that notwithstanding anything

  
 114 

 
contained in this Agreement to the contrary, the Borrower will not, and will not permit any Subsidiary to, pay any management fees to the Sponsors or their Affiliates; 

(d) reasonable and customary fees, expenses and indemnities provided in the ordinary course of business to officers, directors, managers,
employees or consultants of the Borrower or any Subsidiary; 
 (e) customary tax sharing arrangements among the Borrower and its Subsidiaries
entered into in the ordinary course of business; 
 (f) transactions among the Loan Parties not expressly prohibited under this Agreement;

 (g) any transaction or series of transactions involving consideration of less than $1,000,000; 

(h) transactions in existence as of the Amendment Effective Date set forth in all material respects on Schedule 6.19; 

(i) payments or loans (or cancellation of loans) to employees of the Borrower or any Subsidiary and employment agreements, severance
agreements, stock option plans and other similar arrangements with such employees which, in each case are approved by the disinterested members of the board of directors of the Borrower in good faith that are not otherwise prohibited by this
Agreement; 
 (j) the Transactions and the payment of all fees and expenses related to the Transactions; and 

(k) the payment of reasonable charges for travel in the ordinary course of business by any officer, director, manager, employee, agent,
consultant, Affiliate or advisor of the Borrower or any Subsidiary. 
 Section 6.20. Amendments to Agreements. The
Borrower will not, and will not permit any of its Subsidiaries to, amend or terminate the Equity Purchase Agreement, the certificates of designation with respect to the Series B Preferred Stock, the Series B-1
Preferred Stock or the Series D Preferred Stock, in each case as defined in, and attached as an exhibit to, the Equity Purchase Agreement, the organizational documents of the Borrower or any Subsidiary or any documents with respect to Subordinated
Debt which is Material Indebtedness, in each case in any manner which could reasonably be expected to be materially adverse to the interests of the Lenders or would result in a material breach of this Agreement. 

Section 6.21. Inconsistent Agreements. The Borrower shall not, and shall not permit any Subsidiary to, enter into any
indenture, agreement, instrument (or amendment thereto) or other arrangement which directly or indirectly prohibits or restrains, or has the effect of prohibiting or restraining (x) the incurrence or repayment of the Obligations or the ability
of the Borrower or any Subsidiary to create or suffer to exist Liens on such Person’s Property securing the Obligations or (y) the ability of any Subsidiary to (a) pay 

  
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dividends or make other distributions on its capital or (b) pay any Indebtedness owed to, or make loans or advances to, or sell, lease or transfer any of its Property to, the Borrower or any
Subsidiary, except that the following are permitted: 
 (a) contractual encumbrances or restrictions contained in any Loan Document
(including any related Rate Management Transaction and its related documentation) or otherwise in effect on the Amendment Effective Date; 

(b) purchase money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose
restrictions on disposition of the property so acquired; 
 (c) applicable law or any applicable rule, regulation or order or similar
restriction; 
 (d) any agreement or other instrument of a Person acquired by the Borrower or any Subsidiary in existence at the time of such
acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 

(e) contracts for the sale of assets, including, without limitation, customary restrictions with respect to a Subsidiary pursuant to an
agreement that has been entered into relating to the sale or disposition of all or substantially all the Capital Stock or assets of that Subsidiary pursuant to a transaction otherwise permitted by this Agreement; 

(f) restrictions imposed by the terms of secured Indebtedness otherwise permitted to be incurred pursuant to Sections 6.14 and 6.18 hereof
that, in the case of a Loan Party, relate to the assets securing such Indebtedness; 
 (g) restrictions on cash or other deposits or
portfolio securities or net worth imposed by customers or Governmental Entities under contracts entered into in the ordinary course of business; 

(h) customary provisions in joint venture agreements, asset sale agreements, sale-lease back agreements and other similar agreements; 

(i) customary provisions contained in leases and other agreements entered into in the ordinary course of business; 

(j) any agreement for the sale or other disposition of a Subsidiary that restricts dividends, distributions, loans or advances by such
Subsidiary pending such sale or other disposition; 
 (k) Permitted Liens; 

  
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 (l) restrictions and conditions on the creation or existence of Liens imposed by the terms
of the documentation governing any Indebtedness or preferred stock of a Non-Guarantor, which Indebtedness or preferred stock is permitted by Section 6.14; 

(m) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under
Section 6.17 and applicable solely to such joint venture entered into in the ordinary course of business; and 
 (n) any encumbrances or
restrictions of the type referred to in the lead-in to this Section 6.21 imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
of the contracts, instruments or obligations referred to in clauses (a) through (m) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not
materially more restrictive, taken as a whole, with respect to such encumbrance and other restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

Section 6.22. Revolver Financial Covenants. 

(a) Interest Coverage Ratio. Prior to the Revolver Termination Date, the Interest Coverage Ratio, determined for each of the dates set
forth below, shall not be less than the applicable ratio set forth below opposite such fiscal quarter: 
  

					
	 Fiscal Quarter Ending
	  	Interest
Coverage
Ratio	 
	 June 30, 2013
	  	 	2.15:1.00	 
	 September 30, 2013

	 December 31, 2013

	 March 31, 2014

	 June 30, 2014

	 September 30, 2014

	 December 31, 2014 (and each fiscal quarter end thereafter)
	  	 	2.25:1.00	 

 (b) Secured Leverage Ratio. Prior to the Revolver Termination Date, the Secured Leverage Ratio,
determined for each of the dates set forth below, shall not be greater than the applicable ratio set forth below opposite such fiscal quarter: 
  

			
	 Fiscal Quarter Ending
	  	Secured
Leverage
Ratio
	 June 30, 2013
	  	4.625:1.000
	 September 30, 2013

	 December 31, 2013

March 31, 2014
	  	4.375:1.000

  
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	 June 30, 2014

September 30, 2014

December 31, 2014
	  	5.000:1.000
	 March 31, 2015
	  	4.750:1.000
	 June 30, 2015

	 September 30, 2015

	 December 31, 2015

	 March 31, 2016
	  	4.250:1.000
	 June 30, 2016

	 September 30, 2016

	 December 31, 2016

	 March 31, 2017
	  	4.250:1.000
	 June 30, 2017

	 September 30, 2017

	 December 31, 2017

	 March 31, 2018
	  	4.000:1.000
	 June 30, 2018

	 September 30, 2018
	  	3.750:1.000
	 December 31, 2018
	  	4.000:1.000
	 March 31, 2019
	  	4.250:1.000
	 June 30, 2019
	  	4.500:1.000

 (c) Asset Coverage. Prior to the Revolver Termination Date, the Borrower shall not permit, as of any
date, the aggregate assets of the Borrower and its Subsidiaries, determined in accordance with GAAP as shown in the most recently prepared consolidated balance sheet of the Borrower and listed therein as Cash and cash equivalents, Cash and cash
equivalents (substantially restricted), Receivables, net (substantially restricted), Short-term investments (substantially restricted),and Available-for-sale investments
(substantially restricted) (or substantially equivalent categories or any other assets otherwise designated by the Borrower for the payment of Payment service obligations as reflected in such balance sheet), to be less than its Payment service
obligations reflected in such consolidated balance sheet. 
 (d) Total Leverage. Prior to the Revolver Termination Date, the Total
Leverage Ratio, determined as of the last day of each fiscal quarter, shall not be greater than 5.00:1.00. 
 (e) Further Limitations on
Business Activities. During any Financial Covenant Relief Period and for the benefit of the Revolving Lenders only, without the prior written consent of the requisite Revolving Lenders under Section 8.02 and without limiting any other
restriction contained in this Agreement, the Borrower agrees to the following limitations: 

  
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 (i) the Borrower shall not incur any Indebtedness pursuant to
Section 2.25; 
 (ii) none of the Borrower or any of its Restricted Subsidiaries shall utilize any Remaining Basket
Amount under Article 6 (including, without limitation, Section 6.13(g), 6.17(a)(v)(C) and Section 6.17(t)); 

(iii) none of the Borrower or any of its Restricted Subsidiaries shall (x) make any Restricted Payment in reliance on any
of Section 6.13(d) or Section 6.13(i) or (y) make any Restricted Payment in reliance on Section 6.13(j) in excess of $2.0 million in the aggregate during all Financial Covenant Relief Periods; 

(iv) none of the Borrower or any of its Restricted Subsidiaries shall (x) incur any Indebtedness of the type described in
Section 6.14(e), (y) incur any Indebtedness of the type described in (1) Section 6.14(p)(y) in excess of $25.0 million, (2) Section 6.14(q) in excess of $10.0 million or (3) Section 6.14(w) in excess of
$10.0 million, in each case in the aggregate during all Financial Covenant Relief Periods, or (z) incur any Indebtedness of the type described in Section 6.14(u) (1) in the form of Pari Passu First Lien Notes or (2) in the
form of Incremental Second Lien Notes or Incremental Unsecured Notes, unless in the case of this clause (iv)(z)(2) the Net Proceeds of such incurrence of Indebtedness are applied to repay the Term Loans in accordance with Section 2.10(c) (for
purposes hereof, treating such debt incurrence as a Prepayment Event under clause (b) of such definition); 
 (v) none
of the Borrower or any of its Restricted Subsidiaries shall (x) make any Acquisition or Investment pursuant to Section 6.17(a), Section 6.17(d) or Section 6.17(u), or (y) make any Investments of the type described in
(1) Section 6.17(s) in excess of $50 million or (2) Section 6.17(v) in excess of $5.0 million, in each case in the aggregate during all Financial Covenant Relief Periods; and 

(vi) none of the Borrower or any of its Restricted Subsidiaries shall incur any Liens of the type described in
(x) Section 6.18(s) in excess of $5.0 million or (y) Section 6.18(bb) in excess of $5.0 million, in each case in the aggregate during all Financial Covenant Relief Periods. 

Notwithstanding anything to the contrary contained in this Section, if (1) the Borrower fails to comply with the requirements of
Section 6.22(a), (b), (c) or (d) as of the end of any fiscal quarter prior to the Revolver Termination Date and (2) at any time during such fiscal quarter or thereafter until the date that is 15 days after the date the Borrower is
required to deliver financial statements with respect to such period pursuant to Section 6.01, the Borrower receives a cash contribution to its equity capital in exchange for common shares of its Capital Stock and gives written notice to the
Administrative Agent that such cash contribution has been 

  
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received and is a Specified Equity Contribution (any amount so identified, a “Specified Equity Contribution”), then the amount of such Specified Equity Contribution will be
deemed to be an increase to Consolidated EBITDA and to the aggregate amount of assets used in calculating compliance with Section 6.22(c) solely for the purposes of determining compliance with Sections 6.22(a), (b), (c) and (d) at the end
of such fiscal quarter (and for purposes of determining compliance with future periods that include such fiscal quarter) (but such Specified Equity Contribution shall not be included for purposes of determining the Basket Amount or any other
purposes hereunder); provided that (A) in each four fiscal quarter period, there shall be a period of at least two fiscal quarters in respect of which no Specified Equity Contribution is made, and no more than four Specified Equity
Contributions may be made from the Amendment Effective Date through the Revolver Termination Date and (B) the amount of any Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be in compliance
with Sections 6.22(a), (b), (c) and (d). If after giving effect to the foregoing recalculations the Borrower shall be in compliance with the requirements of Sections 6.22(a), (b), (c) and (d), the Borrower shall be deemed to have satisfied the
requirements of such covenants as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable Default in respect of such covenant that had occurred shall be
deemed cured for this purposes of this Agreement. From the date on which the Borrower gives the Administrative Agent written notice of a Specified Equity Contribution with respect to a fiscal period until the 20th day after financial statements are
required to be delivered pursuant to Section 6.01 for such fiscal period, none of the Administrative Agent, the Collateral Agent, any Lender or any Secured Party shall exercise any rights or remedies with respect to a breach of Sections
6.22(a), (b), (c) or (d) with respect to such fiscal period, but any such breach shall not be deemed waived for purposes of Section 4.02 until such Specified Equity Contribution is received by the Borrower. 

Section 6.23. Subsidiary Guarantees. On the Amendment Effective Date and thereafter, on or before the 30th day following
each date required for delivery of financial statements pursuant to Section 6.01(a) or (b), the Borrower shall cause the following entities to be or become Guarantors hereunder: (i) each Material Domestic Subsidiary at such time and
(ii) other Wholly-Owned Domestic Subsidiaries such that, after giving effect thereto, the Subsidiaries of the Borrower that are Guarantors (considered without duplication and without consolidation with any of their respective Subsidiaries that
are Non-Guarantors) account for at least (A) 90% of the total consolidated assets and (B) 90% of the total consolidated revenues, in each case of the Borrower and its Domestic Subsidiaries determined for the
most recent fiscal quarter then ended (in the case of (A)) or most recent fiscal year then ended (in the case of (B)). To effect the foregoing, the Borrower shall cause an Authorized Officer of each Subsidiary that is so required to become a
Guarantor at such time to execute and deliver to the Administrative Agent for the benefit of the Lenders a joinder agreement under the Guaranty in a form (together with any related certificates and opinions reasonably requested by the Administrative
Agent) reasonably acceptable to the Administrative Agent. The Borrower shall promptly 

  
 120 

 
notify the Administrative Agent at which time any Authorized Officer becomes aware that a Wholly-Owned Subsidiary has become a Material Domestic Subsidiary. 

Section 6.24. Collateral. Effective upon any Subsidiary becoming a Guarantor after the Amendment Effective Date, the
Borrower shall cause such Guarantor within fifteen Business Days after becoming a Guarantor (or such later date as the Administrative Agent may agree) to grant to the Collateral Agent for the benefit of the Secured Parties a first (subject to
Permitted Liens) priority security interest in all assets (including real property and the Capital Stock of its Subsidiaries) of such Guarantor pursuant to documentation (including related certificates and opinions) reasonably acceptable to the
Administrative Agent. The Borrower will, and will cause the Borrower and each of the Guarantors to, at the expense of the Borrower, make, execute, endorse, acknowledge, file and/or deliver to the Administrative Agent from time to time such
schedules, confirmatory assignments, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other assurances or instruments and take such further steps relating to the Collateral as the Administrative
Agent may reasonably require. Notwithstanding any of the foregoing, (a) neither the Borrower nor any other Guarantor shall be obligated hereby to grant a security interest in any asset if the granting of such security interest would result in
the violation of any applicable law or regulation, (b) the Collateral shall not include a security interest in any asset if the granting of such security interest would be prohibited by enforceable anti-assignment provisions of contracts or
applicable law (after giving effect to relevant provisions of the Uniform Commercial Code), (c) fee-owned real property having an individual fair market value of less than $2,500,000 or aggregate fair market
value of less than $10,000,000 shall be excluded from the Collateral, (d) the Collateral shall not include cash and cash equivalents, accounts receivable or Portfolio Securities, or deposit or security accounts (except to the extent that the
foregoing are proceeds of Collateral; provided that in no event shall any control agreements be required) containing any of the foregoing, other assets requiring perfection through control agreements, letter-of-credit rights, leasehold real property, motor vehicles and other assets subject to certificates of title (other than any corporate aircraft), interests in certain joint ventures and non-Wholly-Owned Subsidiaries which cannot be pledged without the consent of one or more third parties and obligations the interest on which is wholly exempt from the taxes imposed by subtitle A of the Code,
(e) the pledge of the Capital Stock of Foreign Subsidiaries shall be limited to 65% of the Capital Stock of material first-tier Foreign Subsidiaries, (f) the Administrative Agent shall have the discretion to exclude from the Collateral
immaterial assets, assets as to which it and the Borrower determine that the cost of obtaining such security interest would outweigh the benefit to the Lenders and other assets in which it may determine that the taking of a security interest would
not be advisable, and (g) no foreign law security or pledge agreements shall be required. 
 Section 6.25. Commodity Exchange
Act Keepwell Provisions. The Borrower hereby guarantees the payment and performance of all Secured Obligations of each other Loan Party and absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as
may be needed from time to time by each such other Loan Party in order for such other Loan Party to honor its obligations under the Guaranty including obligations with respect to Rate Management Transactions (provided, however, that the
Borrower shall only be liable under this Section 6.25 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 6.25, or otherwise under this Agreement or any Loan Document,
as it 

  
 121 

 
relates to such other Loan Parties, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of the Borrower under
this Section 6.25 shall remain in full force and effect until this Agreement is terminated. The Borrower intends that this Section 6.25 constitute, and this Section 6.25 shall be deemed to constitute, a “keepwell, support, or
other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

Section 6.26. Anti-Corruption Laws. With respect to the Revolving Credit Facility after the Amendment No. 2 Effective
Date, the Borrower will, and will cause each of its Subsidiaries to, conduct its businesses in compliance in all material respects with (i) the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar
anti-corruption legislation in other jurisdictions that are applicable to the Borrower or its Subsidiaries and (ii) applicable anti-money laundering laws and regulations, and maintain policies and procedures designed to promote and achieve
compliance with such laws. 
 ARTICLE 7 

DEFAULTS 
 The
occurrence of any one or more of the following events shall constitute a Default: 
 Section 7.01. Representation or
Warranty. Any representation or warranty made or deemed made by or on behalf of the Borrower or any of the Subsidiaries to the Lenders or the Administrative Agent under or in connection with any Loan Document, any Credit Extension, or any
certificate or information required to be delivered under any Loan Document shall be materially false on the date as of which made; provided that any breach of the representation and warranty in Section 5.17 shall not constitute a
Default with respect to the Term Loans until the date on which any Revolving Loans have been declared to be due and payable pursuant to Section 8.01. 

Section 7.02. Non-Payment. Nonpayment of principal of any Loan when due, nonpayment
of any reimbursement obligation in respect of any LC Disbursement within three Business Days after the same becomes due and the Borrower has received written notice of such fact, or nonpayment of interest upon any Loan or of any commitment fee, LC
Fee or other obligations under any of the Loan Documents within three Business Days after the same becomes due. 
 Section 7.03.
Specific Defaults. The breach by any Loan Party of any of the terms or provisions of Section 6.02(b), Section 6.03, Sections 6.13 through and including 6.22; provided that any Default with respect to Section 6.02(b),
Section 6.26 or a Revolver Financial Covenant Default shall not constitute a Default with respect to the Term Loans until the date on which any Revolving Loans have been declared to be due and payable pursuant to Section 8.01. 

Section 7.04. Other Defaults. The breach by any Loan Party (other than a breach which constitutes a Default under
Section 7.02 or 7.03 of this Article 7) of any of 

  
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the terms or provisions of this Agreement or any other Loan Document which is not remedied within thirty days after written notice thereof from the Administrative Agent to the Borrower. 

Section 7.05. Cross-Default. Failure of the Borrower or any of its Subsidiaries to pay when due any Material Indebtedness;
or the default by the Borrower or any of its Subsidiaries in the performance (beyond the applicable grace period with respect thereto, if any, and provided that such default has not been cured or waived) of any term, provision or condition
contained in any Material Indebtedness Agreement, or any other event shall occur or condition exist, the effect of which default, event or condition is to cause, or to permit the holder(s) of such Material Indebtedness or the lender(s) under any
Material Indebtedness Agreement to cause, such Material Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of the Borrower or any of its Subsidiaries shall be declared to be due and payable or required to be
prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof. 
 Section 7.06.
Insolvency; Voluntary Proceedings. The Borrower or any of its Subsidiaries shall (a) have an order for relief entered with respect to it under the Federal or state bankruptcy laws as now or hereafter in effect, (b) make a
general assignment for the benefit of creditors, (c) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property,
(d) institute any proceeding seeking an order for relief under the Federal or state bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation,
reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any
such proceeding filed against it, (e) take any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.06, (f) fail to contest in good faith any appointment or proceeding described in
Section 7.07 or (g) not pay, or admit in writing its inability to pay, its debts generally as they become due. 

Section 7.07. Involuntary Proceedings. Without the application, approval or consent of the Borrower or any of its
Subsidiaries, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or any of its Subsidiaries or any Substantial Portion of its Property, or a proceeding described in Section 7.06(d) shall be
instituted against the Borrower or any of its Subsidiaries and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of 45 consecutive days. 

Section 7.08. Judgments. The Borrower or any of its Subsidiaries shall fail within 30 days to pay, bond or otherwise
discharge one or more final, non-appealable judgments or orders for the payment of money in excess of $25,000,000 (or the equivalent thereof in currencies other than Dollars) in the aggregate. 

Section 7.09. Unfunded Liabilities; Reportable Event. Any Reportable Event shall occur in connection with any Single
Employer Plan , and, 30 days after notice thereof shall have been given to the Borrower, such Reportable Event shall not have been corrected and shall have created and caused to be continuing a material risk of Plan

  
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termination or liability for withdrawal from the Plan as a “substantial employer” (as defined in Section 4001(a)(2) of ERISA), which termination or liability for withdrawal could
reasonably be expected to have a Material Adverse Effect. 
 Section 7.10. Change in Control. Any Change in Control shall
occur. 
 Section 7.11. Withdrawal Liability. The Borrower or any other member of the Controlled Group shall have been
notified by the sponsor of a Multiemployer Plan that it has incurred withdrawal liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Borrower or any other
member of the Controlled Group as withdrawal liability (determined as of the date of such notification) could reasonably be expected to have a Material Adverse Effect. 

Section 7.12. Loan Document. Any Loan Document shall fail to remain in full force or effect (other than by reason of a
release of a Loan Party in accordance with the terms hereof and thereof) or any Loan Party shall assert in writing the invalidity or unenforceability of any Loan Document, or any Loan Party shall deny in writing that it has any further liability
under any guaranty of the Obligations to which it is a party, or shall give notice to such effect. 
 Section 7.13. Events Not
Constituting Default. Notwithstanding the provisions of Sections 7.01 and 7.04, (a) any breach of any representation and warranty made hereunder or under or in connection with any Loan Document, (b) any falsity of any certificate or
information required to be delivered under any Loan Document or (c) any breach under Section 7.04 of this Agreement or any other Loan Document that, in the case of each of clauses (a) through (c) above, arises, directly or indirectly,
out of the restatement of the consolidated financial statements of the Borrower and its Subsidiaries heretofore delivered or of the Borrower and its Subsidiaries required to be delivered to the Lenders under this Agreement (such financial statements
so restated, the “Restated Financial Statements”) as a result of the historical valuation, accounting and/or processes, in each case for fiscal periods ended prior to the Amendment Effective Date, related to the investment portfolio
of the Borrower and its Subsidiaries shall in no event constitute a Default or Unmatured Default under this Agreement; provided, however, that (i) the Borrower furnishes to the Lenders the Restated Financial Statements promptly
after the public filing thereof (and in the case of Restated Financial Statements of the Borrower, promptly after public filing of the corresponding restated financial statements of the Borrower) and (ii) in the event of a breach described in
clause (c) of this Section 7.13 consisting of any failure to deliver financial statements required by Section 6.01(a) or (b) to be delivered for periods ending after the earliest period for which financial statements are being
restated (the “Subsequent Financial Statements”), (A) the Borrower furnishes to the Lenders the Subsequent Financial Statements as to which such a breach exists not later than the earlier of (x) the public filing of the
corresponding financial statements of the Borrower and (y) the date that is 45 days, in the case of any delivery of financial statements for the first three fiscal quarters of any fiscal year, or 60 days, in the case of financial statements for
any fiscal year, after the public filing of any Restated Financial Statements (and in the case of Restated Financial Statements of the Borrower, promptly after public filing of the corresponding restated financial statements of the Borrower), (B)
during such period for which the Subsequent Financial Statements or related audit report, if applicable, required by Section 6.01(a) or (b) were not available 

  
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(which period shall in no event extend beyond the dates set forth in clause (i) above), the Borrower furnishes to the Lenders, in lieu thereof, internal unaudited annual financial statements
and internal unaudited quarterly financial statements within the time periods set forth in Section 6.01(a) or (b) respectively which are prepared on a consistent basis as internal unaudited financial statements prepared by the Borrower and
its Subsidiaries which shall be certified by a Financial Officer as (subject to the effect of adjustments for any pending restatement, normal year-end adjustments and the absence of footnotes) fairly
presenting, in all material respects, the consolidated financial condition and operations at such date and the consolidated results of operations for the period then ended, in each case of the Borrower and its Subsidiaries (it being understood that
neither (x) the fact that such certification is subject to such adjustments for any pending restatement nor (y) any failure, as a result of such adjustments for any pending restatement, of such internal unaudited financial statements to
fairly present, in all material respects, such consolidated financial condition and operations and consolidated results of operations shall constitute a Default or Unmatured Default under this Agreement or any other Loan Document), and
(C) within one year of the date an audit report would be due under Section 6.01(a) with respect to Subsequent Financial Statements for any fiscal year, the Borrower delivers to the Lenders an audit report as required by
Section 6.01(a) with respect to the applicable Subsequent Financial Statements (which audit report may include a qualification relating to any pending restatement described above and which qualified report shall not constitute a Default or
Unmatured Default under this Agreement or any other Loan Document). 
 ARTICLE 8 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

Section 8.01. Acceleration. If any Default described in Section 7.06 or 7.07 occurs with respect to the Borrower, the
obligations of the Lenders to make Loans hereunder and the obligation and power of the LC Issuer to issue Letters of Credit shall automatically terminate and the Obligations shall immediately become due and payable without any election or action on
the part of the Administrative Agent, the LC Issuer or any Lender. If (i) a Revolver Financial Covenant Default occurs, the Majority Revolving Credit Facility Lenders (or the Administrative Agent with the consent of the Majority Revolving
Credit Facility Lenders) may terminate or suspend the obligations of the Revolving Lenders to make Revolving Loans hereunder, or declare the Obligations with respect to the Revolving Loans to be due and payable, or both, and (ii) any other
Default occurs, subject to Section 8.02 below, the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) may terminate or suspend the obligations of the Lenders to make Loans hereunder and the obligation and
power of the LC Issuer to issue Letters of Credit, or declare the Obligations to be due and payable, or both, whereupon, in the case of both (i) and (ii) above, the Obligations shall become immediately due and payable, without presentment,
demand, protest or notice of any kind, all of which the Borrower hereby expressly waives. 
 Section 8.02. Amendments.
Subject to the provisions of this Section 8.02 and Sections 8.03 and 8.04 below, the Required Lenders (or the Administrative Agent with the consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental
hereto for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or the Borrower 

  
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hereunder or waiving any Default or Unmatured Default hereunder; provided, however, that the portion of any Loans held by Specified Debt Funds in the aggregate in excess of 49.9% of
the Required Amount of Loans shall be disregarded in determining Required Lenders at any time and provided further that no such supplemental agreement shall, without the consent of all of the Lenders adversely affected thereby (or in the case
of subsections 8.02(b), (d), (e) and (f), all of the Lenders): 
 (a) Extend the final maturity of any Loan, or extend the expiry date of any
Letter of Credit to a date after the Maturity Date or forgive all or any portion of the principal amount thereof or any LC Disbursements, or reduce the rate or extend the time of payment of interest or fees hereunder or LC Disbursements (it being
understood that the waiver of default interest pursuant to Section 2.14 shall only require the consent of Required Lenders), or amend Section 2.24. 

(b) Reduce the percentage specified in the definition of Required Lenders. 

(c) Increase or extend any Commitment of any Lender hereunder (it being understood that any change to or waivers or modifications of conditions
precedent, covenants, Defaults or Unmatured Defaults or of a mandatory prepayment shall not constitute an increase or extension of the Commitments of any Lender). 

(d) Permit the Borrower to assign its rights under this Agreement (it being understood that any modification to Section 6.15 or 6.16 shall
only require approval of the Required Lenders). 
 (e) Amend this Section 8.02 or Section 11.02 (it being understood that with the
consent of the Required Lenders, additional extensions of credit pursuant to this Agreement (including pursuant to Section 2.25) may be included in the determination of the Required Lenders on substantially the same basis as the Commitments and
extensions of credit thereunder on the Amendment Effective Date and this Section 8.02 may be amended by the Required Lenders to reflect such extensions of credit). 

(f) Release all or substantially all of the Collateral or release all or substantially all of the Guarantors from their obligations under the
Guaranty, except, in either case, as contemplated by Section 10.10; 
 Without limiting the foregoing and notwithstanding anything
herein or in Section 2.25 to the contrary: the consent of the Required Term Lenders shall be required with respect to any amendment that (A) extends the scheduled date of payment of the principal amount of any Term Loan or (B) alters
the amount or application of any prepayment pursuant to Section 2.10 in a manner adverse to the interests of Lenders with Term Loans. Notwithstanding anything to the contrary set forth herein or in any other Loan Document but subject to the
proviso in Section 7.03, (i) no Term Lender shall have any right to exercise, or direct the Administrative Agent to exercise or refrain from exercising, any right or remedy 

  
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arising or available hereunder or under any other Loan Document upon the occurrence or during the continuance of an Unmatured Default or a Default if the only such Unmatured Default or Default
that shall have occurred and be continuing is a Revolver Financial Covenant Default, (ii) no Term Lender shall have any right to approve or disapprove (x) any amendment or modification to Section 6.22, (y) any waiver of a Revolver
Financial Covenant Default or (z) any waiver or amendment of any requirement under Section 4.02 or any other provision that impacts only the Revolving Lenders or the Revolving Credit Commitments and (iii) it is understood and agreed
that any Term Loans held by any Term Lender shall be excluded from any vote of the Lenders (and shall be deemed to not be outstanding) for the purposes described in clause (i) above and clause (ii) above, including in determining whether
the “Required Lenders” have directed the Administrative Agent to exercise or refrain from exercising any such rights or remedies or to approve or disapprove any such amendment, modification or waiver. For the avoidance of doubt, nothing in
this paragraph shall in any way limit or restrict the rights or remedies of the Term Lenders in connection with any Unmatured Default or Default other than a Revolver Financial Covenant Default (whether arising before or after the occurrence of the
Revolver Financial Covenant Default) or the right of any Term Lenders to approve or disapprove any amendment or modification to any other provision hereof or of any other Loan Document or to waive any Unmatured Default or Default other than a
Revolver Financial Covenant Default. 
 No amendment of any provision of this Agreement relating to the Administrative Agent shall be
effective without the written consent of the Administrative Agent, and no amendment of any provision relating to the LC Issuer shall be effective without the written consent of the LC Issuer. No amendment of any provision of this Agreement relating
to the Swing Line Lender or any Swing Line Loan made by such Swing Line Lender shall be effective without the written consent of the Swing Line Lender. The Administrative Agent may waive payment of the fee required under Section 12.01(b)(iv)
without obtaining the consent of any other party to this Agreement. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the
consent of each such Lender directly affected thereby shall be required to (i) increase or extend the Commitment of such Lender, (ii) extend the final maturity of any Loan, (iii) forgive all or any portion of the principal amount
thereof or any LC Disbursements or (iv) amend Section 2.24. Notwithstanding anything to the contrary contained herein, the definition of “Revolver Financial Covenant Default” may not be amended without the written consent of the
Majority Revolving Credit Facility Lenders. 
 At the request of the Administrative Agent, the Borrower shall identify from the list of
Lenders maintained by the Administrative Agent, to the best of Borrower’s knowledge, those Lenders that are Affiliated Lenders. 

  
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 Section 8.03. Replacement Loans. In addition, subject to
Section 2.10(b) and 2.25, this Agreement and the other Loan Documents may be amended (or amended and restated) with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans to
permit the refinancing of all of the outstanding Term Loans (the “Refinanced Term Loans”) or the replacement of the Aggregate Revolving Credit Commitment (the “Refinanced Commitment”) with one or more replacement
term loan tranches hereunder which shall be Loans hereunder (“Replacement Term Loans) or one or more new revolving commitments (the “Replacement Commitments”); provided that (a) the aggregate principal amount
of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (b) the Applicable Margin for such Replacement Term Loans shall not be higher than the Applicable Margin for such Refinanced Term
Loans, respectively, (c) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans, respectively, at the time of such refinancing,
(d) the aggregate amount of the Replacement Commitment shall not exceed the Refinanced Commitment, (e) the Applicable Margin for such Replacement Commitment shall not exceed the Applicable Margin for the Refinanced Commitment, (f) the
borrower of such Replacement Term Loans or Replacement Commitment shall be the Borrower and (g) all other terms applicable to such Replacement Term Loans or Replacement Commitments shall be substantially identical to, or not materially more
favorable to the Lenders providing such Replacement Loans or Replacement Commitments than, those applicable to such Refinanced Term Loans or Refinanced Commitments, except to the extent necessary to provide for covenants and other terms applicable
to any period after the latest final maturity of the Term Loans, as applicable, in effect immediately prior to such refinancing. 

Section 8.04. Errors. Further, notwithstanding anything to the contrary contained in Section 8.02, if following the
Amendment Effective Date, the Administrative Agent and the Borrower shall have agreed in their sole and absolute discretion that there is an ambiguity, inconsistency, manifest error or any error or omission of a technical or immaterial nature, in
each case, in any provision of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any
Loan Documents if the same is not objected to in writing by the Required Lenders within ten Business Days following receipt of notice thereof (it being understood that the Administrative Agent has no obligation to agree to any such amendment). 

Section 8.05. Preservation of Rights. No delay or omission of the Lenders, the LC Issuer or the Administrative Agent to
exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and a Credit Extension notwithstanding the existence of a Default or the inability of the Borrower to
satisfy the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and
no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.02 or as otherwise provided in
Section 8.03 or 8.04, and then only to the extent in such writing specifically set forth. All remedies 

  
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contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent, the LC Issuer and the Lenders until the Obligations have been paid
in full. 
 ARTICLE 9 

GENERAL PROVISIONS 

Section 9.01. Survival of Representations. All representations and warranties of the Borrower contained in this Agreement
shall survive the making of the Credit Extensions herein contemplated. 
 Section 9.02. Governmental Regulation. Anything
contained in this Agreement to the contrary notwithstanding, neither the LC Issuer nor any Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation.

 Section 9.03. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not
govern the interpretation of any of the provisions of the Loan Documents. 
 Section 9.04. Entire Agreement. Other than
those certain fee letter agreements dated March 15, 2013 among MPSW, the Administrative Agent and the Bookrunners, the Loan Documents embody the entire agreement and understanding among the Borrower, the Administrative Agent, the LC Issuer and
the Lenders and supersede all prior agreements and understandings among the Borrower, the Administrative Agent, the LC Issuer and the Lenders relating to the subject matter thereof which shall survive and remain in full force and effect during the
term of this Agreement. 
 Section 9.05. Several Obligations; Benefits of This Agreement. The respective obligations of
the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any of its
obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective
successors and assigns, provided, however, that the parties hereto expressly agree that the Arranger shall enjoy the benefits of the provisions of Sections 9.06 and 9.08 to the extent specifically set forth therein and shall have the
right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement. 

Section 9.06. Expenses; Indemnification; Damage Waiver.  

(a) The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of one counsel for the
Administrative Agent and, if reasonably necessary, of one local counsel in any relevant jurisdiction), in connection with the syndication of the credit facilities provided for herein, the 

  
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preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the LC Issuer
(including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or the LC Issuer) in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder
and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the LC Issuer (including the fees, charges and disbursements of any counsel
for the Administrative Agent, any Lender or the LC Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or
(B) in connection with 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) The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Arranger, each Bookrunner, the Syndication Agent, each Co-Documentation Agent, each Lender and the LC Issuer, and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements
of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery
of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents,
(ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the LC Issuer 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 Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any liability arising
under Environmental Laws related in any way to the Borrower 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 Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors, shareholders or creditors, 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 (x) are determined by 

  
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a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of, or material breach of any Loan Document by, such
Indemnitee or (y) arise from disputes solely among Indemnitees, and in such event solely to the extent that the underlying dispute does not arise as a result of an action, inaction or representation of, or information provided by or on behalf
of, the Borrower or any of its Subsidiaries or Affiliates. 
 (c) To the extent that the Borrower for any reason fails to indefeasibly pay
any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the LC Issuer 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 LC Issuer or such Related Party, as the case may be, such Lender’s Pro Rata Share (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or
asserted against the Administrative Agent (or any such sub-agent) or the LC Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such
sub-agent) or LC Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 9.05. 

(d) To the fullest extent permitted by applicable law, the Borrower shall not assert, and 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 Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by
unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of
competent jurisdiction. 
 (e) All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.

 (f) The agreements in this Section shall survive the resignation of the Administrative Agent, the LC Issuer and the Swing Line Lender,
the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

  
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 Section 9.07. Severability of Provisions. Any provision in any Loan
Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation,
enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable. 

Section 9.08. Nonliability of Lenders. The relationship between the Borrower on the one hand and the Lenders, the LC Issuer
and the Administrative Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent, the Arrangers, the LC Issuer nor any Lender shall have any fiduciary responsibilities to the Borrower. Neither the
Administrative Agent, the Arrangers nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations. The Borrower agrees that
neither the Administrative Agent, the Arrangers, the LC Issuer nor any Lender shall have liability to the Borrower (whether sounding in tort, contract or otherwise) for losses suffered by the Borrower in connection with, arising out of, or in any
way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final
non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence, bad faith or willful misconduct of, or breach of the Loan Documents by, the party from which
recovery is sought or any dispute solely between or among the Administrative Agent, the Arrangers, the LC Issuer and/or any Lender and not involving the Borrower, the Sponsors or their respective Affiliates. Neither the Administrative Agent, the
Arrangers, the LC Issuer nor any Lender shall have any liability with respect to, and the Borrower hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by the Borrower in connection
with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby. 
 Section 9.09.
Confidentiality. The Administrative Agent and each Lender agrees to hold any Information (as defined below) which it may receive from the Borrower in connection with this Agreement in confidence, except for disclosure (a) to its
Affiliates and to the Administrative Agent and any other Lender and their respective Affiliates for use solely in connection with the performance of their respective obligations hereunder contemplated hereby, (b) to legal counsel, accountants,
and other professional advisors to such Lender, (c) to regulatory or self-regulatory officials, (d) to any Person as required by law, regulation, or legal process, (e) in connection with the exercise of any remedies hereunder or any
suit, action or proceeding relating to the Loan Documents or the enforcement of rights thereunder, (f) to its direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other professional advisors to
such counterparties, provided that each such Person agreed to be bound by confidentiality provisions at least as restrictive as provided under this Section 9.09, (g) permitted by Section 12.02, and (h) to rating agencies if
requested or required by such agencies in connection with a rating relating to the Advances hereunder. Without limiting Section 9.04, the Borrower agrees that the terms of this Section 9.09 shall set forth the entire agreement between the
Borrower and each Lender (including the Administrative Agent) with respect to any Information previously or hereafter received by such Lender in connection with this Agreement, and this Section 9.09 shall supersede any and all prior
confidentiality agreements entered into by such Lender with respect to 

  
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such Information. For the purposes of this Section, “Information” means all information received from the Borrower, its Subsidiaries or their agents or representatives relating
to the Borrower, its Subsidiaries or their agents or other representatives or its business, other than any such information that is available to the Administrative Agent, the LC Issuer or any Lender on a
non-confidential basis prior to disclosure by the Borrower. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THIS SECTION 9.09 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS AFFILIATES, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE
USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL AND STATE SECURITIES LAWS. 
 ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR
THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS
AFFILIATES, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO
MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 

Section 9.10. Nonreliance. Each Lender hereby represents that it is not relying on or looking to any margin stock (as
defined in Regulation U) for the repayment of the Credit Extensions provided for herein. 
 Section 9.11. Disclosure. The
Borrower and each Lender hereby acknowledge and agree that Bank of America and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with the Borrower and its Affiliates. 

Section 9.12. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
hereby (including in connection with any 

  
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amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each Loan Party acknowledge and agree, and acknowledge their respective Affiliates’
understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Lenders and the Arrangers are arm’s-length commercial transactions
between the Borrower, each Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent, the Lenders and the Arrangers on the other hand, (B) the Borrower and each Loan Party have consulted their own legal,
accounting, regulatory and tax advisors to the extent they have deemed appropriate, and (C) the Borrower and each Loan Party are capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, each Lender and each Arranger are and have been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has
not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower, any Loan Party or any of their respective Affiliates, or any other Person and (B) neither the Administrative Agent, any Lender nor any Arranger has any
obligation to the Borrower nor any Loan Party nor any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the
Administrative Agent, each Lender and each Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the Loan Parties and any of their respective
Affiliates, and neither the Administrative Agent, any Lender nor any Arranger has any obligation to disclose any of such interests to the Borrower, any Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, the
Borrower and each Loan Party hereby waive and release any claims that it may have against the Administrative Agent, the Lenders and the Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect
of any transaction contemplated hereby. 
 Section 9.13. USA PATRIOT Act. Each Lender that is subject to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is
required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act.

 ARTICLE 10 

THE ADMINISTRATIVE AGENT 

Section 10.01. Appointment and Authority. 

(a) Each of the Lenders and the LC Issuer hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent
hereunder and under the other Loan 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 LC Issuer, 

  
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and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 

(b) The Administrative Agent shall also act as the Collateral Agent under the Loan Documents, and each of the Lenders (including in its
capacities as a potential Hedge Bank and a potential Cash Management Bank) and the LC Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the LC Issuer for purposes of acquiring, holding
and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as
Collateral and any co-agents, sub-agents and attorneys-in-fact appointed by the
Administrative Agent pursuant to Section 10.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the
direction of the Administrative Agent), shall be entitled to the benefits of all provisions of Article 8, Article 9 and this Article 10 (including Section 9.06, as though such co-agents, sub-agents and attorneys-in-fact were the Collateral Agent under the Loan Documents) as if set forth in full herein with respect
thereto. 
 Section 10.02. Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless
the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 Section 10.03. Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 

(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary
to any Loan Document or applicable law; and 

  
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 (c) shall not, except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its
Affiliates in any capacity. 
 (d) 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
Section 8.02) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the
Administrative Agent by the Borrower, a Lender or the LC Issuer. 
 (e) The Administrative Agent shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents,
(v) the value or the sufficiency of any Collateral, or (v) the satisfaction of any condition set forth in Article 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 (f) The Administrative Agent shall not be liable for any assignment or participation made to a Disqualified Institution. 

Section 10.04. 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 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 LC Issuer, the
Administrative Agent may presume that such condition is satisfactory to such Lender or the LC Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the LC Issuer prior to the making of such Loan or the
issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other 

  
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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 10.05. Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this 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. 
 Section 10.06. Resignation of
Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders, the LC Issuer and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in
consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States and shall in no event be a Disqualified Institution. If no such
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf
of the Lenders and the LC Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted
such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents
(except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the LC Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until
such time as a successor Administrative Agent is appointed) and (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 LC Issuer
directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the
other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between
the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 8.02 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 Bank of America as Administrative Agent pursuant to this Section shall also constitute its
resignation as LC Issuer and Swing Line 

  
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Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring LC Issuer and Swing Line Lender, (ii) the retiring LC Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and
(iii) the successor LC Issuer 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 LC Issuer to effectively assume
the obligations of the retiring LC Issuer with respect to such Letters of Credit. 
 Section 10.07.
Non-reliance On Administrative Agent And Other Lenders. Each Lender and the LC Issuer 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 LC Issuer also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in
taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

Section 10.08. No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers,
Documentation Agents or Syndication Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent,
a Lender or the LC Issuer hereunder. 
 Section 10.09. Administrative Agent May File Proofs of Claim. In case of the pendency of
any Insolvency Proceeding or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or LC Exposure shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Exposures and all
other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the LC Issuer and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the LC Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the LC Issuer and the Administrative Agent under Sections
2.08, 2.22(k) and 9.06) allowed in such judicial proceeding; and 

  
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 (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Lender and the LC Issuer to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and the LC Issuer, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.08 and 9.06. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender or the LC Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the LC Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or
the LC Issuer or in any such proceeding. 
 Section 10.10. Collateral and Guaranty Matters. Each of the Lenders
(including in its capacities as a potential Cash Management Bank and a potential Hedge Bank) and the LC Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion, 

(a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the
Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations and (B) Secured Cash Management Obligations and Secured Hedge Obligations as to which arrangements satisfactory to the
applicable Cash Management Bank or Hedge Bank shall have been made) and the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the LC Issuer
shall have been made), (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 8.02;

 (b) to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction
permitted hereunder; and 
 (c) to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan
Document to the holder of any Lien on such property that is permitted by Section 6.18(r). 
 Upon request by the Administrative Agent
at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or 

  
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subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 10.10. In each case as
specified in this Section 10.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of
Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms
of the Loan Documents and this Section 10.10. 
 Section 10.11. Intercreditor Agreement. Each Lender hereby
authorizes and directs the Administrative Agent and the Collateral Agent to enter into any intercreditor agreement that may become necessary in connection with the issuance by the Borrower of any Pari Passu First Lien Notes or Incremental Second
Lien Notes pursuant to Section 2.25 as attorney-in-fact on behalf of such Lender and agrees that in consideration of the benefits of the security being provided to
such Lender in accordance with the Collateral Documents and any such intercreditor agreement and by acceptance of those benefits, each Lender (including any Lender which becomes such by assignment pursuant to Section 12.01 after the date
hereof) shall be bound by the terms and provisions of any such intercreditor agreement and shall comply (and shall cause any Affiliate thereof which is the holder of any First Priority Obligations (as defined therein) to comply) with such terms and
provisions. 
 ARTICLE 11 

SETOFF; RATABLE PAYMENTS 

Section 11.01. Setoff. If a Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by
such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the Obligations of the Borrower now or hereafter existing under this Agreement held by such Lender or Affiliate, irrespective of whether or not such
Lender shall have made any demand under this Agreement and although such Obligations may be unmatured; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be
paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.26 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust
for the benefit of the Administrative Agent, the LC Issuer and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. The rights of each Lender under this Section 11.01 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

Section 11.02. Ratable Payments. 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 participations in LC Disbursements or Swing Line 

  
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Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and Swing Line Loans and accrued interest
thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements and Swing Line Loans of other
Lenders to the extent necessary 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 participations in LC
Disbursements and Swing Line Loans; 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 any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or 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 LC Disbursements to any assignee or participant pursuant to Section 12.01. 

ARTICLE 12 
 BENEFIT
OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 
 Section 12.01.
Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan 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 Section 12.01(b), (ii) by way of participation in
accordance with the provisions of Section 12.01(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 12.01(f) (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
subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the LC Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement. 
 (b) Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment(s) and the Loans (including for purposes of this Section 12.01(b), participations in LC Exposures and in Swing Line Loans) at the time owing to it); provided that any such
assignment shall be subject to the following conditions: 

  
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 (i) (A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment under any facility and the Loans at the time owing to it under such Facility 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 

(G) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this
purpose includes Loans outstanding thereunder) or, if the 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 the Assignment and Assumption, as of the trade date, shall not be less than $5,000,000, in the case of any assignment
in respect of the Revolving Credit Loans, or $1,000,000, in the case of any assignment in respect of the Term Loans, unless each of the Administrative Agent and, so long as no Default has occurred and is continuing, the Borrower otherwise consents
(each such consent not to be unreasonably withheld); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible
Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met; 

(ii) 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 Loans or the Commitment assigned, except that this clause (ii) shall not (A) apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans or
(B) prohibit any Lender from assigning all or a portion of its rights and obligations among separate facilities on a non-pro rata basis; 

(iii) No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section
and, in addition: 
 (H) the consent of the Borrower (such consent not to be unreasonably withheld) shall be required unless
(1) a Default has occurred and is continuing at the time of such assignment, (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund (or in the case of an assignment of a Revolving Commitment, is to a Revolving
Lender, an Affiliate of a Revolving Lender or an Approved Fund in respect of a Revolving Lender) or (3) in the case of assignments during the primary 

  
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syndication of the Term Loan Commitments; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the
Administrative Agent within 10 Business Days after having received notice thereof; 
 (I) the consent of the Administrative
Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any Term Commitment or Revolving Credit Commitment if such assignment is to a Person that is not a Lender with a Commitment in
respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund or the Borrower or any of its
Affiliates, an Affiliated Lender or a Specified Debt Fund; 
 (J) the consent of the LC Issuer (such consent not to be
unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and 

(K) the consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment in respect of the Revolving Credit Commitments. 
 (iv) The parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption (and such Assignment and Assumption shall include a representation by any Affiliated Lender party thereto as to its status as an Affiliated Lender), together with a processing and recordation
fee in the amount of $3,500; provided, however, that 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. 
 (v) No such assignment shall be made (x) to the Borrower or
any of the Borrower’s Affiliates (other than Specified Debt Funds, provided no such assignment in respect of the Revolving Credit Commitments or Revolving Loans shall be made to a Specified Debt Fund) or Subsidiaries (except with respect
to the assignment of Term Loans in accordance with Section 12.01(h) or 12.01(i)) or (y) to any person that is Disqualified Institution at the time of such assignment. 

(vi) No such assignment shall be made to a natural person. 

  
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 Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of
this Section, from and after the Amendment 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 3.01, 3.04, 3.05 and
9.06 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.01(c).

 Each Lender hereby agrees that it shall not make an assignment of any of its rights and obligations under this Agreement with respect to the Loans or the
Commitment to any Disqualified Institution. 
 (c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower,
shall maintain at the Administrative Agent’s office 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 and LC Exposures owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent 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 Borrower and any
Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Any Lender may at any time, without the consent
of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or a Disqualified Institution) (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 (including such Lender’s participations in LC Exposures and/or Swing Line Loans) owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent,
the Lenders and the LC Issuer 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

  
 144 

 
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, waiver or other modification described in the first proviso to
Section 12.01 that affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to Section 12.01(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.01 as though it were a Lender, provided
such Participant agrees to be subject to Section 11.02 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
Borrower, maintain a register in the United States of America 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
Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any
information relating to a participant’s interest in any commitments, loans, letters of credit or its obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit or other obligation is in registered form under section 5f.103-1(c) of the United States Treasury Regulations. Each Lender hereby agrees that it shall not sell any participations of its rights and
obligations under this Agreement with respect to the Loans or the Commitment to any person who is a Disqualified Institution at the time of such sale. 

(e) A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.05 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 Borrower’s prior written consent. A Participant that would be a foreign lender
if it were a Lender shall not be entitled to the benefits of Section 3.05 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with
Section 3.05(d) as though it were a Lender. 
 (f) Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement (including under its Note, if any) 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. 

(g) Notwithstanding anything to the contrary contained herein, if at any time Bank of America or JPMorgan Chase Bank, N.A. assigns all of its
Revolving Credit Commitment and Revolving Credit Loans pursuant to Section 12.01(b), 

  
 145 

 
Bank of America or JPMorgan Chase Bank, N.A., as applicable, may, (i) upon 30 days’ notice to the Borrower and the Lenders, resign as LC Issuer and/or (ii) in the case of Bank of
America, upon 30 days’ notice to the Borrower, resign as Swing Line Lender. In the event of any such resignation as LC Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from among the Lenders a successor LC Issuer or Swing
Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America or JPMorgan Chase Bank, N.A. as LC Issuer or Swing Line Lender, as the case may be. If
Bank of America or JPMorgan Chase Bank, N.A. resigns as LC Issuer, it shall retain all the rights, powers, privileges and duties of the LC Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation
as LC Issuer and all LC Exposures with respect thereto (including the right to require the Lenders to make Floating Rate Loans or fund risk participations in unreimbursed amounts pursuant to Section 2.22(d)). If Bank of America or JPMorgan
resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the
Lenders to make Floating Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.07. Upon the appointment of a successor LC Issuer and/or Swing Line Lender, (a) such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring LC Issuer or Swing Line Lender, as the case may be, and (b) the successor LC Issuer 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 Bank of America or JPMorgan Chase Bank, N.A., as applicable, to effectively assume the obligations of Bank of America or JPMorgan Chase Bank, N.A., as
applicable, with respect to such Letters of Credit. 
 (h) Any Lender may, at any time, assign all or a portion of its rights and
obligations under this Agreement in respect of its Term Loans to any Affiliated Lender on a non-pro rata basis through (x) Dutch Auctions open to all Lenders on a pro rata basis in accordance with the
Auction Procedures or (y) open market purchases, subject to the following limitations: 
 (i) [Reserved]; 

(ii) Affiliated Lenders will not be entitled to receive, and will not receive, information provided solely to Lenders by the
Administrative Agent or any Lender and will not be permitted to attend or participate in, and will not attend or participate in, meetings attended solely by the Lenders and the Administrative Agent, other than the right to receive notices of
borrowings hereunder, notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to Article 2; and 

  
 146 

 (iii) the aggregate principal amount of Term Loans held at any one time by
Affiliated Lenders may not exceed 25% of the aggregate principal amount of all Term Loans (including any Incremental Term Loans) outstanding at such time under this Agreement. 

(iv) Notwithstanding anything in Section 12.01 or the definition of “Required Lenders” to the contrary, for
purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party
therefrom, or any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent, Collateral Agent or any Lender to
undertake any action (or refrain from taking any action) with respect to or under any Loan Document, all Loans (or Commitments in respect thereof) held by any Affiliated Lenders shall be deemed to have been voted pro rata in accordance with the
votes of all Lenders other than Affiliated Lenders for all purposes of calculating whether the Required Lenders have taken any such actions. 

(i) If any assignment is made (i) to an Affiliated Lender such that the aggregate principal amount of Term Loans held at any one time by
Affiliated Lenders described in subsection (h)(iii) above exceeds 25% (a “Disqualified Affiliated Lender”) or (ii) to a Disqualified Institution (a “Disqualified Assignee” and, together with the Disqualified
Affiliated Lender, the “Disqualified Assignees”), such assignment shall be null and void ab initio. Any Disqualified Assignee shall be deleted from the Register as of the date that the Administrative Agent has knowledge of its
status as a Disqualified Assignee. The Administrative Agent shall not be responsible for reversing payments made to any Disqualified Assignee following its receipt of an assignment. 

(j) So long as no Default has occurred or is continuing or would result therefrom, any Lender may, at any time, assign all or a portion of its
rights and obligations under this Agreement in respect of its Term Loans to the Borrower or any of its Subsidiaries on a non-pro rata basis through (x) Dutch Auctions open to all Lenders on a pro rata
basis in accordance with the Auction Procedures or (y) open markets purchases, subject to the following limitations and other provisions: 

(i) The Borrower shall represent and warrant as of the date of any such purchase and assignment that neither the Borrower nor
any of its directors or officers has any material non-public information with respect to the Borrower or any of its Subsidiaries or securities that has not been disclosed to the assigning Lender (other than
because such assigning Lender does not wish to receive material non-public information with respect to Holdings, the Borrower and their respective Subsidiaries or securities) prior to such date to the extent
such information could reasonably be expected to have a material effect upon, or otherwise be 

  
 147 

 
material, to a Term Lender’s decision to assign Term Loans to the Borrower as applicable; 

(ii) The Borrower will not be entitled to receive, and will not receive, information provided solely to Lenders by the
Administrative Agent or any Lender and will not be permitted to attend or participate in, and will not attend or participate in, meetings or conference calls attended solely by the Lenders and the Administrative Agent; 

(iii) borrowings of Revolving Loans shall not be made to directly fund the purchase or assignment; 

(iv) any Term Loans purchased by the Borrower shall be automatically and permanently cancelled immediately upon acquisition by
the Borrower; 
 (v) notwithstanding anything to the contrary contained herein (including in the definitions of
“Consolidated Net Income” and “Consolidated EBITDA”) any non-cash gains in respect of “cancellation of indebtedness” resulting from the cancellation of any Term Loans purchased by
the Borrower or the Borrower shall be excluded from the determination of Consolidated Net Income and Consolidated EBITDA; and 

(vi) the cancellation of Term Loans in connection with a Dutch Auction shall not constitute a voluntary or mandatory prepayment
for purposes of Section 2.10, but the face amount of Term Loans cancelled as provided for in above shall be applied on a pro rata basis to the remaining scheduled installments of principal due in respect of the Term Loans. 

Section 12.02. Dissemination of Information. The Borrower authorizes each Lender to disclose to any Participant, actual or
proposed assignee of an interest in the Obligations or Loan Documents (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Borrower and
its Subsidiaries, including without limitation any information contained in any financial statements delivered pursuant to Section 6.01 hereof; provided that each Transferee and prospective Transferee agrees to be bound by an agreement
with provisions at least as restrictive as those provided under Section 9.09 of this Agreement. 
 Section 12.03. Tax
Treatment. If any interest in any Loan Document is transferred to any Transferee, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of
Section 3.05(d) or (e), as applicable. 

  
 148 

 ARTICLE 13 

NOTICES 

Section 13.01. Notices; Effectiveness; Electronic Communication.  

(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 Borrower, to it at: 

MoneyGram International, Inc. 

2828 N. Harwood Street, 17th Floor 

Dallas, TX 75201 
 Attn:
Lawrence Angelilli, 
 Sr. Vice President and Treasurer 

Telecopier: (214) 999-7696 

E-mail: langelilli@moneygram.com 

With a copy to: 
 MoneyGram
International, Inc. 
 2828 N. Harwood Street, 15th Floor 

Dallas, TX 75201 
 Attn: John
McWilliams, IV 
 Vice President, Capital Markets 

E-mail: jmcwilliams@moneygram.com 

With courtesy email copies to: 

Blake Rodee, Sr. Treasury Manager 

E-mail: brodee@moneygram.com 

Jay Bulkley, Jr., Treasury Analyst 

E-mail: jbulkley@moneygram.com 

Aaron Henry, Executive Vice President and General Counsel 

E-mail: ahenry@moneygram.com 

Corinna Ulrich, Vice President, Associate General Counsel 

E-mail: culrich@moneygram.com 

Leesa Mason, Sr. Legal Specialist 

E-mail: lmason@moneygram.com 

  
 149 

 (ii) if to the Administrative Agent for payments and requests for credit
extensions, to it at: 
 Bank of America, N.A. 

101 N. Tryon Street 
 Mail Code:
NC1-001-05-46 

Charlotte, NC 28255 
 Attention:
Eileen Deacon 
 Telephone: 980-683-8758 

Telecopier: 617-310-2255 

Electronic Mail: eileen.marie.deacon@baml.com 

(iii) if to the Administrative Agent for all other notices, to it at: 

Bank of America, N.A. 
 Agency
Management 
 1455 Market Street 

Mail Code:
CA5-701-05-19 
 San
Francisco, CA 94103-1399 
 Attention: Kevin Ahart 

Telephone: 415-436-2750 

Telecopier: 415-503-5000 

Electronic Mail: kevin.ahart@baml.com 

(iv) if to Bank of America as LC Issuer, to it at: 

Bank of America, N.A. 
 Trade
Operations 
 1000 West Temple Street 

Mail Code:
CA9-705-07-05 
 Los
Angeles, CA 90012-1514 
 Attention: Stella Rosales 

Telephone: 213-481-7828 

Telecopier: 213-457-8841 

Electronic Mail: stella.rosales@baml.com; 

(v) if to JPMorgan Chase Bank, N.A. as LC Issuer, to it at: 

JPMorgan Chase Bank, N.A. 
 10
S. Dearborn, Floor 7 
 Chicago, IL 60603-2003 

Attention: Kimberly Perdue 

Telephone: 312-732-9642 

  
 150 

 Electronic Mail: kimberly.d.perdue@jpmchase.com; 

(vi) if to a Lender, to it at its address or telecopier number set forth in its Administrative Questionnaire provided to the
Administrative Agent. 
 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 may be delivered or furnished by electronic
communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent or as otherwise determined by the Administrative Agent, provided that the
foregoing shall not apply to notices to any Lender pursuant to Article 2 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication and, in the case of notice of
Default or Unmatured Default, shall permit notification only by Intralinks or a similar website. The Administrative Agent or the Borrower may, in its respective discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it or as it otherwise determines, provided that such determination or approval may be limited to particular notices or communications. The Borrower agrees to accept notices and
other communications sent to the email addresses set forth above in Section 13.01(a)(i) so long as such notices are also delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier. 

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an
e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall be
deemed to have been given 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 (a) of notification that such notice or communication is available and identifying the website address therefor. 

  
 151 

 (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. 
 ARTICLE 14 

COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION;
NO NOVATION 
 Section 14.01. Counterparts; Effectiveness. This Agreement may be executed
in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in Article 4, this Agreement shall
become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy (or other electronic means) shall be effective as
delivery of a manually executed counterpart of this Agreement. 
 Section 14.02. Electronic Execution of Assignments. The
words “execution,” “signed,” “signature,” and words of like import in any assignment and assumption agreement shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, or any other state laws based on the Uniform Electronic Transactions Act. 

Section 14.03. Amendment and Restatement; No Novation. This Agreement constitutes for all purposes an amendment and
restatement of the Original Credit Agreement. The Original Credit Agreement, as amended and restated hereby, continues in full force and effect as so amended and restated by this Agreement. Nothing contained in this Agreement or any other Loan
Document shall constitute or be construed as a novation of any of the Obligations. 
 ARTICLE 15 

CHOICE OF LAW; CONSENT TO JURISDICTION;
WAIVER OF JURY TRIAL; 
ACKNOWLEDGEMENT AND CONSENT TO
BAIL-IN OF EEA FINANCIAL INSTITUTIONS 

Section 15.01. Choice of Law. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION)
SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

  
 152 

 Section 15.02. Consent to Jurisdiction. THE BORROWER HEREBY IRREVOCABLY
SUBMITS TO THE NON EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT
ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT
SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT, THE LC ISSUER OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST
THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE
BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 
 Section 15.03. Waiver of Jury Trial. THE BORROWER, THE ADMINISTRATIVE
AGENT, THE COLLATERAL AGENT, EACH LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO,
OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER. 
 Section 15.04. Acknowledgement and Consent
to Bail-In of EEA Financial Institutions. Solely to the extent any Revolving Lender or LC Issuer that is an EEA Financial Institution is a party to this Agreement and notwithstanding anything
to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Revolving Lender or LC Issuer that is an EEA Financial Institution arising
under any Loan 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 Revolving Lender or LC Issuer 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; 

  
 153 

 (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 Loan 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. 

[signature pages follow] 

  
 154 

 IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed
this Agreement as of the date first above written. 
  

			
	MONEYGRAM INTERNATIONAL, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	 BANK OF AMERICA, N.A., individually, as Administrative Agent, Collateral Agent, Term
Lender, Revolving Lender, LC Issuer and Swing Line Lender

		
	By:	 	 
		 	Name:
		 	Title:

 
			
	[LENDER]
		
	By:	 	 
		 	Name:
		 	Title:
		
	[By:	 	 
		 	Name:
		 	Title:                                     
                           ]Exhibit 10.1

 

ASSET PURCHASE AGREEMENT

 

among

 

Continental Materials Corp.,

a Delaware corporation,

 

and

 

Castle Concrete Company,

a Colorado corporation,

 

and

 

Transit Mix Concrete Co.,

a Colorado corporation,

 

and

 

Transit Mix of Pueblo, Inc.,

a Colorado corporation,

 

and

 

Daniels Sand Company,

a Colorado corporation,

 

and

 

Aggregate Industries — WCR, Inc.,

a Colorado corporation

 

Dated as of February 1, 2019

 

 

TABLE OF CONTENTS

 

	
ARTICLE I PURCHASE AND SALE
    	
2
    
	
Section 1.01
    	
Purchase and Sale of Assets
    	
2
    
	
Section 1.02
    	
Excluded Assets
    	
3
    
	
Section 1.03
    	
Assumed Liabilities
    	
4
    
	
Section 1.04
    	
Excluded Liabilities
    	
5
    
	
Section 1.05
    	
Purchase Price
    	
6
    
	
Section 1.06
    	
Purchase Price Adjustment
    	
6
    
	
Section 1.07
    	
Allocation of Purchase Price
    	
8
    
	
Section 1.08
    	
Withholding Tax
    	
9
    
	
Section 1.09
    	
Third Party Consents
    	
9
    
	
Section 1.10
    	
Prorations
    	
9
    
	
 
    	
 
    	
 
    
	
ARTICLE II CLOSING
    	
10
    
	
Section 2.01
    	
Closing
    	
10
    
	
Section 2.02
    	
Closing Deliverables
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE III REPRESENTATIONS AND WARRANTIES   OF THE SELLERS
    	
12
    
	
Section 3.01
    	
Organization and Qualification   of Sellers
    	
12
    
	
Section 3.02
    	
Authority of Sellers
    	
13
    
	
Section 3.03
    	
No Conflicts; Consents
    	
13
    
	
Section 3.04
    	
Financial Statements
    	
13
    
	
Section 3.05
    	
Undisclosed Liabilities
    	
14
    
	
Section 3.06
    	
Absence of Certain Changes,   Events and Conditions
    	
14
    
	
Section 3.07
    	
Material Contracts
    	
16
    
	
Section 3.08
    	
Title to Purchased Assets
    	
17
    
	
Section 3.09
    	
Condition of Assets
    	
18
    
	
Section 3.10
    	
Real Property
    	
18
    
	
Section 3.11
    	
Intellectual Property
    	
19
    
	
Section 3.12
    	
Inventory
    	
20
    
	
Section 3.13
    	
Accounts Receivable
    	
20
    
	
Section 3.14
    	
Customers and Suppliers
    	
20
    
	
Section 3.15
    	
Insurance
    	
21
    
	
Section 3.16
    	
Legal Proceedings; Governmental   Orders
    	
21
    
	
Section 3.17
    	
Compliance With Laws; Permits
    	
22
    
	
Section 3.18
    	
Environmental Matters
    	
22
    
	
Section 3.19
    	
Employee Benefit Matters
    	
23
    
	
Section 3.20
    	
Employment Matters
    	
26
    
	
Section 3.21
    	
Taxes
    	
27
    
	
Section 3.22
    	
Brokers
    	
28
    
	
 
    	
 
    	
 
    
	
ARTICLE IV REPRESENTATIONS AND WARRANTIES   OF BUYER
    	
28
    
	
Section 4.01
    	
Organization of Buyer
    	
28
    
	
Section 4.02
    	
Authority of Buyer
    	
28
    
	
Section 4.03
    	
No Conflicts; Consents
    	
28
    
	
Section 4.04
    	
Brokers
    	
29
    
	
Section 4.05
    	
Sufficiency   of Funds; Solvency
    	
29
    

 

i

 

TABLE OF CONTENTS

 

	
Section 4.06
    	
Legal Proceedings
    	
29
    
	
Section 4.07
    	
Reliance
    	
29
    
	
 
    	
 
    	
 
    
	
ARTICLE V COVENANTS
    	
29
    
	
Section 5.01
    	
Name and Maintenance of   Existence
    	
29
    
	
Section 5.02
    	
Employees and Employee Benefits
    	
30
    
	
Section 5.03
    	
Confidentiality
    	
30
    
	
Section 5.04
    	
Non-Competition; Non-Solicitation
    	
31
    
	
Section 5.05
    	
Books and Records
    	
32
    
	
Section 5.06
    	
Public Announcements
    	
32
    
	
Section 5.07
    	
Bulk Sales Laws
    	
32
    
	
Section 5.08
    	
Receivables
    	
33
    
	
Section 5.09
    	
Tax Matters
    	
33
    
	
Section 5.10
    	
Tax Clearance Certificates
    	
34
    
	
Section 5.11
    	
Title Insurance &   Survey
    	
34
    
	
Section 5.12
    	
Insurance
    	
34
    
	
Section 5.13
    	
Vacating of the Transferred   Real Property
    	
35
    
	
Section 5.14
    	
Costilla Real Property
    	
35
    
	
Section 5.15
    	
Daniels Sand Permit Transfer
    	
37
    
	
Section 5.16
    	
Release of Johnson Family Deed   of Trust from Daniels Sand
    	
37
    
	
Section 5.17
    	
Assumed Liabilities
    	
37
    
	
Section 5.18
    	
Further Assurances
    	
38
    
	
 
    	
 
    	
 
    
	
ARTICLE VI INDEMNIFICATION
    	
38
    
	
Section 6.01
    	
Survival
    	
38
    
	
Section 6.02
    	
Indemnification by Sellers
    	
38
    
	
Section 6.03
    	
Indemnification by Buyer
    	
39
    
	
Section 6.04
    	
Certain Limitations
    	
39
    
	
Section 6.05
    	
Mitigation of Losses
    	
40
    
	
Section 6.06
    	
Indemnification Procedures
    	
41
    
	
Section 6.07
    	
Payments
    	
43
    
	
Section 6.08
    	
Tax Treatment of   Indemnification Payments
    	
43
    
	
Section 6.09
    	
Effect of Investigation
    	
43
    
	
Section 6.10
    	
Exclusive Remedies
    	
43
    
	
 
    	
 
    	
 
    
	
ARTICLE VII MISCELLANEOUS
    	
43
    
	
Section 7.01
    	
Sellers Representative
    	
43
    
	
Section 7.02
    	
Expenses
    	
44
    
	
Section 7.03
    	
Notices
    	
44
    
	
Section 7.04
    	
Interpretation
    	
45
    
	
Section 7.05
    	
Headings
    	
46
    
	
Section 7.06
    	
Severability
    	
46
    
	
Section 7.07
    	
Entire Agreement
    	
46
    
	
Section 7.08
    	
Successors and Assigns
    	
46
    
	
Section 7.09
    	
No Third-party Beneficiaries
    	
46
    
	
Section 7.10
    	
Amendment and Modification;   Waiver
    	
46
    

 

ii

 

TABLE OF CONTENTS

 

	
Section 7.11
    	
Governing Law and Submission to   Jurisdiction
    	
47
    
	
Section 7.12
    	
Specific Performance
    	
47
    
	
Section 7.13
    	
Counterparts
    	
47
    

 

	
ANNEX A
    	
 
    	
DEFINITIONS
    
	
ANNEX B
    	
 
    	
TRANSFERRED REAL PROPERTY
    
	
ANNEX C
    	
 
    	
EXCLUDED REAL PROPERTY
    

 

EXHIBITS

 

	
Exhibit A-1
    	
 
    	
Existing Costilla   Property Legal Description
    
	
Exhibit A-2
    	
 
    	
“West Parcel” and “East   Parcel” of the Existing Costilla Property
    
	
Exhibit B
    	
 
    	
Allocation Principles
    

 

DISCLOSURE SCHEDULES

 

	
Schedule 1.01(c)
    	
 
    	
Assigned Contracts
    
	
Schedule 1.02(f)
    	
 
    	
Excluded Tangible Personal Property
    
	
Schedule 1.02(k)
    	
 
    	
Excluded Mineral Rights, Water Rights and Intangible   Assets
    
	
Schedule 1.02(q)
    	
 
    	
Excluded Benefit Plan Assets
    
	
Schedule 1.03(d)
    	
 
    	
Other Assumed Liabilities
    
	
Schedule 1.06
    	
 
    	
Closing Working Capital Example
    
	
Schedule 3.01
    	
 
    	
Jurisdiction of Sellers
    
	
Schedule 3.03
    	
 
    	
Conflicts, Consent
    
	
Schedule 3.06
    	
 
    	
Changes since December 31, 2017
    
	
Schedule 3.07(a)
    	
 
    	
Material Contracts
    
	
Schedule 3.08
    	
 
    	
Permitted Encumbrances
    
	
Schedule 3.09
    	
 
    	
Condition of Assets Exceptions
    
	
Schedule 3.10(a)(i)
    	
 
    	
Real Property Encumbrances
    
	
Schedule 3.10(a)(ii)
    	
 
    	
Leases of Transferred Real Property
    
	
Schedule 3.10(c)
    	
 
    	
Transferred Water Rights
    
	
Schedule 3.10(e)
    	
 
    	
Sufficiency of Transferred Real Property Exceptions
    
	
Schedule 3.10(f)
    	
 
    	
Reclamation Obligations
    
	
Schedule 3.11(a)
    	
 
    	
Intellectual Property Assets
    
	
Schedule 3.11(b)
    	
 
    	
Intellectual Property Agreements
    
	
Schedule 3.14(a)
    	
 
    	
Material Customers
    
	
Schedule 3.14(b)
    	
 
    	
Material Suppliers
    
	
Schedule 3.15
    	
 
    	
Insurance Policies and Claims
    
	
Schedule 3.16(a)
    	
 
    	
Pending Actions
    
	
Schedule 3.16(b)
    	
 
    	
Outstanding Governmental Orders
    
	
Schedule 3.17(a)
    	
 
    	
Compliance with Laws
    
	
Schedule 3.17(b)
    	
 
    	
Permits and Compliance with Permits
    
	
Schedule 3.17(c)
    	
 
    	
Reclamation Sureties
    
	
Schedule 3.18(b)
    	
 
    	
Environmental Permits
    
	
Schedule 3.18(e)
    	
 
    	
Storage Tanks
    

 

iii

 

TABLE OF CONTENTS

 

	
Schedule 3.18(g)
    	
 
    	
Environmental Reports
    
	
Schedule 3.19(a)
    	
 
    	
Benefit Plans
    
	
Schedule 3.19(b)
    	
 
    	
Benefit Plan Compliance
    
	
Schedule 3.19(k)
    	
 
    	
Parachute Payments
    
	
Schedule 3.20(a)
    	
 
    	
Employees
    
	
Schedule 3.21
    	
 
    	
Taxes
    
	
Schedule 5.02(a)
    	
 
    	
Continuing Employees
    

 

iv

 

ASSET PURCHASE AGREEMENT

 

This Asset Purchase Agreement (this “Agreement”), dated as of February 1, 2019, is entered into by and among Continental Materials Corp., a Delaware corporation (“Continental”), Transit Mix Concrete Co., a Colorado corporation (“TMC”), Transit Mix of Pueblo, Inc., a Colorado corporation (“TMP”), Castle Concrete Company, a Colorado corporation (“Castle”), Daniels Sand Company, a Colorado corporation (“DSC”, and Continental, TMC, TMP, Castle and DSC, each, a “Seller” and, collectively, the “Sellers”), and Aggregate Industries — WCR, Inc., a Colorado corporation (“Buyer”).

 

RECITALS

 

WHEREAS, the Sellers are presently engaged in (i) the ready mix concrete business at the ready mix concrete plants located in Colorado Springs, Colorado and Pueblo, Colorado and described on Annex B (the “Ready Mix Business”); and (ii) sand and gravel mining operations in Colorado Springs, Colorado and described on Annex B (“Daniels Sand”; collectively, Ready Mix Business and Daniels Sand, the “Purchased Business”);

 

WHEREAS, the Sellers are also presently (i) engaged in mining from their Pike View quarry operation (the “Pike View Quarry Operation”) located Colorado Springs, Colorado and described on Annex C; (ii) own an idle quarry at their former Canon City operation (the “Canon City Limestone Operation”) located Canon City, Colorado and described on Annex C; (iii) own and operate the retail building materials business at sites located in Colorado Springs, Colorado and Pueblo, Colorado and described on Annex C (the “Building Supply Business”); (iv) own and operate sand and gravel mining operations in Fremont County, Colorado and described on Annex C (the “Grisenti Pit”); (v) own and operate an aggregates operation in Pueblo, Colorado and described on Annex C (the “Pueblo Aggregate East Operation”); (vi) own the real property and potential quarry known as the “Hitch Rack Ranch” in Colorado Springs, Colorado (“Hitch Rack Ranch”) and described on Annex C; and (vii) own, or are pursuing opportunities with respect to, the real property known as the “Blake Ranch” south of the City of Pueblo and described on Annex C (“Blake Ranch” and, collectively, the Pike View Quarry Operation, the Canon City Limestone Operation, the Building Supply Business, the Grisenti Pit and the Pueblo Aggregate East Operation, Hitch Rack Ranch and Blake Ranch are the “Non-Purchased Business”);

 

WHEREAS, Sellers wish to sell and assign to Buyer, and Buyer wishes to purchase and assume from Sellers, substantially all the tangible personal property, executory contracts and intangible assets, and certain specified liabilities, of the Purchased Business (but not any tangible personal property, executory contracts or intangible assets of the Non-Purchased Business), subject to the terms and conditions set forth herein (the “Business Purchase and Sale”); and

 

WHEREAS, a portion of the purchase price payable by Buyer to Sellers shall be placed in escrow by Buyer, the release of which shall be contingent upon certain events and conditions, all as set forth in this Agreement and the Escrow Agreement (as defined herein);

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1

 

ARTICLE I
 PURCHASE AND SALE

 

Section 1.01                            Purchase and Sale of Assets. Subject to the terms and conditions set forth herein, at the Closing, Sellers hereby sell, assign, transfer, convey and deliver to Buyer, and Buyer hereby purchases from Sellers, free and clear of any Encumbrances other than Permitted Encumbrances, all of Sellers’ right, title and interest in, to and under all of the assets, properties and rights of every kind and nature, whether real, personal or mixed, tangible or intangible (including goodwill), wherever located and whether now existing or hereafter acquired (other than the Excluded Assets), which relate to, or are used or held for use in connection with, the Purchased Business (collectively, the “Purchased Assets”), including, without limitation, the following (but, in each case, not including any of the Excluded Assets):

 

(a)                                 all accounts or notes receivable held by Sellers, regardless whether arising from the Purchased Business or the Non-Purchased Business, and any security, claim, remedy or other right related to any of the foregoing (“Accounts Receivable”); provided, that the “Accounts Receivable” do not include any accounts or notes receivable held by or arising from the business of any Excluded Subsidiary;

 

(b)                                 all inventory, finished goods, raw materials, chemicals, aggregates, work in progress, packaging, supplies, parts and other inventories held for sale or use in the Purchased Business (“Inventory”);

 

(c)                                  all Contracts, including pending customer purchase orders and including Intellectual Property Agreements, set forth on Section 1.01(c) of the Disclosure Schedules (the “Assigned Contracts”);

 

(d)                                 all furniture, fixtures, equipment, mixing plants, batch plants, tanks and containers, machinery, tools, vehicles (including mixing trucks, hauling trucks and light vehicles (collectively, the “Vehicles”)), office equipment, supplies, computers, telephones and other tangible personal property, in each case, which is used in the Purchased Business (the “Tangible Personal Property”);

 

(e)                                  all Transferred Real Property and the Transferred Water Rights;

 

(f)                                   all Permits, including Environmental Permits, which are transferrable to Buyer (if any) and which are held by Sellers and required for the conduct of the Purchased Business as currently conducted or for the ownership and use of the Purchased Assets;

 

(g)                                  all Intellectual Property Assets, including all rights to the name “Transit Mix Concrete Company” and variations thereof and the URL transitmix.com.

 

(h)                                 all rights to any Actions of any nature available to or being pursued by Sellers to the extent related to the Purchased Business, the Purchased Assets or the Assumed Liabilities, whether arising by way of counterclaim or otherwise;

 

(i)                                     all prepaid expenses, credits, advance payments, claims, security, refunds, rights of recovery, rights of set-off, rights of recoupment, deposits, sand royalties, charges, sums and fees (including any such item relating to the payment of Taxes), in each case, arising from the Purchased Business;

 

2

 

(j)                                    all of Sellers’ rights under warranties, indemnities and all similar rights against third parties to the extent related to any Purchased Assets;

 

(k)                                 originals, or where not available, copies, of all books and records, including, but not limited to, books of account, ledgers and general, financial and accounting records, machinery and equipment maintenance files, customer lists, customer purchasing histories, price lists, distribution lists, supplier lists, production data, quality control records and procedures, customer complaints and inquiry files, research and development files, records and data (including all correspondence with any Governmental Authority), sales material and records (including pricing history, total sales, terms and conditions of sale, sales and pricing policies and practices), strategic plans, internal financial statements, marketing and promotional surveys, material and research and files relating to the Intellectual Property Assets and the Intellectual Property Agreements (“Books and Records”) relating to the Purchased Business; and

 

(l)                                     all goodwill and the going concern value of the Purchased Business.

 

Section 1.02                            Excluded Assets. Notwithstanding the foregoing, the Purchased Assets shall not include the following assets (collectively, the “Excluded Assets”):

 

(a)                                 Cash and cash equivalents;

 

(b)                                 All rebates, refunds and volume discounts arising from the Purchased Business through and including the Closing Date;

 

(c)                                  all accounts or notes receivable held by or arising from the business of any Excluded Subsidiary;

 

(d)                                 all inventory, raw materials, work in progress, supplies, parts and other inventories held for sale or use in the Non-Purchased Business;

 

(e)                                  the Excluded Real Property;

 

(f)                                   all furniture, fixtures, equipment, machinery, tools, vehicles, office equipment, supplies, computers, telephones and other tangible personal property, in each case, which is used or held for use in the Non-Purchased Business, including any of the same listed on Section 1.02(f) of the Disclosure Schedules;

 

(g)                                  Contracts, including Intellectual Property Agreements, that are not Assigned Contracts (the “Excluded Contracts”);

 

(h)                                 all Permits, including Environmental Permits, which are held by Sellers and required for the conduct of the Non-Purchased Business as currently conducted or for the ownership and use of the Excluded Assets;

 

(i)                                     all insurance benefits, including rights and proceeds under Sellers’ insurance policies;

 

(j)                                    all rights and interest in, to or under any Intellectual Property (whether as owner, licensee, sublicensee or otherwise) which is used or held for use in the Non-Purchased Business (but excluding the “Transit Mix” name and any marks relating thereto);

 

3

 

(k)                                 all mineral rights, water rights, intangible assets and rights to any Actions of any nature to the extent related to the Non-Purchased Business, the Excluded Assets or the Excluded Liabilities, including any of the same listed on Section 1.02(k) of the Disclosure Schedules;

 

(l)                                     all prepaid expenses, credits, advance payments, claims, security, refunds, rights of recovery, rights of set-off, rights of recoupment, deposits, charges, sums and fees (including any such item relating to the payment of Taxes), in each case, arising from the Non-Purchased Business;

 

(m)                             all of Sellers’ rights under warranties, indemnities and all similar rights against third parties to the extent related to any Excluded Assets;

 

(n)                                 all Books and Records relating to the Non-Purchased Business;

 

(o)                                 all goodwill and the going concern value of the Non-Purchased Business;

 

(p)                                 the corporate seals, organizational documents, minute books, stock books, Tax Returns, books of account or other records having to do with the corporate organization of each Seller;

 

(q)                                 all Benefit Plans and assets attributable thereto; the assets, properties and rights specifically set forth on Section 1.02(q) of the Disclosure Schedules; and

 

(r)                                    the rights which accrue or will accrue to Sellers under this Agreement and the Ancillary Documents.

 

Section 1.03                            Assumed Liabilities. Subject to the terms and conditions set forth herein, Buyer hereby assumes and agrees to pay, perform and discharge only the following Liabilities of Sellers (collectively, the “Assumed Liabilities”), and no other Liabilities:

 

(a)                                 all trade accounts payable of Sellers to third parties in connection with the Purchased Business that remain unpaid and are not delinquent as of the Closing Date and that either are reflected on the Interim Balance Sheet Date or arose in the ordinary course of business consistent with past practice since the Interim Balance Sheet Date;

 

(b)                                 all Liabilities in respect of the Assigned Contracts but only to the extent that such Liabilities thereunder are required to be performed after the Closing Date, were incurred in the ordinary course of business and do not relate to any failure to perform, improper performance, warranty or other breach, default or violation by Sellers on or prior to the Closing; and

 

(c)                                  any reclamation-related Liabilities existing, reclamation obligations to be performed, and reclamation activities required, in each case, at any time and from time to time on or after the Closing Date which arise from or relate to any exploration, mining or processing activities occurring before or after the Closing Date conducted by or in connection with Reclamation Permit No. M-1973-007SG, including any and all reclamation activities required before, during and/or following final cessation of sand mining and sand processing operations at the Daniels Sand property (the “Reclamation Obligations”);

 

4

 

(d)                                 those Liabilities of Sellers set forth on Section 1.03(d) of the Disclosure Schedules.

 

Section 1.04                            Excluded Liabilities. Notwithstanding the provisions of Section 1.03 or any other provision in this Agreement to the contrary, Buyer shall not assume and shall not be responsible to pay, perform or discharge any Liabilities of Sellers or any of their Affiliates of any kind or nature whatsoever other than the Assumed Liabilities (the “Excluded Liabilities”). Sellers shall, and shall cause each of their Affiliates to, pay and satisfy in due course all Excluded Liabilities which they are obligated to pay and satisfy. Without limiting the generality of the foregoing, the Excluded Liabilities shall include, but not be limited to, the following:

 

(a)                                 any Liabilities of Sellers arising or incurred in connection with the negotiation, preparation, investigation and performance of this Agreement, the Ancillary Documents and the transactions contemplated hereby and thereby, including, without limitation, fees and expenses of counsel, accountants, consultants, advisers and others;

 

(b)                                 any Liability for (i) Taxes of a Seller (or any owner or Affiliate of a Seller) or Taxes for any Pre-Closing Tax Period relating to the Purchased Business, the Purchased Assets or the Assumed Liabilities for any Pre-Closing Tax Period; (ii) Taxes that arise out of the consummation of the transactions contemplated hereby or that are the responsibility of Seller pursuant to Section 5.09; or (iii) other Taxes of a Seller (or any owner or Affiliate of a Seller) of any kind or description (including any Liability for Taxes of Seller (or any owner or Affiliate of Seller) for any Pre-Closing Tax Period that become a Liability of Buyer under any common law doctrine of de facto merger or transferee or successor liability or otherwise by operation of contract or Law);

 

(c)                                  any Liabilities relating to or arising out of the Excluded Assets;

 

(d)                                 any Liabilities in respect of any pending or threatened Action arising out of, relating to or otherwise in respect of the operation of the Purchased Business or the Purchased Assets to the extent such Action relates to such operation on or prior to the Closing Date. Including for the avoidance of doubt, all Actions relating to Continental Materials Corporation v. Valco, Inc., Civil Action No. 2014-cv-2510, in the United States District Court for the District of Colorado (the “Valco Litigation”);

 

(e)                                  any product Liability or similar claim for injury to a Person or property which arises out of or is based upon any express or implied representation, warranty, agreement or guaranty made by Sellers, or by reason of the improper performance or malfunctioning of a product, improper design or manufacture, failure to adequately package, label or warn of hazards or other related product defects of any products at any time manufactured or sold or any service performed by Seller;

 

(f)                                   any recall, design defect or similar claims of any products manufactured or sold or any service performed by Sellers;

 

(g)                                  any Liabilities of Sellers arising under or in connection with any Benefit Plan providing benefits to any present or former employee of Sellers;

 

(h)                                 any Liabilities of Sellers for any present or former employees, officers, directors, retirees, independent contractors or consultants of a Seller, including, without

 

5

 

limitation, any Liabilities associated with any claims for wages or other benefits, bonuses, accrued vacation, workers’ compensation, severance, retention, termination or other payments;

 

(i)                                     any Environmental Claims, or Liabilities under Environmental Laws, to the extent arising out of or relating to facts, circumstances or conditions existing on or prior to the Closing or otherwise to the extent arising out of any actions or omissions of a Seller (other than the Reclamation Obligations);

 

(j)                                    any trade accounts payable of a Seller (i) to the extent not accounted for on the Interim Balance Sheet; (ii) which constitute intercompany payables owing to Affiliates of a Seller; (iii) which constitute debt, loans or credit facilities to financial institutions; or (iv) which did not arise in the ordinary course of business;

 

(k)                                 any Liabilities of the Purchased Business relating or arising from unfulfilled commitments, quotations, purchase orders, customer orders or work orders that (i) do not constitute part of the Purchased Assets issued by the Purchased Business’ customers to a Seller on or before the Closing; (ii) did not arise in the ordinary course of business; or (iii) are not validly and effectively assigned to Buyer pursuant to this Agreement;

 

(l)                                     any Liabilities to indemnify, reimburse or advance amounts to any present or former officer, director, employee or agent of a Seller (including with respect to any breach of fiduciary obligations by same), except for indemnification of same pursuant to Section 6.03 as Seller Indemnitees;

 

(m)                             any Liabilities under the Excluded Contracts or any other Contracts, including Intellectual Property Agreements, (i) which are not validly and effectively assigned to Buyer pursuant to this Agreement; (ii) which do not conform to the representations and warranties with respect thereto contained in this Agreement; or (iii) to the extent such Liabilities arise out of or relate to a breach by a Seller of such Contracts prior to Closing;

 

(n)                                 any Liabilities associated with debt, loans or credit facilities of a Seller and/or the Purchased Business owing to financial institutions;

 

(o)                                 any Liabilities arising out of, in respect of or in connection with the failure by a Seller or any of its Affiliates to comply with any Law or Governmental Order.

 

Section 1.05                            Purchase Price. The aggregate consideration for the Purchased Assets shall be Twenty Seven Million One Hundred Twenty-Nine Thousand Dollars ($27,129,000), subject to adjustment pursuant to Section 1.06 and Section 1.10 hereof (the “Purchase Price”), plus the assumption of the Assumed Liabilities. The Purchase Price shall be paid as provided in Section 2.02.

 

Section 1.06                            Purchase Price Adjustment.

 

(a)                                 Post-Closing Adjustment.

 

(i)                                     Within seventy-five (75) days after the Closing Date, Buyer shall prepare and deliver to Sellers Representative, on behalf of Sellers, (A) a statement, in the form and consistent with the methodology used to prepare the Interim Balance Sheet and the binding example in Section 1.06 of the Disclosure Schedules, setting forth its calculation of Closing

 

6

 

Working Capital as of close of business on the Closing Date (the “Closing Working Capital Statement”) true and correct in all material respects.

 

(ii)                                  The “Post-Closing Adjustment” shall be an amount equal to the Closing Working Capital minus $8,496,243. If the Post-Closing Adjustment is a positive number, Buyer shall pay to Sellers an amount equal to the Post-Closing Adjustment. If the Post-Closing Adjustment is a negative number, Sellers shall pay to Buyer an amount equal to the Post-Closing Adjustment.

 

(b)                                 Examination and Review.

 

(i)                                     Examination. After receipt of the Closing Working Capital Statement, Sellers Representative shall have sixty (60) days (the “Review Period”) to review the Closing Working Capital Statement. During the Review Period, Sellers Representative and its advisors shall have full access to, and Buyer shall provide or cause to be provided (at Buyer’s expense) electronic copies (in original, executable format where available) of, the relevant books and records of Buyer, the personnel of, and work papers prepared by, Buyer and Buyer’s accountants to the extent that they relate to the Closing Working Capital Statement and to such historical financial information (to the extent in Buyer’s possession) relating to the Closing Working Capital Statement as Sellers Representative may reasonably request for the purpose of reviewing the Closing Working Capital Statement and to prepare a Statement of Objections (defined below), provided, that such access shall be in a manner that does not interfere with the normal business operations of Buyer and provided, further, that in the event of any delay in providing such access or copies which exceeds five (5) Business Days in the aggregate, the Review Period shall be extended by the number of Business Days of such delay.

 

(ii)                                  Objection. On or prior to the last day of the Review Period, Sellers Representative may object to the Closing Working Capital Statement by delivering to Buyer a written statement setting forth Sellers Representative’s objections in reasonable detail, indicating each disputed item or amount and the basis for Sellers Representative’s disagreement therewith (the “Statement of Objections”). If Sellers Representative fails to deliver the Statement of Objections before the expiration of the Review Period, the Closing Working Capital Statement and the Post-Closing Adjustment, as the case may be, reflected in the Closing Working Capital Statement shall be deemed to have been accepted by Sellers Representative, on behalf of Sellers. If Sellers Representative delivers the Statement of Objections before the expiration of the Review Period, Buyer and Sellers Representative shall negotiate in good faith to resolve such objections within thirty (30) days after the delivery of the Statement of Objections (the “Resolution Period”), and, if the same are so resolved within the Resolution Period, the Post-Closing Adjustment and the Closing Working Capital Statement with such changes as may have been previously agreed in writing by Buyer and Sellers Representative, shall be final and binding.

 

(iii)                               Resolution of Disputes. If Sellers Representative and Buyer fail to reach an agreement with respect to all of the matters set forth in the Statement of Objections before expiration of the Resolution Period, then any amounts remaining in dispute (“Disputed Amounts” and any amounts not so disputed, the “Undisputed Amounts”) shall be submitted for resolution to the Denver office of Crowe LLP or, if Crowe LLP is unable to serve, Buyer and Sellers Representative shall appoint by mutual agreement the office of an impartial nationally recognized firm of independent certified public accountants (the “Independent Accountants”) who, acting as experts and not arbitrators, shall resolve the Disputed Amounts

 

7

 

only and make any adjustments to the Post-Closing Adjustment, as the case may be, and the Closing Working Capital Statement.  The parties hereto agree that all adjustments shall be made without regard to materiality. The Independent Accountants shall make its determinations in accordance with the definitions in this Agreement and the methodology used in the binding example calculation of set forth in Section 1.06 of the Disclosure Schedules.  The Independent Accountants shall only decide the specific items under dispute by the parties and their decision for each Disputed Amount must be within the range of values assigned to each such item in the Closing Working Capital Statement and the Statement of Objections, respectively.

 

(iv)                              Fees of the Independent Accountants. The fees and expenses of the Independent Accountants shall be paid by Sellers, on the one hand, and Buyer, on the other hand, based upon the percentage that the amount actually contested but not awarded to Sellers or Buyer, respectively, bears to the aggregate amount actually contested by Sellers and Buyer. For example, if a Seller disputes items in the aggregate amount of $1,000,000, and the Independent Accountant determines that a Seller is correct with respect to $600,000 of the $1,000,000 in dispute, Buyer shall bear 60% of the fees, costs and disbursements of the Independent Accountant and a Seller shall bear 40% of the fees, costs and disbursements of the Independent Accountants.

 

(v)                                 Determination by Independent Accountants. The Independent Accountants shall make a determination as soon as practicable within thirty (30) days (or such other time as the parties hereto shall agree in writing) after their engagement, and their resolution of the Disputed Amounts and their adjustments to the Closing Working Capital Statement and/or the Post-Closing Adjustment shall be conclusive and binding upon the parties hereto, except in the case of fraud, undisclosed conflict of interest or manifest error.

 

(vi)                              Payments of Post-Closing Adjustment. Except as otherwise provided herein, any payment of the Post-Closing Adjustment, together with interest calculated as set forth below, shall (A) be due (x) within five (5) Business Days of acceptance of the applicable Closing Working Capital Statement or (y) if there are Disputed Amounts, then within five (5) Business Days of the resolution described in clause (v) above; and (B) be paid by wire transfer of immediately available funds to such account as is directed by Buyer or Sellers Representative, as the case may be. The amount of any Post-Closing Adjustment shall bear interest from and including the Closing Date to the date of payment at a rate per annum equal to ten percent (10%).  Such interest shall be calculated daily on the basis of a 365-day year and the actual number of days elapsed, without compounding.

 

(c)                                  Adjustments for Tax Purposes. Any payments made pursuant to Section 1.06 shall be treated as an adjustment to the Purchase Price by the parties for Tax purposes, unless otherwise required by Law.

 

Section 1.07                            Allocation of Purchase Price. Sellers and Buyer agree that the Purchase Price and the Assumed Liabilities (plus other relevant items) shall be allocated among the Purchased Assets for all purposes (including Tax and financial accounting) in accordance with Section 1060 of the Code and applying the agreed methodology set forth in Exhibit B (collectively, the “Allocation Principles”). A draft allocation schedule shall be prepared by Buyer in accordance with the Allocation Principles and delivered to Sellers Representative, on behalf of Sellers, within sixty (60) days following the Closing Date. If Sellers Representative notifies Buyer in writing that Sellers Representative objects to one or more items reflected in Buyer’s draft allocation schedule, Sellers Representative and Buyer shall negotiate in good faith

 

8

 

to resolve such dispute in accordance with the Allocation Principles; provided, however, that if Sellers Representative and Buyer are unable to resolve any dispute with respect to the Allocation Schedule within ninety (90)  days following the Closing Date, such dispute shall be resolved by the Independent Accountants applying the Allocation Principles. The fees and expenses of such accounting firm shall be borne equally by Sellers and Buyer. Buyer and Sellers shall file all Tax Returns (including amended returns and claims for refund) and information reports in a manner consistent with the allocation schedule as finally agreed among the parties or as determined by the Independent Accountants. Any adjustments to the Purchase Price pursuant to Section 1.06 herein shall be allocated in a manner consistent with the Allocation Principles.

 

Section 1.08                            Withholding Tax. Buyer shall be entitled to deduct and withhold from the Purchase Price all Taxes that Buyer may be required to deduct and withhold under any provision of Tax Law. All such withheld amounts shall be treated as delivered to Sellers hereunder.

 

Section 1.09                            Third Party Consents. To the extent that Sellers’ rights under any Contract or Permit constituting a Purchased Asset, or any other Purchased Asset, may not be assigned to Buyer without the consent of another Person which has not been obtained, this Agreement shall not constitute an agreement to assign the same if an attempted assignment would constitute a breach thereof or be unlawful, and each Seller, at its expense, shall use its reasonable best efforts to obtain any such required consent(s) as promptly as possible. If any such consent shall not be obtained or if any attempted assignment would be ineffective or would impair Buyer’s rights under the Purchased Asset in question so that Buyer would not in effect acquire the benefit of all such rights, each Seller, to the maximum extent permitted by law and the Purchased Asset, shall act after the Closing as Buyer’s agent in order to obtain for it the benefits thereunder and shall cooperate, to the maximum extent permitted by Law and the Purchased Asset, with Buyer in any other reasonable arrangement designed to provide such benefits to Buyer.

 

Section 1.10                            Prorations. At or prior to Closing, Seller shall pay 100% of all 2018 real property taxes for the Real Property payable in 2019.  With respect to the 2019 real property taxes payable in 2020, Buyer shall receive a credit against the Purchase Price at Closing in an amount equal to the total estimated 2019 real property taxes (payable in 2020) for the Real Property which shall be calculated based on the most current assessed value and mill levy for each Real Property (per the applicable county) multiplied by Seller’s pro rata share of the total estimated 2019 real property taxes (payable in 2030).  For purposes of this Section 1.10, Seller’s pro rata share shall be a fraction, the numerator of which is the number of days from January 1, 2019, through and including the date immediately preceding the Closing Date and the denominator of which is 365. All personal property taxes assessed against any of the Purchased Assets, if applicable, shall be handled in the same manner; i.e., Seller shall pay 100% of all 2018 personal property taxes (payable in 2019) at or prior to Closing and Purchaser shall receive a credit against the Purchase Price at Closing in an amount equal to the total 2019 personal property taxes (payable in 2020) multiplied by Seller’s pro rata share of said taxes. Rents under each Third Party Lease shall be prorated to the Closing Date and security deposits, if any, paid by a tenant under any of the Third Party Leases shall be assigned to Buyer and a like amount shall be credited to Sellers at Closing.

 

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ARTICLE II
 CLOSING

 

Section 2.01                            Closing. Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by this Agreement (the “Closing”) shall take place on the date hereof via overnight courier, facsimile or other electronic means (including portable document format (pdf)), as agreed to by the parties. The date on which the Closing is to occur is herein referred to as the “Closing Date”. The transactions shall be considered closed when the delivery of the documents and funds as provided in Section 2.02 has occurred, and the parties agree to treat the Closing as being effective as of 12:01 a.m. Mountain Time on the Closing Date.

 

Section 2.02                            Closing Deliverables.

 

(a)                                             At the Closing, Sellers hereby deliver to Buyer the following:

 

(i)                                     one or more UCC Financing Statement amendments and other document necessary to evidence the release of all liens on the Purchased Assets in favor of CIBC and all other secured lenders;

 

(ii)                                  The Costilla Lease Agreement, duly executed by Sellers

 

(iii)                               The First American Title Company Escrow Agreement, duly executed by Sellers;

 

(iv)                              The Escrow Agreement, duly executed by Sellers;

 

(v)                                 a bill of sale (the “Non-Vehicles Bill of Sale”) and duly executed by the applicable Sellers, transferring the Tangible Personal Property (excluding the Vehicles) included in the Purchased Assets to Buyer;

 

(vi)                              a bill of sale (the “Vehicles Bill of Sale”) and duly executed by the applicable Sellers, transferring the Vehicles included in the Purchased Assets to Buyer;

 

(vii)                           an assignment and assumption agreement (the “Assignment and Assumption Agreement”) and duly executed by Sellers, effecting the assignment to and assumption by Buyer of the Purchased Assets and the Assumed Liabilities;

 

(viii)                        [intentionally omitted]

 

(ix)                              with respect to each parcel of Transferred Real Property, a special warranty deed in form and substance satisfactory to Buyer (each, a “Deed”) and duly executed and notarized by each Seller;

 

(x)                                 with respect to the Transferred Water Rights, a special warranty deed in form and substance satisfactory to Buyer (each, a “Water Rights Deed”) and duly executed and notarized by each Seller;

 

(xi)                              with respect to the Ground Lease by and among Hourglass Sands, LLC, Continental and TMC dated April 13, 2018, (i) an Assignment and Assumption of Third Party Lease in form and substance satisfactory to Buyer (the “Assignment and Assumption of

 

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Hourglass Sands Lease”) and duly executed by Seller, and (ii) an estoppel certificate with respect to such Third Party Lease;

 

(xii)                           all necessary certificates of titles duly endorsed for transfer together with any required affidavits and other documentation necessary for the transfer of title from the applicable Sellers to Buyer of each Vehicle, including mixer trucks and haulers, included in the Purchased Assets;

 

(xiii)                        the Water Lease, duly executed by TMC and Castle;

 

(xiv)                       the Assignment and Assumption of Augmentation Plan, duly executed by Sellers;

 

(xv)                          a FIRPTA Certificate, executed by each Seller;

 

(xvi)                       such other customary instruments of transfer, assumption, filings or documents, in form and substance reasonably satisfactory to Buyer, as may be required to give effect to this Agreement;

 

(xvii)                    such owner’s or other affidavits regarding title to the Transferred Real Property as reasonably requested by Buyer or reasonably required to obtain owner title insurance policies and endorsements with respect to the Transferred Real Property;

 

(xviii)                 documentation to confirm that each Seller that had operations in Colorado, prior to Closing, filed Colorado Form DR 0096, Request for Tax Status Letter, for all applicable taxes;

 

(xix)                       the Transition Services Agreement, duly executed by Sellers;

 

(xx)                          the Colocation Services Agreement, duly executed by the Sellers party thereto; and

 

(xxi)                       the FMIC Shares Agreement, duly executed by Sellers.

 

(b)                                                                                 At the Closing, Buyer hereby delivers to Sellers the following:

 

(i)                                     Buyer will pay to Sellers the amount the Purchase Price less (x) the Indemnification Escrow Amount ($1,250,000), less (y) $789,814 paid into escrow at First American Title as provided in Section 5.14 with respect to the Costilla property, and less (z)  payoff amounts to pay in full all secured lenders and lien holders (if any), in each case with respect to the Purchased Assets other than CIBC (from whom an appropriate lien release shall be obtained) by wire transfer of immediately available funds to an account designated in writing by Sellers to Buyer (the sum of the foregoing amounts is the Purchase Price for the Purchased Assets) provided that the operating leases listed on Section 1.01(c) of the Disclosure Schedules are assumed by Buyer and will not be paid off at Closing;

 

(ii)                                  the Escrow Agreement duly executed by Buyer;

 

(iii)                               the Assignment and Assumption Agreement duly executed by Buyer;

 

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(iv)                              the Assignment and Assumption of Hourglass Sands Lease, duly executed by Buyer;

 

(v)                                 the Transition Services Agreement, duly executed by Buyer;

 

(vi)                              the Costilla Lease Agreement duly executed by Buyer;

 

(vii)                           the First American Title Company Escrow Agreement duly executed by Buyer;

 

(viii)                        the Water Lease, duly executed by Buyer;

 

(ix)                              the Assignment and Assumption of Augmentation Plan, duly executed by Buyer;

 

(x)                                 the Colocation Services Agreement, duly executed by Buyer; and

 

(xi)                              the FMIC Shares Agreement, duly executed by Buyer.

 

(c)                                                                                  At the Closing, Buyer shall deliver to the Escrow Agent:

 

(i)                                     the Indemnification Escrow Amount (such amount, including any interest or other amounts earned thereon and less any disbursements therefrom in accordance with the Escrow Agreement, the “Indemnification Escrow Fund”) by wire transfer of immediately available funds to accounts designated by the Escrow Agent, to be held for the purpose of securing the indemnification obligations of Seller set forth in Article VI and the obligations of Sellers in Section 1.06(b)(vi); and

 

(ii)                                  the Escrow Agreement.

 

(d)                                                                                 At the Closing, Buyer shall pay, out of the Purchase Price, any payoff amounts to pay in full all secured lenders, lien holders, and mortgage holders (if any) with respect to the Purchased Assets other than CIBC, which payoff amounts shall be paid directly to such lenders.

 

ARTICLE III
 REPRESENTATIONS AND WARRANTIES OF THE SELLERS

 

Except as set forth in the correspondingly numbered Section of the Disclosure Schedules, each Seller, jointly and severally, represents and warrants to Buyer that the statements contained in this Article III are true and correct as of the date hereof.

 

Section 3.01                            Organization and Qualification of Sellers. Each Seller is a corporation duly organized, validly existing and in good standing under the Laws of the state of Colorado or Delaware, as applicable, and has corporate power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on the Purchased Business as currently conducted. Section 3.01 of the Disclosure Schedules sets forth each jurisdiction in which any Seller is licensed or qualified to do business in connection with the ownership of the Purchased Assets or the conduct of the Purchased Business, and each Seller is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the ownership of

 

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the Purchased Assets or the operation of the Purchased Business as currently conducted makes such licensing or qualification necessary.

 

Section 3.02                            Authority of Sellers. Each Seller has full corporate company power and authority to enter into this Agreement and the Ancillary Documents to which each such Seller is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery by each Seller of this Agreement and any Ancillary Document to which a Seller is a party, the performance by each such Seller of its obligations hereunder and thereunder and the consummation by each Seller of the transactions contemplated hereby and thereby have been duly authorized by all requisite action on the part of each Seller. This Agreement has been duly executed and delivered by each Seller, and (assuming due authorization, execution and delivery by Buyer) this Agreement constitutes a legal, valid and binding obligation of each Seller enforceable against each Seller in accordance with its terms. When each Ancillary Document to which a Seller is or will be a party has been duly executed and delivered by a Seller (assuming due authorization, execution and delivery by each other party thereto), such Ancillary Document will constitute a legal and binding obligation of such Seller enforceable against it in accordance with its terms.

 

Section 3.03                            No Conflicts; Consents. The execution, delivery and performance by a Seller of this Agreement and the Ancillary Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the articles of organization, limited liability company agreement or other organizational documents of any Seller; (b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to a Seller, the Purchased Business or the Purchased Assets; (c) except as set forth in Section 3.03 of the Disclosure Schedules, require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract or Permit to which a Seller is a party or by which a Seller or the Purchased Business is bound or to which any of the Purchased Assets are subject (including any Assigned Contract); or (d) result in the creation or imposition of any Encumbrance other than Permitted Encumbrances on the Purchased Assets. No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to Sellers in connection with the execution and delivery of this Agreement or any of the Ancillary Documents and the consummation of the transactions contemplated hereby and thereby.

 

Section 3.04                            Financial Statements. Complete copies of the internally prepared financial statements consisting of the balance sheet of the Purchased Business as at December 31 in each of the years 2017 and 2016 and the related statements of income and retained earnings, owners’ equity and cash flow for the years then ended (the “Annual Financial Statements”), and internally prepared financial statements consisting of the balance sheet of the Purchased Business as at November 30, 2018 and the related statements of income for the eleven (11) month period then ended (the “Interim Financial Statements” and together with the Annual Financial Statements, the “Financial Statements”) have been delivered to Buyer. The Financial Statements have been prepared on a consistent basis throughout the respective periods involved, subject, in the case of the Interim Financial Statements, to normal year-end adjustments (that, if presented, would not differ materially from those presented in the Annual Financial Statements).

 

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The Financial Statements are based on the books and records of the Purchased Business, and fairly present in all material respects the financial condition of the Purchased Business as of the respective dates they were prepared and the results of the operations of the Purchased Business for the periods indicated. The balance sheet of the Purchased Business as of December 31, 2017 is referred to herein as the “Balance Sheet” and the date thereof as the “Balance Sheet Date” and the balance sheet of the Purchased Business as of November 30, 2018 is referred to herein as the “Interim Balance Sheet” and the date thereof as the “Interim Balance Sheet Date”. Each Seller maintains a standard system of accounting for the Purchased Business established and administered in accordance with GAAP.

 

Section 3.05                            Undisclosed Liabilities. Sellers have no Liabilities with respect to the Purchased Business or the Owned Real Property of the nature required to be disclosed in a Balance Sheet prepared in accordance with GAAP, except (a) those which are adequately reflected or reserved against in the Balance Sheet as of the Balance Sheet Date, and (b) those which have been incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date and which are not, individually or in the aggregate, material in amount.

 

Section 3.06                            Absence of Certain Changes, Events and Conditions. Since December 31, 2017, and other than as described in Section 3.06 of the Disclosure Schedules or in the ordinary course of business consistent with past practice, there has not been any:

 

(a)                                 event, occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;

 

(b)                                 declaration or payment of any dividends or distributions on or in respect of any of Sellers’ equity or redemption, purchase or acquisition of Sellers’ outstanding equity;

 

(c)                                  material change in any method of accounting or accounting practice for the Purchased Business, except as required by GAAP or as disclosed in the notes to the Financial Statements;

 

(d)                                 material change in cash management practices and policies, practices and procedures with respect to collection of Accounts Receivable, establishment of reserves for uncollectible Accounts Receivable, accrual of Accounts Receivable, inventory control, prepayment of expenses, payment of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance of customer deposits;

 

(e)                                  entry into any Contract that would constitute a Material Contract;

 

(f)                                   incurrence, assumption or guarantee of any indebtedness for borrowed money in connection with the Purchased Business except unsecured current obligations and Liabilities incurred in the ordinary course of business consistent with past practice;

 

(g)                                  transfer, assignment, sale or other disposition of any of the Purchased Assets shown or reflected in the Balance Sheet, except for the sale of Inventory in the ordinary course of business;

 

(h)                                 cancellation of any debts or claims or amendment, termination or waiver of any rights constituting Purchased Assets;

 

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(i)                                     transfer or assignment of or grant of any license or sublicense under or with respect to any material Intellectual Property Assets or Intellectual Property Agreements (except non-exclusive licenses or sublicenses granted in the ordinary course of business consistent with past practice);

 

(j)                                    abandonment or lapse of or failure to maintain in full force and effect any material Intellectual Property Registration, or failure to take or maintain reasonable measures to protect the confidentiality or value of any material Trade Secrets included in the Intellectual Property Assets;

 

(k)                                 material damage, destruction or loss, or any material interruption in use, of any Purchased Assets, whether or not covered by insurance;

 

(l)                                     acceleration, termination, material modification to or cancellation of any Assigned Contract or Permit;

 

(m)                             material capital expenditures which would constitute an Assumed Liability;

 

(n)                                 imposition of any Encumbrance upon any of the Purchased Assets;

 

(o)                                 (i) grant of any bonuses, whether monetary or otherwise, or increase in any wages, salary, severance, pension or other compensation or benefits in respect of any current or former employees, officers, directors, independent contractors or consultants of the Purchased Business, other than as provided for in any written agreements or required by applicable Law, (ii) change in the terms of employment for any employee of the Purchased Business or any termination of any employees for which the aggregate costs and expenses exceed $50,000 or (iii) action to accelerate the vesting or payment of any compensation or benefit for any current or former employee, officer, director, consultant or independent contractor of the Purchased Business;

 

(p)                                 hiring or promoting any person as or to (as the case may be)  an officer or manager position;

 

(q)                                 adoption, modification or termination of any: (i) employment, severance, retention or other agreement with any current or former employee, officer, director, independent contractor or consultant of the Purchased Business, (ii) Benefit Plan, or (iii) collective bargaining or other agreement with a Union, in each case whether written or oral;

 

(r)                                    any loan to (or forgiveness of any loan to), or entry into any other transaction with, any current or former directors, officers or employees of the Purchased Business;

 

(s)                                   adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law;

 

(t)                                    purchase, lease or other acquisition of the right to own, use or lease any property or assets in connection with the Purchased Business for an amount in excess of

 

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$25,000, individually (in the case of a lease, per annum) or $50,000 in the aggregate (in the case of a lease, for the entire term of the lease, not including any option term), except for purchases of Inventory or supplies in the ordinary course of business consistent with past practice; or

 

(u)                                 any Contract to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section 3.07                            Material Contracts.

 

(a)                                 Section 3.07(a) of the Disclosure Schedules lists each of the following Contracts (x) by which any of the Purchased Assets are bound or affected or (y) to which a Seller is a party or by which it is bound in connection with the Purchased Business or the Purchased Assets (such Contracts, together with all Contracts concerning the occupancy, management or operation of any Transferred Real Property (including without limitation, brokerage contracts) listed and all Intellectual Property Agreements set forth in Section 3.11(b) of the Disclosure Schedules, being “Material Contracts”):

 

(i)                                     all Contracts involving aggregate consideration in excess of $25,000 and which, in each case, cannot be cancelled without penalty or without more than ninety (90) days’ notice;

 

(ii)                                  all Contracts that require Sellers to purchase or sell a stated portion of the requirements or outputs of the Purchased Business or that contain “take or pay” provisions;

 

(iii)                               all Contracts that provide for the indemnification of any Person or the assumption of any Tax, environmental or other Liability of any Person;

 

(iv)                              all Contracts that relate to the acquisition or disposition of any business, a material amount of stock or assets of any other Person or any real property or water rights (whether by merger, sale of stock, sale of assets or otherwise);

 

(v)                                 all broker, distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research, marketing consulting and advertising Contracts;

 

(vi)                              all employment agreements and Contracts with independent contractors or consultants (or similar arrangements) and which are not cancellable without material penalty or without more than ninety (90) days’ notice;

 

(vii)                           except for Contracts relating to trade receivables, all Contracts relating to indebtedness (including, without limitation, guarantees);

 

(viii)                        all Contracts with any Governmental Authority (“Government Contracts”);

 

(ix)                              all Contracts that limit or purport to limit the ability of Sellers to compete in any line of business or with any Person or in any geographic area or during any period of time;

 

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(x)                                 all joint venture, partnership or similar Contracts;

 

(xi)                              all Contracts for the sale of any of the Purchased Assets or for the grant to any Person of any option, right of first refusal or preferential or similar right to purchase any of the Purchased Assets; and

 

(xii)                           all powers of attorney with respect to the Purchased Business or any Purchased Asset.

 

(xiii)                        all other Contracts that are material to the Purchased Assets or the operation of the Purchased Business and not previously disclosed pursuant to this Section 3.07.

 

(b)                                 Each Material Contract is valid and binding on each Seller in accordance with its terms and is in full force and effect. No applicable Seller or, to Sellers’ Knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under) in any material respect, or has provided or received any notice of any intention to terminate, any Material Contract. No event or circumstance has occurred that, with notice or lapse of time or both, would reasonably be expected to constitute an event of default under any Material Contract or result in a termination thereof or to cause or permit the acceleration or other changes of any right or obligation or the loss of any benefit thereunder. Complete and correct copies of each Material Contract (including all modifications, amendments and supplements thereto and waivers thereunder) have been made available to Buyer. There are no material disputes pending or threatened under any Contract included in the Purchased Assets.

 

(c)                                  No Seller is a party to or bound by any long-term supply agreement obligating it to purchase aggregates, sand, cement or other raw materials which cannot be cancelled without penalty or involving total consideration of more than $100,000.

 

Section 3.08                            Title to Purchased Assets. One or more of the Sellers have good and valid title to, or a valid leasehold interest in, all of the Purchased Assets. All such Purchased Assets (including leasehold interests) are free and clear of Encumbrances except for the following (collectively referred to as “Permitted Encumbrances”):

 

(a)                                 those items set forth in Section 3.08 of the Disclosure Schedules;

 

(b)                                 liens for Taxes not yet due and payable;

 

(c)                                  mechanics’, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course of business consistent with past practice or amounts that are not delinquent and which are not, individually or in the aggregate, material to the Purchased Business or the Purchased Assets;

 

(d)                                 easements, rights of way, zoning ordinances and other similar encumbrances affecting Transferred Real Property which are not, individually or in the aggregate, material to the Purchased Business or the Purchased Assets, which do not prohibit or interfere with the current operation of any Transferred Real Property and which do not render title to any Transferred Real Property unmarketable; or

 

(e)                                  other than with respect to Transferred Real Property, liens arising under original purchase price conditional sales contracts and equipment leases with third parties

 

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entered into in the ordinary course of business consistent with past practice which are not, individually or in the aggregate, material to the Purchased Business or the Purchased Assets.

 

Section 3.09                            Condition of Assets. Except as set forth on Section 3.09 of the Disclosure Schedules, the buildings, plants, structures, furniture, fixtures, mechanical systems, electrical and plumbing systems, machinery, equipment, Vehicles and other items of tangible personal property included in the Purchased Assets which are material for and currently used in the conduct of the Purchased Business are in operable condition and repair (subject to failures and interruptions in the ordinary course of the Purchased Business, ordinary wear and tear, depreciation, obsolescence and requirements for regular maintenance), and such buildings, plants, structures, furniture, fixtures, mechanical systems, electrical and plumbing systems, machinery, equipment, Vehicles and other items of tangible personal property do not require, in the aggregate, extraordinary maintenance or repairs in order to continue the conduct of the Purchased Business after the Closing in substantially the same manner as conducted prior to the Closing, except for cures or repairs of failures and interruptions that are not, in the aggregate, material in nature or cost, replacement in the ordinary course of depreciated assets, replacement of any obsolete assets, and ordinary service, maintenance and repairs.

 

Section 3.10                            Real Property.

 

(a)                                 Annex B and Annex C set forth each parcel of real property owned by a Seller and used in or necessary for the conduct of the Purchased Business as currently conducted (together with all buildings, fixtures, structures and improvements situated thereon and all easements, rights-of-way and other rights and privileges appurtenant thereto, including, with respect to each property, the address location and use.) With respect to each parcel of Transferred Real Property:

 

(i)                                     Each Seller has good and marketable fee simple title, free and clear of all Encumbrances, except (A) Permitted Encumbrances and (B) those Encumbrances set forth on Section 3.10(a)(i) of the Disclosure Schedules;

 

(ii)                                  except as set forth on Section 3.10(a)(ii) of the Disclosure Schedules, each Seller has not leased or otherwise granted to any Person the right to use or occupy such Transferred Real Property or any portion thereof (a “Third Party Lease”); and

 

(iii)                               there are no unrecorded outstanding options, rights of first offer or rights of first refusal to purchase such Transferred Real Property or any portion thereof or interest therein.

 

(b)                                 Sellers do not lease any real property for the conduct of the Purchased Business as currently.

 

(c)                                  Section 3.10(c) of the Disclosure Schedules contains a true, correct and complete list of all deeds, Permits, and other documents that evidence the title to the Transferred Water Rights, or which set forth contractual rights and obligations of the Transferred Water Rights, and, except as set forth in Section 3.10(c) of the Disclosure Schedules, each Seller has provided or made available to Buyer a true and correct copy of all such documents. Each of the Sellers have good and marketable title the Transferred Water Rights, free and clear of all Liens, other than Permitted Encumbrances and other than as listed on Section 3.10(c). The water supplies legally and physically available to the Sellers under the

 

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Transferred Water Rights are, as such Transferred Water Rights have historically been administered by the applicable Governmental Authorities and together with the water leased pursuant to the Water Lease, sufficient for the commercial and industrial activities of the Purchased Business as they are currently conducted.  During the three (3) years prior to the date of this Agreement, none of the Sellers have received any written notice of any pending or threatened claim alleging abandonment, forfeiture, curtailment, or cancellation of, or affecting title to, any of the Transferred Water Rights.

 

(d)                                 The Sellers have not received any written notice of (i)  material violations of building codes and/or zoning ordinances or other governmental or regulatory Laws affecting the Transferred Real Property or Transferred Water Rights, (ii) existing, pending or threatened condemnation proceedings affecting the Transferred Real Property or Transferred Water Rights, or (iii) existing, pending or threatened zoning, building code or other moratorium proceedings, or similar matters which could reasonably be expected to materially and adversely affect the ability to operate the Transferred Real Property as currently operated or Transferred Water Rights as they have historically been administered by the applicable Governmental Authorities.

 

(e)                                  Except as set forth in Section 3.10(e) of the Disclosure Schedules, the Transferred Real Property is sufficient for the continued conduct of the Purchased Business after the Closing in substantially the same manner as conducted prior to the Closing and constitutes all of the real property to conduct the Purchased Business as currently conducted.

 

(f)                                   Section 3.10(f) of the Disclosure Schedules lists (a) all reclamation permits, amendments, revisions, agreements, orders or other contractual obligations that establish the reclamation obligations with respect to the Daniels Sand property, and (b) all correspondence, notices or other written communications received from the Colorado Division of Reclamation, Mining & Safety regarding the Daniels Sand property since January 1, 2008.

 

Section 3.11                            Intellectual Property.

 

(a)                                 Section 3.11(a) of the Disclosure Schedules contains a correct, current and complete list of: (i) all Intellectual Property Registrations, (ii) all unregistered Trademarks included in the Intellectual Property Assets; and (iii) all other Intellectual Property Assets that are used in the conduct of the Purchased Business as currently conducted.

 

(b)                                 Section 3.11(b) of the Disclosure Schedules contains a correct, current and complete list of all Intellectual Property Agreements other than ‘shrink wrap’ or ‘click wrap’ licenses for commercially available software. Each Seller has provided Buyer with true and complete copies (or in the case of any oral agreements, a complete and correct written description) of all such Intellectual Property Agreements, including all modifications, amendments and supplements thereto and waivers thereunder. Each Intellectual Property Agreement is valid and binding on a Seller in accordance with its terms and is in full force and effect. Sellers nor any other party thereto is, or is alleged to be, in breach of or default under, or has provided or received any notice of breach of, default under, or intention to terminate (including by non-renewal), any Intellectual Property Agreement.

 

(c)                                  Each Seller is the sole and exclusive legal and beneficial owner of all right, title and interest in and to the Intellectual Property Assets, and has the valid and enforceable right to use all other Intellectual Property used in or necessary for the conduct of

 

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the Purchased Business as currently conducted, in each case, free and clear of Encumbrances other than Permitted Encumbrances.

 

(d)                                 Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereunder, will result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other Person in respect of, the Buyer’s right to own or use any Intellectual Property Assets or any Intellectual Property subject to any Intellectual Property Agreement.

 

(e)                                  All of the Intellectual Property Assets are valid and enforceable, and all Intellectual Property Registrations are subsisting and in full force and effect. Each Seller has taken all reasonable and necessary steps to maintain and enforce the Intellectual Property Assets and to preserve the confidentiality of all Trade Secrets included in the Intellectual Property Assets, including by requiring all Persons having access thereto to execute binding, written non-disclosure agreements.

 

(f)                                   There are no Actions: (i) alleging any infringement, misappropriation, or other violation of the Intellectual Property of any Person by a Seller in the conduct of the Purchased Business; (ii) challenging the validity, enforceability, registrability, patentability, or ownership of any Intellectual Property Assets; or (iii) by a Seller or any other Person alleging any infringement, misappropriation, or violation by any Person of any Intellectual Property Assets. Sellers are not aware of any facts or circumstances that could reasonably be expected to give rise to any such Action.

 

Section 3.12                            Inventory. All Inventory, whether or not reflected in the Balance Sheet, consists of a quality and quantity usable and salable in the ordinary course of business consistent with past practice, except for obsolete, damaged, defective or slow-moving items that have been written off or written down to fair market value or for which adequate reserves have been established. All Inventory is owned by a Seller free and clear of all Encumbrances, and no Inventory is held on a consignment basis. The quantities of each item of Inventory (whether raw materials, work-in-process or finished goods) are not excessive, but are reasonable in the present circumstances of a Seller.

 

Section 3.13                            Accounts Receivable. The Accounts Receivable reflected as outstanding on December 31, 2018 on Section 1.06 of the Disclosure Schedules and the Accounts Receivable arising after the date thereof (a) have arisen from bona fide transactions entered into by a Seller involving the sale of goods or the rendering of services in the ordinary course of business consistent with past practice; and (b) constitute only valid, undisputed claims of a Seller not subject to claims of set-off or other defenses or counterclaims other than normal cash discounts accrued in the ordinary course of business consistent with past practice. The reserve for bad debts as of December 31, 2018 reflected on Section 1.06  of the Disclosure Schedules or, with respect to Accounts Receivable arising after the date thereof, on the accounting records of the Sellers is reasonable, subject to normal year-end adjustments.

 

Section 3.14                            Customers and Suppliers.

 

(a)                                 Section 3.14(a) of the Disclosure Schedules sets forth with respect to the Purchased Business (i) the top ten (10) customers during the eleven (11)-month period ending November 30, 2018, and the twelve (12)-month period ending December 31, 2017 (collectively, the “Material Customers”); and (ii) the amount of consideration paid by each

 

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Material Customer during such period. Except as set forth in Section 3.14(a) of the Disclosure Schedules, Sellers have not received any notice, and has no reason to believe, that any of the Material Customers has ceased, or intends to cease after the Closing, to use the goods or services of the Purchased Business or to otherwise terminate or materially reduce its relationship with the Purchased Business.

 

(b)                                 Section 3.14(b) of the Disclosure Schedules sets forth with respect to the Purchased Business (i) the top ten (10) suppliers during the eleven (11)-month period ending November 30, 2018, and the twelve (12)-month period ending December 31, 2017 (collectively, the “Material Suppliers”); and (ii) the amount of purchases from each Material Supplier during such periods. Except as set forth in Section 3.14(b) of the Disclosure Schedules, Sellers have not received any notice, and has no reason to believe, that any of the Material Suppliers has ceased, or intends to cease, to supply goods or services to the Business or to otherwise terminate or materially reduce its relationship with the Purchased Business.

 

Section 3.15                            Insurance. Section 3.15 of the Disclosure Schedules sets forth (a) a true and complete list of all current policies or binders of fire, liability, product liability, umbrella liability, real and personal property, workers’ compensation, vehicular, fiduciary liability and other casualty and property insurance maintained by a Seller or its Affiliates and relating to the Purchased Business, the Purchased Assets or the Assumed Liabilities (collectively, the “Insurance Policies”); and (b) with respect to the Purchased Business, the Purchased Assets or the Assumed Liabilities, a list of all pending claims and the claims history for each Seller since September 1, 2015. Except as set forth on Section 3.15 of the Disclosure Schedules, there are no claims related to the Purchased Business, the Purchased Assets or the Assumed Liabilities pending under any such Insurance Policies as to which coverage has been questioned, denied or disputed or in respect of which there is an outstanding reservation of rights. Neither Sellers nor any of their Affiliates has received any written notice of cancellation of, premium increase with respect to, or alteration of coverage under, any of such Insurance Policies. All premiums due on such Insurance Policies have either been paid or, if not yet due, accrued. All such Insurance Policies (a) are in full force and effect and enforceable in accordance with their terms; (b) are provided by carriers who are financially solvent; and (c) have not been subject to any lapse in coverage. None of Sellers or any of their Affiliates is in default under, or has otherwise failed to comply with, in any material respect, any provision contained in any such Insurance Policy. True and complete copies of the Insurance Policies have been made available to Buyer.

 

Section 3.16                            Legal Proceedings; Governmental Orders.

 

(a)                                 Except as set forth in Section 3.16(a) of the Disclosure Schedules, there are no Actions pending or, to a Seller’s Knowledge, threatened against or by a Seller in excess of $30,000 (a) relating to or affecting the Purchased Business, the Purchased Assets or the Assumed Liabilities; or (b) that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

 

(b)                                 Except as set forth in Section 3.16(b) of the Disclosure Schedules, there are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against, relating to or affecting the Purchased Business. Each Seller is in compliance, in all material respects, with the terms of each Governmental Order set forth in Section 3.16(b) of the Disclosure Schedules. No event has occurred or circumstances exist that may constitute or result in (with or without notice or lapse of time) a violation of any such Governmental Order.

 

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(c)                                  The Valco Litigation does not in any way affect or encumber any of the Purchased Assets or the Purchased Business and Valco and its affiliates have no contractual rights and no rights resulting from any judicial action or decree with respect to the Purchased Assets or the Purchased Business.

 

Section 3.17                            Compliance With Laws; Permits.

 

(a)                                 Except as set forth in Section 3.17(a) of the Disclosure Schedules, each Seller has complied for the past three (3) years, and is now complying, in all material respects with all Laws applicable to the conduct of the Purchased Business as currently conducted or the ownership and use of the Purchased Assets.

 

(b)                                 All material Permits required for each Seller to conduct the Purchased Business as currently conducted or for the ownership and use of the Purchased Assets have been obtained by a Seller and are valid and in full force and effect. All fees and charges with respect to such Permits as of the date hereof have been paid in full.  Section 3.17(b) of the Disclosure Schedules lists all current material Permits issued to each Seller which are related to the conduct of the Purchased Business as currently conducted or the ownership and use of the Purchased Assets, including the names of the Permits and their respective dates of issuance and expiration. Except for the transactions contemplated by this Agreement or as set forth in Section 3.17(b) of the Disclosure Schedules, no event has occurred that, with or without notice or lapse of time or both, would reasonably be expected to result in the revocation, suspension, lapse or limitation of any Permit set forth in Section 3.17(b) of the Disclosure Schedules.

 

(c)                                  Schedule 3.17(c) of the Disclosure Schedules describes the Surety Arrangements maintained by Sellers with respect to the Purchased Business (“Sellers Reclamation Sureties”).  The Governmental Authorities have not called on these Sellers Reclamation Sureties.

 

Section 3.18                            Environmental Matters.

 

(a)                                 The operations of each Seller with respect to the Purchased Business and the Purchased Assets are currently and have been in compliance in all material respects with all applicable Environmental Laws. Sellers have not received from any Person, with respect to the Business or the Purchased Assets, any: (i) Environmental Notice or Environmental Claim; or (ii) written request for information pursuant to Environmental Law, which, in each case, either remains pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

(b)                                 Each Seller has obtained and is in material compliance with all applicable Environmental Permits (each of which is disclosed in Section 3.18(b) of the Disclosure Schedules) necessary for the conduct of the Purchased Business as currently conducted or the ownership, lease, operation or use of the Purchased Assets and all such Environmental Permits are in full force and effect and shall be maintained in full force and effect by a Seller through the Closing Date in accordance with Environmental Law, and Sellers are not aware of any condition, event or circumstance that might prevent or impede, after the Closing Date, the conduct of the Purchased Business as currently conducted or the ownership, lease, operation or use of the Purchased Assets. With respect to any such Environmental Permits, each Seller has undertaken, or will undertake prior to the Closing Date, all measures necessary to facilitate transferability of the same, and Sellers are not aware of any condition, 

 

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event or circumstance that might prevent or impede the transferability of the same, and nor has received any Environmental Notice or written communication regarding any material adverse change in the status or terms and conditions of the same.

 

(c)                                  None of the Purchased Business or the Purchased Assets or any real property currently or formerly owned, leased or operated by Sellers in connection with the Purchased Business is listed on, or has been proposed for listing on, the National Priorities List (or CERCLIS) under CERCLA, or any similar state list.

 

(d)                                 There has been no Release of Hazardous Materials with respect to the Purchased Business or the Purchased Assets or any real property currently or formerly owned, leased or operated by a Seller in connection with the Purchased Business, and none of the Sellers have received an Environmental Notice that any of the Purchased Business or the Purchased Assets (including soils, groundwater, surface water, Buildings and other structure located thereon) has been contaminated with any Hazardous Material.

 

(e)                                  Section 3.18(e) of the Disclosure Schedules contains a complete and accurate list of all active or abandoned aboveground or underground storage tanks owned or operated by a Seller in connection with the Purchased Business or the Purchased Assets.

 

(f)                                   Sellers have not retained or assumed, by contract or operation of Law, any liabilities or obligations of third parties under Environmental Law.

 

(g)                                  Each Seller has provided or otherwise made available to Buyer and listed in Section 3.18(g) of the Disclosure Schedules: (i) any and all environmental reports, studies, audits, records, sampling data, site assessments, risk assessments, economic models and other similar documents with respect to the Purchased Business or the Purchased Assets which are in the possession or control of a Seller related to compliance with Environmental Laws, Environmental Claims or an Environmental Notice or the Release of Hazardous Materials; and (ii) any and all material documents concerning planned or anticipated capital expenditures required to reduce, offset, limit or otherwise control pollution and/or emissions, manage waste or otherwise ensure compliance with current or future Environmental Laws (including, without limitation, costs of remediation, pollution control equipment and operational changes).

 

(h)                                 Seller are not aware of, as of the Closing Date, any condition, event or circumstance concerning the Release or regulation of Hazardous Materials that might, after the Closing Date, prevent, impede or materially increase the costs associated with the ownership, lease, operation, performance or use of the Purchased Business or the Purchased Assets as currently carried out.

 

Section 3.19                            Employee Benefit Matters.

 

(a)                                 Section 3.19(a) of the Disclosure Schedules contains a list of each “employee benefit plan” (as defined in Section 3(3) of ERISA, whether or not subject to ERISA), and each plan, program, policy, practice, contract or arrangement, whether or not subject to ERISA, providing for compensation or benefits of any kind, which is established, maintained, administered, contributed to or required to be contributed to by a Seller for the benefit of any current or former owner, director, officer, employee, contractor or consultant of a Seller or any dependent or beneficiary of such individual or for which a Seller has any 

 

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liability or obligation, or under which a Seller or any of its ERISA Affiliates has or may have any Liability, or with respect to which Buyer or any of its Affiliates would reasonably be expected to have any Liability, contingent or otherwise (as listed on Section 3.19(a) of the Disclosure Schedules, each, a “Benefit Plan”).

 

(b)                                 With respect to each Benefit Plan, each Seller has made available to Buyer accurate, current and complete copies of each of the following: (i) where the Benefit Plan has been reduced to writing, the plan document together with all amendments; (ii) where the Benefit Plan has not been reduced to writing, a written summary of all material plan terms; (iii) where applicable, copies of any trust agreements or other funding arrangements, custodial agreements, insurance policies and contracts, administration agreements and similar agreements, and investment management or investment advisory agreements, now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise; (iv) copies of any summary plan descriptions, summaries of material modifications, summaries of benefits and coverage, COBRA communications, employee handbooks and any other written communications (or a description of any oral communications) relating to any Benefit Plan; (v) in the case of any Benefit Plan that is intended to be qualified under Section 401(a) of the Code, a copy of the most recent determination, opinion or advisory letter from the Internal Revenue Service and any legal opinions issued thereafter with respect to such Benefit Plan’s continued qualification; (vi) in the case of any Benefit Plan for which a Form 5500 must be filed, a copy of the two (2) most recently filed Forms 5500, with all corresponding schedules and financial statements attached; (vii) actuarial valuations and reports related to any Benefit Plan with respect to the most recently completed plan years; (viii) the most recent nondiscrimination tests performed under the Code; and (ix) copies of material notices, letters or other correspondence from the Internal Revenue Service, Department of Labor, Department of Health and Human Services, Pension Benefit Guaranty Corporation or other Governmental Authority relating to the Benefit Plans.

 

(c)                                  Except as set forth in Section 3.19(b) of the Disclosure Schedules, each Benefit Plan and any related trust has been established, administered and maintained in accordance with its terms and in compliance with all applicable Laws (including ERISA, the Code and any applicable local Laws). Each Benefit Plan that is intended to be qualified within the meaning of Section 401(a) of the Code (a “Qualified Benefit Plan”) is so qualified and has received a current favorable determination letter from the Internal Revenue Service, or with respect to a prototype or volume submitter plan, can rely on an opinion letter from the Internal Revenue Service to the prototype plan or volume submitter plan sponsor, to the effect that such Qualified Benefit Plan is so qualified and that the plan and the trust related thereto are exempt from federal income taxes under Sections 401(a) and 501(a), respectively, of the Code, and nothing has occurred that could reasonably be expected to adversely affect the qualified status of any Qualified Benefit Plan. Nothing has occurred with respect to any Benefit Plan that has subjected or could reasonably be expected to subject a Seller or any of its ERISA Affiliates or, with respect to any period on or after the Closing Date, Buyer or any of its Affiliates, to a penalty under Section 502 of ERISA or to tax or penalty under Sections 4975 or 4980H of the Code.

 

(d)                                 No pension plan which is subject to minimum funding requirements, including any multiple employer plan in which employees of the Purchased Business or any ERISA Affiliate participate or have participated has an “accumulated funding deficiency,” whether or not waived, or is subject to a lien for unpaid contributions under Section 303(k) of 

 

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ERISA or Section 430(k) of the Code. All benefits, contributions and premiums relating to each Benefit Plan have been timely paid in accordance with the terms of such Benefit Plan and all applicable Laws and accounting principles, and all benefits accrued under any unfunded Benefit Plan have been paid, accrued or otherwise adequately reserved.

 

(e)                                  Neither Sellers nor any of their ERISA Affiliates has (i) incurred or reasonably expects to incur, either directly or indirectly, any material Liability under Title I or Title IV of ERISA or related provisions of the Code or applicable local Law relating to employee benefit plans; (ii) failed to timely pay premiums to the Pension Benefit Guaranty Corporation; (iii) withdrawn from any Benefit Plan; (iv) engaged in any transaction which would give rise to liability under Section 4069 or Section 4212(c) of ERISA; (v) incurred taxes under Section 4971 of the Code with respect to any Single Employer Plan; or (vi) participated in a multiple employer welfare arrangements (MEWA).

 

(f)                                   Neither Sellers nor any ERISA Affiliate has at any time contributed to or has any obligation to contribute to or has incurred any liability with respect to any Benefit Plan that is a multiemployer plan within the meaning of Section 3(37) of ERISA (each a “Multiemployer Plan”), and no fact or event exists that would reasonably be expected to result in any such liability.

 

(g)                                  Other than as required under Sections 601 to 608 of ERISA or other applicable Law, no Benefit Plan or other arrangement provides post-termination or retiree health benefits to any individual for any reason.

 

(h)                                 There is no pending or, to a Seller’s Knowledge, threatened Action relating to a Benefit Plan (other than routine claims for benefits), and no Benefit Plan has within the three (3) years prior to the date hereof been the subject of an examination or audit by a Governmental Authority or the subject of an application or filing under, or is a participant in, an amnesty, voluntary compliance, self-correction or similar program sponsored by any Governmental Authority.

 

(i)                                     There has been no amendment to, announcement by a Seller or any of its Affiliates relating to, or change in employee participation or coverage under, any Benefit Plan or collective bargaining agreement that would increase the annual expense of maintaining such plan above the level of the expense incurred for the most recently completed fiscal year (other than on a de minimis basis) with respect to any director, officer, employee, consultant or independent contractor of the Purchased Business, as applicable. Neither Sellers nor any of their Affiliates has any commitment or obligation or has made any representations to any director, officer, employee, consultant or independent contractor of the Purchased Business, whether or not legally binding, to adopt, amend, modify or terminate any Benefit Plan or any collective bargaining agreement.

 

(j)                                    Each Benefit Plan that is subject to Section 409A of the Code has been administered in compliance in all material respects with its terms and the operational and documentary requirements of Section 409A of the Code and all applicable regulatory guidance (including, notices, rulings and proposed and final regulations) thereunder. Sellers do not have any obligation to gross up, indemnify or otherwise reimburse any individual for any excise taxes, interest or penalties incurred pursuant to Section 409A of the Code.

 

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(k)                                 Except as set forth in Section 3.19(k) of the Disclosure Schedules, neither the execution of this Agreement nor any of the transactions contemplated by this Agreement will (either alone or upon the occurrence of any additional or subsequent events): (i) entitle any current or former director, officer, employee, independent contractor or consultant of the Purchased Business to severance pay or any other payment; (ii) accelerate the time of payment, funding or vesting, or increase the amount of compensation (including stock-based compensation) due to any such individual; (iii) increase the amount payable under or result in any other material obligation pursuant to any Benefit Plan; (iv) result in “excess parachute payments” within the meaning of Section 280G(b) of the Code; or (v) require a “gross-up” or other payment to any “disqualified individual” within the meaning of Section 280G(c) of the Code. Each Seller has made available to Buyer true and complete copies of any Section 280G calculations prepared (whether or not final) with respect to any disqualified individual in connection with the transactions.

 

Section 3.20                            Employment Matters.

 

(a)                                 Section 3.20(a) of the Disclosure Schedules contains a list of all persons who are employees, independent contractors or consultants of the Purchased Business as of the date hereof, including any employee who is on a leave of absence of any nature, paid or unpaid, authorized or unauthorized, and sets forth for each such individual the following: (i) name; (ii) title or position (including whether full-time or part-time); (iii) hire or retention date; (iv) current annual base compensation rate or contract fee; (v) commission, bonus or other incentive-based compensation; and (vi) a description of the fringe benefits provided to each such individual as of the date hereof. Except as set forth in Section 3.20(a) of the Disclosure Schedules, as of the date hereof, all compensation, including wages, commissions, bonuses, fees and other compensation payable to all employees, independent contractors or consultants of the Purchased Business for services performed on or prior to the date hereof have been paid in full and there are no outstanding agreements, understandings or commitments of a Seller with respect to any compensation, commissions, bonuses or fees.

 

(b)                                 No Seller is, and has not been for the past ten (10) years, a party to, bound by, or negotiating any collective bargaining agreement or other Contract with a union, works council or labor organization (collectively, “Union”), and there is not, and has not been for the past ten (10) years, any Union representing or purporting to represent any employee of a Seller, and, to each Seller’s Knowledge, no Union or group of employees is seeking or has sought to organize employees for the purpose of collective bargaining. There has never been, nor has there been any threat of, any strike, slowdown, work stoppage, lockout, concerted refusal to work overtime or other similar labor disruption or dispute affecting a Seller or any employees of the Purchased Business. Sellers have no duty to bargain with any Union.

 

(c)                                  Each Seller is and has been in compliance in all material respects with all applicable Laws pertaining to employment and employment practices to the extent they relate to employees, consultants and independent contractors of the Purchased Business, including all Laws relating to labor relations, equal employment opportunities, fair employment practices, employment discrimination, harassment, retaliation, reasonable accommodation, disability rights or benefits, immigration, wages, hours, overtime compensation, child labor, hiring, promotion and termination of employees, working conditions, meal and break periods, privacy, health and safety, workers’ compensation, leaves of absence, paid sick leave and unemployment insurance. All individuals characterized and treated by a Seller as consultants or independent contractors of the Purchased Business are

 

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properly treated as independent contractors under all applicable Laws. All employees of the Purchased Business classified as exempt under the Fair Labor Standards Act and state and local wage and hour laws are properly classified in all material respects. Each Seller is in compliance with and has complied with all immigration laws, including Form I-9 requirements and any applicable mandatory E-Verify obligations. Except as set forth in Section 3.20(c), there are no Actions against a Seller pending, or to each Seller’s Knowledge, threatened to be brought or filed, by or with any Governmental Authority or arbitrator in connection with the employment of any current or former applicant, employee, consultant, or independent contractor of the Purchased Business, including, without limitation, any charge, investigation or claim relating to unfair labor practices, equal employment opportunities, fair employment practices, employment discrimination, harassment, retaliation, reasonable accommodation, disability rights or benefits, immigration, wages, hours, overtime compensation, employee classification, child labor, hiring, promotion and termination of employees, working conditions, meal and break periods, privacy, health and safety, workers’ compensation, leaves of absence, paid sick leave, unemployment insurance or any other employment related matter arising under applicable Laws.

 

(d)                                 Each Seller has complied with the WARN Act, and each Seller has no plans to undertake any action in the future that would trigger the WARN Act.

 

Section 3.21                            Taxes.  Except as set forth in Section 3.21 of the Disclosure Schedules:

 

(a)                                 All Tax Returns required to be filed by a Seller for any Pre-Closing Tax Period have been, or will be, timely filed. Such Tax Returns are, or will be, true, complete and correct in all material respects. All Taxes due and owing by a Seller (whether or not shown on any Tax Return) have been, or will be, timely paid.

 

(b)                                 Each Seller has withheld and paid each Tax required to have been withheld and paid in connection with amounts paid or owing to any employee, independent contractor, creditor, customer, shareholder or other party, and complied with all information reporting and backup withholding provisions of applicable Law.

 

(c)                                  No extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes of a Seller.

 

(d)                                 All deficiencies asserted, or assessments made, against a Seller as a result of any examinations by any taxing authority have been fully paid.

 

(e)                                  No Seller is a party to any Action by any taxing authority. There are no pending or threatened Actions by any taxing authority.

 

(f)                                   There are no Encumbrances for Taxes upon any of the Purchased Assets and no taxing authority in the process of imposing any Encumbrances for Taxes on any of the Purchased Assets (other than for current Taxes not yet due and payable).

 

(a)                                 No Seller is a “foreign person” as that term is used in Treasury Regulations Section 1.1445-2.

 

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(g)                                  No Seller is, and has not been, a party to, or a promoter of, a “reportable transaction” within the meaning of Section 6707A(c)(1) of the Code and Treasury Regulations Section 1.6011 4(b).

 

(h)                                 None of the Purchased Assets is (i) required to be treated as being owned by another person pursuant to the so-called “safe harbor lease” provisions of former Section 168(f)(8) of the Internal Revenue Code of 1954, as amended, (ii) subject to Section 168(g)(1)(A) of the Code, or (iii) subject to a disqualified leaseback or long-term agreement as defined in Section 467 of the Code.

 

(i)                                     None of the Purchased Assets is tax-exempt use property within the meaning of Section 168(h) of the Code.

 

Section 3.22                            Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on behalf of a Seller, except for fees payable to Greystone.

 

ARTICLE IV
 REPRESENTATIONS AND WARRANTIES OF BUYER

 

Except as set forth in the correspondingly numbered Section of the Disclosure Schedules, Buyer represents and warrants to Sellers that the statements contained in this Article IV are true and correct as of the date hereof.

 

Section 4.01                            Organization of Buyer. Buyer is a corporation duly organized, validly existing and in good standing under the Laws of the state of Colorado.

 

Section 4.02                            Authority of Buyer. Buyer has full corporate power and authority to enter into this Agreement and the Ancillary Documents to which Buyer is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery by Buyer of this Agreement and any Ancillary Document to which Buyer is a party, the performance by Buyer of its obligations hereunder and thereunder and the consummation by Buyer of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery by each Seller) this Agreement constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms. When each Ancillary Document to which Buyer is or will be a party has been duly executed and delivered by Buyer (assuming due authorization, execution and delivery by each other party thereto), such Ancillary Document will constitute a legal and binding obligation of Buyer enforceable against it in accordance with its terms.

 

Section 4.03                            No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the Ancillary Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the certificate of incorporation, by-laws or other organizational documents of Buyer; (b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to Buyer; or (c) require the consent, notice or other action by any Person under any 

 

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Contract to which Buyer is a party. No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to Buyer in connection with the execution and delivery of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and thereby, except for such consents, approvals, Permits, Governmental Orders, declarations, filings or notices which, in the aggregate, would not have a Material Adverse Effect.

 

Section 4.04                            Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on behalf of Buyer.

 

Section 4.05                            Sufficiency of Funds; Solvency. Buyer has sufficient cash on hand or other sources of immediately available funds to enable it to make payment of the Purchase Price and consummate the transactions contemplated by this Agreement.  Immediately after giving effect to the transactions contemplated by this Agreement, Buyer shall be able to pay its debts as they become due and shall own property having a fair saleable value (if sold as an entirety with reasonable promptness in an arm’s-length transaction under present conditions) in excess of its liabilities (whether liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, secured, unsecured or otherwise).  Immediately after giving effect to the transactions contemplated by this Agreement, Buyer shall have adequate capital to carry on its respective businesses, including the Purchased Business.  No transfer of property is being made and no obligation is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of Buyer.

 

Section 4.06                            Legal Proceedings. There are no Actions pending or, to Buyer’s knowledge, threatened against or by Buyer or any Affiliate of Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

Section 4.07                            Reliance. Buyer acknowledges and agrees that Sellers and their Affiliates, and their respective Representatives,  have not made and are not making any representations or warranties whatsoever regarding the subject matter of this Agreement, express or implied, except as provided in Article III, and that it is not relying and has not relied on any representations or warranties whatsoever regarding the subject matter of this Agreement, express or implied, except for the representations and warranties provided in Article III.

 

ARTICLE V
 COVENANTS

 

Section 5.01                            Name and Maintenance of Existence. Within two (2) Business Days after Closing, the applicable Sellers shall amend their Articles of Organization to change their name to a name that does not include “Transit Mix”. Buyer agrees that Sellers may use the name “Transit Mix” for the Non-Purchased Business for a thirty (30) day transition period after the Closing Date. after For a period of thirty six (36) months following the Closing Date, (a) no Seller (other than Continental Materials) shall wind up its affairs or dissolve or liquidate its corporate company existence or merge into another entity, and (b) each Seller shall maintain sufficient assets to satisfy its respective liabilities.

 

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Section 5.02                            Employees and Employee Benefits.

 

(a)                                 Commencing on the Closing Date, each Seller shall terminate all employees of the Purchased Business who are actively at work on the Closing Date, except for the employees listed on Section 5.02(a) of the Disclosure Schedules. Buyer will offer employment, on an “at will” basis, to substantially all of such terminated employees who are eligible individuals pursuant to Buyer’s employment practices and policies (the “Continuing Employees”).

 

(b)                                 Sellers shall be solely responsible, and Buyer shall have no obligations whatsoever for, any compensation or other amounts payable to any current or former employee, officer, director, independent contractor or consultant of the Purchased Business, including, without limitation, hourly pay, commission, bonus, salary, fringe, pension or profit sharing benefits or severance pay for any period relating to the service with a Seller at any time on or prior to the Closing Date and each Seller shall pay all such amounts  to all entitled persons on or prior to the Closing Date.

 

(c)                                  Each Seller shall remain solely responsible for the satisfaction of all claims for medical, dental, life insurance, health accident or disability benefits brought by or in respect of current or former employees, officers, directors, independent contractors or consultants of the Purchased Business or the spouses, dependents or beneficiaries thereof, which claims relate to events occurring on or prior to the Closing Date. Each Seller also shall remain solely responsible for all worker’s compensation claims of any current or former employees, officers, directors, independent contractors or consultants of the Purchased Business which relate to events occurring on or prior to the Closing Date. Each Seller shall pay, or cause to be paid, all such amounts to the appropriate persons as and when due.

 

(d)                                 For purposes of determining the Continuing Employees eligibility to participate and for vesting purposes in the Buyer’s 401(k) plan, health plan and for vacation and/or PTO policies, service with each Seller shall be treated as service with Buyer, except to the extent such service credit would result in any duplication of benefits. Any such credit shall be given pursuant to payroll or plan records, at the election of Buyer, in its sole and absolute discretion. For the purposes of Buyer’s employee severance plans and practices, no service credit will be given to the Continuing Employees for prior service with Sellers.

 

(e)                                  With respect to each Continuing Employee, Buyer agrees to comply with all immigration laws, including Form I-9 requirements and any applicable mandatory E-Verify obligations.

 

Section 5.03                            Confidentiality. From and after the Closing, each Seller shall, and shall cause its Affiliates to, hold, and shall use its reasonable best efforts to cause its or their respective Representatives to hold, in confidence any and all information, whether written or oral, concerning the Purchased Business, except to the extent that a Seller can show that such information (a) is generally available to and known by the public through no fault of such Seller, any of its Affiliates or their respective Representatives; or (b) is lawfully acquired by such Seller, any of its Affiliates or their respective Representatives from and after the Closing from sources which are not prohibited from disclosing such information by a legal, contractual or fiduciary obligation. If a Seller or any of its Affiliates or their respective Representatives are compelled to disclose any information by judicial or administrative process or by other requirements of Law, such Seller shall promptly notify Buyer in writing and shall disclose only that portion of such

 

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information which such Seller is advised by its counsel in writing is legally required to be disclosed, provided that such Seller shall use reasonable best efforts to obtain an appropriate protective order or other reasonable assurance that confidential treatment will be accorded such information.

 

Section 5.04                            Non-Competition; Non-Solicitation.

 

(a)                                 For a period of five (5) years commencing on the Closing Date (the “Restricted Period”), each Seller shall not, and shall not permit any of its Affiliates to, directly or indirectly, (i) engage in or assist others in engaging in the Restricted Business in the Territory; (ii) have an interest in any Person that engages directly or indirectly in the Restricted Business in the Territory in any capacity, including as a partner, shareholder, member, employee, principal, agent, trustee or consultant; or (iii) cause, induce or encourage any material actual or prospective client, customer, supplier or licensor of the Purchased Business (including any existing or former client or customer of a Seller and any Person that becomes a client or customer of the Purchased Business after the Closing), or any other Person who has a material business relationship with the Purchased Business, to terminate or modify any such actual or prospective relationship. Notwithstanding the foregoing, (a) Sellers may freely own, operate and dispose of the Non-Purchased Business and the Excluded Real Property, and (b) a Seller may own, directly or indirectly, solely as an investment, securities of any Person traded on any national securities exchange if a Seller is not a controlling Person of, or a member of a group which controls, such Person and does not, directly or indirectly, own five percent (5%) or more of any class of securities of such Person.

 

(b)                                 During the Restricted Period, each Seller shall not, and shall not permit any of its Affiliates to, directly or indirectly, solicit any person who is offered employment by Buyer pursuant to Section 5.02(a) or is or was employed in the Purchased Business during the Restricted Period, or encourage any such employee to leave such employment, except pursuant to a general solicitation which is not directed specifically to any such employees.

 

(c)                                  Each Seller acknowledges that a breach or threatened breach of this Section 5.04 would give rise to irreparable harm to Buyer, for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or a threatened breach by a Seller of any such obligations, Buyer shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond).

 

(d)                                 Each Seller acknowledges that the restrictions contained in this Section 5.04 are reasonable and necessary to protect the legitimate interests of Buyer and constitute a material inducement to Buyer to enter into this Agreement and consummate the transactions contemplated by this Agreement. In the event that any covenant contained in this Section 5.04 should ever be adjudicated to exceed the time, geographic, product or service or other limitations permitted by applicable Law in any jurisdiction, then any court is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the maximum time, geographic, product or service or other limitations permitted by applicable Law. The covenants contained in this Section 5.04 and each provision hereof are severable and distinct covenants and provisions. The invalidity or unenforceability of any such covenant or provision as written shall not invalidate or render unenforceable the remaining 

 

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covenants or provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision in any other jurisdiction.

 

Section 5.05                            Books and Records.

 

(a)                                 In order to facilitate the resolution of any claims made against or incurred by a Seller prior to the Closing, or for any other reasonable purpose, for a period of seven (7) years after the Closing, Buyer shall:

 

(i)                                     retain the Books and Records (including personnel files) relating to periods prior to the Closing in a manner reasonably consistent with the prior practices of each Seller; and

 

(ii)                                  upon reasonable notice, afford each Seller’s Representatives reasonable access (including the right to make, at a Seller’s expense, photocopies), during normal business hours, to such Books and Records.

 

(b)                                 In order to facilitate the resolution of any claims made by or against or incurred by Buyer after the Closing, or for any other reasonable purpose, for a period of seven (7) years following the Closing, each Seller shall:

 

(i)                                     retain the books and records (including personnel files) of Seller which relate to the Purchased Business and its operations for periods prior to the Closing; and

 

(ii)                                  upon reasonable notice, afford the Buyer’s Representatives reasonable access (including the right to make, at Buyer’s expense, photocopies), during normal business hours, to such books and records.

 

(c)                                  Neither Buyer nor a Seller shall be obligated to provide the other party with access to any books or records (including personnel files) pursuant to this Section 5.05 where such access would violate any Law.

 

Section 5.06                            Public Announcements. Neither party nor any of its Affiliates or Representatives shall (orally or in writing) publicly disclose, issue any press release or make any other public statement, or otherwise communicate with the media, concerning the existence of this Agreement or the subject matter hereof, without the prior written approval of the other party (which shall not be unreasonably withheld, conditioned or delayed), except if and to the extent that such party is required to make any public disclosure or filing (“Required Disclosure”) regarding the subject matter of this Agreement (i) by applicable Law, (ii) pursuant to any rules or regulations of any securities exchange of which the securities of such party or any of its Affiliates are listed or traded or (iii) in connection with enforcing its rights under this Agreement. Without limitation of the foregoing, the Parties shall issue a joint press release in form and substance reasonably acceptable to each party within four (4) days following the Closing Date. Each party shall be liable for any failure of its Affiliates or Representatives to comply with the restrictions set forth under this Section 5.06.

 

Section 5.07                            Bulk Sales Laws. The parties hereby waive compliance with the provisions of any bulk sales, bulk transfer or similar Laws of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Purchased Assets to Buyer; it being 

 

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understood that any Liabilities arising out of the failure of a Seller to comply with the requirements and provisions of any bulk sales, bulk transfer or similar Laws of any jurisdiction which would not otherwise constitute Assumed Liabilities shall be treated as Excluded Liabilities.

 

Section 5.08                            Receivables. From and after the Closing, if a Seller or any of its Affiliates receives or collects any funds relating to any Accounts Receivable or any other Purchased Asset, such Seller or any of its Affiliates shall remit such funds to Buyer within five (5) Business Days after its receipt thereof. From and after the Closing, if Buyer or any of its Affiliates receives or collects any funds relating to any Excluded Asset, Buyer or such Affiliate shall remit any such funds to a Seller within five (5) Business Days after its receipt thereof. If one or more Accounts Receivable purchased by Buyer and arising out of the Non-Purchased Business has not been collected within 120 days after the Closing Date, then, upon Buyer’s written demand, Sellers agree to purchase such Account Receivable(s) for cash in an amount equal to the full dollar amount of such Accounts Receivable(s) arising out of the Non-Purchased Business; provided, for the avoidance of doubt, that such repurchase obligation shall not apply to Accounts Receivable arising out of the Purchased Business. After Closing, Seller shall provide an employee or representative, at Seller’s sole cost and expense, to quantify the Accounts Receivable and accounts payable related to the Non-Purchased Business (“Non-Business A/R” or “Non-Business A/P”, as applicable).  After Buyer has paid all Non-Business A/P, Buyer shall remit an amount equal to the amount by which collected Non-Business A/R exceeds the amount of Non-Business A/P.  Seller agrees to allow Buyer to review any calculations or reports created by Seller related to the amount and identity of all Non-Business A/R and Non-Business A/P.  Buyer agrees to (i) provide Seller’s employee or representative access to the necessary books and records to determine the amount of Non-Business A/R and Non-Business A/P; and (ii) to  allow Seller to review Buyer’s  books and records related to the payment of Non-Business A/P and the collection of Non-Business A/R. Any amounts required to be remitted by Buyer to Seller hereunder shall occur within five (5) days after the end of each calendar month.

 

Section 5.09                            Tax Matters.

 

(a)                                 All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest) incurred in connection with this Agreement and the Ancillary Documents (including any vehicle sales, any real property transfer Tax and any other similar Tax) shall be borne and paid by Buyer when due. Each Seller shall, at Seller’s expense, timely file any Tax Return or other document with respect to such Taxes or fees which are imposed on such Seller (and Buyer shall cooperate with respect thereto as necessary).  Seller and Buyer shall cooperate fully to minimize sales and use taxes applicable to the transactions contemplated by this Agreement and provide all documentary support, including written EPA certifications, Colorado Forms DR 1369, and vehicle gross weight evidence for all Vehicles acquired.

 

(b)                                 Seller and the Shareholders (jointly and severally), on the one hand, or Buyer, on the other hand, shall provide reimbursement for any Taxes paid by one party all or a portion of which is the responsibility of the other party in accordance with the terms of this Section 5.09.  Within a reasonable time prior to the payment of any such Taxes, the party paying such Taxes shall give notice to the other party of the Taxes payable and the portion which is the liability of each party, although failure to give such notice will not relieve the other party from its liability hereunder.

 

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(c)                                  After the Closing Date, each of Seller and Buyer shall (and shall cause their respective Affiliates to):

 

(i)                                     provide reasonable assistance to the other party upon request in connection with any Tax Returns which such other party is responsible for preparing and filing;

 

(ii)                                  provide reasonable cooperation in preparing for any audits of, or disputes with Governmental Authorities regarding, any Tax Returns of the Business or the Purchased Assets;

 

(iii)                               provide timely notice to the other in writing of any pending or threatened Tax audits or assessments relating to Taxes of the Business or the Purchased Assets for taxable periods for which the other may have a liability under this Agreement; and

 

(iv)                              furnish the other with copies of all correspondence received from any Governmental Authorities in connection with any Tax audit or information request with respect to any such taxable period.

 

For the avoidance of doubt, such assistance and cooperation shall not require the assisting or cooperating party to undertake undue or extraordinary efforts and shall not require the payment of any out of pocket expenditures.

 

Section 5.10                            Tax Clearance Certificates. Each Seller has filed Colorado Forms DR 0096, Request For Tax Status Letter, for all applicable Taxes in Colorado, prior to closing and shall otherwise notify all of the taxing authorities in the jurisdictions that impose Taxes on a Seller or where a Seller has a duty to file Tax Returns of the transactions contemplated by this Agreement in the form and manner required by such taxing authorities, if the failure to make such notifications or receive any available Tax Status Letter or tax clearance certificate (collectively, a “Tax Clearance Certificate”) could subject the Buyer to any Taxes of a Seller. If any taxing authority asserts that a Seller is liable for any Tax, a Seller shall promptly pay any and all such amounts and shall provide evidence to the Buyer that such liabilities have been paid in full or otherwise satisfied.

 

Section 5.11                            Title Insurance & Survey.  Buyer shall have received (at Seller’s expense) an owner’s title insurance policy with respect to each Transferred Real Property, issued by a nationally recognized title insurance company acceptable to Buyer, written as of the Closing Date, insuring Buyer in such amounts, and otherwise in such form, as Buyer shall reasonably require. Such title insurance policy shall insure fee simple title to each Transferred Real Property, free and clear of all Encumbrances other than Permitted Encumbrances. At its option and expense, Buyer may obtain a survey of the Real Property (“Survey”).  Buyer shall deliver to Sellers a copy of any Survey which it obtains.

 

Section 5.12                            Insurance. For at least three (3) years after the Closing Date, Sellers will maintain product liability insurance and employment practices insurance on a ‘claims made’ basis at not less than the amount of coverage in effect as of the Closing in order to cover claims arising out of products sold or delivered by Sellers and Seller’s employment practices, respectively, before the Closing Date.

 

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Section 5.13                            Vacating of the Transferred Real Property. For six (6) months after the Closing Date, Buyer and Sellers will reasonably cooperate, in a manner consistent with the Transition Services Agreement and the Colocation Services Agreement, in the orderly vacating of any Excluded Assets from the Transferred Real Property and the orderly transition of the Purchased Assets and the Purchased Business to Buyer.

 

Section 5.14                            Costilla Real Property. The parties acknowledge and agree that less than all of the Existing Costilla Property (defined below) shall be conveyed to Buyer pursuant to this Agreement.  Specifically, only the West Parcel (defined below) shall be conveyed to Buyer and TMC shall retain the remainder of the Existing Costilla Property.  The parties further acknowledge and agree that the West Parcel is not able to be conveyed by TMC to Buyer at the Closing because of the requirement that TMC first obtain the Land Division Approvals (defined below).  Therefore, the parties agree as follows:

 

(a)                                 Definitions.

 

(i)                                     “Existing Costilla Property” means TMC’s entire real property and improvements commonly known as 444 East Costilla Street, Colorado Springs, Colorado 80903, and legally described on attached Exhibit A-1.

 

(ii)                                  “West Parcel” means the portion of the Existing Costilla Property generally located to the south and west of Shook’s Run and as generally depicted on attached Exhibit A-2.

 

(iii)                               “East Parcel” means the portion of the Existing Costilla Property generally located to the north and east of Shook’s Run and as generally depicted on attached Exhibit A-2.

 

(iv)                              “Land Division Approvals” means all final governmental approvals necessary for the division of the Existing Costilla Property and the conveyance of the West Parcel, including the consent of Vertical Bridge Development, LLC.

 

(b)                                 Land Division Approvals.  TMC, at its cost and expense, shall use its best efforts to obtain the Land Division Approvals; provided, that Buyer has engaged a surveyor licensed in the State of Colorado to survey and prepare a plat of survey for the Existing Costilla Property, which plat of survey shall separately demarcate and legally describe the West Parcel and the remainder of the Existing Costilla Property (such plat of survey, the “Costilla Division Survey”).   Upon Sellers’ receipt of the Costilla Division Survey, TMC shall begin promptly and proceed diligently to procure the Land Division Approvals, including completion of any necessary real estate survey work (in addition to the Costilla Division Survey), drainage study and plans for separate stormwater permits following the West Parcel Closing (defined below).  TMC shall keep Buyer apprised of the status of its efforts. If TMC is unable to procure the Land Division Approvals within one hundred eighty (180) days after TMC receives the Costilla Division Survey, then Buyer, at its discretion, may seek to procure the Land Division Approvals for up to an additional one hundred eighty (180) days, in which case TMC shall authorize Buyer to act on its behalf.  All reasonable out-of-pocket costs incurred by Buyer in connection therewith shall be reimbursed by TMC.  TMC and Buyer agree to act reasonably and in good faith and cooperate with each other in procuring the Land Division Approvals.

 

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(c)                                  Lease.  From and after the Closing Date until the West Parcel Closing, Buyer shall lease the West Parcel from TMC pursuant to the Costilla Lease Agreement.

 

(d)                                 Sale/Purchase:  Upon TMC’s or Buyer’s receipt of the Land Division Approvals, TMC shall be required to sell the West Parcel to Buyer and Buyer shall be required to purchase the West Parcel from TMC.  The closing of said sale and purchase (the “West Parcel Closing”) shall occur as soon as is reasonably possible but in no event later than twenty (20) days after TMC has delivered written verification of Land Division Approvals to Buyer or Buyer has procured the Land Division Approvals on behalf of TMC.

 

(e)                                  Purchase Price:  The parties agree that the portion of the Purchase Price allocated to the West Parcel is $789,814 and that such portion of the Purchase Price shall, instead of being paid to Sellers at the Closing pursuant, be deposited by Buyer at the Closing into an escrow account with First American Title Company pursuant to a mutually satisfactory escrow agreement.  Said escrowed funds shall be released to TMC or to its designee at the West Parcel Closing.

 

(f)                                   West Parcel Closing:  All costs and expenses related to the West Parcel Closing, all closing documents, and all closing costs and related expenses, including, without limitation, proration of real estate taxes for the West Parcel shall be handled in a manner consistent with the provisions in this Agreement with respect to the sale and purchase of the other parcels from Sellers.  Rent paid under the Costilla Lease Agreement shall be prorated.

 

(g)                                  Failsafe Sale/Purchase Obligation.   If the Land Division Approvals have not been obtained within one calendar year after the date when Sellers receive the Costilla Division Survey, then TMC shall sell the entire Existing Costilla Property to Buyer and Buyer shall purchase the entire Existing Costilla Property from TMC at an additional closing to be consummated by representatives of Buyer and TMC at the Colorado Springs, Colorado, offices of First American Title Company within twenty (20) days after such calendar anniversary (the “Failsafe Closing”).  At the Failsafe Closing (if the Failsafe Closing shall be required), TMC and Buyer shall execute reasonable and customary documentation necessary to effect the conveyance to Buyer of the entire Existing Costilla Property in consideration of the following: (i) release to TMC of the $789,814 (plus interest, if any) escrowed with First American Title pursuant to Section 5.14(e); (ii) a real property lease of the East Parcel, with a term commencing on the date of the Failsafe Closing and continuing thereafter for ten (10) years unless earlier terminated at lessee’s option on 180 days’ notice at any time after the first five (5) years, by Buyer, as lessor, to TMC and its successors, as lessee, for zero ($0) base rent and otherwise on a triple-net basis (with property tax liability for the Existing Costilla Property to be allocated between landlord and tenant based on the relative contribution of the West Parcel and East Parcel, respectively, to the assessed value of the entire Existing Costilla Property) (such lease, the “Failsafe Leaseback”); and (iii) the agreement by Buyer to pay, upon expiration of the ten-year term or tenant’s early termination of the Failsafe Lease, deferred purchase price for the East Parcel in an amount equal to the average of the appraised values of the East Parcel, determined using customary methodology, at the time of such expiration or early termination as then reported in the final written reports, in customary form, of three (3) independent real property appraisers familiar with the Colorado Springs, Colorado, commercial property market and which are each reasonably acceptable to Buyer and TMC.

 

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(h)                                 Specific Performance.  The parties agree that Buyer and TMC shall each be entitled to pursue specific performance of all covenants and agreements contained or referred to in this Section 5.14.

 

Section 5.15                            Daniels Sand Permit Transfer.

 

(a)                                 Actions Before Closing.  Prior to Closing representatives of the Sellers and Buyer had a conference call with the Colorado Division of Reclamation, Mining and Safety with respect to replacement of the Sellers Reclamation Sureties described in Schedule 3.17(c).  Prior to Closing Buyer has delivered to Sellers evidence that Buyer has obtained, subject only to Closing and transfer of the Reclamation Permit to Buyer.

 

(b)                                 Replacement Sureties.  Within forty-five (45) days after the Closing Date, Buyer shall deliver to the Colorado Division of Reclamation, Mining and Safety the duly executed, substitute Surety Arrangements, in each case acceptable to the Colorado Division of Reclamation, Mining and Safety in replacement of the Sellers Reclamation Sureties (the “Replacement Sureties”).  If the Sellers Reclamation Sureties are not replaced within forty-five (45) days after the Closing Date, the Buyer will provide to the Sellers cash, guarantees, letters of credit, bonds, security deposits, or other surety obligations reasonably acceptable to the Buyer, which Buyer shall hold until the Sellers Reclamation Sureties are fully and unconditionally released and Seller shall be able to call upon such obligations of the Buyer in the event the Sellers Reclamation Sureties are called upon by the relevant Governmental Authorities.  For the avoidance of doubt, nothing in this Section shall limit Buyer’s obligations pursuant to Section 1.03(c).

 

(c)                                  Permit Transfers. “Reclamation Permit” means Reclamation Permit No. M-1973-007SG, as amended.  Within ten (10) Business Days following Closing, Buyer will  submit to the appropriate Governmental Authorities a request in the required form to transfer the Seller’s existing Reclamation Permit to Buyer.  If the Reclamation Permit is not transferrable, Buyer shall, within ten (10) Business Days following Closing, submit an application to the appropriate Governmental Authority for a new Permit to replace the existing Permit.  Buyer shall use good faith efforts to promptly complete such transfer or obtain such replacement Reclamation Permit.  Sellers will cooperate with Buyer’s efforts to transfer the existing Reclamation Permit and obtain a replacement Reclamation Permit, including executing any transfer application or related documents.

 

Section 5.16                            Release of Johnson Family Deed of Trust from Daniels Sand.  Seller, at its cost and expense, shall obtain a partial discharge of the Deed of Trust dated April 22, 2004, granted by The Johnson Family Trust dated December 18, 1992, Carl F. Johnson and Virginia E. Tucker Johnson, Trustor(s) and/or Trustee(s), to the Public Trustee of El Paso County,  recorded April 23, 2004, at Reception No. 204065854 (the “Deed of Trust”) so that the Deed of Trust is fully and absolutely released, canceled and forever discharged as to the Daniels Sand property.   Seller shall keep Buyer apprised of the status of its efforts.  If Seller is unable to procure the partial discharge of the Deed of Trust within ninety (90) days of the date of Closing, then Buyer, at its discretion, may seek to procure the partial discharge of the Deed of Trust, in which case Seller shall authorize Buyer to act on its behalf and all costs incurred by Buyer in connection therewith shall be reimbursed by Seller.

 

Section 5.17                            Assumed Liabilities.  Buyer will give notice to Sellers promptly after Buyer receives notice of any Action, and otherwise reasonably before initiating any other non-

 

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routine communication with any Governmental Authorities ̧ in connection with the Assumed Liabilities set forth on Section 1.03(d) of the Disclosure Schedules, and Buyer does not object to Sellers participation in any such communications with Governmental Authorities.  Following the Closing, Buyer will not initiate or respond to any Action or apply for, amend or modify any Permit, or seek relief from or the interpretation of or otherwise communicate with any Governmental Authority, in each case, in connection with the Assumed Liabilities set forth on Section 1.03(d) of the Disclosure Schedules without first notifying Sellers if such action would or could reasonably be expected to result in an indemnification claim against Sellers pursuant to this Agreement.

 

Section 5.18                            Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement and the Ancillary Documents.

 

ARTICLE VI
 INDEMNIFICATION

 

Section 6.01                            Survival. Subject to the limitations and other provisions of this Agreement, the representations and warranties contained herein shall survive the Closing and shall remain in full force and effect until August 1, 2020; provided, that the representations and warranties in:

 

(a)                                 Section 3.01 (Organization and Qualification of Sellers), Section 3.02 (Authority of Sellers), Section 3.08 (Title to Purchased Assets), Section 3.22 (Brokers), Section 4.01 (Organization of Buyer), Section 4.02 (Authority of Buyer), Section 4.04 (Brokers) and Section 4.05 (Sufficiency of Funds; Solvency) shall survive indefinitely,

 

(b)                                 Section 3.18 (Environmental Matters) shall survive for a period of thirty-six (36) months after the Closing, and

 

(c)                                  Section 3.19 (Employee Benefit Matters) and Section 3.21 (Taxes) shall survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extension thereof) plus sixty (60) days.

 

All covenants and agreements of the parties contained herein shall survive the Closing for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extension thereof) plus sixty (60) days or for the survival period or period for performance explicitly specified therein.

 

Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation or warranty and such claims shall survive until finally resolved.

 

Section 6.02                            Indemnification by Sellers. Subject to the other terms and conditions of this Article VI, Sellers shall, jointly and severally, indemnify and defend each of Buyer and its Affiliates and their respective Representatives (collectively, the “Buyer Indemnitees”) against, 

 

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and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)                                 any inaccuracy in or breach of any of the representations or warranties of a Seller contained in this Agreement, the Ancillary Documents or in any certificate or instrument delivered by or on behalf of a Seller pursuant to this Agreement, as of the date such representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date);

 

(b)                                 any breach or non-fulfillment of any covenant, agreement or obligation to be performed by a Seller pursuant to this Agreement, the Ancillary Documents or any certificate or instrument delivered by or on behalf of a Seller pursuant to this Agreement;

 

(c)                                  any Excluded Asset or any Excluded Liability; or

 

(d)                                 any Third Party Claim based upon, resulting from or arising out of the business, operations, properties, assets or obligations of a Seller or any of its Affiliates (other than the Purchased Assets or Assumed Liabilities) conducted, existing or arising on or prior to the Closing Date.

 

Section 6.03                            Indemnification by Buyer. Subject to the other terms and conditions of this Article VI, Buyer shall indemnify and defend each Seller and its Affiliates and their respective Representatives (collectively, the “Sellers Indemnitees”) against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Sellers Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)                                 any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or in any certificate or instrument delivered by or on behalf of Buyer pursuant to this Agreement, as of the date such representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date);

 

(b)                                 any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement; or

 

(c)                                  any Assumed Liability.

 

Section 6.04                            Certain Limitations. The indemnification provided for in Section 6.02 and Section 6.03 shall be subject to the following limitations:

 

(a)                                 A Seller shall not be liable to the Buyer Indemnitees for indemnification under Section 6.02(a) until the aggregate amount of all Losses which are indemnified under Section 6.02(a) exceeds $100,000.00 (the “Deductible”), in which event the Sellers shall, collectively, be required to pay or be liable for all such Losses exceeding the Deductible. The 

 

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aggregate amount of all Losses for which the Sellers shall be liable pursuant to Section 6.02(a) shall not exceed twenty percent (20%) of the Purchase Price (the “Cap”).

 

(b)                                 Notwithstanding the foregoing, the limitations set forth in Section 6.04 shall not apply to Losses to inaccuracies in or breaches of the representations and warranties contained in Section 3.01 (Organization and Qualification of Sellers), Section 3.02 (Authority of Sellers), Section 3.08 (Title to Purchased Assets), Section 3.21 (Taxes), Section 3.22 (Brokers), Section 4.01 (Organization of Buyer), Section 4.02 (Authority of Buyer) and Section 4.04 (Brokers).

 

(c)                                  Regardless of the amount of Losses which have been indemnified under Section 6.02, the aggregate obligations and liability of Sellers under this Article VI shall not exceed the Purchase Price.

 

(d)                                 For the sole purpose of determining the amount of Losses which have been indemnified under Section 6.02(a) or Section 6.03(a) (and not for determining whether any representations or warranties in this Agreement were inaccurate at the time when made or otherwise have been breached) the amount of Losses incurred, sustained, imposed, based upon, arising out of, with respect to or by reason of any inaccuracy in or breach of any representation or warranty shall be determined without regard to any materiality, Material Adverse Effect or other similar qualification contained in or otherwise applicable to such representation or warranty; provided, however, that Section 6.04(d) shall not apply to Section 3.04, Section 3.05 or Section 3.06 (i.e., such Sections shall be applied under this Article VI with all the materiality qualifiers therein stated).

 

(e)                                  Payments by an Indemnifying Party pursuant to Section 6.02 or Section 6.03 in respect of any Loss shall be limited to the amount of any liability or damage that remains after deducting therefrom any insurance proceeds and any indemnity, contribution or other similar payment actually received by the Indemnified Party in respect of any such claim, less any related costs and expenses, including the aggregate cost of pursuing any related insurance claims and any related increases in insurance premiums or other chargebacks (it being agreed that neither party shall have any obligation to seek to recover any insurance proceeds in connection with making a claim under this Article VI and that, promptly after the realization of any insurance proceeds, indemnity, contribution or other similar payment, the Indemnified Party shall reimburse the Indemnifying Party for such reduction in Losses for which the Indemnified Party was indemnified prior to the realization of reduction of such Losses).

 

Section 6.05                            Mitigation of Losses.  Buyer Indemnitees and Seller Indemnitees shall use commercially reasonable efforts to mitigate any Losses that are indemnified hereunder, whether by asserting claims against third parties, by qualifying for a benefit that may reduce or eliminate an indemnified matter, by taking action or omitting to take actions which give rise or contribute to indemnified Losses, or otherwise.  In the event that Buyer Indemnitees or Seller Indemnitees fail to use commercially reasonable efforts to mitigate any such Losses, then, notwithstanding anything else to the contrary contained herein, the Sellers or Buyer shall not be required to indemnify a Buyer Indemnitee or a Seller Indemnitee, respectively, for any Losses that could reasonably be expected to have been avoided or reduced if Buyer Indemnitees or Seller Indemnitees had made such efforts.

 

40

 

Section 6.06                            Indemnification Procedures. The party making a claim under this Article VI is referred to as the “Indemnified Party”, and the party against whom such claims are asserted under this Article VI is referred to as the “Indemnifying Party”.

 

(a)                                 Third Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a “Third Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof, but in any event not later than thirty (30) calendar days after receipt of such notice of such Third Party Claim. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to assume the defense of any Third Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel, and the Indemnified Party shall cooperate in good faith in such defense; provided, however, that if the Indemnifying Party is a Seller, such Indemnifying Party shall not have the right to defend or direct the defense of any such Third Party Claim that (x) is asserted directly by or on behalf of a Person that is a supplier or customer of the Purchased Business, or (y) seeks an injunction or other equitable relief against the Indemnified Party. In the event that the Indemnifying Party assumes the defense of any Third Party Claim, subject to Section 6.06(b), it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims pertaining to any such Third Party Claim in the name and on behalf of the Indemnified Party. The Indemnified Party shall have the right to participate in the defense of any Third Party Claim with counsel selected by it subject to the Indemnifying Party’s right to control the defense thereof. The fees and disbursements of such counsel shall be at the expense of the Indemnified Party, provided, that if in the reasonable opinion of counsel to the Indemnified Party, (A) there are legal defenses available to an Indemnified Party that are different from or additional to those available to the Indemnifying Party; or (B) there exists a conflict of interest between the Indemnifying Party and the Indemnified Party that cannot be waived, the Indemnifying Party shall be liable for the reasonable fees and expenses of counsel to the Indemnified Party in each jurisdiction for which the Indemnified Party determines counsel is required. If the Indemnifying Party elects not to compromise or defend such Third Party Claim, fails to promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement, or fails to diligently prosecute the defense of such Third Party Claim, the Indemnified Party may, subject to Section 6.06(b), pay, compromise, defend such Third Party Claim and seek indemnification for any and all Losses based upon, arising from or relating to such Third Party Claim. Each Seller and Buyer shall cooperate with each other in all reasonable respects in connection with the defense of any Third Party Claim, including making available (subject to the provisions of Section 5.03) records relating to such Third Party Claim and furnishing, without expense (other than reimbursement of actual out-of-pocket expenses) to the defending party, management employees of the non-defending party as may be reasonably necessary for the preparation of the defense of such Third Party Claim.

 

41

 

(b)                                 Settlement of Third Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 6.06(b). If a firm offer is made to settle a Third Party Claim without leading to liability or the creation of a financial or other obligation on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified Party from all liabilities and obligations in connection with such Third Party Claim and the Indemnifying Party desires to accept and agree to such offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party. If the Indemnified Party fails to consent to such firm offer within fifteen (15) days after its receipt of such notice, the Indemnified Party may continue to contest or defend such Third Party Claim and in such event, the maximum liability of the Indemnifying Party as to such Third Party Claim shall not exceed the amount of such settlement offer. If the Indemnified Party fails to consent to such firm offer and also fails to assume defense of such Third Party Claim, the Indemnifying Party may settle the Third Party Claim upon the terms set forth in such firm offer to settle such Third Party Claim. If the Indemnified Party has assumed the defense pursuant to Section 6.06(a), it shall not agree to any settlement without the written consent of the Indemnifying Party (which consent shall not be unreasonably withheld or delayed). No consent shall be required if the Indemnified Party’s Losses related to the Third Party Claim are covered in full under an insurance policy which allows the insurance provider to resolve claims in its discretion and the insurance provider actually pays the Indemnified Party for the full amount of the Losses incurred by the Indemnified Party.

 

(c)                                  Direct Claims. Any Action by an Indemnified Party on account of a Loss which does not result from a Third Party Claim (a “Direct Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof, but in any event not later than thirty (30) days after the Indemnified Party becomes aware of such Direct Claim. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have thirty (30) days after its receipt of such notice to respond in writing to such Direct Claim. The Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance alleged to give rise to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim and the Indemnified Party shall assist the Indemnifying Party’s investigation by giving such information and assistance (including access to the Indemnified Party’s premises and personnel and the right to examine and copy any accounts, documents or records) as the Indemnifying Party or any of its professional advisors may reasonably request. If the Indemnifying Party does not so respond within such thirty (30) day period, the Indemnifying Party shall be deemed to have rejected such claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms and subject to the provisions of this Agreement.

 

42

 

Section 6.07                            Payments; Indemnification Escrow Fund.

 

(a)                                 Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this Article VI, the Indemnifying Party shall satisfy its obligations within fifteen (15) Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such fifteen (15) Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding the date such payment has been made at a rate per annum equal to ten percent (10%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed.

 

(b)                                 Any Losses payable to a Buyer Indemnitee pursuant to this Article VI shall be satisfied: (i) first from the Indemnification Escrow Fund; and (ii) second from a Seller to the extent the amount of Losses exceeds the amounts available to the Buyer Indemnitee from the Indemnification Escrow Fund.

 

Section 6.08                            Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by the parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

 

Section 6.09                            Effect of Investigation. The representations, warranties and covenants of the Indemnifying Party, and the Indemnified Party’s right to indemnification with respect thereto, shall not be affected or deemed waived by reason of any investigation made by or on behalf of the Indemnified Party (including by any of its Representatives) or by reason of the fact that the Indemnified Party or any of its Representatives knew or should have known that any such representation or warranty is, was or might be inaccurate, as the case may be.

 

Section 6.10                            Exclusive Remedies. Subject to Section 1.06, Section 5.04 and Section 7.12, the parties acknowledge and agree that their sole and exclusive remedy with respect to any and all claims (other than claims arising from Actual Fraud on the part of a party hereto in connection with the transactions contemplated by this Agreement) for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement, shall be pursuant to the indemnification provisions set forth in this Article VI. In furtherance of the foregoing, each party hereby waives, to the fullest extent permitted under Law, any and all rights, claims and causes of action for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates and each of their respective Representatives arising under or based upon any Law, except pursuant to the indemnification provisions set forth in this Article VI.  Nothing in this Section 6.10 shall limit any Person’s right to seek and obtain any equitable relief to which any Person shall be entitled or to seek any remedy on account of any party’s Actual Fraud.

 

ARTICLE VII
 MISCELLANEOUS

 

Section 7.01                            Sellers Representative.  Each Seller hereby appoints Continental Materials Corp. as the “Sellers Representative” to act as the agent of the Sellers with the full power (i) to resolve all questions, disputes, conflicts and controversies concerning Losses, the

 

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Purchase Price Adjustment and the allocation of the Purchase Price as provided in this Agreement, (ii) to execute and enter into, on behalf of the Sellers, the Escrow Agreement, and to take all actions thereunder for and on their behalf, including but not limited the authorization of payments of amounts held under the Escrow Agreement in connection with Losses as provided herein and therein, (iii) to negotiate and/or settle all claims under this Agreement or the Escrow Agreement, (iii) to receive from the Buyer monies payable to the Sellers in accordance with the provisions of this Agreement and the Escrow Agreement, (v) to otherwise take such actions (or refrain from taking actions) and execute such documents on the Sellers’ behalf in connection with this Agreement and the Escrow Agreement, as the Sellers Representative, in its sole discretion, deems proper and (vi) to perform all of the functions of the Sellers Representative under this Agreement and the Escrow Agreement. The Buyer and the Escrow Agent are  entitled to rely on the acts and agreements of the Sellers Representative as the acts and agreements of the Sellers. The Sellers Representative shall be entitled to retain counsel and to incur such reasonable expenses (including court costs and reasonable attorney’s fees and expenses) as the Sellers Representative deems to be reasonably necessary or appropriate in connection with its performance of its obligations under this Agreement and the Escrow Agreement, and all such fees and expenses incurred by the Sellers Representative shall be borne by each Seller. Subject to and in accordance with the provisions of the Escrow Agreement, the fees and expenses incurred by the Sellers Representative pursuant to this Section 7.01 shall be paid by the Sellers directly to the Sellers Representative and shall not be paid from the Escrow Fund.

 

Section 7.02                            Expenses. Except as otherwise expressly provided herein, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

 

Section 7.03                            Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient or (d) on the fourth (4th) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 7.03):

 

	
If to Sellers:
    	
Continental   Materials Corp.,
   440 S LaSalle St #3100,
   Chicago, IL 60605
   Attention:     Ryan M. Sullivan
   E-Mail:         ryan_sullivan@contmtl.com
    

 

44

 

	
 
    	
 
    	
And
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Continental   Materials Corp.,
   440 S LaSalle St #3100,
   Chicago, IL 60605
   Attention:     Paul Ainsworth
    E-Mail:         paul_ainsworth@contmtl.com
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
With   a copy to:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Taft   Stettinius & Hollister LLP
   111 E. Wacker Drive, Suite 2800
   Chicago, IL 60601-3713
   Attention:     Michael C. Jurasek
   E-Mail:         mjurasek@taftlaw.com
    
	
 
    	
 
    	
 
    
	
If to Buyer:
    	
Aggregate   Industries —WCR, Inc.
   8700 West Bryn Mawr Avenue, #300
   Chicago, IL 60631
   Attention:     Guy Edwards
   E-Mail:         guy.edwards@lafargeholcim.com
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
And
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Aggregate   Industries —WCR, Inc.
   8700 West Bryn Mawr Avenue, #300
   Chicago, IL 60631
   Attention:     Craig A. Knot
   E-Mail:         craig.knot@lafargeholcim.com
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
With   a copy to (which shall not constitute notice):
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Varnum   LLP
   Bridgewater Place, Suite 1700
   333 Bridge Street NW
   Grand Rapids, MI 49504
   Attention:     Harvey Koning
   E-Mail:         hkoning@varnumlaw.com
    

 

Section 7.04                            Interpretation. For purposes of this Agreement, (a) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure Schedules and Exhibits mean the Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This

 

45

 

Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Disclosure Schedules and Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

 

Section 7.05                            Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section 7.06                            Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Except as provided in Section 5.04(d), upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

Section 7.07                            Entire Agreement. This Agreement and the Ancillary Documents constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this Agreement and those in the Ancillary Documents, the Exhibits and Disclosure Schedules (other than an exception expressly set forth as such in the Disclosure Schedules), the statements in the body of this Agreement will control.

 

Section 7.08                            Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed; provided, however, that prior to the Closing Date, Buyer may, without the prior written consent of Sellers, assign all or any portion of its rights under this Agreement to one or more of its direct or indirect wholly-owned subsidiaries. No assignment shall relieve the assigning party of any of its obligations hereunder.

 

Section 7.09                            No Third-party Beneficiaries. Except as provided in Article VI, this Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 7.10                            Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any

 

46

 

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.

 

Section 7.11                            Governing Law and Submission to Jurisdiction.

 

(a)                                 This Agreement shall be governed by and construed in accordance with the internal laws of the State of Colorado without giving effect to any choice or conflict of law provision or rule (whether of the State of Colorado or any other jurisdiction).

 

(b)                                 ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF COLORADO IN EACH CASE LOCATED IN THE CITY OF DENVER AND COUNTY OF DENVER, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

Section 7.12                            Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity.

 

Section 7.13                            Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[SIGNATURE PAGE FOLLOWS.]

 

47

 

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

 

	
 
    	
CONTINENTAL   MATERIALS CORP.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/   RYAN SULLIVAN
    
	
 
    	
Name:
    	
Ryan   Sullivan
    
	
 
    	
Title:
    	
Chief   Operating Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRANSMIT   MIX OF PUEBLO, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/   RYAN SULLIVAN
    
	
 
    	
Name:
    	
Ryan   Sullivan
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TRANSMIT   MIX CONCRETE CO.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/RYAN   SULLIVAN
    
	
 
    	
Name:
    	
Ryan   Sullivan
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CASTLE   CONCRETE COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/   RYAN SULLIVAN
    
	
 
    	
Name:
    	
Ryan   Sullivan
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
DANIELS   SAND COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/RYAN   SULLIVAN
    
	
 
    	
Name:
    	
Ryan   Sullivan
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
AGGREGATE   INDUSTRIES — WCR, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/IAN   JOHNSTON
    
	
 
    	
Name:
    	
Ian   Johnston
    
	
 
    	
Title:
    	
Chief   Financial Officer
    

 

[Signature Page to Asset Purchase Agreement]

 

 

ANNEX A

DEFINITIONS

 

For the purposes of this Agreement, the following terms shall have the meanings specified or referred to below whether or not capitalized when used in this Agreement.

 

The following terms have the meanings specified or referred to in this Annex A:

 

“Accounts Receivable” has the meaning set forth in Section 1.01(a).

 

“Action” means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

 

“Actual Fraud”  means that a court of competent jurisdiction has determined pursuant to a final, written order from which no appeal has or can be taken that:

 

(a)                                 with respect to any representation and warranty made by a Seller in Article III, (i) such representation and warranty was inaccurate or untrue in any material respect when made (i.e., on the date of this Agreement), (ii) such Seller had Knowledge that such representation and warranty was inaccurate or untrue in such material respect when so made, (iii) such Seller intended that Buyer rely on the accuracy of such representation and warranty in entering into this Agreement and consummating the transaction contemplated hereby, (iv) Buyer actually, reasonably and justifiably relied on the accuracy of such representation and warranty in entering into this Agreement and consummating the transactions contemplated hereby, (v) Buyer actually has suffered a material Loss in so relying on the accuracy of such representation in warranty, and (vi) that the material inaccuracy or untruthfulness of such representation and warranty was the proximate cause of Buyer’s material Loss (i.e., ‘loss causation’);

 

(b)                                 with respect to any representation and warranty made by a Buyer in Article IV, (i) such representation and warranty was inaccurate or untrue in any material respect when made (i.e., on the date of this Agreement), (ii) Buyer had knowledge that such representation and warranty was inaccurate or untrue in such material respect when so made, (iii) Buyer intended that Sellers rely on the accuracy of such representation and warranty in entering into this Agreement and consummating the transactions contemplated hereby, (iv) Sellers actually, reasonably and justifiably relied on the accuracy of such representation and warranty in entering into this Agreement and consummating the transactions contemplated hereby, (v) Sellers actually have suffered a material Loss in so relying on the accuracy of such representation in warranty, and (vi) that the material inaccuracy or untruthfulness of such representation and warranty was the proximate cause of Sellers’ material Loss (i.e., ‘loss causation’); and

 

(c)                                  in all other cases shall mean common law fraud with the specific intent to deceive.

 

A-1

 

“Affiliate” of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The  term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement” has the meaning set forth in the preamble.

 

“Allocation Principles” has the meaning set forth in Section 1.07.

 

“Ancillary Documents” means the Costilla Lease Agreement, the First American Title Company Escrow Agreement, the Escrow Agreement, the Non-Vehicles Bill of Sale, the Vehicles Bill of Sale the Assignment and Assumption Agreement, the Deeds, the Water Rights Deed, the Water Lease, the Assignment and Assumption of Augmentation Plan, the Assignment and Assumption of Hourglass Sands Lease, the Transition Services Agreement, the Colocation Services Agreement, the FMIC Shares Agreement and the other agreements, instruments and documents required to be delivered at the Closing.

 

“Annual Financial Statements” has the meaning set forth in Section 3.04.

 

“Assigned Contracts” has the meaning set forth in Section 1.01(c).

 

“Assignment and Assumption Agreement” has the meaning set forth in Section 2.02(a)(vii).

 

“Assignment and Assumption of Augmentation Plan” means an assignment and assumption agreement, in form and substance acceptable to Buyer and Sellers, for the Assumed Liabilities set forth in Section 1.03(d) of the Disclosure Schedules.

 

“Assignment and Assumption of Hourglass Sands Lease” has the meaning set forth in Section 2.02(a)(xi).

 

“Assumed Liabilities” has the meaning set forth in Section 1.03.

 

“Balance Sheet” has the meaning set forth in Section 3.04.

 

“Balance Sheet Date” has the meaning set forth in Section 3.04.

 

“Benefit Plan” has the meaning set forth in Section 3.19(a).

 

“Books and Records” has the meaning set forth in Section 1.01(k).

 

“Business Day” means any day except Saturday, Sunday or any other day on which commercial banks located in Chicago, Illinois or Colorado Springs, Colorado are authorized or required by Law to be closed for business.

 

“Buyer” has the meaning set forth in the preamble.

 

A-2

 

“Buyer Indemnitees” has the meaning set forth in Section 6.02.

 

“Cap” has the meaning set forth in Section 6.04(a).

 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.

 

“CIBC” means CIBC USA Bank.

 

“Closing” has the meaning set forth in Section 2.01.

 

“Closing Date” has the meaning set forth in Section 2.01.

 

“Closing Working Capital” means: (a) Current Assets, less (b) Current Liabilities, determined as of the close of business on the Closing Date and consistent with the methodology set forth in the binding example in Section 1.06 of the Disclosure Schedules.

 

“Closing Working Capital Statement” has the meaning set forth in Section 1.06(a)(i).

 

“Code” means the Internal Revenue Code of 1986, as amended.

 

“Colocation Services Agreement” means the Master Services Agreement, of even date with this Agreement, among Buyer and one or more Sellers, together with the accompanying Colocation Service Order Schedule which is a part thereof.

 

“Contracts” means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures and all other agreements, commitments and legally binding arrangements, whether written or oral.

 

“Costilla Lease Agreement” means the real property lease, of even date with this Agreement, of the West Parcel between TMC, as lessor, and Buyer, as lessee.

 

“Current Assets” means the following current assets: the Accounts Receivable (net of 2.5% bad debt reserve), the Inventory, any work in process related to the Purchased Business and any pre-paid expenses related to Assigned Contracts (to the extent acquired pursuant to the terms of this Agreement); provided, however, that “Current Assets” does not include any accounts and notes receivable of the Purchased Business payable by any of the Sellers or their corporate parent(s) or any cash or cash equivalents.

 

“Current Liabilities” means the following current liabilities of the Purchased Business: trade accounts payable, and accrued liabilities under the Assigned Contracts and assumed payroll obligations (if any); provided, however, that “Current Liabilities” does included any accrued reclamation liabilities.

 

“Deductible” has the meaning set forth in Section 6.04(a).

 

“Deed” has the meaning set forth in Section 2.02(a)(ix).

 

A-3

 

“Direct Claim” has the meaning set forth in Section 6.06(c).

 

“Disclosure Schedules” means the Disclosure Schedules delivered by Seller and Buyer concurrently with the execution and delivery of this Agreement.

 

“Disputed Amounts” has the meaning set forth in Section 1.06(b)(iii).

 

“Dollars” or “$” means the lawful currency of the United States.

 

“East Parcel” has the meaning set forth in Section 5.14(a)(iii).

 

“Encumbrance” means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Environmental Attributes” means any emissions and renewable energy credits, energy conservation credits, benefits, offsets and allowances, emission reduction credits or words of similar import or regulatory effect (including emissions reduction credits or allowances under all applicable emission trading, compliance or budget programs, or any other federal, state or regional emission, renewable energy or energy conservation trading or budget program) that have been held, allocated to or acquired for the development, construction, ownership, lease, operation, use or maintenance of the Purchased Business or the Purchased Assets or as of: (a) the date of this Agreement; and (b) future years for which allocations have been established and are in effect as of the date of this Agreement.

 

“Environmental Claim” means any Action, Governmental Order, lien, fine, penalty, or, as to each, any settlement or judgment arising therefrom, by or from any Person alleging liability of whatever kind or nature (including liability or responsibility for the costs of enforcement proceedings, investigations, cleanup, governmental response, removal or remediation, natural resources damages, property damages, personal injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief) arising out of, based on or resulting from: (a) the presence, Release of, or exposure to, any Hazardous Materials; or (b) any actual or alleged non-compliance with any Environmental Law or term or condition of any Environmental Permit.

 

“Environmental Law” means any applicable Law, and any Governmental Order or binding agreement with any Governmental Authority: (a) relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety, or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal or remediation of any Hazardous Materials. The term “Environmental Law” includes, without limitation, the following (including their implementing regulations and any state analogs): the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as

 

A-4

 

amended by the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control Act  of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.

 

“Environmental Notice” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim relating to actual or alleged non-compliance with any Environmental Law or any term or condition of any Environmental Permit.

 

“Environmental Permit” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required under or issued, granted, given, authorized by or made pursuant to Environmental Law.

 

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

 

“ERISA Affiliate” means all employers (whether or not incorporated) that would be treated together with the Seller or any of its Affiliates as a “single employer” within the meaning of Section 414 of the Code or Section 4001 of ERISA.

 

“Escrow Agent” means CitiBank N.A.

 

“Escrow Agreement” means the Escrow Agreement, of even date with this Agreement, among Buyer, Continental and the Escrow Agent at the Closing.

 

“Excluded Assets” has the meaning set forth in Section 1.02.

 

“Excluded Contracts” has the meaning set forth in Section 1.02(a).

 

“Excluded Liabilities” has the meaning set forth in Section 1.04.

 

“Excluded Real Property” is those properties listed on Annex C.

 

“Excluded Subsidiary” means each subsidiary of Continental which is not a Seller, including McKinney Door and Hardware, Inc., a Colorado corporation, Phoenix Manufacturing, Inc., an Arizona corporation, and Williams Furnace Company, a Delaware corporation.

 

“Existing Costilla Property” has the meaning set forth in Section 5.14(a)(i).

 

“Failsafe Closing” has the meaning set forth in Section 5.14(e).

 

“Failsafe Lease” has the meaning set forth in Section 5.14(e).

 

“Financial Statements” has the meaning set forth in Section 3.04.

 

A-5

 

“FIRPTA Certificate” has the meaning set forth in Section 2.02(a)(xv).

 

“First American Title Company Escrow Agreement” means the Escrow Agreement, of even date with this Agreement, among Buyer, Sellers and First American Title Company.

 

“FMIC Shares Agreement” means the Agreement for Assignment and Reissuance of Shares of Stock in Fountain Mutual Irrigation Company, of even date with this Agreement, among Sellers and Buyer.

 

“GAAP” means United States generally accepted accounting principles in effect from time to time.

 

“Government Contracts” has the meaning set forth in Section 3.07(a)(viii).

 

“Governmental Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

 

“Hazardous Materials” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral or gas, in each case, whether naturally occurring or manmade, that is hazardous, acutely hazardous, toxic, or words of similar import or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation and polychlorinated biphenyls.

 

“Indemnification Escrow Amount” means $1,250,000.

 

“Indemnification Escrow Fund” has the meaning set forth in Section 2.02(c)(i).

 

“Indemnified Party” has the meaning set forth in Section 6.06.

 

“Indemnifying Party” has the meaning set forth in Section 6.06.

 

“Independent Accountants” has the meaning set forth in Section 1.06(b)(iii).

 

“Insurance Policies” has the meaning set forth in Section 3.15.

 

“Intellectual Property” means any and all rights in, arising out of, or associated with any of the following in any jurisdiction throughout the world: (a) issued patents and patent applications (whether provisional or non-provisional), including divisionals, continuations, continuations-in-part, substitutions, reissues, reexaminations, extensions, or restorations of any of the foregoing, and other Governmental Authority-issued indicia of invention ownership

 

A-6

 

(including certificates of invention, petty patents, and patent utility models) (“Patents”); (b) trademarks, service marks, brands, certification marks, logos, trade dress, trade names, and other similar indicia of source or  origin, together with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration, and renewals of, any of the foregoing (“Trademarks”); (c) copyrights and works of authorship, whether or not copyrightable, and all registrations, applications for registration, and renewals of any of the foregoing (“Copyrights”); (d) internet domain names and social media account or user names (including “handles”), whether or not Trademarks, all associated web addresses, URLs, websites and web pages, social media accounts and pages, and all content and data thereon or relating thereto, whether or not Copyrights; (e) trade secrets, know-how, inventions (whether or not patentable), discoveries, improvements, technology, business and technical information, databases, data compilations and collections, tools, methods, processes, techniques, and other confidential and proprietary information and all rights therein (“Trade Secrets”); (f) computer programs, operating systems, applications, firmware and other code, including all source code, object code, application programming interfaces, data files, databases, protocols, specifications, and other documentation thereof (“Software”); and (g) all other intellectual or industrial property and proprietary rights.

 

“Intellectual Property Agreements” means all licenses, sublicenses, consent to use agreements, settlements, coexistence agreements, covenants not to sue, waivers, releases, permissions and other Contracts, whether written or oral, relating to any Intellectual Property that is used or held for use in the conduct of the Purchased Business as currently conducted or proposed to be conducted to which Seller is a party, beneficiary or otherwise bound but, in each case, excluding any of the same which are used or held for use in the conduct of the Non-Purchased Business.

 

“Intellectual Property Assets” means all Intellectual Property that is owned by Seller and used or held for use in the conduct of the Purchased Business as currently conducted, together with all (i) royalties, fees, income, payments, and other proceeds now or hereafter due or payable to Seller with respect to such Intellectual Property; and (ii) claims and causes of action with respect to such Intellectual Property, including all rights to and claims for damages, restitution, and injunctive and other legal or equitable relief for past, present, or future infringement, misappropriation, or other violation thereof, but, in each case, excluding any of the same which are used or held for use in the conduct of the Non-Purchased Business.

 

“Intellectual Property Assignments” has the meaning set forth in Section 2.02(a)(ix).

 

“Intellectual Property Registrations” means all Intellectual Property Assets that are subject to any issuance, registration, or application by or with any Governmental Authority or authorized private registrar in any jurisdiction, including issued Patents, registered Trademarks, domain names and Copyrights, and pending applications for any of the foregoing.

 

“Interim Balance Sheet” has the meaning set forth in Section 3.04.

 

“Interim Balance Sheet Date” has the meaning set forth in Section 3.04.

 

“Interim Financial Statements” has the meaning set forth in Section 3.04.

 

A-7

 

“Inventory” has the meaning set forth in Section 1.01(b).

 

“Knowledge of Seller or Seller’s Knowledge” or any other similar knowledge qualification, means the actual or constructive knowledge of Ryan M. Sullivan, Paul Ainsworth, Jerald Schnabel, Jerry Schmitz, John Crowley and Jason Gordon, after due inquiry.

 

“Land Division Approvals” has the meaning set forth in Section 5.14(a)(iv).

 

“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Authority.

 

“Liabilities” means liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise.

 

“Losses” means losses, damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses, including reasonable attorneys’ fees and including the cost of enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers; provided, however, that “Losses” shall not include punitive damages, except to the extent actually awarded to a Governmental Authority or other third party, or any indirect, consequential, remote or speculative damages, lost profits or revenues, diminution in value, harm to reputation, foregone or lost business opportunities or any damages measured by any multiple (including any multiple of revenue, profits, earnings, assets or any other financial measure).

 

“Material Adverse Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become, individually or in the aggregate, materially adverse to (a) the business, results of operations, condition (financial or otherwise) or assets of the Purchased Business, (b) the value of the Purchased Assets, or (c) the ability of Seller to consummate the transactions contemplated hereby on a timely basis; provided, however, that “Material Adverse Effect” shall not include any event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to: (i) general economic or political conditions; (ii) conditions generally affecting the industries in which the Purchased Business operates; (iii) any changes in financial or securities markets in general; (iv) acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; (v) any action required or permitted by this Agreement, except pursuant to Section 3.03; or (vi) any changes in applicable Laws or accounting rules, including GAAP; provided further, however, that any event, occurrence, fact, condition or change referred to in clauses (i) through (iv) immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition or change has a disproportionate effect on the Purchased Business compared to other participants in the industries in which the Purchased Business operates.

 

“Material Contracts” has the meaning set forth in Section 3.07(a).

 

“Material Customers” has the meaning set forth in Section 3.14(a).

 

“Material Suppliers” has the meaning set forth in Section 3.14(b).

 

A-8

 

“Multiemployer Plan” has the meaning set forth in Section 3.19(f).

 

“Non-Purchased Business” has the meaning set forth in the Recitals.

 

“Non-Vehicles Bill of Sale” has the meaning set forth in Section 2.02(a)(v).

 

“Permits” means all permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights obtained, or required to be obtained, from Governmental Authorities.

 

“Permitted Encumbrances” has the meaning set forth in Section 3.08(a).

 

“Person” means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity.

 

“Post-Closing Adjustment” has the meaning set forth in Section 1.06(a)(ii).

 

“Post-Closing Tax Period” means any taxable period beginning after the Closing Date and, with respect to any taxable period beginning before and ending after the Closing Date, the portion of such taxable period beginning after the Closing Date.

 

“Pre-Closing Tax Period” means any taxable period ending on or before the Closing Date and, with respect to any taxable period beginning before and ending after the Closing Date, the portion of such taxable period ending on and including the Closing Date.

 

“Purchase Price” has the meaning set forth in Section 1.05.

 

“Purchased Assets” has the meaning set forth in Section 1.01.

 

“Purchased Business” has the meaning set forth in the Recitals.

 

“Qualified Benefit Plan” has the meaning set forth in Section 3.19(b).

 

“Real Property” means, collectively, the Owned Real Property and the Leased Real Property.

 

“Release” means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any Building, structure, facility or fixture).

 

“Representative” means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants and other agents of such Person.

 

“Resolution Period” has the meaning set forth in Section 1.06(b)(ii).

 

A-9

 

“Restricted Business” means the manufacture, sale, distribution and/or supply of ready mix concrete or similar products or services.

 

“Restricted Period” has the meaning set forth in Section 5.04(a).

 

“Review Period” has the meaning set forth in Section 1.06(b)(i).

 

“Sellers” has the meaning set forth in the preamble.

 

“Sellers Indemnitees” has the meaning set forth in Section 6.03.

 

“Statement of Objections” has the meaning set forth in Section 1.06(b)(ii).

 

“Surety Arrangements” means any bonds, letters of credit, cash, guarantees and other instruments or arrangements securing or guarantying performance of obligations.

 

“Tangible Personal Property” has the meaning set forth in Section 1.01(d).

 

“Taxes” means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, documentary, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, together with any interest, additions or penalties with respect thereto, whether disputed or not, and any interest in respect of such additions or penalties.

 

“Tax Return” means any return, declaration, report, claim for refund, information return or statement or other document relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

“Territory” means Colorado Springs, Colorado and Pueblo, Colorado and the area within a 150-mile radius from the city limits of Colorado Springs, Colorado and Pueblo, Colorado, respectively.

 

“Third Party Claim” has the meaning set forth in Section 6.06(a).

 

“Third Party Lease” has the meaning set forth in Section 3.10(a)(ii).

 

“Transferred Real Property” means the real property described on Annex B.

 

“Transferred Water Rights” means the water rights conveyed under the Water Rights Deed.

 

“Transition Services Agreement” “ means the Transition Services Agreement, of even date with this Agreement, among Buyer and Sellers.

 

“Vehicles Bill of Sale” has the meaning set forth in Section 2.02(a)(vii).

 

A-10

 

“Water Lease” means the Water Lease and Right of First Refusal Agreement, of even date with this Agreement, among Buyer, TMC and Castle.

 

“Water Rights Deed” has the meaning set forth in Section 2.02(a)(x).

 

“Undisputed Amounts” has the meaning set forth in Section 1.06(b)(iii).

 

“Union” has the meaning set forth in Section 3.20(b).

 

“WARN Act” means the federal Worker Adjustment and Retraining Notification Act of 1988, and similar state, local and foreign laws related to plant closings, relocations, mass layoffs and employment losses.

 

“West Parcel” has the meaning set forth in Section 5.14(a)(ii).

 

A-11

 

ANNEX B

 

TRANSFERRED REAL PROPERTY

 

	
Location
    	
 
    	
Operations
    	
 
    	
Address
    
	
Costilla (to be transferred after Closing   pursuant to Section 5.14)
    	
 
    	
Ready Mix
    	
 
    	
444 E Costilla St
   Colorado Springs, CO 80903
    
	
Nevada
    	
 
    	
Ready Mix
    	
 
    	
3749 N Nevada Ave
   Colorado Springs, CO 80907
    
	
Marksheffel
    	
 
    	
Ready Mix
    	
 
    	
3555 Marksheffel Rd
   Colorado Springs, CO 80922
    
	
Daniels
    	
 
    	
Ready Mix and Quarry
    	
 
    	
3710 Bradley Rd
   Colorado Springs, CO 80911
    
	
Pueblo West
    	
 
    	
Ready Mix
    	
 
    	
684 E Industrial Blvd
   Pueblo, CO 81007
    
	
Pueblo East
    	
 
    	
Ready Mix
    	
 
    	
2596 Colorado 96
   Pueblo, CO 81001
    

 

 

ANNEX C

 

EXCLUDED REAL PROPERTY

 

	
Location
    	
 
    	
Operations
    	
 
    	
Address
    
	
Pike View
    	
 
    	
Quarry
    	
 
    	
7250 Allegheny Rd
   Colorado Springs, CO 80919
    
	
Grisenti Pit
    	
 
    	
Sand & Gravel
    	
 
    	
Hwy 115, 1.5 miles south of Hwy 50
   Penrose, CO 81240
    
	
Canon City
    	
 
    	
Limestone Reserves
    	
 
    	
W Hwy 50
   Canon City, CO 81212
    
	
Colorado Springs Building Supplies
    	
 
    	
Building Supplies
    	
 
    	
549 E Cucharras St
   Colorado Springs, CO 80903
    
	
Pueblo Building Supplies
    	
 
    	
Building Supplies
    	
 
    	
2700 N Freeway
   Pueblo, CO 81003
    
	
Hitch Rack Ranch
    	
 
    	
Potential Quarry
    	
 
    	
City of Colorado Springs
    
	
Blake Ranch
    	
 
    	
Development Opportunity
    	
 
    	
South of the City of Pueblo
    

 

 

EXHIBIT A-1

 

EXISTING COSTILLA PROPERTY LEGAL DESCRIPTION

 

[See attached]

 

 

EXHIBIT A-2

 

“WEST PARCEL” AND “EAST PARCEL” 
 OF THE EXISTING COSTILLA PROPERTY

 

[See attached]

 

 

EXHIBIT B

 

ALLOCATION PRINCIPLES

 

	
Assets
    	
 
    	
Asset Class
    	
 
    	
Amount to be Allocated
    
	
Accounts Receivable
    	
 
    	
III
    	
 
    	
Net amount accrued by the Sellers
    
	
Inventory
    	
 
    	
IV
    	
 
    	
Net book value on the books of the Sellers
    
	
Machinery, Furniture, Property and Equipment
    	
 
    	
V
    	
 
    	
$15,077,829
    
	
Covenants Not to Compete
    	
 
    	
VI
    	
 
    	
$0
    
	
Goodwill
    	
 
    	
VII
    	
 
    	
Balance of amounts to be allocated under   Section 1.07

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